Bitcoin Flirts With $60k; Ready For Takeoff !
“If all the economists were laid end to end, they’d never reach a conclusion.” — George Bernard Shaw
George Bernard Shaw, known at his insistence simply as Bernard Shaw, was an Irish playwright, critic, polemicist and political activist. So, what does this have to do with Bitcoin? Nothing, but I liked the quote, thought it was fitting, and then copy pasted his Wiki bio for comic relief after a long week.
Over a quarter billion dollars traded since we opened up just over 9 months ago. Feels very good to say it. If you asked me where we’d be when we first started it would be a ways away from where we are today.
When I first got into this space back in 2017 I was shocked at the abysmal level of service offered by exchanges. Maybe it was because I came from Fidelity which had amazingly high standards but I immediately saw a lot of quick wins in this new space.
We took what we learned over the years and built Satstreet around what we understood the market was looking for. The relentless focus on our customers has been key in our growth story and we couldn’t be more excited by the outcome so far.
As always, thank you to all of our supporters.
What we saw at the desk
This week was busy on both the trading side and with onboarding new customers. As always, Bitcoin made up the brunt of our trading volume and unlike last week, this week was all about the buy-side.
Investor sentiment is very bullish overall, and for good reason:
- Goldman Sachs announced that they are very close to offering Bitcoin to their clients
- Coinbase announced that it will be listing on the Nasdaq on April 14th
- World’s largest asset manager BlackRock has begun trading Bitcoin futures
- PayPal announced that their users can use Bitcoin to pay at millions of online merchants
A quick note on the regulatory front
I thought it’s worth mentioning since we had a few folks reach out to us to ask how we might be affected by the notice that came out this week from the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC).
In short, Canadian regulators are seeking to get a handle on this fast growing space and want to make sure platforms like ours are playing by the rules to help protect Canadian investors.
Thankfully, our team has been planning for this announcement and have a well defined strategy. It’s great to see the regulators taking necessary steps towards clear regulation for companies like ours and we’ll be sure to keep you in the loop on anything worth mentioning.
Have a great long weekend!
In case you missed it…
- Genesis, BlockFi, Ledn cut interest rates on large bitcoin deposits https://finance.yahoo.com/news/why-genesis-blockfi-ledn-cutting-190011067.html
- Despite the proposed ban, India’s millennials are embracing Bitcoin https://www.coindesk.com/indias-millennials-embrace-bitcoin
- Bitcoin is outshining gold in the battle of the safe havens https://cointelegraph.com/news/bitcoin-is-outshining-gold-in-the-battle-of-the-safe-havens
- Risk-adjusted returns of currencies, indexes, metals, stocks, & bonds vs BTC https://www.microstrategy.com/en/hyperintelligence/asset-vs-btc
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Satstreet serves private Canadian clients including some of the largest Bitcoin mining operations, institutions, and high net worth individuals. Satstreet has raised initial funding from Round13 Capital and several prominent investors.