Markets

xactly one year ago (last August) the CEO of MicroStrategy, Michael Saylor, announced that rather than holding excess cash reserves in low (or money losing) treasuries, MicroStrategy would hold Bitcoin. Saylor came to the conclusion that Bitcoin is a true store of value and a much better use of idle cash.

Here we are well past the halfway mark of 2021 and, once again, debates are popping up on when, or if, there will be a U.S. regulated Bitcoin ETF. Different time, same question. Will the SEC approve a BTC ETF? Will they not approve a BTC ETF? Or better yet, WHY won't they approve that coveted ETF? Yes, why oh why?

wiss banking giant UBS has warned its clients that regulatory crackdowns could result in making Bitcoin unsuitable for professional investors. Citing China's recent crackdown on mining, and the growing concern over crypto in the UK and US, UBS is advising clients to shy away from these risky assets.

While government regulators ponder (that's being kind) about how to formally regulate crypto, it seems almost everyone has an opinion on whether it will be "doom" or "gloom" for Bitcoin and other cryptocurrencies. Here is a glimpse of the topic from a great "point-counter point" article by two extremely knowledgeable industry leaders on their thoughts.

Bitcoin has become a real threat to global central banks' monetary control. After years of warily watching and trying a variety of threats and initiatives to discredit Bitcoin, the gloves are coming off. Panic at the highest level.

Blessed are the media "experts" that can be relied upon to flood the screens and pages with both bubble and doom talk at market peaks and valleys respectively. Gotta keep those viewers viewing and advertisers spending.

Bitcoin has seen quite a ride the last few weeks. Backing off the recent highs around $65K and then plunging to around $30K wiping out millions of dollars in investor holdings. Choreographed buying opportunity? Government plot to destroy crypto? Or, just a hell-of-a Smackdown playing by wrestling rules?

Crypto is on a roll across the wealth management space, as Wall Street financial institutions, independent broker-dealers and RIA firms increasingly explore how to offer crypto-based financial products and strategies.

Speaking last weekend on NBC's "Meet the Press," Treasury Secretary Janet Yellen ("J-Yell") downplayed any fears that government spending trillions of dollars will lead to inflation. Whew! Nothing better than hearing the calming re-assurance from the Washington. Move along, nothing to see here.

Property tech “is a good number of years behind the maturity of other spaces. Fintech, for example, has already dramatically re-shaped the world of wealth management, with many traditional wealth management businesses forced to adopt new technologies or fail.”