Bitcoin ETF politician is bullish
Summary of the week
Despite some relative sideways action during the week, there was a lot of great news and even more bullish news; a new layout for this week’s roundup. It was another week where ETFs, billionaires and politicians were bullish and Jack Dorsey’s businesses pushed further into the bitcoin space. Let’s take a look at this week in bitcoin.
The week started on the rise, despite falling below $ 60,000 last weekend. A report revealed that Mastercard, in partnership with Bakkt, plans to allow its merchants around the world to accept bitcoin payments in the near future. Unfortunately, the launch of VanEck’s Bitcoin ETF was delayed on Monday.
Billionaire investor, Anthony Scaramucci, confirmed that its bitcoin investment was worth over $ 1 billion, experiencing a dramatic rise in recent months and famed “crypto clown” Elon Musk has confirmed that he and Tesla were still holding their bitcoin. US Senator Rand Paul has also said that bitcoin will become the world’s reserve currency.
If all of this wasn’t hyper bullish, news broke that the payments giant Square would publish the white paper to the not-so-secret bitcoin exchange project in November 2021. Reports also revealed that Twitter was testing Bitcoin tip for Android.
Tuesday had big shoes to fill and started with news that Argentina’s biggest futures market was working on creation of bitcoin futures and options. An Ohio Senate candidate told voters at a rally they should “Buy bitcoin and avoid debt. “ U.S. FDIC President Jelena McWilliams said she was working on a more specific set of rules for banks interested in engaging with bitcoin and cryptocurrency.
American footballer Tom Brady gave a fan who returned the ball he used to score his 600th 1 BTC goal, despite estimates that the ball could be worth over $ 600,000. FTX, the crypto exchange in which Brady is a shareholder, bought its first advertisement for the US Super Bowl. The Super Bowl sees over 90 million viewers every game.
Wednesday started on a bullish note with the third largest bitcoin whale adding 105 BTC to their holdings, bringing their total balance to 106,459 BTC with over $ 4.4 billion in earnings from their initial investment. The only other news on Wednesday was Twitter’s CFO stating that bitcoin would be a great way for the country to facilitate trade, alluding to other plans to implement bitcoin payments on the platform.
Thusday, Valkyrie chopped his logo on the Bitcoin blockchain, leaving an Easter egg for the global Bitcoin community on block 70,966. El Salvador revealed that it bought the drop, adding 420 BTC to its treasury, bringing the total bitcoins held by the southern nation -american at 1,120 BTC.
Later that day, Elon Musk and the alma mater of many other billionaires, Wharton, announced they would start accept bitcoin for tuition payment. A report from Kraken suggested that bitcoin’s boom in October was likely fueled by miners storing bitcoin instead of selling it, indicating that the bull run is far from over.
Post Oak Motor Cars, a Houston-based luxury car dealership, announced a partnership with NYDIG, which would see the company integrate bitcoin into its business operations and start accepting bitcoin payments. Additionally, Michael Saylor stated that MicroStrategy is committed to continue buying bitcoin.
Ultimately, India scrapped plan to ban bitcoin, instead, introducing plans to regulate bitcoin as a commodity, making a huge turnaround, and opening up its over 1 billion citizens to invest in bitcoin without worrying about bans or strict regulation. .
Friday started with Forbes stating that they expect to see a increased interest in bitcoin in “all facets of life”. The Australian Securities and Investments Commission has given early approval to fund managers looking to launch Bitcoin spot exchange-traded funds. Bullish news from the country below.
How ETFs, India’s Ban Averted and More Add Up
India’s move against a bitcoin ban is probably one of the most important news this week, the world’s largest nation is not forcing more than a billion people to stop investing in bitcoin and it could turn bullish for the country as a whole.
Then there are ETFs, which may launch bullish in the short term, but I see it turn bearish in the long term, as futures trading will most certainly see volatility and price swings become greater as positions will be liquidated at certain milestones.
El Salvador is already up 20% at worst in the last six weeks since the official adoption of bitcoin as legal tender, citizens who claimed at the right time and continued to hold their bitcoin are certainly better off. This should prove inspiring as more countries consider adopting bitcoin as legal tender or at least offering citizens the ability to purchase goods or services using crypto.
The bitcoin “virus” is spreading rapidly, symptoms include financial freedom, generational wealth, and of course, cool internet money to troll baby boomers. It is undeniable at this point that bitcoin is not here to stay and that it will not have a huge impact on the global financial ecosystem over the next few decades. Hedge against inflation? Yes. World reserve currency? Future.
Once again, it becomes important to keep an eye on PlanB’s stock-flow model at the end of October. The model, created in June of this year, accurately predicted the August and September monthly close, and now it looks almost certain that October will be the same. He predicted an October close above $ 63,000 and it’s pretty close. Then there is the November close above $ 83,000 and December close above $ 135,000; all hyper-bullish. He said those estimates were his lowest and could very well end up being much higher. Only time will tell.
For now, stack a few sats and enjoy the ride.
This is an article invited by Dion Guillaume. The opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.