Secretive closed meetings in dark rooms to discuss the future of cryptocurrency sector sounds like a conspiracy theory, but in fact, the real world is even stranger. The world second largest stock exchange NASDAQ hosted ‘closed door’ meeting with one of the biggest trading experts and cryptocurrency executives (exchange owners and managers) to discuss the future of the market. Ofcourse for the masses the mystery group of insiders from both the Wall Street and the cryptocurrency worlds had important decisions about the future of the Blockchain industry... We all know this is the last thing they care for. The Blockchain is here to stay, but the voatility of the market is where the biggest money are made.
"We've approached countless large investors over the last few months and they've told us two things - they want in, but first there's a few steps the cryptocurrency world needs to take. Without going into all the specifics - we're taking those steps" says my source from a major San Francisco based cryptocurrency company - who wishes to remain unnamed for now.
Among topics discussed were how these large firms working together could work to "validate [cryptocurrency's] potential role in global markets" and the "implications of future regulation for cryptocurrencies" as well as "what the necessary tools are and what surveillance will be needed" a source told Bloomberg.
This reminds somehow on the time before the Gold ETFs have been approved back in the 70s... Ofcourse this brought some possitives in a longterm perspective too. https://www.marketwatch.com/story/how-gold-etfs-have-transformed-market-in-10-years-2013-03-29
But to keep the growth of the economic they need something similar as Gold... - BITCOIN.
WHY? Simply because the gold ETF Is oversold; the dollar Is overbought and Commodities slip down Its 200-week moving average. Something new has to replace them...
The Gold Shares ETF is below its ‘reversion to the mean’ at $177.75 with my quarterly value level at $113.60.
The commodities ETF has been sliding down its ‘reversion to the mean’ since the week of May 4.
The long dollar ETF has been rising above its ‘reversion to the mean’ since the week of May 25.
But if we go out of the speculative area the most valueable point is: Wallstreet is looking for the best ways to adopt and regulate all digital assets classes in a legitimate way. Ofcourse all this with one single goal - more profits for the whales. ( nothing new)
Expanding on the topic of the last week was the denial of an application to launch the first Bitcoin ETF, placed by the Winkelvoss Twins. Both first reached fame for claiming they are the creators of Facebook. In fact they launched the Gemini exchange back in 2014. https://en.wikipedia.org/wiki/Gemini_(digital_currency_exchange)
Gemini recently hired NASDAQ for this exact reason, to use the tools they developed to provide surveillance over the stock market and spot manipulation, and apply it to the cryptocurrency markets.
After the rejection ( for a second time ) SEC commissioner Hester Peirce has made her position clear - the end goal for her is to approve a Bitcoin ETFs. In result we saw a green candle for a short last week.
"This will not be the last meeting of this nature" says Bloomberg's inside source.
Talking in an interview for CNN, Adena Friedman said: “How it evolves and which of the cryptocurrencies may or may not be the one that ultimately gets embraced, I think that really the jury is still out on that. But I do think the idea of a more globalized payment mechanism that is more efficient than what we have today allows for money to transfer across countries and certainly supports the Internet economy.”
Because 95 % of the mainstream media attention is focused on how crypto is ponzi and not trustworthy, dangerous and should be illegal, I personally believe this are one of the best news we have heard this year so far.
Best regards,
