Crypto and Technology Update

On this episode of A Wiser Retirement™ Podcast, Casey Smith is joined by Robert Swarthout, to give a crypto and technology update. They talk about their concerns over AI platforms like ChatGPT and Google’s Gemini, the ongoing bankruptcy proceedings for FTX, the potential for Ethereum to receive an ETF, as well as the potential implications of Bitcoin reaching a million dollars. 

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Summary

FTX Update

FTX expects to pay creditors 100% in recent filing. This in the value held in November 2022. They also discuss the industry’s move past the FTX debacle, with the crypto market showing signs of stabilization and Wall Street’s increasing involvement.

Possibility of Ethereum ETFs

There is potential for Ethereum to receive a Exchange-Traded Fund (ETF) in the coming months. There is an ongoing debate around whether it should be considered a security. Robert believes that the top 20 cryptocurrencies will eventually have ETFs, with Ethereum being a strong contender due to its market cap. However, Ethereum’s transition to proof of stake and the control of over 50% of the network’s voting power by a few validators raises questions about its security status.

Investing in Bitcoin

There is increasing institutional investment in Bitcoin through hedge funds and financial advisors. While the current investment is significant, it is still a small fraction of the potential trillions of dollars that could enter the market. A lot of millennials have been selling their Bitcoin holdings to older generations for large profits.

They also discuss the potential increase in the value of Bitcoin and the implications of it reaching a million dollars. They question whether people would want to live in a world where Bitcoin is worth a million dollars if the US dollar has been debased to the same value.

Bitcoin ETFs

Bitcoin ETFs are consuming roughly 8x more bitcoin than is being mined on a daily basis. There are days that the trading volume on the combined BTC ETFs rank them in the top 10 of all ETFs by volume and top 20ish, including stocks. On February 26, 2024, IBIT traded $1B worth of its own shares for the first time.

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