💸 Bitcoin soars past $42k for first time in 19 months
Bitcoin crosses Tesla, Facebook and Berkshire Hathaway's Market Cap. Investment Giant Franklin Templeton'sBitcoin's CEO Holds Bitcoin, Ether and Other Tokens in Her Portfolio. What happened to gold after a gold ETF?
Welcome to the Bitcoin Lighthouse newsletter by Lightning Ventures
This is a weekly newsletter. However, today's 5% jump in Bitcoin's price prompted us to send you this update.
📈 Bitcoin Price
🌡️ Bitcoin Temperature
The Bitcoin Temperature moved up to 2.9, firmly in the neutral zone. The change is also due to an internal shift in calculating the macro temperature regarding interest rates. For more details, you can visit the link.
Our macro temperature is now at 2.7 (almost neutral), and the asset temperature is at 3.0 (neutral), so our Bitcoin temperature, the average of these two, is at 2.9 (neutral).
At these prices, bitcoin is no longer in the deep discount phase than last year when FUD was at its highest. We continue to be greedy when the market is not, especially with the spot Bitcoin ETF right around the corner.
To see how we calculate the Bitcoin temperature, click here.
👍 Highlights
- 🥊 Bitcoin crosses Tesla, Facebook and Berkshire Hathaway's Market Cap
- 💼 Investment Giant Franklin Templeton's CEO Holds Bitcoin, Ether and Other Tokens in Her Portfolio
- 🥇What happened to gold after a gold ETF?
🥊 Bitcoin crosses Tesla, Facebook and Berkshire Hathaway's Market Cap
- Bitcoin's market cap crosses $800 B.
- Its market cap is now more than Berkshire Hathaway's. Warren Buffet had infamously called Bitcoin' Rat poison, squared' in May 2018 when Bitcoin was at $9,700.
🔍 Our View
Bitcoin's next milestone is to cross the market cap of gold and become the single most valuable asset in the world. We believe this is going to happen sooner than most expect. This will occur as investors shift their gold allocation to bitcoin, reducing the market cap of gold and increasing the market cap of bitcoin.
Assuming this flipping happens when Bitcoin's market cap crosses $10 T, this would mean a price of $500k per bitcoin (~20 million bitcoin * $500k).
💼 Investment Giant Franklin Templeton's CEO Holds Bitcoin, Ether and Other Tokens in Her Portfolio
- Franklin Templeton is a financial giant with US$1.4 trillion in assets under management (AUM).
- Their CEO holds Bitcoin, ether and other tokens.
- They have filed for a spot Bitcoin ETF.
🔍 Our View
- We believe Jenny Johnson is right about Bitcoin but wrong about other cryptocurrencies.
- Large financial institutions like BlackRock and Franklin Templeton now understand the potential of Bitcoin at the CEO level.
- It's the last phase before financial institutions add Bitcoin to their portfolio.
- Bitcoin will move from a retail asset to an asset that financial institutions adopt.
🥇What happened to gold after a gold ETF?
It's very likely we are on the eve of a #Bitcoin spot ETF.
— Willy Woo (@woonomic) December 4, 2023
The first commodity ETF was SPDR Gold Trust. It provided a simple way for investors to access gold in their portfolio. When it launched gold went on to an 8 year rally with no single down year between 2005 - 2012. pic.twitter.com/UjAXlSiccW
🔍 Our View
A spot Bitcoin ETF will attract record-breaking capital from financial institutions that still cannot invest in Bitcoin. This means that Bitcoin has the potential to rally over the next few years.
Soon, if not already, an investment manager not studying Bitcoin will not be doing their fiduciary duty.
🃏Meme Corner
Why is #Bitcoin going higher?
— Thomas | heyapollo.com (@thomas_fahrer) December 3, 2023
Here's a clue: pic.twitter.com/zbymicTlFR
👨🏫 Learn Bitcoin
Yzer is a fantastic app for learning about Bitcoin. To download the iPhone or Android App, click here.
✒️ Famous Quotes
“Bitcoin, and the ideas behind it, will be a disrupter to the traditional notions of currency. In the end, currency will be better for it.”
– Edmund C. Moy
By Sandeep Goenka
Partner at Lightning Ventures
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