Bitcoin (BTC-USD) has had a breakout year in 2024, rallying off of a long slump on the Securities and Exchange Commission’s (SEC) approval of spot bitcoin ETF products. Now, the crypto community is watching intently on the SEC’s next pending decision: approving a spot ether ETF tied to ethereum futures (ETH-USD).
Swan Bitcoin Chief Investment Officer Raphael Zagury comes onto Market Domination Overtime to discuss the outlook on these prominent cryptocurrencies, also commenting on what the 2024 US presidential race could mean for the crypto space and the likelihood of an ether ETF.
“If you look where we are right now in terms of volatility, volatility is fairly low. We’re in the 5% I would say bottom decile in volatility times,” Zagury says. “And I think the good news, if the past is any guidance of what could happen in the future, is that periods of very low volatility in bitcoin tend to have offside periods of return, if you look 60, 90 days ahead. But short term, a lot of things can happen in the short-term, traders control the price…”
For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.
This post was written by Luke Carberry Mogan.
Video Transcript
Micro strategy diving in further with Bitcoin with plans to buy $786 million more in the Cryptocurrency.
And while Bitcoin has reaped the benefits from the launch this year of spot Bitcoin ETF S crypto investors are already eyeing the next milestone for the market with the spot Ethereum ETF.
They’re expected to be perhaps approved this summer here to discuss this in more.
Swan Bitcoin, Chief Investment Officer Rafael Zaguri, a pile on on top of all of this, we were just talking about politics.
There has been a flurry of lobbying activity in Washington when it comes to the crypto industry.
All of that said we have not seen some much fireworks on the price action front lately.
Rafael.
So what should investors be looking for there?
Yeah, thanks for having me, Julie.
Great to be here.
I think first of all, you know, when we talk about the the double haters, as I was just listening to the topic, I think crypto is becoming one topic that may sway.
A lot of the double haters.
I think a lot of people unfortunately are very, you know, losing a lot of trust in the system along the the last few decades.
And when you have a team like that and we have politicians jumping one side, maybe they, they will move some double haters but going back to the price, which is what you mentioned, uh Bitcoin price has been very stable, I think in the, in the, you know, if you look in the last month or so, uh this is nothing new.
This has happened in the past.
If you actually look at Bitcoin price, the way that it moves, it tends to be most of the times, you know, it’s it’s sideways are down.
And then most of the the upside is actually captured in very short periods of time, right?
And I always say that this is why it’s an asset that it’s very hard to hold in the longer term.
Uh because most the times they are going to be enduring pain, it’s weeks and months of pain, you know, for days of glory, that’s the typical trajectory of Bitcoin going back to just to the numbers.
If you look where we are right now, in terms of volatility, volatility is fairly lower, the 5% I would say bottom decile in volatility times.
And I think the good news, if the past is any guidance of what could happen in the future is that periods of very low volatility in Bitcoin tend to have offside periods of return if you look 6090 days ahead, right?
But short term, a lot of things can happen in the short term.
Traders control the price.
And I think it’s always more important for us to zoom out.
Look at, go back to the fundamentals and then think about where Bitcoin could be.
Not, you know, in 90 days, 60 days, but you know, 5, 10 years from now because as an asset, that’s what we should be thinking about for Bitcoin, I’m interested, Rafael too when you talk to friends and family and they ask you what, why you would own crypto here?
I’m interested, you know, what are the reasons you tell them?
Because I, I do feel like maybe the story has shifted, you know, it used to be, I think so, idealistic Rafael, you know, at least among the true believers it was really thought of as this paradigm shift.
Um I’m wondering if you think that’s still the case or, or do you tell them?
It’s a store of value.
It’s a, a medium of exchange.
What are the reasons?
Yeah, Josh, you know, I come from the traditional finances.
I worked at Golden, I worked at Merrow.
I worked at Deutsche.
Me, I worked at all the, all the big banks and for many years I tried to tell people about Bitcoin and most of them just shied away.
And I think a lot of it because people start, as you mentioned, a lot of them start…
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