A Week For the History Books
The past week was one for the history books in both crypto and traditional markets. As if US equity censorship wasn't enough to attract millions of investors to the idea of Bitcoin and all that DeFi has to offer, a few noteworthy individuals added more fuel to the fire alluding that crypto is on the verge of broad acceptance.
The Elon Pump
In an interview on The Good Time Show via the Clubhouse app Sunday night, Musk discussed his thoughts on Bitcoin and publicly confirmed that he supports it for the first time ever. Musk also changed his Twitter bio to: #bitcoin, which coincided with a substantial rally in Bitcoin's price.
Now, before you laugh at a simple Twitter bio alteration, take note that it caused $614m worth of shorts to be liquidated. According to Arcane Research, this pump was the largest short squeeze since Bitcoin broke its ATH from December 2017.
Mark Cuban
Mark Cuban used to think Bitcoin had no value and was nothing more than a bubble. On Sunday, he published a piece on the value of digital scarcity and talked about Non-fungible tokens (NFTs), crypto, and the power of the communities building it all.
"The reason big new things sneak by incumbents is that the next big thing always starts out being dismissed as a toy."
Ray Dalio
Dalio's Bitcoin journey continues. Last week he wrote to Bridgewater (the world's largest hedge fund) clients that Bitcoin is "one hell of an invention." It's OK to be a slanted bear, we all have our views, but this time Dalio is giving Bitcoin fundamentals the time of day it deserves.
Elon Musk, Jack Dorsey, Chamath Palihapitiya, Naval Ravikant, Ray Dalio, Mark Cuban, Stan Druckenmiller, Steve Wozniak, Bill Miller, Mike Novogratz, and Peter Thiel are all proponents of Bitcoin/crypto. Who's next?
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Coinbase is Going Public via Direct Listing
The much anticipated public offering of Coinbase has taken an interesting turn. The company has announced that it will go public by way of a direct listing on the NASDAQ, rather than the traditional IPO process.
The announcement comes just a few weeks after announcing that the company would offer a secondary market for private shares ahead of public stock listing.
Recent pre-IPO contracts are trading on FTX is valuing Coinbase at $75 billion.
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Bitcoin for Corporations
On the heels of buying an additional 295 BTC, bringing MicroStrategy's (MSTR) total holdings to approximately 71,079 BTC (worth roughly $2.7 billion), Michael Saylor is hosting a conference this week with hopes to teach thousands of C-level executives how to put Bitcoin on their balance sheet today.
Here we are curating content to 30k crypto readers on all things Bitcoin... But there goes Saylor teaching CEOs how to convert trillions of dollars to Bitcoin. Somebody buy this guy a beer. 🍻
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Ethereum Hits Record High Ahead of CME Futures Launch
Ethereum (ETH) hit all-time highs today, breaking above $1,500 one week before the anticipated launch of Ethereum futures on the Chicago Mercantile Exchange (CME).
ETH has seen year-to-date gains of around 125%, compared with Bitcoin’s 30%. If you think that trend will soon change, you may want to read this.
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Bitcoin Whales FUD
"2% of accounts control 95% of all Bitcoin" - Bloomberg report
Wrong.
BTC ownership is much less concentrated than often reported – and has dispersed over time. Meanwhile, whale supply has increased – suggesting institutional investors arriving.
Glassnode is doing some important work debunking the FUD that the mainstream press throw at Bitcoin in saying "it's controlled by whales."
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Hashmasks is Newest NFT Craze
Over the weekend, a new project called Hashmasks took the internet by storm, selling a collection of 16,000 pieces of art for about $9 million, and becoming the number one NFT collectible on Ethereum in the process.
You see, Hashmasks are like any other NFT, in which they derive their value from their rarity, but unlike other NFTs, Hashmasks have unique names as well.
That is possible thanks to the Hashmasks native token, the Name Changing Token (NCT), which allows users to cryptographically tie a name to their collectible.
The first of the collection—Hashmasks 1—was initially bought for 0.1 ETH ($130). But just three days later, it was flipped for a 100,000% profit, being sold for roughly 100 ETH ($130,000).
Want your own? Check them out here.
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Two-Thirds of Surveyed Central Banks are Studying Stablecoin Impact on Monetary and Financial Stability
Central banks are taking their time when it comes to issuing digital currencies - but the results of a new survey from the Bank of International Settlements suggest they're taking a keen interest in stablecoins.
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