12th March 2024 > > Wyoming & Bitwise.

tl;dr

The State of Wyoming is truly liberal. Bitwise CIO makes a startling prediction that you should probably take note of.

Market Snap

Market Wrap

BTC’s market cap is now greater than silver. Next on the list is Amazon …

You will find plenty of commentators calling for a correction, citing past history. It is true that all bull runs have incorporated sell-offs of 20%, 30%, and even 50%. But the world is a different place now because of the ETFs. That doesn’t mean a correction cannot happen, it is just much less likely, and will be much less dramatic if indeed we do see one.

Occasional Series – Macs get viruses too

But not many people know that.

https://www.foxnews.com/tech/how-crypto-imposters-are-using-calendly-to-infect-macs-with-malware

Curious Cryptos’ Commentary – Go Wyoming!

They do things differently out west.

Known as “The Equality State”, Wyoming is famous for being the first state to allow women the right to vote, along with the right to hold elected office, way back in 1869. This is almost certainly the earliest example of granting full suffrage (that was not later rescinded) to the 50% of our population who are still denied this basic human right across much of the world.

Already a shining beacon of freedom and independence, the Wyoming state legislative bodies have now burnished their liberal credentials beyond any possible reproach for all time.

DAOs – Decentralised Autonomous Organisations, but you know that already – now have a legal status in Wyoming allowing them to open bank accounts, pay taxes (politicians love a bit of tax income), and generally represent themselves as a legitimate part of the centralised world.

This latest development from Wyoming is almost as revolutionary as recognising women (XX) as equal partners to men (XY)*.

Like I say. Go Wyoming!

Curious Cryptos’ Commentary – Bitwise

Matt Hougan, CIO at Bitwise – one of the asset managers who launched a spot BTC ETF – has made some very interesting comments in his weekly memo to clients.

He writes that all types of investors are in conversation with Bitwise about gaining exposure to BTC, which isn’t that much of a surprise. But he continues:

“Just as important as who is buying today is who will be buying tomorrow. At Bitwise, and I’d assume at other bitcoin ETF issuers, we are having serious due diligence discussions with:

- Major Wirehouses

- Institutional Consultants

- Large Corporations”

Which sounds promising to me. Matt goes on to make a startling prediction based upon these conversations:

“These are massive categories representing trillions of dollars in assets. Based on current trends, I’d suspect we’ll see our first significant flows from these three groups in Q2 2024, and I think those flows will accelerate throughout the year as these investors become more comfortable with the new products.”

Every day that goes by, the demand for spot BTC ETFs grows stronger.

…

(*) In the latter category I also include the vanishingly small number of those whose biological makeup is XXY and XYY. If any offence has "#beentaken", no offence was meant.