Happy Wednesday Blockfolians
When news broke that the CIO of Wealth Management at Goldman Sachs would be giving a presentation specifically focused on bitcoin (and gold), bitcoin Twitter got a little hyped. Would this be the latest Paul Tudor Jones-esque traditional market capitulation?
Short answer: Nope.
Instead, it was a full throated argument for why their clients should NOT be interested in bitcoin.
The reaction from the community was swift and clear. First there was the strange dated-ness of the arguments against bitcoin.
Second was the question of why this call was even happening now - and what it might suggest about a swell in interest.
Third was an important contextualization in the model that had made GS so much money for so long.
Fourth and finally was the real, hard to escape significance.
You might even say that bitcoin is, officially, un-ignorable.
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Highly Relevant Reading
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The Chief Strategy Officer of the Human Rights Foundation argues that full nodes are a key part of bitcoin’s decentralization.
Gavin Andresen @gavinandresenI'm proud to be part of the 99+% not running a full node. Zero reason for me to waste bandwidth monitoring other people's transactions.
Ryan from Bankless and Primitive’s Dovey Wan disagree about the fundamental drivers of current Ethereum network growth
Ryan Sean Adams - rsa.eth 🏴 @RyanSAdamsIt’s not 2017. We’re not in a bull market But Ethereum usage is already at all-time-highs It won't last First ETH price will catch up with Ethereum usage Then ETH price will catch up with ETH as a store-of-value Til then... ETH is doubly undervalued https://t.co/qLgHgrftCr
A Really Big Number We Should Be Paying Attention To
That’s the reported price Coinbase just paid for Tagomi, to up their own place in the battle for crypto prime brokerage.
That’s a hell of a journey, Dog.