Even crypto cynics are expecting big returns from Bitcoin (BTC) while markets await an SEC approval for a spot ETF product. It could happen any day now.
One major Wall Street bank expects the SEC to move by January 10th.
Tradfi Chief Riding Bitcoin Momentum
Short Hills Capital’s Steve Weiss, a frequent CNBC contributor, recently appeared on “The Halftime Report” with a stunning message about Bitcoin. The private investment management chief says he’s investing in Bitcoin even though he doesn’t believe in it:
“Blackrock came out and they’re trying to get an ETF into the market[…] I don’t believe in the business use case or the consumer use case for crypto. I completely think it’s non-existent.”
That’s incredibly positive for Bitcoin, given Weiss’ overall cynical outlook toward cryptocurrency as a product and tool for businesses and consumers.
In It For the ROI, Not The Use Cases
The interesting take on Bitcoin prompted one of the Halftime Report hosts to ask Weiss, “You’re just riding the momentum here to an ETF, and that’s it?” The Short Hills Capital founder answered in the affirmative:
“Exactly. I’m riding purely supply demand characteristics. There are enough true believers out there. Again, I am definitely not one of them. I’m on the other side that are going to continue to come into this asset class— because it is an asset class— and drive it higher.”
Apparently, whether or not he sees blockchain as a legitimate product, Weiss views it as a real asset class in the finance world today. He added that he’s bullish beyond the short term. As a result, he plans to buy more Bitcoin soon:
“That ride’s going to go on for awhile. So I will probably add to it again.”
Bitcoin booster Dan Tapiero of 10TFund responded to Weiss’ CNBC appearance in an X.com post hailing the next wave of TradFi adopters. Tapiero says purely results-driven investors like Weiss will drive the next bull market:
This guy says he doesn’t believe in #Bitcoin .
Says no real use case for it and for all #cryptocurrency.
Yet he is on CNBC saying he is buying.
Imagine if he had done the work. Imagine when guys like him all eventually do the work.
Tradfi adopters to drive next bull mkt. pic.twitter.com/QYuT91OlZu
— Dan Tapiero (@DTAPCAP) November 10, 2023
In addition to Bitcoin’s use case as peer-to-peer cash, developers are adding to its DeFi applications. With the introduction of Ordinals this year, Bitcoin could become a major platform hosting smart contract finance applications.
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