Phonk, Pi, and Bitcoin
A couple things you should be aware of.
Phonk is a ten-ish year old music genre. It emanates from the southern urban United States and takes inspiration from hip hop, and trap but sounds to me techno-infused. It is also characterized by all caps, apparently.
There's a new Raspberry Pi 5 out. If you do not yet have a Pi running at home, I suggest starting with freeing your home network from the plague that is advertisement with Pi-hole.
There are trepidations around Bitcoin Spot ETFs being listed on US markets. Knifefight tells the best story. I listened to Cathie Wood on Bloomberg's Trillions podcast and I was generally unimpressed but I would bet you that each bitcoin ETF issuer has been advertising and roadshowing their product. I suspect there will be a decent pump when the listing eventually happens. More generally, I think an ETF will take us to the next level of adoption. Six digits BTC less than a year after the first ETF is publicly traded. I would expect a bit of toe-dipping by a few institutions. Even such careful behavior would result in lots of volume comparative to what the bitcoin market cap has been. At time of writing, Bitcoin is an $844 Billion market. Gold is almost $14 Trillion. In 2021, pension funds, alone, represented $60 Trillion. Meanwhile this buying pressure would be faced with little selling. Because, well, hodlers don’t sell. Bid > Ask means the price would gap up.
Meanwhile, the fact that there are so many ETFs ready to go means that...
- The competition among issuers will be fierce. Giants like BlackRock are in the race. There's a winner-takes-all dynamic here. Maybe this can put downward pressure on the inherent ETF management fee.
- There will be confusion at first, leaving some potential buyers on the sideline until a clear high liquidity high volume fund emerges. This could mean a later, second order bidding swell.
It is never too late to buy bitcoin. But I feel we might be on the verge of a step change.