BitcoinBites: 5 BTC stories you should know – January 26th, 2022
There could be 1 billion global crypto users by the end of 2022, and more than half will own Bitcoin
The rate of cryptocurrency adoption is growing at an exponential rate. As the market gets more mature, more and more users are jumping onto the crypto train and increasing the global rate of crypto ownership.
According to the latest report from Crypto.com, we are currently on track to reach 1 billion crypto users by the end of 2022.
The growing push towards cryptocurrencies has been steadily increasing in the past few years. And while the retail market has always been the one driving this adoption, this year we’ve seen massive institutional efforts as well.
El Salvador’s groundbreaking Bitcoin law was a cherry on top of an entire year of companies and financial institutions jumping aboard the crypto train.
All of this has translated into a significant increase in the number of crypto users. According to data from Crypto.com, there were 295 million crypto users globally as of December 29th, 2021. And while this number is just an aggregate of all of the users (cross-check
Valkyrie applied with the SEC to launch a Bitcoin miners ETF
Months after having its Bitcoin futures-backed ETF launched on the US stock market, the crypto asset manager has sought approval for another exchange-traded fund. This time, though, the company wants the new product to be focused on bitcoin mining firms only.
- According to the filing to the Securities and Exchange Commission, the Valkyrie Bitcoin Miners ETF will invest at least 80% of its net assets in securities of companies that “derive at least 50% of their revenue or profits from bitcoin mining operations and/or from providing specialized chips, hardware, and software or other services to companies engaged in bitcoin mining.”
- No more than 5% can be invested in the debt instruments of BTC mining entities.
- The document highlighted that the new product will not invest in bitcoin directly or indirectly through derivatives.
- If approved, Valkyrie Funds LLC will serve as the ETF’s investment adviser, while Vident Investment Advisory will be the sub-adviser.
MicroStrategy to continue buying and HODLing Bitcoin (BTC), says CFO Phong Le
MicroStrategy Incorporated (NASDAQ: MSTR), an American business intelligence and software company known for its aggressive Bitcoin (BTC) accumulation is notably going to continue its acquisition strategy despite the current bearish outlook of the entire digital currency ecosystem. According to Phong Le, the company’s Chief Financial Officer who spoke to The Wall Street Journal, the firm will continue to invest in Bitcoin with its excess cash flow.
Unfazed by the persistent dip in the market thus far this year as well as the call by the US securities regulators to revise its disclosure in future filings as it relates to the digital currency, Phong Le said in a convincing manner that the firm will continually raise funds to divest its portfolio in BTC and Bitcoin-related bonds.
‘Take a chill pill, stay long’ — Anthony Scaramucci says Bitcoin’s recent plunge won’t last
Buyers should cool off on cryptocurrency concerns and make some long-term investments instead, SkyBridge Capital’s Anthony Scaramucci told CNBC on Tuesday.
Some people think bitcoin is “rat poison,” as billionaire investor Warren Buffett once described it; others think it’s the worst thing to ever happen to civilization, Scaramucci said in a “Squawk Box” interview. “Everyone is a long-term investor until you have short-term losses, and then you start freaking out.”
“Take a chill pill, stay long bitcoin, other cryptocurrencies like Algorand and Ethereum, and I think you’re going to be very well-served long-term in those investments,” the hedge fund founder added.
Bitcoin was back above $37,000 on Tuesday, one day after briefly dropping below $33,000. Even with its bounce, the world’s biggest digital coin has been trading way below its all-time high of around $69,000 reached back in November.
CNBC’s Jim Cramer says BTC sell-off may be about to end
Jim Cramer said on Monday that given the technical outlook of both Bitcoin and Ethereum, it “might be too late to sell” urging investors to “consider buying.”
The brutal sell-off that saw Bitcoin (BTC) and Ethereum (ETH) plummet more than 50% from their all-time highs may be over, according to CNBC’s Jim Cramer.
On Monday, the “Mad Money” host delved into the technical outlook of the two cryptocurrencies.
Bonus Bite: Bitcoin sends a message that New York City is open to technology, says Mayor
Ever since last year’s elections, Eric Adams has displayed a pro-cryptocurrency approach, insisting that he will receive his first paychecks in BTC and also transform the Big Apple into a bitcoin hub.
While his words seemed like nothing more than a pre-electoral promise to some, Adams indeed went on to receive his first check in BTC and ETH. He said the next two ones will also be in the form of the cryptocurrencies.
The mayor’s entrance into the digital asset space came at a bleak time, though. The landscape now is entirely different than what it was when he first promised to get his paychecks in bitcoin. That was in November 2021 as BTC was heading toward its peak of $69,000.
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