Why Billionaires Are Buying Bitcoin and My Ethereum Plan #39

Market Meditations | November 11, 2020

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We’ll begin with an Ethereum analysis, arguably one of the best opportunities in the market right now.


One Day

And over to Bitcoin. Let’s explore the increased involvement of institutional investors in the space. Why should it matter? Well, with so much fresh demand from institutional investors, we could see sustained buying pressure for the foreseeable future. This would further reinforce the bullish outlook on Bitcoin.

Stanley Druckenmiller, a billionaire U.S. investor and hedge fund manager, is the latest addition to the list of prominent Wall Street veterans either endorsing or adding Bitcoin to their portfolio. It almost seems that we’ve reached a tipping point and Bitcoin has become an acceptable conversation topic amongst Wall Street institutions and investors. Are we at the forefront of more so-called institutional money entering the space, something crypto investors have been waiting on for years, or will names like Paul Tudor Jones and Stanley Druckenmiller remain outliers in seeing Bitcoin as a promising portfolio addition?

Reading through news that can impact markets is time consuming, allow me to do it for you. My highlights and key headlines. Selected and summarised for traders.

  • US ELECTION: Biden Confirms Crypto-Savvy Gary Gensler Will Lead Financial Policy Transition Team. Gary Gensler, a Washington and Wall Street veteran who is friendly towards cryptocurrencies will lead the financial policy team for projected U.S. President-elect Joe Biden. Gensler has testified before Congress about cryptocurrency and blockchain multiple times where he pushed back against comparisons between cryptocurrencies and Ponzi schemes.Read more.

  • RIPPLE AND XRP: Ripple Buys Back XRP for the First Time to Support ‘Healthy Markets’. Ripple bought $46 million worth of XRP in Q3 of 2020, despite already owning nearly half of the digital asset’s supply. In a market report, Ripple said that it “is purchasing – and may continue to purchase – XRP to support healthy markets”. Read more.

  • OIL DEMAND: Oil Pares Gain With Near Term Virus Threat Clouding Vaccine Hope. Oil pared gains as the risk of renewed lockdowns crimping demand in the near term took some of the wind out of a vaccine-driven rally. Futures surged in New York as much as 4.1% to a 2 month high and Brent topped $45 a barrel before easing the advance. OPEC once again cut estimates for the amount of crude it will need to provide in the coming year. Read more

  • BINANCE: Binance Blocks U.S. Users From Accessing Its Exchange Platform. After the Bitmex lawsuit two weeks ago, The Block has now learned that Binance has started blocking U.S. users from accessing its platform. This comes more than a year after the most popular altcoin exchange first announced that it would stop serving customers from the U.S. Read more

  • DALIO AND BITCOIN: Bridgewater’s Dalio Sees Governments Banning Bitcoin Should It Become ‘Material’. Ray Dalio, the founder and co-chairman of Bridgewater Associates, the world’s largest hedge fund, said he sees three main problems with Bitcoin and other cryptocurrencies that will limit their future, including that governments will “outlaw” them should they start to become “material”. Read more.

Roy: Stoic Mindsets, Cryptocurrency Investing, 2 Hour Work Days

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Disclaimer: The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. I am not a financial advisor. Every investment and trading move involves risk. Do your own research when making a decision.