Last Updated on July 26, 2023 by admin_hunter
For what seems like the umpteenth time, the imminent demise of crypto has been predicted with the latest moves by the SEC. Once again though, the so-called “experts” will be proven wrong once again.
The proof? The latest move by financial powerhouse, Blackrock.
Yesterday, they signaled their intention to launch a Bitcoin ETF (Exchange Traded Fund) which would allow investors to have exposure to the preeminent cryptocurrency. The ETF would be managed by Blackrock themselves, the world’s largest asset manager, and work with Coinbase Custody on behalf of their investors.
In the past, others, such as the Wiklevoss twins, have tried to launch their own versions of a Bitcoin ETF, without success. So why should Blackrock expect to succeed where others have failed? Call it an educated guess on their previous track record. In the past, they have attempted to launch 576 different ETFs and their current record is 575–1. Do you want to bet against that?
What is clear though by this move is that Blackrock is highly bullish on the future of crypto. For that reason alone, you should be too!
SEC VS Crypto?
So what is all the recent action by the SEC against crypto supposed to tell us?
To recap, in recent weeks, the SEC has sued both major crypto exchanges Binance and Coinbase, alleging violations of security laws. They also identified a host of cryptocurrencies which they classified as securities per the Howey Test.
The Howey Test poses three questions to determine if something meets the criteria for a security:
- Is there an investment of money?
- Is there an expectation of profits to be derived from the investment?
- Is the investment in a common enterprise?
Using this legal test, they have come to the conclusion that 13 current Coinbase offerings meet the standard for a security.
It is apparent that the US Government is going to work hand-in-hand with Wall Street in regards to the cryptocurrency industry. Quite simply, they don’t want to kill it; they want to control it.
Which Coins Made the SEC Hit List?
Currently these are the named tokens in the SEC crosshairs:
1. SOL
2. ADA
3. MATIC
4. FIL
5. SAND
6. AXS
7. CHZ
8. FLOW
9. ICP
10. NEAR
11. VGX
12. DASH
13. NEXO
In all honesty, I do not hold positions, and never have, in any of the coins on the current hit list. Because of the scrutiny these particular tokens shall remain under for the time being, I wouldn’t seriously consider adding any to my portfolio, either.
A Rising Tide Lifts All Boats?
You’ll notice though, Bitcoin is not one of the projects named on the SEC Most Wanted List. This coupled with the expected approval of the Blackrock Bitcoin ETF should be the catalysts that spark the next Bitcoin surge.
For myself, I’ve never held a large percentage of my portfolio in Bitcoin, for the simple reason I don’t believe it offers the multiples I usually shoot for with my holdings, going forward. Now though, as I see the various pieces fall into place, I’m rethinking my position and will now allocate a significant part of my portfolio to Bitcoin. Even if it ONLY does an x10, that would be a fantastic return.
The other part of this equation is that as Bitcoin rises, it tends to lift the altcoin market right along with it. So with the expected green days ahead for the king of cryptos, we can also anticipate that strong projects with well-regarded use cases shall also benefit.
How To Win The Long Game With Crypto
The good news for crypto investors?
While the legal war rages on and the industry limps towards some form of regulation, I do expect prices to remain relatively low for the remainder of 2023. However, as inflation continues to be reined in, and the Fed inevitably cranks up the money printing machine the bulls should begin to run hard again in 2024. That means the time is now to secure amazing prices on high value utility coins. The following are ones I have spoken about extensively and continue to hold sizable positions in:
- Alkimi (ADS)
- AirTor Protocol (ATOR)
- Greenheart (CBD)
- Constellation (DAG)
- Morpheus Network (MNW)
- Realio (RIO)
- Render (RNDR)
- TriasLab (TRIAS)
- Veracity (VRA)
My expectation is that each of these coins with the exception of Render has the potential for x50 returns. Render will do well too, but given its high marketcap already, I’m thinking it’s more of an x20-type potential.
These 9 altcoins, in addition to Bitcoin will hold the Top 10 places in my portfolio going forward. I still believe the next Bull Run will offer life-changing returns for well-positioned investors?
So what are you betting on for the future of crypto?
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