Original insights by Aaron & Austin Arnold have been curated by the CoinSpeech team. Discover the highlights from their latest discussion below. You can find Aaron & Austin Arnold’s new video embedded at the end of this article.
Wall Street and Major Platforms Eye Bitcoin ETFs
The crypto world is abuzz with fresh updates on Bitcoin ETFs. According to insights, “The vast majority of Wall Street has not bought yet,” despite the Bitcoin ETFs accumulating billions of dollars in mere months. These major platforms—Morgan Stanley, UBS, Merrill Lynch, and Wells Fargo—are conducting deep due diligence. Notably, Bitcoin’s current placement in ETF indices is drawing significant scrutiny.
Kathy Wood on Bitcoin as a New Asset Class
Kathy Wood shed light on Bitcoin’s evolving status: “The heat is on because this is a new asset class.” She emphasized the fiduciary responsibilities, highlighting how Bitcoin’s low correlation with other assets enhances portfolio diversification and returns. Institutions will face game theory dynamics: if one offers Bitcoin while another does not, the latter may ultimately lose.
Ethereum ETFs and Election Year Dynamics
The approval of Ethereum ETFs faced less friction compared to Bitcoin’s, something Kathy Wood found perplexing. Interestingly, an evolving sentiment surrounding the 21 Act in the House and former President Trump’s favorable stance towards crypto donations likely accelerated the approval process.
Chainlink’s Revolutionary Impact
The Depository Trust and Clearing Corporation (DTCC) recently completed a pilot project on Chainlink. This is a significant development as Chainlink could enable real-time, automated data dissemination across the financial system. Unlike traditional systems that operate with delays, “data can be made available every minute rather than every week or every month.” Moreover, the cross-chain interoperability protocol (CCIP) can facilitate seamless data transfer across different chain environments—a crucial feature for banks and asset managers.
Breaking News: PayPal’s Stablecoin on Solana
PayPal announced that its stablecoin PYUSD is now available on the Solana blockchain, a decision made ten months after its debut on Ethereum. Solana’s ability to process huge transaction volumes at high speeds with low costs provides “significant benefits for the Commerce use cases.” This strategic move could amplify Solana’s relevance in the crypto ecosystem.
Gemini’s Customers to Be Made Whole
Positive news emerged for Gemini users as nearly $2.2 billion will be returned to customers of the exchange’s defunct crypto lending program. Following a pause in withdrawals in November 2022, about 97% of the digital assets owed are now available in their Gemini accounts. The company assured that users would receive 100% of their digital assets in kind.
Upcoming Event: Bitcoin Nashville
Don’t miss out on the Bitcoin Nashville event from July 25th through 27th. Use code ‘altcoin daily’ for a 10% discount. It’s set to be an exciting conference with multiple opportunities to engage with the crypto community.