Digital assets are about more than just Bitcoin. The global adoption of blockchain, expansion of cross-border payments, new investment vehicles tied to intellectual property, and more, could one day establish a global market of digitized assets worth $50 trillion. This channel provides access to the latest developments, opportunities, risks, and thought leaders in the growing Digital Assets space.
Bitcoin momentously broke its 2017 high on Monday, recording a new one at $19,864.15. This had all the crypto evangelists out in full force, insisting the bull market in the leading crypto was now well and truly in place.
As expected, more lofty targets were trotted out – one at $50,000, the other at $500,000.
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More Stories on Digital Assets
As bitcoin soars to within a kissing distance of $15K, the En+ Group joins hands with BitRiver. The En+ Group (LON: ENPL), the Russian aluminum and energy giant, has partnered with BitRiver, which owns the largest crypto mining venue in Russia, for cryptocurrency mining.
Back in 2017, Jeffrey Gundlach, the founder of investment management firm DoubleLine Capital, termed the growing interest in bitcoin as “mania,” and said he was quite willing to let it carry on without him on board.
Bangladesh executed its first cross-border (Letter of Credit) LC transaction for the import of 20,000 tonnes of fuel oil from Singapore on the blockchain through HSBC. The transaction opens up the possibility of slashing standard LC processing times from 5-10 days to within a day.
Gazprombank (Switzerland), the wholly-owned Swiss arm of Russia’s Gazprombank (JSC), announced October 29 that it had received regulatory clearance from the Swiss Financial Market Supervisory Authority to offer crypto custody and trading services to its institutional and corporate clients.
KPMG LLP, a unit of Big Four accounting and consulting firm KPMG, announced an alliance with Coin Metrics, an open-source project with the goal of onboarding financial institutions across the world with data and insights into cryptoassets. KPMG’s Chain Fusion is a suite of analytic and digital capabilities that enables the adoption of cryptoassets across financial organizations by bridging their traditional systems with blockchain systems. As a part of the alliance, the Chain Fusion suite will integrate Coin Metrics’ full-suite of institutional data products and infrastructure.
Ripple Labs, the San Francisco-based technology company that facilitates cross-border payments through the use of its blockchain solutions via RippleNet, will invest an undisclosed amount in Money Tap. Money Tap offers the smartphone app of the same name.
An unnamed but large technology company is already using JPM Coin, JPMorgan’s (NYSE: JPM) digital currency developed in-house, for cross-border payments. A CNBC report says the bank has now set up its digital currency and blockchain businesses inside a new unit dubbed Onyx.
In a webcast with Hedgeye CEO Keith McCullough last week, Saylor described the bitcoin network as “a thing of beauty and extraordinary value,” and “the first network in the world that can pull monetary energy.”
JPMorgan (NYSE: JPM) analysts issued a note on Friday that said millennials’ preference for cryptocurrency over gold could lend a bullish tailwind to bitcoin in the coming years. Millennials would constitute an important segment of the investment fraternity and that could tip the scales in favor of BTC versus the yellow metal.
Paul Tudor Jones made a splash in May when he disclosed a bitcoin investment and called the cryptocurrency the fastest horse in the race against inflation. On Thursday, he was on CNBC’s Squawk Box, and this time, he said bitcoin was similar to an investment in a tech startup.
PayPal will allow customers to shop at its 26 million merchants using crypto currencies from early 2021. Further, PayPal customers can now buy, sell and hold bitcoin and other cryptocurrencies using the company’s online wallets. The facility will be available to US account holders over the coming weeks.
There has been a remarkable change in recent months in the perception of bitcoin as an investible asset. Large, listed companies have parked sizable chunks of their cash reserves in bitcoin to diversify out of the dollar and to preserve the purchasing power of the money. Institutions have invested heavily in Grayscale Investments’ various cryptocurrency trusts, with the firm receiving over $1 billion in inflows during the third quarter of 2020. As this is being written, bitcoin is trading well above the psychological resistance of $12,000. However, sovereign wealth funds have not yet joined the bitcoin party.
The Feminist Coalition Group is a group of Nigerian women working towards the aim of feminine equality in terms of rights, finances, and political and legislative power. The movement has got involved in the #EndSARS protest movement by Nigerians. After the Nigerian government blocked its bank accounts the Group has turned to bitcoin as a means to raise funds for its activities.
New registrations on the P2P bitcoin marketplace Paxful’s platform in Turkey have surged 274% over the past year. Given Turkey’s prevailing hyper-inflation and its fast weakening currency, Paxful is confident that crypto adoption will make massive strides in the country.
OKEx, one of the world’s largest cryptocurrency trading platforms, suspended withdrawals after the Chinese police launched an investigation that linked to the exchange.
Grayscale Investments, the largest asset manager of digital currencies in the world, said it gained $1.05 billion of inflows into its digital investment products during the third quarter of 2020. It was the biggest quarterly inflow in the firm’s history.
A new report from Fidelity Digital Assets titled “Bitcoin Investment Thesis – Bitcoin’s Role As an Alternative Investment,” finds that the cryptocurrency has a very low correlation with mainstream assets such as stocks or gold.
The Group of Twenty (G20) organization of the finance heads from the EU and 19 other countries announced today that it is working alongside the International Monetary Fund (IMF), the World Bank, and the Bank for International Settlements (BIS) to standardize and formalize the use of digital currencies such as stablecoins in banking systems.
Tyler Winklevoss, the famous bitcoin billionaire and co-founder of Gemini, said in a tweet that there will a tsunami of capital flows into the bitcoin cryptocurrency. He was referring to the recent multi-million dollar investments in bitcoin by MicroStrategy (NASDAQ: MSTR) and Square (NYSE: SQ).
Square (NYSE: SQ), the payments processing company co-founded by Jack Dorsey, just signaled a massive vote of confidence in bitcoin. It bought 4,709 bitcoins for $50 million, an amount equivalent to 1% of its total assets, or about 2.5% of its cash as on June 30.
The traditional, rule-of-thumb portfolio allocation of 60:40 between equities and bonds is under threat. With bond yields at record lows, and likely to remain there for a few years at least, and stocks at handsome valuations, investors need to be more creative with their portfolios. That often means more risk. But bitcoin is shaping up as a worthy alternative.
After an 18-month study of the cryptoassets market, followed by a consultation, the U.K’s Financial Conduct Authority banned the sale of crypto-derivatives to retail customers on grounds they were “ill-suited for retail consumers due to the harm they pose.”
Cybersecurity specialist, of McAfee AntiVirus fame, and prominent crypto personality John McAfee was arrested in Spain on charges of alleged tax evasion and fraud.
Coinbase have made it very simple to withdraw cryptos sitting in your account with them. Just sell the amount you need to your GBP, Euro, or USD wallet with Coinbase. Once you have money in any of these wallets, it’s a cinch to withdraw it directly to your Visa (NYSE: V) Fast Funds enabled credit and debit card.