Welcome back to another jam-packed Trader Top 9! While last week was centered on institutional capital flowing into the space, this week will focus on the different forces at work within the crypto market. Although some members of the old guard remain skeptical about Bitcoin's role in society, it's clear that Bitcoin's momentum is simply too strong to be stopped at this point.
9. First, we have to talk about New York State Attorney General, Letitia James, and her rather bizarre warning NOT to invest in cryptocurrency. Eric Turner's rebuttal is spot on.
8. Although Bitcoin can't be banned, the warning from the NY AG is reminiscent of the time that the state of Massachusetts banned its residents from participating in the Apple Computer IPO. Imagine missing out on these gains.
7. Speaking of Massachusetts, while making a guest appearance on CNBC's Squawk Box, Senator Elizabeth Warren felt the need to follow in Janet Yellen's footsteps and state that Bitcoin is speculative and could end badly for some. Fortunately, Senator Cynthia Lummis was quick to point out the danger in dismissing financial innovation.
6. Now that the week's nonsense has been covered, let's get to what actually matters. Kevin O'Leary, popularly known as Mr. Wonderful, appears to have done a 180 and now says Bitcoin is here to stay. Welcome to the party Mr. Wonderful!
5. Sticking with the Shark Tank theme, Mark Cuban has been making headlines lately because of his support for various crypto projects. Well, he's now taking it to the next level.
4. The market is still buzzing about the upcoming Coinbase direct listing. While Coinbase's valuation could soar well over $100 billion, the more interesting question might be what impact that has on competitors such as BlockFi. Matt Leising, a reporter for Bloomberg, recently did a deep dive into both companies.
3. Although celebrity endorsements and IPOs are welcome news, perhaps an even bigger development was Citi making the case that Bitcoin is at the tipping point of mainstream adoption and could one day become the preferred currency for international trade. WOW!
2. If Citi says Bitcoin is at a tipping point, it can't come as a surprise that the biggest name in finance wants in on the action. Goldman Sachs, we've been waiting for you!
1. As celebrities, politicians, and institutions continue to explore Bitcoin and other digital assets, perhaps the most exciting development came when Gary Gensler, the man expected to soon lead the U.S. Securities and Exchange Commission, perfectly summed up what Bitcoin is all about.