Sirwin
Sirwin

Dispatch #57: Battle of the Bankers on Bitcoin


Nexo recently published its 57th Dispatch entitled "Battle of the Bankers on Bitcoin." The Big Idea, not surprisingly, focused on the opinions of various bankers on bitcoin & cryptocurrency in general. The Dispatch also talked about Regulations, NFT's, Mining, Adoption, & Fundraising.

The Big Idea: Dueling Takes on Bitcoin, Circa 2021

The Dispatch quotes four bankers, with quotes going back 20 years--and notes that the price of Bitcoin has risen about 7,000% in that period. It quotes JP Morgan Chase CEO Jamie Dimon, Citigroup CEO Jane Fraser, Blackrock CEO Larry Fink, & Morgan Stanley CEO James Gorman.

Dimon famously just said that he thinks bitcoin is "worthless" and (infamously) doubted its supply cap and whether anybody has read the algorithm, displaying an astonishing level of ignorance, quite frankly. The Dispatch links to an article which references Dimon having previously both called bitcoin a "fraud" and then expressed regret for the baseless accusation.

From the Dispatch: 'This is, meanwhile, a week after his strategy team put out a note that said “Institutional investors appear to be returning to Bitcoin, perhaps seeing it as a better inflation hedge than gold.” JPM is also now offering Bitcoin and crypto-related products."'

So while Dimon continues to denigrate bitcoin, or spread FUD about cryptocurrency, his bank is practically recommending it.

The three others had more mixed views, saying positive things, at least, about blockchain technology and digital currencies in general.

Regulations

The Biden Administration is preparing an executive order on crypto, while multiple SEC commissioners are debating a "safe harbor" concept. In the UK, the Bank of England has compared crypto to subprime in 2008 and the gambling regulator is looking into Sorare's fantasy soccer league. Perhaps more importantly, Coinbase has released public policy proposals to try to influence upcoming crypto regulation in the US.

Fundraising

Among other things, Binance just "launched a $1B fund to support ecosystem development for Binance Smart Chain."

Mining

"New research out of the Cambridge Centre for Alternative Finance shows that the US is now by far the world’s global mining leader, with 35.4% of hashpower, up from under 17% in April."

https://nexo.io/blog/dispatch-57-battle-of-the-bankers-on-bitcoin

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