CBA has been the leading bank in Australia for many years with much of its recent outperformance attributable to its early investment in tech upgrades, its simply way ahead of its peers on this front. This week they have again stolen the march on their peers by announcing their intention to add cryptocurrencies onto its banking app i.e. this will enable its customers to hold / use bitcoin. The move makes total sense as it will undoubtedly appeal to its younger customers as an incredible 30% of millennials intend to invest (trade) in the likes of Bitcoin over the next year.
Crypto currencies have undoubtedly been the alternative asset class for performance over recent years eclipsing the phenomenal gains in the likes of art, wine, whisky and classic cars. Many people don’t fully understand the concept but the more people who hold the cryptos by definition the greater its credibility becomes as a liquid currency, albeit an extremely volatile one. Our first conclusion in todays report is yet again CBA is ahead of the curve and as equity owners we like this move by Australia’s leading and largest bank.
MM is mildly bullish CBA from the $108 area
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