Trader Top 9: Bitcoin Marches Towards $40,000

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Welcome back to another Trader Top 9. For those hoping 2021 would be less full throttled than 2020, our condolences.

9. Let's start with the chaos of yesterday. Without getting into the politics, there were many who pointed out that some incontrovertible source of truth could be well warranted in today's highly charged environment.

8. Speaking of politics, the comment period for the proposed new rules around self-hosted wallets has ended. Kraken was one of many companies in the crypto space to speak out against the new regulation.

7. On a better side of politics, the Office of the Comptroller of the Currency on Monday made a HUGE announcement that banks could treat public blockchains as a settlement layer akin to the SWIFT system. This is, as they say in the business, a BFD.

6. There was some speculation that institutions began front-running the OCC news. Whether or not that's true, there is definitely an uptick in chatter around bitcoin from the traditional sector.

5. The entrance of these new, deep pocketed actors is one of the key themes for 2021

4. Another interesting phenomenon is that Asia seems to have taken a turn, earlier in the week providing sell pressure but now starting to reverse.

3. The euphoria and price have gotten to the level where some are actually asking where the top will be

2. In the meantime, legendary value investor Bill Miller showed just how much things have changed when he paraphrased Warren Buffett's "Rat Poison" quote in his Q4 Investor Letter. 

1. Which perhaps adds even more credence to this notion: might we even be UNDER estimating how much room to run there is?

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