I've said last January that I am
extremely bullish on 2024-2025
Well, now I am GIGA BULLISH.
Here's why
1/ First
#Bitcoin Election
It is called the First Bitcoin Election not because the frontrunner ex-President Donal Trump is a pro-crypto but because the current President has shifted his tone towards crypto.
In the past 2 weeks, President Biden has begun reaching out to crypto industry players asking for guidance on the crypto community and policy.
We know Trump is pro-crypto and his big promise is to free the Silk Road creator on day 1 as President.
Whoever wins the election can drive crypto adoption as long as they keep true to their promise.
I believe that the November election will be the catalyst for the EXTREME bull run.
Wild theory: Biden will pardon the Silk Road creator and rob Trump of the opportunity.
2/ Crypto Regulations
FIT21 passed the House of Representatives with 71 of the Democrats voting yes.
Will the Senate vote Yes? We don't know. But the shift of the 71 Democrats means that there's a need for strong crypto regulation and FIT21 could be the start.
The CBDC Anti-Surveillance State Act passed the House. This prevents the federal government from issuing CBDC. Big win for privacy.
The U.S. Senate and the House joined forces to vote to repeal SAB121. President Biden has until June 3 to decide if he will veto the bill.
Senator Cynthia Lummis said that they are building a pro-crypto army in Congress.
3/ El Salvador initiative
We all know that El Salvador is the first country to accept Bitcoin as legal tender. More to that, President Bukele announce a program that buys 1
$BTC per day as long as they can.
The passport program. El Salvador's Congress has approved a migration law granting citizenship to foreigners who make Bitcoin "donations" to government social and economic development programs.
El Salvador uses geothermal energy to power and mine
#Bitcoin .
Recently, President Bukele met with the president of Argentina to discuss Bitcoin and economics. Take note, Argentina is bigger than El Salvador.
Cathie Wood, the founder of ARK Invest also met with President Bukele to discuss Bitcoin and other opportunities.
4/ Other initiatives
The State of Oklahoma has announced that its people can self-custody their Bitcoin, use it to buy goods, and use it for transactions. The State also mention about legalising house-based crypto mining and node operations.
5/ Spot ETF Narrative
The U.S. Spot Bitcoin ETF started trading on January 11. In the past 100 trading days, the ETF issuer amass 852k BTC. That's 4% of the total Bitcoin supply.
The Spot Ethereum ETF 19b filling just got approved. We are waiting for the S-1 statement to get approved before ETH ETF can start trading.
The Spot BTC ETF technically fought for 10 years to get approved. Look where we are right now. Both BTC and ETH ETF surprised us.
Supply shock?
6/ Adoption
Around 700 financial firms and institutions show that they have shares from ETF issuers according to their Q1 report to the SEC.
Many notable names including Millenium Management ($1.45 Bn), Susquehanna International Group ($1.18 Bn), Bracebridge Capital ($406 Mn), Jane Street Group ($498 Mn), and Schonfeld Strategic Advisors ($344 Mn) have ETF shares on their balance sheet.
Institutions are joining the ride.
If this doesn't make you bullish, I don't know what will.
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