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Things Are Looking Bullish!
As the market consolidated over the past week we had some very bullish updates take place such as JPMorgan looking to launch a Bitcoin Fund for their wealthy clients to invest in and much more. Now we see Bitcoin is breaking out to the upside, heading to the next new all time high of $70,000-$75,000. As you can see from the updated Stock To Flow Model X from PlanB, we still have a whole lot of bull run left in this cycle.
Ethereum has made new all time highs of over $2,800 and is looking very strong. I personally think we can see a $10,000 at the peak of the bull run. The top four cryptos by market cap are up, let’s see how far this breakout takes us.
Most bullish news from this week
JPMorgan will launch a Bitcoin Fund for wealthy investors. This is the full capitulation of JPMorgan to crypto as its CEO Jamie Dimon once called Bitcoin a fraud. Now the bank offers financial services to crypto exchanges, their analysts report on Bitcoin with price predictions, and now will offer Bitcoin investing. This is a huge signal of how massive this crypto asset class will be. (source)
Germany opens up to Institutional Crypto Funds. A new law means that around 4,000 existing institutional investment funds will now be eligible to invest in crypto assets. (source)
Andreessen Horowitz (a16z) is assembling a third crypto venture fund that will be valued at $1 billion. The folks at Andreessen Horowitz have been successful with investing since the dot-com boom in the 90’s, now they are going all in on Crypto. (source)
Miami-Dade County Commissioner Danielle Cohen Higgins. The commissioner discusses her plans to bring Crypto to the county she represents by looking at ways for residents to pay fees in crypto and also attracting crypto businesses. This is a huge sign of adoption that we will see across many other cities and states in the US.
Interviews scheduled for next week (5/3-5/7)
Phil Bonello, Director of Research at Grayscale Investments
Natalie Karayanev, Propy CEO
Are you tracking your taxes for your Crypto trading? Be sure to do so, I personally use TaxBit to help me prepare my crypto taxes which I then share with my accountant. Visit TaxBit’s website to learn more.
Disclaimer - Thinking Crypto and Tony are not financial or investment experts. You should do your own research on each cryptocurrency and make your own conclusions and decisions for investment. Invest at your own risk, only invest what you are willing to lose. This newsletter is for educational purposes and NOT investment or financial advice.