Welcome back to another jam-packed Trader Top 9! Last week focused on showing how far bitcoin has come over the past 10 years . This week, despite the usual FUD that needs to be addressed, the focus will remain largely the same as major businesses and financial institutions continue to recognize that bitcoin is here to stay.
9. First, let's start with a silly "bubble" chart that continues to get recycled whenever bitcoin is in a bull market. The fact is, bitcoin is a volatile asset which is actually is a positive for those who can withstand the ups and downs. Volatility is what makes the astronomical gains possible. It should also be noted that both the Nasdaq and bitcoin recovered from each of their so-called bubbles. They stand the test of time.
8. The bitcoin energy consumption criticism was brought up again, this time by Jerome Powell, the chair of the Federal Reserve. This seems to be the first time he's mentioned that. As we said last week, the bitcoin bear narrative continues to evolve over time.
7. Ben Schiller of CoinDesk suggests that rather than continue to argue about bitcoin's energy consumption, let's focus our efforts on finding solutions. Sounds like a great idea!
6. Last week, the Oakland A's announced they would accept bitcoin as payment for a full season suite. Well, this week, another sports team is getting involved in crypto, albeit in a slightly different way. The Miami Heat and crypto exchange FTX agreed on a $135M naming-rights deal for their arena. FTX must be doing quite well to afford this.
5. FTX is clearly taking advantage of the hot crypto market. As the cryptocurrency market continues to grow, there will be a need to cater to different groups of investors. Although many enjoy doing research and selecting their own coins, others may not have the time or interest in doing so. Indexes might prove to be extremely useful for this group of investors. In fact, our team at Cove Markets will soon unveil a brand new product that could be a game changer.
4. Coinbase has been in the news a lot lately over its plans to go public. While much of the public is enamored, I wrote an article for CoinDesk suggesting that a $100 billion valuation may not be justified at this point. Now, Robinhood, a major competitor with Coinbase, is also going to strike while the iron is hot.
3. Many in the space have longed for the day when a Bitcoin ETF would finally receive approval. Well, that time may now be close at hand. Fidelity, Goldman Sachs, and Skybridge all filed for Bitcoin ETFs this week. Next move is yours SEC!
2. In early February, Tesla announced that it had purchased $1.5 billion in bitcoin and had plans to accept the currency as payment. Well, the time has arrived. Not only will Tesla accept bitcoin but it will remain on the company's balance sheet as bitcoin (i.e. no conversion to FIAT). Who wants FIAT anyway?
1. Of course, we can't conclude a Trader Top 9 without sage advice from the legendary Michael Saylor. Companies have now been put on notice. Hold bitcoin and create shareholder value.
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