A rather slow week in the crypto space.
Bitcoin on track to $100,000 by 2025
A Bloomberg report titled “Bitcoin Trend, Adding Zeroes” predicts that $100,000 by 2025 is on track. “Bitcoin could continue doing what it has for most of its nascent existence, appreciating in price on the back of increasing adoption, but at a slower pace as we see it. The first-born crypto has had a tendency to add zeros to its price from around $10 in 2011. It took about four years to go from $1,000 to $10,000 in 2017, so doubling that time frame for maturation could get the price toward $100,000 in about five more years. Or the new technology could fail, but our demand indicators are positive. With the exception of stable coins, the rest of the crypto market is subject to excess supply and competition,” report read.
Another company joins the $100 Million Bitcoin club
Stone Ridge created a subsidiary called New York Digital Investment Group (NYDIG) to act as the custodian of its own customers bitcoin. The move was prompted by the growing demand from customers who were willingly investing 1% to 5% of their portfolio in Bitcoin. Forbes reported that “Stone Ridge Holdings Group revealed NYDIG is acting as custodian of 10,000 of the parent company’s bitcoin, valued at $115 million at today’s price.” “The two largest funds currently managed by NYDIG are the $190 million Institutional Bitcoin Fund LP, disclosed in regulatory documents in June and the $140 million Bitcoin Yield Enhancement Fund LP disclosed in May,” the article revealed.
Coinbase lost 5% of its workforce, got over 1000 requests from FBI
About 5% of the workforce left Coinbase due to its ‘no politics at work’ stance. At the same time, it has allegedly received more than 1000 requests from agencies, mainly FBI, regarding crypto transactions. While these news are unrelated – Reddit and other social media channels are flaring up with anarchists rhetoric calling crypto users to move away from the capitalists Coinbase. We are indifferent on the matter.
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