MARKETS DAILY: Featured Story | What Will Wall Street’s Bitcoin Narrative Be?

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4.7 • 698 Ratings

🗓️ 5 November 2023

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

With Bitcoin ETFs round the corner, financial institutions are gearing up to promote BTC investing. The message is likely to obscure Bitcoin’s origins but could be useful for native-crypto companies, argue Dave Birnbaum and David Waugh, from Coinbits. Today's episode is sponsored by CME Group and PayPal. To get the show every day, follow the podcast here. Today’s featured story is an opinion piece from Dave Birnbaum and David Waugh, titled: “What Will Wall Street’s Bitcoin Narrative Be?” - From our sponsors: CME Group Cryptocurrency futures and options provide market-leading liquidity for bitcoin and ether trading. These cash-settled contracts give full exposure to crypto performance without the hassle of holding the physical position. No digital wallet? No problem. Trade nearly 24/7 in a transparent, CFTC-regulated market. Visit cmegroup.com/crypto to learn more. Disclaimer: This communication is not directed to investors located in any particular jurisdiction and is not intended to be accessed by recipients based in jurisdictions in which distribution is not permitted. The information herein should not be considered investment advice or the results of actual market experience. Past results are not necessarily indicative of future performance. Trading derivatives products involves the risk of loss. Please consider carefully whether futures or options are appropriate to your financial situation. - PYUSD, a stablecoin made for Payments. 1USD = 1PYUSD. Introducing PayPal’s new digital currency, PayPal USD (PYUSD), a stablecoin backed by U.S. dollar deposits, U.S. Treasuries and similar cash equivalents. Buy, sell, hold and transfer it in our app or site and explore Web3 with a payments brand that has been trusted for over 20 years. Get started now at paypal.com/pyusd. - This episode was hosted by Noelle Acheson. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Eleanor Pahl. All original music by Doc Blust and Colin Mealey. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	This episode of Markets Daily is sponsored by CME Group and PayPal.
0:09.3	Hello, this is Markets Daily from CoinDesk. I'm Noel Atchison here with your featured story.
0:15.9	On today's show, we focus on how the launch of Bitcoin smart ETFs could impact the assets investment narrative.
0:23.1	We will be using Wondercraft AI Voice for this episode.
0:33.4	Today's featured story is by Dave Bernbaum and David Wall of Bitcoin Investment Platform
0:38.3	CoinBits. Its title is, what will Wall Street's Bitcoin narrative be? With the surge in spot
0:46.7	Bitcoin ETF applications, Wall Street is poised to engage directly with Bitcoin. While traditional
0:53.0	financial institutions are likely to promote it as
0:55.1	a risk-off safe haven investment, ETFs offer a different type of Bitcoin investment than what's
1:00.1	available on a traditional crypto exchange. Spot Bitcoin ETFs are not offering a decentralized,
1:06.6	censorship-resistant, bearer asset. Wall Street cannot market these values of Bitcoin because it
1:12.0	cannot offer them. However, companies specializing in Bitcoin technology and custody can use Wall
1:18.1	Street's marketing campaign to highlight their comparative advantage and gain market share.
1:23.1	These Bitcoin companies should plan for such marketing, identify the gap between the ETF narrative
1:28.3	and reality, and capitalize on the difference. Although new regulations and a softer corporate
1:34.6	environment have tamed its culture, Wall Street's objective remains the same, earn money selling
1:39.5	financial products. A spot Bitcoin ETF is no different. Selling Bitcoin products poses a unique challenge for
1:46.8	these incumbents because it forces them to promote a technology that threatens their role as
1:51.7	financial intermediaries. And so they must create products that capture Bitcoin's allure while
1:57.1	obscuring its core tenets. Think of it as Bitcoin light, digestible for investors,
2:03.3	tamed for regulators, and lucrative for issuers. It's a narrative that turns Bitcoin from a
2:08.5	revolutionary tool to just another item on the financial menu. Drawing upon proven marketing narratives
	...

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