State Street Global Advisors has partnered with Galaxy Asset Management to provide advanced digital asset-based strategies, expanding investor access to the digital asset ecosystem beyond cryptocurrencies and bitcoin. “We believe we are in a strong position to make digital assets more accessible to the broader investment community through the creation of new ETFs offering exposure […]
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Report: CME Group to Launch Bitcoin Trading Amid Rising Demand From Wall Street
CME Group, the world’s largest futures exchange, is planning to launch bitcoin trading to capitalize on the surging demand among Wall Street money managers for exposure to the cryptocurrency sector, according to a report from the Financial Times. The Chicago-based group has reportedly been in discussions with traders interested in buying and selling the cryptocurrency […]
Bitcoin News
Andrew Tate Pours $6M Into Gamestop as Meme Stock Craze Continues to Shock Wall Street
The frenzy surrounding GME and AMC remains ongoing, with both stocks experiencing increases of 200% and 150%, respectively, over the past five days. In the midst of this excitement, CNBC’s Mad Money host Jim Cramer suggested that the companies would be foolish not to seize the opportunity to raise capital by issuing shares. Socialite Andrew […]
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Wall Street Expert Says $100 XRP Price Prediction Has Expired, What Does This Mean?
Wall Street veteran Shannon Thorp has publicly admitted that her earlier bullish price projections for the XRP price have expired. The forecast, which had previously been a source of speculation and expectation within the XRP community, has fallen short of realization, leading market observers to further reflect on XRP’s price dynamics.
XRP Price Prediction Falls Flat
On Friday, March 1, Thorp took to X (formerly Twitter) to announce that her earlier ambitious forecast of XRP had come to an end. The Wall Street veteran acknowledged that her predictions had fallen flat, describing the unfortunate outcome as a “bittersweet” situation.
Previously, in July 2023, Thorp had made a bold prediction of XRP, projecting that the price of the cryptocurrency would surge between 0 to 0 in four to seven months. The Wall Street expert had provided critical analysis and statistics to back her projections, highlighting XRP’s potential for gaining more liquidity strength and achieving widespread adoption in the financial sector.
Now in March 2024, almost seven months after Thorp’s price prediction and analysis, XRP has failed to attain the projected 0 price mark. At the time of writing, the cryptocurrency is trading below at .62, according to CoinMarketCap.
Since last year, the price of XRP has struggled to keep up with the market’s bullish trends and has been consolidating around the price of .50 for months. However, recently, the cryptocurrency witnessed a surge in its value after breaking through crucial resistance levels around the .6 price mark. The unexpected price gain has heightened anticipation for a significant price movement, suggesting a potential uptrend during this bullish period.
Wall Street Expert Remains Optimistic
After acknowledging the unmet 0 XRP price prediction, Thorp highlighted XRP’s accomplishments, underscoring the cryptocurrency’s resilience in overcoming challenges that could have severely disrupted other digital currencies under similar circumstances.
According to the Wall Street veteran, XRP has shown its immense potential by enduring an extensive lawsuit filed by the United States Securities and Exchange Commission (SEC). She revealed that XRP has continued to prevail, holding its title as one of the top 10 cryptocurrencies despite facing multiple adversaries and regulatory hurdles during its developmental and advancement stages.
“Are we really to believe that XRP will fail? Well, I refuse to believe that because still to this day, I know what I hold,” Thorp stated.
Despite her predictions not coming to fruition, the Wall Street veteran has remained optimistic about XRP’s prospects, staying consistent with her support for the cryptocurrency and its development team.
Bitcoin Continues To Break Wall Street Records: The Whales Are Here
Bitcoin is making waves on Wall Street, with BlackRock and Fidelity, two of the popular spot Bitcoin exchange-traded funds (ETF) issuers shattering records. Looking at recent trends, spot Bitcoin ETFs are surging in popularity, indicating that institutional investors, or “whales,” are diving headfirst.
Fidelity And BlackRock Spot Bitcoin ETFs Break Wall Street Record
Mark Wlosinski, a crypto commentator, took to X on February 12, highlighting the meteoric rise of BlackRock (IBIT) and Fidelity (FBTC) Bitcoin spot ETFs. Both have amassed a staggering billion in assets under management (AUM) within 30 days. This feat is historic, marking the first time an ETF of any product has achieved such rapid growth in such a short period.
This unprecedented demand for spot Bitcoin ETFs comes amidst a broader trend of institutional adoption. Wlosinski notes that over 5,500 ETFs have been launched throughout history. However, none have yet witnessed the level of enthusiasm currently surrounding spot Bitcoin ETFs.
The pace at which BTC AUM of spot ETF issuers continues to grow suggests a significant shift in investor sentiment. Specifically, Wall Street is increasingly recognizing BTC’s potential as a viable asset class.
For years, leading Wall Street executives, including Jamie Dimon, the head of JP Morgan, dismissed the coin, saying it was speculative and a scam. However, with the United States Securities and Exchange Commission (SEC) approving spot Bitcoin ETFs after more than ten years of rejecting the product, there appears to be a seismic shift in the investment landscape.
As of February 12, Lookonchain data shows that Fidelity and Ark21 Shares bought an additional 6,822 BTC worth over 9 million. BlackRock’s IBIT remains the largest spot BTC ETF by AUM, controlling over 87,780 BTC. However, spot ETF issuers continue to accumulate, pushing their total haul to 682,448 BTC.
BTC Retests ,000, Path To November 2021 Highs?
Since spot Bitcoin ETFs track the spot price, the more spot ETF issuers buy, the higher the demand for the coin becomes. Accordingly, rising demand has significantly impacted prices, as the daily chart shows. So far, Bitcoin is trading close to the psychological ,000 mark, the highest level since 2024.
Technically, the uptrend remains, and buyers are firmly in control. If buyers double down, buy more, and take more coins out of the reach of spot ETF issuers, Bitcoin will likely float to ,000 or better in the sessions ahead.
Related Reading: SOL Price Surges To 5 – Why Solana Could Rally Another 10%
Robert Kiyosaki: Bitcoin Protects Against Theft by the Fed, Government, and Wall Street Bankers
Rich Dad Poor Dad author Robert Kiyosaki has shared the reason why he owns bitcoin, stating that the cryptocurrency protects against “the theft of our wealth via our money.” The famous author warned that the Federal Reserve, the government, and Wall Street bankers steal our wealth, specifically via inflation, taxation, and stock price manipulation.
Robert Kiyosaki Explains Why He Owns Bitcoin
The author of Rich Dad Poor Dad, Robert Kiyosaki, has explained why he owns bitcoin. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
Kiyosaki explained in a post on social media platform X Tuesday:
Why I own bitcoin. Bitcoin is protection against the theft of our wealth via our money.
“Fed Chairman Powell, Treasury Secretary Yellen, and Wall Street bankers steal our wealth via our money, specifically via inflation, taxation, and stock price manipulation. That is why I save and invest in bitcoin, not stocks, bonds, and fake dollars,” Kiyosaki added.
The acclaimed author consistently cautioned against the negative impact of the Federal Reserve, the Biden administration, and Wall Street bankers on the U.S. economy, the U.S. dollar, and the American populace. He calls fiat money “fake money” and has repeatedly warned about the demise of the U.S. dollar. In contrast, he calls bitcoin “people’s money,” while gold and silver are “God’s money.”
Last week, Kiyosaki slammed the U.S. court system, specifically taking issue with the judge presiding over former U.S. President Donald Trump’s trial. He expressed concern about the judge’s dual role as both a prosecutor and a judge. “If the judge is prosecuting attorney and the presiding judge, then the judge presides over a Kangaroo Court. America is finished if our courts are for Kangaroos,” Kiyosaki opined. In a follow-up post, after the judge awarded .3 million against Trump, the Rich Dad Poor Dad author reiterated:
America is finished.
While the renowned author has consistently recommended bitcoin alongside gold and silver, he admitted during his Rich Dad podcast last week: “I know nothing about Bitcoin. I just know some very smart people are in it, and thank God I bought early.” Earlier this month, he predicted that the price of bitcoin will soon hit 0,000.
What do you think about Rich Dad Poor Dad author Robert Kiyosaki’s statements? Let us know in the comments section below.
Ripple IPO: Wall Street Veteran Explains Why Shares Could Surge 2000% Before Public Listing
Pro-XRP Wall Street financial analyst Linda Jones recently shared her thoughts on a potential Ripple Initial Public Offering (IPO). Specifically, she elaborated on her belief that the crypto firm was currently undervalued and how the company’s stocks could still rise before it went public.
Why Ripple’s Stock Could Be Worth 20 Times Its Current Price
Linda Jones used Coinbase’s IPO as a mirror to explain why Ripple’s stock could be worth 20 times its current valuation. She noted that Coinbase was valued at billion when it initially went public, and its stocks traded for as high as 9 during that period. If Ripple were to follow a similar path, then its stock price would be worth more than the , which it is currently valued at by private equity platform Linqto, Jones claimed.
Interestingly, the analyst factored in Ripple’s escrowed XRP holdings while trying to estimate how much the crypto firm could eventually be valued. According to her, Ripple could be valued as high as 7 billion if those escrowed funds (said to be worth billion) are added to the billion (if Ripple were to be valued similarly to Coinbase).
Going by Jones’ analysis, Ripple having a valuation of 7 billion means that the company’s stocks could trade at 0 on the first day of being publicly listed. The analyst then went on to lay out a possible scenario where Ripple is valued at more than 7 billion, the amount under consideration.
How Ripple Could End Up Being Worth Half A Trillion
Linda Jones also mentioned that Ripple could end up being worth half a trillion if the SEC’s case against Ripple were to end soon and XRP rises back to its all-time high (ATH). If the latter happens, Ripple’s escrowed XRP holdings will be worth around 0 billion. That could ultimately increase Ripple’s value to about 0 billion, the analyst claims.
Jones believes that Ripple being valued at 0 billion during the IPO isn’t farfetched, considering that there are companies that are already valued at up to a trillion. She further compared Ripple to the likes of Apple, Microsoft, and Nvidia, suggesting that the crypto firm could match up to these blue chip companies.
The financial analyst’s belief in Ripple’s potential is why she boldly claims that purchasing Ripple’s stock now is a great investment, as it will only go “up” from here. She also predicts that there could be a new record for a company at its valuation, and Ripple could be that company.
Bitcoin ETFs Enable the ‘Mass Marketing’ of a Worthless Asset to Main Street Americans, Says Better Markets
An independent nonprofit organization said the U.S. Securities and Exchange Commission’s approval of spot bitcoin exchange-traded funds has enabled the “mass marketing of a known worthless, volatile, and fraud-filled financial product to Main Street Americans.” The organization claimed that bitcoin proponents will likely portray the approval as some kind of government endorsement of cryptocurrencies.
Large Portion Bitcoin Trading Allegedly Tied to Wash Trades
Better Markets, an American nonprofit organization committed to promoting public interest in financial markets and the economy, has expressed dismay at the U.S. Securities and Exchange Commission (SEC)’s approval of the spot bitcoin exchange-traded fund (ETF). The organization charged that instead of protecting crypto investors, the SEC has now enabled the “mass marketing of a known worthless, volatile, and fraud-filled financial product to Main Street Americans.”
In its Jan. 11, 2024, press statement, Better Markets insisted that the law does not support the U.S. regulator’s approval of ETF applications. It also attacked claims that a U.S. court ruling in favor of the crypto asset manager Grayscale had forced the SEC’s hand. As previously reported by Bitcoin.com News in August 2023, the U.S. court ruled that the SEC’s rejection of Grayscale’s spot Bitcoin ETF was “arbitrary and capricious.”
However, in its fiery statement, Better Markets assailed suggestions that the SEC’s defeat meant it had to approve the ETFs.
“The court in Grayscale merely said that the SEC failed to sufficiently explain its prior rejection. The SEC could — and should have — rejected the ETF applications and better detailed why it did so, importantly including a showing that ‘as much as 77.5% of the total trading volume on unregulated exchanges was due to wash trading’ and as much as 95% of Bitcoin trading ‘could be due to wash trading,’” the nonprofit organization said.
The nonprofit organization also claimed that BTC proponents will likely portray the approval as some kind of government endorsement of cryptocurrencies. Turning its focus on BTC and cryptocurrencies in general, the organization said the top crypto asset remains a “worthless financial product” that is only favored by speculators, gamblers, and criminals.
According to a statement by Better Markets, no regulatory body has been able to effectively police the crypto industry. The statement also slammed Rostin Behnam, the chairman of the Commodities Futures Trading Commission (CFTC), who it said had turned out to be “little more than a biased crypto cheerleader.”
What is your reaction to Better Markets’ take on the SEC’s approval of ETFs? Let us know what you think in the comments section below.
Expert Claims Wall Street Wants To Take Bitcoin Out Of Reach Of The Common Man
A crypto trader has presented a compelling argument concerning the future accessibility of Bitcoin, alleging that Wall Street is aiming to drive the price of BTC beyond the reach of the common investor.
BTC Accessibility Concerns
Crypto trading expert, Oliver L. Velez has recently taken to X (formerly Twitter) to release a post, claiming that Wall Street may be organizing a deliberate strategy to cut off Bitcoin’s accessibility to regular investors.
The crypto trader’s comments present an alarming scenario for Bitcoin investors‘ future. According to Velez, Wall Street, which has been showing increased interest in the crypto space lately, may be planning to extend its motives beyond conventional investment practices. This alleged maneuver could be aiming to create a barrier for everyday investors, potentially limiting their participation and freedom in the crypto market.
Using the overpriced Berkshire Hathaway (BRK.A) shares as a comparison, Velez pointed out that Bitcoin could experience a similar price surge, pushing it to levels where it becomes potentially unaffordable for the general public.
“Berkshire Hathaway (BRK.A) is trading at 4,300 a share. Its price is out of the reach of 99% of all human beings on Earth. You see, Warren Buffett never wanted his baby accessible to you, the masses,” Velez stated. “It was only for the elite, only for the privileged, only for those closest to the money printer. Making this too accessible to the masses might provide too much economic freedom to the wrong group of people.”
Velez alleges that Wall Street is using the same tactics it did with the Berkshire stock for BTC, especially as Spot Bitcoin ETFs are on the way. They are apparently going to drive the price of Bitcoin so high that the average investor would not be able to buy it.
The analyst also alludes to freedom as one of the major selling points of BTC to these Wall Street investors. So contrary to the belief that the Bitcoin price would crash, Velez expects that Wall Street will continue to drive the price of the cryptocurrency higher as a way to keep out the “riff-raff”.
Spot Bitcoin ETF To Drive Scarcity
According to Oliver L. Velez, one of the major catalysts that could trigger Bitcoin’s inaccessibility is the launch of Spot Bitcoin ETFs. Velez asserts that the introduction of Spot Bitcoin ETFs could potentially propel the price of BTC to unprecedented heights, significantly impacting the cryptocurrency’s affordability and availability in the market.
The crypto trader’s insights suggest that ETFs may absorb a considerable portion of the circulating BTC, thereby restricting direct ownership of BTC to normal investors. Given this, the crypto expert believes that the time when smaller investors would be able to easily get in on BTC is shrinking.
“The window of opportunity to buy Bitcoin is closing, and exchanges will see a reduction in available Bitcoin as ETFs scoop it up. Owning Bitcoin directly will become increasingly difficult in the future, making it essential to secure Bitcoin now,” Velez warned.
Former SEC Official Warns Spot Bitcoin ETFs Will Create ‘Wall Street Fee-Sucking Scam of Epic Proportions’
The U.S. Securities and Exchange Commission’s former head of internet enforcement has warned that spot bitcoin exchange-traded funds (ETFs) “will create yet another Wall Street fee-sucking investor scam of epic proportions.” In addition, he stressed that it will likely be the most centralized crypto contraption conceivable.
Ex-SEC Official’s Spot Bitcoin ETF Warnings
Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark issued some warnings about spot bitcoin exchange-traded funds (ETFs) in a post on social media platform X Monday. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years.
Expressing his skepticism about spot bitcoin ETFs, Stark wrote: “As to whether the approval of a spot bitcoin ETF is a good thing, my view is that it is not.” He cautioned:
The very idea of a bitcoin spot ETF remains a laughable concept, not only because it will create yet another Wall Street fee-sucking investor scam of epic proportions, but also because a bitcoin spot ETF is perhaps the most ‘centralized’ crypto contraption conceivable.
The SEC is currently reviewing 13 applications for spot bitcoin ETFs. The regulator reportedly met with several applicants last week and gave them until the end of the week to file amendments to their spot bitcoin ETF filings. Moreover, the regulator also asked them to use the cash-creation method, instead of the in-kind creation method. Blackrock, the world’s largest asset manager, originally pushed for the in-kind model, and even proposed a revised in-kind method. However, the firm failed to convince the SEC and has now adopted the cash method as detailed in its latest filing.
Citing reports of multiple meetings between SEC officials and spot bitcoin ETF issuers, in addition to discussions regarding the cash creation method, Stark said last week that based on his 20 years of experience, “the SEC’s approval of some iteration of some kind of bitcoin spot ETF seems likely.” The former SEC internet enforcement chief opined:
I just can’t seem to get over the notion that the approval of a bitcoin spot ETF may actually become a primary talking point of SEC Chair Gary Gensler legacy. Like most of the cryptoverse, this just seems upside down. Say it ain’t so Gary.
What do you think about the statements by former SEC internet enforcement chief John Reed Stark? Let us know in the comments section below.