GB Market Commentary 09/02/2023
by Marcus Sotiriou
Whilst Bitcoin consolidates just under $23,000, after its significant comeback, German banks are embracing the asset. For example, Deutsche Bank are in talks to invest in German crypto ETF & market-maker companies. Also, DekaBank can now offer Bitcoin to over 500 institutional clients, and institutional Funds can hold up to 20% in Bitcoin. These developments are great signs for future adoption of crypto as institutionalisation is so important for consumer confidence.
The US government is currently acting against the institutionalisation of crypto though, according to rumours from Jake Chervinsky, chief policy officer at the Blockchain Association, and Brian Armstrong, Coinbase CEO. Journalist Nic Carter said, “I don’t want to alarm, but since the turn of the year, a new Operation Choke Point type operation began targeting the crypto space in the US. it is a well-coordinated effort to marginalize the industry and cut off its connectivity to the banking system – and it’s working.”
There is also speculation from an anonymous source that “what is going on is draconian and aimed to kill crypto,” and “VCs are starting to become very, very concerned that their crypto portfolio companies are being de-banked en masse. The OCC is said to produce a paper shortly that is said to be so draconian that a sizable portion of OCC employees may depart.”
It remains to be seen if these rumours are true, but what is clear is it would be a huge mistake from a US perspective, as it would result in the rest of the world getting ahead in the important crypto/blockchain revolution.
Begin building your crypto portfolio today by downloading our app.