Bitcoin
JPMorgan and Wells Fargo Report Holding Spot Bitcoin ETFs
Key Takeaways
- Wells Fargo and JPMorgan Chase disclosed holdings in spot bitcoin exchange-traded funds last week.
- Twitter co-founder Jack Dorsey said he believes the price of bitcoin will rise to $1 million by 2030.
- Crypto analysts are tracking meme coins this week as the return of famous GameStop retail trader “RoaringKitty” to social media led to a surge in prices over the weekend.
The last week has been highlighted by positive public sentiment towards bitcoin. Wells Fargo (Wordfast) and JPMorgan Chase (JPM) reported holdings in spot bitcoin exchange-traded funds, and Twitter co-founder and former CEO Jack Dorsey predicted that the price of bitcoin could rise to $1 million by 2030. Meanwhile, crypto analysts are tracking meme coins this week, as the return of famous GameStop retail trader “RoaringKitty” on social media led to a surge in prices over the weekend.
Wells Fargo and JPMorgan Report Owning Bitcoin ETFs
JPMorgan Chase and Wells Fargo have joined the ranks of major global banks in touting exposure to bitcoin through investments in Spot bitcoin ETFs released in January, according to 13F filings.
JPMorgan disclosed investments totaling $731,246 in BlackRock’s iShares Bitcoin Trust (I BITE), Bitwise Bitcoin ETF (BITB), Fidelity’s Wise Origin Bitcoin Fund (FBTC) and Bitcoin Trust in grayscale (GBTC), with the majority, US$477,425, in IBIT.
Meanwhile, Wells Fargo reported a $141,817 investment in Grayscale’s GBTC in the first quarter. This move follows similar disclosures from BNP Paribas and BNY Mellon, indicating a growing trend among traditional financial institutions despite their relatively small exposures.
Jack Dorsey’s $1 Million Bitcoin Call
Block CEO Jack Dorsey expressed a bullish outlook for bitcoin (Bitcoin) during an interview on Pirate Wires with journalist Mike Solana. Dorsey predicted that the price of bitcoin could reach “at least a million” by 2030, with the potential for additional growth beyond that point. He emphasized that BitcoinThe cryptocurrency price, while significant, is not the most interesting aspect of cryptocurrency. Instead, Dorsey highlighted the collaborative nature of the bitcoin ecosystem.
Dorsey also discussed his recent departure from the board of BlueSky, a decentralized alternative to Twitter that he helped launch. He expressed disappointment with BlueSky’s evolution, stating that it began to behave more like a traditional company than a traditional company. open code protocol he had imagined. Dorsey’s focus on decentralized, censorship-resistant platforms aligns with his support for Nostr, an anonymous and open protocol that lacks centralized control.
Dorsey remains committed to bitcoin, with Block planning invest 10% of your gross profit from bitcoin-related products into purchasing more bitcoin each month.
What to expect from the markets this week
The price of Bitcoin has remained largely stable over the past week, hovering around $62,000. However, a single post by retail trader Keith Gill, known as “Roaring Kitty” caused a stir in the crypto market, especially among meme coins.
Gill, who gained notoriety for his role in GameStop short squeeze January 2021, made his first post since late 2021, sharing a meme that suggested a period of intense focus or concentration. This post was interpreted by many as a signal to become more actively involved in trading.
Following Gill’s post, several meme coins as an unaffiliated GameStop meme coin on the Solana blockchain and an AMC token rose more than 550% and 1,200%, respectively. Other microcap cat-themed meme coins such as KITTY rose thousands of percentage points.