So, the Bitcoin Spot ETFs have been approved, and no, it admittedly didn’t usher in the crypto utopia of abundance and plenty that we were all hoping for.

In fact, it would appear that we’re in something of a mini market downturn.

But that’s no reason to give up hope. Because what’s that? There’s golden light pouring out of the bear’s mouth.

That’s right, there’s still plenty of hope in this market. Because one, major bank still holds fast that Bitcoin will reach $100,000 by the end of 2024.

So, let’s climb into the mouth of the bear and see what this year may have in store for BTC.

Espresso Shots

☕️ Tether vs. The UN 🇺🇳 👀

Stablecoin provider, Tether as well as its custodian Cantor Fitzgerald have insisted that the UN needs more blockchain education in response to a report published Monday claiming that USDT is the choice crypto for illegal activities.

The report, written by the United Nations Office on Drug and Crime and entitled, Casinos, Money Laundering, Underground Banking, and Transnational Organized Crime in East and Southeast Asia: A Hidden and Accelerating Threat, wrote that, “USDT on the TRON155 blockchain has become a preferred choice for regional cyberfraud operations and money launderers alike”.

Tether quickly penned a response post challenging the assertion and highlighting Tether’s contributions to developing nations.

“We are disappointed in the UN’s assessment that singles out USDT highlighting its involvement in illicit activity while ignoring its role in helping developing economies in emerging markets, completely neglected by the global financial world simply because servicing such communities would be unprofitable for them.” Tether wrote.

We have to admire Tether’s gumption to challenge the entire United Nations, historically this has only been attempted by dictators and overconfident pre-teens at Model UN conferences.

☕️ Ripple CEO Calls Out SEC 🇺🇸 🏦

Ripple CEO Calls Out SEC Leadership

Brad Garlinghouse, the CEO of Ripple, called SEC Chairman Gary Gensler a “political liability” in a conversation with CNBC at the World Economic Forum in Davos.

Garlinghouse emphasized that American IPOs shouldn’t be crypto companies’ primary concern with the current, unreceptive staff of the SEC.

“Trying to go public with a very hostile regulator that has to approve your S-1 — that doesn't sound like a lot of fun to me,” said Garlinghouse. “Coinbase obviously had their S-1 approved and now the Securities and Exchange Commission is suing them for doing things that were outlined in their S-1.”

Though it’s only a matter of time before there’s a changing of the guard and Garlinghouse remarked that a new SEC head would be a “good thing for the American people.”

But if Garlinghouse thinks Gensler is a political liability now, just wait until he sees pictures of Gensler’s Halloween costumes from 1985 to 1999.

Spilling the Beans

$100,000 Bitcoin? 🚀🌙

Okay, so at the time of writing, Bitcoin is currently around $42,700. 

That’s a few levels away from that beautiful surge to $49,000 we saw in the hours after the Bitcoin Spot ETF approvals.

And a further cry away from some of the six-figure predictions that analysts were touting before the ETF approval.

But it would appear that some of those estimates still stand, and Bitcoin could still be on track to break through $100,000 in 2024.

First, let’s go through one of our old favorites.

Standard Chartered Bank asserted back in April that Bitcoin was primed to reach over $100,000 in 2024.

And they doubled down in November, citing both the ETF approval driving institutional investing as well as the April 2024 halving as major factors.

Now, we’re starting to realize that ETF approval may not have been the revolution that we anticipated, but there’s no reason to lose hope, yet.

After a quick boom, Bitcoin’s price dropped as investors took their profits. But that’s no reason to lose hope, yet. 

It’s going to be a matter of months, perhaps even years before we can fully gauge the market impact of these ETF approvals.

And we can still count on the halving… which means that the Standard Chartered Model still stands.

But Standard Chartered wasn’t alone in its bullish assertion. Consider this CNBC interview with Meltem Demirors, head of strategy at CoinShares, just days before ETF approval.

And in addition to CoinShares, and despite the many ETF contrarians gleefully gloating over their bet, there’s still a lot of confidence in Bitcoin and the potential impact of these ETFs.

“Bitcoin ETFs will be transformative for the industry, allowing for vastly greater access from traditional wealth management - their launch will bring new investment into bitcoin from pensions, endowments, insurance companies, sovereign wealth, retirement plans, trusts, and many more,” Henry Robinson, one of the founders of Decimal Digital Group, wrote to CoinDesk.

Patience is the name of the game. Just because you have to wait in line doesn’t mean you’re not at an amusement park.

Yes, Bitcoin may have stumbled but the long-term outlook is still very strong.

Hodl on, we’ll all get our turn to ride the Bitcoin rollercoaster. And we’ll fly so high that the pennies falling out of our pockets will be rendered into deadly projectiles as the screaming crowd below frantically tries to take cover.

The Last Sip

If Ripple is going to call out the SEC and Tether is going to call out the UN, Coffee & Crypto is going to call out both God and Disney. Why?

For making us watch that Percy Jackson show and forcing us to mock the terrible child actors, before realizing this is a children’s show based on an IP we enjoyed when we were twelve, then making us grapple with our own hardened hearts and sense of mortality. Thanks, Zeus.

Stay Caffeinated,

Coffee & Crypto Team

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