Beyond Blocks and BitsWall Street Claims Territory on Blockchains
Software is disrupting banking and financial services. For a fraction of a cent, stablecoins facilitate transactions at the speed of the internet...
Beyond Blocks and BitsBitcoin: From "Digital Gold" to Consumer Applications
From the streets of El Salvador to the boardrooms of Wall Street, shifting market dynamics have propelled Bitcoin from the fringes of the internet to the center of global financial discourse. The return of Tether (USDt) on Bitcoin signals its evolution from the “digital gold” and “store-of-value” narrative to a payment network powering the tokenization of financial assets. Bitcoin holds a dominant position in the digital asset sector, reflected by a 60% dominance, and market capitalization of...
Beyond Blocks and BitsStablecoin Summer on Wall Street
Wall Street is moving onchain - migrating to a parallel financial system where anything of value moves at the speed of the internet. Last month, Congress passed the GENIUS Act, providing institutional legitimacy for the +$257 billion stablecoin market and regulatory clarity for payment stablecoins issued in the United States. Fundstrat Global Advisors’ Tom Lee refers to stablecoins as the “ChatGPT moment for crypto". One of the first products in the sector with mainstream utility. The GENIUS ...
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Originally published in My Crypto Advisor on October 1, 2020
JP Morgan watch out! Kraken is the first cryptocurrency exchange to become a U.S. Bank. In September the Wyoming Banking Board approved the company’s application to formulate a Special Purpose Depository Institution (SPDI), called Kraken Financial. Unlike traditional commercial banks, a SPDI is required to hold 100% reserves of its deposits of cash. Kraken Financial will provide a bridge between the traditional financial system and decentralized economy. This bank charter permits Kraken to hold custody of USD and digital assets as well as offer digital asset debit cards, wire transfers, and staking services. This unprecedented move adds legitimacy to the cryptocurrency market and continues to clarify the regulatory framework in the U.S. Which cryptocurrency exchange will follow suite? Is Coinbase next?
The popular Decentralized Finance (DeFi) application called Uniswap provided 400 free UNI tokens to anyone who used their platform before September 2020. Even if you had a failed transaction you qualify for what’s being heralded as a “stimulus check” for cryptocurrency users. As of 09/30/20 the 400 UNI tokens are worth over $1600. Users can choose to convert UNI tokens to their local currency, a different digital asset, or use the token to vote on the future direction of Uniswap.
The trend towards de-dollarization continues. U.S. Software Company MicroStrategy
Originally published in My Crypto Advisor on October 1, 2020
JP Morgan watch out! Kraken is the first cryptocurrency exchange to become a U.S. Bank. In September the Wyoming Banking Board approved the company’s application to formulate a Special Purpose Depository Institution (SPDI), called Kraken Financial. Unlike traditional commercial banks, a SPDI is required to hold 100% reserves of its deposits of cash. Kraken Financial will provide a bridge between the traditional financial system and decentralized economy. This bank charter permits Kraken to hold custody of USD and digital assets as well as offer digital asset debit cards, wire transfers, and staking services. This unprecedented move adds legitimacy to the cryptocurrency market and continues to clarify the regulatory framework in the U.S. Which cryptocurrency exchange will follow suite? Is Coinbase next?
The popular Decentralized Finance (DeFi) application called Uniswap provided 400 free UNI tokens to anyone who used their platform before September 2020. Even if you had a failed transaction you qualify for what’s being heralded as a “stimulus check” for cryptocurrency users. As of 09/30/20 the 400 UNI tokens are worth over $1600. Users can choose to convert UNI tokens to their local currency, a different digital asset, or use the token to vote on the future direction of Uniswap.
The trend towards de-dollarization continues. U.S. Software Company MicroStrategy
Subscribe to Beyond Blocks and Bits
Your Guide to Exploring the Next Generation of the Internet.
Beyond Blocks and BitsWall Street Claims Territory on Blockchains
Software is disrupting banking and financial services. For a fraction of a cent, stablecoins facilitate transactions at the speed of the internet...
Beyond Blocks and BitsBitcoin: From "Digital Gold" to Consumer Applications
From the streets of El Salvador to the boardrooms of Wall Street, shifting market dynamics have propelled Bitcoin from the fringes of the internet to the center of global financial discourse. The return of Tether (USDt) on Bitcoin signals its evolution from the “digital gold” and “store-of-value” narrative to a payment network powering the tokenization of financial assets. Bitcoin holds a dominant position in the digital asset sector, reflected by a 60% dominance, and market capitalization of...
Beyond Blocks and BitsStablecoin Summer on Wall Street
Wall Street is moving onchain - migrating to a parallel financial system where anything of value moves at the speed of the internet. Last month, Congress passed the GENIUS Act, providing institutional legitimacy for the +$257 billion stablecoin market and regulatory clarity for payment stablecoins issued in the United States. Fundstrat Global Advisors’ Tom Lee refers to stablecoins as the “ChatGPT moment for crypto". One of the first products in the sector with mainstream utility. The GENIUS ...
Grayscale Investments released a report speculating that the market structure of Bitcoin is reminiscent of 2016. The amount of Bitcoin remaining dormant in digital wallets for 90 days or less have hit all-time lows whereas the amount remaining dormant for one year have hit all-time highs. Echoing the sentiment of 2016 which marked the beginning of Bitcoin’s previous bull market.
In December 2017 the price of Bitcoin rallied to an all-time high of $20,000. Comparisons between 2016 and 2020 abound. Bitcoin’s previous bull market in 2016 coincided with the Bitcoin Halving, a process which transpires every four years and results in the reduction of Bitcoin rewarded to miners for validating transactions on the network. Theoretically this event increases the value of Bitcoin by reducing the supply. The third halving transpired in May 2020. If history repeats itself, investors will be thrilled to watch their digital asset portfolios grow to all-time highs in 2021.
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DISCLAIMER: This material is for informational purposes only and not intended to provide financial, investment, legal, or tax advice. Information is strictly educational and not an endorsement or solicitation to buy or sell any assets or to participate in any investment or trading strategy. No representation or warranty is made, express or implied, as to the accuracy and completeness of the information. Links to third-party websites in the material do not imply endorsement. Please consult with your own accountant, attorney, investment or other certified professional advisor in relation to any investment decision.
Grayscale Investments released a report speculating that the market structure of Bitcoin is reminiscent of 2016. The amount of Bitcoin remaining dormant in digital wallets for 90 days or less have hit all-time lows whereas the amount remaining dormant for one year have hit all-time highs. Echoing the sentiment of 2016 which marked the beginning of Bitcoin’s previous bull market.
In December 2017 the price of Bitcoin rallied to an all-time high of $20,000. Comparisons between 2016 and 2020 abound. Bitcoin’s previous bull market in 2016 coincided with the Bitcoin Halving, a process which transpires every four years and results in the reduction of Bitcoin rewarded to miners for validating transactions on the network. Theoretically this event increases the value of Bitcoin by reducing the supply. The third halving transpired in May 2020. If history repeats itself, investors will be thrilled to watch their digital asset portfolios grow to all-time highs in 2021.
--
DISCLAIMER: This material is for informational purposes only and not intended to provide financial, investment, legal, or tax advice. Information is strictly educational and not an endorsement or solicitation to buy or sell any assets or to participate in any investment or trading strategy. No representation or warranty is made, express or implied, as to the accuracy and completeness of the information. Links to third-party websites in the material do not imply endorsement. Please consult with your own accountant, attorney, investment or other certified professional advisor in relation to any investment decision.
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