One easily imaginable but also kind of weird future for crypto would be:
- Bitcoin, and I guess Ethereum, are respectable and fully domesticated parts of the traditional financial system. Big asset managers, managing money for pension funds or college endowments or insurance companies or your 401(k), buy billions of dollars of Bitcoin by calling up their sales coverage at Goldman Sachs or JPMorgan, and then hold all those Bitcoin in standard respectable institutional custody arrangements.
- Pretty much every other cryptocurrency is banned in the US and eventually withers down to nothing.
Anyway I’m not saying this is the most likely outcome, but the SEC definitely seems to want Part 2 (while grudgingly tolerating Bitcoin and Ethereum), and as for Part 1 here’s this:
“BlackRock Inc. is trying its hand at potentially getting the first spot-Bitcoin exchange-traded fund launched in the US….”
‘Enforcement 40’ for 2020
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