Fri Fire: Gold & Oil Up, Bitcoin & Crypto Dive
Tesla’s Secret Weapon? It’s Not What You Think. 
Economist and crypto trader Alex Krüger thinks the BlackRock Bitcoin (BTC) exchange-traded fund (ETF) filing represents one of BTC’s “easiest long entries of the year.”
Last Thursday, BlackRock, the largest asset manager in the world, submitted a spot Bitcoin ETF application to the U.S. Securities and Exchange Commission (SEC).
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Krüger says it’s “incredible” how many traders ignored the ETF news and tells his 154,000 Twitter followers that he has a “gut feeling” the SEC will approve the investment firm’s application in 2024.
No Bitcoin spot ETF applications have been approved thus far, despite submissions from Grayscale, VanEck, and Cathie Wood’s ARK Invest. The SEC did greenlight the launch of two Bitcoin futures ETFs in October 2021.
Krüger notes that gold’s price skyrocketed after the approval of its first American ETF, though he cautions that the fund wasn’t the primary reason for the jump.
“The first gold-backed ETF in the US, GLD, was launched on Nov/18/04. Gold skyrocketed soon after, clocking a 318% increase in seven years.
Bear in mind the main drivers of gold at the time were monetary policy and inflation expectations; the ETF simply enabled the flows.”
Bitcoin is trading at $28,748 at time of writing. The top-ranked crypto asset by market cap is up more than 6.5% in the past 24 hours.
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