In this podcast, Natalie Brunell covers major headlines in Bitcoin and global finance, including the Most Interesting Man's support for Bitcoin, the SEC denying Coinbase's proposed rules, and the recent hack of Ledger jeopardizing Defi funds. The podcast also discusses SEC Chairman Gary Gensler's stance on Bitcoin ETFs, the potential Fed pivot, and the growing institutional adoption of Bitcoin.
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Quick takeaways
Bitcoin ETF issuers are preparing for extensive marketing campaigns once SEC approval is received, indicating progress despite Chairman Gary Gensler's reluctance to discuss ETFs.
Fed Chairman Jerome Powell's statement about potential rate cuts in 2024 suggests a pivot towards easing measures, resulting in market rallies and potential benefits for Bitcoin and other risk assets.
Deep dives
Increasing Marketing Campaigns for Spot Bitcoin ETFs
Spot Bitcoin ETF issuers such as Bitwise, Grayscale, BlackRock, Invesco, Fidelity, and ARK Invest are expected to launch extensive marketing campaigns to attract investors once these new securities receive SEC approval. The upcoming date of January 10th, which marks the deadline for ARK Invest's application, has led to speculation that the SEC will approve multiple ETF applications simultaneously. Recent meetings between ETF issuers and the SEC are viewed as indications of progress towards approval, despite SEC Chairman Gary Gensler's reluctance to discuss Bitcoin ETFs.
Potential Fed Pivot and Impact on Bitcoin
During the Federal Reserve's December FOMC meeting, Fed Chairman Jerome Powell made comments that signaled a potential change in policy. While the market expected the status quo, Powell's statement about Fed officials forecasting three rate cuts in 2024 suggests a pivot towards easing measures. This news resulted in the stock market rising, bond yields dropping, and Bitcoin and gold prices spiking. If rate cuts occur, Bitcoin and other risk assets may benefit, as lower rates encourage lending and redirect money from bonds to alternate investments.
Ledger Hack Highlights Importance of Bitcoin Security
Popular hardware wallet company, Ledger, experienced a hack that compromised user funds. The attack targeted Ledger's code and affected applications associated with cryptocurrencies other than Bitcoin. This incident emphasizes the additional risks of engaging with decentralized finance (DeFi) projects, which often have security vulnerabilities. The situation also underscores the advantages of multi-signature wallets and highlights the benefits of using Bitcoin-only hardware devices, like Coldcard, to minimize attack surfaces and enhance personal security.
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This podcast is for educational purposes and should not be construed as official investment advice.