The Next 100 Days Are CRUCIAL (Bitcoin)
Posted January 22, 2024
Chris Campbell
Bitcoin just had its “ChatGPT moment.”
ChatGPT pulled in over 100 million monthly users in just two months of launching…
Making it the fastest-growing app of all time.
Within one week of trading as an ETF, it is now the SECOND LARGEST commodity ETF -- with $30 billion in assets under management (AUM).
For perspective…
There's $11 billion in all silver ETFs combined. And there's $95 billion in all gold ETFs combined.
Also, consider this:
It took years for the SPDR Gold Trust (GLD) to hit $30 billion.
Vanguard Total Stock Market ETF (VTI), which launched in 2001, took several years to reach $30 billion in AUM.
Even other high-growth technology-focused ETFs, which have seen considerable interest due to the tech sector's explosive growth, did not reach $30 billion in AUM within a week.
These ETFs, although growing at a faster rate compared to some traditional sectors, still took years to accumulate such a substantial amount of assets.
Even crazier…
The total volume across 10 spot Bitcoin ETFs on January 16 outpaced the total volume for all 500 ETFs launched in 2023 more than three times over.
'The Bitcoin ETF is like pickleball getting into the Olympics,” said Eric Golden, founder of the cloud-based accounting firm Canopy. “It's loud. It's obnoxious. Some people hate it. But it is the fastest growing sport and the investing public wants exposure.”
Now here's where things get interesting.
The Next 100 Days
Pickleball aside…
Imagine the Bitcoin ETFs as a sports car.
Soon, the markets going to attach a turbocharger to that car.
Options are the logical next step and the general consensus is they could begin by the end of February.
In 37 days we should have options trading. This means more market makers, more funds, and yes, more volatility and excitement
Then, on April 20, is the Bitcoin halving.
A Bitcoin halving is an event that occurs approximately every four years and is a fundamental part of Bitcoin's economic model. During a halving, the reward for mining new Bitcoin blocks is cut in half, effectively reducing the rate at which new Bitcoins are created and entering circulation.
In 88 days we'll see Bitcoin halving.
As the halving approaches, it often creates bullish sentiment around crypto.
Although past doesn't predict future, here's what we've seen in previous halvings...
In the months leading up to and after the halving Bitcoin peaks and then the “altcoins” -- the much smaller cryptos -- go ballistic.
Couple that with the rising excitement for the Ethereum ETF… and the fact that Ethereum is looking at a MAJOR upgrade (estimate: March)...
And were looking at an exciting 3 months ahead for crypto.
Get ready.
The next 100 days will be crucial.
More soon.