All thanks to U.S. Treasury Secretary Janet Yellen, who warned cryptocurrencies are being used “mainly for illicit financing,” as quoted by CNBC. She added, she would ““need to examine ways in which we can curtail their use and make sure that money laundering doesn’t occur through those channels.”
However, it looks like the market is shrugging it off.
Better, it looks like more institutions may jump into digital currencies.
For one, CNBC reports that BlackRock filed prospectuses for two funds that could buy BTC futures contracts. That’s a big sign that institutions are very interested in cryptocurrencies.
Two, according to Skyridge Capital, we could see a “tidal wave of institutional capital,” as noted by Bitcoinist. In fact, the firm says the cryptocurrency could see maturation as an asset class, and attract hedge funds, public company treasurers, insurance companies, pension funds, RIAs, banks, brokerage houses, and even a potential Bitcoin ETF.
Three, Bridgewater found Ray Dalio just said his firm may soon buy Bitcoin.
“I and my colleagues at Bridgewater are intently focusing on alternative storehold of wealth assets and expect Bridgewater to soon offer an alt-cash fund and a storehold of wealth fund in order to better deal with the devaluation of money and credit that we consider to be a major risk and opportunity, and Bitcoin won’t escape our scrutiny,” he said, as quoted by Zero Hedge.
If that’s the case, and cryptocurrencies hit higher highs, that could be great for crypto-miners, like Marathon Patent Group (MARA). The firm just bought another $150 million worth of Bitcoin on the latest dips, says Business Insider.
There are a few ways to trade MARA potential.
One, you can buy the MARA stock. And, or two you can buy to open the March 19, 2021 21 calls at market prices. If you want to hedge, you can also buy to open the March 19, 2021 19 put.