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Bitwise CIO: Three things are needed for Bitcoin’s “melt-up” to $80,000 in Q4

  • Matt Hougan has said three factors will push Bitcoin to $80,000 by the end of 2024
  • Hougan indicated that the US election is a big deal for crypto
  • Altcoins could also help bolster the melt-up case for Bitcoin achieving new highs

Bitwise’s CIO has indicated three things that could see Bitcoin achieving highs of $80,000 by the end of 2024.

In a client memo, Matt Hougan said that the US election, the economy, and no negative crypto surprises are what may see a “melt-up” of Bitcoin to trade above $80,000 during the last quarter of 2024.

At the end of 2023, Bitwise predicted that Bitcoin would reach $80,000. He also indicated that spot Bitcoin exchange-traded funds (ETFs) will be approved.

In his latest memo, Hougan stood by his belief that Bitcoin will reach all-time highs. Writing about the US election, the CIO stated that while a Republican win would be good for the crypto market “given the GOP’s strong and growing advocacy for the space,” the election is “more nuanced on the Democratic side.”

He added that the Democrats have “disparate views on crypto” from Senator Elizabeth Warren’s “Anti-Crypto Army” to Representative Ritchie Torres’ deep support of the market.

“To thrive, bitcoin doesn’t need politicians,” Hougan said. “It just needs them to get out of the way. And barring a Democratic sweep of both houses of Congress and the White House, I suspect they will, with the Democrats taking a more neutral approach to the industry.”

Recent data shows that former US President Donald Trump leads the election against Vice President Kamala Harris on Polymarket, the decentralized prediction market platform.

Lack of trust

Turning to the economy, Hougan stated that the US Federal Reserve’s rate cuts by 50 basis points and China releasing two trillion yuan in economic stimulus in late September fueled the crypto rally.

Hougan added that the market expects a further 50 basis points by the end of 2024 from the Federal Reserve and additional fiscal stimulus in China.

Looking to his third point, Hougan indicated that a Bitcoin rally to $80,000 would be achieved if there are no major surprises, no lawsuits, and no locked coins entering the market. However, he noted that the crypto industry is full of surprises that have impacted the market.

“Over the past few quarters, the release of previously locked-up bitcoin from failed exchange Mt. Gox and from government coffers has contributed to keeping us range-broad,” he said.

Altcoins could help

In Hougan’s view, aside from the three factors above, a broader rally in crypto will help seal the deal of Bitcoin reaching $80,000.

“Bitcoin doesn’t need Ethereum, Solana, or novel altcoins for its long-term success,” he added. “But if we’re going to get a full-on melt-up in the short-term – say, a rip to $100,000 in just a few months – it would help to have a bit of pro-crypto sentiment sweep the market.”

While he believes those crypto “animal spirits” have been in short supply during 2024, he sees them rising in areas such as stablecoins and projects including Sui, Aptos, and Monad.

“Strong and sustained momentum in these areas would bolster the melt-up case,” Hougan said.

The post Bitwise CIO: Three things are needed for Bitcoin’s “melt-up” to $80,000 in Q4 appeared first on CoinJournal.

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VanEck unveils $30 million fund for crypto and AI startups

  • VanEck says the new $30 million fund targets startups in crypto, artificial intelligence and fintech.
  • The fund will invest in 25-35 early stage companies with both strategic and financial upside.

Global investment manager VanEck has announced a major fund aimed at supporting growth across crypto, artificial intelligence and fintech.

VanEck Ventures is a $30 million fund unveiled on Oct. 9, and will target early-stage projects. According to VanEck, the fund is aimed at founders at the intersection of digital assets, AI and financial technology.

Fund targets 25-35 investments

Wyatt Lonergan and Juan Lopez will lead VanEck’s new fund. Lonergan and Lopez, now general partners at VanEck Ventures, oversaw the investment of Circle’s $50 million early-stage fund. Circle invested in layer-1 blockchain Sei in November 2023.

The two will have support from VanEck’s global workforce and senior leadership as they lead the investment. Wyatt commented on the fund’s launch on X.

Jan van Eck, the chief executive officer of VanEck, also commented on what VanEck Ventures means for the company and the industry.

“From pioneering an approach to gold investing in 1968 to recognizing the disruptive potential of Bitcoin in 2017, embracing a longterm view on transformative opportunities has always been part of our investment philosophy. This fund extends that vision into the early-stage venture space,” van Eck said.

VanEck eyes 25 to 35 investments into projects across various segments, including tokenized assets, payment solutions on stablecoins and web3 financial marketplaces.

The fund’s check sizes will range from $500,000 to $1 million. However, focus will be on startups with both strategic and financial upside. VanEck Ventures’ new fund has already invested in 4 such companies, although it’s yet to make these public.

The post VanEck unveils $30 million fund for crypto and AI startups appeared first on CoinJournal.

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Caroline Ellison to forfeit assets in FTX’s settlement proposal

  • FTX seeks court approval for Caroline Ellison to forfeit nearly all her assets.
  • Ellison has agreed to cooperate with investigations into FTX and Sam Bankman-Fried.
  • A hearing for the proposed settlement is scheduled for November 20, 2024.

In a significant development for the FTX bankruptcy proceedings, FTX is seeking court approval for a settlement that will mandate Caroline Ellison, the former CEO of Alameda Research, to hand over almost all of her assets to the creditors of FTX.

The settlement, filed in court on October 7, aims to expedite recovery for those affected by the collapse of the cryptocurrency exchange.

Betting on Caroline Ellison cooperation

According to the motion, Ellison, who was sentenced to 24 months in prison over FTX fraud in September, will forfeit any assets not already surrendered to the government in her criminal case or earmarked for legal fees. Following the completion of this transfer, she will reportedly possess only a small amount of physical personal property, although the total value of the assets involved has not been disclosed.

In addition to the asset transfer, Ellison has committed to cooperating with ongoing investigations related to FTX and legal proceedings against its founder, Sam Bankman-Fried. Her cooperation is expected to include sharing vital documents and information obtained during her time at Alameda Research, which is pivotal given her close association with Bankman-Fried.

FTX avoiding to file a separate lawsuit against Ellison

FTX maintains that this settlement is a more beneficial route than pursuing a separate lawsuit against Ellison. The company argues that the settlement will enable them to recover almost all of Ellison’s assets, and her collaboration adds significant value to the recovery process.

Legal experts suggest that litigation could drain Ellison’s remaining resources, incurring additional costs for both parties.

Previously, FTX’s bankruptcy estate filed a lawsuit against Ellison in July 2023, accusing her of breaches of fiduciary duty and fraudulent transfers. The estate sought to reclaim $22.5 million in bonuses awarded in February 2022 and $6.3 million from 2021. Additionally, the lawsuit highlighted allegations regarding call options and FTX equity transferred to Ellison.

A hearing on the proposed settlement is scheduled for November 20. Ellison, who has already cooperated with federal prosecutors in the criminal case against Bankman-Fried, received a reduced sentence of two years on September 24 for her involvement in the scandal.

Meanwhile, FTX’s bankruptcy plan was approved on October 7, allowing former customers and crypto holders to recover between 118% and 142% of their claims as of November 2022.

The post Caroline Ellison to forfeit assets in FTX’s settlement proposal appeared first on CoinJournal.

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Peter Todd denies he’s Satoshi Nakamoto after HBO documentary

  • Film director, Cullen Hoback, points to Peter Todd as Bitcoin’s inventor
  • Hoback relies on a 2010 web forum post in which Todd responded to one of Satoshi’s post
  • Todd points out that he’s Satoshi “as is everyone else”

HBO’s latest documentary has named Bitcoin core developer Peter Todd as Satoshi Nakamoto, the mysterious inventor behind Bitcoin.

“Money Electric: The Bitcoin Mystery,” directed by Cullen Hoback, examines Bitcoin’s early days and some of its key figures. Using old and new clues, Hoback confronts Todd and Blockstream founder Adam Back with the evidence, according to a report from Politico.

During the documentary’s finale when confronted with a question from Hoback, Todd said: “Yeah, I’m Satoshi Nakamoto.” This is far from being a confession, though, as Todd also said he was Craig Wright.

Hoback’s reasoning behind Todd being Bitcoin’s creator lies in a 2010 web forum post in which Todd responded to one of Satoshi’s posts. According to Hoback, Todd’s post is a continuation of Satoshi’s that was mistakenly sent from Todd’s account rather than Satoshi’s.

The film director cited another clue, in which Todd wrote in a blog post that he was “probably the world’s leading expert” on how to sacrifice Bitcoin, adding that he had “done one such sacrifice”. According to Hoback, this was an admission that Todd had sacrificed his ability to access Bitcoin.

Not a confession

Todd’s admission is by no means concrete proof that the Canadian developer is the cryptocurrency’s inventor.

Todd is well known for saying the phrase “I am Satoshi,” In fact, during a 2019 interview in “What Bitcoin Did,” with podcast host Peter McCormack, Todd said, “I am Satoshi, as is everyone else.”

Ahead of the documentary’s release, Todd denied he was Satoshi after it was leaked online. Following its release, Todd took to social media again to deny he was Satoshi after someone called him out, writing, “I’m not Satoshi.”

During the documentary, Todd said to Hoback after he presented his theory: “This is going to be very funny when you put this into the documentary and a bunch of bitcoiners watch it.”

Jameson Lopp, co-founder of Bitcoin company Casa, wrote on X that “wherever Satoshi may be, I like to think they’re having a laugh at this latest round of foolishness.”

The post Peter Todd denies he’s Satoshi Nakamoto after HBO documentary appeared first on CoinJournal.

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BofA survey: Young wealthy investors remain skeptical of stocks, crypto seen as better alternative

  • 28% of young wealthy investors are focusing on crypto investments
  • A cautious mindset is what’s dominating young investors portfolio choices
  • 76% of young investors remain skeptical of traditional investments

Young investors are holding more crypto investments compared to traditional equities, according to a report from the Bank of America (BoA).

In its 2024 Study of Wealthy Americans, the bank received responses from over 1,000 respondents with at least $3 million in investable assets and were at least 21-years-old.

The survey found that among younger investors – mainly Gen Z and Millennials –  crypto and digital assets play a significant role in reshaping how America invests. BofA shows that these investors are focusing on real estate (31%), crypto and digital assets (28%), and private equity (26%).

Interestingly, 76% of young investors remain skeptical about traditional investments. They believe it’s no longer possible to achieve above-average investment returns by investing solely in traditional stocks and bonds.

On the flip side, those aged 44+ favor domestic equities (41%), real estate (32%), and emerging marketing equities (25%).

Katy Knox, president of Bank of America Private Bank, said that the investors are going through a “period of great social, economic and technological change alongside the greatest generational transfer of wealth in history.”

Cautious mindset

According to the survey, “the portfolio choices of younger people do suggest a perspective shift between the generations,” adding that while crypto is often compared to risk-averse investments such as gold, “it could be that a cautious mindset is what dominates some of these portfolio choices.”

And it’s the past that may be to blame for the cautious mindset of younger investors. For them, they’ve experienced two market crashes, which may have made them skeptical about investing in the stock market.

It’s because of this that they are looking beyond traditional stocks and bonds to build their wealth as they look to diversify their investments.

The post BofA survey: Young wealthy investors remain skeptical of stocks, crypto seen as better alternative appeared first on CoinJournal.