China and US Equity Analyst

Roger Xie

Cross Asset Strategy

<ul>
<li>The proposed bank license for stablecoin issuers will be long-term positive to crypto industry and appealing to institutional investors. This is further step for US consumer protection.</li>
<li>For crypto wallet providers, they generally experienced weaker Q3 trading activities but expected strong rebound in Q4.  Coinbase and Robinhood engagement metrics (MAU) have also reflected the greater interest.</li>
<li>The overall outlook for the crypto-ecosystem is getting better as more institutions started to see <a href="https://www.smartkarma.com/entities/bitcoin-usd" target="_blank" data-smartkarma-citation="entities:25895:1" rel="noopener">Bitcoin (XBTUSD CURNCY)</a>  as more than digital gold and a hedge on fiat inflation. </li>
</ul>


The proposed bank license for stablecoin issuers will be long-term positive to crypto industry and appealing to institutional investors. This is further step for US consumer protection.
For crypto wallet providers, they generally experienced weaker Q3 trading activities but expected strong rebound in Q4.  Coinbase and Robinhood engagement metrics (MAU) have also reflected the greater interest.
The overall outlook for the crypto-ecosystem is getting better as more institutions started to see Bitcoin (XBTUSD CURNCY)  as more than digital gold and a hedge on fiat inflation. 


Crypto: Banking License for Stablecoin Issuers and Better Crypto Trading Volume in Q4

Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

<h2>Headline Development</h2><p>Hertz (HTZZ) just made the largest EV purchase ever, acquiring 100k Teslas (TLSA) for a reported $4.2b - half of which will go to Uber (UBER) drivers.  On top of this, Hertz will also invest significantly in EV charging infrastructure across its global operations.</p>

Headline DevelopmentHertz (HTZZ) just made the largest EV purchase ever, acquiring 100k Teslas (TLSA) for a reported $4.2b - half of which will go to Uber (UBER) drivers.  On top of this, Hertz will also invest significantly in EV charging infrastructure across its global operations.

<ul>
<li>Crypto trading volume has rebounded shocking 70% in October from the level in 3Q21, fueled by the first-ever regulatory approval of bitcoin future ETF and the rise of bitcoin price. Download data software Apptopia also suggested renewed interest for broad range of cryptocurrency trade app, such as <a href="https://www.smartkarma.com/entities/coinbase-global-inc" target="_blank" data-smartkarma-citation="entities:32227:1" rel="noopener">Coinbase (COIN US)</a> and <a href="https://www.smartkarma.com/entities/robinhood-markets-inc" target="_blank" data-smartkarma-citation="entities:33532:1" rel="noopener">Robinhood Markets (HOOD US)</a>. Those engagement metrics DAU and MAU have also reflected the greater interest.</li>
<li>Bitcoin price has been volatile this year. It briefly peaked at $64000 in April. Then China started to clamp down on crypto mining and transaction activities, bitcoin price was down by half from the peak in May. However, blockchain technology, by its nature, has been proven to be flexible to expand the network and relocate the computing nodes as supply/demand changes. We have observed the mining and computing power has been shifted from China to other places in the world. </li>
<li>The much-awaited bitcoin-linked ETF has received green light from US market watchdog Securities and Exchange Commission (SEC) recently. The listed funds from Proshares and Valkyrie offer investor exposure not to crypto itself but to bitcoin future. SEC has signaled that it would prefer ETFs that track bitcoin future due to easy regulation. But investors believe the ETF holding bitcoin directly will received SEC approval in next step. </li>
</ul>


Crypto trading volume has rebounded shocking 70% in October from the level in 3Q21, fueled by the first-ever regulatory approval of bitcoin future ETF and the rise of bitcoin price. Download data software Apptopia also suggested renewed interest for broad range of cryptocurrency trade app, such as Coinbase (COIN US) and Robinhood Markets (HOOD US). Those engagement metrics DAU and MAU have also reflected the greater interest.
Bitcoin price has been volatile this year. It briefly peaked at $64000 in April. Then China started to clamp down on crypto mining and transaction activities, bitcoin price was down by half from the peak in May. However, blockchain technology, by its nature, has been proven to be flexible to expand the network and relocate the computing nodes as supply/demand changes. We have observed the mining and computing power has been shifted from China to other places in the world. 
The much-awaited bitcoin-linked ETF has received green light from US market watchdog Securities and Exchange Commission (SEC) recently. The listed funds from Proshares and Valkyrie offer investor exposure not to crypto itself but to bitcoin future. SEC has signaled that it would prefer ETFs that track bitcoin future due to easy regulation. But investors believe the ETF holding bitcoin directly will received SEC approval in next step. 


Crypto: Trading Activities Rebound as Investors Rush for Inflation Hedging

<p>Headline Developments SpaceX (private) has completed the world’s first all-civilian mission to space, sending four passengers into Earth’s orbit without any professionally trained astronauts.  The mission lasted 72-hours, setting off on Wednesday last week and landing (below) on Saturday, 30 miles (48 km) east of the Kennedy Space Center in Florida (from where they launched).</p>

Headline Developments SpaceX (private) has completed the world’s first all-civilian mission to space, sending four passengers into Earth’s orbit without any professionally trained astronauts.  The mission lasted 72-hours, setting off on Wednesday last week and landing (below) on Saturday, 30 miles (48 km) east of the Kennedy Space Center in Florida (from where they launched).

<p>Headline Developments China has likened online computer games to opium, causing shares in Tencent (700.HK) and NetEase (9999.HK) to drop 10% and 15% respectively.  The article, which appeared in state-run Economic Information Daily (before being removed), said more than half of China’s children were nearsighted and online games affects their education; adding that gaming addiction is widespread and could negatively impact their growth.</p>

Headline Developments China has likened online computer games to opium, causing shares in Tencent (700.HK) and NetEase (9999.HK) to drop 10% and 15% respectively.  The article, which appeared in state-run Economic Information Daily (before being removed), said more than half of China’s children were nearsighted and online games affects their education; adding that gaming addiction is widespread and could negatively impact their growth.

United States

Robinhood Markets, Inc. operates a financial services platform. The Company offers brokerage and cash management applications such as stocks, exchange-traded funds, options, and cryptocurrency. Robinhood Markets serves clients in the United States.

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Robinhood Markets (HOOD US)

Crypto: Banking License for Stablecoin Issuers and Better Crypto Trading Volume in Q4

The overall outlook for the crypto-ecosystem is getting better as more institutions started to see crypto ($bitcoin) as more than digital gold and...

Roger Xie

Weekly Innovation Review (WIRE) #55

Hertz (HTZZ) just made the largest EV purchase ever, acquiring 100k Teslas (TLSA) for a reported $4.2b - half of which will go...

Granite Bay Capital

Crypto: Trading Activities Rebound as Investors Rush for Inflation Hedging

The much-awaited bitcoin-linked ETF BITO and BTF have received green light from SEC recently. But investors believe the ETF holding bitcoin...

Roger Xie

Weekly Innovation Review (WIRE) #50

SpaceX (private) has completed the world’s first all-civilian mission to space, sending four passengers into Earth’s orbit without any...

Granite Bay Capital

Weekly Innovation Review (WIRE) #43

Headline Developments: China has likened online computer games to opium, causing shares in Tencent (700.HK) and NetEase (9999.HK) to drop 10% and...

Granite Bay Capital

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