Trillions of Dollars Are About to Flow Into This Asset

A Bitcoin ETF Will Open the Floodgates for Crypto

I wasn’t going to write about bitcoin and crypto again this week. But, as economist John Maynard Keynes said, “When the facts change, I change my mind.”

So, I changed my mind because the facts changed.

Facts:

• The Securities and Exchange Commission’s court case against Grayscale Bitcoin Trust is officially dead.

Grayscale had originally applied to convert its trust into an exchange-traded fund that would track the spot-price of bitcoin. In its infinite wisdom, the SEC rejected Grayscale’s application. Grayscale took it to a D.C. Appeals Court, and that court earlier this year upheld a ruling that the SEC needed to scrap its rejection.

The SEC had until earlier this week to the take the next step after the D.C. Appeals court ruling. Alas, the SEC did not act.

So now it seems a big oversight in America is soon to be rectified: The fact that The U.S. does not have such an ETF because the SEC keeps squashing all the applications. With no step taken by the SEC on the Grayscale ruling, the market is reacting bullishly.

• A ticker symbol—IBTC—suddenly appears for a bitcoin spot-price ETF that financial giant BlackRock wants to launch.

Though BlackRock, like Grayscale, has not yet received SEC approval for its ETF, the ETF received a so-called CUSIP number earlier this week… and to the market’s great, collective shock, the IBTC ticker symbol showed up on a list maintained by the Depository Trust and Clearing Corp., a NASDAQ entity providing post-trade clearance, settlement, custody, and information services for Wall Street.

BlackRock is the world’s largest asset manager, so this bitcoin ETF would likely be the mother of all bitcoin ETFs.

Both facts are huge.

In crypto world, they’re like discovering Santa is real.

Indeed, the BlackRock news itself generated what the chart-reading technical traders call a “God Candle.” This is when the price of an asset moves so fast on technical charts that it appears as a straight line up. You can see what I mean in the picture below…

In one lurch, the granddaddy of crypto jumped more than 5%.

Pretty spry for an old guy.

Soon thereafter, bitcoin topped $35,000 for the first time since May 2022.

But you can see below an even better sense of the contained euphoria that’s building in crypto. (I’ve been writing since the spring that a quiet bull market was underway, by the way.)

The bear market in crypto—called crypto winter—is over. It was over many months ago, though most investors have remained on the sidelines.

Those of us who saw beyond the fear and sloughed off the negative commentary are the ones who have been buying all along the bottom. And we’re the ones riding this early stage of the new bull market.

See, this isn’t just about bitcoin.

Bitcoin is just the klieg light that gets most of the attention because it’s the bright light in a dark sky.

But other cryptos have been quietly moving higher, too, this whole time.

Ethereum, bitcoin’s little brother, is up 60%.

Chainlink is up 98%

Ripple, aka XRP, is up nearly 160%. It was in a knock-down/drag-out court fight with the SEC… and won, becoming a darling of the crypto market again in the process.

XRP could very well emerge as the superhighway across which tokenized assets trade. The company has already partnered with 300 financial clients around the world—including banks such as Spain’s giant Santander, U.K. behemoth Standard Charter, one of Thailand’s leading banks. Siam Commercial, and PNC and others here at home in the U.S.

XRP had its own God Candle moment over the summer when news emerged that the courts had sided with Ripple in its fight with SEC. In just one moonshot line on the chart, Ripple was up 170%. In a blink, a $10,000 stake would have instantly been worth $27,000.

And then there’s Solana, the cryptocurrency in which I’m most active because of my involvement with non-fungible tokes, or NFTs, those one-off digital art cryptocurrencies I write about all the time. SOL, as it’s known, is up more than 230% in the last year.

I’m really flummoxed by the mainstream media’s bear market stance on crypto over the bulk of this year. This is precisely why I refuse to pay attention to anything the mainstream financial media writes or says about crypto.

Those who heeded the warnings of reporters who don’t operate in this market on a daily basis, and thus do not have a real pulse on the market, have been sitting on the sidelines as crypto prices have quietly soared.

Now, however, facts are beginning to weigh heavily on the reporting that’s emerging.

Bitcoin’s big moves, the SEC’s string of loses, crypto prices up huge… the benders of reality are starting to print increasingly bullish headlines.

They’re having a Keynesian moment and realizing that today’s facts don’t fit the bearish narrative they’ve been spouting.

Which is why I’m back to you with this bitcoin story, even though I had no intention of doing so this week.

In the Solana community, there’s a joke about the people who are mad they missed Solana at $10 a year ago, and then at $20… and they’re still missing it at $30 because they keep expecting the price will fall back to the buy zone they missed.

My bet is they’re going to be mad they missed Solana at $50, $80, and $100. Too many people will only buy once a bull-market is in euphoria mode. Of course, that’s the worst time to buy because you’re arriving at the party much too late to make big dollars.

Those buying now, before the quiet bull market starts yelling, “I’m here!”, are the ones who are going to make a small fortune.

What I’m saying here at the very end: Buy bitcoin before an ETF is officially approved.

Once hundreds of millions, and trillions of dollars start flowing into bitcoin ETFs, the bull market will be God Mode and crypto prices—not just bitcoin—will go fully Buzz Lightyear.

To infinity… and beyond!