Quality Road is kicking and bucking and wants no part of that starting gate!
You need to back him out of there right now!
– Joe Tessitore, announcer for ESPN, 2009 Breeder’s Cup
The quote above is seconds before the start of the 2009 Breeder’s Cup.
It remains one of the more shocking moments in the long and illustrious running of one of the world’s great thoroughbred races.
In thoroughbred racing, when a horse breaks through the starting gates before the starter releases them, it’s known as “breaking the gate.”
When that happens, officials check over the horse to make sure it’s OK. If not, it’s scratched (removed) from the race.
Breaking the gate doesn’t happen often. But when it does, it sends a shockwave through the field… and through the market – the betting market.
During the 2009 $5 million Breeder’s Cup Classic, Quality Road (the No. 12 horse) broke the gate and was scratched. That prompted the animated call from Joe Tessitore quoted above.
Meanwhile, all the other horses had to back out of the gates… calm their nerves (horses and jockeys)… reset in the gates… get on their toes… and get ready to jump.
The anticipation, excitement, and exhilaration of giant, multimillion-dollar races like the Breeder’s Cup or Kentucky Derby is palpable.
I’ve witnessed firsthand the buzz that circulates through 122,000 fans when such big stakes are on the line. I can only imagine what it must be like to own a horse that’s actually in the race.
The excitement must be off the charts.
Right now, the crypto markets are like the start of a big-money thoroughbred race.
But we’re not talking millions on the line like the Breeder’s Cup or Kentucky Derby. Or even billions at stake. We’re talking trillions that could be up for grabs.
And there’s no reason for you to be a punter watching from the sidelines. You get to own one of the ponies that’s set to run.
Cointelegraph Breaks the Gate
Look at the chart below…
See that gigantic spike? Shooting higher and then almost immediately coming down?
That’s bitcoin’s chart from a couple months ago.
That spike is an example of breaking the gate.
Now, all the other runners have to back out… calm down… reset then set again… and get ready to jump.
On October 16, the widely read and quoted online crypto publication Cointelegraph posted on X (formerly Twitter) to its 1.9 million followers.
The X post is long gone now. (Cointelegraph deleted it). But thanks to the internet remembering everything, we know the tweet said:
BREAKING: SEC APPROVES ISHARES BITCOIN SPOT ETF.
There’s one problem with this claim.
It was false.
There was no such approval. Whoever posted it, widely and comically referred to online as the “Cointelegraph Intern,” quickly had it taken down.
This all may come across as a stupid mistake by a social media manager.
But it’s more than that… It’s a false start with proof of what to expect when the real race is underway.
This Is Just a Sneak Peak of When a Spot Bitcoin ETF Launches
Cointelegraph “breaking the gate” sent the crypto market (and the crypto betting markets) into a frenzy.
The result was that spike in the chart. It’s the clearest signal we’ve ever seen through all cycles as to what the market is prepared to do on huge news.
This news will be the final approval for what has been an agonizing wait for a spot bitcoin exchange-traded fund (ETF) in the United States.
A “spot” bitcoin ETF simply means it’s backed by actual bitcoin – and not some derivative like futures.
The likes of BlackRock, Fidelity, Invesco, Franklin Templeton, WisdomTree, and Ark Invest are all lining up to have a spot bitcoin ETF approved by the Securities and Exchange Commission.
There are more. It’s a long list.
When you start to tally up the assets under management (AUM) of all these giant funds, we’re talking about wealth that extends into the trillions of dollars. BlackRock alone has over $8.5 trillion AUM.
That’s nearly 12x more than the entire market cap of bitcoin.
Of course, the expectation is only a part of all that AUM finds its way into the spot ETFs. But even a fraction of tens of trillions will absolutely move the needle on bitcoin’s price.
Thanks to Cointelegraph, we’ve got the sneak peek at what that starts to look like.
To date, no bitcoin ETFs have been approved in the U.S. All have either been declined, delayed, or more information was requested.
The anticipation is palpable. The runners are set – they’re just waiting for the starter to officially get the race underway.
Since that false report and as we publish this, bitcoin is now back above the $38,000 mark as punters start piling in on this winning horse. So this may be the last time you see bitcoin below $40,000.
The expectation is approval for the ETFs is imminent, and that when it comes… It could be the start of the next big crypto bull run – one for the ages.
While a spot bitcoin ETF will be a major boost for this asset class, it will primarily impact bitcoin, which has a market cap of about $758 billion.
But Daily editor Teeka Tiwari believes there’s a catalyst coming by the end of this year that could be orders of magnitude bigger than spot bitcoin ETF.
According to Teeka, it will unleash a $100 trillion opportunity he calls the Third Wave.
That’s almost 4x times bigger than the entire U.S. economy. So the Third Wave could be the biggest crypto trend ever.
On Wednesday, December 6, at 8 p.m. ET, Teeka will tell you the catalyst behind the Third Wave… and share details about five tokens best positioned to ride it.
He’ll also give you the name of a coin that could potentially 8x your money during the Third Wave… completely free of charge.
Until next time,
Analyst, Palm Beach Daily
P.S. If you haven’t already, I encourage you to upgrade to VIP status for Teeka’s event now.
As a VIP member, you’ll receive a free bonus a special report called The $0.50 AI Coin That Could Triple Your Money in 2024.
This coin is part of a new breed of cryptos called artificial intelligence (AI) tokens.
According to consultant firm PwC Global, AI is the largest megatrend of our generation… And it estimates it will create $15.7 trillion in new wealth.
As a VIP, you’ll also receive complimentary text alerts about this event to make sure you don’t miss our strategy session.
To upgrade, it’s very easy and free. Click here to learn more.