Welcome back to the Trader Top 9! Tons of action in this holiday week. From a DAO getting beat by Ken Griffin, to Su Zhu railing on Ethereum maxis, to the highly anticipated rollout of Robinhood crypto wallets. There's a lot to unpack, so let's dig in!
9. The narrative from world leaders has finally shifted from "this is nothing" all the way to "[this] has the potential for undermining currencies, for undermining the role of the dollar as the reserve currency, for destabilizing nations, perhaps starting with small ones but going much larger."
8. While some politicians continue to dismiss and degrade it, others realize the positive potential and embrace it.
7. Last Thursday saw a highly anticipated Sotheby's auction of a rare copy of the US Constitution. Unfortunately, a DAO set up for the purpose of purchasing this historical founding document was ultimately outbid by none other than Ken Griffin of Citadel. Small investors in the DAO might be shocked to learn about the impact of high gas fees.
6. One of the most engaging tweets this week came from Su Zhu of 3 Arrows Capital, as he denounced Ethereum maximalism and highlighted the problem of high gas fees.
5. Now pivoting back to Bitcoin. Dan Morehead of Pantera Capital once again draws attention to Bitcoin bull/bear price action and his long-term forecast for prices. Pantera has had no problem raising capital from institutional investors as it announces a new $600mm fund.
4. And CZ from Binance announced plans on Tuesday to seek funding from sovereign wealth funds in order to improve "perception and relationships" with regulators around the world.
3. It's true... the institutions are coming. Every week, we share evidence of this in the Trader Top 9. If you think banks and large cap corporations are ignoring crypto, think again!
2. In very exciting news for many, Robinhood has begun alpha testing of its new crypto wallets. Finally!
1. Trader Top 9 is coming a day early this week due to tomorrow's Thanksgiving holiday in the US. What does your family think about crypto? There's only one way to find out...