US stocks hit record highs on Tuesday as investor optimism on an accelerated economic reopening increased. Daily COVID-19 cases have plunged over the past
Crypto Mania About To Take Hold Of Wall Street
Share
Share
Trending
As if the all the rage surrounding Bitcoin needed another catalyst, news of Elon Musk buying $1.5 billion of the leading cryptocurrency swept over the digital currency world, and it saw its price vault above $48,000 for the first time. Musk is following in the footsteps of Square Inc. (SQ) and MicroStrategy Inc. (MSTR) in buying Bitcoin for their corporate treasuries.
Mr. Musk is also considering allowing buyers of Tesla autos to pay in Bitcoin. Not to be outdone, MasterCard (MA) announced late last week that it is evaluating having its vendors allow for purchases in Bitcoin and other cryptocurrencies. PayPal Inc. (PYPL) started allowing its 35 million vendors around the world to accept payment in Bitcoin, and the stock has soared since.
Europe vs US: Time of the bitcoin ETP has come
Europe has led the way in the crypto ETP space with the SEC yet to allow such products to be listed in the US By Stefan Kaba-Ferreiro, 15 February 2021
Traditionally, the US asset market is responsive to innovation. Complex financial instruments spread widely from the US; the bitcoin futures, the first mainstream financial instrument to trade bitcoin originated in the States. When it comes to crypto exchange-traded products (ETPs), the US has an almost obstinate resistance to adopt.
Yet the underlying themes of cryptocurrencies could not be more appropriate for the times. But