The CEO of the world’s largest digital asset manager, Grayscale, says that the demand from institutions has only accelerated in 2021. He also said that the narrative for large corporations to jump on the Bitcoin bandwagon has shifted from “why” to “why not.”
Why Not Buy Bitcoin?
A couple of years back, the cryptocurrency community was celebrating the fact that some hedge funds are talking about Bitcoin, eagerly anticipating their decision to finally join the BTC bandwagon and buy Bitcoin as part of their portfolio.
Over the past year or so, this narrative has shifted immensely. Major public companies, the latest of which being none other than Elon Musk’s Tesla, have already put Bitcoin on their balance shift. Large hedge funds and billionaire investors are on board, allocating certain portions of their portfolio to buy Bitcoin.
This has been perhaps mostly reflected in the tremendous growth in the assets under management of Grayscale – the world’s leading digital asset fund. Just recently, CryptoPotato reported that they’ve managed to top $30 billion in AUM – a record for the company. Now, the CEO, Michael Sonnenschein, says that the demand is nowhere near decreasing. In fact, he said that it’s only accelerating in 2021, despite 2020 being a massive year for Bitcoin’s institutional adoption.
“You have @ElonMusk @michael_saylor @jack. You’re going to see a lot of other visionary leaders and disruptive companies actually realizing it has really moved from why to why not,” says @sonnenshein on corporations investing in #bitcoin pic.twitter.com/6FnwEjGFNL
— Squawk Box (@SquawkCNBC) February 10, 2021
In addition, Michael Sonnenschein revealed that the narrative for companies to buy Bitcoin has changed from “why” to “why not,” indicating that the merits of the cryptocurrency have become more than apparent.
Institutions Lining Up to Buy Bitcoin
This doesn’t come as a surprise in the current Bitcoin landscape. Just a few days ago, CryptoPotato reported that Bill Miller’s fund, Miller Opportunity Trust, has filed a document with the SEC that reveals its intentions to invest in the Grayscale Bitcoin Trust.
Moreover, it’s not only Bitcoin that the trust has been hoarding. Last week, Grayscale also added a massive $38 million worth of ETH after having halted its Ethereum Trust for more than a month.
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Today, Bitcoin-on-Ethereum yield vault project BadgerDAO and fellow yield vault platform Yearn.Finance announced a partnership designed to bring Yearn’s sustainable vault expertise to Badger.
“Today we’re excited to develop a partnership that will bring our teams together to further accelerate best in class BTC vaults for the industry,” BadgerDAO said in a blog post. “This is a step to further secure users funds as we continue to introduce more Yearn developed, maintained and secured vaults to our users.”
Badger will migrate their current synthetic Bitcoin vault balance to Yearn’s, and the Yearn vault will display in Badger’s app. Additionally, the two protocols will work together to build a new WBTC vault. The fees from the vaults will be shared between the Badger and Yearn protocols.
The partnership between the yield vault projects accomplishes two goals: ensures sustainable yield for Badger vaults, and grants Yearn strategists meatier compensation.
Currently much of the yield from Badger vaults is supported by the emission of $BADGER, BadgerDAO’s governance token, and $DIGG, a synthetic rebasing Bitcoin. However, there is a cap on these yields as only 21 million BADGER and 4 thousand DIGG are currently scheduled to be minted. Eventually, the yields will dry up.
In their announcement post, BadgerDAO noted that partnering with Yearn will enable them to construct high-yield vaults even without the distribution of governance tokens — ultimately a more sustainable model.
“Yearn built strats help as yearn v2 is solely focused on sustainable non subsidized yield,” said Palmer, a soon-to-be core member of BadgerDAO. “We are aligned with andre in the train of thought it’s best to partner and collaborate with the best in niches. Yearn is the best at non subsidized strategies.”
In return, Yearn vault strategists — whom the announcement noted “are the best in the world” at what they do — will receive an additional reward on top of their normal vault performance fee from Badger’s “developer mining program,” a $258 million dollar fund dedicated to incentivizing developers to build with Badger.
“Our goal is to create positive cash flow products. We can’t give badger/digg out forever,” said BadgerDAO founder Chris Spadafora. “ […] Helping compensate strategists through our dev pool will ensure developers are incentivized and are rewarded.”
On Feb. 10 Binance Coin (BNB) hit a new all-time high at $148 after the native exchange token rallied 121% since the start of the week.
Data from Cointelegraph Markets and TradingView shows that BNB rose from $35.37 on Jan. 11 to $148, a 256% increase in less than a month.
BNB/USDT 4-hour chart. Source:TradingView
Three reasons for the explosive growth in the price of BNB include the recent surge in trading volume to a new record high, the expansion of DeFi related protocols to the Binance Smart Chain, and a steadily expanding ecosystem which is supported by new partnerships and integrations.
Surging volume
Between September 2020 and December 2020 the price of BNB traded between $23 to $35 with an average daily volume of $400 million. Since Dec. 28 there has been a steady increase in 24-hour trading volume and token price as Bitcoin (BTC) price broke out to new highs and DeFi made its presence felt across the crypto sector.
BNB’s 24-hour trading volume surpassed $1 billion for the first time on Feb. 1 and a new record $7.52 billion volume record was set on Feb.10 as the price crossed above $148.
DeFi integration gives Binance an edge
Since 2020 centralized exchanges had been ceding market share to decentralized finance protocols which offered users access to newly launched tokens and high APY returns for providing liquidity.
Weekly DEX volume. Source:Dune Analytics
To make up for this loss of market share, Binance incorporated new DeFi components, including the creation of Binance DEX which supports a few interoperability-focused DeFi projects.
Binance also increased the number of tokens available on its staking platform and the exchange raised the interest rates for each token to encourage investors to stay on the exchange instead of chasing yields at SushiSwap and Uniswap.
BNB plays a role in fee settlement and transfers, thus boosting its volume and value over the past few months.
New listings and partnerships
Binance has not been shy about quickly listing new projects from the DeFi sector and these listings often spark a sharp increase in the trading volume and price of the newly listed token.
For example, when Uniswap and SushiSwap burst onto the scene and threatened to take some of Binance’s trading volume, the exchange countered by listing both UNI, SUSHI and many of the projects that were attracting investors’ attention.
Several prominent DeFi projects were initially launched on Binance Launchpad, the in-house token launch platform that helps blockchain projects raise funds, and more projects being added on a regular basis.
Projects like Kava, which operates on the Cosmos (ATOM) blockchain, and Venus (XVS), which operates on the Binance chain, were incubated on Binance Launchpad and have since become established DeFi projects that continue to gain momentum.
A scroll through Binance’s Twitter feed shows daily announcements of new partnerships and integrations and for investors to interact with many of these projects they are oftentimes using BNB as part of the transaction.
With a 24-hour trading volume of $32.8 billion, a figure 7 times larger than its closest competitor Coinbase Pro, Binance continues to dominate among centralized and decentralized exchanges.
Binance Coin appears well positioned for further growth, especially considering that BNB is an integral part of many of the platforms and processes at Binance.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Australia has executed the first digital bank guarantee on a private blockchain, Lygon, Australian Financial Review (AFR) reports on Feb 9.
ANZ And Scenter Group Behind the First Digital Bank Guarantee
The digital bank guarantee is between the ANZ Bank and Scentre Group.
Both are members of the consortium that backs the private blockchain, Lygon.
Other notable members forming part of the joint venture include Westpac, IBM—the system’s developer, and Commonwealth Bank—who joined as a shareholder.
The first blockchain-based digital bank guarantee comes after over 14 months of trials traced back to July 2019.
As per reports, Lygon plans to export the technology to other banks and companies whose business operations depend on bank guarantees.
Following this milestone, Lygon’s transaction could set the foundation for other banks and companies to follow suit, overhauling a process that’s usually full of paperwork.
This will have a ripple effect on the economy, introducing better efficiencies and, most importantly, reducing costs.
Eliminating Paperwork
As a demonstration, Scentre Group—which manages the Westfield shopping centers, stores vital lease documents in fire-proof boxes in their head office.
Validating these documents take hours. Besides, it is an expensive process.
By leveraging technology, there will be no need for couriers and other needless operations. Lygon estimates that bank guarantees require 80k postal deliveries and over four million tons of paper every year.
Justin Amos, the CEO of Lygon, said:
“This is the first time blockchain has been used for a commercial banking product in Australia. The single, agreed legal architecture has been codified on the platform, and this is a major breakthrough.”
Adding,
“The problem is with paper, and it is what we are here to fix. Paper is slow, expensive, costs the environment gets lost is easy to spoil, and is subject to fraud. There was a unilateral vote that we need to change the process.”
Bank Guarantees are The Backbone of Businesses
Bank guarantees play a critical role in businesses.
By acting as a financial backstop for businesses, they can be guaranteed protection against loss just if the buyer defaults. This way, companies can confidently carry out other business operations.
However, because of paperwork, cross-checking of submitted data is a manual process. As a result, validations of bank guarantees can stretch days or even months.
The deployment of this activity will slash wait times within 24 hours. A boost for businesses, it is also the first in the Australian banking sector for the deployment of distributed ledger technology of any form after years of pilots and rigorous testing.
BTCManager, in early January 2021, reported on HDBank becoming the first bank in Vietnam to issue a blockchain-based letter of credit (LoC).
At the outset of this article, let’s start with the fact that Tesla’s purchase of bitcoin was in the best interest of the company. It is the most effective way CEO Elon Musk and company could — in the short term — fortify their balance sheet and position Tesla to execute its long-term vision.
We’re both Tesla shareholders. And one of us — ProgrammableTX — also drives a Tesla, has his house powered by Tesla solar panels and owns a Tesla Powerwall, which has gotten him through more than a few blackouts. Get the drift? We’re pro Tesla. But this week has made one thing clear: While Musk has not done anything illegal or technically fraudulent by tweeting about dogecoin, it was a total dick move.
There’s a saying in the comedy community: All comedians want to be rock stars and all rock stars want to be comedians. In the post-Steve Jobs era, all CEOs want to be both.
Looking back at Musk’s behavior this past week, this above tweet is perhaps the most revealing. To be blunt: Perhaps he thought this was clever, and if being clever was all he was trying to do, he failed. Making reference to the 1998 song, “Who Let The Dogs Out” by The Baha Men, is the hallmark of a comedy naif. When you boot up the comedy brain for the first time, it’s the very first thing that comes out. If your comedy brain is a printer, then “Who Let The Dogs Out” jokes are a test page.
But then, after it was revealed that Tesla had purchased $1.5 billion of bitcoin, it seems he was also trying to create a smokescreen. One cannot purchase that much BTC all at once. It must be done with extreme stealth, spread out over thousands of transactions, probably through different exchanges. Here’s a glimpse into what MicroStrategy had to do to execute its initial $250 million foray into bitcoin, one-sixth the size of Tesla’s purchase:
To acquire 16,796 BTC (disclosed 9/14/20), we traded continuously 74 hours, executing 88,617 trades ~0.19 BTC each 3 seconds. ~$39,414 in BTC per minute, but at all times we were ready to purchase $30-50 million in a few seconds if we got lucky with a 1-2% downward spike.
— Michael Saylor (@michael_saylor) September 18, 2020
For context, when Elon changed his Twitter bio to one word, “#bitcoin,” on January 29, the BTC price jumped 20 percent within a few hours. It subsequently fell and, on February 4, Musk removed the word from his bio. We know this because… people wrote articles… about Musk’s Twitter bio.
So, it makes sense strategically that he would try and distract us, lest he move the price while trying to buy bitcoin. To that point, news of Tesla’s move sent BTC to fresh all-time highs of $46,666, as of this writing.
This kind of gamesmanship, in the abstract, is not a problem. But the manner in which this game was played caused us to reevaluate Musk, his ability to feel empathy for his followers and the type of misinformation he is willing to spread for his own benefit. We’d like to stress here that it’s not the “for his own benefit” part which was dickish, but the misinformation and head games parts.
Tweeting about dogecoin is not merely a diversionary tactic. There is something of a tradition in cryptocurrency, more common in bull markets than bear, in which influence peddlers use their massive followings to promote vanity projects or outright scams. In fact, dogecoin was birthed specifically as a riff on this sad state of affairs.
Perhaps in the context of all this, Musk perceived his doge campaign as a meta-shill, the ultimate wink to insiders. But his following is not made of Bitcoin insiders, and we were really left scratching our heads as to his level of seriousness.
You can see in the replies above that the first response is genuine confusion, followed by an earnest Bitcoiner jumping in to clarify.
Fueled by Musk’s tweets, the price of dogecoin skyrocketed. This means humans all over the internet aped in, taking abnormally large risks with a high probability of losing a lot of money.
See Also
Musk’s behavior looks much worse if you consider that he’s new to Bitcoin and likely trying to confuse people, many of whom are also new. He purposely fomented confusion in a marketplace already full of disinformation. Not illegal, just dickish.
To break down the problem or DYOR, as we are commanded to do, one actually has to dig into the technical differences between Dogecoin and Bitcoin, but to even attempt this as a rational comparison is a schizophrenic exercise. Doge is a joke, and to gauge it on technical merits negates the very thing that gives doge value in the first place, which is that it isn’t supposed to be taken seriously.
Or is it?
After an exhaustive weekend of exploring doge’s viability — as every market participant must do for themselves — it’s clear that Dogecoin cannot actually be a new financial system. Not even if Musk threw the full weight of his reputation and balance sheet behind it. Not if Tesla set aside resources to build out node and mining infrastructure. Not if its monetary policy was rationalized to promote saving. Not if “transaction throughput” were increased. None of these things would be enough.
Investment in doge would still be expensive and wasteful and Bitcoin would still be there, churning out blocks and executing its monetary policy. Like countless opportunists before him, such as Justin Sun, Roger Ver, Dan Larimer, Richard Heart and Bitconnect, to name a few, Musk seems to have commanded the pockets and attention of multitudes, and used this as a cover to divert us from his true intentions.
If we’re mistaken, and this wasn’t part of a larger play, does that make it better? A little, sure. But it also means that, for a brief period, he was trifling with people who believed in him for the sake of comedy and obfuscation, while in the background he bought bitcoin.
This is a guest post by ProgrammableTX and Kenny Rowe. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
Mastercard is planning to give merchants the option to receive payments in cryptocurrency later this year.
According to a source familiar with the matter, the functionality will see Mastercard customers’ digital currency payments settled in crypto at participating merchants, a first for the financial giant. The company has not yet disclosed which digital currencies it intends to support, or where.
The details shed new light on CEO Michael Miebach’s Q4 pledge to integrate digital currency payments “directly on our network” in a move the new chief, helming his first earnings call on Jan. 28, said will provide maximal flexibility to customers and merchants alike.
Previously, Mastercard supported limited cryptocurrency transactions through its cryptocard partners Wirex and Uphold. But those programs only cover payment, not settlement; the coins are converted to fiat currency well before reaching the merchant.
The new initiative promises to upend that dynamic among the store owners and businesses who opt in. They will be able to conduct their business beyond the bounds of the fiat ecosystem, assuming, of course, their customers have crypto they’re willing to spend.
That’s hardly a safe bet given the buy-and-hold mantra pervading the world’s largest cryptocurrency. The source pointed out most bitcoin buyers primarily treat their coins as investment vehicles, not payment tools. And the source underscored there’s no guarantee Mastercard’s crypto settlement initiative will support bitcoin.
Instead, cryptos will be evaluated against Mastercard’s 2019 “Principles for Blockchain Partnerships” framework, the source said. Released in the wake of Mastercard’s Libra exit, the document placed emphasis on stability, consumer protection and regulatory compliance in vetting potential partners.
“Many of today’s 2,600 digital currencies today fail to do this,” Mastercard said at the time.
Relatively few merchants currently accept crypto, bitcoin or no. Tesla’s stated plans to sell cars for bitcoin remains a hypothetical. A widespread crypto economy is still far from reality.
But Mastercard has been laying the groundwork for that future through years of patents around the digital currency space. The company said it holds 89 blockchain patents and is waiting for approval on an additional 285 around the world.
In the U.S. those filings have included: methods to keep crypto transactions private, on-chain credit card payment verification, instant blockchain payment processing and how to handle crypto refunds, among others.
Mastercard first filed a patent for handling bitcoin payments in 2013 but abandoned that effort in 2015. It began hiring a team of wallet developers and crypto veterans in 2019. The company now hosts a platform through which central banks can test digital currencies.
The payments space is rushing to support blockchain-based currencies at a pace not seen since Bitcoin pioneered the concept of stateless, peer-to-peer immutable transactions in 2009. PayPal intends to roll out bitcoin payment functionality later this year. Visa’s CEO said the rival company may add crypto payments in the future.
A Bank of America cryptocurrency report warns of the risks and potential market disruption from anti-privacy government measures.
Cryptocurrencies “challenge the ability of governments to levy taxes and to control capital flows more broadly,” according to a recent report from Bank of America Securities obtained by CoinDesk. Uncertainty over how the U.S. governments will act to limit these use cases presents an key risk for cryptocurrency investors.
“Encrypted private wallets with digital assets that can be transferred across borders would seem to undermine
the monetary sovereignty of every nation-state,” the report says.
In an “extreme case,” regulators could simply ban all institutions and intermediaries from transacting with cryptocurrencies. Or the government could increase customer information reporting and access requirements for cryptocurrency exchanges, which the report describes as a more plausible possibility.
Also, support for central bank digital currencies (CBDCs) are not “just a form of payments competition,” the report says. “They are also an effort to replace private digital assets with publicly-controlled ones.”
How effective state-run counter-privacy measures will be is a separate question. The authors admit that no matter how burdensome, anti-privacy regulatory changes “might instead be meaningless”. Users committed to transaction privacy “could potentially create a second ‘truly private’ wallet to which they send currency from their now-public wallet, and continue to make anonymous cross-border transactions.” “At some threshold, banning private digital assets would become too politically risky, too disruptive to constituents,” the report says. But carefully targeted regulations designed to restrict privacy could impose a “serious burden” on users.
Bank of America’s analysts said they are closely watching the risks and expected responses by the US government to limit private cryptocurrency transactions. And given “uncertainty about how cryptocurrency markets would react to a reduced-privacy environment,” the report suggests investors should “approach digital assets cautiously.”
A Monero proposal has raised $150,000 to convince Elon Musk to accept XLM as payment for Tesla vehicles.
Non-profit organizations can participate by tweeting about the initiative in an effort to win a free Tesla.
The wider Monero community is unhappy with the campaign and lack of transparency surrounding the PR move.
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A new Monero proposal has raised $150,000 in hopes of encouraging non-profit groups to tweet their support for Tesla. However, the publicity stunt has created a rift in the community.
$150,000 Raised for Free Teslas
The Monero community raised 890 XMR, worth approximately $150,000, as part of an initiative that will ask Tesla Inc. to accept the cryptocurrency as a method of payment on its website.
The campaign also asked non-profit organizations to make a case on Twitter explaining why they need a Tesla Model 3. The organizers intend to use the funds raised by the Monero community to buy Model 3 Teslas for three of the most deserving applicants.
The offer depends on Elon Musk or Tesla Inc. agreeing to accept Monero as a form of payment. If Musk or Tesla do not agree, the contributors will get a refund on their donation.
PR Stunt Raises Controversy
The proposal has upset many in the Monero community.
One post on Reddit’s /r/Monero subreddit argues that the proposal does not represent the community. The original poster described the proposal as a “cheap and dirty PR stunt,” adding that it paints Monero in a bad light. Those sentiments have received widespread support.
Elsewhere, Monero contributor dEBRUYNE stated that he appreciates the effort to raise awareness for Monero, but noted that the campaign was rushed. He also noted that it is misleading to suggest that the campaign was organized by the Monero community, as it was organized by just 11 people and pre-funded.
One of the campaign’s organizers posted a response to the backlash. He justified the group’s actions by stating that funding was already in place, and added that the campaign was carried out quickly due to the risk of being “frontrun by a centralized coin with a warchest.”
Musk Generates Hype for Crypto
The proposal is a result of the frenzy surrounding Elon Musk and the crypto market, with major price pumps in both Bitcoin (BTC) and Dogecoin (DOGE) correlated to his support for both projects.
However, while Tesla’s $1.5 billion Bitcoin investment likely indicates true support for the project, the cavalier nature of Musk’s Dogecoin tweets has led many to question Musk’s intentions.
As such, Monero may want to distance itself from the hype that has been generated by Musk over the past several days.
Disclosure: The author held Bitcoin at the time of writing
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Elon Musk Can’t Stop Pumping Dogecoin on Twitter
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Real Vision co-founder and macroeconomic expert Raoul Pal says that Bitcoin’s network creates a stronger grip on its users than Facebook.
In an interview with Layah Heilpern, the macro guru notes that companies like Google, Twitter, and Facebook have long deployed behavioral economics by rewarding users with dopamine hits after they get a “like” or a “follow.”
But Bitcoin, according to Pal, is the ultimate version of this system because it rewards users who join the network with capital instead of vanity.
“Bitcoin is the perfect behavioral network because it rewards you in money. The more people you bring into the network, the more your money goes up. That by definition will create tribalism because everybody’s now incentivized for their network to go up more than the other network and for all other networks to fail.
It is an incredibly powerful tool for building a network where you have money attached to it. So imagine if every Facebook like was a dollar, imagine what that would do. Or everybody you brought onto Facebook paid you in Facebook shares. That’s what Bitcoin is. It’s incredibly powerful and that’s why it creates narratives because like a religion, it’s all about getting more and more people into it.”
The former Goldman Sachs executive says this accounts for much of the tribalism among crypto investors.
“Once you’ve unleashed the genie out of the bottle of behavioral economics and big data, everybody figures out how to use it for different means, and it splinters everybody into different groups and it’s almost impossible to deal with because it’s a network. It’s not centrally pushed. Facebook is not centrally pushed, yes there’s an algorithm and stuff like that but its a network that everybody’s incentivized to get more people into their network because it makes them feel good by getting the dopamine hit with the likes, its crazy and that’s where we are, and Bitcoin is like the most perfect echelon of this of anything I’ve ever seen. And most people don’t really understand that.”
Pal believes the crypto market is in the early stages of a long-term bull run. He has allocated 98% of his portfolio to Bitcoin and Ethereum and predicts BTC could rise as high as $1 million over the next five years.
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