1st April 2026 > > Crypto adoption.
- 12 minutes ago
- 2 min read
tl;dr
Autonomous self-driving cars, BNP Paribas, and Square all point to growing crypto adoption.
Market Snap
Market Wrap
Options are showing negative gamma at $65k and at $75k. Any breach of either of those levels will be reinforced by option market makers’ needs to hedge in the same direction by either selling or buying delta respectively. A breach to the downside feels far more likely given the current macro environment but in either case the subsequent move could be explosive.
Curious Cryptos’ Commentary – This is happening right now
Why does this matter? Self-driving cars will become autonomous, powered by cryptos. It is just a matter of time.
Curious Cryptos’ Commentary – Gotta love the EU
BNP Paribas has launched six ETNs linked to the price of BTC and ETH:
I think this is BNP’s first ETN foray for retail clients into the crypto world, a most welcome move.
ETNs are not the same as ETFs, for they carry credit risk linked to the issuing bank, and the returns are hedged using futures and other derivatives. There is no physical ownership of BTC or ETH as seen with ETFs. ETNs effectively satisfy some investment demand without impacting actual demand for the underlying assets. However, they also act as a conduit for BNP’s retail clients to gain exposure to cryptos which adds to the growing mainstream adoption.
These developments are facilitated by MiCA, the EU’s global benchmark in crypto regulation. Now that the UK has publicly set itself back onto the path of adopting EU law wherever possible, might I suggest we start with MiCA, not end with it.
Curious Cryptos’ Commentary – Square
Miles Suter, Block’s Bitcoin product lead, has announced that payment processor Square has enabled buyers to use BTC when making purchases:
The BTC maximalist Twitterati are out in force celebrating this news. As maxis are (almost) always wrong, what are they missing here?
BTC has long moved on from Satoshi Nakamoto’s original vision of electronic cash. That role is going to be dominated by USD denominated stablecoins (probably USDC) reinforcing USD hegemony across the globe. BTC has shifted towards being a store of value, though not in the sense of being a hedge against negative macro events such as the war in Iran, but in the sense of being a hedge against the continuous devaluation of fiat against hard assets in general, over the long-term. It is a spectacularly efficient means of doing so.
It’s attractiveness as in investment is turbo-charged by recent developments in DeFi (https://www.curiouscryptos.com/post/25th-march-2026-defi-vaults) allowing institutional holders of BTC to “… earn yield on their BTC holdings without transferring those holdings, nor giving up ownership.”
Once Square enables USDC for payment to be received as USD by the sellers, then there will be something to celebrate, though the maxis won’t like it, nor will they get it.
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