Bitcoin hits new ALL-TIME HIGH

Summary

Bitcoin reached an all-time high of $69,000 in 2024, with a 70% increase since January 25th. The launch of Bitcoin ETFs in the US, approved by the SEC on January 10th, has contributed to this surge. The ETFs' popularity, as seen with Black Rock's rapid asset growth, indicates a tipping point where mainstream attention will focus on cryptocurrencies. Additionally, the anticipation of an Ethereum ETF and the resilience of Bitcoin's technology, which has not succumbed to significant attacks or failures, highlight the growing integration of cryptocurrencies into the financial system. However, Bitcoin's use for transactions or commerce hasn't significantly changed and remains primarily a stored value asset.

Takeaways

• 🚀 Bitcoin reached an all-time high of 69,000 on Tuesday, showing a significant increase in 2024.
• 💼 The introduction of Bitcoin ETFs in the US, approved by the SEC on January 10th, has contributed to Bitcoin's rise.
• 🔥 BlackRock's Bitcoin ETF became the fastest ETF to reach 10 billion in assets, indicating high demand.
• 🤖 The technical aspect of Bitcoin includes a halving event happening approximately every four years, which reduces new coin supply and can cause market swings.
• 🎯 Predictions for Bitcoin's price suggest a potential rise to 100K, though this remains speculative.
• 🌐 The growing interest in Bitcoin has led to discussions about a potential Ethereum ETF approval, indicating a broader acceptance of cryptocurrencies.
• 🌟 The resilience of Bitcoin's technology is highlighted by its stability and security under various stress tests.
• 💡 Bitcoin's incentive model ensures the system continues to run as long as the price remains high, with miners being a key component.
• 📉 If Bitcoin's price drops, transaction fees and mining value will decline, affecting the system's dynamics.
• 🛒 Despite its rise, Bitcoin's use for transactions or commerce hasn't significantly changed, remaining more of a stored value asset.

Q & A

What was the all-time high value of Bitcoin mentioned in the transcript?

The all-time high value of Bitcoin mentioned in the transcript was 69,000.

On what date did the Bitcoin ETFs get approved by the SEC?

The Bitcoin ETFs were approved by the SEC on January 10th.

How quickly did BlackRock's Bitcoin ETF reach 10 billion in assets?

BlackRock's Bitcoin ETF became the fastest ETF to ever reach 10 billion in assets, however, the exact time frame is not specified in the transcript.

What event occurs approximately every four years that can affect Bitcoin's supply and market value?

The event that occurs approximately every four years is the halving, which reduces the mining rewards by half, affecting the supply of new coins entering circulation.

What does the speaker suggest about the future price of Bitcoin?

The speaker suggests that while they don't have a firm opinion on the exact price, many Bitcoin traders believe the price is on a path towards 100K, indicating a strong market sentiment.

What is the significance of the inflows into Bitcoin ETFs?

The inflows into Bitcoin ETFs are significant because they make it easy for individual investors to buy and sell Bitcoin, contributing to its integration into the financial fabric and increasing its accessibility to the general public.

What other development is speculated in the crypto space according to the transcript?

The transcript speculates that there may be an Ethereum ETF approved in the future, following the approval of Bitcoin ETFs.

How does the speaker describe the technological resilience of Bitcoin?

The speaker describes Bitcoin's technology as resilient, noting that it has not broken down under stress, experienced a denial of service, or been hacked, demonstrating its fundamental strength and reliability.

What role does Bitcoin currently serve as per the speaker's view?

According to the speaker, Bitcoin currently serves as a stored value system rather than being widely used for transactions or commerce.

How does the Bitcoin system maintain its operation and miner incentives?

The Bitcoin system maintains its operation through transaction fees and miner incentives. As long as the Bitcoin price remains high, miners will continue their operations. If the price drops, transaction fees and the value of mining will decline, affecting the system's operation accordingly.

What is the speaker's overall outlook on Bitcoin for the future?

The speaker's overall outlook on Bitcoin is positive, suggesting that the current market trends and technological resilience set the stage for a constructive future for the cryptocurrency.

Outlines

00:00

🚀 Bitcoin's All-Time High and ETF Impact

This paragraph discusses Bitcoin reaching an all-time high of 69,000, its subsequent fluctuations, and the significant growth of 70% since January 25th, 2024. It highlights two key factors influencing this surge: the approval of Bitcoin ETFs in the US by the SEC on January 10th and the upcoming Bitcoin halving event in April, which occurs approximately every four years. The halving reduces the supply of new coins, potentially causing market swings. The paragraph also mentions the prediction made by the speaker about Bitcoin's big year, the potential for a 100K price point, and the influx of individual investors through ETFs. Additionally, it touches on the resilience of Bitcoin's technology, its stability, and the potential for Ethereum ETF approval, indicating the growing integration of cryptocurrencies into the financial system.

Keywords

💡Bitcoin

Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. In the video, Bitcoin's value surges to an all-time high of 69,000, indicating its growing popularity and market influence.

💡All-time high

An all-time high refers to the highest price or value that an asset, such as Bitcoin, has ever reached in its trading history. In the context of the video, Bitcoin hitting an all-time high of 69,000 signifies a new peak in its market value.

💡Bitcoin ETFs

Bitcoin ETFs, or Exchange-Traded Funds, are investment funds that hold Bitcoin and are traded on stock exchanges, similar to stocks. They allow investors to gain exposure to the price of Bitcoin without actually owning or storing the cryptocurrency. The video highlights the approval of Bitcoin ETFs by the SEC in the US, which has contributed to Bitcoin's increased accessibility and popularity.

💡SEC

The Securities and Exchange Commission (SEC) is a U.S. regulatory body responsible for protecting investors, maintaining fair and orderly functioning of securities markets, and facilitating capital formation. In the video, the SEC's approval of Bitcoin ETFs is mentioned as a significant development for the cryptocurrency market.

💡Halving

Halving is an event in the Bitcoin network that occurs approximately every four years, reducing the mining rewards by half. This reduces the rate at which new Bitcoins are created and can lead to changes in the market dynamics, often leading to price swings. The video mentions the anticipation of a halving event in April, which is expected to impact the supply and potentially the price of Bitcoin.

💡Tipping point

A tipping point is a critical juncture in a situation that leads to a new, irreversible state of affairs. In the context of the video, the speaker suggests that Bitcoin is approaching a tipping point where it will become a widely discussed and accepted asset, indicating a significant shift in public perception and adoption.

💡Financial fabric

The term 'financial fabric' refers to the underlying structure and institutions that make up the financial system, including markets, regulations, and financial products. In the video, the integration of Bitcoin and other cryptocurrencies into the financial fabric is highlighted as a significant development, indicating the growing mainstream acceptance and incorporation of digital assets into the traditional financial ecosystem.

💡Ethereum

Ethereum is a decentralized, open-source blockchain system that features smart contract functionality. It is the second-largest cryptocurrency by market capitalization after Bitcoin. The video speculates on the possibility of an Ethereum ETF being approved, following the approval of Bitcoin ETFs, which would further integrate cryptocurrencies into the financial market.

💡Resilience

Resilience refers to the ability of a system or entity to recover from or adapt to change, stress, or disturbances. In the context of the video, Bitcoin's resilience is highlighted by its stability and continued operation despite various challenges, such as government interventions and technological attacks.

💡Incentive model

An incentive model is a system designed to encourage certain behaviors or actions by offering rewards or benefits. In the context of Bitcoin, the incentive model refers to the rewards given to miners for validating transactions and adding them to the blockchain. The video discusses how this model ensures the continued operation of the Bitcoin network, with miners being motivated to maintain the system as long as the price of Bitcoin remains high.

💡Stored value system

A stored value system refers to a type of financial instrument or asset that is held primarily as a means of preserving wealth or value over time. In the video, Bitcoin is described as a stored value system, suggesting that it is used more as a long-term store of value rather than for everyday transactions or commerce.

Highlights

Bitcoin reached an all-time high of 69,000 on Tuesday before dropping to around 68,000.

Bitcoin's price has increased by 70% since January 25th.

Bitcoin ETFs have arrived in the US, with the SEC approving them on January 10th.

Black Rock's Bitcoin ETF became the fastest ETF to reach 10 billion in assets.

The Bitcoin halving event is expected to occur in April, which happens approximately every four years.

The halving event reduces the supply of new coins entering circulation, potentially causing market swings.

Bitcoin traders believe the currency is on a path to reach 100K, although this is not certain.

The inflows into Bitcoin ETFs indicate a significant interest from retail investors.

The success of Bitcoin as a technology is highlighted by its resilience and stability.

Bitcoin has not experienced a significant breakdown, denial of service, or hacking attempts.

The incentive model of Bitcoin is strong as long as the price remains high, ensuring the system continues to run.

Despite its rise in value, Bitcoin is still not widely used for transactions or commerce in a meaningful way.

Bitcoin is increasingly becoming a part of the financial fabric, with the potential for more crypto-based ETFs.

The SEC is taking action against bad actors in the crypto space, maintaining regulatory oversight.

Ethereum may also see the approval of its own ETF, following the precedent set by Bitcoin's approval.

Transcripts

issue five bitcoin's back baby it hits

an all-time high

69,000 interesting number on Tuesday

69,000 before dropping sitting around

68k as we're taping could be 75 by the

time you hear this or 50 it's been

ripping in 2024 of

70% since January 25th uh there's two

things going on here uh that you've

probably heard about the Bitcoin ETFs

finally arrived in the US they were

approved by the SEC on January 10th

we'll get into that in minute

moth obviously it's an ETF it's super

easy to buy them and sell them they've

been a total hit black rocks Bitcoin ETF

became the fastest ETF to ever reach 10

billion in assets also as the technical

crypto heads in the audience know there

is a having happening in April this

happens about every four years at the

current Pace last one was May of 2020

when these

halfings happen the mining rewards are

cut in half this reduces the supply of

new coins entering circulation and can

cause some swings chath uh we had a we

released a clip I think um just about

your prediction and you nailed it again

you said this would be a big year for

Bitcoin so your thoughts on being

right I don't have much thoughts on that

but my two comments are that I talk to a

lot of Bitcoin Traders and and folks

that seem to have a very good pulse and

touch on this Market I don't say that I

do because I don't really look at it

every day but they seem to think that

this thing is on a death march to 100K

I'm not sure whether that price is

realistic or not in the year but I will

say

that we're going to get to a Tipping

Point where everybody really talks about

this I still don't think we're there yet

I think we're just at the beginning but

when you see the inflows into these ETFs

jakal it's like a very big deal because

it just allows every momand pop

individual to buy some to the extent

that they want to own it or they want to

speculate on it whatever it

is so I I think it's been a very big

year and I think that psychologically

it's proven a lot of folks

wrong and it's a setup for something

really constructive the other thing I'll

say is that it's not just Bitcoin but as

goes Bitcoin there are a handful of

other things people are now speculating

that there's going to be an ethereum TF

that gets approved as well because you

know if you approve one there's probably

legitimate cause to approve a few others

so these things are becoming part of the

financial Fabric and I think that that

should not be underestimated and the SEC

is still taking action against certain

Bad actors in crypto there were a couple

of those this week but Bitcoin freedberg

is incredibly resilient just on a

technological basis the fact that it

hasn't broken down under stress it

hasn't had you know a denial of service

type ofx

act or a government hasn't been able to

capture 51% of the mining or or some

great amount of it or just even be

hacked in any way you have to be

impressed by the the fundamental

technology here at freeberg maybe you

could speak to that level of success

that this thing is so stable and

trustworthy and reliable to date it's

you know it's got a great incentive

model as long as bitcoin price remains

High the miners will still be there and

the system will keep running if Bitcoin

price

drops transaction fees will decline the

value of mining will

Decline and you know it kind of goes the

other way as well I think the real

question is in the last couple of years

have we really SE seen a change in

Bitcoin being used for transactions or

for Commerce in any meaningful way I

think the answer is still likely not no

definitely not and it's really a stored

value system and it's become this kind

of stored value Asset