Welcome. This is Ponder Crypto.
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The newsletter that will blow your mind regardless if you read it digitally or print out a physical copy.
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📈 Ball Back in the SEC's Court
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📰 Crypto Chronicles 2023: Week 27
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🎥 This Week on PonderTube
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🤔 Quiz Time! - Bitcoin Mining
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📈 Players Are Making Moves
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This week had all the trimmings of a daytime soap opera in the crypto space.
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First, it was rumored that Gary Gensler, head of the SEC, had secretly resigned due to an internal investigation.
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Gensler has been hammering down Spot Bitcoin ETF (exchange traded fund) filings like a whack-o-mole game.
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When BlackRock joined the party, people figured they would pull some strings and get this mole assassin out of their way.
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Second, The SEC kicked back out of the recently submitted spot Bitcoin ETFs after deeming the filings "inadequate".
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This kicked off rumors that the Bitcoin ETFs have been rejected by the SEC yet again.
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Within a week's time, BlackRock, Ark Invest, 21Shares, Invesco, WisdomTree, Valkyrie, and Fidelity refiled an amended submission putting the ball back in the SEC's court.
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What happened next, made everyone take notice.
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Positive view, sure. But let's quantify this a bit.
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The first Spot ETF for gold went live March of 2003.
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Following the ETF launch, gold saw a nearly continuous rise in value over the next eight to nine years.
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Gold currently ranges between a 9-11 trillion dollar market cap.
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Bitcoin on the other hand, is sitting at a 600 billion dollar market cap.
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Also, take a look at the market price of gold leading up to the Spot ETF approval. It is rising, likely in anticipation of the approval.
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This is also after a 60%+ crash in price. Sound familiar?
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- Larry Fink, CEO of BlackRock, has publicly compared Bitcoin to gold
- BlackRock alone has over 19 trillion dollars in AUM
- Bitcoin's current market cap is just under 600 billion today
- BlackRock's ETF submission success rate is 575 approved and 1 rejected
- Following the first gold spot ETF approval, gold had an 8-year run-up in price as institutional money was now able to add an allocation to their portfolio.
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Not financial advice, just my .02 Satoshis.
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📰 Crypto Chronicles 2023: Week 26
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Top stories you should know this week.
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Brief Summary: The Chief Financial Officer of a bank made by the BRICS countries - Brazil, Russia, India, China, and South Africa - wants to create a new global currency one day that might challenge the US dollar. Right now, they aren't ready for that yet. The BRICS countries together have a lot of people and a lot of money. They use the US dollar a lot in their bank, but they hope to use their own currencies more in the future. More countries are interested in joining the BRICS group. People are watching this closely because some experts warn that the US might face some economic difficulties soon, which could affect the whole world. Some also believe that the US has been using its dollar to put pressure on Russia because of some political issues. They think this might lead to other countries wanting to use something else instead of the US dollar. This could be traditional things like gold or newer things like Bitcoin, which is a type of digital money.
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Ponder Crypto's Take: If you haven't heard of the 4th turning, I'd recommend looking into it. There are a lot of videos and a few good books. In essence, the Fourth Turning is a theory developed by historians William Strauss and Neil Howe that suggests history moves in cyclical patterns of roughly 80-100 years, or a long human life. There is a solid case to be made that we are in the middle of a major transfer of power as the walls are slowly closing in on the US. The petrodollar is fading, countries are moving away from the dollar, Bitcoin and other alternatives are rising and the US has been exporting dollars while countries all over have been buying up US real estate and stocks at an increasing rate. You can only print money at a deficit for so long before inflationary pressures kick in and force a system reset.
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Brief Summary: According to a survey, more than half of Canadians would be okay with using a digital currency created by their country's central bank, kind of like digital money. Some Canadians would even use this instead of regular money. But a lot of them are also worried about things like getting tricked online, hackers, their private information being misused, and not being anonymous when they buy things. Just over half trust the Bank of Canada to keep their private information safe if this digital currency happens. Right now, the Bank of Canada doesn't have plans to make this currency but they're getting ready in case they need to. They asked Canadians about their thoughts on this and they will use their answers to help make decisions. Many other countries, including Canada, are also thinking about creating their own digital money.
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Ponder Crypto's Take: Remember when Canada froze checking accounts of people who donated to the trucker protests?? Apparently, Canadians don't! CBDCs will allow governments to control every aspect of your finances including tracking every transaction, imposing policies directly to your account, and freezing or removing funds if deemed "appropriate". Under the guise of efficiency, CBDCs will be pushed by every government, and we have to resist them at all costs. If you think our economy is manipulated now, you haven't seen anything yet.
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Brief Summary: Four of the biggest banks in the US - Bank of America, Wells Fargo, JPMorgan Chase, and Citigroup - have $205 billion in "unrealized losses." This means they've lost money on paper because the bonds they bought (which are like IOUs that should make them money over time) are not worth as much as they expected right now. Bank of America has the most losses, at $100 billion. These losses are not "real" until the banks decide to sell the bonds at a lower price than they bought them. For example, Silicon Valley Bank had a big problem because they sold part of their bond collection and actually lost $1.8 billion. But Bank of America said they won't sell their bonds yet, hoping they'll be worth more later. Even though these banks have lost money on paper, the Federal Reserve (the group that oversees banks) says they have enough money overall to survive even a really tough economic time, like a recession.
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Ponder Crypto's Take: Many people think their money is safe within the bank. Some even believe banks hold their full account balance dollar for dollar, meaning if you have $10,000 in your checking account, the bank has $10,000 sitting in a vault. The reality is, banks are built on a system called fractional reserve banking where they only have to keep a small percentage of cash on hand and can loan out the rest as they see fit. FDIC insurance can only cover a small amount of deposit funds so if enough people tried to withdraw their money from these banks, the FED would have to print money to bail out the banks or people would be left holding a partially filled if not empty bag.
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🎥 This Week on PonderTube
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🤔 Quiz Time! - Bitcoin Mining
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Think you know Bitcoin Mining? |
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Let's put your knowledge to the test! |
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Ok, here we go. |
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What is the primary purpose of Bitcoin mining? |
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Next, |
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What is the name of the hardware that is specifically designed for Bitcoin mining? |
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Last but not least |
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Approximately how often is a new block mined in the Bitcoin network? |
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Quiz results |
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0% |
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0 out of 0 correct answers
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SHARE RESULTS
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Think you know Bitcoin Mining?
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Let's put your knowledge to the test!
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Ok, here we go.
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What is the primary purpose of Bitcoin mining?
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Next,
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What is the name of the hardware that is specifically designed for Bitcoin mining?
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Last but not least
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Approximately how often is a new block mined in the Bitcoin network?
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This is not financial advice. I am merely stating my own opinion on how I am perceiving the current market structure and conditions. Consult with a legal investment advisor and all the other good legal stuff that needs to be said.
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Disclosure: All content shared in the Ponder Crypto website, newsletters, video channels or any other medium are for entertainment purposes only and should not be received as legal or financial advice. We are not legal experts or financial planners so please, exercise proper due diligence and do your own research.
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