Welcome back to the Trader Top 9! This week brings some good news with increasing Bitcoin inflows, despite negative rhetoric from Jamie Dimon, and announcement of a Coinbase NFT marketplace and a potential Bitcoin ETF around the corner. Let's dive in!
9. Last Friday afternoon, we found out that the White House is considering appointing a crypto czar to coordinate the response of federal agencies to this booming asset class. Oddly, the one person over there who knows anything is being excluded from the process.
8. Meanwhile, Ted Cruz offers a perspective on how Bitcoin mining can help strengthen, not weaken, our energy infrastructure.
7. On Monday, JP Morgan chief Jamie Dimon called Bitcoin "worthless." It's useful looking back at his track record over the years. But what attracted the most attention was the shocking ignorance he displayed as to how this digital currency even works.
6. While Jamie Dimon continues to sow FUD on Bitcoin, look at what JP Morgan's best clients are actually doing.
5. It must be hard working at a bank when your leaders are willfully ignoring the hottest game in town. And how do you attract the best young technologists if you can't offer them professional exposure to this transformative new asset class?
4. Dylan LeClair notes that the drivers of the recent 30% rally in BTC have been very different to those in past, primarily less speculative and perhaps more sticky.
3. The real eye-opener this week has been the incredible traction that Coinbase has achieved with their newly announced NFT platform. This will likely provide an easy on-ramp for those who otherwise would not know how to get involved in the NFT craze.
2. As China has cracked down on Bitcoin, this has created a huge opportunity for the US. Hoping the US can take advantage!
1. As Gensler continues to express support for a futures-backed Bitcoin ETF and as filings continue to come in with deadlines approaching for the SEC to take action, anticipation is building for potential approval in the next week or two! A Bitcoin ETF would make exposure to this still nascent asset widely available to the masses via their existing brokerage accounts.