Home Precious Metals

BlackRock's Bitcoin ETF

derrybderryb Posts: 36,016 ✭✭✭✭✭
edited June 20, 2023 11:50PM in Precious Metals

Are we about to see a reversal in regulatory attempts to shut down cryptos?

The current attack to cryptos.

The many that believe BlackRock is a strong political force say yes. Just how "influencial" BlackRock is will be reflected in two things:

  1. approval of the ETF
  2. followed by an end to regulatory attacks on crypto exchanges

This could very well lead to a reversal of major crypto product declines. As usual ETH will be my play.

"Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

Comments

  • derrybderryb Posts: 36,016 ✭✭✭✭✭

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • tincuptincup Posts: 4,721 ✭✭✭✭✭

    If BlackRock is involved..... it's got to be good, right?

    ----- kj
  • GoldminersGoldminers Posts: 3,560 ✭✭✭✭✭

    A total of $570 billion dollars is now sitting in bitcoin. About the same number is in all the other "cryptos".
    If a lot of that money had been invested into gold or other PM's, I would be a lot happier about it.

  • derrybderryb Posts: 36,016 ✭✭✭✭✭
    edited June 23, 2023 5:47PM

    @tincup said:
    If BlackRock is involved..... it's got to be good, right?

    rigged?

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • cohodkcohodk Posts: 18,493 ✭✭✭✭✭

    @derryb said:

    @tincup said:
    If BlackRock is involved..... it's got to be good, right?

    more likely it's got to be rigged.

    So is this something we should seriously consider or is it just a trading vehicle to play on the whims iof the populace?

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • HigashiyamaHigashiyama Posts: 2,132 ✭✭✭✭✭

    @cohodk asked “So is this something we should seriously consider or is it just a trading vehicle to play on the whims of the populace?”

    Do you mean consider as part of our own investment portfolios? Personally I have no interest, but if I did, I’d certainly appreciate a vehicle backed by BlackRock.

    Higashiyama
  • derrybderryb Posts: 36,016 ✭✭✭✭✭

    @Higashiyama said:
    @cohodk asked “So is this something we should seriously consider or is it just a trading vehicle to play on the whims of the populace?”

    Do you mean consider as part of our own investment portfolios? Personally I have no interest, but if I did, I’d certainly appreciate a vehicle backed by BlackRock.

    and there you have it!

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • blitzdudeblitzdude Posts: 5,282 ✭✭✭✭✭

    You are always SO late to the party. LOL!

    The whole worlds off its rocker, buy Gold™.

  • derrybderryb Posts: 36,016 ✭✭✭✭✭
    edited June 23, 2023 7:02PM

    @blitzdude said:

    You are always SO late to the party. LOL!

    I wouldn't start a party without being the first one there. LOL LOL

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • derrybderryb Posts: 36,016 ✭✭✭✭✭

    Bitcoin rallies 17% this week as institutional interest in the asset picks up

    “Amid strengthening regulatory scrutiny from the SEC, bitcoin was hoisted above $30k as a number of TradFi [traditional finance] players have followed BlackRock’s move to file for spot bitcoin exchange traded funds this week,” said Yuya Hasegawa, crypto market analyst at Japanese crypto exchange Bitbank.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • derrybderryb Posts: 36,016 ✭✭✭✭✭

    @tincup said:
    If BlackRock is involved..... it's got to be good, right?

    Ya think?

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    I’m assuming that Blackrock will dictate the rules on Bitcoin to the regulators.

    But, will the banking cartel allow it (unless they also are running Blackrock?)

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • blitzdudeblitzdude Posts: 5,282 ✭✭✭✭✭

    Yo OP, did u bui more coinz yet? I know how you love to come tell us how much money you just maid after da fact.!? THKS!

    The whole worlds off its rocker, buy Gold™.

  • derrybderryb Posts: 36,016 ✭✭✭✭✭
    edited October 23, 2023 4:29PM

    @blitzdude said:
    Yo OP, did u bui more coinz yet? I know how you love to come tell us how much money you just maid after da fact.!? THKS!

    Nope, spent all the profits on some more of that golden silver. BTW money is never maid (sic) before the fact. LOL

    PS. As predicted Bitcoin rallies to almost 18-month high on ETF optimism.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • blitzdudeblitzdude Posts: 5,282 ✭✭✭✭✭

    @derryb said:

    @blitzdude said:
    Yo OP, did u bui more coinz yet? I know how you love to come tell us how much money you just maid after da fact.!? THKS!

    Nope, spent all the profits on some more of that golden silver. BTW money is never maid (sic) before the fact. LOL

    Cripes, it appears PT Barnum was right. LL!

    The whole worlds off its rocker, buy Gold™.

  • ApplejacksApplejacks Posts: 384 ✭✭✭

    Pyramid scheme

  • rte592rte592 Posts: 1,381 ✭✭✭✭✭

    @Applejacks said:
    Pyramid scheme

    With a strong side of Circus

  • AUandAGAUandAG Posts: 24,484 ✭✭✭✭✭

    Gee whatever happened to coinbase? It was over 100 this summer and now it's 75. Why hasn't it shot up like a rocket? I don't understand cryptos yet. Probably never will.
    bob :)
    vegas, baby!

    Registry: CC lowballs (boblindstrom), [email protected]
  • @AUandAG said:
    Gee whatever happened to coinbase? It was over 100 this summer and now it's 75.

    They are party to a lawsuit brought by the SEC. If they win the lawsuit, their stock will likely get some lift.

    ~~~

    Bitcoin is currently being recommended by market advisors such as Morgan Stanley and Jefferies. Larry Fink (BlackRock) is talking it up. It's got some institutional investment momentum at the moment. There is a lot of anticipation building for coming events:

    January 10 - SEC ruling on ARK Invest's BTC ETF (the first BTC ETF ruling on their schedule) comes due.

    March 15 - SEC ruling on Blackrock's BTC ETF comes due.

    April ?? - BTC halving estimated to happen around this time

    Next year is looking like it's going to be a wild ride for crypto.

    Yelling at clouds on pmbug.com

  • GoldFinger1969GoldFinger1969 Posts: 1,155 ✭✭✭✭
    edited October 27, 2023 9:07PM

    The BTC ETF will be a big plug for BitCoin. It's been super-strong last few weeks.

    I don't know why it goes up but it does. It may go up to 500,000 a coin or down to 5,000 -- I have no idea.

    I'll stick to gold coins. :D

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    Bitcoin goes up because confidence in the corrupt banking system is deteriorating.

    Bitcoin goes down because there is nothing to back it up in terms of real assets.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • GoldFinger1969GoldFinger1969 Posts: 1,155 ✭✭✭✭
    edited November 9, 2023 11:56AM

    @jmski52 said:
    Bitcoin goes up because confidence in the corrupt banking system is deteriorating.

    The people buying BitCoin in size and bulk are mostly bankers or in finance. They use banks to transact tens of billions of dollars DAILY.

    The reasons for buying have NOTHING to do with lack of confidence in a "corrupt" banking system. If they thought banks were corrupt, they wouldn't buy BitCoin, they'd buy gold. :D

  • derrybderryb Posts: 36,016 ✭✭✭✭✭

    The people buying bitcoin in size (the Whales) are speculators way above the pay grade of bankers.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    If the corrupt banks weren’t complicit in the war on cash, Bitcoin wouldn’t have nearly as much traction.

    The banks have already shown their hand. There’s zero privacy already. Next is control, ala’ the Canadian truckers.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • GoldFinger1969GoldFinger1969 Posts: 1,155 ✭✭✭✭

    @derryb said:
    The people buying bitcoin in size (the Whales) are speculators way above the pay grade of bankers.

    It's the super-wealthy who do not believe in banking = bad.

    It trades $40 billion a day, that's NOT small retail orders.

  • GoldFinger1969GoldFinger1969 Posts: 1,155 ✭✭✭✭

    @jmski52 said:
    If the corrupt banks weren’t complicit in the war on cash, Bitcoin wouldn’t have nearly as much traction.
    The banks have already shown their hand. There’s zero privacy already. Next is control, ala’ the Canadian truckers.
    If the corrupt banks weren’t complicit in the war on cash, Bitcoin wouldn’t have nearly as much traction.
    The banks have already shown their hand. There’s zero privacy already. Next is control, ala’ the Canadian truckers.

    Which banks are pushing that ? Which politicians ?

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    The IMF plan is for a global CBD. Look it up. Trudeau was a test case. China already has social credit scoring. There’s no mystery here.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • blitzdudeblitzdude Posts: 5,282 ✭✭✭✭✭

    They and them always conspiring against the bunker dwellers. Too much tin foil IMO. RGDS!

    The whole worlds off its rocker, buy Gold™.

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    Says the guy who bunkers down with his chickens & gold bars. Just be sure to keep them blinders on.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • blitzdudeblitzdude Posts: 5,282 ✭✭✭✭✭

    @jmski52 said:
    Says the guy who bunkers down with his chickens & gold bars. Just be sure to keep them blinders on.

    Never owned a gold bar in my life. RGDS!

    The whole worlds off its rocker, buy Gold™.

  • TwoSides2aCoinTwoSides2aCoin Posts: 43,755 ✭✭✭✭✭

    @AUandAG said:
    Gee whatever happened to coinbase? It was over 100 this summer and now it's 75. Why hasn't it shot up like a rocket? I don't understand cryptos yet. Probably never will.
    bob :)
    vegas, baby!

    It's like everything investment. A scheme, a ploy, a play , a gamble, a chance, a bet, a win, a lose....
    How many piggy banks does one ( anyone) need ?

  • blitzdudeblitzdude Posts: 5,282 ✭✭✭✭✭

    All I know is the older I get the more the piggy banks seem to multiply. Diversification is a wonderful thing....Then again you certainly can't take any of them with you. Enjoy your life, it's short and precious. RGDS!

    The whole worlds off its rocker, buy Gold™.

  • derrybderryb Posts: 36,016 ✭✭✭✭✭
    edited November 13, 2023 1:58PM

    Been waiting for the moment to get back in, it's time. Again ETH not BTC. ETH been berry berry good to me.

    Time for the main event!

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • blitzdudeblitzdude Posts: 5,282 ✭✭✭✭✭

    @derryb said:
    Been waiting for the moment to get back in, it's time. Again ETH not BTC. ETH been berry berry good to me.

    Time for the main event!

    Good job. Impeccable timing as usual. :roll Maybe you meant to say its time to sell? RGDS!

    The whole worlds off its rocker, buy Gold™.

  • derrybderryb Posts: 36,016 ✭✭✭✭✭

    not> @blitzdude said:

    @derryb said:
    Been waiting for the moment to get back in, it's time. Again ETH not BTC. ETH been berry berry good to me.

    Time for the main event!

    Good job. Impeccable timing as usual. :roll Maybe you meant to say its time to sell? RGDS!

    some of us know how to avoid the gutter. LOL

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • blitzdudeblitzdude Posts: 5,282 ✭✭✭✭✭
    edited November 14, 2023 6:11PM

    MTRX!

    The whole worlds off its rocker, buy Gold™.

  • blitzdudeblitzdude Posts: 5,282 ✭✭✭✭✭

    @blitzdude said:

    @derryb said:
    not> @blitzdude said:

    @derryb said:
    Been waiting for the moment to get back in, it's time. Again ETH not BTC. ETH been berry berry good to me.

    Time for the main event!

    Good job. Impeccable timing as usual. :roll Maybe you meant to say its time to sell? RGDS!

    some of us know how to avoid the gutter. LOL

    True, although you certainly are not a member of the "some of us" camp. Perhaps you are the original poster child for the gutter? I mean ETH is only up 59.85% since you last said time to sell and now you're buying back in? As they say down in the gutter, Bi hi sell lo! THKS!!

    The whole worlds off its rocker, buy Gold™.

  • derrybderryb Posts: 36,016 ✭✭✭✭✭

    your math on my trades is worse than it is on your silver trades. LOL

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • derrybderryb Posts: 36,016 ✭✭✭✭✭

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • Peter89Peter89 Posts: 57 ✭✭

    While everybody's focus was on BlackRock’s iShares Bitcoin Trust (IBIT), actually there were 11 BTC ETFs approved.
    And big surprise ... one of them - Grayscale Bitcoin Trust (GBTC) - was more traded than IBIT!
    .

    .

  • RobMRobM Posts: 524 ✭✭✭

    @Peter89 said:
    While everybody's focus was on BlackRock’s iShares Bitcoin Trust (IBIT), actually there were 11 BTC ETFs approved.
    And big surprise ... one of them - Grayscale Bitcoin Trust (GBTC) - was more traded than IBIT!

    Keep in mind that GBTC has been around for 10 years. Grayscale just converted it to a spot ETF. It already had 600K or so Bitcoin, so it's no surprise it had the highest trading volume on day one.

  • @RobM said:

    Keep in mind that GBTC has been around for 10 years. Grayscale just converted it to a spot ETF. It already had 600K or so Bitcoin, so it's no surprise it had the highest trading volume on day one.

    .
    Thanks Rob, I didn't know

    As you seem to be a connoisseur in this field, I ask: the 11 Spot Bitcoin ETFs had over $4.6 billion in trading volume on the opening day, to me il looks like huge institutional interest. Is it so? or were such numbers more or less expected? Were you surprised from the volume numbers?
    .

  • RobMRobM Posts: 524 ✭✭✭

    @Peter89,
    I'm no expert on cryptocurrency or spot ETFs. But there is definitely institutional interest. If I were to guess, a lot of the GBTC volume was from selling. No one is going to want to pay 1.5% expense ratio for holding GBTC when other spot ETFs are 0.25%. As a trust GTBC had a 2% expense ratio and for a long time sold at significant discount to the underlying Bitcoin asset. So if GTBC had 600K Bitcoin (3% of all Bitcoin) to start with, to they will either be forced to sell some of it as shares or redeemed, or buy more if investors use them for their Bitcoin investments. 600K bitcoin is a huge number when you consider how few btc there are (19M) and how many wallets there are. Consider PayPal for example. They've sold Bitcoin and few other cryptocurrencies for a little more than 4 years. They keep the btc in their wallet more or less as a custodian for their investors. They charge modest fees for but and sell transitions, but no other fees. As of fairly recently, PayPal had a balance of just over 10K btc.

  • derrybderryb Posts: 36,016 ✭✭✭✭✭
    edited January 13, 2024 2:17PM

    Paypal is an excellent platform for simple buying and selling. Word of advice - buy only with the cash in your account. If you want more, first fund your paypal from your cash source and wait for it to be available for spending in your paypal account.
    My last paypal purchase of ETH cost me 1.4% in transaction fees. This immediately puts you in the hole and requires you to realize a 1.4% gain in price to break even.

    My strategy: trade often, try to profit from the ups and downs. If successful and you always buy back in you will see your number of coins grow. A growth in coins (think shares) and a rising price offers opportunity.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • psuman08psuman08 Posts: 217 ✭✭✭

    My brokerage account still does not allow trading of the Bitcoin ETFs. I would expect it is not the only one.

  • GoldFinger1969GoldFinger1969 Posts: 1,155 ✭✭✭✭

    @derryb said:
    My strategy: trade often, try to profit from the ups and downs.

    Yes, try and outsmart hedge funds and HFT operations. Sure-fire way to make money. :D

  • derrybderryb Posts: 36,016 ✭✭✭✭✭

    @GoldFinger1969 said:

    @derryb said:
    My strategy: trade often, try to profit from the ups and downs.

    Yes, try and outsmart hedge funds and HFT operations. Sure-fire way to make money. :D

    works for me. sorry you don't know how to trade.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • @psuman08 said:
    My brokerage account still does not allow trading of the Bitcoin ETFs. I would expect it is not the only one.

    AFAIK, it's just Vanguard and Merrill Lynch that are denying their customers access.

    Yelling at clouds on pmbug.com

  • psuman08psuman08 Posts: 217 ✭✭✭

    @pmbug said:

    @psuman08 said:
    My brokerage account still does not allow trading of the Bitcoin ETFs. I would expect it is not the only one.

    AFAIK, it's just Vanguard and Merrill Lynch that are denying their customers access.

    That is not true. My brokerage account is with Raymond James and my 401K is with Empower. Neither allow it.

  • AFAIK = As far as I know

    YMMV

    Yelling at clouds on pmbug.com

Sign In or Register to comment.