Bull Run Super Chargers (Pumptober Takes Over Crypto)

Posted 30 seconds ago | by Catoshi Nakamoto

With Rektember now in the rear-view mirror, Rocktober has started with a bang. A bang the could mark the beginning of an explosive Q4: the time when we tend to see the biggest gains in the shortest period. Now, we’ve seen some pretty serious FUD in recent weeks: the China ban, Evergrande, the Infrastructure Bill, not to mention a stock market that could be running out of steam. But they’ve done almost nothing to slow down Bitcoin’s momentmum. Which is why I don’t want to talk about any of that. Because the bulls are running the show. Instead, let’s talk about what positive news could look like in the months ahead. Because remember, there are still trillions of dollars waiting on the sidelines, poised and ready to take a piece of the pie. What are they waiting for? Well, let’s call them Bull Run SuperChargers. I’m talking the kind of breaking stories with the potential to send the markets into a full-blown frenzy.

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Let’s get it.

Welcome to Bitboy Crypto, home of the BitSquad, the largest and greatest crypto community in all the interwebs. My name is Ben. Every day on this channel I show you how to make money in crypto. If you like money and crypto, by sure to hit that like and subscribe button. In this video we look at a few ways that Bitcoins price can get Supercharged.

When it comes to a Bitcoin ETF, the question isn’t if, it’s when. And many believe that a futures based ETF could be coming any day now. In fact, according Bloomberg’s Eric Balchunas, the chances of SEC approval this month could be as high as 75%, with ProShares the current 2-1 favourite. I mean I have zero clue how you’d actually calculate those odds, but the point is this: our old friend Dirty Garry’s been teasing the markets with a possible ETF for months now, but he recently ‘kicked the can’ on four spot (or physically-backed) proposals. Why? Well it comes down to something called the 33 Act, which typically sees ETF’s registered as limited companies and puts tax obligations on the individual investor. So if we’re going to see an ETF this month, or even this quarter, it’s almost certainly going to be Futures-based, and falling under the 40’ Act, which apparently ‘Gensler loves’. Almost as much as he loves patronising retail investors by suggesting they start skipping those caramel frappucinos. Speaking of chinos, how’s that for a disturbing image. Probably the only guy who could challenge Charles Hoskinson to a ‘weird standing’ competition as a 2-1 favourite.

But anyway, back to the ETF. And why would it be rocket fuel for Bitcoin and Crypto in general? Well there are wide range of investors chomping at the BITcoin for exposure to a new asset class: but not all of them can buy. That could be due to regulatory reasons, or even concerns about self custody of crypto assets. So when you create an ETF, you open the floodgates. You get a massive influx of individuals and institutions rushing in to capture a piece of the pie and integrating it in their wider portfolio. Take gold. Once upon a time you had to bury it in the back yard or put it in your teeth, but ever since 2004 investors could gain exposure through ETFs. And just look at what that did for price action. The good news is that a BTC ETF is coming, and soon. I mean, let’s face it: there’s only one thing the US hates more than losing. And that’s losing to France, but second worst is losing to Canada, which has been luring American patriots like Cathie Wood to its own ETFs. It really is just a matter of time before we have some here in the land of the free and the home of the brave. Futures based and then, yes, physically backed. And when that day comes, and that could be this quarter or later next year, well there’s not a line on any chart that Bitcoin would struggle to break through.

The next big Bull Run Supercharger is the settlement between the SEC vs Ripple Labs, which will surely be going to the judges scorecards any day now. It’s a bit like the Bitcoin ETF, because with the result so clearly set to go Ripple’s way, Skeletor and his minions are doing their best to delay the inevitable. This week saw the SEC attempt to keep some potentially damaging documents relating to Ether and XRP away from prying eyes. Specifically those belonging Ripple’s team of lawyers and of course Judge Netburn. And their strategy was to use what’s called DPP, deliberatory process privileges. In short, it implies that the documents contain specific discussions about specific laws, which totally undermines the SEC’s main argument: namely, that no policy making process was needed since XRP is, according to them, obviously a security in line with the Howie Test. It will be up to the judges to decide whether DPP applies here and the SEC may be forced to hand over the memos. In other developments, Judge Torres recently rejected XRP hodlers’ bid to join the case as defendants. This comes after over 12,000 XRP army members filed a motion to intervene way back in April, saying they were de facto defendants in the case and wanted to protect their interests.

Unlike the SEC, whose actions caused over $15 billion in losses for holders. Go figure. While the rejection isn’t exactly surprising, it’s actually good news since it could have seen the case drag on into the next century. However, Ripple have scored a win here, because Judge Torres is allowing attorney John Deaton and some XRP holders to participate as “amicus curiae” …Curious Friends… a party that is not involved in the litigation but’s allowed by to advise or provide information, saying that ‘amici status strikes a proper balance, permitting movants to assert their interest in the case while allowing the parties to remain in control of the litigation.” One thing’s for sure though, the SEC are seriously struggling to remain in control of the hearing. And with the Court actively seeking XRP holders ‘meaningful perspective’, you’ve got to wonder how much longer this thing can continue.

I mean, there just aren’t enough angles of the attack left for the SEC to attempt. So why would a Ripple victory supercharge the bull run? Well, you may have heard my price predictions already: with all this FUD settled I’d expect XRP to go on a megapump past the 10 dollar mark: that’s at least a 10x from what’s already a huge coin by market cap. Vast sums of smart money are waiting for this dispute to be over with, and when that moment comes, and it will very soon, XRP is due a truly face melting move. It’s all a performance folks. Even Dirty Garry’s former colleagues at Goldman Sachs are super bullish, with the open secret that they will be jumping aboard XRPL for their future payment ledger system. Ripple are literally piloting a technology for international central banks to issue and manage CBDC’s. The affects of the SEC turning tail would be immense. It would begin the definition of not just XRP but all cryptos as an asset. That would reverberate throughout not the the US but the whole world. A lot of money sitting on the sidelines would buy into crypto and could rocket the cryptoverse marketcap to unheard of numbers.

Finally, Q4 could also see some big announcements from some of the world’s largest companies. It’s not uncommon for corporations to engage in a little “Tax Loss Harvesting” in Q4 before their books close for the year. That’s an old trick to minimize your taxes while making purchases that benefit your business for the next quarter and beyond. So who might make some crypto buys? It’s been over 8 months since Tesla announced their 1.5 billion dollar Bitcoin purchase. I guess it’s sonly right we get another big announcement soon. And I mean that with no offence to Michael Saylor. So, who could be next? Well the most obvious candidate would be Twitter. We already know Square hold BTC in their treasury, but with the social media giant’s recent integration of the Strike network, plus a CEO who went from looking like this, to this, it would only make sense that they’ve been quietly stacking sats in a pretty big way.

Other candidates would be the evil folks at Facebook, but so far the only confirmed Bitcoin owned by Blofeld himself is, literally, a goat. Max and Bitcoin? Well, if this was his way of coming out of the Bitcoin Maximalist closet, then you’d imagine he’s got at least a few BTC stashed away in there. Not to mention skeletons. Anyway, next on the list of evil companies could be Google, whose co-founder and Alphabet President Sergey Brin admitted have so far ‘failed to be on the bleeding edge of blockchain’. He’s also an amateur Ethereum miner, and of course with Google Pay partnering with exchanges like crypto.com, native crypto integration would put them at the cutting edge. Then again, we haven’t seen the kinds of jobs listings from Google that we’ve seen from Amazon, who set markets into a spin a few months ago with an available position for a Digital Currency and Blockchain Product Lead.

Clearly, Amazon would be the real game changer here. Whether they announced they held BTC or were introducing crypto payments, because as far as e-commerce is concerned, they’re not just the market leaders, they are the market. Only Walmart comes close. And they’re yet another major retailer hiring crypto experts, with an announcement that came only a few weeks after Amazon’s back in August. The race is on. The question isn’t “who”, it’s “who will get there first”. And who will be the next to follow in Tesla’s footsteps and put some BTC on their balance sheet? Well, if it’s any of the one’s I’ve just mentioned, it would be the rocket fuel to take us to 100k or beyond in record time. So be ready. Christmas could be coming to crypto holders well before December.

That’s all I got. Be Blessed. BitBoy Out.

Source: https://thebittimes.com/bull-run-super-chargers-pumptober-takes-over-crypto-tbt3859.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam

Category: Cryptocurrency News

Post by: TheBitTimes.com