Bitcoin

BlackRock’s New Bitcoin Ad Is A Monumental Paradigm Shift

Published

4 days ago

December 19, 2024

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Yesterday, BlackRock released a new video aimed at educating people interested in Bitcoin on the asset class.

The video is quite good, honestly. I think they took inspiration from Saifedean Ammous’ book “The Bitcoin Standard,” which discusses the history of money from the beginning of time and how it has changed and evolved throughout history.

Launched in January, IBIT has now topped $50 Billion in assets as investors are increasingly using the ETP to get efficient exposure to bitcoin’s price. Yet many investors are still relatively new to the digital assets space. For those looking to learn more about what bitcoin is… pic.twitter.com/8wh9CW0xYa
— Jay Jacobs (@JayJacobsCFA) December 17, 2024

Seeing this type of educational Bitcoin content from a $11.5 trillion asset manager is something that I think will really resonate with their target audiences.

Watching the video, there was one moment in particular that stood out to me. BlackRock was highlighting where Bitcoin is today and said, “Bitcoin is no longer seen as the radical idea it was 15 years ago. Over 500 million people around the world now use cryptocurrency, with over 50% holding or investing in Bitcoin.”

That right there screams to me that Bitcoin is becoming recognized as a legit and established asset class in the eyes of the financial elite, and then eventually the mainstream.

In the early days, Bitcoin really was such a radical new idea that probably 99% of people could not conceptualize. However, over time, Bitcoin has proven itself time and time again to be a legit asset and people are now interested in embracing this new form of money. It feels like there has been a sincere paradigm shift and that we are slowly, but surely, leaving the point in history where the majority of people think Bitcoin is a scam and bad for any other generic FUD that has already been thoroughly debunked.

With that being said, I’m not saying everyone is on the verge of becoming a bitcoin maximalist or anything, but I do think that more and more people are becoming accepting to the fact that Bitcoin is here to stay and that it’s not going anywhere — which I would think eventually leads to people saying “I should probably own some bitcoin then.”

This isn’t just anyone saying Bitcoin is becoming a legit asset, this is the world’s largest asset manager. BlackRock is putting their reputation behind Bitcoin and projecting confidence in the long-term success of it. And so far it has been an amazing play by them embracing Bitcoin, with their spot Bitcoin ETF being the most successful ETF launch in history.

When they speak highly of a potentially profitable investment, people listen. I think in particular, the wealthy and accredited investors are the first to take notice and advantage of BlackRock’s signalling here. Eventually this will be followed by retail investors.

I believe Bitcoin is set to enter an entirely new paradigm unlike anything we’ve seen before.

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

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Bitcoin

Metaplanet makes largest Bitcoin bet, acquires nearly 620 BTC

Published

44 minutes ago

December 23, 2024

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Tokyo-listed Metaplanet has purchased another 9.5 billion yen ($60.6 million) worth of Bitcoin, pushing its holdings to 1,761.98 BTC.

Metaplanet, a publicly traded Japanese company, has acquired 619.7 Bitcoin as part of its crypto treasury strategy, paying an average of 15,330,073 yen per (BTC), with a total investment of 9.5 billion yen.

According to the company’s latest financial disclosure, Metaplanet’s total Bitcoin holdings now stand at 1,761.98 BTC, with an average purchase price of 11,846,002 yen (~$75,628) per Bitcoin. The company has spent 20.872 billion yen in total on Bitcoin acquisitions, the document reads.

The latest purchase is the largest so far for the Tokyo-headquartered company and comes just days after Metaplanet issued its 5th Series of Ordinary Bonds via private placement with EVO FUND, raising 5 billion yen (approximately $32 million).

The proceeds from this issuance, as disclosed earlier, were allocated specifically for purchasing Bitcoin. These bonds, set to mature in June 2025, carry no interest and allow for early redemption under specific conditions.

Metaplanet buys dip

The company also shared updates on its BTC Yield, a metric used to measure the growth of Bitcoin holdings relative to fully diluted shares. From Oct. 1 to Dec. 23, Metaplanet’s BTC Yield surged to 309.82%, up from 41.7% in the previous quarter.

Bitcoin itself has seen strong performance this year, climbing 120% and outperforming assets like the Nasdaq 100 and S&P 500 indices. However, it has recently pulled back from its all-time high of $108,427, trading at $97,000 after the Federal Reserve indicated only two interest rate cuts in 2025.

Despite the retreat, on-chain metrics indicate that Bitcoin is still undervalued based on its Market Value to Realized Value (MVRV-Z) score, which stands at 2.84 — below the threshold of 3.7 that historically signals an asset is overvalued.

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Altcoin Season

End of Altcoin Season? Glassnode Co-Founders Warn Alts in Danger of Lagging Behind After Last Week’s Correction

Published

4 hours ago

December 23, 2024

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The creators of the crypto analytics firm Glassnode are warning that altcoins could lose all bullish momentum following last week’s market correction.

Jan Happel and Yann Allemann, who go by the handle Negentropic on the social media platform X, tell their 63,400 followers that “altcoin season,” which they say began in late November, could come to an abrupt end after alts witnessed deep pullbacks over the last seven days.

According to the Glassnode co-founders, traders and investors will likely have a risk-off approach on altcoins unless Bitcoin recovers a key psychological price point.

“Is This the End of Altcoin Season?

Bitcoin dominance is surging after dipping below $100,000, while altcoins are losing critical supports. Dominance has risen and resumed its upward trend, signaling a stronger BTC environment.

If BTC stabilizes above $100,00, we might see a pump in altcoins now in accumulation zones. Until then, Bitcoin appears poised to lead, leaving altcoins lagging behind.”

The Bitcoin Dominance (BTC.D) chart tracks how much of the total crypto market cap belongs to BTC. In the current state of the market, a surging BTC.D suggests that altcoins are losing value faster than Bitcoin.

At time of writing, BTC.D is hovering at 59%.

Looking at Bitcoin itself, the Glassnode executives say long-term Bitcoin holders are massively unloading their holdings as other investor cohorts pick up the slack.

“The Board Keeps Shifting.

As BTC continues flowing out of exchanges during this dip, long-term holders are exiting forcefully, while short-term holders step in without hesitation.

Whales quietly accumulate, miners remain neutral, and selling pressure has merely reshuffled the board.

New hands are absorbing the sales.”

At time of writing, Bitcoin is worth $97,246.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Altcoins

Bitwise CIO Matt Hougan Predicts Institutional Interest in Altcoins, Says 2025 the Year of Crypto Diversification

Published

20 hours ago

December 22, 2024

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Bitwise CIO Matt Hougan says a wave of institutional interest in altcoins is coming next year, largely due to potential regulatory clarity and more exchange-traded funds (ETFs).

In a new interview with Bloomberg, Hougan says that institutional money is in the early stages of broadening out to other crypto assets besides just Bitcoin (BTC).

Hougan forecasts that 2025 will be the year that institutional investors will begin to incorporate more diversification in their crypto-investing strategies the same way they do in other asset classes like equities or bonds.

“You’re already seeing it broaden out actually. A lot of people were worried about the Ethereum ETFs for instance, which launched this summer and had tepid inflows.

But over the last month or so, you’ve seen billions of dollars flow into those products.

Again, the things that have happened in crypto in the past keep happening. Historically, most people enter crypto through Bitcoin, and then they discover Ethereum, and then they think about Solana. There’s no reason to assume that the institutions that came into Bitcoin won’t move on to other assets in the future.

In fact, I think in 2025, you’re going to see an explosion of interest in index space strategies that give diversified exposure to crypto. Of course, [that is] something we’ve been doing at Bitwise since 2017 when we pioneered that concept. I think 2025 is when that becomes a mainstream way to allocate to this space, the same way it is to stocks and bonds and real estate and everything else.”

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