The booming market that has swept the market did work, as investors chased the world with low interest rates and turned their attention to alternative investments. But the recent series of announcements also clearly show that as market participants pay more and more attention to cryptocurrencies, cryptocurrencies are entering a new stage of maturity.
Greg King, CEO of Osprey Funds, told me: “I think the various institutions that are beginning to appear are talking about acceptance.” Last week, his company established the Osprey Bitcoin Trust Fund to increase daily Investor̵
Rick Rieder, BlackRock’s global fixed income chief investment officer, said in an interview with CNBC: “People are looking for valuable warehouses.” “We have already started to get involved.”
So far, Bitcoin is the first choice for professional investors to buy cryptocurrency. But Ether, the second largest cryptocurrency by market value, is also gaining mainstream appeal.
The Chicago Mercantile Exchange, the top derivatives market, launched Ethereum futures in early February. Since then, prices have soared.
Jin emphasized that as cryptocurrencies mature, more work needs to be done.
He said: “All these institutional capability tools that make up the capital market ecosystem…for the cryptocurrency field, it is still at a very early stage.”
What has received much attention is that most traditional market participants are still reviewing Bitcoin, evaluating the liquidity of the crypto market and how they respond to various shocks.
There are still deep doubts. In a research report released last week, JP Morgan strategists called Bitcoin an “economic performance”, stating that Bitcoin “is still several times more volatile than the core asset market” and is still used almost exclusively for speculation. Not spending.
But given the events of the past month, it is difficult to question the direction of travel.
JPMorgan Chase asserted: “The growth of digital finance and the demand for financial technology is the story of the real financial revolution in the Covid-19 era, not the rise of Bitcoin prices.” “But recently Tesla, Bank of New York Mellon and Mastercard announced The news of greater acceptance and adoption rates confirms that investor demand and interest in cryptocurrency trading are increasing.”
Biden’s stimulus bill is moving forward
Latest news: The House Budget Committee is taking steps to finalize the legislation so that a general vote can take place. Speaker of the House of Representatives Nancy Pelosi (Nancy Pelosi) said she hopes to do it this week.
The sticking point: Democrats plan to pass legislation through a settlement process, which will be approved by the Senate by 51 votes. The Senate is divided into 50-50 according to the party line. Vice President Kamala Harris (Kamala Harris) has the ability to intervene and act as the tiebreaker.
This means that Democrats cannot even lose the support of a party member. Some moderate lawmakers have made it clear that raising the $15 minimum wage does not have their support.
Watch the calendar: Pelosi said that she hopes the Covid relief plan will be available on Biden’s desk on March 14, when the current unemployment benefits will expire. The clock is ticking.
Friday: India GDP; US personal income and expenditure data; DraftKings earnings