Wall Street Signals Stablecoin Fightback as Crypto Bills Advance
On earnings calls, JPMorgan 's Jamie Dimon, Bank of America 's Brian Moynihan and Citigroup 's Jane Fraser each described the upstart 'digital dollar' as a potential threat to the banking industry's grip on payments — and signaled they're preparing to respond.
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Potential Multi-Year Growth for Saia (SAIA) If Freight Industry Rebounds
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JPMorgan nears deal to take over Apple's credit card program, WSJ reports
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Wall Street's New Bitcoin Darling Says It'll Be "The Berkshire Hathaway of The Bitcoin Ecosystem" — Will it Actually Happen?
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Wall Street's new Bitcoin darling has declared a lofty goal for the firm: becoming 'the Berkshire Hathaway (NYSE:BRK, BRK.B)) of the Bitcoin ecosystem." 'We're really trying to create a fortress-like environment for our Bitcoin and really trying to position ourselves as the Berkshire Hathaway of the Bitcoin ecosystem,' Bitcoin Standard Treasury Company investment chief Sean Bill told Bloomberg last week. Don't Miss: — no wallets, just price speculation and free paper trading to practice different strategies. Grow your IRA or 401(k) with Crypto – . The new firm, which will serve as the latest Bitcoin proxy for Wall Street speculators, is not the only one that has declared this ideal. 'We're going to be one of the major players in the space where I look at us as kind of the Berkshire Hathaway of Bitcoin treasury companies,' Strive Asset Management CEO Matt Cole said in May. But what does becoming the Berkshire Hathaway of the Bitcoin ecosystem or Bitcoin treasury companies mean? In the traditional finance world, Berkshire Hathaway is a symbol for all the ideals that most companies aspire to, from integrity to corporate discipline and long-term shareholder value growth. This reputation has come with several benefits. For one, the firm has its pick of acquisition deals as businesses line up to be included in its portfolio. At the same time, it also allows the firm to command favorable terms in credit markets. Trending: New to crypto? on Coinbase. These elements would be critical for a firm looking to become the dominant player in the Bitcoin treasury ecosystem. But attaining such heights is no walk in the park. Bitwise Head of Alpha Strategies Jeff Park said in June that the Berkshire Hathaway of Bitcoin would have to master three return on equity strategies, including liability, asset and operating equity management. But that's not all. 'Becoming the 'lender of last resort' for the global Bitcoin economy is both a privilege and responsibility that will demand flawless execution,: he said. 'But to truly earn this honor, a fourth element is essential. If 'never sell your Bitcoins' is the ethos, then leadership must also embody Bitcoin's culture for the long term. It must unapologetically back Bitcoin development, supporting the community over the corporate, and invest its spiritual weight alongside its financial.'Park said no single firm checked all the boxes at the time. Until such a firm arises, MicroStrategy (NASDAQ:MSTR), the pioneer of the Bitcoin treasury strategy, remains the dominant player. At last look, the firm holds nearly 608,000 BTC worth over $71 billion, roughly 3% of all Bitcoin that will ever exist. By comparison, Bitcoin Standard Treasury Company intends to launch with just over 30,000 BTC worth $3.5 billion, making it the fourth-largest Bitcoin treasury. But according to Bill, the firm plans to quickly rise to the second spot, displacing MARA Holdings (NASDAQ:MARA), which holds 50,000 BTC on its balance sheet. Read Next: 7,000+ investors have joined Timeplast's mission to eliminate microplastics— Image: Imagn Images This article Wall Street's New Bitcoin Darling Says It'll Be "The Berkshire Hathaway of The Bitcoin Ecosystem" — Will it Actually Happen? originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
