There’s barely time to take a breath as we recap an incredible week for bitcoin (BTC)!
Last Friday I issued an urgent briefing about Microsoft (Nasdaq: MSFT)’s pending shareholder vote because it seemed to me that things were lining up just like back in 2017…
Before the first big bull market happened in crypto.
That’s when the SEC voted “no” on a bitcoin ETF.
On Tuesday, Microsoft shareholders voted “no” on investing in bitcoin.
And in both cases bitcoin dipped immediately after the vote.
But in 2017, once bitcoin took off again… it never looked back.
Today bitcoin has already rallied back over $100K…
Bitcoin is back over $100K (Chart: coingecko.com)
And soon we might never see it go below that 6-figure mark again.
But bitcoin isn’t the only crypto we’re keeping an eye on.
The rest of the crypto market fell along with bitcoin after the Microsoft vote. But Ethereum (ETH) has its sights back on last week’s highs…
ETH is rallying too (Chart: coingecko.com)
And the rest of the crypto market is surging too.
Some outlets are calling this a frenzy…
And it’s easy to understand why everyone is so excited.
Things are lining up just as I’ve been predicting, which means we could see some major moves in the crypto space in the weeks and months ahead.
For example, on Wednesday I told you that Amazon (Nasdaq: AMZN)’s shareholders were now considering a similar proposal to the one Microsoft just voted on and that other companies would soon start following suit.
That should drive up the price of bitcoin and other cryptocurrencies.
Now consider the move Apple (Nasdaq: AAPL) just made…
Apple Makes it Easier to Use Crypto
Coinbase just integrated Apple Pay into its Coinbase Onramp service.
This allows users to quickly convert traditional currency into cryptocurrency.
For now, it only works one way. What I mean is that it allows for fiat-to-crypto transactions rather than direct crypto payments.
But it’s still a significant leap forward for crypto and for Apple.
Because by leveraging Apple Pay’s widespread adoption and ease of use, it makes cryptocurrency more accessible to mainstream users.
It’s just another example of how cryptocurrency is becoming legitimized by mainstream corporations.
And here’s another piece of interesting news that leaked out recently…
Apple’s CEO Tim Cook just revealed he’s owned bitcoin for three years.
Could we see Apple’s board vote to start buying bitcoin in the future?
That remains to be seen.
But according to David Puell, a research associate at ARK-Invest, things are heating up with another prediction of mine…
A New Crypto Era
During my urgent briefing one week ago today, I predicted that once Trump takes office he will pardon Ross Ulbricht, a crypto icon that many consider a political prisoner.
That move will send a clear signal to crypto holders that Trump will keep the rest of his promises to Make America the World’s Crypto Capital.
I also told you that Trump is replacing anti-crypto SEC chair Gary Gensler with a pro-crypto chair, Paul Atkins.
This move will end a 5-year long regulatory war against the tiniest cryptos, letting them innovate and spike far higher than they would’ve otherwise.
And finally, I told you about Trump’s plans to set up a Strategic Bitcoin Reserve.
This initiative would commit the federal government to buying and holding a huge amount of bitcoin, triggering a race between other governments to do the same.
Legislation has already been proposed by Senator Cynthia Lummis of Wyoming to make it a reality. It’s called the BITCOIN Act.
Here’s what David Puell has to say about it:
The BITCOIN Act includes a plan to acquire up to one million bitcoin over a five-year period, capping the purchases at 200,000 per year. At today’s price of ~$100,000, the program would cost ~$100 billion. The Treasury would hold the bitcoin for a minimum of 20 years and then sell them to help pay down the Federal debt.
To fund the bitcoin purchases, the Act proposes reallocating the Federal Reserve’s (Fed’s) surplus funds and adjusting the valuation of the Fed’s gold certificates ~60-fold from ~$42.2 in book value per ounce to its current ~$2,500 market price. Senator Lummis has suggested that the US consider selling a portion of its gold reserves to finance the SBR and diversify US reserves.
According to David, the BITCOIN Act is gaining momentum..
Although right now it only has a 28% chance of passing on the world’s largest prediction market, Polymarket.
I anticipate those odds will rapidly rise once Trump assumes the presidency.
But just when I thought the week couldn’t get any crazier…
Another bombshell dropped.
It turns out the great state of Texas might beat the U.S. Treasury to the punch!
Legislation was introduced in the Texas House of Representatives on Thursday to establish a Texas strategic bitcoin reserve.
It was submitted by Rep. Giovanni Capriglione who made his wishes known last month.
Folks, this is a big deal.
Texas is the second-largest economy in the U.S. It’s also the eighth-largest economy in the world.
But why would Texas legislators consider approving a state-run Strategic Bitcoin Reserve?
Most likely because the state has the highest concentration of bitcoin miners in the country.
And a state-run Strategic Bitcoin Reserve would make it easier for these folks to begin paying their taxes in cryptocurrency.
Here’s what I know for sure…
Things are moving quickly in the crypto space, and I couldn’t be more excited for what it means for all of us going forward.
Regards,
Ian King
Chief Strategist, Banyan Hill Publishing
