Premium Post 3-6-24

Please do not consider the following to be investment advice. Each reader should think for themselves and rely on their own research and investment advisors. I’m simply sharing what I am considering or pursuing.

As we’ve expected, a spot Ethereum ETF is having a hard time getting SEC approval in the United States.  Recently, the SEC yet again delayed its decision on BlackRock’s application for a spot Ethereum ETF.  See https://www.benzinga.com/markets/cryptocurrency/24/03/37512967/decision-on-blackrock-blk-ether-etf-application-delayed-again

I believe the difficulty in getting approval will be ongoing for some time.  The problem stems from Ethereum’s proof of stake centralization and the ongoing presence and influence of its founder Vitalik Buterin when compared to Bitcoin’s decentralization and the absence of knowledge about its alleged founder (who may or may not exist) Satoshi Nakamoto.  

Those in power don’t want to be threatened by or give power to a Vitalik Buterin.  There is no such problem with Bitcoin.  I expect countries to embrace and legalize Bitcoin more easily.  

That said, investors should be aware that March 13th, 2024 is going to be a BIG day for Ethereum.  On that date, the Ethereum Cancun-Deneb (“Dencun”) hard fork upgrade will be deployed.  It will be one of the biggest days in Ethereum history.