The Hoot #27

Scatt's Seeds for Thought:

🌱 All Aboard The Crypto Train 🚂

🌱 New Crypto Exchange on The Block 👀

🌱 Fed Chair Powell’s Stamp of Approval ✅

🌱 CNBC’s Bitcoin Call 5 Years Ago 🪦

Meme of The Week

Year-to-date Market Performance:

• S&P 500: 13.25%

• Dow: 1.75%

• Nasdaq Comp: 28.91%

• Bitcoin: 86.94%

• Ethereum: 59.01%

• Scatt Capital’s Fortune Strategy: 21.85% (Since Inception: 17.53%)

• 7-Day Change in Crypto Market Cap: +$138bn

• Bitcoin hit surpassed the $30k mark for the first time since late April

• Housing Starts for May SOARED almost 22% month over month

• Jerome Powell remained hawkish in his testimony to the Senate, hinting at 2 more rate hikes still to come

• Existing Home Sales for May exceeded expectations, marking the first increase since February

• Bank of England raised rates by 50bps

• The Week Ahead: New Home Sales (May); Pending Home Sales (May); Personal Income & Spending (May); PCE Inflation (May)

All Aboard The Crypto Train 🚂

BlackRock opened the floodgates. A MASSIVE week for institutional adoption.

Deutsche Bank ($1.4 trn AUM): Applying for crypto custodian license

Invesco ($1.5 trn AUM): Filed for a Bitcoin ETF

WisdomTree ($90 bn AUM): Filed for a Bitcoin ETF

Fidelity ($4.5 trn AUM): Rumoured to be filing a Bitcoin ETF

Bitcoin LOVED the flurry of positive news & broke through the big $30k level.

New Crypto Exchange on The Block 👀

Would you guess what? MORE institutions arrive at the crypto party.

Citadel is a mega hedge fund with $62bn AUM.

Charles Schwab is a massive brokerage company with $7.13 trn AUM.

Fidelity is also a brokerage firm & mutual fund manager with $4.5 trn AUM.

The 3 of them came together to form a new crypto exchange: EDX Markets

What’s it all about?

It’ll be geared towards institutional investors 

It’s not going to hold your crypto but’ll operate like a stock exchange

It’s only offering services for Bitcoin, Ethereum, Litecoin & Bitcoin Cash

Fed Chair Powell’s Stamp of Approval ✅

“Bitcoin has STAYING POWER as an asset class.”

That is word-for-word what the Chairman of the Federal Reserve (the most powerful bank in the world) said last week.

If you’re looking for a stamp of approval from a big, federal regulator… you just got it.

ADDITIONALLY, we also had the International Monetary Fund (the IMF) say that “banning crypto would not be effective in the long run”.

The time to fron-run institutional demand for bitcoin/crypto is narrowing by the hour.

CNBC’s Bitcoin Call 5 Years Ago 🪦

“Today we are having a FUNERAL for Bitcoin”.

This is an actual quote from CNBC 5 years ago.

Bitcoin was trading at $6,027 & has since hit prices of almost $70k.

So much for a ‘reliable’ financial news network…

The 2 biggest takeaways from this:

1). Bears sound smart, BUT bulls make money 🐂

2). Don’t trade on the news you see on the tv. DO YOUR OWN RESEARCH.

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See you next week 🦉

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.