tl;dr
The surface of the crypto space may be a bit calm, but, trust me, underneath is teeming with action and volatility I think will drive the Cryptoverse to new heights.1. JPMorgan CEO, Jamie Dimon is at it again. “I’ve always been deeply opposed to crypto, Bitcoin, etc,” answered Dimon. “The only true ...
The surface of the crypto space may be a bit calm, but, trust me, underneath is teeming with action and volatility I think will drive the Cryptoverse to new heights.
1. JPMorgan CEO, Jamie Dimon is at it again. “I’ve always been deeply opposed to crypto, Bitcoin, etc,” answered Dimon. “The only true use case for it is [for] criminals – drug traffickers, anti-money laundering, tax avoidance… and that is a use case.” This was in response to a question from known crypto hater, Senator Elizabeth Warren. Here is my question, how do you say something like that when your company is all over crypto? I am going to pay attention to your actions and not your words. The banking system has long been wrought with illicit activities. Mike Novogratz, CEO of Galaxy Digital says,
2. The European Central Bank (ECB) has come out with a report that says crypto may be acting as a store of value for many people around the world. The ECB makes a couple of key points they say are driving adoption of Bitcoin and other digital assets. People are drawn to speculation and that is something digital assets offer. In addition, in emerging and developing economies (EMDEs), the transactional benefits of Bitcoin are seen more when the value of local fiat is seen as unstable. In other words, people in developing countries are showing signs they trust crypto more than their fiat and their local banking system.
3. Coinbase wallet introduces the ability to send crypto via a link. Imagine being on social media and being able to drop a link in your DM to send some crypto. The new feature is free, for now. This is yet another step in driving mass adoption.
4. If you have been paying attention to Bitcoin transaction fees, you know how expensive they can be. This has reignited the battle over BRC-20 tokens, like Ordinals, that run on top of the world's first crypto. This is the main reason why other coins were even created. The other is speed. Clearly, Bitcoin is going to wind moving to elite status and people are going to need other coins to perform other tasks.
5. Cathie Wood's ARK Invest is still shaving profits from its Coinbase and Grayscale Bitcoin Trust shares. This time realizing about $24.3M and $3.5M, respectively. Beyond their collaboration with 21Shares for their Bitcoin Spot ETF, I suspect ARK Invest will be making some big moves in the very near future.
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