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Get a fresh pot of coffee started because this is your mid-week crypto update. ☕️📰
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Here’s what’s in today’s issue:
- David & Sam share their thoughts on Bitfinex holding BTC on their balance sheet, a crypto policy report for the G20 Summit, a South Korean bank partnering with BitGo, Grayscale want’s to meet with the SEC, Visa using Solana for USDC payments, MakerDAO possibly forking Solana for a new blockchain, China considering crypto assets legal property, Bitwise withdrawing their ETF application & HashKey is betting on altcoins.
- This Week On Chain.
- Rekt Capital has the latest technical analysis for you on the market.
- This week’s trending coins by Rebecca
- Erik has a report for you on Real-World Assets moving on-chain.
- Defi Dad has a tutorial for you on how to earn 32-50% APR with BTC using Cosmos Perps on Levana Finance.
- Jesse has a ton of hot new airdrops for you.
For any crypto related questions please comment on the website.
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Bitfinex Holds Bitcoin on Balance Sheet
Bitfinex, a CoinMarketCap top-ten crypto exchange, holds bitcoin on its balance sheet. That’s according to The Block via an unnamed source with “direct knowledge on the matter.”
The source was unwilling to provide any figures as to exactly how much bitcoin Bitfinex holds, but they did disclose that the exchange “has historically kept part of its trading fee earnings in bitcoin”.
Bitfinex must want the market to know its strategy, because the timing between this anonymous disclosure and a recent tweet by the exchange’s CTO, Paolo Ardoino, is likely not a coincidence.
In his tweet, Ardoino makes a moral appeal for other crypto exchanges to follow Bitfinex’s investment strategy, given the financial benefits they’ve received from their users trading the world’s largest cryptocurrency.
Regardless of the reasoning, what’s important (and good to see) is that companies, institutions, and countries are choosing bitcoin as a treasury reserve. Because every time an entity chooses bitcoin (think MicroStrategy, Massachusetts Mutual, El Salvador), three things happen:
- More supply is removed from the market,
- Bitcoin’s price floor is raised and/or hardened; and,
- Sidelined entities are incentivized to do the same because the global community that backs a free and sound form of money has just grown stronger.
Who’s next?
FSB and IMF to Deliver Global Crypto Policy Report at G20 Summit
Now to those who oppose free and sound money: the Financial Stability Board (FSB) and International Monetary Fund (IMF).
These two quasi-international governmental agencies are set to…
