Key Takeaways
- Wells Fargo and JPMorgan Chase disclosed holdings in spot bitcoin exchange-traded funds last week.
- Twitter co-founder Jack Dorsey predicts bitcoin’s price to reach $1 million by 2030.
- Crypto analysts are closely monitoring meme coins following the resurgence of GameStop trader “RoaringKitty” on social media, leading to price surges.
Major Banks’ Bitcoin ETF Holdings
JPMorgan Chase and Wells Fargo recently revealed their investments in spot bitcoin exchange-traded funds. JPMorgan reported holdings in various bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust, Bitwise’s Bitcoin ETF, Fidelity’s Wise Origin Bitcoin Fund, and Grayscale Bitcoin Trust. Wells Fargo, on the other hand, disclosed its investment in Grayscale’s GBTC.
Jack Dorsey’s Bitcoin Price Prediction
During an interview, Jack Dorsey shared an optimistic outlook on bitcoin, suggesting that its price could potentially reach $1 million by 2030. He emphasized the collaborative nature of the bitcoin ecosystem and expressed his commitment to the cryptocurrency despite his recent departure from BlueSky.
BlueSky and Decentralization
Dorsey expressed disappointment in BlueSky’s evolution, highlighting his preference for decentralized and censorship-resistant platforms like Nostr.
Block’s Bitcoin Investment Strategy
Block CEO Jack Dorsey plans to reinvest 10% of the company’s gross profit from bitcoin-related products back into purchasing more bitcoin monthly, demonstrating a strong commitment to the cryptocurrency.
Market Expectations This Week
While bitcoin’s price remained relatively stable around $62,000, a social media post by retail trader Keith Gill, known as “Roaring Kitty,” caused a notable stir in the crypto market. This led to significant surges in meme coins, including an unaffiliated GameStop meme coin on the Solana blockchain and an AMC token.
Additionally, microcap cat-themed meme coins like KITTY experienced substantial price increases, reflecting the ongoing interest and volatility in the cryptocurrency market.
