Jan 11, 2024

Bitcoin Takes Over Wall Street 🚀🪐🪙


1/11/24: Bitcoin Takes Over Wall Street 🚀🪐🪙Valko

Top News

  • 🚀 SEC approves 11 spot Bitcoin ETFs, trading starts today

  • 🪐 Elon says we should use cryptocurrencies on Mars, maybe Bitcoin

  • 🪙 Circle $USDC files for US IPO

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Specs’ Insights

SEC approves 11 spot bitcoin ETFs, with trading likely set to start tomorrow

The SEC said it has approved proposals for 11 spot bitcoin ETFs, although S-1 forms will need to go effective for trading to begin.

⌐◪-◪ → FINALLY! The SEC aproved 11 spot Bitcoin ETFs yesterday, and this time it wasn’t fake!

Coincidentally, the approval came exactly 15 years after Bitcoin pioneer, Half Finney’s, iconic ‘Running Bitcoin’ tweet. Hal sadly passed in 2014, but was the 1st person, besides Satoshi Nakamoto, to download and run Bitcoin software.

While Gensler did vote to approve the spot BTC ETFs, he couldn’t help but roast Bitcoin one last time in an official statement from the SEC - stating that, “while we approved the spot bitcoin ETP shares, we did not approve or endorse bitcoin”. What a petty cope, and ironically, an amazing endorsement for Bitcoin.

Looking forward, things are bullish. Bloomberg predicts $4B of spot BTC ETF inflows on day 1, today. Hong Kong is playing catchup, trying to approve their own BTC ETFs. And last but not least, Ethereum ETFs might come as early as May.

Also, brace yourself for endless Bitcoin ETF commercials.

Elon Musk initially disses, then considers using Bitcoin on Mars

In a recent X Space, Elon Musk explains that it would make sense to use cryptocurrency on Mars, but Bitcoin may pose challenges given the time it takes to settle transactions.

⌐◪-◪ → For somebody who allegedly spends zero time thinking about crypto, Elon’s been talking about crypto a lot.

Yesterday, on X-Spaces with Catherine Wood from Ark Invest, Elon said it would make sense to use a cryptocurrency on Mars.

While he initially dismissed Bitcoin—due to long reconciliation time and the fact that Mars is 20 light minutes away—he later concluded it might be feasible.

This really makes you wonder…

Will we eventually have Bitcoin nodes in space? And can a blockchain go intra-galactic and maintain consensus? Or is that level of decentralization impossible due to the laws of physics and the speed of light/information?

Bonus: Elon also said he’s open to using Bitcoin on X. Bullish.

USDC stablecoin issuer Circle files confidentially for an IPO | TechCrunch

After trying to go public twice via SPAC deals, Circle is trying to go public once again. Would that other private tech companies were as bold.

⌐◪-◪ → Just when we thought things couldn’t get more bullish, Circle announced that they filed for an IPO, and they couldn’t have picked a better time given the massive tailwinds from the spot BTC ETF approvals.

The company is doing a phenomenal job bridging the TradFi and DeFi worlds. Their stablecoin $USDC, is the second largest in the world, with a market cap of $25.25B.

Finacially, the company is in a very strong position. Here’s a little snapshot:

  • 2022: $800m Revs / $150m Profits

  • 2023: ~$1.5bn Revs / ~$300m Profits

Note: This is not Circle’s first attempt at the public markets. In July 2021, the company planned to go public via SPAC—which were all the rage at the time—but it fizzled out.

While I’m definitely excited about the BTC ETF approvals and Circle’s upcoming IPO, a small part of me is worried that the suits are taking over and crypto’s original vision is eroding.

Never forget: not your keys, not your crypto.

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Everything Else

⛓️ Crypto & DeFi

🏦 Wallstreet & VC

🏛️ Legal & Regulatory

  • Gensler voted to approve BTC ETFs, despite criticism

  • Post approval, Gensler says 'We do not approve or endorse Bitcoin'

  • Commissioner Pierce says SEC 'squandered a decade' rejecting BTC

  • SEC says FBI is involved in fake approval tweet investigation

🌎 Rest of the World

  • EBA officials say EU industry input is key to stablecoin rulemaking

  • South Korea reiterates ban crypto ETFs, despite US approval

  • Hong Kong lawmaker calls for swift action following ETF approvals

  • FTX estate to sell dozens of properties in the Bahamas

🖼️ NFTs & Metaverse

  • Trader buys $9M of memecoin Dogwifhat, loses 60% to slippage

  • Degens are trading 'Bitcoin ETF' meme coins on Solana

  • Moonbirds floor drops below 1 ETH

  • Age of Dino NFT raises $5.7M from mint, floor doubles

  • XCOPY announces MAX PAIN burn-to-redeem

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