When I barked on about Blockchain in 2015, not many listened. When I started conversing about crypto around the same time, many thought I’d lose.
When I would whisper the wonders of WEB3, the people mentioned above walked away, but thankfully and without passing judgment, many of the above circled back, this time wanting to hear my mutter on the Market, wildly since boring Bitcoin isn’t bouncing, attention is moving to expressing an interest in Ethereum.
This is not to say I told you so or to plug what I wrote in Q3 2023 about watching out for the ETH ETF, but I told you so, and I recommend scrolling through this blog to find that article. There are no clues to the title; see it.
Anyway, let’s talk about Ethereum in this cycle and the correlation of the BTC ETF.
With all 11 Bitcoin ETFs receiving approval and four of them breaking records as the most significant ETF launches in history, we’re witnessing a transformation that could redefine the future of digital assets, incredibly as most of them ( sorry, SOL) are built on ETH.
The staggering influx of capital into these Bitcoin ETFs, surpassing 50% of the assets held under traditional gold ETFs, speaks volumes about the shifting tides. This is not just a minor market adjustment but a significant realignment of investment strategies, occurring at a pace we wouldn’t have traditionally expected to see much closer to Bitcoin’s halving events.
In Q1, the activities within the Bitcoin ETF space have been mind-blowing, especially compared to the two decades of the gold ETF market, which I’m now showing my age. But I have no issues saying that old money is waking up and driving the flourishing acceptance of the Bitcoin ETFs, which is setting up nicely to make crypto the financial instrument of the decade.
As we edge closer to the following Bitcoin halving, the anticipated reduction in Bitcoin supply by 450 units daily is expected to send prices north of their all-time high (I’m thinking a $120k minimum ). However, the spotlight is shifting towards Ethereum, and rightly so, especially since the use case for me is much more attractive.
Post-halving, Ethereum will take center stage, especially if Bitcoin continues to breach its all-time highs, an outcome I view with a high degree of certainty. I bet my book on it.
Since I mentioned the Ethereum ETF in Q3 2023, my predictions about it coming to life and gaining significant media attention have been spot-on for those new to my blog. The narrative surrounding Ethereum and other cryptocurrencies like XRP, Litecoin, and Solana has flooded national media, with channels like CNBC featuring interviews with prominent money managers discussing these tokens.
Before I go any further, please note that of all those tokens mentioned above, only two, I believe, will make it. If you want to know which ones, buzz me.
But it’s interesting for me to watch these news outlets discuss crypto and pass judgment on an asset class that still so many get wrong and sometimes even make me cringe. I heard prominent (mention no names ) describe ETH as “cute.” This disconnect underscores the urgent need for genuine and informed discourse. Kittens are cute, but babies are Cute, not ETH.
While it’s vital to reach a wide audience, it’s equally important to ensure the narrative is informative, precise, and engaging. But I also have to acknowledge a Channels audience who might need certain data points watered down (that’s being nice ) or, in some cases, purposely misinformed to control emotions when opting in or out. This is commonly known as FUD.
So, while the Bitcoin Bandwagon gets misdelivered on mainstream media, recognition, while slow, is starting to mirror the realities of the crypto Market’s potential. It’s crucial that this attention not only focuses on Bitcoin but also highlights the significant opportunities within alternative coins (altcoins).
While Bitcoin maintains the health of the investment book, altcoins present opportunities for substantial wealth accumulation.
Ethereum stands out in this context, with its robust economic model demonstrating substantial owner earnings exceeding $7.1 billion in fees. The increasing development of the Ethereum platform is leading to a reduction in supply, highlighted by a notable $6.5 billion token burn. This indicates a strong market sentiment and a strategic buy-back approach that could further enhance Ethereum’s value. For me, any ETH under $4k is still a bargain. After that, you should trade in and out within the parameters of your risk appetite.
Interestingly, despite Ethereum’s strong market performance, a significant portion of its global holdings remains static, suggesting that many investors view it as a long-term store of value. I’m one of these people. But my strategy back then was to buy an enormous amount while it was under 500, then DCA weekly until it reached 2k, and then and only then execute my tight risk management strategy, hence why I play much tennis these days.
So, while my perception aligns with the ongoing narrative comparing Bitcoin to gold and Ethereum to silver, with a notable difference in market capitalization, it should start ringing a massive bell that ETH is still undervalued. If you can’t see or hear this, then I’ll make sure I wave to you at the bus stop as I sit in the back seat of my ride. Seriously, WAKE UP
Look at the massive market caps of gold and silver, then throw Bitcoin and Ethereum into the mix, and you’ll see just how much room Ethereum has to grow. We don’t even have an Ethereum ETF yet, but when you think about the current and future value, it’s clear THIS NEEDS TO BE IN YOUR Portfolio.
While I’m no longer personally buying any NEW Eth as a long-term hold, I would advise any crypto virgins to be open-minded when reviewing the cash they have sitting on their account doing nothing, but maybe ( if you’re disciplined with your risk management strategy ), this could be a simple, no brainer move for you.
For those who gave me the Crypto Cold Shoulder in 2014, those who avoided me when banging on about Blockchain in 2015, or all those who just switched off when waffled about WEB3, my message is simple.
Welcome back, and it’s nice to see you again. See, I told you.
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