The Big Picture Vincent Boland: Bitcoin rises from the dead ... and it stinks to high heaven
One was the introduction of exchange-traded funds invested in crypto assets managed by mainstream financial houses such as Fidelity Investments. These funds are seen as Wall Street’s endorsement of cryptocurrencies as mainstream assets, and they are proving popular. Multiple reports last week said that about $7.5 billion has been invested in the funds since they were approved for sale by regulators at the US Securities and Exchange Commission on January 10.
Here are some problems with the return of crypto. First, the endorsement by Wall Street sounds like the sort of thing the crypto world’s insurgents used to say they did not need or want, because crypto was the future and Wall Street was the enemy. Has the insurgency come and gone already, or is it just postponed?