Bitcoin Halving and the Upcoming Bull Run

On this special crypto episode of A Wiser Retirement Podcast™, we talk about bitcoin halving, the upcoming bull run, the Bitcoin ETF, and regulatory issues. Listen now to hear our discussions with Casey Smith and Robert Swarthout, Founder, CEO, and Portfolio Manager of Teton Crypto Capital.

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Summary

Bitcoin ETF

The approval of the Bitcoin ETF could lead to a significant increase in Bitcoin’s price due to the large amount of institutional money that could flow into the market. We mention that several companies are already holding Bitcoin and have applied for Authorized Participant (AP) status, allowing them to trade Bitcoin ETF shares. We also note that notable critics of Bitcoin, such as Jamie Dimon of JP Morgan, have recently had a change of heart and have applied for the ETF, suggesting that the tide is turning in favor of Bitcoin.

Regulatory Issues

We discuss the role of regulatory issues, specifically relating to Binance and money laundering concerns in hindering the approval of a Bitcoin ETF. The regulatory cleanup was necessary for the ETF’s launch and compares the process to a tsunami, with an initial burst and subsequent waves of volume.

What is Bitcoin halving?

Bitcoin halving occurs approximately every four years, reducing the number of Bitcoins mined per block. This event promotes price appreciation as miners must work harder to earn the same reward. The market typically follows this trend, with Bitcoin leading the price increase. We think 2024 could be a bull market year, with potential new highs for Bitcoin reaching over $100,000, although some believe the price may reach much higher levels.

Companies Holding Bitcoin

Before January 1, 2025, companies were only allowed to mark down the price of Bitcoin as it depreciated, not mark it up as it appreciated. This rule is now changing, allowing true mark to market accounting for Bitcoin. This change indicates that at least one government board recognizes Bitcoin as a legitimate asset.

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