After years of mocking bitcoin and cryptocurrency, the billionaire class on Wall Street has finally embraced the idea of virtual assets driving the digital economy. This week, Citadel founder and billionaire Ken Griffin officially announced his anti-crypto stance, announcing that his company will begin offering digital assets to its clients. Of course, Griffin isn’t the only wealthy investor who has changed his mind, so we wouldn’t offend him too much.
As crypto analysts continue to debate whether we are in a bull market or a bear market, institutions, venture capitalists, and ordinary people continue to use digital assets. As we see in Eastern Europe, fiat money like Bitcoin offers a unique offer of value in times of geopolitical uncertainty and conflict.
Billionaire Admits Wrong About Bitcoin When Citadel Looks at Crypto Markets
Citadel Securities, a multi-billion dollar hedge fund manager, will offer investments in cryptocurrency after founder Ken Griffin admitted he was wrong about the asset class. “It is reasonable to assume that in the coming months you will see how we create markets for cryptocurrency,” he said in an interview with Bloomberg Wealth. Less than five years later, Griffin warned people that bitcoin was a huge bubble, similar to the tulip mania of the 17th century. I doubt anyone would seriously compare Bitcoin to the Dutch tulip bubble, but if you’re still in doubt, read this article.
DCG announces buyback of $250 million worth of grayscale products
Digital Currency Group, known as DCG, has announced share buybacks of up to $250 million in several gray-scale investment products, notably Litecoin, Zcash and Horizen Trusts. Although the venture capital firm did not explain the reason for the share buyback, CEO Barry Silbert tweeted separately Monday that his company is increasingly positive in the market. “Bitcoin looks good,” he said, adding that we are buying. (It’s not clear what this means, but bitcoin’s rally above $45,000 amid geopolitical turmoil may have something to do with the positive valuation.)
Payment service provider Shift4 bought The Giving Block for $54 million
Payment solutions provider Shift4 this week announced the purchase of The Giving Block, a crypto-donation platform, for $54 million. The deal, which was paid for in cash and stock, could fetch up to $246 million. Crypto-based philanthropy is back in the spotlight this week after the government of Ukraine and its affiliated charities received more than $37 million in digital donations, mainly through Bitcoin (BTC), Ether (ETH) and Tether (USDT). ). Giving Block has also launched an emergency fund for Ukraine, which allows cryptocurrency holders to donate to help amid the ongoing conflict with Russia.
The cryptocurrency market in South Korea will grow to $45.9 billion by 2021 despite strict rules
If you have been trading cryptocurrencies for a long time, then you know that South Korea is one of the most dynamic markets for trading digital assets. We finally have some numbers to back this up: Earlier this week, the South Korean Finance Commission reported that the country’s cryptocurrency market had grown to $45.9 billion, or 55 trillion won, by the end of 2021. Twenty-one regulated exchanges traded in Korea. Southern has an average of $9.4 billion worth of deals per day. Despite strict regulations regarding cryptocurrency, South Korea remains a hotbed of industrial activity. Surprisingly, regulators are now turning their attention to non-fungible tokens, making South Korea one of the first countries to adopt NFT tax rules.
before you go!
There has been a lot of buzz lately about decentralized autonomous organizations, or DAOs. As we reported last month, the Republic of the Marshall Islands became the first jurisdiction to formally recognize DAOs as legal entities. In this week’s market report, Cointelegraph analysts had a friendly discussion of the most promising DAOs for 2022. If you missed the live broadcast, you can still watch the replay below. Don’t forget to subscribe to The Market Report every Tuesday at 12:00 ET for updates, analysis and live discussions on all things cryptocurrency!