6th April 2023 - Crypto adoption.

tl;dr

Yet more crypto adoption.

Market Snap

Market Wrap

The very tight trading range for BTC remains fiercely intact, suggesting that a break to the upside of $30k is going to take some doing.

Occasional Series – Donald Trump

“Bitcoin just seems like a scam … I don’t like it because it is another currency competing against the dollar. Essentially, it’s a currency competing against the dollar. I want the dollar to be the currency of the world, that is what I have always said.”

To all those crypto naysayers out there, how does it feel being on the same side as Trump?

Curious Cryptos’ Commentary – PostFinance

Not a bank that you are likely to have heard of, PostFinance is a subsidiary of Swiss Post, owned by the Swiss government.

Sygnum AG has announced (https://www.insights.sygnum.com/post/postfinance-partners-with-sygnum-bank-to-offer-cryptocurrencies) that in partnership with PostFinance, the latter’s 2.5mm retail customers will now be able to trade cryptos with a custodial solution built in.

Philipp Merkt, Chief Investment Officer at PostFinance, explains this development:

“ … (crypto assets) have become an integral part of the financial world, and our customers want access to this market at PostFinance, their trusted principal bank.”

Fritz Jost, Chief B2B Officer at Sygnum, gives us even greater insight:

“PostFinance became aware of a considerable number in the hundreds of millions each year of outflows to crypto exchanges and the like. So they saw that this is not only as an opportunity to add a new revenue stream, but also realized that this has a lot to do with client retention.”

This news has two important ramifications.

The first is that we can now add Switzerland to the very short list of countries (the only other one is the US) which are supportive of cryptos over and above CBDCs (Central Bank Digital Currencies).

The second is that every new on-ramp from fiat into crypto has a positive price impact.

Crypto adoption is happening right here, right now.