Good afternoon, readers: Bitcoin hit a fresh all-time high above $35,000 while former Bakkt CEO Kelly Loeffler lost her U.S. Senate seat. Meanwhile, a major Ripple investor filed suit against the fintech and Shapeshift is converting to a decentralized exchange.
Echoing Warren Buffett’s infamous line that bitcoin is “rat poison squared,” heavyweight investor Bill Miller said that could be true, but “the rat could be cash.” In his Q4 newsletter Miller went on to say inflation is likely in the U.S. due to unprecedented fiscal and monetary stimulus, and that bitcoin could provide a way for companies to avoid devaluing their balance sheets.
A ban on crypto derivatives trading went into effect today in the U.K. The nation’s financial regulator, the Financial Conduct Authority (FCA), said these products are ill-suited for retail consumers due to their outsized risks when introducing the legislation in October, while industry voices think the measure