The CPI data is in, and inflation is officially beginning to cool down … but auto insurance is up 22% year-over-year.
One of my friends showed me his latest premium statement, and it was up over $400.
That’s not good.
According to Bryant University Mathematics Professor Rick Gorvett, a Fellow of the Casualty Actuarial Society, the recent spike was caused by a “perfect storm” of factors.
He discusses a few of the factors that led to these higher rates — the cyclical nature of the insurance business, supply chain issues, increased vehicle repair costs, social inflation and driving behavior.
If you’ve ever been on the I-95 in Florida … I’m sure you’ve witnessed that last factor.
But what can we do?
The answer could, in fact, be crypto…
Or in other words: blockchain technology.
Check out today’s video, in which we explore why inflation is cooling, what Bank of America has to say about it … and a possible hedge against auto insurance.
💡 Note: For even more crypto news, stay tuned after the video for a huge update on Ethereum (ETH)!
(Or read the transcript here.)
🔥 Hot Topics in Today’s Video:
- Market News: April inflation data is in! For the first time in six months, inflation is beginning to cool and slow down the economy. But a key part of the equation is in the latest CPI data. [1:37]
- Tech Trends: This “DePin” crypto platform creates a rewards points system for your car using blockchain technology, and can even help offset your auto insurance costs. [7:10]
- Crypto Corner: JPMorgan, and potentially other banks, are going to use cryptocurrency to “reinvent the plumbing” of the financial system. Here’s how… [13:30]
- Investing Opportunity: If you want to dive deeper into crypto investing, consider joining my readers in my service dedicated to all things crypto: Next Wave Crypto Fortunes.
📈 More Edge: NEW Ethereum ETF on the Way!
In even more exciting crypto news, the price of Ethereum (ETH) shot up about 22% over the last 24 hours!
The crypto started to move up on Monday in the late afternoon, after some encouraging news regarding potential Ethereum ETF approvals.
Several companies filed a 19b-4 with the Securities and Exchange Commission (SEC) late last year and earlier this year in order to apply for a spot Ethereum ETF.
But the SEC reacted “lukewarm” to these filings, compared to how it actively reacted to filings and engaged with companies for a bitcoin ETF earlier this year.
This is why analysts at Bloomberg only expected a 25% likelihood that an Ethereum ETF would be approved.
All that changed yesterday, when the SEC suddenly requested revised 19b-4 filings from these companies by 10 a.m. Tuesday (this morning).
This move shows that the SEC might be changing its mind about a spot Ethereum ETF, and an approval could come as early as Wednesday.
Analysts at Bloomberg have now raised their expectations of an ETF approval to a 75% likelihood.
Remember how bitcoin’s (BTC) price shot up after the SEC approved 11 bitcoin ETFs back in January?
Well, an Ethereum ETF approval would likely be great news for the price of Ethereum.
Bitcoin started the year in the $44,000 range, and rallied with buzz around the ETF approvals.
It then skyrocketed to an all-time high of $73,700 just a couple of months after approval.
Standard Chartered Bank, which has a price target of $150,000 for bitcoin by the end of the year, said it has a price target of $8,000 for Ethereum by the end of 2024 if its ETFs are approved.
Not only is this exciting news for Ethereum, but it’s also prime time for us as investors.
Cryptocurrency is one of the biggest opportunities this year, and not only in Ethereum…
Bitcoin’s fourth halving just completed in April. It represents a key moment in crypto.
Just like the rise of AI and tech companies like Nvidia are also raising the share prices of other AI-related stocks, bitcoin’s halving will do the same for other select cryptocurrencies.
Or in other words: “A rising ride lifts all boats.”
This means that bitcoin is not the only crypto that will benefit from this halving cycle.
In fact, I’ve already pinpointed three coins that are ready to soar…
Go here to learn more about these coins, and how you can invest today.
Until next time,
Ian King
Editor, Strategic Fortunes
