iBankCoin
CAPS LOCK IS CRUISE CONTROL FOR AWESOME
Joined May 7, 2012
68 Blog Posts

$COIN ETF decision approaches

March 11 marks the day the SEC will hand down it’s decision on the Winklevoss backed Bitcoin ETF $COIN.

Bitcoin has rallied on the rumor of approval and fresh capital hitting Bitcoin via an ETF. As a result, Bitcoin touched on all time highs. There are two numbers to crack for Bitcoin to be in uncharted territory: the Mt Gox Exchange high of $1265 and parity with gold.

If the ETF passes some are predicting Bitcoin will fast track $5,000+. Bitcoin’s “market cap” is ~18B, or just slightly larger than TWTR. A Bitcoin ETF would cause a strong rally. Do I recommend COIN? No, I recommend you hold your own Bitcoins over an ETF the same as I recommend holding your gold over GLD.

If the ETF fails Bitcoin is still Bitcoin. Bitcoin may see a 20% correction. Buy Bitcoin there.

I don’t believe the ETF will pass and I think that’s the right decision. Bitcoin is still evolving. Labeling Bitcoin as a commodity via ETF would be like labeling AOL in early 90’s as “the Internet”. The Internet evolved bigly from the early days of AOL. Bitcoin is in that kind of early phase.

My advice? Stop masturbating for 20 minutes and invest a few minutes to improve your mind and impact your piker bank account long term. Buy a hardware wallet. Buy some bitcoins. You’ll be an early adopter and find out how easy it is to use digital currency. You can useĀ purse.io to name your own discount on Amazon by paying in Bitcoin. The key is to start now.

Oh, we also have this thing called a debt ceiling coming March 15th. That could really set off some fireworks with Bitcoin price as Trump and Congress twitterjerk themselves into a budget war.

(HOUSEKEEPING) I’ve been bashing GBTC for over a year. In a comment section somewhere I stated GBTC was an OK buy if you only had retirement accounts and wanted Bitcoin exposure. I am revoking that comment and reinstating that GBTC is complete garbage.

 

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4 comments

  1. rogue wave

    The bankers would be insane to let the ETF hasten their demise. Longer term, it won’t matter.

    Assuming you are correct, do you plan to sell some btc prior to 3/11 and buy back after the dip?
    If so, what will you hold in (U$D, ether, other alt coin)?

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  2. en1gma

    Even if I’m right and the ETF fails (which is not the popular opinion now) my odds of payoff are not favorable so I will let it ride. If it dips, and Bitcoins dips really hard, I’m a buyer.

    If the ETF succeeds I’ll add more BTC. That’s gonna be rocket fuel. At a minimum setup a free account at an exchange so you can play that sure bet on March 11. (Bitcoin trades 24/7)

    Altcoins: I own a small position in Monero. Ethereum has been on a big run this week. Rumor is announcement tomorrow some big names are setting up an Ethereum Enterprise Alliance.

    There are some self professed AltCoin traders on Twitter who dive in and out of AltCoin positions. They are certifiably insane. They make the craziest dotcom traders look Smith & Barney.

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  3. rogue wave

    “There are some self professed AltCoin traders on Twitter who dive in and out of AltCoin positions. They are certifiably insane.”

    Ha, ha it’s just funny money, 1’s and 0’s.
    With such a small market cap, things can get crazy fast.
    Not even counting the potential events you mentioned (on the 11th & 15th); if/when there’s a market crash; I think there could be a stampede into gold, silver & Bitcoin

    I should do the same, i.e. sit tight and buy the dip or the rise.

    (I may have just talked myself into buying more now.)

    My shorter term timing sucks: I have mostly BTC but had a little etherium, that I switched to BTC just before the recent pop.
    I owned some Thai airline shares and decided to move that money to something else. Within a week, oil drops $50/barrel…

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  4. rogue wave

    2 hrs, but worth it
    https://www.youtube.com/watch?v=NQ4MSBh0zGE

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