In a blow as cruel as a sneaky chair shot from a beloved face unexpectedly turning heel, Robinhood ironically stepped in on behalf of the rich (Wall Street) to steal from the poor (r/WallStreetBets) yesterday. The platform has officially restricted trading on GameStop et al. with Congress now set to get involved in the fiasco. In the aftermath of the whole episode it appears that r/SatoshiStreetBets may have been activated. As a result, crypto markets have seen gains across the board. None more so than Elon’s favourite: Dogecoin which has made almost unfathomable gains in excess of 300% in the past 24 hours thanks to a concerted effort by its Reddit community it would seem. Hope you all have at least a small bag for just such an occasion. Go dog, go. Whatever you may think of the project that is some impressive community action.
While Dogecoin started as and is still seen as somewhat of a joke in the crypto sphere the whole episode itself is fascinating. Are battle lines being drawn for The Fourth Turning? Are the long papered over cracks of the world’s financial system finally beginning to show? Are we witnessing the birth of The Sovereign Individual? It ‘s certainly starting to feel that way. Strap in because we could be in for a bumpy ride. Just make sure you load up on Dogecoin first.
In somewhat duller yet no less important news Coinbase Global, Inc. today announced its intent to become a publicly-traded company. Very Direct Listing. Much SEC.
A survey carried out by Gemini in the UK revealed some surprising details about crypto investors. Up to 13% of respondents had invested in crypto coming from a broader age range and with a larger proportion of women than expected.
Key players in the world of institutional finance continue to flirt with Bitcoin with Bridgewater’s Ray Dalio and Microstrategy’s Michael Saylor both recently commenting on their firms’ crypto trading strategies in the future.
Right, that’s your lot.
