Markets
JPMorgan, Wells Fargo Report Holding Spot Bitcoin ETFs
Key takeaways
- Wells Fargo and JPMorgan Chase both disclosed their holdings in Bitcoin spot exchange-traded funds last week.
- Twitter co-founder Jack Dorsey said he believes the price of bitcoin will reach $1 million by 2030.
- Crypto analysts are tracking meme coins this week, as the return of popular GameStop retail trader “RoaringKitty” to social media led to a price surge over the weekend.
The past week has seen positive public sentiment towards Bitcoin. Wells FargoWFC) and JPMorgan Chase (JPM) have both reported holding Bitcoin spot exchange-traded funds, and Twitter co-founder and former CEO Jack Dorsey predicts that the price of Bitcoin could climb as high as $1 million by 2030. Meanwhile, crypto analysts are tracking meme coins this week, as the return of popular GameStop retail trader “RoaringKitty” to social media led to a price surge over the weekend.
Wells Fargo and JPMorgan say they hold Bitcoin ETFs
JPMorgan Chase and Wells Fargo have joined the ranks of major global banks revealing their exposure to bitcoin through investments in Bitcoin Spot ETF launched in January, according to 13F filings.
JPMorgan disclosed investments totaling $731,246 in BlackRock’s iShares Bitcoin Trust (I BITE), Bitwise’s Bitcoin ETF (BITB), Fidelity Bitcoin Wise Origin Fund (FBTC) and Grayscale Bitcoin Trust (GBTC), with the majority, $477,425, in IBIT.
Meanwhile, Wells Fargo announced a $141,817 investment in Grayscale’s GBTC in the first quarter. The move follows similar disclosures from BNP Paribas and BNY Mellon, indicating a growing trend among traditional financial institutions, despite their relatively low exposures.
Jack Dorsey’s Million Dollar Bitcoin Appeal
Block Chief Executive Officer Jack Dorsey expressed an optimistic outlook for bitcoin (BTC) 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 potential for further growth beyond that point. He emphasized that BitcoinPrice, while important, is not the most interesting aspect of cryptocurrency. Instead, Dorsey emphasized 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, saying it had started to behave more like a traditional company than a traditional company. Open source protocol he had imagined. Dorsey’s emphasis on decentralized and censorship-resistant platforms aligns with his support for Nostr, an anonymous and open protocol lacking centralized control.
Dorsey remains committed to Bitcoin, with Block planning invest 10% of its gross profit from bitcoin-related products into purchasing more bitcoins each month.
What to expect in the markets this week
The price of Bitcoin has remained broadly stable over the past week, hovering around $62,000. However, a single message from trader Keith Gill, known as “Roaring Kitty” caused a sensation in the crypto market, especially among meme coins.
Gill, who became known for his role in GameStop short squeeze from January 2021, posted his first post since late 2021, sharing a meme alluding to a period of intense concentration. This message was interpreted by many as a signal to engage more actively in trading.
Following Gill’s message, various coins as an unaffiliated GameStop coin on the Solana blockchain and an AMC token surged over 550% and 1,200%, respectively. Other cat-themed microcap meme coins, like KITTY, rose by thousands of percentage points.