Bitcoin Now too Important to Ignore, Says Deutsche Bank

2021-3-21 16:51

And Anthony Scaramucci says that SpaceX owns Bitcoin on its balance sheet.

With Bitcoin drifting on Mar. 21, the cryptocurrency community had a lit to digest regarding Bitcoin.

The Analysts

Deutsche Bank released its latest ‘Future of Payments’  research. The bank called BTC too important to ignore. However, in a Tweet on Mar. 19, the bank also raises the question of whether the liquidity shortage that accompanied the current boom is hurting its chances of becoming an asset class.

#Bitcoin’s market cap of $1 tn makes it too important to ignore. But will it evolve into an asset class, or will its illiquidity remain an obstacle? Find out more in the latest instalment of “The Future of Payments” from @MarionLaboure and #dbresearch: https://t.co/dx71OpCSKJ pic.twitter.com/YYoOcroPa0

— Deutsche Bank (@DeutscheBank) March 19, 2021

The bank points out, among other things, that Bitcoin has a market capitalization of over $1 trillion. Deutsche Bank also points to the Tinkerbell Effect, and notes that this is a term in economics describing the tendency for something to exist or happen the more people believe in it. They give the example from Peter Pan, in which Peter says that Tinkerbell exists because kids say she does.

Imagine There’s an ETF

Canadian #Bitcoin ETF AUM has hit 14k BTC or $815m.

Imagine what U.S. Bitcoin ETF will be capable of. pic.twitter.com/mnS5zsA8l9

— Lex Moskovski (@mskvsk) March 19, 2021

The ETF he refers to, the Purpose Bitcoin ETF (ticker: BTCC), belongs to Canadian investment company Purpose Investments. The fund won approval for Canada’s first BTC ETF on Feb. 11. In the month since its launch on the Toronto Stock Exchange, Purpose Bitcoin ETF garnered $815 million, and has 14,000 BTC under management.

As Moskovski quips, “Imagine what a U.S. Bitcoin ETF will be capable of.”

BTC Grounded at $1 Trillion 

On-chain Bitcoin analyst Willie Woo tweeted on Mar. 21 regarding Bitcoin movements since BTC hit $1 trillion in market cap. Since the coin reached the marker in February, 7.3% of Bitcoins moved. Moreover, since BTC broke the $19,700 ATH in December 2020, 28.7% of coins have moved. While Woo warns against forgetting that coins get moved internally for a variety of reasons, he sees this overall as price validation.

URPD: "7.3% of bitcoins last moved at prices above $1T"

This is pretty solid price validation; $1T is already strongly supported by investors. I'd say there's a fair chance we'll never see Bitcoin below $1T again. pic.twitter.com/bf8uXkht16

— Willy Woo (@woonomic) March 21, 2021 $5 Billion in BTC

SkyBridge founder Anthone Scaramucci Tweeted on Mar. 19 that Elon Musk’s SpaceX owns Bitcoin on its balance sheet. He asserts that Musk has over $ 5 billion in BTC between SpaceX, Tesla, and his own holdings. 

Furthermore, he claims that Musk sees the future with renewable energy and BTC replacing fossil fuels and becoming the dominant store of value, respectively.

Elon Musk didn’t stop with Tesla. I understand that SpaceX owns #bitcoin on its balance sheet. @elonmusk owns over $5 billion in #bitcoin via Tesla, SpaceX, and personally. No living person has done more to protect the planet against climate change. (1/2)

— Anthony Scaramucci (@Scaramucci) March 19, 2021

The post Bitcoin Now too Important to Ignore, Says Deutsche Bank appeared first on BeInCrypto.

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Источник: beincrypto.com

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