Blockchain inshorts #12
In short, we bring you what is the most interesting and important news in the blockchain world
Cryptocurrency assets are officially in Trillion dollar club
1,000,000,000,000, and back
We, now officially have a trillion-dollar coin
Bitcoin makes for ~70% of the cumulative market cap of all digital assets, so let’s revisit how it reached here.
“Institutions are coming” started out during the euphoria of the last bull run in 2017, and they finally arrived in and are mostly responsible for this run-up to $40,000.
Bitcoin as a macro asset started when Paul Tudor Jones wrote this letter in May 2020
Also, bill Miller recently in his annual Q4 letter made a bullish case for Bitcoin without directly mentioning it.
We look at some of these whales’ bulltard comments about Bitcoin in 2020.
There are also few companies who plan to capitalize on this most important financial experiment of this century.
VanEck proposes Bitcoin ETF, again (31st Dec)
GreenPro plans a $100 million Bitcoin fund (29th Dec)
Mogo, Canadian fintech co., plans to make a corporate investment in Bitcoin (23rd Dec)
Skybridge capital, an asset management firm, plans a bitcoin fund (22nd Dec)
Microstrategy announces over $1 billion purchases in Bitcoin
MassMutual invests $100 million in Bitcoin
Also, the Bitcoin hash rate is at an all-time high; miners are generating revenue of more than $40 million per day
On a related note, these are probably the best sources for making a case for Bitcoin as an asset
In other news, Korean Media giant, Nexon, is looking to acquire Bithumb, South Korea’s biggest crypto exchange for ~$460 million
ICE’s Bakkt plans to go public via SPAC at a $2.1 billion valuation
Bakkt will raise an additional $532 million from VPC’s funds and a concurrent capital raise.
Shapeshift plans to go full DeFi and remove KYC rules
Shapeshift plans to be an aggregator that allows you to swap different crypto assets at the best prices, without KYC.
Tether launches on Hermez network, an Ethereum layer-2 scaling solution
Hermez helps store the entire data rollup on-chain.
China’s new digital Yuan adoption
Merchants will be forbidden to decline payment in e-CNY
Important first principles for building on Web 3.0
Synthetix founder on crypto corrections
In wake of today’s ~20% correction, this is a good reminder