Citi to Trade Bitcoin Futures?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 25 August 2021

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

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? Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “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.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world.
0:16.2	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:22.6	What's going on, guys? It is Tuesday, August 24th, and today is going to be a big grabbag newsday.
0:29.2	So instead of your normal three-topic brief and one main topic, I'll be doing six or seven or even eight brief topics.
0:35.7	Let's start with institutional adoption expectations.
0:40.0	Yesterday, I shared some results of a recent Deloitte survey that showed just how normalized
0:45.0	digital assets were becoming among fund managers. Today, another survey out of the UK said
0:50.5	something very similar. Nickel Digital is a digital asset hedge firm that was started by
0:55.0	former Goldman Sachs and J.P. Morgan investors. They recently surveyed wealth managers and other
0:59.7	institutional investors and found that more than half plan to increase crypto asset exposure
1:04.4	between now and 2023. Over a quarter say that they will dramatically increase their exposure.
1:10.5	The reason most often
1:11.6	cited, predictably, was number go up, aka the long-term appreciation prospects of crypto assets.
1:18.4	Now, to be clear about this study, only 23 asset managers were surveyed, so a relatively small
1:23.7	sample size, but those managers oversee $66.5 billion in assets, so it's certainly
1:29.8	not small if you're looking in terms of assets under management. Of these 23 managers, 9 said
1:35.8	that they had become more confident about how digital assets work, and 9 said that the
1:39.9	regulatory environment was improving. In terms of concerns, 16 still cited market structure issues
1:46.2	of liquidity and lack of transparency. So, summing up, a very small sample size, but much in line with
1:51.9	the Deloitte survey we discussed yesterday, which had, for its part, a much larger sample size
1:56.5	of 1,280 managers. Going to institutional news on the other side of the pond, an inside source
	...

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