Here's why I take crypto over Apple. Crypto has a market cap of about 2T. Gold has a market cap of 11T. All financial instruments have a market cap of 400T. If you think programmable financial instruments have a reasonable chance to eclipse the market cap of gold over the next, say, 10 years, then consider getting off zero. Because there is no asset class that offers you the same asymmetric reward to risk ratio if you think that's a reasonable possibility.
Fundamentally there are all sorts of things that point to crypto continuing to advance.
The following is a list from April:
- Public Japanese Gaming Giant Nexon Purchases $100mm of Bitcoin on Balance Sheet
- 2nd Oldest U.S. Bank State Street with $3.2tn AUM to Start Trading Crypto
- Former OCC Head Brian Brooks Named CEO of Binance US
- Former CFTC Chair Chris Giancarlo Joins BlockFi’s Board of Directors
- Venmo Launches Crypto Purchases
- Goldman Prepares to Offer Crypto to Private Wealth Management Clients
- Morgan Stanley Files to Add Bitcoin Exposure to a Dozen Institutional Funds
- JPMorgan To Launch First Bitcoin Fund This Summer
- $230bn AUM CI Global Asset Management Launches CI Bitcoin Fund
- US Bank to Launch Crypto Custody
- Wealthfront To Enable Crypto Purchases Later This Year
- MicroStrategy Purchases $15mm BTC at $59,339, Total BTC Purchases 91,579 at $24,311 Average Price
- FinCEN Appoints Former Chainalysis CTO Michael Mosier As Director
- Former Acting Director of CIA Michael Morell Publishes Independent Paper Strongly Supportive of Crypto
- #1 NFL Draft Pick Trevor Lawrence Signs Deal with Blockfolio To Receive Bonus in BTC, ETH and SOL
- Paxos Receives Federal Bank Charter From OCC
- Paxos Raises $300mm at $2.4bn Valuation
- NYDIG Raises $100mm (After Raising $200mm Last Month) From Liberty Mutual Insurance, Starr Insurance and Others
- Consensys Raises $65mm From JPMorgan, Mastercard, UBS, Others
- $445bn AUM Baillie Gifford Leads $100mm Investment in Blockchain.com
- Rothschild Capital Management Takes Stake in Kraken
- Alchemy Raises $80mm Series B Led by Coatue to Be AWS for Blockchain
- RobinHood Announces 9.5mm Users Traded Crypto in Q1-21, Up From 1.7mm in Q4-20
- Revolut Expands Crypto Offering By 11 Names, Now Totaling 21 Cryptos
- Canada Launches Three ETH ETFs
- European Investment Bank Sells EU100m Bonds on Ethereum Network
- Ray Dalio Says of Bitcoin, “I like the diversification of this kind of asset. It should
be party of any portfolio. It’s got merit.”
- Goldman CEO States Bitcoin Is on Inevitable Path to a Higher Market Cap Than Gold
- Gary Gensler Confirmed as SEC Chair
- Brevin Howard Main Hedge Fund to Begin Buying Crypto
- Dan Loeb’s Third Point Files as a Coinbase Custody Customer
- Biden Administration Said to Be in The Early Stages of Developing Crypto Regulatory
Framework
- Congress Passes “the Eliminate Barriers to Innovation Act” to Establish SEC/CFTC Working Group on Digital Assets
- Coinbase To Devote 10% of Resources to Innovation Bets
- Gemini Now Supports Apple Pay and Google Pay
- Tether Trading Pairs to Launch on Coinbase
- Binance Launches Zero-Commission Tokenized Stock Trading
- Coinbase Executes Direct Listing on NASDAQ
Here's a list from prior months -
October 2020
• PayPal & Venmo Introduce Cryptocurrency Buying, Selling & Shopping
• JPMorgan Launches Digital Asset Business Unit, Rumored to Buy Custodian
November 2020
• Citigroup Research Publishes YE 2021 BTC Price Target as High as $318k
• BTIG Research Publishes YE 2021 BTC Price Target of $50k
• AllianceBernstein Recommends Allocation to Crypto
December 2020
• MassMutual Buys $100mm of Bitcoin and Minority Stake in NYDIG
• Guggenheim CIO Scott Minerd Says Bitcoin Fundamental Value Is $400,000
• JPMorgan Says Gold Will Suffer for Years Because of Bitcoin
• Fidelity Digital to Hold Bitcoin as Collateral for Cash Loans
• Jefferies Head of Global Equity Strategy Cuts Gold Exposure for Bitcoin
• SkyBridge Capital Registers Fund to Buy Bitcoin and Buys $182mm
January 2021
• $7.8tn AUM BlackRock Files to Invest in Bitcoin Futures for Two Funds
• Publicly-Traded Marathon Patent Group Purchases $150mm of Bitcoin on Balance Sheet
• Osprey Funds Launches Trading on GBTC Competitor BTC Fund
February 2021
• TSLA Buys $1.5bn of Bitcoin on Balance Sheet
• BNY Melon to Custody Crypto
• MasterCard to Enable Crypto Purchases for All Merchants
• Deutsche Bank to Offer Crypto Custody and Prime Brokerage
• BlackRock Begins Buying Bitcoin
March 2021
• $4tn AUM Morgan Stanley Private Wealth Management to Offer NYDIG and Galaxy BTC Funds to Clients
• NYDIG Raises $200mm From Morgan Stanley, New York Life, MassMutual, Soros
• Visa to Enable Bitcoin Purchases at 70mm Merchants
• Fireblocks Raises $133mm Series C from Coatue, Ribbit, BNY Mellon
• Fidelity, Goldman, SkyBridge, NYDIG, VanEck, Valkyrie, WisdomTree and Bitwise All Have Current Bitcoin ETF Applications Pending
• Visa Launches Pilot with Crypto.com to Settle USDC on Visa Network
• PayPal Acquires Crypto Custodian Curve, Launches “Checkout with Crypto”