Quote from: Learn Bitcoin on May 21, 2024, 04:27:32 PM

Hey OP!

What are you thinking at this moment? A lot of us fear about the bear market. At some point, I was feeling like we may turn into a bear run without even entering the pace bull market. That is because I relied too much on analysts and sources. I am not an expert, and I don't understand the chart well. But there are some influencers who have been saying that if BTC crosses the 59K range, we may enter into the bear market. But as you can see, Bitcoin proved them wrong again. It's happening again. We are going high for the last couple of hours and now trading over 70K.

$100K is coming 

I love that you're not allowing other people's words influence you. I am slightly educated about how to analyze the market, but I never rely on the opinions of others, even those who are great at predicting, since I feel that no one can predict the market, and I am confident in my analysis. When I study Bitcoin, I take into consideration a variety of factors, including the possibility of the trend continuing or reversing. It is still possible to reach $100,000, but it has to surpass the prior ATH or the price will retrace further.

Many people are really looking for Bitcoin to one day be at the $100K zone and some are even predicting that it can reached max of $150K as the direct result of the recent halving. Well, as we know, nobody can be sure of where Bitcoin will be and when things can happen but for sure as time goes by its price will keep on accelerating though the road to that goal will be like a roller-coaster, for sure. Therefore if one is not trading, the best thing to do is to get as many BTC as possible by means of DCA and then just hold. Of course, it would be exciting for traders like you and I am happy to see that you established your ow strategy and not influenced by other people even if they can be claiming to be experts.

 

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Maybe in a few years, we will come to the conclusion that we should separate money from the state for the same reason we separated the church from the state

Ideally, cryptocurrency is one of the best tools available around to make the goal of separating  - or should we say snatching - control of money from the state. Realistically though, it is not as easy as walking into the park or choosing what shampoo to use for your dandruff. Money is something that the government feels it is owning and controlling hence it will never give it up anytime nor will it ever entertain the idea of one day relinquishing any iota of control over it. Furthermore, as we are going to witness in the years to come there can be more attempts by governments to even control more hence many of these governments are looking at cryptocurrency as an enemy. It would then be interesting on how this control can be wrestled away from the state...as it would take a big revolution to do so.

Taken from Cointelegraph crypto news site.

In a 60 to 38 vote, United States senators passed H.J. Res. 109, a resolution nullifying the U.S. Securities and Exchange Commission’s (SECs) Staff Accounting Bulletin No. 121. The commission’s rule requires banks to keep customers’ digital assets on their balance sheets, with capital maintained against them — a measure many lawmakers and industry leaders have criticized as stifling innovation.

However, before the resolution passed in the U.S. House of Representatives, President Joe Biden said he intended to veto the bill to “protect investors in crypto-asset markets and to safeguard the broader financial system.”

However, Perianne Boring, founder and CEO of the Blockchain Trade Association Digital Chamber, believes that support from 21 Democratic Party senators could force the White House to “rethink its strategy and position.” In her opinion, “the tides are turning for crypto in Washington.”

This is a big good news as finally the Senate (and the House before it) intervened on SEC and put things as they should be. Let's hope the dementia-filled Joe Biden will not instead veto this bill as this is also supported by his fellow Democrats. This is just one of the proofs that SEC is enjoying its time and power of overreach...putting things on the cryptocurrency industry a lot worse and not making things better as it should be. SEC is now an enemy of the cryptocurrency industry instead of working with it as a good partner while at the same time fighting scammers and fraudster, as it should be doing.

The gambling industry has been growing exponentially for the past many years and it is online type of gambling that can be making big record of revenues and I am sure this can be true in all countries where gambling is regulated and allowed by the government to flourish. Gambling is one of the biggest sources of tax and that is why even if the government can foresee the many ill-effects of gambling they still allow them to operate. Just like other bad vices like smoking, overeating, drinking alcohol, there are many people who are addicted to gambling even allowing themselves to be destroyed in the process. One thing for sure is that the government has the big responsibility to control the spread of gambling but it is, of course, a big failure on this aspect as it is the receiving end of money coming from the gambling industry. Now, the best way to mitigate and control gambling falls on the family where education should start. The problem is that we have many failed families in the society that left many young people get swallowed by destructive vices. I am not sure if our education system is playing a big role in educating their students on the many side effects of gambling or they are just turning a blind eye to this issue. In summary, all of these situations can mean one thing: gambling is a good business to get into as more and more people are falling prey to its trap.

I mean we are remembering the day when someone bought a pizza with 10,000 BTC, if we remember events like this, it could inspire the trust in BTC and may might want to benefit from it believing that it could rise up in future, I mean, nobody will like to be like the guy.

I would not say 'nobody would like to be the guy' all because that transaction for Bitcoin was very important as it marked a big milestone in its history as an asset that can function like money. There would be no annual Bitcoin Pizza Day if there was no Laszlo Hanyecz who exchanged 10,000 BTC for two pizzas on May 22nd, 2010, symbolizing a significant turning point in the practical application of Bitcoin. Now, talking on impact of an event like this on BTC's price, I think the effect can be limited as there is nothing new here although this is taking some space in crypto-related news site and maybe even the mainstream media can mention it thus encouraging more people to look at Bitcoin. Halving can definitely create more impact as it happens every four years and it slashed the mining reward in half thus limit the supply more.

Firms looking to list and trade shares of spot ether exchange-traded funds are being asked by the U.S. Securities and Exchange Commission to update and refile documents that are pivotal if those products were to be approved, according to news reports.

Those filings, called Form 19b-4, are filed to let the SEC know about a proposed rule change and are among the documents that need the agency's greenlight before spot ether ETFs can become effective.

The outlook for a spot ether ETF has taken an optimistic turn. Bloomberg ETF analysts James Seyffart and Eric Balchunas now say that the chances of the SEC approving such a product have increased from 25% to 75%.

Get more details here!


I am sure that this is a very positive development for the eventual approval of Ethereum ETFs in the market. The past months seem to be a little bit gloomy to the idea of its approval, yet now we are seeing some rays of light and that is why analysts put the chance for the approval at 75%. Of course, there is no definite way of determining if and when the approval can be...we don't know if SEC will decide on it come 2025 as the presidential election is nearing. The most important thing for now is that there is that big hope that ETFs will really be materializing for Ethereum soon, just like the big success of Bitcoin ETFs in the market.

I think that Peter Brandt is correct in his assessment that Peter Schiff is doing things - attacking Bitcoin - for his own gains and nothing really more. I really don't understand why he would continue to make Bitcoin bad when the asset has had proven itself to be strong, viable and am sure will be here today and into the future. There is nothing wrong with gold, either and if one prefers to invest on that then that is fine with me...just like what Robert Kiyosaki is advocating: investing with gold, silver and Bitcoin. There is no need to destroy one to make the other stand out. Of course, there are many risks with Bitcoin but for those who believed on it in the past are now smiling to the bank, as BTC made performance so astounding even compared to gold. Peter Schiff is just wasting his time convincing others that Bitcoin is not good as it is already approved by the mainstream financial system with the introduction of ETFs months ago.