A highlight from 1415: Bitcoin Will Soon Hit $500,000 - Winklevoss Twins
Welcome everybody to Crypto News Alerts, the number one daily Bitcoin pod. In today's show, I'll be breaking down the latest Bitcoin technical analysis as Bitcoin recaptures $27 ,000 and quoting Max Keiser, the high priest of Bitcoin, Bitcoin is the North Star guiding to the only safe haven asset in the world that protects against inflation, confiscation and censorship preach. Also in today's show, Ethereum futures ETFs can start trading as early as next week. According to top Bloomberg analysts, we'll also be discussing the SEC pushing back the deadline for spot Bitcoin ETF apps, definitely not a good look. And speaking of ETF apps, I'm also going to be sharing the five highlights of Gary Gensler's evasive testimony before Congress quoting Senator Warren Davidson. Gary Gensler's tenure at the SEC highlights two key problems. Number one, Gary Gensler's problem and number two, the SEC's structural problem. That's why I introduced the SEC Stabilization Act to fire Gary Gensler and restructure the SEC. Let's freaking go. Also in today's show, crypto analyst Michal van de Poppe predicts a very positive quarter four for 2023. I'll be sharing his targets in which he outlines. We're also going to be discussing the SEC's inaction on the spot Bitcoin ETF is a complete and utter disaster, according to the Winklevoss twins. And speaking of the Winklevoss twins, I'm also going to be sharing with you their $500 ,000 Bitcoin price prediction, which they say is coming soon. We'll also be taking a look at the overall crypto market. All this plus so much more in today's show. Yo what's good crypto fam? This is first and foremost, a video show. So if you want the full premium experience with video, visit my YouTube channel at cryptonewsalerts .net. Again that's cryptonewsalerts .net. Welcome everyone. This is pod episode number 1415. I'm your host JV. Today is September 28, 2023 and Bitcoin is finally back above 27 ,000 as we're pumping right when I hit the live button. We're currently above 27 ,100 up over 300 % today and we continue climbing. Welcome everyone in the live chat. I gracefully appreciate y 'all. Yeah, who knows? Maybe we'll hit 28 ,000 by the time today's live stream is over. Let's see. And make sure to let me know where you're tuning in from in that live chat as I'll be giving everyone a shout out towards the end of the show. And with that being shared, fam, now let's dive into today's market watch. As you can see here, every major crypto back in the green. Bitcoin above 27 G's. We got Ether up three and a half percent trading at $1 ,655 BNB, XRP, Cardano, you name it. And checking out coinmarketcap .com, we're currently sitting above $1 .07 trillion with about $26 billion in volume in the past 24 hours, Bitcoin dominance at 49 .1 % and even the Ether dominance on the rise today at 18 .5 % and checking out the top 100 crypto gainers of the past 24 hours, holy moly, compound up 20 % trading under 49 bucks, followed by Thor chain up 13 % trading at $1 .94, followed by Lido Dow up 8 % trading at $1 .59 and checking out the top 100 crypto gainers of the past week, massive gains, which we love to see, especially after a pretty bearish altcoin season to say the least. We got CompLead in the pack here as well up 20 % and Rune up 13 .4 % and RLB up 13 % and checking out the crypto greed and fear index, we're currently rated a 46 in fear yesterday at 44 last week, a 47 and last month, a 39 in fear. So there you have it, fam. How many of you are currently bullish on Bitcoin and how many of you took advantage of the recent dip? If so, let me know. It's good to see we pump in once again. So hopefully those positions are now in the green. Now let's break down today's Bitcoin technical analysis, check out the charts and why specifically the market is pumping right now. Here we go. Let's get it. Bitcoin hit new weekly highs after the September 28th Wall Street open as markets awaited fresh cues from the US Federal Reserve. And here you can see in the Bitcoin one hour Campbell chart, pretty freaking bullish to say the least. Data from Cointelegraph and TradingView showed Bitcoin price strength staging a comeback, having delivered what some referred to as a classic pump and dump 24 hours prior during the performance. Bitcoin hit a high of 26 .8, which appeared on Bitstamp as a result of 2 % daily gains before Bitcoin retraced all of its progress, then a slower grind higher than took hold with the bulls edging closer to 27 ,000, which we finally just recaptured here a few moments ago. Now GDP for quarter two grew by 1 .7 % year on year below the projected 2%, while the PCE index data for August came in in line with the expectations, quoting analyst Keith Allen, bring on the volatility. Now meanwhile, data from Binance's order book uploaded by Allen showed little by way of resistance standing in the way of the spot price under the 27 ,000 mark. So as you can see, just more bullishness for the king crypto, the macro data constituted just the prelude of the day's main event. Meanwhile, Jerome Powell, the chairman of the Federal Reserve due to the comment later on today, Powell, whose recent words failed to deliver noticeable volatility to the crypto markets was due to speak at the Fed's conversation with the chairman, a teacher town hall meeting event in Washington DC at 4 p .m. Eastern today. Now commenting on the state of play on Bitcoin markets, popular trader Dan crypto trades was a little more optimistic around the strength of the day's move compared to yesterday, September 27th, quoting him here back to yesterday's highs, but with considerably less open interests. No doubt there is longs chase in here, but it is less frothy than it was yesterday. Would still like to see longs chill out and not get to a full retrace later on. So there you have it. Let me know if you agree or disagree with the analysts. Meanwhile, quoting another analyst, right, capital Bitcoin is right back at the bull market support band cluster of moving averages, challenging to break out beyond them. Let's freaking go. Now, elsewhere in the day's analysis, he acknowledged that 29 ,000 could make a reappearance and still form a part of a broader come down for BTC. As he shares here, it's important to remember the Bitcoin could technically rally even as high as 29 ,000 to form a new lower high, which would be phase A and B. He explained alongside this chart. So there you have it. Let me know if you are currently more bullish or bearish on the King crypto and quoting the high priest of Bitcoin, Max Kaiser, Bitcoin is the North star guiding to the only safe haven asset in the world that protects against inflation confiscation and censorship preach. Now welcome to y 'all just joining us in today's podcast. As always, I appreciate everyone's daily support and means the world. And now let's discuss our next story of the day as Bitcoin continues to pump, shall we? We're going to be discussing the Ethereum futures ETFs, which can get approval. They say potentially as early as next week. So let's break this one down, shall we? Ether futures ETFs could start trading for the first time in the United States as early as next week. According to top Bloomberg analysts on September 28th, which is today, Bloomberg intelligence analyst, James Safart said in an ex post, it was looking like the sec is going to let a bunch of Ethereum futures ETFs go next week. Potentially. His comments were in response to fellow ETF analyst, Eric Balchunes, who said he was hearing that the U S SCC wanted to accelerate the launch of Ethereum future ETFs quitting him here. They want it off their plate before the shutdown, he said, adding that he's heard various filers updates on their documents by Friday afternoon so they can start trading as early as Tuesday next week. As outlined here on X. Now the U S S government's expected to shut down at 1201 a .m. Eastern on October 1st. If Congress fails to agree on or provide funding for the new fiscal year, which is expected to impact the country's financial regulators amongst federal agencies. Now neither specified their sources for the latest update on the long list of crypto ETFs in the queue. There are currently 15 ether futures ETFs from nine issuers currently awaiting approval. According to the analysts in a September 27th note, which is yesterday, companies proposing an Ethereum futures or hybrid ETF product include VanEck pro shares, grayscale volatility shares bitwise direction, as well as round Hill. The analysts gave ether future ETFs a 90 % chance of launching in October with Valkyrie's ether exposure on October 3rd, quoting them here. We expect pure Ethereum futures ETFs to start trading the following week, thanks to volatility shares actions. However, we don't expect all of them to launch. So do note that now as previously reported that ether futures ETFs may be approved in October causing the 11 % spike in ether prices and probably why the Ethereum dominance is up as it's been stagnant and down for quite some time. Ether prices are on the gain, currently just under $1 ,700 and we'll see how high we continue to pump, but do note crypto future products aren't as hotly as anticipated as their spot based alternatives. There are already been Bitcoin futures ETFs approved in the United States since 2021, which is a fact, which leads us to the million dollar question. Why have they approved a futures ETFs, but continue to deny and delay all the spot ETFs? We're going to be getting to that a little later as I share with you the highlights from Congress pressing the chairman of the SEC, Gary Gensler. It's going to get very interesting here in a little bit, but now let's dive a little deeper and discuss specifically the spot Bitcoin ETFs and what is happening and why they're being pushed back and the latest updates of where we're currently at. So here we go and welcome y 'all just tuning in. Make sure to smash that like fam. The US SEC has delayed deciding whether to approve or disapprove spot Ether ETFs. And like I said, we're going to be getting in October potentially get some approvals, but in separate notices filed September 27th, the SEC said it would designate a longer period on whether to approve or disapprove these proposed changes. The commission finds it inappropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised there within. The delay came the same day as the NASDAQ market filed the proposed rule change with the SEC for listing its mix ETH basically ETF, a combination of Ether holdings and futures contracts and also proposed rule changes with the New York Stock Exchange, ARCA for the Grayscale Ethereum Futures Trust, hashtag Bitcoin Futures ETF and the CBOE BXE exchange for the Franklin Bitcoin ETF were all filed. September 27th, that's right. If you're not familiar with Franklin Templeton, there are one and a half trillion dollar asset manager. They're also applying for an ETF. Now the SEC announced September 26th, it would designate a longer period to decide on these spot ETF applications. And as James Safart shares here, here's VanEx delay as expected. So another one, I mean, exactly what we were expecting from the SEC. Now in August, ARK investment manager, founder and CEO Kathy Wood speculated that should the SEC move forward with the spot ETF approvals, it would allow multiple listings simultaneously to avoid giving any single company an advantage over another in the market. Her remarks came before Grayscale Investments won a court battle with the SEC over its spot Bitcoin ETF app, which will likely be reviewed in which they're trying to turn their GBTC product into a spot ETF. So hopefully it happens. To date, the SEC has never approved the spot crypto ETF in the United States, but has allowed the listing of crypto linked futures ETFs and a leveraged Bitcoin futures ETF. Manipulation, fam. The next deadlines for the spot crypto ETF apps from firms, which include the largest asset manager in the world, BlackRock, Wisdom Tree, Invesco, Galaxy, Valkyrie, Bitwise and Fidelity are all scheduled for October. So we'll see how this is likely to play out considering October is now only three days away. Are we going to get some ETF approvals by then? Who knows? I think more than likely they're going to push it back again. However, Congress right now is pressing Gary Gensler to approve a spot Bitcoin ETF and ETPs immediately. So now let's break this down. If you missed Gensler, he was pressed by Congress just yesterday. And I know it's on everyone's mind. So let's break down some of the highlights from this recent hearing with Congress and the chairman of the SEC, Gary Gensler. Let's break it down, shall we? Here we go. Blame for kneecapping capital markets in the U .S. and slam for dodging questions around Bitcoin and Pokemon cards. SEC chair Gensler appears to have had one hell of a grilling from Congress this week. September 27th, the U .S. SEC chief again found himself in front of lawmakers in a scheduled hearing to discuss his agency's oversight of the markets. Here are some of the highlights. First and foremost, you are the Tonya Harding of security regulations. We should create a Gary Gensler diss track, right? One of the more colorful analogies came from U .S. Representative Andy Barr, who accused Gensler of kneecapping the U .S. capital markets with regulatory red tape. Barr referred to the old testimony from Gensler where Gensler argued that the U .S. is the largest, most sophisticated and innovative capital market in the world and that shouldn't have been taken for granted as even gold medalists must keep training. With all due respect, Mr. Chairman, if the U .S. capital markets are gold medalists, you are the Tonya Harding of securities regulations. Ouch. You are kneecapping the U .S. capital markets with an avalanche of red tape coming out of your commission. Preach. Barr is presumably referring to a scandal where U .S. ice skater Tonya Harding, I'm sure you all remember the story, I was a kid when this happened, and an assailant to attack her rival Nancy Kerrigan in the lead up to the 94 U .S. Figure Skating Championships and Winter Olympics. Kerrigan ended up not competing in the U .S. Championships and here is John Dickens who shared it here. Mr. Barr to Gensler, it's hilarious, you gotta watch these clips for yourself if you haven't seen them. So the next highlight, I wish the Biden administration would say, you are fired. That's right, shout out to Warren Davidson who also ripped into Gensler saying he hoped that the Biden administration would fire him. Powerful words. Davidson accused Gensler of pushing a woke political and social agenda and abusing his role as the SEC chairman. Preach. Massive shout out to the senators here doing their job. Damn good job. The U .S. Representative added that he hopes that the SEC Stabilization Act he introduced with fellow representative Tom Emmer could make it happen. Quoting him here, you're making the case for this bill, which is the SEC Stabilization Act. Every day you're acting as a chairman, he concluded, and Gensler wasn't even given a chance to respond. Now next highlight, Gensler reiterates Bitcoin isn't a security. That's right. When asked by U .S. House Committee Financial Services Chair Patrick McHenry whether Bitcoin is a security, Gensler eventually relented stating the Bitcoin didn't meet the Howie test. Quoting him here, it does not meet the Howie test, which is the law of the land. Then McHenry suggested Bitcoin must be a commodity, which Gensler avoided answering. Mr. No Clarity Gary, hence how he got the nickname, saying the test for that is outside the scope of U .S. security laws. Mr. Gensler, we're living in a clown world with this guy. Henry also suggested that Gensler try to choke off the digital asset ecosystem facts and refuse to be transparent with Congress about the SEC's connections with the FTX and former CEO SBF facts. Gensler also wasn't given the chance to respond to the claims made by McHenry. Next highlight, are Pokemon trading card securities? Gensler says it depends. Can't make this stuff up. Quoting Representative Richie Torres, I cross -examine SEC Chair Gensler about the term investment contract, which is key to determining his authority over crypto. Gensler struggled to answer basic questions like whether an investment contract requires a contract. His evasions are defeating and damning. Suppose I was to purchase Pokemon card. Would you constitute a security for this transaction? Gensler responded, well, I don't know the context before eventually concluding it isn't a security if you purchased it in a store. And then Torres asked if I were to purchase a tokenized Pokemon card on a digital exchange via the blockchain. Is that then a transaction? And then Mr. No Clarity Gary said, I'd have to know more because I don't know anything. Yeah, you can't make this stuff up. Gensler then explained to it when it's investing the public can anticipate profits based upon the efforts of others. Then the core of the Howie test, which it is, Torres called Gensler's evasions as damning to say the least. And the next highlight, a sign of defiance. Meanwhile, amongst the back and forth cross examinations between Gensler and representatives, the eagle eyed observers noticed a Coinbase stand with crypto logo behind the SEC chairman. Isn't that interesting? The Coinbase led initiative is a 14 month long campaign that launched back in August aiming to push crypto legislation in the United States. Coinbase also ran a stand with crypto day, which took place in Washington, D .C. September 27th to advocate for better cryptocurrency innovation and policy. So again, shout out to Warren Davidson, Tom Emmer, all the senators for holding Gary Gensler accountable. Hopefully they do something about it. What's your thoughts, fam? Do you think Gary is likely to listen to them and follow their instructions and approve a Bitcoin ETF immediately? Or do you think he'll continue kicking the can down the road as long as possible until he leaves his position as the chairman of the SEC? Let me know your honest thoughts in the comments right down below. Now let's break down the latest prediction coming from crypto analyst Michael Vanay Pop for some price actions for Bitcoin for the fourth quarter, which we are currently in for 2023. Then we'll break down the latest from the Winklevoss twins and their five hundred thousand dollar Bitcoin price action as the price action of Bitcoin continues to pump, baby. Let's go. Here we go. Let's break this baby down. Crypto trader Michael Vanay Pop is expressing bullish sentiment on Bitcoin in the coming months. Despite the recent struggles in a new video, he says that Bitcoin is on the cusp of reaching levels that offer accumulation opportunities per inch. According to the analyst, the trader Bitcoin could subsequently start an uptrend. Ultimately, Bitcoin is into an area of consolidation here, which makes it very likely we're going to have to retest here at twenty five, six and twenty five eight. If we are having a recess in that region, then there is this zone where I want to start buying my entries because of the recess, which is the ultimate recess. And if we're not going to get that, the flip to twenty six thousand five hundred, that is going to be the area where I think I want to activate my positions as well. And then we can start targeting twenty eight thousand. And then we can also start targeting the higher numbers, thirty thousand dollars plus or even more in the projection of quarter four. That is going to be very positive overall. Let me know if you agree that we'll have an overall positive quarter as we about to enter October. Let's go. Vanay Pop also says Bitcoin's current price action is similar to what was witnessed in the prior pre halving year, quitting him again. As long as we stay above the 200 week exponential moving average, we most likely are going to continue to the upside. And it starts to be very comparable to the period that we witnessed in 2015 and 2016. In this case, we needed it, but we started to consolidate and start to trend up afterwards. It is very likely to this period to slowly but surely the price starts to crawl up. And then we are going to have a case of the upside in the markets overall. And to watch this video analysis, the analyst did check the show notes below the video in the description. It's entitled Bitcoin price. I am looking to buy. So there you have it. And let me know if you agree or disagree with the analysts and are you currently bullish on the King crypto or do you think we're going to dip and test the lower levels? Let me know your honest thoughts, fam. And now let's break down our next story of the day. And the Winklevoss twins on the spot, Bitcoin ETF continuously being basically denied and kicked back and pushed back for the past decade. And then we're going to dive into their half a million dollar Bitcoin price prediction and why they're so confident that the Bitcoin price is going to hit their big target. So here we go. Let's discuss them with the SEC first. This was a story which was, let's see when their tweet was actually, let's scroll down. This is Cameron Winklevoss. This was actually on July 1st, it got 1 .1 million views. Now let me read the tweet. Today marks 10 years since Tyler and I filed for the first spot Bitcoin ETF. That's right. Over a decade ago, the SEC governor's refusal to approve these products for a decade has been a complete and utter disaster for US investors and demonstrates how the SEC is a failed regulator. Here's why. They protected investors from the best performing asset of the last decade. They pushed investors into toxic products like the Grayscale Bitcoin Trust, GBTC, which trades at a massive discount to NAV and charges astronomical fees. They pushed spot Bitcoin activity offshore to unlicensed and unregulated venues. They pushed investors into the arms of FTX, subjecting them to one of the largest financial frauds in modern history. Preach. Maybe the SEC will reflect on its dismal record and instead of overstepping a statutory power and trying to act like a gatekeeper of economic life, it'll focus on fulfilling its mandate of investor protection, fostering fair and orderly markets and facilitating capital formation. This would have led to much better outcomes for US investors. Preach. In the meantime, best of luck to all those fighting the good fight to bring the US spot Bitcoin ETFs to life onwards. So much respect. I mean, 10 years of denying this ETF. I mean, you can't make this stuff up. I think they shared perfectly some of the reasoning. It's to hurt the investors and keep you poor and keep you wrecked and keep you desolate and dependent upon a broken government that threw us overboard so frickin long ago. So much respect to the Winklevoss twins. If you didn't know, they're the owners of the Gemini exchange and they were the very first ever to submit the spot Bitcoin ETF app to the SEC over a decade ago. And obviously they're sick and tired of Gary Gensler, his no clarity and his shenanigans. Just like the rest of us, it's time to fire Gensler. If you think Gensler should be investigated and potentially fired, let me know in the comments right down below and I'll be reading your comments out loud here in a little bit. Now for our breaking story of the day, let's discuss the Winklevoss twins and their case for a $500 ,000 Bitcoin price, which they believe is coming soon. So let's break this down, shall we? And welcome to y 'all just joining us in the live chat. Much love and much respect. So here we go. Winklevoss twins' prediction, Bitcoin will soon hit $500 ,000 per coin. And why? And again, shout out to Tyler and Cameron. Let's get, we already know their background, early Bitcoin investors, OGs, early investors as well with Facebook. Some claim that they're the real creators of Facebook and Zuckerberg stole it. But nonetheless, in a recent interview with the National News, the twins explained they remain convinced of the future of crypto. The main reason is the revolutionary and technical properties as well as the potential of Bitcoin to act as a store of value similar to gold. And in addition, crypto has many other advantages, mainly through programmability. Hence, the Winklevoss brothers believe that Bitcoin could even replace the precious metal. In the long term, Tyler Winklevoss shared the following. If you look at the properties that make gold valuable, Bitcoin matches each attribute or does better. The gold disruption story of Bitcoin is super powerful. We believe in it. Tyler Winklevoss explained his reasoning for the $500 ,000 Bitcoin price action, quitting him here. If you do the math, 21 million in the supply of Bitcoin, the market cap of gold, let's say it's 10 trillion, maybe it's 11 trillion, somewhere in that ballpark, that puts one Bitcoin if it disrupts gold and gets that market cap at $500 ,000 per coin. The two brothers did not want to give specific investment tips. However, Cameron reveals the strategy that they use, which is generally the simplest, which is simply HODL. Hold on for dear life, quitting him here. Generally speaking, if you subscribe to Bitcoin being a store of value type investment, then that strategy is HODL. The same way you would HODL gold is you buy and HODL long term investments. So according to the Winklevoss twins predicting the Bitcoin price will hit $500 ,000, they say predictions are difficult, but they believe that Bitcoin will hit the milestone within a decade. And when they were more recently interviewed and asked, where do you see Bitcoin in five years time? Here's what Cameron Winklevoss responded. We usually take a decade view on it. When we wrote a piece on the value that predicted it being $500 ,000 Bitcoin, we said within the decade. And I believe they wrote that in 2020. So they're basically saying by the year 2030, they're anticipating a $500 ,000 plus Bitcoin price with Bitcoin overtaking that of gold as far as the market cap. Now is that in three years from now or nine years? The timing part is hard, but I think the Bitcoin created $1 trillion worth of value in under a decade. That is fact. I believe back in November of 2021, Bitcoin's market cap surpassed a trillion dollar milestone and the total crypto market cap surpassed $3 trillion. But as of today, we're closer to a $500 billion Bitcoin market cap with the entire crypto market cap down to a trillion. Now, it also spawned many huge productions such as Ethereum and the entire asset class. He continues. If you look at the value increases in Bitcoin, it is this punctuated equilibrium where it is steady, steady, steady, and then boom, it reaches a new price level. This is the new normal. So it can happen very quickly. So there you have it, fam. Ultimately saying when Bitcoin takes off, it explodes quick and vast. And especially considering that two of the most bullish catalysts in Bitcoin history were on the cusp of. Six months away from a Bitcoin halving, we all know the Bitcoin cycles every four years, it drives the Bitcoin price up as it increases the scarcity as well as increase demand, basic stock to flow, numbers must go up. And we also have the approval of a Bitcoin ETF likely to take place in 2024, especially with Congress on Gensler's. But we also have the ETF experts such as Eric Balchunes given a 95 % chance probability that a spot Bitcoin ETF likely get approved in 2024. Those two catalysts will absolutely make Bitcoin rip to new all time highs entering price discovery mode like we have never seen before. So how high do you think the Bitcoin price will likely climb by the time of this next halving? Roughly six months out, scheduled to take place sometime in April of next year. Let me know your thoughts in the comments right down below. And don't forget to check out cryptonewsalerts .net for the full premium experience with video and to participate in the live Q &A. And I look forward to seeing you on tomorrow's episode. HODL.