Friday December 4, 2020
Just as the Koreans were celebrating the delay in virtual asset capital gains tax implementation, Americans were caught off guard with Coinbase dishing out 1099-Ks (reports typically issued by card payment companies on gross transactions for voluntary tax compliance) leading many to erroneously think that they had tax bills due to Uncle Sam. Coinbase subsequently issued a statement clarifying that was not the case and has since stopped issuing them allowing $BTC to bounce off the -15% dip fuelled by panicked American investors. We subsequently tested $20K ATHs and this move, tinkering on the border of unchartered territory, has triggered a bonanza for interest and indicators of more to come.
Volatility has exploded, taking Implied Volatility (IV) back up into the 70s with the premium collectors moving their wall up to $40K. Just last week, 20.1K $BTC were loaded only whiskers above $20K. Consensus is inching closer by the day in thinking that $20K too, will be merely a pitstop for this freight train building steam.
Paul Tudor Jones has come through publicizing his deepening conviction regarding this asset class and the disproportionately small size of the industry compounding the tremendous upside to come.
Guggenheim was the latest to announce the deployment of capital into Bitcoin for the Guggenheim Macro…
