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Bitcoin Market Journal

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HEALTH, WEALTH, AND HAPPINESS

May 3, 2022

"I wish I knew how it would feel to be free

I wish I could break all the chains holding me

And I wish I could say all the things that I should say

Say 'em aloud, say 'em clear

For the whole round world to hear."

- Wynton Marsalis, I Wish I Knew How it Would Feel to Be Free

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Our official playlist: Hopeful music to help you stay invested for the long term, to finally achieve financial freedom.


Our Blockchain for Everyone playlist is available for free on Spotify. Click here to listen.

Whale Reads



Whale Reads

Worthy news for aspiring whales


Crypto Credit Card Correction: Reader Jeffrey P. responded to yesterday's column on The Best Crypto Credit Cards, as rated by users:


"As a Coinbase card holder, remember it is a DEBIT CARD. Therefore, there's no need to pay off your balance. You have to preload it with your crypto of choice (most people use USDC). This is in contrast to the Gemini card, just launched in the US, a true credit card where paying off your balance would be advised."


The Coinbase Card does pay up to 4% in crypto rewards, but you may need to actively manage your rewards so you don't end up with a wallet full of junk coins.


The Gemini crypto card, as Jeffrey pointed out, is a true crypto credit card that pays rewards in bitcoin -- but, alas, Gemini has temporarily paused new memberships.


Investor takeaway: Crypto credit cards are definitely coming, but not quite ready for prime time yet. Jump on the offers when you can, because they may not last for long.

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The Big Picture

with Evamarie Augustine


Hi Everyone, 


Inflation is at record highs. Central banks are hiking rates at a much more aggressive rate than initially planned.


Treasury yields are spiking, and the tech darlings that dominated stock market returns for years are posting disappointing earnings. 


Amidst the carnage, what are institutional advisors doing? They’re setting up ways to custody and trade crypto for their clients.


Last week I wrote about how Fidelity Investments, the largest retirement plan provider in the U.S., would start offering bitcoin to eligible individuals in company-sponsored 401(k) accounts later this year.


Fidelity’s push into the digital realm has it looking to hire as well—the firm just announced plans to add over 12,000 new roles to support its growing digital asset initiative.


But Fidelity is not just setting its sights on the U.S. In fact, the firm—one of the largest asset managers in the world—has an established digital asset presence in Europe and the U.K.


Fidelity Digital Assets has registered with the Financial Conduct Authority to custody digital assets, and it also launched its first bitcoin spot exchange-traded product in Europe and Canada.


Another banking giant, Commerzbank, applied for a license to custody crypto from Germany’s Federal Financial Supervisory Authority, or BaFin. The license allows financial institutions to custody and trade cryptocurrencies for clients.


Last June, Coinbase Germany GmbH received the first such license. More recently, the regulator revealed that there are currently 25 pending applications and four approvals.


While the United States has long been considered a leader in the financial space, the amount of players trying to pull in the reins of the crypto space is leaving American investors a step behind as regulators debate whether cryptocurrencies are securities or commodities.


While regulators try to figure out who is in charge, the major institutional players are in fact moving ahead of guidance.


It was last year when Hester Peirce, commissioner for the U.S. Securities and Exchange Commission, said the U.S. was "behind the curve" in terms of creating a regulatory framework. And one year later, not much has changed. 


Is it time to follow this crowd? Institutions of this size are moving ahead because they don’t want to be left behind. Regulatory guidance may be the final step towards full institutional adoption… and retail acceptance.

Today, the Federal Reserve started its two-day meeting where the central bank is expected to hike official rates 50 basis points.


All eyes will be on the Fed as it continues to try and fight inflation without causing too much damage.


The Bank of England is also holding its May meeting where a 25 basis point hike is anticipated. While we know that investors are increasingly looking at crypto, how do they feel about central bank digital currencies, also known as CBDCs?


Analyst Jason Deane offered some surprising answers in his latest piece, "Research Shows Fewer Than 25% Of Brits Want a ‘Digital Pound.'" 


I appreciate all your likes, follows and comments! As always, thank you for reading. 


Make it a great day! 


Evamarie Augustine 

Market Analyst 

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Bitcoin Market Journal is a daily newsletter that makes you a better crypto investor. It is created by Evamarie Augustine, Charles Bovaird, Mati Greenspan, John Hargrave, and Alexandre Lores.


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