$69,000 Bitcoin - New All Time High!

Hey it’s Archie!

Bitcoin just broke $69K as I am typing this out, Saylor is aping into spot again, and Bitcoin ETFs are just getting started.

These are the days we dreamed of during the bear market: face ripping green candles to reward our patience and conviction while being ridiculed.

Let’s dig in! 🙌

🚨Today’s Issue

• Bitcoin breaks $69,000

• Michael Saylor raises $600m to buy Bitcoin

• ETF Inflows fire up again

NEWS

Bitcoin Snippets

• Stanford University’s Blyth Fund buys Bitcoin.

• BlackRock to buy Bitcoin ETFs through its $36b Strategic Income Opportunities Fund  and launches ETF in Brasil.

• Bitcoin overtakes Facebook’s Meta as the 14th most valuable asset in the world.

• Bitcoin Market Cap hits all-time high.

• Bitcoin hits $100,000 in Australia.

• Bold text 1: Details in a short sentence.

• Morgan Stanley to add Bitcoin ETF exposure to 12 funds.

• Bitcoin makes first 🔴 on Plan B’s model, signalling start of parabolic bull market.

  

• Bank of America and Wells Fargo have started pushing Bitcoin to clients

  
  

BULL MARKET

$69,000 Bitcoin - A New All Time High

• A huge milestone after Bitcoin emerged from a deep bear market

• Bitcoin started this run in November 2022, and momentum has gathered pace with the approval of ETFs, gaining 45% since January 11.

  

• The last time Bitcoin broke the previous cycle’s all-time high, it went on a 210% run up in just 103 days, which would put Bitcoin at $145K by June if this repeated this time.
  

  

• Some have suggested a ‘triple top” technical pattern emerging on the chart, but there are many other indicators suggesting this the bull market is merely warming up.

• I profiled the lack of retail interest to date in this thread.

• This chart combines a number of Bitcoin and Macro indicators by Charles Edwards that shows we are still very early in this bull run and nowhere near the “mania phase”.

MICROSTRATEGY

Michael Saylor Raising $600m to Buy Bitcoin

• Fresh from buying 3,000 Bitcoin, Michael Saylor is raising another $600m to buy more.

• 

  MicroStrategy purchases of Bitcoin across price/time

• Saylor continues executing on a simple strategy:
  - Sell equity, or borrow, whichever is cheapest at the time.
  - Buy Bitcoin. Bitcoin goes up, value of MicroStrategy goes up.
  - Rinse. Repeat.

• It works because equities relative to Bitcoin are mis-priced.

If you hold the conviction that Bitcoin will become the base layer or money in the world and the global reserve asset, then Bitcoin is 1-2 orders of magnitude undervalued.

Having this insight paired with conviction gives you an advantage over the market. You sell something that is overpriced, to buy Bitcoin, which is underpriced.

We are watching in real-time one man give the entire corporate and finance world a lesson, which could end up as one of the greatest investment plays in history.

BITCOIN ETFs

Bitcoin ETFs Break $50B in Total Assets

• After just 7 weeks of trading the 10 Bitcoin ETFs (including Grayscale) have a collective total of $52 Billion in assets.

• $7.92b of that is in net flows (value of new money on the day they enter the funds).

• Grayscale started with ~$27B AUM.

• 

• Only 2 days of outflows in the last 17 trading days.

• 

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Cheers,

Archie

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