Humble Bitcoiners!
It's Wednesday, so get your coffee ready, stack some sats and sit down for your daily dose of Bitcoin signal!
We have crossed the previous bitcoin all time high ~$64,900. The excitement is real, and doors appear too be opening to institutions to get exposure in bitcoin through the newly released Bitcoin Futures ETFs.
Honestly, who is selling in these moments? |
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Today's Rundown: - First ETF: A stimulus check in 2020 would now be worth 7x more...
- Hodling Fiat: The risk of holding fiat.
- Spot ETF: Grayscale to convert its trust into a Bitcoin Spot ETF.
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First Bitcoin Futures ETF In The US Starts Trading
By Namcios The first bitcoin futures ETF has gone live on Monday in the New York Stock Exchange under the ticker $BITO. ProShares' Bitcoin Future traded $250 million worth of shares in just the first 15 minutes after going live, and even had the second biggest debut of all time as it amassed over $1 billion in its first day of trading volume. But be aware — $BITO does not hold real bitcoin, but instead invests in derivatives based on the actual asset instead.
Today, Tuesday will be the day where the second bitcoin futures ETF starts trading, and will go live with the ticker $BTFD — a well known acronym in the bitcoin space standing for "Buy The F#cking Dip".
"We should ensure to the best we can to bring projects into the investor protection perimeter.. Bitcoin futures have been overseen by sibling agency CFTC for 4 years. That's wrapped inside the 1940 Act which brings it inside investor protection." - Gary Gensler, Chairman of the U.S. SEC. |
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BITCOIN MAGAZINE IS BACK IN PRINT |
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Understanding The Interest Rate Fallacy: The Risks Of Hodling Fiat
By Ansel Linder This article takes a deeper look at a very common misconception about interest rates, which is that low rates are a sign of easy money and stimulus. According to the author, this is a misguided belief that could lead people to make incorrect assessments about inflation and their investment thesis.
In this piece the author talks about the process of money creation and the relationship between interest rates and monetary credit expansion. It is normally believed that low rates are stimulatory for economies as they incentivize society to borrow money to produce goods, to which the author doesn't entirely agree, arguing that correlation does not imply causation...
"Credit is still possible with bitcoin, but commodity money is a financial asset without counterparty risk, and therefore, would go a long way to constraining the spread of contagion in the economy. Balance sheets would inherently be more secure with bitcoin than when all financial assets are someone else’s liability." - Ansel Linder |
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Click the links:
1. Musk’s points were already addressed in the block size debate previously, and have been shown to detract from decentralization.
2. Bitcoin is a lifeboat for escaping a broken system, but one needs to understand that system in order to see that.
3. Atlas expands its U.S. mining operations in a 100MW deal with Compute North.
4. Riot announces a new immersion-cooled bitcoin mining operation that will increase their miner productivity.
5. The creator of Blixt Wallet discusses the various wallet options for Lightning and the future of the Lightning ecosystem
6. The biggest Bitcoin event in history is offering exclusive perks, concierge service, indoor lounge access and more through its Whale Pass.
7. Chainalysis, the surveillance firm that works against the Bitcoin ethos purchased an undisclosed amount of bitcoin through NYDIG.
8. The same day that a bitcoin futures ETF gets publicly listed on the NYSE in the U.S., bitcoin hits a new all-time high against the euro.
9. NBA agreed to a sponsorship deal with Coinbase, who will get WNBA, NBA G League and USA Basketball branding.
10. The ProShares Bitcoin Strategy ETF debuted with the second-highest trading volume in ETF launch history. |
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Grayscale Files To Convert $38 Billion Bitcoin Trust Sport ETF
By Alex McShane Grayscale Investments, the world's largest cryptocurrency asset manager announced today that the NYE Arca has filed to convert the firm's Grayscale Bitcoin Trust (GBTC) into a bitcoin spot ETF. This filling comes immediately after the first bitcoin futures ETF from ProShares has gone live.
Grayscale's GBTC is known for being one of the first institutional products that drove big volumes and price appreciation at the beginning of 2021, while the company accumulated months of bitcoin miner supply into its fund.
As the bitcoin futures ETF has been accepted, Grayscale sees the opportunity and the demand for a physically backed Bitcoin ETF which would be more akin to holding the bearer asset.
“Today we saw for the first time a Bitcoin Futures ETF trade on the NYSE. It is our belief that if the SEC is now good with Bitcoin futures, then the commission should also be comfortable with an ETF that holds Bitcoin. Our spot filling starts a 240 day review period, by that 240th day the SEC will either approve or disapprove that application, though it could be approved sooner.” - Craig Salm, Head of Legal at Grayscale |
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"Everything Trends To Zero In Terms Of Bitcoin" - Matt Odell
By Bitcoin Magazine In this video, Matt Odell describes how bitcoin is hope for all of us — yet most people haven't yet realized that there has never been anything as scarce as bitcoin. |
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By BitcoinLiotta
Nothing like feeling the emotions of being right. After experiencing a 50% dip from the highs of April, nocoiners couldn't help but laugh at any conversation around bitcoin. It appears to be an entirely different conversation now.
"HODLing" is not easy, it is simple, but not easy.
Stack harder. |
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Keep on reading, keep on stacking. |
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