So I was looking at the spot Bitcoin etf. And it is true that the ETF would have to buy Bitcoin for every share purchased. So even if JP Morgan was correct talking about a lot of the money will be shifted from Bitcoin to the Bitcoin ETF, then the ETF would still have to buy Bitcoin. So there is only an upside to the price. There is no downside to the price of Bitcoin in this regard.
Then I was looking at other potential catalysts for a upward price swing.
The day for the next Bitcoin halving event is expected to occur between April 18th to 25th, 2024. This event, which will happen on BTC block number 840,000, is anticipated to be a significant catalyst for the Bitcoin market, as it will reduce the mining rewards by half, potentially increasing Bitcoin's value due to limited supply
Regarding recent interest from investors, the Bitcoin market is seeing heightened attention. For instance, open interest on the CME exchange recently made history, surpassing 100,000 BTC, indicating significant interest from retail investors.
In terms of payment processing adoption, a notable development is the strategic partnership between RocketFuel, a global payments processing company, and Ripple, a blockchain solutions provider. This collaboration aims to incorporate Ripple’s payment technology into RocketFuel’s transactional infrastructure, enhancing the efficiency of fiat currency transfers to global merchants and partners. RocketFuel's platform includes features like one-click checkout systems and supports a range of payment methods.
So these are all of the good news that I know about right now. I've decided to share my hopium with all of you.
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