Continuing on the subject of Biden forcing student-loan forgiveness, Richard H. says: “To call the money provided to college-seeking students a loan is truly a misnomer. 

“Financial loans come from banks and credit unions, not the Department of Education, which is not authorized to act as a bank, nor are they accountable as a bank. Hence, they can bend the rules any way they choose for any purpose they desire. 

“‘Loan forgiveness’ would be unparalleled fraud only eclipsed by the other frauds perpetrated by the current administration's inability to follow established law.” 

As for Monday’s missive about AI-powered cybercrime, Russell K. says: “Until the powers that be, start putting some teeth into laws against cybercrime it will just keep getting worse. Perpetrators of these crimes know that the odds of getting caught are slim. 

“Plus, it's a supposed ‘victimless crime.’ Right! Except consumers end up paying more at the cash register or on higher interest rates to the credit card companies to make up for fraud. 

“Perpetrators get away with it, laughing at the system. I mean… Why work? 

“Do I have an answer? No. My answer would just get me in trouble.” 

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Your Rundown for Friday, February 2, 2024...

Three Months, Two Tailwinds

Bitcoin will enjoy two more tailwinds in the next 90 days.

As James Altucher accurately predicted, a little over three weeks ago, the feds gave the go-ahead to Bitcoin ETFs. 

It’s an event that James’ senior analyst Chris Campbell calls “Bitcoin’s ChatGPT moment.”

“ChatGPT pulled in over 100 million monthly users in just two months of launching,” he says, “making it the fastest-growing app of all time.”

Within days of Bitcoin ETFs launching, something very similar happened: According to figures from CoinDesk, Bitcoin ETFs already have $30 billion in assets under management.

“It took years for the SPDR Gold Trust (GLD) to hit $30 billion,” Chris observes.

“Imagine the Bitcoin ETFs as a sports car,” he adds. “Soon, the market’s going to attach a turbocharger to that car… 

“Options on Bitcoin ETFs are the logical next step and the general consensus is they could begin by the end of February. This means more market makers, more funds and, yes, more volatility and excitement.”

Plus, the next Bitcoin “halving” is scheduled around April 20. 

“A Bitcoin halving is an event that occurs approximately every four years and is a fundamental part of Bitcoin's economic model,” says Chris. 

“During a halving, the reward for mining new Bitcoin blocks is cut in half, effectively reducing the rate at which new Bitcoins are created and entering circulation.”

After former halvings in 2016 and 2020, Bitcoin rallied to all-time highs roughly 18 months later.

In the immediate aftermath of the halvings, Chris notes that “altcoins” — much smaller cryptos — explode. 

In short? “We’re looking at an exciting three months ahead for crypto,” Chris concludes.

Market Rundown for Friday, Feb. 2, 2024

The S&P 500 is slightly in the green, at the time of writing, to 4,930. 

Oil is down 1% to $73 for a barrel of West Texas crude. 

Gold’s down 1% to $2,045. 

Bitcoin is down 0.70% to $42,740. 

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