There’s One Hell of a Narrative Forming Around Bitcoin!
TL;DR
Hester Peirce (aka ‘Crypto Mom’) spoke about a potential spot BTC ETF on CNBC yesterday morning.
She said this about a potential BTC ETF on CNBC: “I've been thinking we should approve one for the last five years...So, the logic for why we haven’t has always mystified me.”
This narrative has added roughly $50B to Bitcoin's market cap in the past week (see header image ☝️).
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Stocks, cryptocurrencies - hell, entire market segments...
They can live and die by narratives.
And boy is there a strong narrative forming in the crypto space!
One that is firmly centered around the potential approval of a spot Bitcoin ETF.
(Aka: a fund that would allow stock traders to buy Bitcoin via the US stock market, which would bring a whooole bunch of new money into crypto).
Here's the news that pushed the narrative into hyperdrive, since yesterday:
Crypto Mom spoke.
More specifically, Hester Peirce spoke about a potential spot BTC ETF on CNBC yesterday morning.
Here's what you need to know about Hester (aka 'Crypto Mom'):
She's a member of the SEC.
She's publicly pro-crypto and blockchain tech.
She has spoken out against the SEC's anti-crypto stance.
...and yesterday, Hester said this about a potential BTC ETF on CNBC:
“I've been thinking we should approve one for the last five years...
So, the logic for why we haven’t has always mystified me.”
Here's the math on all of that:
Long held conviction voiced from a representative of the government agency responsible for approving/denying BTC ETFs.
+
Industry whispers of such an ETF 'nearing approval' over the past week or so.
=
Enough of a narrative to add roughly $50B to Bitcoin's market cap in the past week (see header image ☝️).
Is this narrative founded/unfounded?
No idea! All we know is: it's affecting the market either way.
