Ferrari Fueled by Bitcoin

Crypto Rand
10 min readOct 16, 2023

Let’s Dive Into It!

Bitcoin and Crypto Market Updates (Oct 16th)

Bitcoin remained chilled during that time, but is starting the week with some energy. After bouncing over the local horizontal support is pushing towards the previous uptrend support, which is now working as resistance.

The volume remains quite low, which combined with the confluence of both resistances ahead makes me to be cautious for now. As we said last week, the key level to beat is $29,000 from there… we are talking.

Close call for The Big Caps Index, managed to bounce at the verge of the key support on the $420 area. Now starting to breach the local downtrend resistance up. The uncertainty around Bitcoin is also dragging the volume down on the Big Caps but I really like this setup if we close a solid daily. The risk/reward is really good:

Strong SOL bounce which is pushing for the breakout over the local downtrend resistance. Really liking the SOL response during the last Bitcoin moves, really wants to push upwards.

Will be interesting to see if this year’s Breakpoint event by Solana Foundation, works as a catalyst together all the developers and projects to push towards a clearer future roadmap (it will take place from 30th Oct until 3rd Nove in Amsterdam)

Bitcoin Rises as SEC Opts Against Grayscale Appeal

Following a late-ish Friday development, Bitcoin’s value surged 1.2% to reach $27,042 at 5:54 p.m. ET following reports that the Securities and Exchange Commission (SEC) decided not to appeal the August court ruling. This ruling had directed the SEC to reconsider Grayscale Investments’ request to transform its flagship GBTC fund into a spot Bitcoin ETF. While this move suggests progress towards a spot Bitcoin ETF, it doesn’t guarantee approval, as the SEC could still reevaluate and deny on different grounds. The initial ruling was seen as a positive sign for the wave of spot fund applications, including those from prominent names like BlackRock and Fidelity. However, potential regulatory concerns and the SEC’s stance remain pivotal factors in whether or not the ETF is approved… and how difficult they make it!

Metamask removed from Apple App Store

Last week we saw MetaMask disappear briefly from the Apple App Store. This happened because MetaMask violated Apple’s rules by running unrelated background processes, such as cryptocurrency mining. However, this removal didn’t compromise user security and the Metamask team is actively working to resolve the issue. This isn’t the first time Metamask has been removed from app stores with Google doing similar back in 2019. What it does highlight is the relationship which crypto and big tech will need to bridge into the medium term as both sit at the forefront of disruptive technology. Will big tech get on board or resist crypto?

Ferrari Embraces Cryptocurrency Payments for Luxury Cars

Ferrari has decided to accept cryptocurrency as a payment option in the United States and has plans to expand this service to Europe after, according to a Reuters report. This move comes in response to growing demand from the market and Ferrari’s clients, many of whom are crypto investors. Partnering with BitPay, a prominent cryptocurrency payment processor, Ferrari will allow payments in Bitcoin, ether, and USDC. These digital assets will be swiftly converted into fiat currencies to shield dealers from crypto price fluctuations. It’s a strategic move to broaden Ferrari’s customer base, but also emphasises the growing demand for crypto assets being used as payment methods. Well done chads who swapped shitcoins for Ferraris!

Bitcoin to $15 Trillion marketcap says Anthony Scaramucci

In a recent podcast, Anthony Scaramucci of SkyBridge Capital projected that Bitcoin’s market value could surge to $15 trillion, a colossal 2,662% increase from its current $543 billion market cap. He sees Bitcoin as a promising store of value like gold but doubts it’ll become a universal currency standard during his lifetime. He also envisions the possibility of countries hostile to the U.S. using Bitcoin or gold-backed currencies. Scaramucci acknowledges the financial system’s issues but believes reform would require strong leadership and a 15- to 20-year plan. This prediction implies a potential Bitcoin price exceeding $700,000 per coin.

Standard Chartered Bank Predicts Ether at $8,000 by 2026

According to Standard Chartered Bank, Ether (ETH), the cryptocurrency of the Ethereum platform, could reach $8,000 by the end of 2026, a significant rise from its current value of $1,600. This projection is driven by Ethereum’s dominance in smart contracts and its role in gaming and tokenization. Standard Chartered Bank sees this as just the start, with a long-term range of $26,000 to $35,000 in mind. Technical upgrades in Ethereum and potential regulatory changes may push the price to $4,000 by the end of 2024. However, this estimate falls short of Ethereum’s previous peak of $4,866 in late 2021.

Busting Bitcoin Myths

Bitcoin, the pioneering cryptocurrency, has captivated the world’s attention since its inception. However, a multitude of myths and misconceptions about it have emerged since its creation. Some of the most persistent myths are listed below and we will shed light on the realities of this digital currency in order to demystify it.

Myth 1: Bitcoin Is Anonymous

This myth emerged from Bitcoin’s early association with the dark web. When it was created in 2009 by the pseudonymous figure Satoshi Nakamoto, it attracted users seeking privacy in online transactions.

The question to answer here is:
Is Bitcoin really anonymous?

Even if Bitcoin is often considered anonymous, it would be more accurately described as pseudonymous. Every Bitcoin transaction is recorded on a public ledger called the blockchain, which anyone can access. While your identity isn’t directly tied to your Bitcoin address, once you interact with regulated entities like exchanges, your identity can be linked to your transactions, just like we saw last week in the newsletter entry. Privacy coins like Monero or Zcash, developed in 2014 and 2016 respectively, offer enhanced anonymity compared to Bitcoin.

Myth 2: Bitcoin Has No Real Value

Critics argue that Bitcoin lacks intrinsic value, unlike physical assets like gold. But besides the critics’ sermons…
Does Bitcoin have real value?
Bitcoin’s value is derived from its scarcity, security, and utility as a digital store of value. It has a capped supply of 21 million coins, making it inherently scarce like precious metals such as gold, it operates on a secure blockchain, using robust cryptographic techniques, its decentralized nature and ability to facilitate peer-to-peer transactions give it utility as a digital currency. The turning point came around 2017 when it gained recognition as a digital gold and a store of value.

Myth 3: Bitcoin Is Just a Bubble

This myth has persisted since Bitcoin’s price history has seen dramatic fluctuations. Some have compared it to past financial bubbles, like the dot-com bubble in the early 2000s.

Is Bitcoin just a bubble?
While it’s true that some people buy Bitcoin as a speculative investment seeking big returns, that doesn’t mean that Bitcoin itself is a bubble. Bubbles are economic cycles characterized by unsustainable rises in market value. So far Bitcoin has gone through multiple price cycles over the course of over 14 years — and has recovered each time to achieve new highs. As with any new technology, boom and bust cycles are expected.

Myth 4: Bitcoin Is Only for Criminals

The myth that Bitcoin is a tool for illegal activities is rooted in its early association with the dark web. Especially in its early days, it was used for illicit transactions due to the perceived privacy it offered. We might think that it makes it a criminal tool, but in reality…
Is Bitcoin designed for illicit purposes?
Bitcoin is a technology with great potential, but even if using it for illegal purposes is possible it doesn’t define it for it. Same as cash, even some criminal activity can be done with it, the vast majority of transactions are legitimate just like with Bitcoin. Law enforcement agencies have actually used blockchain analysis to solve crimes. Regulatory frameworks have been developed since around 2014 to ensure compliance and prevent its illicit use.

Myth 5: Bitcoin Is Too Complex for Ordinary People

Many seasoned readers of this entry will recall how people approached the internet, the cell phone, or even smartphone technology just a few decades ago. And if you are too young to relate, ask your elders and see how they will respond. Every change has an adaptation period and learning curve, and the tech itself gets modulated to suit the masses better.
Is Bitcoin too difficult?
The reality is technology around Bitcoin has evolved a lot, making it more user-friendly. Wallets and exchanges have simplified the process of buying, storing or transferring Bitcoin. User interfaces have become more intuitive, with this development starting around 2015. Education and resources became widely available, making it accessible to ordinary people interested in cryptocurrency.

Myth 6: Bitcoin Is Unregulated

While Bitcoin is decentralised, it’s not entirely unregulated. This myth started in its early days, primarily because it operated outside the traditional financial system.
Is Bitcoin regulated?
Regulations across the world are very different. Even if a country decides to regulate Bitcoin, it will only be able to impact the way its citizens interact with the Bitcoin technology. Various countries began implementing regulations surrounding its use and taxation around 2013, other governments opted for banning their citizens from using it. In the United States, for instance, the IRS has guidelines for reporting cryptocurrency holdings and transactions. Many other countries are doing similarly.

Myth 7: Bitcoin Is Too Volatile for Investment

Bitcoin’s price volatility is undeniable, but does that disqualify it?
Is Bitcoin a good investment? Good question to ask in my opinion.
Bitcoin is a high-risk asset that requires good risk management and due diligence. But despite undeniable volatility in the short and mid-term periods, the reality is that long-term holders have witnessed substantial gains.

Myth 8: Bitcoin isn’t secure

This myth is one that can only be spoken by people who have zero knowledge about what Bitcoin is or does. This has happened to me more than one time when someone asks me:
Is Bitcoin secure?
Contrary to this myth, Bitcoin’s security is a fundamental feature, it’s in its core. Its security model is based on robust cryptography and a decentralized network of miners dispersed all over the world. The Bitcoin network has never been hacked or compromised since its creation in 2009. It uses SHA-256 encryption, known for its strength and reliability. The myth that Bitcoin is insecure may have arisen in its early days when it was less understood. Over the years, it has demonstrated its resilience against cyber threats, contributing to its reputation as a secure and robust digital currency.

Myth 9: Bitcoin Is Ecologically Disastrous

Bitcoin mining, particularly using proof-of-work, does consume a significant amount of energy. This issue gained prominence around 2018 as environmental concerns became more mainstream when people started asking:
Is Bitcoin bad for the environment?
The myth that Bitcoin is environmentally harmful oversimplifies a complex issue. It’s true that Bitcoin mining is energy-intensive, but placing its environmental impact in perspective is essential. In reality, all digital systems, including traditional banking, consume energy for their operation. Consider the entire global banking system, comprising countless bank branches, ATMs, data centers, and office buildings. The energy footprint of the traditional financial industry is substantial.
Disregarding some recent research reports and investigations about the environmental footprint of Bitcoin technology or the portion of mining energy that relies on renewable energy sources like wind, hydro, and solar power. The main intrinsic concept associated with Bitcoin regarding energy is that Bitcoin miners are continually seeking to maximize profits by reducing electricity costs, and as renewable energy sources become increasingly affordable, they are opting for greener options and will continue to do so if that’s the cheapest option. While Bitcoin mining does consume energy, labelling it as ecologically disastrous disregards the broader context and the ongoing shift towards sustainable energy solutions.

This clip talks about Bitcoin and electricity:

Bitcoin is a complex and evolving financial technology that has sparked many myths and misconceptions. Understanding the reality behind these myths is crucial for anyone interested in entering the world of cryptocurrency. Bitcoin is not without challenges, but its continued growth and maturation demonstrate its significance as a digital asset with the potential to reshape the future of finance.



Crypto Rand

Investor & Trader. CEO of Blockground Capital. Based between Andorra and Bangkok.