This election cycle is one big free advertisement for Bitcoin in particular and Crypto in general. There are many older americans who have no idea what it is are now buying.
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With the election decided, there are huge inflows into the Bitcoin ETF’s. The Trump supporters who may not understand what Bitcoin is, are buying ETF’s. The talk to include Bitcoin into federal reserve is going to increase. All of this can easily push Bitcoin into $100K.
We are in a new day after Nov 5th. Animal spirits and what not. Dance while music is on.
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89K… but who is counting… 
$IBIT now has options… it started trading today… Heavy call volume and very little put…
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Can it keep going up from here?
Or is it like Apple and Nvidia which aren’t expected to double from here because they already have highest market cap?
My guess is as good as anyone’s. My thesis is, Bitcoin is the numero uno of crypto assets. Now we have ETF’s. ETF’s should allow asset allocators and financial consultants to allocate some %, however miniscule, to Bitcoin. This will drive demand over long-term. I don’t know where is the upper bound.
Having said that, remember the round number rule (if it can be called as a rule), typically the round number acts as a resistance, which we saw BTC rallied to 99K and then declined to $90K and now it moved above $100K, it will acts as support. Incoming administration is expected to be more Crypto friendly. But lot of folks reading it as BTC friendly and BTC should rally. I don’t see the correlation, but understand that sentiment. So I am holding (or HODL?!) my BTC, ETH ETF’s. If you are buying now, I would focus on ETH ETF’s.
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They were saying on CNBC this morning that bitcoin has become a more typical investment. Most will end up having some assets there as part of their allocation.
We have been through the age of scammers, frauds, and lots of shady ads but now the ETFs and adoption by Fidelity and Vanguard make it more legitimate.
Investments are still speculative. Like gold, no earnings and no interest. But perhaps more certainty you can get your funds out when you want them.
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My thesis is similar with a slightly different variation. The ETF’s makes it easier for retail to buy and allows financial advisors to allocate.
You will still have up’s and down’s like the past.
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This was my original thesis for buying BTC when the ETF’s were available. The retail penetration will increase, more and more platforms and RIA’s, wealth advisors are warming up to allocating 1% or 2%. And some sovereign treasury adding will also continue. Given that the supply is constrained/ capped, it will naturally drive the price up. Of course, when the stock market declines it will also decline. I suspect may like me have allocated some of their market profits in BTC ETF’s as diversification and may sell on dime.
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