Nasdaq Embraces Bitcoin & Fact-Checks Elizabeth Warren
The crypto markets are gearing up for a potentially transformative year in 2024. A major point of contention has been regulation, with Senator Elizabeth Warren repeatedly targeting the industry. However, a recent NASDAQ financial crime report revealed $3 trillion in illicit fiat currency flows in 2023 with no mention of crypto. This implicates the mainstream financial system more than digital assets for enabling crimes.
Exchanges like Coinbase are also battling the SEC in court to establish regulatory clarity around crypto trading. A win for Coinbase would be "checkmate" and open the floodgates for wider adoption in the US. With the Bitcoin halving event, possible Ethereum spot ETF approval, and speculation around altcoin ETFs, there are several key narratives that could boost crypto this year.
After the launch of Bitcoin spot ETFs last year, assets under management continue to flow out of the Grayscale Bitcoin Trust (GBTC) into these new regulated vehicles like those from BlackRock. However, some believe this selling pressure will exhaust over the coming months. An Ethereum spot ETF approval could further compel the SEC to be more crypto-friendly.
Finally, while some see crypto following risk assets like equities lower if recession hits, crypto is now mainstream with less volatility. Counterpoints are that global money supply and interest rates still have room to stimulate growth. Ultimately, crypto's lack of earnings works against it compared to alternatives like Ethereum that power decentralized applications and have usage and cash flows.
This episode is sponsored by Tangem
Tangem is a card-shaped self-custodial cold wallet that gives you complete control of your private keys. Store, buy, earn, transfer, and swap 6000+ coins and tokens.
https://bit.ly/TangemPBN Use code PBN for additional discounts!
Connect with Paul Barron direct ➜ https://bit.ly/pbminnect
Subscribe on YouTube ➜ https://bit.ly/PBNYoutubeSubscribe
X\Twitter ➜ http://bit.ly/PBNtwitter
Trade with LuxAlgo for the best market indicators ➜ https://bit.ly/LuxPaul
Looking for the best tax havens for Crypto? Free month with iTrust Capital - Use PROMO CODE - PAUL BARRON ➜ https://rebrand.ly/PAULBARRON