Bitcoin Now too Important to Ignore, Says Deutsche Bank

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In Brief
  • Bitcoin drifted over the weekend of March 20-21.

  • There was a lot of news to digest, however.

  • And maybe, SpaceX, like Tesla, owns BTC on its balance sheet.

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The Trust Project is an international consortium of news organizations building standards of transparency.

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

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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.

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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

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.

$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.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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James Hydzik is a finance and technology writer and editor based in Kyiv, Ukraine. He is especially interested in the development of regulation in the face of increasingly rapid technological change. He previously covered the CEE region for Financial Times banking and FDI magazines. An ardent believer in gut renovating eastern Europe one flat at a time, he currently holds more home renovation gear than crypto.

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