Bitcoin

Read

<p class="is-style-lead">Trader Peter Brandt challenges common beliefs on Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="URL" data-id="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) halving and the prospect of a US Bitcoin ETF.</p> 
<p>Noted trader and analyst Peter Brandt has challenged the hype over two pivotal Bitcoin events: the forthcoming halving and the potential approval of a US Bitcoin exchange-traded fund (ETF).</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">Three things I believe about Bitcoin<br>1. The inevitable OK of a <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> ETF in U.S. will be non-event<br>2. BTC halving will be a non-event<br>Markets discount in advance<br>3. BTC's correlation to other mkts is a non-starter. BTC will be top of food chain. That's the only thing that matters <a href="https://t.co/2l0CxAyZ4T" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/2l0CxAyZ4T</a></p>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1684675992776777728?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 27, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<p>The Bitcoin halving, a protocol tweak happening roughly every four years, halves the reward for mining new blocks. The next one is slated for 2024. Many Bitcoin fans see this as a significant price booster, likening it to supply-demand economics. They say that a decrease in new Bitcoin production could spur a supply shock and push prices up, citing past price hikes following halvings.</p> 
<p> You might also like: <a href="https://crypto.news/bitcoin-halving-in-2024-may-not-spark-bull-run-analyst-claims/" rel="noopener noreferrer nofollow"> Bitcoin halving in 2024 may not spark bull run, analyst claims </a> </p> 
<p>Brandt disagrees. He argues that markets already consider future events like the upcoming halving. Drawing from his 50 years of trading experience, Brandt likens the halving’s effect to incoming waves – its impact is likely already priced in.</p> 
<p>The possible green light for a US Bitcoin ETF is another hot topic Brandt addresses. An ETF, specifically a spot Bitcoin ETF that tracks the actual Bitcoin price, could draw institutional investors and boost Bitcoin’s value, proponents argue. Big-name financial firms such as BlackRock and Fidelity are reportedly interested in launching such ETFs.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">So, you don't believe some really smart and deep pocketed operators have already gotten ahead of this?<br><br>Over 48 years of speculation I have learned again and again that markets discount events before the events are events<br><br>If anything, it could be a "buy the rumor sell the fact"</p>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1684753607923523584?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 28, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<p>Again, Brandt offers a contrarian view. He considers a Bitcoin ETF approval a non-event, suggesting savvy market operators have already positioned themselves for this possibility. He hints at a possible “buy the rumor, sell the fact” market reaction upon ETF approval.</p> 
<p>For Brandt, Bitcoin’s success will hinge on its supremacy over other currencies and assets, not external correlations. He insists that what counts for Bitcoin’s long-term prospects is its number-one spot in the digital currency realm.</p> 
<p> Read more: <a href="https://crypto.news/jpmorgan-casts-doubt-on-significant-impact-of-potential-bitcoin-etf-approval-unlikely-to-be-a-game-changer/" rel="noopener noreferrer nofollow"> JPMorgan casts doubt on significant impact of potential bitcoin ETF approval: ‘unlikely to be a game changer’ </a> </p>

Peter Brandt: Bitcoin halving and ETF are much ado about nothing

crypto.news

Other articles published on Jul 28, 2023

3 Triliun SHIB Diserok Whale dalam 2 Hari, Tanda Akumulasi Kuat?

Namibia Reverses Bearish Crypto Decision

eToro Registration Is Approved by Bank of Spain

Argentina’s electricity charges for Crypto miners to be 5 times than households

Injustice Strikes Again as SBF Escapes Another Criminal Act

Membaca Revolusi Yuan Digital

Join our free newsletter for daily crypto updates!