Bitcoins - about to hit $5,000 per coin today!

[obsidian]

What I keep trying to emphasize is that BTC has a real use case, which attracts money, being that it is the dominant and king of decentralized digital wealth.

Ethereum has a lot more use cases than Bitcoin. How you can even claim otherwise is hilarious. I am sitting here thinking WTF GIB?! Damn!

UBS and BlackRock issued tokenized funds on Ethereum in 2024. Not Bitcoin. You want to know why? Because it can't be done on Bitcoin. You would need many years of upgrades and scores of developers to make it feasible.

Sony announced an Ethereum L2 in 2024. There have been so many Ethereum announcements in 2024 that all the FUD is kind of surprising!

Bitcoin has had an easy ride the past few years. We'll see how it ends though in a decade or more. The Bitcoin mining system simply does not work as mining rewards dwindle. Even if you have free electricity you are better off buying BTC vs mining it. The ASIC machines are expensive and are made obsolete soon as newer models become available. The end result is the ASIC devices never pay for itself and become useless paper weights. Unlike GPUs they can't do anything else except being a paper weight or recycled.

https://finance.yahoo.com/news/5-7t-banking-giant-ubs-082728059.html

Mon, November 4, 2024

$5.7T Banking Giant UBS Launches First Tokenized Fund on Ethereum

Global financial powerhouse UBS Asset Management launched its first tokenized investment fund on the Ethereum blockchain. This is a major stride for the traditional finance sector toward mainstream adoption of blockchain technology.

The new product, dubbed the UBS USD Money Market Investment Fund Token, abbreviated as 'uMINT,' is a strategic move for the Swiss banking giant, which currently manages over $5.7 trillion in assets. The fund will be available through select distribution partners that bridge conventional banking to digital innovation.

The launch is part of a broader strategy under the bank's own tokenization platform, UBS Tokenize, focused on digitizing traditional capital market instruments like bonds, funds, and structured products. The move follows UBS's successful pilot program in Singapore last year to test a tokenized Variable Capital Company fund.

Thomas Kaegi, UBS Asset Management Asia-Pacific co-head, said: "We have seen growing investor appetite for tokenized financial assets across asset classes. Through leveraging our global capabilities and collaborating with peers and regulators, we can now provide clients with an innovative solution.”

The banking institution’s blockchain strategy consists of public and private networks, aiming to smoothen the process of issuance and distribution of funds. This follows several traditional financial giants that have forayed into the digital asset sector. Franklin Templeton launched its U.S. Government Money Fund on Coinbase's Base network, while BlackRock’s BUIDL is live on the Ethereum blockchain.

[gib]

Ethereum has a lot more use cases than Bitcoin. How you can even claim otherwise is hilarious. I am sitting here thinking WTF GIB?! Damn!

UBS and BlackRock issued tokenized funds on Ethereum in 2024. Not Bitcoin. You want to know why? Because it can't be done on Bitcoin. You would need many years of upgrades and scores of developers to make it feasible.

Sony announced an Ethereum L2 in 2024. There have been so many Ethereum announcements in 2024 that all the FUD is kind of surprising!

Bitcoin has had an easy ride the past few years. We'll see how it ends though in a decade or more. The Bitcoin mining system simply does not work as mining rewards dwindle. Even if you have free electricity you are better off buying BTC vs mining it. The ASIC machines are expensive and are made obsolete soon as newer models become available. The end result is the ASIC devices never pay for itself and become useless paper weights. Unlike GPUs they can't do anything else except being a paper weight or recycled.

https://finance.yahoo.com/news/5-7t-banking-giant-ubs-082728059.html

Mon, November 4, 2024

$5.7T Banking Giant UBS Launches First Tokenized Fund on Ethereum

Global financial powerhouse UBS Asset Management launched its first tokenized investment fund on the Ethereum blockchain. This is a major stride for the traditional finance sector toward mainstream adoption of blockchain technology.

The new product, dubbed the UBS USD Money Market Investment Fund Token, abbreviated as 'uMINT,' is a strategic move for the Swiss banking giant, which currently manages over $5.7 trillion in assets. The fund will be available through select distribution partners that bridge conventional banking to digital innovation.

The launch is part of a broader strategy under the bank's own tokenization platform, UBS Tokenize, focused on digitizing traditional capital market instruments like bonds, funds, and structured products. The move follows UBS's successful pilot program in Singapore last year to test a tokenized Variable Capital Company fund.

Thomas Kaegi, UBS Asset Management Asia-Pacific co-head, said: "We have seen growing investor appetite for tokenized financial assets across asset classes. Through leveraging our global capabilities and collaborating with peers and regulators, we can now provide clients with an innovative solution.”

The banking institution’s blockchain strategy consists of public and private networks, aiming to smoothen the process of issuance and distribution of funds. This follows several traditional financial giants that have forayed into the digital asset sector. Franklin Templeton launched its U.S. Government Money Fund on Coinbase's Base network, while BlackRock’s BUIDL is live on the Ethereum blockchain.

What I mean is that BTC's use case is clear. And its clear how that gives it value. Essentially, if your use case is that you are the decentralized global replacement for fiat devaluation, that is a BIG use case which attracts (obviously) huge exchanges of money for BTC.

Yes, ETH has some uses, that is for sure - but how such uses justify its current value is far more difficult to calculate and justify.

Regarding ETH, there is also a very positive development you may have missed, in Asia - see here: https://www.dbs.com/newsroom/DBS_rolls_out_blockchain_powered_banking_for_institutions_with_DBS_Token_Services_marks_new_milestone_in_financial_services



 

[gib]

Just a little halloween update. Eth hit a new 3 year low to BTC, with the Eth to BTC ratio hitting a new low of 0.036. Its a spookily terrible performance against BTC over the last 3 years.

I expect that as we approach the next surge towards BTC 74K that ratio of Eth to BTC might fall even to 0.035 (and that this could well happen this month). And maybe even 0.034 by end of year.

Well, as I predicted, (and it happened faster that even I expected), ETH is indeed now again at a new 3 year low to BTC, now at 0.035 BTC to one ETH. Its an absolutely appalling performance of Eth to BTC over the last 3 years. Lets see what happens on the election lead-up and also post-election. I think falling further to 0.034 to BTC by year end is still likely - lets see. Some volatility ahead for sure - quite possibly some upside for BTC over the next 6 months I would think. (Possibly all alts too - lets see...)

[obsidian]

What I mean is that BTC's use case is clear. And its clear how that gives it value. Essentially, if your use case is that you are the decentralized global replacement for fiat devaluation, that is a BIG use case which attracts (obviously) huge exchanges of money for BTC.

Yes, ETH has some uses, that is for sure - but how such uses justify its current value is far more difficult to calculate and justify.

Regarding ETH, there is also a very positive development you may have missed, in Asia - see here: https://www.dbs.com/newsroom/DBS_rolls_out_blockchain_powered_banking_for_institutions_with_DBS_Token_Services_marks_new_milestone_in_financial_services

You know my opinion. ETH and many other alts are undervalued relative to BTC. ETH was over $4,800 3 years ago and it is a much more mature and developed project now than it was back then. And the dollar has devalued quite a bit since then.

Gensler helped the case for BTC by declaring it a commodity and failing to make a determination on ETH when pressed. That's ok. The US will become less relevant on the global stage. It's almost bankrupt. It is time for the crypto markets to ignore whatever decisions the US government makes.

I am guessing cryptos including Bitcoin crashed because people are unsure about Trump's chances in this election. BTC crashed to $67k yesterday. It's trending up now.

[obsidian]

https://insidebitcoins.com/news/michigan-makes-history-as-first-state-pension-fund-to-invest-in-spot-ethereum-etfs-via-grayscale

Michigan Makes History As First State Pension Fund To Invest In Spot Ethereum ETFs Via Grayscale

The State of Michigan Retirement System (SMRS) has become the first state pension fund to invest in spot Ethereum ETFs (exchange-traded funds) after it bought shares in two Grayscale investment products.

In a filing with the US Securities and Exchange Commission (SEC), the SMRS disclosed that it holds 460,000 shares in Grayscale’s Ethereum Trust (ETHE), valued at over $10 million, and the same number of shares in Grayscale’s mini Ethereum Trust (ETH), worth more than $1.12 million.

Following the disclosure, the SMRS has become one of the top 5 holders of ETHE and ETH shares.

”Not only did Michigan’s pension buy Ether ETFs but they bought more then they did of bitcoin ETFs, $10m vs $7m,” said Bloomberg ETF analyst Eric Balchunas in a Nov. 4 post on X. ”This despite btc being up a ton and ether in the gutter. Pretty big win for ether which could use one.”

[gib]

https://insidebitcoins.com/news/michigan-makes-history-as-first-state-pension-fund-to-invest-in-spot-ethereum-etfs-via-grayscale

Michigan Makes History As First State Pension Fund To Invest In Spot Ethereum ETFs Via Grayscale

The State of Michigan Retirement System (SMRS) has become the first state pension fund to invest in spot Ethereum ETFs (exchange-traded funds) after it bought shares in two Grayscale investment products.

In a filing with the US Securities and Exchange Commission (SEC), the SMRS disclosed that it holds 460,000 shares in Grayscale’s Ethereum Trust (ETHE), valued at over $10 million, and the same number of shares in Grayscale’s mini Ethereum Trust (ETH), worth more than $1.12 million.

Following the disclosure, the SMRS has become one of the top 5 holders of ETHE and ETH shares.

”Not only did Michigan’s pension buy Ether ETFs but they bought more then they did of bitcoin ETFs, $10m vs $7m,” said Bloomberg ETF analyst Eric Balchunas in a Nov. 4 post on X. ”This despite btc being up a ton and ether in the gutter. Pretty big win for ether which could use one.”

Good news for ETH, although I would say it would be very irresponsible if they held ETH in a greater proportion than BTC. Pension funds are very conservative, and so even a BTC holding would be highly scrutinized. So, I would guess that they already held a chunk of BTC, and that this latest purchase was a "top up" of BTC and their first buy of ETH.

On a related note, UK pension fund also just added BTC. Amazing this stuff is really happening. We are still so so early...

https://finance.yahoo.com/news/uk-pension-fund-makes-historic-081255403.html

[Mayday]

. And the dollar has devalued quite a bit since then.

I am guessing cryptos including Bitcoin crashed because people are unsure about Trump's chances in this election. BTC crashed to $67k yesterday. It's up now.

US Money Supply has been in contraction for a couple of years, currently around -6% from peak.

Average expansion for prior cycles was ballpark +18% but last cycle hit over 50% and it was the worst gains BTC had experienced, it also broke prior rules of not dropping lower than prior peak prices during the bear market.

DXY is currently +40% higher now vs when it began.

This is the first time Bitcoin has run a bull market during a money supply contraction.

[gib]

US Money Supply has been in contraction for a couple of years, currently around -6% from peak.

Average expansion for prior cycles was ballpark +18% but last cycle hit over 50% and it was the worst gains BTC had experienced, it also broke prior rules of not dropping lower than prior peak prices during the bear market.

DXY is currently +40% higher now vs when it began.

This is the first time Bitcoin has run a bull market during a money supply contraction.

Very slight - M2 was around 22T in 2022, and now around 21T in 2024. But that came after a massive increase in 2020 from about 15T to 20T. BTC, apart from macro factors, continues to benefit purely from on-going adoption which is still in the early phases. Lets see what 2025-2026 brings and if money printer starts to go brrrrrrrr again...

[Mayday]

Very slight - M2 was around 22T in 2022, and now around 21T in 2024. But that came after a massive increase in 2020 from about 15T to 20T. BTC, apart from macro factors, continues to benefit purely from on-going adoption which is still in the early phases. Lets see what 2025-2026 brings and if money printer starts to go brrrrrrrr again...

Well, we all interpret data differently.

I would like to see Saylor buy a few billion right here. Signal to everybody it’s all going to moon.

[SouJerz]

BTC New all time high!!

[loco]

BTC New all time high!!

[Mayday]

Tapped 75k…..

That damn 76k of mine is proving to be an absolute bastard of a target isn’t it 😂

X filled with so much euphoric bragging right now they’re all forgetting they need to keep buying. Someone hit market buy already!!!

[FitnessFrenzy]

Bitcoin up 7% clearly in anticipation of a Trump win.

[SouJerz]

DOGE up 85% on the month

[loco]

Stocks, bond yields and bitcoin surge as Trump wins US election
https://apnews.com/article/stock-markets-rates-china-93421462d761eb1402d813cb381fe6e9

[SouJerz]

😂

[Griffith]

Tapped 75k…..

That damn 76k of mine is proving to be an absolute bastard of a target isn’t it 😂

X filled with so much euphoric bragging right now they’re all forgetting they need to keep buying. Someone hit market buy already!!!

So no more 'well below 40k' and 'bear market' prediction?

[SouJerz]

😂

[loco]

BTC New all time high!!

😂

😂

BTC $100K by March, 2024

BTC > $100K right after April 2024 halving. If not, then by September - October 2024

 

[SouJerz]

Keep stacking satoshis!!!

[gib]

A few quick thoughts. When BTC is 1m, these movements (which seem big in the current perspective), will be almost unnoticeable blips on the graph.

Having said that, it is of course always nice to hit a new ATH, but we have so much more to come.

I have had a few PMs asking me about what price to buy, and any alts to recommend. I don't have time to respond, but would urge anyone with those questions, just to post it on this thread - no need to be shy!

So, what price to buy BTC at? I would say, its far more important just to buy (and HODL) than to try to predict will it fall back below 70, 69, 65, or whatever. Hodl time really is the cure of any BTC purchase which goes underwater for a period of time.

I have been buying regularly since 3K, and as of now not a single satoshi is underwater. So, if on my next buy I buy at 75, and it drops under, I don't worry in the slightest.

As to why are only some alts pumping, not others, I would say the biggest moves would be around solid alts where there may have been concern about regulatory breaches. That includes Uniswap, Filecoin as good examples. And of course the smaller and more useless alts and memes etc all get a boost from BTC's rise also - a rising tide float all boats (although eventually, a broken boat will sink even in a rising tide...)

[Mayday]

So no more 'well below 40k' and 'bear market' prediction?

I don’t give moves anymore as it didn’t benefit anyone. Yes I have been bearish since the first peak and price went down for half a year, did you miss alts getting obliterated where you can buy -95% down? I’m already in position and posted that along saying a peak in October this year many times, it’s seasonality, doesn’t mean price moons indefinitely.

People lack patience. My target was 76k and we got 73.8k and 75.9k. It needs to break it and go 79k. The higher we get now, the higher we go next year and that is more important than what lows we might see. FWIW I am not selling here.

I got the election outcome wrong so outcomes will change 🤷

[SouJerz]

lol you spell “I WAS WRONG”. Really funny

[SouJerz]

New ATH 76,096

[gib]

I don’t give moves anymore as it didn’t benefit anyone. Yes I have been bearish since the first peak and price went down for half a year, did you miss alts getting obliterated where you can buy -95% down? I’m already in position and posted that along saying a peak in October this year many times, it’s seasonality, doesn’t mean price moons indefinitely.

People lack patience. My target was 76k and we got 73.8k and 75.9k. It needs to break it and go 79k. The higher we get now, the higher we go next year and that is more important than what lows we might see. FWIW I am not selling here.

I got the election outcome wrong so outcomes will change 🤷

Well we just hit your 76, my man!