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THREE MAJOR COMPANIES BUYING CRYPTO IS A TREND
Forbes broke the story that Stone Ridge Asset Manager’s $ 10 billion bought $ 100 million worth of bitcoin to make it the company’s “primary treasury reserve asset.” This announcement follows recent news from MicroStrategy ($ 425 million) and Square ($ 50 million) converting portions of their financial reserves into the original cryptocurrency.
Furthermore, Stone Ridge to Store Bitcoin with Subsidiary, New York Digital Investment Group (NYDIG), which recently announced a $ 50 million growth equity fundraiser led by Fintech Collective, with the participation of Bessemer Ventures and Ribbit Capital, bringing its total funding to $ 100 million.
BITCOIN RETURNS HIS GROOVE, PASSING $ 11,000
Perhaps in the wake of large companies diving into bitcoin, it has passed weeks of side trading to regain an upward trajectory. Other key factors driving this growth include fears about uncertainty stemming from the upcoming elections and concerns that a resurgence of Covid-19 in Europe and other key geographies will slow economic recovery.
Some technical analysts believe that since bitcoin broke through a resistance barrier of $ 11,200, it could help push Bitcoin’s price towards an August high of around $ 12,400 in the medium term.
HAPPY BIRTHDAY COMPANY BLOCKCHAIN!
Business blockchain development may seem slow at times, but that’s right because a lot of time and energy has been spent building a one-time basic infrastructure. Costs incurred once, but from which we will benefit a lot in the future. For example, the recently developed DLT platform of Spunta Banca, led by ABI, the Italian Banking Association and built on Corda, replaces the reconciliation process for interbank transactions in Italy and has more than 100 banks in production. It is very exciting to see what happens over the next five years.
Forbes is now accepts applications for its annual Blockchain 50 directory of companies based anywhere in the world. Past winners include Facebook, Twitter, Alibaba, Royal Dutch Shell, Walmart, and many more.
DON’T CALL IT A COLD CURRENCY WAR
While tensions are certainly growing between the two countries, China and the United States are not involved in a cold war for monetary supremacy. Indeed, China’s efforts resemble a revolt, in which it uses unconventional tactics and weapons whose effectiveness may not be fully appreciated by the ruling power. In this case, China’s superiority in fintech and its upcoming sovereign digital currency are precisely these weapons.
It is important to use a proper framework to assess China’s stocks and successes so that investors can do so predict the future usefulness of the dollar and other traditional safe haven assets in their portfolios.
THE DEPARTMENT OF JUSTICE AND THE USA IRS ADDRESS CRYPTO
The Department of Justice recently released a file relationship which served as the “Cryptocurrency Enforcement Framework” as part of the Attorney General’s Cyber Digital Task Force. The detailed report includes several key points that it sheds substantial light on his thinking and provides pointers to how he will use his resources to prevent crypto crime.
For example, it’s clear that while the DOJ appreciates the benefits of cryptography and distributed ledger technology, it currently sees innovations more as a threat than a benefit or opportunity. Furthermore, particular attention is paid to technologies for the protection of privacy or cryptocurrencies such as monero and mixing services.
CRYPTOGRAPHIC MARKETS
Source: Messari. Prices starting from 16:00 on 16 October 2020.
SOMEWHERE ELSE
Coinbase received over 1,800 requests for information from law enforcement in the first half of 2020 [CoinDesk]
JPMorgan believes more payment companies will allow similar bitcoin purchases to Square’s Cash app [The Block]
How much bitcoin does it take to join the 1% club? [Decrypt]
