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Up We Go!
I love seeing green candles in the crypto market, it’s one of the things that puts a smile on my face. Using Bitcoin as the measuring stick we see a breakout from the correction and consolidation phase we were in. The next target for Bitcoin is $75,000 and from the looks of things we could potentially see $60,000 by early next week.
From a macro level view we are on track to new all time highs!
There are some important items I’m keeping a close eye on and when coupled together could send the crypto market into a parabolic phase.
Passing of the $1.9 Trillion US Stimulus which will drive up inflation ✅
Coinbase IPO date
Another major company(s) adding Bitcoin to their balance sheet - Apple, Amazon, Google, Facebook etc.
Most bullish news from this week
PayPal acquires Crypto Custody firm Curv. PayPal is seeing big success with their crypto integration and now they are expanding efforts. With this acquisition PayPal will be able to provide full crypto services and may make the move to become a digital bank! source
Goldman Sachs survey shows 40% of their clients have exposure to Crypto already. This is bullish because Goldman only deals with whales and they just relaunched their crypto trading desk to meet the demand from said whales. source
Congressman Warren Davidson reintroduces crypto regulation bill “Token Taxonomy Act” to congress. This bill would offer the full regulatory clarity for the entire crypto market. source
More companies around the world are adding Bitcoin to their balance sheet. Norwegian industrials-investing conglomerate Aker ASA is forming a new division to invest in Bitcoin, the division is named Seetee and is set to start with a 500 million Norwegian kroner ($58 million) investment that will work exclusively on Bitcoin.(source) Hong Kong-listed Meitu Inc. , which makes image and video processing software, said it had purchased $22 million in Ethereum and $17.9 million of bitcoin, making it the first time a firm has disclosed a major purchase of ETH for its treasury. source
I had two great interviews from this past week. Here are the highlights.
Hester Peirce - SEC Commissioner
Hester is fighting the good fight at the SEC to help bring crypto friendly regulations. However, she has been facing an uphill battle to get the rest of the commissioners onboard. But there is hope as the new SEC Chairman Gary Gensler, who understands and is an advocate of crypto, comes onboard he can help steer the ship in the right direction.
Walter Kok - CEO of Energy Web
This is one of the most slept on projects in the crypto market. It is helping to solve one of the largest problems we face globally. They are partnered with many well known energy companies and in the interview their CEO confirmed they have partnered with R3. I asked about the Elon Musk Tesla potential partnership and well you need to listen to what Walter has to say about it ;)
After much research and my interview with Walter I have decided to add the Energy Web Token $EWT to my portfolio. (Not financial or investment advice, DYOR)
Interviews scheduled for next week (3/15-3/19)
David Schwartz - CTO at Ripple
Pierce Crosby - General Manager at TradingView
Tax season is about to wrap up as we approach April. Have you prepared your crypto taxes yet for trades made in 2020? 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.