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The Big Idea
So you might be wondering why we’re not talking about Beeple’s massive $69M auction. It was, after all, not only the priciest NFT sale of all time, but the third biggest price tag for the work of a living artist ever.
The reality is….we’ve covered NFTs a lot lately and wanted to also talk about other really important things happening in the market. If you really want to read more about digital artworks (and Tweets), just scroll down.
Getting back to Bitcoin though, it was quietly another massive week in institutional Bitcoin. Here’s just a smattering of the events:
These are some of the biggest institutions in the world changing their tune and getting on board. As the BTC price starts to catch up as well, it feels like we may be revving the engines for another round of institutional-driven growth.
The Latest In…
We’re sure you’ve noticed a pick-up in NFT coverage over the past few weeks. Well, guess what? No sign of that stopping. Since we last wrote, not only did Jack Dorsey auction off his first tweet ever (for millions, by the way), but Taco Bell released a special NFT series. What’s more, NFTs now have their very own FUD narrative. The Bitcoin-boils-the-oceans critique has found its way to NFTs — powered largely by Ethereum’s own Proof-of-Work protocol — and has led to a significant backlash. Still, obviously this week the biggest news is Beeple’s $69M sale. If you think the debate before this was fierce, wait till you see how intense it gets now.
The Latest In…
There has been so much going on around NFTs that DeFi, the other big crypto thing, has gotten much less air time than usual. This is certainly not for lack of activity, however. The total value locked in DeFi remains above $40B. Let’s remember this is up from under a billion last year. Meanwhile, investment firms like Ari Paul’s BlockTower capital are starting dedicated funds focused exclusively on DeFi. We wouldn’t be surprised to see another big push into this space from more traditional VCs this year.
The Latest In…
One of the most remarkable things about Bitcoin is that it is a network with nearly perfect historical uptime maintained entirely by volunteers. As a company whose creation was possible thanks to Bitcoin, we have taken the initiative to provide financial compensation for the hard work of developers who maintain the continued operation of the network. Yesterday, we announced our $150,000 donation to Brink, a non-profit focused on supporting independent Bitcoin development. Antoni had this to say about the partnership: “[T]he need to maintain the protocol grows proportionately to Bitcoin network use. It is our responsibility, as key actors in the crypto economy, to allocate time, effort and funds to its healthy and sustainable future.” Giving the flood of institutions entering the space food for thought, Antoni (quite innocently…) asked: “What if some of the public companies that recently started allocating billions to BTC also put a small percentage of that, say 0.25%, in support of Bitcoin development?”
The Latest In…
There was a fair bit of crypto-related activity on the US government front this week. Binance hired a former Senator and US Ambassador to help them with government strategy. The Token Taxonomy Act was introduced for the third time in three years in the US Congress to try to provide some securities laws exemptions for certain cryptos and digital assets. Finally, a group of Congressmen introduced the Eliminate Barriers to Innovation act seeking to provide clarity on what parts of the crypto space should be regulated by the SEC vs the CFTC.
The Latest In…
The news on this front always feels a little under the radar, but there was a slew of it again this week.
The Week’s Most Interesting Data Story
In effect, JP Morgan’s new debt product that we mentioned above is a way for curious investors to get exposure to the cryptocurrency space without buying actual cryptocurrencies. It includes companies like Microstrategy and Square that hold Bitcoin on their balance sheets, as well as companies like Riot and Nvidia who actually have crypto-related product lines. Here’s the full overview.
Hot Topics
A great explanation of the economic incentives that Bitcoin creates around clean energy.
An interesting take on the trajectory of DeFi.
This is one of the mainstay Bitcoin macro narratives. What do you think?
Our Take
Originally published at https://nexo.io.
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Dispatch #26: The Institutional Bitcoin Party Vol.2 was originally published in Nexo on Medium, where people are continuing the conversation by highlighting and responding to this story.
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