Welcome back to another jam-packed Trader Top 9! Last week, the focus was on bitcoin's strong trading action and the fact that nothing could slow it down. This week, the theme remains largely the same and despite some FUD that came out, it should be obvious that bitcoin's story is just getting started.
9. First, let's start with Bank of America's bitcoin FUD. At this point, the crypto community is most likely numb to these attacks but Alex Kruger's rebuttal is still spot on.
8. In addition, while bitcoin's potential impact on the environment is a conversation that should be had, it's best to at least be honest about it with supporting facts.
7. It's important to remember that the number of crypto players continues to grow and many have their own agendas. Some want the price to drop so they can buy cheaper while others simply want to be able to say, "I told you so." Lyn Alden hits the nail on the head with her tweet regarding the always changing bitcoin bear narrative.
6. Now that the FUD and bear narratives have been addressed, let's get to the fun stuff. Despite a new bill that could potentially outlaw cryptocurrency in India, the country's finance minister acknowledges that there could still be an opportunity for experimentation. Well, that's certainly better than nothing.
5. Bringing the story closer to home, a Bitcoin ETF is back on the table with VanEck's application. However, the SEC's concern with an ETF has always been and still is the volatility associated with the crypto market. Throw in the fact that Kraken appears to be letting bitcoin trade well above the market's true price, and that will certainly warrant additional conversation.
4. There have been plenty of fun stories over the years on items that bitcoin was used to buy. Perhaps the most well-known story was from 2010 when someone paid 10,000 bitcoin to buy a pizza. Now, the Oakland A's have decided to allow people to purchase a full-season baseball suite for 1 bitcoin. Not sure about you but that sure sounds like a better deal than the pizza story from 2010.
3. While a baseball suite sounds quite enjoyable, especially with baseball season approaching, let's turn our focus back to growing the asset class. Although Bank of America doesn't appear to be a bitcoin fan, Morgan Stanley certainly is. It is now the first big U.S. bank to offer access to bitcoin funds.
2. Morgan Stanley's decision makes sense because the stats clearly show that retail buying is outpacing institutional inflow. Coinbase's S-1 also showed that retail buying was mainly responsible for the company's growth. While the institutional narrative has been a popular one of late, it's important to remember that bitcoin's fate will be decided by everyday folks. If they believe in bitcoin and think it's the future, they will continue to drive adoption.
1. I think the below quote sums up bitcoin quite well. People want to be in charge of their own destiny. What better way than owning bitcoin and being a part of what's to come!