Wall Street sentiment on blockchain/crypto
how does the finance industry view them after bitcoin ETF? do you guys thing that it will be lasting and trend upwards?
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From my POV, sentiment is mostly positive or neutral, but I work in tech coverage and most people understand it. I would imagine street-wide it’s probably a bit more negative
I think the answer is pretty straightforward. It was bullish, but "buy the rumor, sell the news" in a lot of ways.
The ETF approval has been bullish for the category. Let's just look at the facts. The crypto market is up 60% in value since October of last year (https://www.statista.com/statistics/730876/cryptocurrency-maket-value/). That's 3 months. It's been very bullish for the category.
Did BTC dip after announcement? Yes. Is it still underwater from pre-announcement levels? Yes. But net net, the market is way up in the lead up to this decision. Those are the simple facts.
Where does it go long-term? Who knows? BTC is interesting as a social store of value with preset rules that can't be inflated willy-nilly like a sovereign currency. But it's a social construct. It depends on what other people think of it. It has no military or underlying assets. There is no state. There is no real authority. It could honestly go either way, but the lead-up has clearly been bullish.
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