While Fidelity Investments talks about Bitcoin's qualities in the market, a Citibank executive says that Bitcoin has all the potential to reach $318.000 USD in 2021. These and more news in this practical daily summary so that you are always informed with the most recent events that occur within the world crypto.
📍 Fidelity Investments' subsidiary, Fidelity Digital Assets, assures that Bitcoin's volatility is a characteristic that will decrease as adoption grows and there is a greater number of derivative and investment products based on the cryptocurrency. Likewise, the company he highlighted several of the qualities of Bitcoin that make it an attractive and safe asset for investment. First, the company highlights that the value of a BTC is backed by “code and consensus”; that its presence in illicit activities is very low and that it is an irreversible asset, resistant to seizure and censorship.
The company also stressed that to date there is no strong competitor to Bitcoin, since although there are alternatives that have tried to improve the "limitations" of Bitcoin, they have done so by sacrificing "the main properties that make Bitcoin valuable." Fidelity is an American company specialized in asset management and pension funds.
📍 Thomas Fitzpatrick, managing director of Citibank, one of the US financial giants, wrote a report on the behavior of gold and Bitcoin, in which he claims that the price of the cryptocurrency may reach $318.000 by the end of next year.
The report was cited by Twitter user @classicmacro “Alex.”
📍 Peninsula Visa, a US passport and visa company, published a release where he announces the acceptance of Bitcoin (BTC) as a means of payment for the application or renewal of passports for US citizens. The payment and transaction processor in cryptocurrencies, Coinbase Commerce will be responsible for enabling this service safely for users.
Evan James, Director of Operations at Peninsula Visa, stated that this is the first time that a “virtual currency” has been used to process passport applications in the United States, and that “the ability to pay via Bitcoin feels like the right move at the right time.” James alludes to the fact that in a post-pandemic world, the integration of new technologies is vital to the efficient delivery of services, considering that the passport service had been delayed by more than 1 million applications when the pandemic began.
📍 The Yearn Improvement Proposal 54 (YIP-54), of the protocol DeFi Yearn Finance, was recently approved by the project governance. Now its community will be able to enjoy an ongoing budget for operational expenses. This proposal allows for improved operations and development of the protocol by having a budget to fund various activities such as hackathons, grants and funding, security audits, design of new tools and features, bug bounty program, as well as salaries for Yearn Finance operations employees. The project also commits to publishing a quarterly report auditable by community members and token holders. digital token YFI.
📍 China Construction Bank announced the launch of $3.000 billion in bonds based on the blockchain Ethereum, which would be available to investors starting last Friday through the Fusang exchange, the most important stock exchange in Asia. However, in a new note, this entity announced that at the request of the issuer, Longbond Ltd., the marketing of these bonds has been delayed until further notice.
📍 In Ethereum, the data and analytics provider Santiment reveals that the amount of ETH deposited in exchanges and exchange platforms has decreased considerably, reaching one of its lowest levels not seen for 2 years.
According to Santiment, this is a positive sign for long-term ETH investors, as it could drive the price of ETH to new highs, due to the high demand for the cryptocurrency in the markets and the low supply of it on major exchanges.
📍 At the time of this edition, Bitcoin is positioned above the $16.400 USD, with a growth of 2,1% in the last 24 hours. With this new value, Bitcoin has once again surpassed $300.000 billion in market capitalization and maintains a daily trading volume of $20,8 billion.
As a curious fact, the rate of hash rate of the network is recovering after the fall which suffered with the migration of miners in China. Currently, the network enjoys a hash rate of 126,13 PE/s, after having fallen below 107 EH/s in early November.
Continue reading: CBDCs: the money of the next era and a potential threat to banks
