Welcome to the Bitcoin Lighthouse newsletter.

📈 Bitcoin Price

🌡️ Bitcoin Temperature

The Bitcoin Temperature increased to 2.2 as on today from 2.05 on 26th September. It has moved away from the Extreme Fear zone to the Fear zone. The temperature has increased to reflect the price increase of 30% in the last month. We continue to be Greedy when the market is in Fear. To see how we calculate this, click here.

👍 Highlights

• 💸 Bitcoin rises on market expecting Bitcoin ETF approval
• 📺 Gensler Says SEC Is Weighing Bitcoin ETF Proposals
• 🏦 Fidelity publishes a report titled 'Bitcoin First Revisited'
• 🚘 Tesla: Bitcoin bags untouched
• 🥊 Elon Musk calls fiat currencies a scam
• 🌊 BlackRock And JPMorgan Are Quietly Laying The Groundwork For The Next Bitcoin, Ethereum, XRP And Crypto Price Bull Run

💸 Bitcoin rises on market expecting Bitcoin ETF approval

• Bitcoin price rose ahead of a potential spot ETF approval by the SEC.
• Ark Invest, 21Shares, Fidelity and BlackRock all updated their spot bitcoin ETF prospectus with new details, signaling positive talks with the SEC.
• Analysts said this update with additional text typically only occurs when an ETF is close to being approved.
• Communication between Grayscale and the SEC is expected to increase after the regulator decided not to appeal a court ruling.
• Increased communication could pave the way for a spot bitcoin ETF approval.

Our View:
A spot Bitcoin ETF seems to be around the corner. This approval will have a major positive impact on the bitcoin price which the market has started to factor in.

Read the article

📺 Gensler Says SEC Is Weighing Bitcoin ETF Proposals

• SEC Chairman Gary Gensler said they are looking at bitcoin ETF filings.
• Gensler said he's tech neutral and believes investors should have access to crypto products as long as there's appropriate investor protection.
• Gensler said he can't prejudge any particular filing but they are looking at all aspects including custody, insurance, and surveillance sharing.

🏦 Fidelity publishes a report titled 'Bitcoin First Revisited'

In the report, they make the following points:

1. One of the primary investment theses for bitcoin is as the store of value asset.
2. No other digital asset is likely to improve upon bitcoin as a monetary good because bitcoin is the most (relative to other digital assets) secure, decentralized, sound digital money and any “improvement” will potentially face trade-offs. 
3. Other non-bitcoin projects should be evaluated from a different perspective than bitcoin. 
4. Bitcoin should be considered an entry point for traditional allocators looking to gain exposure to digital assets. 

We agree with this report.

Read the report

🚘 Tesla: Bitcoin bags untouched

• Tesla made no changes to its bitcoin holdings in Q3 2023, the fifth quarter in a row.
• Tesla still holds about $184 million worth of bitcoin, a portion of the $1.5 billion it first bought in March 2021.
• The company hasn't bought or sold any bitcoin since its sell-off of around 75% of its holdings in Q2 2022.

Our View:
Tesla selling their bitcoin was a mistake. However, they sill continue to own and hold bitcoin worth almost $200 million which though smaller than what they originally purchased is still significant.

Read the article

🥊 Elon Musk calls fiat currency a scam

When someone asked on X (Twitter) what is a scam that is normalized, Elon Musk responded 'Fiat Currency'.

We believe that it's only a matter of time as more and more people realise this.

🌊 BlackRock And JPMorgan Are Quietly Laying The Groundwork For The Next Bitcoin, Ethereum, XRP And Crypto Price Bull Run

Fink shocked the world when he announced a surprise crypto in June flip, saying he expects bitcoin and crypto to "transcend" traditional currencies, including the U.S. dollar, thanks to Wall Street adoption.

• Last year, BlackRock chief executive Larry Fink called bitcoin and crypto technology "very important".
• Fink previously said bitcoin could "revolutionize finance" in a reversal from his view of it just being for money laundering.
• This shows major banks and asset managers are quietly laying groundwork for wider blockchain adoption.
• Their increased crypto and blockchain involvement could pave the way for the next bitcoin bull run.

Our View:
BlockRock's Larry Fink is one of the most powerful men in the world. Fink is increasingly vocal about bitcoin and this is a big milestone for bitcoin being recognised as an investable asset by traditional financial institutions. However, we are bullish only about bitcoin and skeptical of other cryptos as an investable asset.

Read the article

👨‍🏫 Learn Bitcoin

Yzer is an amazing app to learn about bitcoin. To download the iPhone or Android App, click here.

✒️ Famous Quotes

“As the value goes up, heads start to swivel and skeptics begin to soften. Starting a new currency is easy, anyone can do it. The trick is getting people to accept it, because it is their use that gives the “money” value.”
– Adam B. Levine