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THREE MAJOR COMPANIES BUYING CRYPTO IS A TREND
Forbes broke Stone Ridge Asset Manager’s $ 10 billion story bought $ 100 million worth of bitcoin to make it the company’s “primary cash reserve asset”. The announcement follows recent news from MicroStrategy ($ 425 million) and Square ($ 50 million) converting some of their financial reserves into the original cryptocurrency.
In addition, 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 participation from Bessemer Ventures and Ribbit Capital, bringing its total funding to $ 100 million.
BITCOIN RECEIVES HIS GROOVE BY SPENDING $ 11,000
Maybe on the backs of big companies diving into bitcoin, it broke out weeks of sideways trading to find an upward trajectory. Other fundamental factors driving this growth include fears of uncertainty arising from the upcoming elections and fears that a resurgence of Covid-19 in Europe and other key geographies will slow the economic recovery.
Some technical analysts believe that since bitcoin broke through a resistance barrier of $ 11,200, it Could Help Push Bitcoin Price To August Highs Of Around $ 12,400 medium term.
CORPORATE BLOCKCHAIN HAPPY FIFTH ANNIVERSARY!
The development of enterprise blockchain can seem slow at times, but it’s fair because a lot of time and energy has gone into building a single basic infrastructure. Costs incurred once, but will benefit many times in the future. For example, the newly developed DLT Spunta Banca platform, piloted by ABI, the Italian banking association and based on Corda, replaces the reconciliation process of interbank transactions in Italy and has more than 100 banks in production. It is very exciting to see what will happen in the next five years.
Forbes is now accept nominations for his annual Blockchain 50 list of companies based all over the world. Past winners include Facebook, Twitter, Alibaba, Royal Dutch Shell, Walmart and many more.
DON’T CALL IT’S A COLD CURRENCY WAR
While tensions certainly increase between the two countries, China and the United States are not involved in a cold war for monetary supremacy. In truth, China’s efforts are like an insurgency, where it employs unconventional tactics and weapons the effectiveness of which may not be fully appreciated by the powers that be. In that case, China’s superiority in fintech and its future sovereign digital currency are just such weapons.
It is important to use an appropriate framework to assess China’s actions and successes so that investors can predict the future usefulness of the dollar and other traditional safe-haven assets in their portfolios.
UNITED STATES DE JUSTICE AND IRS FOCUS ON CRYPTO
The Department of Justice recently published a report which served as a “cryptocurrency enforcement framework” as part of the Attorney General’s Digital Cyber Working Group. The detailed report includes several points to remember this sheds substantial light on its thinking and provides pointers on how it will deploy its resources to prevent crypto-crime.
For example, it is clear that while the DOJ appreciates the benefits of cryptography and distributed ledger technology, it currently views innovations as more of a threat than an advantage or an opportunity. Additionally, special attention is paid to privacy protection technologies or cryptocurrencies such as monero and blending services.
Coinbase received over 1,800 law enforcement inquiries in the first half of 2020 [CoinDesk]
JPMorgan believes more payment companies will allow bitcoin purchases similar to Square’s Cash app [The Block]
How many Bitcoin does it take to enter the 1% club? [Decrypt]