But let’s first get you up to speed…

Two weeks ago, BlackRock filed for a bitcoin ETF with the Securities and Exchange Commission (SEC).

If approved, it would be the first spot bitcoin ETF available to Americans… meaning it would invest in actual bitcoin rather than futures contracts.

Other companies have tried this before… only to get rejected.

But they weren’t BlackRock.

BlackRock is the world’s largest asset manager. It oversees $8.6 trillion dollars.

Not only that. BlackRock is batting 1,000 when it comes to new ETFs. In its history, the company filed for 576 ETFs…and only one of those was rejected.

If anyone’s going to get a spot bitcoin ETF approved, it’s them.

^{And they aren’t alone.}

Fidelity, Invesco, and Wisdom Tree have all filed for their own bitcoin spot ETFs in the past couple weeks.

In short, Wall Street is coming after crypto in a big way.

This has massive implications for bitcoin, as well as the rest of the crypto market. We’ll explain what those are in a minute.

But we want to first welcome you to The Discount Weekly. Each week, we look at the biggest issues facing traders and investors… and explain how they impact your portfolios.

This is all about Wall Street starting to take over the crypto market. And they’re starting with Bitcoin.

Now, we realize that some diehard Bitcoiners or “Maxis” aren’t happy about this. They would rather bury Wall Street than own Bitcoin alongside them. 

But we’re not here to have a philosophical debate. We care about the investing implications of this news.

And those are extremely bullish for the long term price of Bitcoin for 3 Simple Reasons…

Reason 1: Scale Matters

As already mentioned, BlackRock is the world’s largest asset manager.

It alone could bring billions of dollars to bitcoin overnight.

But it’s not the only the TradFi “whale” that wants a piece of bitcoin.

Fidelity oversees $4.5 trillion… Invesco has $1.3 trillion under management… and Wisdom Tree manages $87 billion.

These are gigantic numbers. They’re difficult for many people to wrap their heads around.

So, let’s put them in perspective… The current market capitalization of bitcoin is less than $600 billion.

So, the price of bitcoin could surge if these asset managers allocate just a tiny percentage of their capital to crypto.

And that’s hardly the only reason to be excited by this news.

Reason 2: A Spot Bitcoin ETF Would “Legitimize” Crypto

There’s no sugar coating it.

Crypto’s been getting a ton of bad press.

First, there was the infamous implosion of the FTX exchange (along with others i.e. Celsius, 3 Arrows Capital).

Then, Silvergate - one of the largest crypto banks – collapsed. In the wake of this, many major crypto exchanges have been largely cut off from the U.S. banking system.

Oh, and let’s not forget that U.S. regulators have been waging war on crypto lately.

None of this is a good look for crypto. In fact, the industry looks like a joke to many outside observers.

There were even legit concerns that crypto might cease to exist in America all together.

The approval of a spot bitcoin ETF would go a long way in repairing crypto’s damaged reputation and bring a hopeful foundation to the present day and future. And this all brings liquidity.

You see, BlackRock, Fidelity, and Invesco aren’t just huge Wall Street players. They’re among the most trusted names on Wall Street.

Most people wouldn’t think twice about buying bitcoin through BlackRock or Fidelity. It’s a much different calculation than buying bitcoin on a sketchy crypto exchange… that the U.S. government is actively trying to put out of business.

A spot bitcoin ETF would also make it much easier for the average person to buy crypto.

Reason 3: Bitcoin Becomes a Retirement Asset

Today, it’s possible to own bitcoin in retirement accounts.

But the process isn’t easy. There’s way too much friction.

A bitcoin ETF would change all that. It would make it possible to own in your retirement account with a click of a button.

And that could unleash a tidal wave of money into crypto. Take a look at this chart.

You can see that Americans hold $35 trillion in their retirement accounts… but less than $1 billion of that money has found its way to crypto.

Said another way, less than 0.0003% of the money in 401ks and IRAs is currently allocated to crypto.

You don’t have to be a genius to see what could happen to crypto prices if US regulators approve these ETF’s. The long-term growth potential is staggering… especially since only about 20% of Americans currently own cryptocurrency.

And the time to take advantage of this opportunity is right now.

Here’s how we’re playing this…

At The Discount, we’re not waiting for a spot bitcoin ETF to take advantage of the opportunity. 

Instead, we’ve been frontrunning this move buying spot bitcoin with an ultimate target of $35-45k in the short term.

Also, we will be launching The Discount Portfolio soon. Here you can track all our long term, mid-term, and short-term trades in real-time, with common-sense analysis for each position we take.

A service that anyone, from beginner-to-advanced, can easily understand and take advantage of.

Be sure to subscribe via email, if you haven’t already, to receive the notification when our portfolio service launches.

You can follow along free on YouTube and our Telegram Channel as well.

For now, stay tuned and have a great rest of your weekend.

See You Next Sunday!