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  • Michigan proposes investments in crypto as Bitcoin Pepe’s presale nears $2m

    Michigan proposes investments in crypto as Bitcoin Pepe’s presale nears $2m

    Michigan

    • Michigan has joined the wave of other states in the US looking to invest in cryptocurrencies
    • Bitcoin Pepe’s presale approaches $2m two days after launch

    Michigan proposes crypto investments

    Michigan’s state representatives, Bryan Posthumus and Ron Robinson have proposed House Bill 4087 to allow the state to invest in Bitcoin and other cryptocurrencies. 

    If the bill is approved, the state treasurer can allocate up to 10% of Michigan’s general and economic stabilization funds to cryptocurrencies. Michigan joins a wave of other states in the US proposing to invest in cryptocurrencies.

    What is Bitcoin Pepe?

    With Michigan and other US states looking to invest in cryptocurrencies, Bitcoin will likely top the list as it’s the number one crypto by market cap. Bitcoin Pepe is leveraging Bitcoin’s position in the market to introduce memecoins to its ecosystem. 

    It’s a layer-2 network building on the Bitcoin blockchain. Bitcoin Pepe is a meme-specialized layer-2 solution built on top of Bitcoin, bringing Solana-style scalability to the Bitcoin network.

    According to the whitepaper, Bitcoin Pepe is designed to become ground zero for all memecoin trading and move all this economic activity to the BTC ecosystem. This project will unlock decentralized finance (DeFi) and meme trading on top of BTC.

    The team describes Bitcoin Pepe as the perfect fusion between BTC’s security and the unstoppable force of memecoins.

    The team added that Bitcoin Pepe is the first-ever meme initial coin offering (ICO) on the Bitcoin blockchain. With this, BTC Maxis will be able to trade memes, and combining high levels of trust (BTC) with high levels of performance (SOL) will lead to high levels of retail mass adoption.

    How can Bitcoin Pepe advance the Bitcoin ecosystem?

    Bitcoin is the oldest blockchain in the ecosystem, but offers less utility than smart contract blockchains like Ethereum and Solana. However, Bitcoin Pepe plans to open up the blockchain further by allowing the launch of memecoins and other narratives on the network. 

    By ushering in memes on Bitcoin, Bitcoin Pepe will turn the blockchain into the home base for the crazy high-octane meme experience. The team believes the BTC bridge will unlock $2 trillion in dormant BTC capital and make it available for memecoin trading.

    Bitcoin Pepe will launch as a layer-2 network, providing the necessary infrastructure for all memes to migrate to BTC and ensuring security and liquidity for investors and users. 

    Bitcoin Pepe presale raises $2m in two days

    Bitcoin Pepe’s presale launched two days ago and is already close to a new milestone. According to their official whitepaper, the Bitcoin Pepe presale has raised $1,937,568 in just two days.

    This isn’t surprising, as its native token, $BPEP, will power the Bitcoin Pepe layer-2 network and several other activities within the ecosystem. The presale allows investors to buy the tokens before they are listed on exchanges. 

    Investors can purchase the $BPEP tokens using various cryptocurrencies, including ETH, USDT, USDC, BNB, and SOL. 

    The presale could be an opportunity to purchase $BPEP at a discount. Solana’s SOL currently trades at $196 per coin. However, it was sold for $0.22 during its presale in 2020, indicating how early investors benefit from partaking in presales.

    Bitcoin Pepe aims to be a leading L2 network on Bitcoin, offering users security and liquidity. In addition to that, it’s leveraging the recent growth of memecoins to launch as one while working to introduce more memecoins to the Bitcoin ecosystem.

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  • Calamos Investments to introduce a Bitcoin ETF with 100% downside protection

    Calamos Investments to introduce a Bitcoin ETF with 100% downside protection

    Calamos Investments to introduce a Bitcoin ETF with 100% downside protection
    • Calamos is launching a Bitcoin ETF with 100% downside protection named CBOJ in January.
    • The ETF combines Treasury bonds and Bitcoin options to mitigate investment risks.
    • CBOJ offers annual protection resets and caps potential gains for risk management.

    Calamos Investments is set to launch a groundbreaking Bitcoin exchange-traded fund (ETF) offering 100% downside protection.

    Scheduled to debut on the Chicago Board Options Exchange (CBOE) on January 22, the new ETF, named CBOJ, is designed to address Bitcoin’s volatility while providing growth opportunities, according to a company announcement.

    Calamos’ Structured Protection ETF series

    CBOJ builds upon the success of Calamos’ Structured Protection ETF series, introduced in 2024. This series provided similar downside protection mechanisms for stock indices like the S&P 500 and Nasdaq-100.

    By extending these principles to Bitcoin, Calamos seeks to meet the demands of advisors, institutions, and investors looking for a way to capture Bitcoin’s growth potential while mitigating its historically high volatility.

    Bitcoin has historically been a highly volatile asset, often deterring risk-averse investors. The CBOJ ETF aims to overcome this challenge by ensuring that investors do not lose money, even if Bitcoin’s value declines.

    This innovative fund achieves downside protection by integrating US Treasury bonds with options tied to the CBOE Bitcoin US ETF Index. The combination provides a regulated and transparent avenue for gaining Bitcoin exposure while minimizing associated risks.

    CBOJ ETF’s annual protection reset

    One of the unique features of the CBOJ ETF is its annual reset of downside protection. Each year, investors benefit from a new cap on potential gains while maintaining full protection against losses for the next 12 months.

    This structure ensures ongoing risk mitigation and aligns with the dynamic nature of the Bitcoin market.

    “Many investors have been hesitant to invest in Bitcoin due to its epic volatility,” said Matt Kaufman, Head of ETFs at Calamos. “Calamos seeks to meet advisor, institutional, and investor demands for solutions that capture Bitcoin’s growth potential while mitigating the historically high volatility and drawdowns of the asset.”

    ETFs are investment funds that trade like stocks on exchanges, allowing investors to pool their money into a fund holding various assets. With CBOJ, investors gain exposure to Bitcoin without the need to own the cryptocurrency directly. This protective structure makes the ETF especially appealing to cautious investors looking to navigate the crypto market’s notorious price swings.

    As derivatives-based Bitcoin ETFs gain traction, industry reports suggest that more firms may follow Calamos’ lead in introducing similar solutions for risk-averse investors.

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  • Galaxy Digital CEO says BTC and ETH are best investments

    Galaxy Digital CEO says BTC and ETH are best investments

    • Mike Novogratz is bullish on crypto, particularly the top two coins Bitcoin and Ethereum.
    • The Galaxy Digital CEO says BTC and ETH been best risk-adjusted investments over the last few years.
    • He also suggested during the company’s earnings call that the US risks losing its place as finanial and innovation leader.

    Galaxy Digital CEO Mike Novogratz says crypto is in “a good moment” highlighting the fact that Bitcoin and Ethereum have been the best risk-adjusted investments in the world over the past few years.

    The billionaire investor said this while commenting on the crypto market outlook during Galaxy Digital’s earnings call. He said:

    “I look right now and say, “What’s the good?” Bitcoin is trading over $27,000, Ethereum over $1,700. On a risk-adjusted basis, that’s volatility adjusted, Sharpe ratio adjusted, Bitcoin and Ethereum have been the two best-performing assets in the world this year. They’ve been the two best-performing assets in the world over the last two years. So, whatever Jamie Dimon wants to say, whatever the Biden administration wants to say, they’re just wrong, and the world knows that.”

    Novogratz explains what’s driving crypto

    Bitcoin has tested resistance near $29,000 in 2023, with its current price of $28,650 about 84% higher year-to-date. Ethereum has also traded above $1,800 as investors eye the $2,000 level. According to latest market data, the price of Ethereum is about 61% higher YTD.

    In Novogratz’ opinion, recent price action has the top coins poised for greater gains over the next several months. As highlighted in the earnings call transcript, the Galaxy Digital CEO believes all “the selling that needed done as crypto prices fell was done.

    Retail has also been behind much of the recent price appreciation, the billionaire investor added.

    “What’s promising, and what has driven crypto broadly this year, is two things. One, all the selling that needed to get done got done, right? There was so much bad news, if you had to sell, panic selling and just the nervousness of “Oh my God! This thing could go to zero,” and people were in sheer panic, you had seller’s exhaustion. But, you’ve had Asia reopen. China has—you know, post the Xi protests around COVID Zero, China took the regulatory boot of the necks of their tech companies, and that includes crypto, so you’re seeing, with Chinese traveling, you’re seeing more activity from Asia.”

    Bitcoin could be “substantially” higher in a few months

    Novogratz also believes the current wave of adoption across the Middle-East, Hong Kong and Europe is good for the crypto industry, even as the US risks losing its place as a financial market leader. 

    According to him, the Biden administration’s attack on crypto, as evidenced by the series of enforcement actions and charges among other things, is shortsighted.

    As for his outlook for Bitcoin and the broader crypto market, the Galaxy Digital chief noted:

    “The market feels strong, and when I look at it technically on charts, we’ve had big weekly closes. I’m surprised to hear myself say this, given where my mindset was in late December, but it would not surprise if we were substantially higher three months, six months, nine months from now.”

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