tl;dr
• Jim "The Flip Flop" Cramer says sell Bitcoin into the rally, Marathon Digital touts benefits of holding BTC as Signature Bank closure sparks speculation• DCG says HSBC, Santander and Deutsche still willing to work with crypto, but with muted services• Coinbase considers adding banking features to ...
• Jim "The Flip Flop" Cramer says sell Bitcoin into the rally, Marathon Digital touts benefits of holding BTC as Signature Bank closure sparks speculation
• DCG says HSBC, Santander and Deutsche still willing to work with crypto, but with muted services
• Coinbase considers adding banking features to become a neobank, following Kraken's plans to open its own bank
• CFTC forms Technology Advisory Committee with executives from Circle, Fireblocks and more, chaired by former White House official
• Cathie Wood laughs off crypto naysayers, as bank crisis proves the benefits of transparent, decentralized and auditable networks
Like I said there is a lot going on that will have far-reaching effects on traditional finance prove further that crypto is here to stay. Here is what is on my mind today.
1. The inverse Cramer is on! Jim "The Flip Flop" Cramer said he would be selling his Bitcoin into this rally. Where would you be putting your money, Jim? Back into the banking system? Again, this is why Bitcoin was created. The Signature Bank closing. Amazing how we are not hearing specifics about why they were shut down. Generalizations are given, but nothing substantive and it has a lot of people wondering if it was out of convenience during a time where the administration doesn't like crypto and the closure would make on-ramping and off-ramping harder on the Cryptoverse. Marathon Digital comes right out with it and says the Signature Bank closure highlights the benefits of holding Bitcoin. Meanwhile, we will see what comes from the investigation into the failure of SVB being led by chairman for supervision, Michael Barr.
2. DCG says HSBC, Santander and Deutsche are still willing to service crypto clients, as reported by CoinDesk. That said, I would be expecting them to curb services offered. As you know, DCG is shopping for new banking partners, as are a lot of other companies. There are other major banks like JPMorgan and Bank of America. It is expected that money market and wire services may be on the list services not offered. In other words, anything that would move what could be vast amounts of money out of the bank.
3. Last week I told you about how Kraken is expected to open their own bank, most likely a neobank. A neobank, also known as a digital bank, is a type of financial institution that operates entirely online, with no physical branches. Well, Coinbase may be moving to that end. It is said they are considering what banking features they could add to become one.
4. The CFTC has named several executives from Circle, Fireblocks and others to a new Technology Advisory Committee. Carole House, a former White House official is to chair that board. This is very interesting and it can be seen as a step in the right direction to work with the Cryptoverse to gain a stronger understanding about the industry and properly regulate it. Seems like a good way to hedge your bets if you are an administration that is seen as iron-fisted when it comes to crypto.
5. I wonder just how much Cathie Wood is laughing at the people that have been thumbing their noses at her as she continued going deeper into crypto. She says she is not surprised at the crypto turnaround during this banking crisis. Looking at how crypto is based on transparent, decentralized and auditable networks, she says bank aren't and regulators have focused on instilling fear about the risks of crypto, but the events of this past weekend have turned that stance on its ear.