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1899: “Trump Is Going to Launch a Bitcoin Plus Exchange-Traded Fund”
00:32:07
Bloomberg Senior ETF analyst Eric Balchunas reveals Trumps plan to launch his very own Bitcoin ETF.
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JV
1 Daily Bitcoin Pod in today's show, I'll be sharing the latest bitcoin technical analysis as well as breaking news. Tornado Cash co founder has been officially released from prison. Also this just in, Maryland State delegate Kaylin Young introduces the Strategic Bitcoin Reserve act for Maryland. That's now 17 states in the USA. We'll also be discussing BlackRock increases stake in Michael Saylor's strategy to 5% as well as Kentucky joins the growing list of U S states to introduce Bitcoin reserve bill as well as Missouri bill proposes Bitcoin reserve fund for state investments. Also Utah takes the lead in potentially enacting a Bitcoin reserve bill. Massive adoption across the United States. Global hash wars Game theory Send it we'll also be discussing Trump media firm plans to launch a Bitcoin etf. That's right, quoting Eric bz, the ETF analyst out of Bloomberg. Trump is going to launch a Bitcoin plus etf. Safe to say first ever POTUS ETF issuer. What a country. We'll also be discussing some more sovereign wealth fund business here with the United States and Trump and how this is likely to ultimately counteract with the crypto market. All this plus so much more in today's show. Yo, what's good Crypto fam? This is first and foremost a video show. So if you want the full premium experience with video, visit my YouTube channel at crypto news alerts.net again that's crypto news alerts.net today is pod episode number 1899. I'm your host JV. It's February 7, 2025 and the Nipinator never needs an introduction. I mean he's the new chairman of the SEC for Christ's sake. But yeah, let's kick this mofo off with our market watch. You should be able to see right here on your screen. Coin360 pulled up Bitcoin flip back into green. We did recapture 100,000 but it was short lived this morning. And then we Corrected right back down to where we're currently at 965 up a half a percent on the day we have ether down 2% trading just above 2600. We have XRP in the green Salana, B Tron and XLM. And checking out coinmarketcap.com the current crypto market cap 3.15 trillion to bitcoin market cap just north of 1.9 trillion. We got roughly 129 billion worth of volume just in the past 24 hours. With a bitcoin dominance currently at 60.8% and the ether dominance all the way down to 10.1%. And check it out, top 100 currently crypto gainers past 24 hours. We got Flare leading the pack followed by Bara and Iota. Let me know which alts if any you're bullish on. For the bull, holla at your boy. And check it out the crypto bubbles. We get a visual perspective on the daily as you can see I'd say H maybe 6040 green over red for the day and zooming out on the monthly unfortunately it's rec city. Many of the alts have corrected from anywhere from 20 to 60% on average as you can see here. And checking out the crypto green interior index today we're 44 back in fear. Yesterday 49 neut last week of 76 extreme greed and last month of 70 and greed we hit them all. Fear neutral, extreme greed and greed. Only thing we're missing is the extreme fear. But that's the volatility of the market for you family. But anyways now for our ta a little astrology for the brosis. We'll also be pulling up some of the live charts. So here we go. Headline reads Bitcoin tags 100 GS despite warning Fed rate cut. Pause here to stay. That's right, Bitcoin spiked to a hundred thousand this morning. I actually saw it live when I was going through the news to try to pick out headlines for the show. And here we are correcting since then but nonetheless here's the one hour chart. I'll pull up the live charts for you here in a bit. The US added 143000 positions last month short of the expected 169, 000 and far below the traders estimates on the prediction services. Crypto and stock markets gained as a result, with the figures implying the labor market was not as resilient to restrictive financial policy as first thought. Despite this, the latest estimates from the CME group Fed Watch Tool showed Markets pricing out the likelihood of the Federal Reserve cutting interest rates at the next meeting in March. The odds of a base quarter percent cut stood at 8 and a half percent at this time, down from 14 and a half percent before the job releases. Quoting the Cabisi letter here, the unemployment rate fell to 4% below expectations of 4.1% now. Bitcoin sudden uptick thus appeared to little match macroeconomic reality as traders celebrated its return to six figures. How many times have we recaptured six figures since initially hitting it? It must be at least 30 times. It's pretty wild to say the least, but nonetheless. Quoting Dan Crypto trades that bitcoin breaking out now a higher low made now needs to break that local high of 102 to leave this area behind. That's what the bulls should try to accomplish to flip the market structure back to bullish on this time frame. As you can see here on the one hour chart and analyzing the four hour chart, Roman continued the optimism confirming he was anticipating much higher. Very solid weekly close. The one day and the one week have completely reset to break this range and continue Our uptrend to 130G's which is the current target on the 4 hour chart and I'll show it to you here shortly. But yeah, you can see the RSI reading. Let's see what happens at 108. Resistance we shall soon see. And another analyst SKU said that 100,000 was the level of flip to support on the lower time frames. It is big psychological level. Obviously positioning likely picks up again with the trend resolution part of a previous post. Explain highlighting102 as the significant line in the sand for the bulls to cross. So that's what we got to get above. Let's see if we can do so at our 100k Fiesta. It'd be dope if we get a close above the 102 so we can ascend right to 130. Price discovery is currently at 1093 which we achieved on inauguration day. That was on the 20th. So there you have it. Now checking out this breaking news. Tornado Cash co founder Alexi Per has been released from prison. The war on crypto is over. First Ross and now this young man. God bless them both. And also in breaking news, Maryland state delicate Kaylin Young introduces the Strategic Bitcoin Reserve act of Maryland. I think that's now like 18 or so states introducing a strategic bitcoin reserve. As the game theory continues and pulling up some of the live charts. We'll check it out via trading view. Give me a second to show it to you. You should be able to now see this on your screen. This is the one hour chart. Obviously we've had a corrective day. After tapping 100 earlier this morning. And zooming out from the one hour, take a look at the four hour. You can see we still have the sexy 130,000 target which you can see on your screen. And we do have some bear targets. We do have a bear target at just shy of 82 and some others. And zooming out from the four hour to take a quick look at the one day. The one day chart says it's going up forever. Laura. We have a rising wedgie. And zooming out from the daily, we'll take a quick look at the weekly. You're going to notice a sexy sexy cup and handle target sitting at 124. And last couple of weeks haven't been in the green as far as the weekly closes. Let's see what this Sunday brings us. Super Bowl Sunday that is. And zooming out on the monthly, you can see thus far in the month we're forming an Itty bitty Red. January was itty bitty Green, December Itty bitty Red and November, the biggest green Godzilla candle we have yet seen since the inception of the Genesis block. And if you don't know now, you know Brosis. Let's continue with our next story of the day, shall we, which is the latest via Black Rock. Black Rock, as you can see in the headline, increases their stake in Michael sailor strategy to 5% and if you didn't know, they are the primary shareholder, meaning the largest shareholder of Michael Macro Strategy, which is now considered Strategy B. So here's the latest. Broskis blackrock has increased its stake in Sailor Strategy, reinforcing its growing institutional interest in the biddy. BlackRock as we know, is the world's largest asset manager which has 11.6 trillion and assets under management increase its stake and strategy to 5% according to a February 6 filing with the US SEC. And ironic enough, I believe they already have a 5% stake stake of the total circulating bitcoin supply. And that's also Michael Sailor's goal with Strategy B now following the investment micro strategy, stock prices rose by more than 2.8% in pre market trading to change hands at $325 as of today. As you can see here in your screen, Strategy is the world's largest corporate bitcoin holder, currently with 471107 BTC on the balance sheet worth roughly $48 billion. And as you know, back when they were formerly known as Micro Strategy, they were the first publicly traded company to put Bitcoin on the balance sheet. And Michael Sailor has been accumulating like a madman ever since. Black Rocks growing stake in Sailor's company comes a day after MicroStrategy rebranded to Strategy and adopted a bitcoin theme visual marketing scheme. Hey, those bars kind of rhyme. Now BlackRock strategy continue to increase their Bitcoin exposure. Well, of course, continuing to invest into Bitco despite the recent Bitcoin correction below 100,000. I dare say they're more excited to Invest in Bitcoin sub 100,000 because you get more bang for your buck. Bada boom. Bought a bitcoin. Feel what I'm saying. Despite sustaining a 670 million net loss for the fourth quarter of last year, Strategy will continue executing its 2121 plan, targeting $42 billion in capital over the next three years, split between equity and fixed income securities to buy more of the biddy. Hence, we call Sailor the Bitcoin Alchemist, just as he was featured on the COVID of Forbes. Now Strategy said it already raised 20 billion of that 42 billion, fueling its bitcoin buying spree largely through senior convertible notes and debt. Hence Bitcoin alchemy. And as for the BlackRock, its ETF IBIT became the world's 31st largest ETF amongst all ETFs in the world, including crypto and traditional financial products. And on January 31, according to data from Vetify, as outlined here, Black Rock is the largest bitcoin ETF worth over $55.5 billion, controlling over 48.7% of the cumulative holdings of all U.S. bobby going ETFs. According to Dune analytics, you can see Black Rock with 570,000. Then we got Fidelity with 224,000, Grayscale 200,021 shares, 53,000 and the list goes on. ETF investments were a significant element in Bitcoin's 2024 price rally, accounting for 75% of the new investments. When it recaptured the $50,000 mark Feb. 15, I dare say it was Feb. 12, because I remember for my birthday Feb. 11, I was praying for a 50,000 Bitcoin price. And then I recall on Feb. 12, the following day when I did the live stream, we finally broke 50G's baby. And I remember like it was yesterday because I stream each and every day, seven days a week, 365 days out of the year. Now, beyond financial institutions, US lawmakers are increasingly considering adopting Bitcoin as a savings technology. In fact, the theme in today's show is all the states adopting a strategic Bitcoin reserve or passing the strategic Strategic Bitcoin reserve bill. Kentucky, Missouri, Utah, Maryland, the list goes on and on. So I think there's now 18 states. I can't even keep up with it anymore. But quoting them here, if Kentucky moves forward, it creates a road map for the others to follow and the sec, the Fed and even Congress will have to grapple with how to classify Bitcoin and public reserves. It is a commodity or is it a security, something entirely new? Well, we know it's not a security, it's absolutely a commodity and I think that's precisely what it's labeled. Kentucky's bill comes a week after the State of Illinois has announced a plan for Bitcoin reserve bill that a proposed minimum Bitcoin holding strategy of five years. Let's discuss the latest. You can see the headline here. Kentucky Joins the Growing List of US States to Introduce the Bitcoin Reserve Bill Global Hash wars for the Win. That's coined by Max Kaiser many years ago, by the way. All predicted and it's all coming into fruition. Kentucky has become the 16th US state to introduce legislation aimed at establishing a Bitcoin reserve, highlighting the growing adoption of digital assets at the state level. The bill, KYHB 376, was introduced by Kentucky State Representative Theodore Roberts on February 6th. If passed, it would authorize the State Investment Commission to allocate up to 10% of excess state reserves into digital assets, including Bitcoin. And here's what it reads. Family the total amount of excess cash invested under subsection 9, KI and M of this section shall not at the time of the investment is made, exceed 10% of the total amount of the excess cash invested under subsection 9 of the section. And while the build on mentioned particular cryptos it criteria refers to digital assets other than stable coins with a market cap of over 750 billion. Now, there's not many cryptocurrencies or stable coins with a market cap above 750 billion clearly which is average over the previous calendar year. Bitcoin is the only crypto to fall under this criteria with its 1.9 trillion market gap bitty for the win. In comparison, ether's 330 billion market cap would need to grow twofold to even qualify for the potential reserve. Sucks to be eth right now, but look at the Bitcoin adoption across the United States. It's orange country the entire United states is turning bitcoin orange. Respect the pump. Kentucky became the 16th state in the US to introduce legislation for the bitcoin reserve, following Arizona, Alabama, Florida, Massachusetts, Missouri, New Hampshire, North Dakota, South Dakota, Ohio, Oklahoma, Pennsylvania, Texas, Utah, Kansas and why it might as well be every state there is. I'm just saying. As the 16 states consider such regulation, Kentucky's move may set a precedent for the federal level strategic Bitcoin reserve. According to Andy Lyon, author of the Intergovernmental Blockchain Expert, if Kentucky moves forward, it creates a road map for the others to follow. The SEC won't let me be let CZ free. Just hey, I digress. The Fed and even Congress will have to grapple with how to classify the bitcoin and public reserves. Is it a commodity? Well, we it's of course it's a commodity. Something entirely new. This could accelerate regulatory clarity, but it also risks creating a patchwork of state level rules that complicate national policy. Want to know an example of what a security is? An unregistered security Trump Coin is an unregistered security. Melania Coin is an unregistered security. Hawk to a coin is an unregistered security. And the list goes on and on folks. But I digress. Let's not forget the consumer protection angle. If Bitcoin's volatility tanks, taxpayers could be on the hook, which raises serious governance questions, Leanne said. Despite the volatility related concerns, Kentucky's bill is a massive vote of confidence for the biddy. It could drive institutional interest through the roof, pushing other states and even countries to consider similar moves. But adoption isn't just about the price, it's about the infrastructure. Kentucky will need robust custody solutions, cybersecurity measures and clear exit strategy if things go south. The Kentucky bill comes a week after the State of Illinois has announced the plan for the Bitcoin reserve bill that proposed a minimum bitcoin holding strategy of at least five years. Five years for the Huddle Gang. Huddle gang, Huddle Gang. Where you at? Let's continue with our next story of the day, shall we? Headline reads Missouri Bill Proposes Bitcoin Reserve Fund for the State Investments let's break this one down. And again, welcome everyone just joining the live stream. So Missouri Representatives Ben Kely introduces the House Bill 1217 proposing the creation of a strategic reserve fund to diversify the state's Investment portfolio. On February 6, Keith Lee filed the HB 1217 proposing the U S. State of Missouri diversify the portfolio to include the biddy as A hedge against fiat currency inflation. If signed into law, the bill would allow Missouri treasurer to receive invest in whole bitcoin under certain circumstances as announced right here on X all the deets. But in the introductory bill, Keithly recommended establishing a bitcoin strategic reserve fund be overseen by the state treasurer. That's right. The bitcoin fund would be able to collect bitcoin via gifts and donations from governmental entities as well as Missouri residents. It would also require all government entities in Missouri to accept crypto and uses approved by the Department of revenue, which would include taxes, fees, fines and other eligible payments. However, pays would be required to cover the transaction fees. Additionally, Keith Lee's HB 1217 proposed a long term bitcoin huddle strategy for this date. That's a win. The treasurer shall store all Bitcoin collected under subsection 2 of this section for a minimum of five years from the date that the bitcoin enters the state's custody. Now, the legislation would grant the Missouri state treasurer the authority to invest, purchase and hold bitcoin using state funds. The proposed effective date for HB 1217 is set for August 28th and is subject to change based on further discussions. The second hearing for the bill was not scheduled at this time. Now, Missouri's bill follows a similar initiative in Utah which we'll dive into deeper in our next story. Because again, this nation state adoption we have going on with Trump at the nation level, but we also have the individual state level. Which one will come into play first? The way things are looking, I think it's going to happen from the state level next. Headline of the day reads utah takes the lead in potentially enacting a bitcoin reserve bill. Utah Mormon country for the win. Let's go Utah. One step closer to potentially becoming the first U. S. State with the bitcoin reserve. After advancing the strategic bitcoin reserve bill through the house, which now heads to the senate, the strategic bitcoin reserve bill has officially passed the house in the state of Utah, according to the satoshi action fund founder and CEO Dennis Porter. Shout out Porter. The bill now moves on to the senate. About time. The Utah house economic development committee passed HB230, the blockchain digital innovation amendment bill by an 8:1 vote on January 28th. I wonder who the hater was that voted against it. Now Utah representative Jordan tuesher proposed the bill Jan. 21. That's a blackjack baby. It would give the state treasurer authority to allocate up to 5% of the certain public funds to buy qualifying digital assets such as Bitcoin, high cap crypto assets and stable coins. We firmly believe that Utah will be the very first state to introduce this legislation, said Porter. Let me know if you agree that it will be Utah before all the other states and there's like 18 moving in that direction right now. The bill will now head to the Senate, where it will need majority approval before it is given to the governor to sign or veto. The only other U S State with a similar bill close to this stage in approval is Arizona, where the Strategic Bitcoin Reserve act, co sponsored by Senator Wendy Rogers and Representative Jeff Wenger, passed the Senate finance committee on January 27 and is now pending the House vote. Meanwhile, New Mexico has become the latest U S state to propose a strategic Bitcoin reserve with legislative SB57 put forward by Senator Anne Thornton February 4th. Three days ago, the Strategic Bitcoin Reserve act proposes allocating 5% of the public funds into the biddy. And recently lawmakers in North Dakota rejected House Bill 1184, which have enabled state investment in crypto assets and precious metals. The bill failed to pass the House January 31st with a vote of 32 for it and 57 against. 14 U S states have now introduced bills given their local Treasuries permission to buy crypto assets. Such is Bitcoin, according to the Bitcoin Reserve Monitor, which you can see here on your screen. Now for our featured story of the day. Check this out. Trump media firm plans to launch a Bitcoin Exchange traded Fund that's right, Eric Baluna has actually leaked this just the other day. On the 6th, Trump is going to launch a Bitcoin Plus ETF. Safe to say the first ever POTUS ETF issuer. What a country. Now let's read it precisely right here. Trump Media and Technology Group for short. Tmtg, which counts Trump as its majority owner, on Thursday said it had filed to register trademarks for new investment vehicles under its financial tech brand Truth Phi. Each of the exchange traded funds, which we know as ETFs and separately manage accounts, will sound familiar to anyone, even tangibly familiar with the president's speeches over the past several months. And now for the highlighted part. Truth Phi plans to offer the Made in America U S energy independence and Bitcoin plus ETFs as well as separately managed accounts, according to the company. The plan includes an investment of up to 250 million custody by Charles Schwab, while Yorkville Advisors will guide the tmtg. Very fascinating. So let's read into this breaking story. Family Feb.6 this was just yesterday. Trump Media, which has U S President as the majority owner, filed the register trademarks for the new investment vehicles under the fintech brand Truth.fi. under the new trademarks, the firm plans to offer three types of investment funds. A Made in America ETF and separately managed accounts and a U S Energy Independence EMA ETF and sma and the Bitcoin plus ETF and sma. Safe to say, first ever POTUS ETF issuer. What a country. And that was according to the Bloomberg expert himself, Eric Balchuna. So if he shares it, it's true. He's the one who gave us all the incredible information when BlackRock was first launching their ETFs. You know, going back, you know that was January 11th when they officially went live, but he started feeding us that information the year prior. That was back at fourth quarter of 2023 and that's when the markets start to pump off of the back of that institutional FOMO. Now the plan involves up to 250 million custody by Charles Schwab with Yorkville Advisors providing guidance. TMTG CEO Devin Nunez stated these funds are meant to provide alternatives to what he called woke funds. Interesting quoting them here. We aim to give investors a means to invest in American energy, manufacturing and other firms that provide a competitive alternative to the woke funds and the banking problems that you find throughout the market. We're exploring a range of ways to differentiate our products, including strategies related to Bitcoin. Despite Trump's brand, these will likely be microscopic and asset gathering compared to the IBIT which is the BlackRock ETF and FBTC which is the Fidelity Wise one. Etc. That said, just the fact they're launching it adds to the mainstreamification narrative which matters. According to Bal Chunas, now TMTG has over 700 million in cash or such equivalents as of year end, in addition to the 250 million schwab custody agreement. The company's stock DJT rose roughly 6% after the announcement. And despite yet more positive news from the sector, Bitcoin and crypto markets were still in a retreat as the week came to a close. Trump son Eric said it was a great time to enter bitcoin this week. Let me know if you saw that tweet. I shared it the other day. However he did, yet there was still no reaction. He did like put something else at the end of it which he edited and removed which he said like thank me later or something and then he removed it, which I found interesting. But even Donald Trump's official meme coin, Trump didn't react to the news. The token actually declined womp womp 6% on the day was trading at $17.50. I think the top there was above $70. So a lot of people got super wrecked on that. Just as I anticipated anticipated and just as I addressed when it went live, Trump is now down 76% from the all time high of $73. Okay. Just three weeks ago, as the meme coin took a beating in the broader market retreat, there was also no reaction of the bitcoin market with the asset falling to an intraday low of 95,800 before a marginal recovery to reclaim actually 100,000 which we tapped this morning and then we cracked it back down to where we're currently at. Additionally, spot Bitcoin ETFs in the US were also in the red yesterday with an outflow of 140 million following two days of inflows. And also wanted to share this because I found this interesting coming from Peter Saint on. Here's what he wrote. Trump announces a Federal Sovereign Wealth Fund as you know, they just signed the executive bill for the sovereign wealth fund that could buy stocks and even bitcoin. If the goal is to pay off debt or back the dollar, it's a fantastic idea. But Trump won't be president forever and this can turn into a 6 trillion dollar slush fund for the deep state. And I mean it's something to definitely consider family. But what are your thoughts? And don't forget to check out cryptonewsalerts.net for the full premium experience with video and to participate in our live Q A. And I look forward to seeing you on tomorrow's episode Hoddle.