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Trouble Looms For Bitcoin As U.S Looks to Bar Holders From Converting Crypto To USD

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Trouble Looms For Bitcoin As U.S Looks to Bar Holders From Converting Crypto To USD

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Bitcoin is still not free from criticism from the U.S government. The cryptocurrency which was recently branded as a threat to the country by the former president of the U.S Donald Trump has gotten a lot of backlash from members of the recently held 2021 senate banking subcommittee hearing.

Senate banking committee members are extremely negative on Bitcoin

During the hearing, the main subject of discussion was the perils of Bitcoin to the U.S Economy, which stemmed from the instability of the market to the increasing use cases of Bitcoin by criminals, to carry out cyber attacks.

These situations, according to Dr. Darrell, are solvable by implementing a policy that stops cryptocurrency holders from converting their currencies to fiat.

The Canadian financial Economist and Finance Professor at Stanford Business School, who is very much aware that “it is very difficult to stop the use of Bitcoin,” proposed the implementation of an international agreement, among countries over the world, to aid the government to successfully trap Bitcoin holders, to avoid them from spending the cryptocurrencies, as the room for conversion to fiat is made impossible in the future.

“I think the best thing for the U.S and other countries to get together and agree that in none of their countries will Bitcoin be convertible into the local currency,” said the professor.

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Members of the hearing debate the environmental impact of crypto mining

Senator Elizabeth Warren quizzed other members of the panel on their views of the current environmental setbacks that critics claim Bitcoin possesses to the future of the planet. 

Another respondent disagreed that the innovative benefits far outweighed the environmental damages, saying that:

“They [cryptocurrencies] Are not a better means of payment, as they undermine The government’s ability to maintain a robust economic  growth overtime. They circumvent economic safeguards that we’ve been talking about, that prevent extortion. And the environmental costs are very very large.”

The above reaction from members of the US government has been received by the cryptocurrency community as a warning of the possible crackdown that the cryptocurrency market could face in the future.

Bitcoin proponents like the creator of the Bitcoin Stock to Flow model have reacted to the statement from the hearing. Like many other bitcoin proponents, he had this to say: “Listen carefully: it never was about the environment, climate or terrorists.. It is about banning freedom.”

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Source: https://zycrypto.com/trouble-looms-for-bitcoin-as-u-s-looks-to-bar-holders-from-converting-crypto-to-usd/

Blockchain

$45B Asset Manager GoldenTree Has Reportedly Bought Bitcoin

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GoldenTree Asset Management, a US asset management giant with $45B in AUM, has reportedly purchased portions of the primary cryptocurrency. The move aims to diversify some of the organization’s already existing strategies.

  • Founded over two decades ago, GoldenTree is an asset manager headquartered in New York City with offices in numerous other important financial cities such as London, Singapore, Tokyo, and Sydney.
  • According to a report by The Street, the institution has dipped its toes in the cryptocurrency industry by purchasing an undisclosed amount of bitcoin.
  • Citing two sources familiar with the matter, the coverage indicated that putting BTC on the balance sheet will work as a diversifier for the “broad mix of debt-focused strategies it has run for years.”
  • Furthermore, GoldenTree has reportedly had internal discussions to establish a dedicated team responsible for its cryptocurrency investments.
  • With GoldenTree, the number of large asset managers showing an appetite for bitcoin keeps growing.
  • The most prominent name has to be BlackRock. The world’s largest asset manager dabbled with BTC through CME and reported gains of $360,000 in April this year.
  • Stone Ridge, another Wall Street behemoth, filed to add the cryptocurrency to its diversified alternatives funds.
  • This trend expanded outside of the US as well, with the Israeli company – Altshuler Shaham – buying BTC through the Grayscale Bitcoin Trust.
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Source: https://cryptopotato.com/45b-asset-manager-goldentree-has-reportedly-bought-bitcoin/

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Wealthfront to Offer Cryptocurrency Exposure to its Clients Through Grayscale

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The financial institution Wealthfront announced it would expand its menu of digital asset investments by including Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE). Additionally, the company would provide more solutions to its customers with cryptocurrencies different than BTC and ETH.

Wealthfront Customers Can Now Invest in GBTC and ETHE

The California-based investment provider Wealthfront with more than $25 billion in assets under management, revealed in a recent blog post that its users can now diversify their portfolios by allocating funds in Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE).

The clients would neither need wallets to take advantage of the service nor be required to open an account in a cryptocurrency exchange.

However, Wealthfront warned that such investments can be risky and more volatile than most ETFs and would limit the initiative. With that being said, investors would not be able to allocate more than 10% of their total portfolios into GBTC or ETHE.

The company also expanded its menu of ETFs and assured its nearly 440,000 users that soon it would offer even more cryptocurrency options:


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“For example, you can now choose from a bigger selection of ARK ETFs, pick ETFs that are specific to industries like cannabis or self-driving cars, or choose from a larger pool of socially responsible investments. The choice is yours.”

GBTC Can Surpass The Largest Gold ETF

Grayscale is the largest digital asset manager that enables institutional investors to receive exposure to various cryptocurrencies without having to worry about storing or managing their funds. The company has enjoyed a massive increase in clients in the past year and a half, with GBTC taking the most substantial portion.

In fact, the growth of the Bitcoin Trust prompted some to believe that it could actually surpass the SPDR Gold Shares (GLD) – the largest gold-tracking ETF.

The difference between the two was significant in the middle of last year when the GLD was riding high with its AUM exceeding $80 billion while the GBTC was struggling beneath $5 billion. Yet, as institutions opened their minds to bitcoin and started accumulated massive portions, the gap began to close. At the end of 2020, the Grayscale Bitcoin Trust skyrocketed to about $20 billion.

2021 started even more impressively for GBTC as its AUM neared $40 billion. Somewhat expectedly, this expansion caused many experts to believe that the Grayscale Bitcoin Trust can soon outweigh the GLD.

However, according to a recent analysis, institutional demand for Bitcoin and Ethereum investment products has  started to slow down, and surpassing the SPDR Gold Shares now seems less likely:

“Between observations of the GBTC premium, net outflows from the combined Purpose and QBTC ETFs, and a stagnant Coinbase balance, institutional demand appears to remain somewhat lackluster.”

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Source: https://cryptopotato.com/wealthfront-to-offer-cryptocurrency-exposure-to-its-clients-through-grayscale/

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eToro Listed Shiba Inu (SHIB) While ShibaSwap TVL Drops Almost 80% in Two Weeks

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The multi-asset investment platform, eToro, which plans to go public later this year, has listed Shiba Inu (SHIB). The company argued that the decision came following substantial demand from customers.

  • Founded in 2006, eToro is an Israeli social trading and multi-asset brokerage company with offices in several European countries, the US, and Australia.
  • The firm announced the listing of Shiba Inu (SHIB) in a press release shared with CryptoPotato. The statement reads that the addition has come due to “strong customer demand.”
  • Users of eToro will be able to interact with the popular meme coin as “Shiba (in millions),” which is a “lot” of one million Shiba Inu units. According to the statement, this would provide customers with a “clearer understanding of the pricing in a regular, two-decimal-point format.”
  • The company recently outlined plans to go public later this year. It would become possible after a merger with a Special Purpose Acquisition Company (SPAC) with a total valuation of over $10 billion.
  • Back in May, eToro also listed arguably the most popular meme coin – Dogecoin. Shortly after, DOGE pumped to an all-time high at that point of about $0.5.
  • SHIB saw its record price in mid-May as its popularity skyrocketed. However, it has declined by more than 80% since then, even though the recently launched ShibaSwap DEX attracted billions of dollars in total value locked in just a few days after the launch.
  • However, the TVL has declined by nearly 80% since then to around $400 million as of writing these lines, according to data from DeFiLama.
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Source: https://cryptopotato.com/etoro-listed-shiba-inu-shib-while-shibaswap-tvl-drops-almost-80-in-two-weeks/

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