Date: 03/16/2021
“Unless you are beating bitcoin appreciation with whatever you’re doing, you’re losing satoshis. Bitcoin is the new universal unit for measuring opportunity cost.” — Saifedean Ammous (author of “The Bitcoin Standard”)
Weekly Headline News
1. Forget Buying the Dip, MicroStrategy Buys $15M of Bitcoin as It Nears the All-Time High
Coindesk
2. WisdomTree Files for a Bitcoin ETF
Coindesk
3. Digital Capital Group to Buy Up to $250M of Grayscale Bitcoin Trust Shares
Coindesk
4. Bitcoin could become global reserve currency when US dollar implodes, entrepreneur tells Keiser Report
RT
5. NFT Mania Fits With ‘Crippling Inflation’ Fear, but Don’t Call It a Bubble
Coindesk
6. Crypto Long & Short: What NFT ‘Markets for Emotion’ Say About Tech Business Models
Coindesk
7. How to Create, Buy and Sell NFTs
Coindesk
Summary
Forget Buying the Dip, MicroStrategy Buys $15M of Bitcoin as It Nears the All-Time High
● MicroStrategy announced Friday it purchased approximately 262 more BTC at an average price per coin of $57,146, just a little over $1,000 away from the cryptocurrency’s all-time high.
● This latest purchase brings the firm’s total bitcoin holdings to around 91,326, bought for an average of $24,214 apiece.
WisdomTree Files for a Bitcoin ETF
● Exchange-traded fund (ETF) giant WisdomTree has applied to launch a bitcoin ETF, becoming one of many firms to apply for an ETF by filing an S-1 Form with the U.S. Securities and Exchange Commission.
● WisdomTree intends to list the shares of the ETF on Cboe’s BZX Exchange. NYDIG applied in February, Valkyrie applied in January, and VanEck applied in December of last year. So far, VanEck has been the only couple to also file a Form 19b-4, kicking off the SEC’s regulatory review process.
Digital Capital Group to Buy Up to $250M of Grayscale Bitcoin Trust Shares
● Digital Capital Group, the parent of Grayscale, said it’s authorized the purchase of up to $250 million worth of the lagging shares of the Grayscale Bitcoin Trust (OTCQX: GBTC), its subsidiary’s flagship product.
● The Grayscale Bitcoin Trust launched in 2013 is the world’s largest bitcoin fund, offering investors the opportunity to gain exposure to the leading cryptocurrency. According to its latest figures, Grayscale currently has $42.1 billion in net assets under management across all its cryptocurrency trusts and funds.
● Max Keiser talks to Jonathan Chester of Bitwage.com about the new reality of a post-pandemic world and his company’s business model of allowing everyone to be paid their wages in bitcoin.
● He adds: “So, looking at the alternatives, I think bitcoin is the obvious choice here… And when you have this ever-growing deflationary currency that’s really not so volatile in the future, it’s just going to be obvious to have it in your bank account because it is the most liquid way to store value in the world.”
NFT Mania Fits With ‘Crippling Inflation’ Fear, but Don’t Call It a Bubble
● The NFT frenzy hit a high mark this week when a piece of digital artwork sold for $69.3 million at auction. From an investment standpoint, companies and projects that facilitate the growth and trading of NFTs could be big winners, according to Dorman.
● Tokens affiliated with NFT businesses have gained an average of 46% last week, and have now increased an average of 787% year to date, according to data from Messari.
Crypto Long & Short: What NFT ‘Markets for Emotion’ Say About Tech Business Models
● NFTs may be frothy right now, but they reveal a new type of price discovery for a new type of value, which could change business models.
● Many have likened this level of froth to the initial coin offering craze of 2017, but this froth is different. It isn’t about blockchain, tokens and functionalities we barely understand. It’s about culture, and the mainstream market is paying even more attention on a relative basis than it did three years ago.
● The direction is clear: finance will be disrupted as surely as fossil fuels will be. We have to expect a lot of volatility. But we don’t care because we believe in long-term functionality.
How to Create, Buy and Sell NFTs
● NFTs have become one of the hottest crypto trends of 2021, with overall sales up 55% already since 2020, from $250 million to $389 million. Here’s how you can create, purchase and sell these popular digitals assets.
● Creating your own NFT artwork, whether it be a GIF or an image, is a relatively straightforward process and doesn’t require extensive knowledge of the crypto industry. NFT artwork can also be used to create collectibles like sets of digital cards.
● Certain NFTs are only available on specific platforms. Pack and art drops are becoming increasingly common as a method for selling scarce NFTs to an audience of hungry buyers.
● To sell your NFTs on a marketplace, you’ll need to locate them in your collection, click on them and find the “sell” button. Clicking this will take you to a pricing page where you can define the conditions of the sale including whether to run an auction or sell at a fixed price.
● Messari analyst Mason Nystrom anticipates the NFT market will exceed $1.3 billion by the end of 2021 as more artists, brands and icons flock to the space to create their own distinctive tokens. With more blockchains competing to produce better NFT services too and a growing range of platforms to choose from, now is a great time to take part in the space.
