Recurring market commentary on what's happening in the crypto markets, summarized by Crypto Finance AG Senior Trader Patrick Heusser.
Market commentary
Good Morning!
TGIF... Today, I thought it would be fun to throw out an idea and see what your response is.
There were two major news headlines yesterday:
- BNY Mellon to offer Bitcoin custody
- Mastercard to bring "selected cryptocurrencies" to its network (similar to the VISA announcement late last year)
I fully understand the BNY Mellon push into the digital asset space. It is the logical step for tradfin companies in order to not lose relevance. In my opinion, it is even a development they should want, especially since bitcoin (if you see things like me) is a store of value. It helps institutional money managers to store their clients' wealth with an institution that has served in that sector for many years. Obviously, the bitcoin maxis (not your private key not your coins) will not agree with me here. But imagine that the price of bitcoin$ goes up to $1mio. Would you feel comfortable holding your bitcoin on a hardware wallet?
Now, let's move on to the headline and content I really can't wrap my head around. Isn't the entire decentralised peer-2-peer philosophy to cut out the middleman who charges everybody that has to use their network? Isn't the purpose to simply send and receive digital assets via a mobile phone or a simple browser UI? I see no added value in using my credit card in a shop and selecting a digital asset to pay with.
I am open for debate, and I'm interested in hearing your counterarguments.
Have a great weekend!
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