Key takeaways
- Wells Fargo and JPMorgan Chase disclosed their 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 following meme coins this week, as the return of famous GameStop retail trader "RoaringKitty" to social media caused a spike in prices over the weekend.
The last week was highlighted by positive public sentiment towards bitcoin. Wells Fargo (CFM) and JPMorgan Chase (JPM) both 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 following the meme coins this week, as the return of the famous GameStop retail trader "RoaringKitty" on social media caused prices to surge over the weekend.
Wells Fargo and JPMorgan report holding Bitcoin ETFs
JPMorgan Chase and Wells Fargo joined the ranks of major global banks disclosing exposure to bitcoin through investments in detect bitcoin ETF launched in January, according to 13F presentations.
JPMorgan disclosed investments totaling $731,246 in BlackRock's iShares Bitcoin Trust (That's going to go), Bitwise Bitcoin ETF (BITB), Fidelity Bitcoin Wise Origin Fund (FBTC), and Bitcoin Trust in grayscale (GBTC), with the majority, $477,425, in IBIT.
Meanwhile, Wells Fargo reported an investment of $141,817 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 (btc) during an interview in Pirate cables 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. She highlighted that bitcoinThe price, although significant, is not the most interesting aspect of the cryptocurrency. Instead, Dorsey highlighted the collaborative nature of the bitcoin ecosystem.
Dorsey also spoke about his recent departure from the board of directors of BlueSky, a decentralized Twitter alternative that he helped launch. She expressed disappointment in BlueSky's evolution, stating that it had begun to behave more like a traditional company than like the open source protocol I had imagined. Dorsey's focus on decentralized, censorship-resistant platforms aligns with his support for Nostr, an open, anonymous protocol that lacks centralized control.
Dorsey remains committed to bitcoin, to Block planning Invest 10% of your gross profit from bitcoin-related products into buying more bitcoin each month.
What to expect in the markets this week
The price of Bitcoin has remained virtually stable over the last week, hovering around $62,000. However, a single post by retail trader Keith Gill, known as "Roaring Kitty" caused a stir in the cryptocurrency market, particularly among meme coins.
Gill, who gained notoriety for his role in the GameStop short squeeze January 2021, made his first post since late 2021, sharing a meme that hinted at a period of intense attention or concentration. Many interpreted this post as a signal to engage more actively in trading.
Following Gill's publication, several coins memes as an unaffiliated GameStop meme coin on the Solana blockchain and an AMC token surged over 550% and 1,200%, respectively. Other microcap cat-themed meme coins, such as KITTY, rose by thousands of percentage points.
