BREAKDOWN: Citi to Trade Bitcoin Futures?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 24 August 2021
⏱️ 12 minutes
🧾️ Download transcript
Summary
Citigroup is the latest in a stream of institutional adoption into everything from NFTs to BTC.
This episode is sponsored by NYDIG.
On this episode of “The Breakdown”:
- Surveys and reports detailing expected institutional adoption
- Citigroup to trade on the CME
- Global perception of crypto, CBDCs
- NFT and DeFi on the rise
- Bitcoin news from Michael Saylor, Blockstream and Substack
Recent reports from Deloitte and Nickel Digital help set institutional and general public adoption expectations. Of 23 asset managers surveyed by Nickel Digital, more than half expected to increase crypto asset exposure by 2023, and a quarter to increase dramatically. Citigroup is one such investment company toying with BTC as the firm says it will trade bitcoin futures on the CME.
From the global perspective, a Politico survey of U.K. adults revealed a distrust and misunderstanding of CBDCs, while in India, retail crypto investment is up with young citizens looking for alternative ways to make money after strict COVID-19 lockdowns.
Visa’s CryptoPunk purchase fueled an NFT-buying frenzy, resulting in a daily sales volume record for Punks. DeFi on the whole, however, remains powered by experienced crypto enthusiasts, as the technological barrier to entry remains. Will NFTs bring more of the general population into DeFi?
Bitcoin’s rally above $50,000 this past weekend was bolstered by institutional news: Michael Saylor’s MicroStrategy’s latest purchase of BTC, Blockstream’s $210 million Series B funding round and Substack’s implementation of bitcoin as a payment option using the Lightning Network. Who’s next?
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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.
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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Brent Lewin/Bloomberg/Getty Images, modified by CoinDesk.
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Transcript
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| 0:45.6 | That's audible.com slash Wondery UK. |
| 0:53.8 | Welcome back to The Breakdown with me, NLW. |
| 0:59.0 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 1:05.9 | The breakdown is sponsored by Nidig and produced and distributed by CoinDesk. |
| 1:12.4 | What's going on, guys? It is Tuesday, August 24th, and today is going to be a big grab-bag newsday. |
| 1:18.9 | So instead of your normal three-topic brief and one main topic, I'll be doing six or seven or even eight brief topics. |
| 1:25.5 | Let's start with institutional adoption expectations. Yesterday, I shared |
| 1:30.8 | some results of a recent Deloitte survey that showed just how normalized digital assets were |
| 1:35.6 | becoming among fund managers. Today, another survey out of the UK said something very similar. |
| 1:42.0 | Nickel Digital is a digital asset hedge firm that was started by |
| 1:44.7 | former Goldman Sachs and J.P. Morgan investors. They recently surveyed wealth managers and other |
| 1:49.4 | institutional investors and found that more than half plan to increase crypto asset exposure |
... |
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