Canary Capital CEO Reveals When XRP ETFs Will Be Approved in America

Skepticism over Bitcoin’s ability to rise further has followed the asset for years, and will likely continue even if the price reaches into the millions, according to a Bitcoin adviser.

“I think it’s going to be that way for a very long time,” The Bitcoin Adviser’s Luke Broyles told Natalie Brunell on the Coin Stories podcast on Friday.

“I think Bitcoin will be at $5 million, $10 million or more, and people will still be saying, Yeah, well it’s 8% of world assets now. It can’t go any higher, right?” he added.

Skepticism has followed Bitcoin (BTC) at every price milestone. Each time the asset has reached a new all-time high, critics have questioned its ability to climb further. During price corrections, many skeptics assumed it would never recover.

It may be an “exceedingly long period of time” before change

This year, Bitcoin reached several new all-time highs. Most recently, Bitcoin reached $124,100 on July 14, according to CoinMarketCap. Since then, it has pulled back to $108,978 at the time of publication.

However, Broyles argued that Bitcoin’s biggest hurdle isn’t technical but psychological, as most people still don’t believe it can improve their everyday lives. “Unfortunately, I don’t think a lot of people will make that switch until they see that,” he said.

“I think it is going to be an exceedingly long period of time,” he added.

Broyles suggested that Bitcoin merging with real estate loans will do much more for adoption than convincing Bitcoin skeptics to invest small amounts over time.

Bitcoin mortgages could push adoption faster than DCA

“Like, is it going to be harder to convince somebody who’s more skeptical of Bitcoin, hey, you should buy $1,000 of Bitcoin for the next 200 months. Or is it going to be "Hey, you can refinance your home and convert this equity into Bitcoin, right?” Broyles said.

“I think that is going to blow people’s minds,” he said.

A lack of understanding is still one of the biggest obstacles to crypto adoption. According to an August 2024 survey conducted by Australian crypto exchange Swyftx, 43% of 2,229 respondents said they hadn’t used the tech because they were unsure how it works.

Top Stories of The Week

Ether ETFs hit $13.7B as inflows surge and corporate treasuries grow

Ether spot exchange-traded funds (ETFs) have seen steady growth since their US debut in July 2024, while corporate treasuries tied to the token are also on the rise.

Inflows into Ether funds climbed 44% this month, rising from $9.5 billion on Aug. 1 to $13.7 billion on Aug. 28, according to cryptocurrency research platform SoSoValue. Market participants say renewed institutional demand is fueling the momentum.

After an extended period of underperformance relative to Bitcoin and a souring investor sentiment, Ethereum has recently experienced a significant revival in the recognition of both its adoption rate and value proposition, Sygnum Chief Investment Officer Fabian Dori told Cointelegraph.

Crypto market to unlock $4.5B in tokens in September

Crypto projects are set to unlock about $4.5 billion in vested tokens in September, according to data tracker Tokenomist.

Tokenomist data shows that about $1.17 billion will come from cliff unlocks, while $3.36 billion will be released through linear unlocks. About $4.5 billion in tokens will become available to investors, project teams and other stakeholders as vesting agreements expire.

Cliff unlocks are typically larger, one-time token releases that happen at the end of a specified lockup period. This often affects the market more due to supply shocks. On the other hand, linear unlocks distribute tokens over time, which helps smooth out the impact on the supply.

Elon Musks lawyer to chair $200M Dogecoin treasury: Report

Elon Musks attorney Alex Spiro is set to chair a new public company that aims to raise $200 million to invest in Dogecoin, according to a Fortune report citing six people familiar with the deal.

The initiative is being pitched to investors as a Dogecoin treasury vehicle with the endorsement of House of Doge, the corporate entity launched in early 2025 by the Dogecoin Foundation and headquartered in Miami, Fortune reported Friday.

The company seeks to raise at least $200 million as a public vehicle to hold Dogecoin on its balance sheet, giving investors stock-market exposure to the token without direct ownership.

The effort remains at the pitch stage, with details on its structure or launch timing not yet disclosed.

Strategy Bitcoin lawsuit dismissed as investors withdraw case

Lead plaintiffs and an investor have voluntarily dismissed their lawsuit against Bitcoin treasury company Strategy, permanently ending the case, according to a court filing obtained by Cointelegraph. The move represents a potential win for crypto treasury companies, with Strategy standing as the industrys largest player.

According to a Thursday court filing, two lead plaintiffs, Michelle Clarity and Mehmet Cihan Unlusoy, and an investor representing other shareholders, submitted the stipulation for dismissal.

The dismissal with respect to Co-Lead Plaintiffs claims and Anas Hamzas claims, but not absent class members claims, is with prejudice, the court document reads. In addition, the Action has not been certified as a class action.

Trump has 11 on his Fed chair list, 3 may be crypto-friendly

The Trump administration is considering at least 11 candidates to replace Jerome Powell when his term as Federal Reserve chair expires in May. At least three of them have taken positive stances toward crypto.

Treasury Secretary Scott Bessent told Fox News on Wednesday that there are 11 very strong candidates for Fed chair, which hell begin to vet and shortlist starting next month.

The list of candidates, as CNBC reported on Aug. 13, citing two administration officials, includes Dallas Fed President Lorie Logan, former St. Louis Fed President James Bullard, Fed Vice Chair Philip Jefferson, Fed Governor Christopher Waller, Fed Vice Supervision Chair Michelle Bowman and former Fed Governor Larry Lindsey.

The list also includes Bush administration economic adviser Marc Sumerlin, investment bank Jefferies chief market strategist David Zervos and BlackRocks chief investment officer for global fixed income Rick Rieder.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $108,309, Ether (ETH) at $4,374 and XRP at $2.82. The total market cap is at $3.77 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Cronos (CRO) at 94.97%, Pyth Network (PYTH) at 41.07% and Pump.fun (PUMP) at 11.96%.

The top three altcoin losers of the week are SPX6900 (SPX) at 22.68%, Aerodrome Finance (AERO) at 21.67% and Pendle (PENDLE) at 19.07%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

Let’s say that your protocol or layer 1 blockchain becomes more secure. Then they may target human beings behind it. The people who have the private key and so on.

Ronghui Gu, co-founder of CertiK

There are other currencies that will come up as flashes in the pan but I think overall, were in a major trend toward Bitcoin.

Tim Draper, founding partner at Draper Associates

This whole system was weaponized against them, no different than it had been weaponized against us for different reasons.

Eric Trump, son of US President Donald Trump

Crypto gets pretty sketchy below the top 10, certainly below the top 20.

Greg King, founder and CEO of REX Financial

We have to go through the tough liquidation days so that we can go up.

Bobby Ong, co-founder of CoinGecko

Timeline bearish and calling for the bear market. Time to go max long.

James Wynn, millionaire leverage trader

Top Prediction of The Week

XRP distribution phase doesnt change $20 price target: Analyst

XRPs price fell 22% to $2.72 from its multi-year high of $3.66 reached on July 18, before recovering to current levels around $3.

Has the popular altcoin finally topped out, or is there a stronger rally in the cards?

XRP price action reveals a consolidation within a symmetrical triangle on the daily chart, suggesting that the altcoin may be preparing another bullish impulse, according to analyst XForceGlobal.

XRP price at $20 remains the primary cycle target, the pseudonymous analyst said in an X post on Wednesday.

Although the price still faces strong resistance around the $4 psychological level, this does not alter the overall bullish outlook on the macro, the analyst said, adding that XRP could now follow two possible scenarios.

Top FUD of The Week

US banks moved $312B in dirty money, but critics still blame crypto

US banks were responsible for moving $312 billion for Chinese money launderers between 2020 and 2024, according to a new report.

In a US Financial Crimes Enforcement Network (FinCEN) advisory on Thursday, the watchdog analyzed over 137,000 Bank Secrecy Act reports from 2020 to 2024.

It found that over $62 billion per year on average has gone through the US banking system from Chinese money launderers.

Chinese money-laundering networks have formed a symbiotic relationship with Mexico-based drug cartels. The cartels need to launder US dollar drug proceeds, while Chinese gangs want US dollars to circumvent Chinas currency control laws, it reported.

These networks launder proceeds for Mexico-based drug cartels and are involved in other significant, underground money movement schemes within the United States and around the world, said FinCEN Director Andrea Gacki.

Kanye Wests YZY token: 51,000 traders lost $74M, while 11 netted $1M

More than 51,000 traders incurred losses on Kanye Wests recently launched memecoin, highlighting the potential risks of trading celebrity-endorsed tokens with no intrinsic technological utility.

The Kanye West-linked YZY token was launched on the Solana blockchain on Aug. 21. It rallied 1,400% within the first hour before losing over 80% of its value.

Of the 70,200 traders who invested in the celebrity-endorsed token, more than 51,800 realized losses, with three traders losing over $1 million, according to blockchain data platform Bubblemaps.

Meanwhile, 11 wallets made $1M+, wrote Bubblemaps in a Wednesday X post.

Amid large-scale losses from the majority of the tokens traders, only 11 out of 70,000 wallets generated over $1 million in profit, while 99 generated over $100,000, highlighting the financial risks of celebrity-endorsed meme tokens with a lack of blockchain utility.

Fenwick denies allegations that it was key to multibillion-dollar FTX fraud

Law firm Fenwick & West denied allegations from an updated class-action lawsuit claiming it was central to crypto exchange FTXs fraud and eventual collapse.

Earlier this month, FTX users asked to update their suit against Fenwick, first filed in 2023, claiming new information from a bankruptcy and criminal case shared evidence that the law firm played a key and crucial role in the most important aspects of why and how the FTX fraud was accomplished.

Fenwick told a Florida federal judge in a filing on Monday that the court should deny FTX users request to update the suit against the firm, arguing their theory that it helped the exchange carry out fraud is as facile as it is flawed.

Fenwick is not liable for aiding and abetting a fraud it knew nothing about, based solely on allegations that Fenwick did what law firms do every day provide routine and lawful legal services to their clients, it said.

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