Riding The Wave

Riding The Wave

Share this post

Riding The Wave
Riding The Wave
Riding The Wave News Summary #5

Riding The Wave News Summary #5

Thomas Holland's avatar
Thomas Holland
Jan 02, 2022
∙ Paid

Share this post

Riding The Wave
Riding The Wave
Riding The Wave News Summary #5
Share

Welcome to Riding The Wave. If you have questions or feedback, please reply to this email. If you are new to the Newsletter, please check out what we provide on our about page and consider subscribing. Within the Newsletter, I provide News Summaries, Weekly Status Updates, & Deep Dive Articles on Specific Topics (Ex: How do I pick which coins/tokens to buy?). More details here

For any free tier users interested in the paid tier, I will be offering membership for $10 monthly or $100 annually until January 10th, 2022. It is temporarily available at this lower price to reward early subscribers who join prior to an established substack track record & an archive of available content. After this point, the price will move to $15 monthly & $150 annually. 

News

Table of Contents

  1. Billionaires Are Embracing Crypto in Case Money ‘Goes to Hell’

  2. Bitcoin sees ‘non-stop’ end-of-year buying as 10K BTC leaves Coinbase in a single day

  3. Bitcoin can hit $333K 'parabolically' if this BTC price fractal plays out

  4. MicroStrategy Says It Bought More Bitcoin During December’s Dip

  5. Ethereum whales dumping ETH as price slides below $4K, data shows

  6. SEC chair has a new senior adviser for crypto

  7. Eminem Buys Bored Ape Yacht Club Ethereum NFT for $450K

  8. Stolen Bored Apes Worth $1.9M 'Frozen' by NFT Marketplace OpenSea


Billionaires Are Embracing Crypto in Case Money ‘Goes to Hell’

Thomas Peterffy took out a full-page ad in the Wall Street Journal in 2017 warning of the dangers that bitcoin futures posed to capital markets.
These days, the Hungarian-born billionaire is well versed in cryptospeak. Peterffy, worth $25 billion, said it’s prudent to have 2% to 3% of one’s personal wealth in cryptocurrencies, just in case fiat currency goes to “hell.”
He owns some himself, while his firm Interactive Brokers Group Inc. recently offered customers the ability to trade Bitcoin, Ethereum, Litecoin and Bitcoin Cash, after detecting “urgency” from its clients to get in on the action.

Ray Dalio recently revealed he was holding at least some Bitcoin and Ethereum in his portfolio only months after questioning crypto’s utility as a store of wealth. The Bridgewater Associates founder views the investments as an alternative money in a world where “cash is trash’’ and inflation erodes buying power. Paul Tudor Jones disclosed he’s invested as a hedge against inflation, and almost half the family offices Goldman Sachs Group Inc. does business with were interested in adding digital currencies to their portfolios, according to a recent bank survey.

Michael Novogratz, who runs Galaxy Digital, said last month that prices could go “sideways to down” in the near-term. There was a lot of “froth” in the markets in 2021, Novogratz told Bloomberg, as retail investors piled into NFTs and pursued unusual crypto investments. The New York-based digital evangelist also predicted Bitcoin won’t fall below a floor of about $42,000. It closed the year at about $46,300.
“So much money is pouring into this space it would make no sense if crypto prices would go much below that,” Novogratz stated.

It’s always interesting to see public figures gradually switch from being skeptical of crypto and thinking it’s a scam to people who think it might become the new internet/gold/other highly valuable asset or technology. For anyone saying 2-3% isn’t a convinced person if Thomas Peterffy follows his own advice, 2% of his net worth is $500 Million.

It’s also exciting to see because in terms of waves of adoption I feel they tend to go from Individual-level → Company level → Country level. Within the sublevel of individuals, It goes from the majority of investors being extremely technical people who have free time/money to invest → the average person with less expertise putting some funds in → large fund holders such as Ray Dalio and Thomas Peterffy (A bit oversimplified but more of a general point, image below to help explain). Of course, these levels overlap but that’s the general trend I have observed, and more people towards the top of the individual group getting involved means we are moving towards companies getting more involved and countries.

Visual depicts new Investors in Crypto being pulled in. Lines refer to # of investor type jumping into the space at any given point as a new adopter (Black Line: Individual Investors, Blue Line: Companies, Red Line: Countries)

Full Article


Bitcoin sees ‘non-stop’ end-of-year buying as 10K BTC leaves Coinbase in a single day

Almost 10,000 Bitcoin (BTC) left major United States-based exchange Coinbase on Dec. 30 in a sign that investor appetite is returning to the sphere.

Data from on-chain monitoring resource Coinglass shows Coinbase’s professional trading arm, Coinbase Pro, shedding 9,925 BTC in the 24 hours to New Year’s Eve.

At the same time, the exodus of registered Chinese users from exchange Huobi Global could be triggering a reorganization of funds, a more recent theory suggests.

According to Coinglass, Binance is up 840 BTC as of Friday, while OKEx has seen 767 BTC inflows. Huobi has lost a mere 158 BTC, but in December as a whole, a giant 14,044 BTC has left its books, hinting at the extent of the Chinese user exodus.

This bump-up in purchasing on some platforms could be due to new people being pulled in over the Holiday season. The drop within Huobi also shows that a lot of Crypto is being migrated out of China into other areas due to the new laws in force.

Beginning in early January after the holiday period, institutions are predicted to reenter the limelight when it comes to BTC ownership.

“In 2022, the first thing we expect to see is a major flippening of crypto ownership from primarily retail to institutional players, with institutions having a much larger participation,” it stated.

I agree we will likely see a lot of companies jump in. Some companies have been waiting to jump in for the first time until after the new year has started, some have been waiting to jump back in after exiting in profit, some have been waiting to double down on their initial investments, and if crypto starts rapidly increasing in price some will be convinced due to FOMO to jump into crypto.

Full Article

Keep reading with a 7-day free trial

Subscribe to Riding The Wave to keep reading this post and get 7 days of free access to the full post archives.

Already a paid subscriber? Sign in
© 2025 Thomas Holland
Privacy ∙ Terms ∙ Collection notice
Start writingGet the app
Substack is the home for great culture

Share