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In a recent episode of CNBCs Closing Bell Overtime, Mark Yusko, the Founder, CEO & CIO of Morgan Creek Capital, shared his insights on BlackRocks spot Bitcoin ETF application and its implications for the future of both traditional finance and the crypto space.

Yusko began by expressing his enthusiasm for traditional financial services firms embracing the technological innovation that has been driving the crypto space for the last 14 years. He sees the entry of large firms like BlackRock into the crypto market as a validation of the technology and the business models that have been developed around it.

He also touched on the cyclical nature of the crypto market, explaining the concept of Crypto Summer, a period of accumulation leading up to a significant event in the Bitcoin blockchain known as the halving. This event, which occurs every four years, is followed by a speculative blowoff and then an overreaction on the downside, known as Crypto Winter. Yusko believes that the current rally is just the beginning of a new cycle.

In response to the suggestion that the narrative around crypto and Web3 has been lost, Yusko strongly disagreed. He pointed out that the digital assets market has grown from zero to $1.2 trillion in just 14 years, with Bitcoin alone accounting for half a trillion. He also emphasized that blockchain technology is one of the four pillars of the digital age, alongside AI, computer chips, and data.

Yusko further explained that blockchain technology is transforming how we store and exchange value, much like how the internet disrupted media. He envisions a future where every stock, bond, currency, commodity, piece of art, private business, and piece of real estate will be a token on a blockchain. This shift, he believes, will eliminate the need for trust and save over $7 trillion a year, which is currently wasted due to the friction of the trust industry.

When asked about the regulatory landscape for crypto, Yusko highlighted that Bitcoin is regulated as a commodity and is taking the place of gold as the base layer of currency. He sees Bitcoin as the new money on which the future of finance will be built. While he acknowledged that other applications of blockchain technology, such as Ethereum, may have a role, he emphasized that Bitcoin is the digital gold that will underpin the future of finance.

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Yusko on BlackRock's Bitcoin ETF & Crypto Future" - CryptoGlobe

The BRICS alliance, an influential coalition of five major emerging national economies, is assessing the viability of Bitcoin (BTC) as a potential alternative to the US dollar in the global financial architecture. The coalition, comprising Brazil, Russia, India, China, and South Africa, has previously stated its intention to introduce a new global reserve currency, asserting its readiness to collaborate with any nation or corporation that shares their vision.

Bitcoin presents itself as a compelling candidate for this role for two main reasons: firstly, positioning BTC as a reserve currency may help these economies diversify away from their reliance on the USD. Secondly, Bitcoins underlying blockchain technology promises a more streamlined and efficient financial system a pivotal need for these emerging nations to leapfrog the established powers.

The implications of this shift are considerable. Historically, any attempts to achieve financial sovereignty from the US dollar have been met with severe backlash from the United States. Thus, this deviation from the norm could indeed be construed as an aggressive strategic maneuver by the BRICS nations.

In sync with these developments, Russia has embarked on a particularly interesting initiative. As reported by TASS, a local news agency, Russias central bank is creating specialized entities solely focused on cryptocurrency mining. Elvira Nabiullina, the head of the Bank of Russia, suggested that cryptocurrencies will primarily be used for international settlements, excluding domestic transactions.

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This notion further fuels speculations that the proposed new global currency by the BRICS alliance may be a cryptocurrency. These theories gain traction as Russias explicit focus on cryptocurrency mining hints towards Bitcoins possible adoption.

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Amidst these unfolding events, the USA remains staunchly committed to safeguarding its economic interests. The Bank of America continues to uphold the supremacy of the US dollar, asserting that it remains unparalleled. As the BRICS nations extend their economic alliances, the USA intensifies its efforts to curb their ascent, indicating an emerging global financial power struggle.

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BRICS Considers Bitcoin as a Game-Changer: Will It Replace the ... - Crypto News Flash

BlackRock's new push into the battle for a bitcoin exchange-traded fund appears to be giving a boost to one of its potential rivals in the space and creating an arbitrage play for opportunistic traders. The Grayscale Bitcoin Trust (GBTC) , which has long traded at a steep discount to its net asset value, rose 12.8% Friday after BlackRock filed to launch a spot bitcoin ETF. The Grayscale fund continued to surge Tuesday, adding about 14%. While bitcoin has also been climbing , GBTC's large move has narrowed the discount to about 36% as of Friday, according to The Block , down from about 43% a week prior. Grayscale is in a legal battle with the U.S. Securities and Exchange Commission about converting its GBTC into an ETF. A decision in that case is expected later this year. "I would say that the narrowing of the discount is likely related to the BlackRock filing in part, and also due to increased perception of likelihood of Grayscale winning its lawsuit against the SEC," said Bryan Armour, the director of passive strategies research for North America at Morningstar. GBTC 5D mountain The Grayscale Bitcoin Trust has rallied more than bitcoin in recent days. Grayscale does not offer a redemption mechanism for GBTC, which would help close the discount gap, but it would with an ETF. If the GBTC were to be converted into an ETF, buying it at a discount now would allow a trader to capture additional upside if the price of bitcoin rises. Offering redemptions outside the ETF process could lead to large outflows that hurt the earning power of the fund for Grayscale, Armour said. The fund has about $16 billion in assets under management and charges a 2% annual fee. The move by BlackRock could be a sign some of Wall Street's heavy hitters are giving at least quiet support to the crypto industry and to bitcoin ETFs in particular. The proposed BlackRock fund would also use Coinbase as a custodian for cryptocurrency, even though Coinbase was recently sued by the SEC . The regulator has long opposed a spot bitcoin ETF, and Chair Gary Gensler has ramped up enforcement actions against the crypto industry in recent months. But even if Grayscale wins the case, there is some uncertainty about what the next step would be. Some experts have suggested the SEC could respond to the ruling by banning the bitcoin futures ETFs already on the market instead of allowing spot funds to proceed. The regulator could also choose to allow the BlackRock fund but not the Grayscale conversion, given differences in the filings, said Pat Tschosik, senior portfolio strategist at Ned Davis Research. "If BlackRock is getting an ETF, I would want to own the BlackRock ETF. I wouldn't want to own the Grayscale. I still don't see the clear path unless you can somehow alter Grayscale to do everything that BlackRock is doing," Tschosik said. Ned Davis Research recommended GBTC as a buy in January , but closed that trade suggestion in May. The trade had an on-paper gain of 32.3%, according to NDR. Tschosik said the discount tends to widen and narrow based on broader sentiment about the direction of bitcoin. In any case, it seems likely a bitcoin ETF wouldn't be launched until at least 2024, said William Cai, co-founder of Wilshire Phoenix, an asset management firm focused on crypto. "Actually, getting a bitcoin ETF launched is likely a year and a half away in the best-case scenario," Cai said. Wilshire Phoenix's wShares has a pending registration filing for its own bitcoin trust, but that product is not an ETF. Another consideration for investors betting on the discount closing is that GBTC trades over the counter, meaning it is subject to fewer rules and potentially less liquidity than traditional exchanges. "The difference between OTC and an exchange is that it's a broker-dealer network without a lot of the same protections and regulations that you would get on an exchange. For most people, that really won't affect trading in GBTC, but it does come with more risk," Armour said. Grayscale did not respond to CNBC's request for comment for this story.

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The Grayscale Bitcoin Trust is getting a boost from BlackRock ... - CNBC

Bitcoin (BTC) is striving to recover from last years bear market, which was characterized by a significant drop from an all-time high price of nearly $69,000. Despite encountering resistance at the $30,000 level, Bitcoin has shown mixed signals throughout 2023.

Notably, surpassing the $60,000 level in exiting the bear market is seen as crucial for Bitcoin to reach a new all-time high. This has led to Bitcoin remaining in focus despite the asset facing several challenges, such as macroeconomic factors and regulatory uncertainty.

In this line, Finbold consulted generative artificial intelligence (AI) tools, ChatGPT, and Googles Bard with the question of Bitcoins ability to reclaim $60,000 this summer.

According to OpenAIs ChatGPT, Bitcoins value remains speculative. However, the tool did not provide a conclusive answer on whether Bitcoin can reclaim $60,000 but provided a hypothetical situation.

The AI tool noted that reclaiming $60,000 would depend on several factors. These include a bullish market sentiment fueled by optimistic news, increased adoption, and renewed interest in cryptocurrencies, which would generate enthusiasm among investors.

Additionally, the tool emphasized the potential influence of institutional investors and governments, similar to Bitcoins previous bull run that was predominantly fueled by institutional involvement in the crypto space.

Major financial institutions, corporations, and even governments embrace Bitcoin as a viable asset class. This institutional adoption brings substantial capital inflows into the cryptocurrency market, propelling Bitcoins price upward, ChatGPT said.

Furthermore, ChatGPT highlighted the importance of a technological breakthrough, such as implementing an advanced blockchain solution, which enhances Bitcoins functionality and attracts more users and investors.

It also acknowledged that global economic uncertainties, such as inflation, geopolitical tensions, or changes in monetary policies, drive investors to seek alternative assets, further contributing to Bitcoins appeal.

Bitcoin, known for its scarcity and decentralized nature, becomes an attractive hedge against traditional fiat currencies and experiences heightened demand, pushing its price higher, it added.

Elsewhere, Bard expressed optimism, stating that Bitcoin could reclaim the $60,000 level this summer. The tool attributed this potential achievement to global economic conditions and institutional involvement as key drivers.

However, the tool also acknowledged that regulatory factors might influence Bitcoins valuation toward $60,000.

If governments start to regulate Bitcoin, it could have a negative impact on the price. Ultimately, the price of Bitcoin is determined by supply and demand. If demand for Bitcoin continues to increase, it is possible that the price could reach $60k this summer, Bard added.

Contrarily, Bard highlighted obstacles that could hinder Bitcoins recovery to the $60,000 level. It specifically mentioned the lingering effects of the bear market and potential technological advancements.

Bard also pointed out that emerging technologies like quantum computing pose a risk of hacking Bitcoin, potentially eroding confidence and causing prices to decline.

At the time of reporting, Bitcoin was trading at $26,536, reflecting a daily gain of approximately 4%. Over the course of the week, Bitcoin has seen an increase of over 3%.

Regarding technical analysis, the current market sentiment for Bitcoin is predominantly bullish. This sentiment is supported by the summary from TradingView, which indicate that 11 out of the analyzed indicators align with a buy recommendation.

Furthermore, the moving averages and oscillators also favor a buy sentiment at 9 and 2, respectively.

It is worth noting that Bitcoin found some optimism on Friday, a day after the largest asset manager BlackRock (NYSE: BLK), filed for a spot Bitcoin exchange-traded fund (ETF). This has come in the wake of investors attempting to digest the ongoing regulatory crackdown by the Securities Exchange Commission (SEC).

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Bitcoin to reclaim $60k this summer? ChatGPT, Google Bard AI price ... - Finbold - Finance in Bold

As Andrew Tate currently faces accusations of rape, human trafficking, and organized crime for the purpose of sexual exploitation of women in Romania, information has leaked that the countrys prosecutors have seized a substantial amount of his assets in Bitcoin (BTC).

Although the original reports said that the seizures reached $300 million, this information has now proven to be incorrect and the result of a Google Translate error used in translating a press release from the Romanian authorities in which they shared the details of Tates indictment and which many news outlets shared on June 20.

Specifically, the prosecutors did, in fact, seize a large amount of Bitcoin belonging to the social media personality and former professional kickboxer, but this amount was not in the hundreds of millions but closer to $560,000, or approximately 21 BTC, in addition to 15 luxury cars, 14 watches, as well as 15 properties and shares in four companies.

Furthermore, according to a press release from the Office of Information and Public Relations within the Romanian Directorate for the Investigation of Organized Crime and Terrorism, the indictment covers four defendants, including Tates brother Tristan, who now face trial under house arrest.

As Finbold reported in March, there is currently no precise information on Tates crypto possessions, but two months after his widely publicized arrest in Romania in December 2022, the local police had seized nearly $500,000 worth of Bitcoin from him and his brother Tristans crypto wallets, which is close to the amount seized recently.

Shortly before his arrest, Andrew Tate appeared on Anthony Pomplianos Bitcoin podcast, where he touted the flagship decentralized finance (DeFi) asset as removing the disadvantages of fiat transactions, declaring he was going fully crazy mister blockchain now and boasting of turning 600 grand to $12 million, as Finbold reported in December.

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Andrew Tate's $500k in Bitcoin seized by Romanian prosecutors - Finbold - Finance in Bold