Letter from the CEO - Q3 2023
Hello,
I hope this message finds you well during this relatively stable time in the crypto market. Fortunately, we have not seen the excitement of 2022 spill over to this year, but instead we have seen the sector build stronger foundations for the next stage of the cycle.
Today, I want to share some insights and updates with you outlining the current state of the crypto market, particularly around the many positive developments that are evolving which could spur the next bull cycle.
The Bitcoin Halving: Bitcoin's halving event often precedes market upswings. The halving is set for 26th April 2024.
Spot ETF Approval: The potential approval of Bitcoin and Ethereum ETFs could drive broader adoption. This is key for large asset managers and their clients keen to enter the sector.
Lowering Rates: Lowering interest rate will reduce the overall cost of living and provide consumers with more disposable income for investing.
Regulatory Shifts: Regulatory changes in the US and Australia are leading to more favorable conditions for business to operate bringing more certainty to the sector.
CBDCs & Stablecoins: As Central Bank Digital Currencies (CBDCs) emerge, the importance of decentralized cryptocurrencies like Bitcoin becomes evident. As well as this there is a growing popularity with the use of stablecoins globally.
Corporate Crypto Exposure: Major companies like Microsoft, PayPal, Nvidia, and Mastercard are embracing crypto.
In recent months, there have also been significant crypto announcements that have gone somewhat unnoticed to mainstream media, but are indicative of a market poised for a rebound:
Europe's Bitcoin ETF: Europe's first Bitcoin ETF has been launched, signaling growing institutional interest.
PayPal's Stablecoin: PayPal's foray into stablecoins adds credibility to the crypto ecosystem.
BlackRock's Bitcoin ETF Filing: The world's largest asset manager, BlackRock, has filed for a spot Bitcoin ETF. BlackRock being the worlds largest asset manager, they also have a +99.8% success rate of getting ETFs approved.
NFTs on Google Play: Google Play now enables users to buy, sell, and earn NFTs within apps.
These developments highlight the idea that we may be nearing the conclusion of this bear market. While positive news is released, Bitcoin stays rangbound at $27,000. However, we believe that this phase will soon come to an end.
Those who continue to DCA during these challenging times have been successful to date. The current crypto landscape reminds us of the late stages of the 2018-19 bear market, though, since then, the industry has matured significantly..
Lastly, we are excited to share that our podcast, "Crypto Curious," has this week recorded its 100th episode. Please listen on the link below. Thank you for being part of our crypto community, and here's to the exciting journey ahead!
Blake Cassidy,
CEO Bamboo