The Bad Crypto Podcast
Ep 741 - Crypto Usage: Bitcoin Wallets Up, Ethereum ETFs Down - Bad News for Sept 10, 2024
Sep 11, 2024
Elon Musk, a pioneering entrepreneur known for his groundbreaking work in tech, discusses the wild ride of Bitcoin amidst record ETF outflows. He humorously connects upcoming US elections to Bitcoin's price trajectory, revealing flabbergasting predictions. The conversation dives into how media misrepresentation impacts political narratives around cryptocurrencies and explores crypto's potential to disrupt traditional finance. Musk also highlights the intriguing dynamics between politics and market behavior, all while maintaining a captivating and engaging tone.
42:32
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Quick takeaways
- Significant ETF outflows indicate market fear, yet rapid adoption of Bitcoin ETFs reflects a long-term bullish outlook on the crypto market.
- The political landscape's influence on Bitcoin prices showcases the interconnectedness of cryptocurrency valuation with upcoming U.S. election outcomes.
Deep dives
Bitcoin ETF Adoption and Outflows
There has been a notable increase in ETF outflows this week, setting a new record at $726 million, particularly from U.S. Bitcoin ETFs. This withdrawal is indicative of market fear, prompting investors to pull their money amidst volatility. Despite these outflows, predictions suggest that ETF adoption is accelerating at a pace unmatched by any financial instrument in history, highlighting a growing acceptance of Bitcoin. Financial advisors are rapidly adopting Bitcoin ETFs, indicating a potential long-term bullish outlook for the crypto market.
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