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JPMorgan and Wells Fargo Report hold Bitcoin spot ETFs
Key points
- Wells Fargo and JPMorgan Chase both disclosed their holdings in bitcoin exchange-traded funds last week.
- Twitter co-founder Jack Dorsey said the price of bitcoin will rise to $1 million by 2030.
- Crypto analysts are tracking meme coins this week, as the return of popular GameStop retail trader “RoaringKitty” to social media led to a surge in prices over the weekend.
The last week has been highlighted by positive public sentiment for bitcoin. Wells Fargo (WFC) and JPMorgan Chase (JPM) both have reported holdings in spot bitcoin exchange-traded funds, and Twitter co-founder and former CEO Jack Dorsey predicts the price of bitcoin could rise to $1 million by 2030. Meanwhile, crypto analysts are tracking meme coins this week, while the return of popular GameStop retail trader “RoaringKitty” on social media led to a surge in prices over the weekend.
Wells Fargo, JPMorgan report holding Bitcoin ETF
JPMorgan Chase and Wells Fargo have joined the ranks of major global banks that have disclosed exposure to bitcoin through investments in Spot Bitcoin ETF launched in January, according to 13F filings.
JPMorgan disclosed investments totaling $731,246 in BlackRock’s iShares Bitcoin Trust (IBIT), the Bitwise Bitcoin ETF (BITB), Fidelity’s Bitcoin Wise Origin fund (FBTC) and Grayscale Bitcoin Trust (GBTC), with the majority, $477,425, in IBIT.
Meanwhile, Wells Fargo reported a $141,817 investment in Grayscale’s GBTC in the first quarter. This move follows similar revelations from BNP Paribas and BNY Mellon, which point to a growing trend among traditional financial institutions, despite their relatively small exposures.
Jack Dorsey’s $1 Million Bitcoin Call
To block CEO Jack Dorsey expressed a bullish outlook for bitcoin (Bitcoin) during an interview on Pirate Wires with journalist Mike Solana. Dorsey predicted that the price of bitcoin could reach “at least a million” by 2030, with potential for further growth beyond that point. She pointed it out bitcoinThe price of, while significant, is not the most attractive aspect of the cryptocurrency. Dorsey instead highlighted the collaborative nature of the bitcoin ecosystem.
Dorsey also discussed his recent departure from the board of directors of BlueSky, a decentralized alternative to Twitter that he helped launch. He expressed disappointment with the way BlueSky has evolved, saying it has started to behave more like a traditional company than a traditional company. open source protocol he had foreseen. Dorsey’s focus on decentralized, censorship-resistant platforms aligns with his support of Nostr, an anonymous and open protocol without centralized control.
Dorsey remains committed to bitcoin, with Block planning invest 10% of your gross profit from bitcoin-related products into purchasing more bitcoins every month.
What to expect from the markets this week
Bitcoin’s price has remained mostly stable over the past week, hovering around $62,000. However, a single post by retail trader Keith Gill, known as “Roaring Kitty” caused a sensation in the cryptocurrency market, especially among meme coins.
Gill, who gained notoriety for his role in the film GameStop, short press of January 2021, made his first post since late 2021, sharing a meme that alluded to a period of intense focus or concentration. This post was interpreted by many as a signal to engage more actively in trading.
After Gill’s post, various meme coins as an unaffiliated GameStop meme coin on the Solana blockchain and an AMC token surged more than 550% and 1,200%, respectively. Other microcapsule cat-themed meme coins like KITTY increased by thousands of percentage points.