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As if the laws of the land were stories told by a bored scribe, recent legislation grants a golden pass to investment banks worth no less than fifty million dollars-a sum that, in these days of digital gold, sounds modest only to the enormously wealthy or profoundly foolish. These institutions now have the privilege to dabble in Bitcoin and its cryptic kin, offering these currencies to investors carrying more than a quarter of a million dollars-an amount that, frankly, makes most of us feel quite poor, especially when paired with a fancy ledger and a nod of approval.

In a series of missives on the modern agora known as X, Bloomberg’s sage of ETFs, Eric Balchunas, reveals that the endowments of these Ivy League titans have cast their lots with BlackRock’s iShares Bitcoin Trust (IBIT). A bold move, indeed, for institutions that once scoffed at such plebeian pursuits. 📈

On the grand tapestry of time, the third-largest cryptocurrency has been weaving a rather intricate triangle pattern since the twilight of last year. Each swing, a delicate dance, has narrowed the range until, in a moment of sheer audacity, July’s breakout propelled the price beyond its previous confines. It soared to a dizzying $3.38, only to retreat to a more modest $3.22, which, if one were to be honest, feels less like a retreat and more like a brief intermission in a long-winded play.