Bitcoin (BTC-USD) is in the spotlight as Trump-elect is reportedly considering crypto enthusiast Paul Atkins to lead the Securities and Exchange Commission (SEC). The cryptocurrency reverses after rising when South Korea declared martial law, then lifted it hours later. Kraken chief strategy officer Thomas Perfumo joins Seana Smith and Madison Mills on Catalysts to discuss the role of bitcoin in investor portfolios amid global political turmoil heading into Trump's second term in the White House.
“The geopolitical event that is happening and the trading of bitcoin up or down, for me, does not mean that it is confirmed that it responds to those news. Specifically, when I think about the movement of bitcoin recently, it is very much combined with the entry of capital net, “Perfumo. he says, explaining, “I'm looking at ETF flows. I'm looking at any kind of buying patterns that come out of MicroStrategy (MSTR) … and you can pick a job on [the iShares Bitcoin Trust] IBIT itself is growing rapidly since its launch a few weeks ago. “
He notes, “Those, to me, are the types of acceleration of the big price movements,” adding, “When it comes to world events, you really have to look at the relative activity in relation to other major markets.” Perfumo says, “What I saw most about this event was more like a risk reduction in risk assets in general, rather than crypto responding in a specific way to that event.”
“I think the long-term trend of talking about crypto, at least for the next few years, is going to be about a story like a pro-innovation agenda and what crypto can bring to that.”
To view more expert insights and analysis on the latest market action, see more Catalysts here.
This post was written by Naomi Buchanan.
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