The New Wealth of the Cryptocurrency World Battles Wall Street
Recently, the financial arena has witnessed a spectacular showdown between the "new wealth of the cryptocurrency world" and the "old wealth of Wall Street," even more thrilling than a TV drama.
The trigger was when MSCI, the "big brother" of the financial world, suddenly proposed to kick MicroStrategy out of the index list, and JPMorgan Chase immediately added fuel to the fire by saying it could trigger an $8.8 billion sell-off. This infuriated the cryptocurrency community, causing an uproar on social media. Some directly accused JPMorgan Chase of engaging in "front running," while others called for a collective short-selling of JPMorgan Chase's stock, creating quite a spectacle.
The boss of MicroStrategy couldn't sit idly by and quickly came out to clarify: "We are a legitimate company, not a fund!" But the old players on Wall Street were not having it; in their eyes, these companies dabbling in cryptocurrency are merely investment funds in sheep's clothing and are fundamentally unworthy of inclusion in mainstream stock indices.
This battle boils down to a struggle for market discourse between the new and old factions. On one side are the new wealth of the cryptocurrency world in hoodies and jeans, and on the other side are the old money of Wall Street in suits and ties, with back-and-forth exchanges where neither side concedes. However, the most interesting aspect is that the onlookers are all watching this "divine conflict," as the outcome may determine the future play of the financial market! $BTC
