On The Brink with Castle Island Weekly Roundup 12/20/24 (No SBR?, Prometheum, Crenshaw) (EP.585)
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Dec 20, 2024 This week dives into MicroStrategy's bold purchase of 15,350 BTC, pushing their total to a staggering 439,000 BTC. The controversial Prometheum tokenized securities platform is called out, highlighting its opacity and questionable practices. Political tensions rise as SEC's Caroline Crenshaw faces backlash from crypto advocates. Plus, a Texas bill proposes a strategic Bitcoin reserve, and Riot Platforms adds more BTC to their collection. Legal dramas unfold with Coinbase's courtroom victory and the SEC's Wells notice to an NFT collection.
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Bitcoin Strategic Reserve and Price
- Nick Carter believes Bitcoin's price partially reflects market expectation of a government-backed strategic reserve.
- He predicts a sell-off upon disillusionment, citing recent price drops after the Fed's rejection of holding Bitcoin.
Crypto Legislation Priority
- Prioritize establishing a clear market structure for crypto.
- Focus on disambiguating securities from commodities to enable open spot markets, especially given the limited 18-month window before midterms.
Prometheum's Controversies
- Prometheum, a digital asset securities platform, raises $20M despite questions about their business model and lack of trading volume.
- Their lawsuit against a critic and undisclosed investors raise concerns about transparency and actual operations.