It's pretty clear that China is a mess in terms of its finances. What was once thought to be a thriving economy now ends up being as smoke and mirrors and many of their main real estate funds have come crashing down and projects aka roads to no where show how spending and abuse of those funds continued on for years and has now caught up to them. This showing the level of corruption that has been going on in China to try and make it look like their economy was going great when really it wasn't.
Blackrock
Blackrock once again steals the headlines here as one of the largest asset managers and a world wide asset manager. They have been in talks with China for a while now and recently opened up a spot ETF for gold which spiked so high so fast that the market had to actully be shut down.
This clearly shows us that people in China are trying to get out of their Fiat system which is crashing down and built on many lies and get into other assets.
With China banning mining and crypto trading within the country companies didn't have to go far in order to be compliant. That move was sound to Hong Kong.
This means now that new ETFs are in the line up to be released within China or at least investors within china and it's going to happen through blackrock. We will most likely see a mass exodus of funds out of the China fiat system into these new ETFs which are currently slated for approval.
The inflows for blackrock and fidelity only continue to grow and most likely the side trading we have been seeing are mainly miners or bag holders looking to take in some profits. But it's pretty clear at least to me come summer about 2-4 months from now bitcoin should be sitting well above 80,000 USD and end of year a very possible over 100,000 USD.
*This article is for entertainment purposes only and is not financial advice.
The Meme Craze Continues
It's also worth mentioning here as a side note to this article that meme coins continue to flood the market and hype things up. This highly reminds me of 2017 when Ethereum had a bunch of projects launch of which over 90% then failed within the next 3 years.
This will most likely repeat for platforms such as Base which has been seeing a rather large increase in activity. It seems like most of these main chains are getting their own main meme coin. That doesn't mean that meme coin will die off either. You can think of Doge as Bitcoins version and Shiba Inu or Ethereum and Floki for Binance. There's a number of others of these releasing on various chains that are performing well and one of the biggest ones lately has been Salona.
Overall it feels like we are still in for a rather bullish amount of 2024. Things right now are a bit on the steady end waiting for other items on the backend to take place.
One of those mains are large asset manager via clearing houses are expected to be up and running in the next 2-6 months which would open the doors for bitcoin ETFs to even larger funds and injections of money into those platforms. That's one of the main issues at the moment with these current ETFs is it's mainly still normal investors 401k funds and not large cap fund managers being that they are waiting for the structures to be built for.