Another legendary investor has revealed a position in Bitcoin and Ethereum as the cryptocurrencies approach their all-time highs. In an interview with CNBC billionaire Barry Sternlicht claimed that he has purchase BTC and ETH joining the ranks of Elon Musk, Michael Saylor, and Paul Tudor Jones.
Sternlicht has an approximate net worth valued at $4 billion. He is one of the founders of Starwood Capital Group. The investment fund has an estimated $60 billion in assets under management (AUM).
Similar to Jones and Saylor, Sternlicht is concerned about central banks and their monetary policies which could be creating inflation for their currencies. Thus, the legendary investor decided to diversify his portfolio into Bitcoin and Ethereum as a hedge against this phenomenon.
In addition, Sternlicht took on the opportunity to address the comments made by the CEO of JP Morgan Chase Jamie Dimon on Bitcoin. A few days ago, the executive called BTC “worthless” following a long list of dismissing comments made by Dimon across the years.
In response, Sternlicht claimed that gold, one of the most common use assets a store of value, is “worthless”. The legendary investor said:
What Jamie Dimon talked about, I mean, gold is kinda worthless too and silver. They have some industrial uses, but they are minor. It’s a store of value. The reason I own Bitcoin it’s because the U.S. government and every government in the Western hemisphere is printing money now until the end of time (…).
BTC’s characteristics, its capacity to move value around the world, and its finite supply, are other reasons that convinced Sternlicht to jump into the crypto market. In that sense, the co-founder of Starwood Capital added:
You can move into something (Bitcoin) that the world has accepted as a substitute for gold, and since it’s an 18 million flow or something like that out of 21 (million BTC). I think Bitcoin is the biggest, it’s a dumb coin, it has no real purpose, other than a store of value (…).
“Gold is kind of worthless,” says Barry Sternlicht. “The reason I own #bitcoin is because the U.S. government and every government in western hemisphere is printing money now to the end of time and this is a finite amount of something and it can be traded globally.” pic.twitter.com/72zYQTjF0y
Bitcoin and Ethereum, as Sternlicht understand them, could lead to a technology revolution as the internet once did. He added:
I became very interested in the blockchain technology, in the digital ledger. This is going to change everything, and we are probably in inning one.
Sternlicht is far from the only institutional investor that has caught with the potential in cryptocurrencies. This has taken an important tolled on gold-based investment products, as pointed out by Bloomberg Intelligence Senior Commodity Strategist Mike McGlone.
The process of #Bitcoin replacing #gold and rapid spread of #cryptodollars are primary reasons diversification with crypto assets is gaining status as simply prudent. Organic adoption of digital dollars is a predominant trend, adding tailwinds to the buck and headwinds to gold. pic.twitter.com/aVV5I15R9a
Coinbase has had an exciting week. After forming a partnership with Facebook to provide support and custody services for its new Novi wallet, the popular digital currency exchange is joining hands with the National Basketball Association (NBA), which some believe will make it possible to pay for merchandise and event tickets with crypto in the coming future.
Coinbase Has Joined Hands with the NBA
The sports association issued a press release claiming that Coinbase will now be the official crypto platforms for several basketball divisions including the Women’s National Basketball Association (WNBA), the NBA G League, and USA Basketball. The release explains:
The deal, which marks the first cryptocurrency platform partnership for each league, will consist of unique content, innovations, activations and experiences from Coinbase to educate fans on the increasing advancements happening across the crypto economy.
Kate Rouch – the chief marketing officer at Coinbase – said that she was excited to be part of the new program. In an interview, she explained:
As part of the partnership, we will create interactive experiences to engage with the NBA and WNBA’s incredible community and athletes around the world.
Kerry Tatlock – the senior vice president of global marketing partnerships and media for the NBA – also put her two cents in, claiming that Coinbase was a perfect fit for the organization. Tatlock said:
We look forward to collaborating with Coinbase to provide fans with new ways to engage with the league and each other, while also enhancing the experience for fans who are already Coinbase users.
As it stands, only two NBA teams accept crypto payments for both tickets and merchandise, one of which is the Sacramento Kings. They were the first team to say “yes” to bitcoin and crypto, having done so in the year 2014. In April of 2021, team managers announced that they would pay all basketball players in bitcoin if they were interested in such an option.
Chairman for the Kings Vivek Ranadive mentioned:
I’m going to offer everyone in the Kings organization… as much of their salary in bitcoin as they want.
Following the Kings, the Dallas Mavericks – which is co-owned by billionaire investor and “Shark Tank” star Mark Cuban – began accepting crypto payments in 2019. Cuban explained that while he, himself, was not a big bitcoin fan at the time, he realized that there was an audience for crypto payments, and thus he was excited to bring new options to the table. He stated:
The Mavericks have decided to accept Dogecoin as payment for Mavs tickets and merchandise for one very important, earth-shattering reason. Because we can! Because we can, we have chosen to do so.
The Mavericks Are Patrons of Dogecoin
Cuban later mentioned in a series of tweets that the Dallas Mavericks were becoming the biggest Dogecoin merchants on the planet. He said:
The @dallasmavs have done more than 20,000 #Dogecoin in transactions.
NEAR token’s latest price rally comes in the wake of NEAR Protocol’s announcement of raising $800 million developer fund.
Brief Market Analysis of NEAR Token
NEAR token price rallied higher on Oct. 25 following NEAR Protocol announcing that it has earmarked $800 million for new funding initiatives aimed at growing its decentralized finance capabilities.
Notably, the price of NEAR token increased by more than 30% to over $12 a token, the highest level since Sept. 9. Combined with the gains recorded in the previous 96 hours, NEAR was up by nearly 39%.
At the time of writing, the price of the NEAR coin is $12.14 USD with a 24-hour trading volume of $810,943,857 USD. NEAR Protocol however, is up 30.41% in the last 24 hours. According to CoinMarketCap, market cap is at $6,389,142,571 USD, and having a circulating supply of 526,072,613 NEAR coins and a max. supply of 1,000,000,000 NEAR coins.
What the $800 Million Funding Means For DeFi
As at Monday October 25, there was a total value of $247 billion locked across all decentralized finance DeFi projects, and NEAR just like many others, are moving to capitalize.
The smart contract ecosystem NEAR Protocol, having earmarked $800 million for new funding initiatives is looking to grow its decentralized finance capabilities.
The new funding includes in part, a $350 million grants program that was announced by Proximity Labs a week ago. This part will give developers the extra motivation and support they’ll be needing to create new product offerings on NEAR, announced the company.
Another $250 million will be allocated to existing ecosystem developers, another $100 million for startup grants, which NEAR is reportedly planning to fund about 20 startups at the rate of $5 million each. Lastly, the remaining $100 million will be pumped into regions across Europe, Asia and the United States.
Implication for NEAR Token
Over the past year, value locked in DeFi protocols has seen a 936% surge. And now, Ethereum’s main competitors like Solana, Binance Smart Chain, and Avalanche presently seeing considerable imcreases, according to data from DappRadar. However, Ethereum-based projects account for about 66% of the entire value locked across DeFi, according to industry data.
Now, despite the unarguable dominance of Ethereum in the DeFi space, the market keeps growing at an unimaginable rate, currently valued at over $247 billion. This reality undoubtedly gives enough room for other competing platforms to take advantage of.
Although NEAR represents only a small portion of the total DeFi market, but that might just change soon enough. There’ll definitely be many more developers hoping to tap into the new funding campaigns, even as users continue looking for alternatives to Ethereum-based protocols.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Solana’s SOL sets a new all-time high after its 36% weekly rise as it seems that the coin is in full swing after the downturn in September so let’s read more in today’s altcoin news.
Solana’s SOL sets a new all-time high at $219 today and last month’s network outage slowed down Solana’s momentum after the huge price increase in August but that seems to be no issue for the token. The late summer surge was interrupted by September’s network outage that seemed to slow the smart contract platform’s momentum on the upside but the overall market being on the rise only sparked Solana to rise rapidly again and set a new peak price.
The SOL cryptocurrency reached a new all-time high above $219 which is a step up from the peak at $213 and while many see this as a modest uptick from the previous high, it suggests that Solana’s price increase is back in action after the recent downturn. SOL’s price is up about 36% in one week and increased by 57% in the past 30 days. SOL’s market cap flipped that of XRP to become the sixth biggest crypto on the market. The wider crypto market has been on the rise with BTC setting a new ATH of $67,277 last week with ETH setting its own peak of $4361 as per CoinGecko.
According to the site, the total crypto market cap is now $2.75 trillion which is close to teh ATH of $2.77 billion. Solana’s ecosystem activity sped up over the past three months and Decentralized finance protocols on the platform that allows for person-to-person borrowing, trading and lending grew as of late with more than $13.9 billion worth of assets being locked in the defi protocols per the data from DefiLlama. NFT activity on Solana picked up as of late with an estimated market cap of $910 million per Solanalysis and more than $64 million of trading volume in the past week.
NFTs are tokens that function as a proof of ownership receipt over digital items on the blockchain and the market saw a high profile entity as FT US launched its own marketplace focused on Solana’s NFT. Its stance on not listing NFT collections that provide royalties from the secondary sales to other holders had a ripple effect in the space as a few projects canceled or changed plans to provide ongoing crypto rewards to the NFT holders. Solana saw an increase in value in August and September as it increased from a price of $35 to a high of $213 with the network being down for more than 17 hours due to what the foundation billed as a denial of service attack.
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