WAGMI Digest - January 12th, 2024

Hi Everyone,

What an exhilarating week it has been! We've witnessed a pivotal moment in the blockchain sector, one that marks the dawn of institutional adoption – a milestone many years in the making.

The approval and commencement of trading for Bitcoin ETFs have brought a wave of intriguing developments. Amidst this, Bitcoin has experienced its share of volatility as it integrates into traditional markets. Our focus is keenly set on monitoring the ETFs' trading volumes and net inflows. Over the past 2 days, the Bitcoin ETFs have captured over $7.6 billion in volume!

We continue to maintain a bullish stance, confident that these ETFs will open doors for a wider range of investors to engage with this innovative technology. This, in turn, is expected to enhance its legitimacy and drive its value over time.

This week, we wanted to share an incredible analogy made by Benjamin Dean, Director of Digital Assets at WisdomTree, who called the Bitcoin ETFs “iTunes of Bitcoin”. Check it out below!

Bitcoin Price: $43,918.88 (+0.42% past 7 days)

Ethereum Price: $2,576.92 (+15.1% past 7 days)

Solana Price: $95.61 (-2.6% past 7 days)

*as of 3:43pm EST 1/12/24

Bitcoin ETF Likened to "iTunes of Bitcoin"

A recent statement from Benjamin Dean, director of digital assets at WisdomTree, to Decrypt, draws an intriguing comparison between a potential Bitcoin ETF and the "iTunes of Bitcoin," emphasizing its significance and appeal.

• Mainstream Adoption: Similarly to how iTunes made music easily accessible, a Bitcoin ETF could democratize access to Bitcoin, allowing traditional investors to bypass the complexities of cryptocurrency exchanges and wallets. This ETF would likely enhance Bitcoin’s mainstream adoption by providing a regulated, straightforward investment path, addressing key concerns like security and regulatory compliance, and opening up Bitcoin to a wider range of investors.

• Market Transformation: iTunes changed the way music was bought, sold, and consumed, contributing to the shift from physical CDs to digital music. In the same vein, a Bitcoin ETF could mark a significant shift in the way Bitcoin is bought and sold, moving from a predominantly niche, tech-savvy investor base to a broader, more diverse group of investors, including those in traditional finance.

• Institutional Involvement: Just as iTunes attracted major music labels and artists by offering a new revenue model and wider audience reach, a Bitcoin ETF could attract institutional investors and large financial entities. These institutions might currently be hesitant to invest directly in cryptocurrencies due to regulatory uncertainty or operational complexities.

Significance to WAGMI:

Much like how iTunes transformed the music industry by simplifying access to a wide array of music for everyday consumers, a Bitcoin ETF could similarly revolutionize Bitcoin investment. This ETF serves as a gateway, making a once complex and niche product readily accessible to a broader audience of investors. For WAGMI, this development is particularly beneficial as it not only broadens the investor base but also potentially stabilizes and enhances the market environment for Bitcoin. This shift could lead to increased market participation and growth, aligning with our fund's aim to capitalize on innovative and emerging opportunities in the blockchain and cryptocurrency landscape.

Thank you for your continued support. We're excited to keep you informed with the latest developments as they unfold.

Best regards,

The WAGMI Fund Team