tl;dr
If you look around the globe and not just your backyard you can find some interesting news. Here is what is on my mind today.1. We already know South Korea is a technological and financial hub in the traditional sense. However, did you know it is one of the strongest crypto hubs in Asia? Centralized...
If you look around the globe and not just your backyard you can find some interesting news. Here is what is on my mind today.
1. We already know South Korea is a technological and financial hub in the traditional sense. However, did you know it is one of the strongest crypto hubs in Asia? Centralized exchanges in the country, like Upbit, have made investing in crypto easy. Over 10% of the overall population in the country has invested in crypto and the numbers look like that number is going to grow. Local exchanges are outpacing global heavy hitter Binance and even growing Coinbase. This is still astonishing even when compared to US crypto investment noted to be from 13% - 17%...and growing.
2. In an astonishing report by Chainalysis, the United States is still the leader in the crypto space, but stablecoin activity seems to be shifting away from the US. Frankly, I am more focused on some other numbers, like 23.1% of the crypto activity in the US is by retail. That means a staggering 76.9% of crypto transaction in the US are done by institutions. The next time someone says crypto isn't going anywhere I want you to take a hard look at who they are. Crypto is easily a trillion dollar industry and growing.
3. VanEck has joined the chorus of companies that have resubmitted their applications for Bitcoin Spot ETFs. This is on the heels of Fidelity, BlackRock and ARK Invest/21Shares taking similar steps. I suspect we will see more. I also think we will see approvals happen either simultaneously or so close it might as well have been.
4. A $140B dollar bet has been placed on Bitcoin and I think they are going to win big. Galaxy Digital has purchased approximately 4,162 BTC in what they are calling a long position on the coin. Frankly, the who doesn't matter. It should be of no surprise that yet another financial institution is taking such a long stance. As well, to me, this fuels my opinion that Bitcoin is a powerful store of value and can be leveraged in ways other coins cannot.
5. If you are like me and have been doing your own research, you are waiting for some more news about Grayscale's GBTC and its conversion to a Bitcoin Spot ETF. Last I checked, the SEC had 5 days to get their act together. I have not heard anything as of yet, but I am expecting some news within the next couple of days.
6. Blockchain gaming is about to kick into high gear as Animoca Brands snatches up Azarus, a Web3 streaming platform. We all know game streaming is incredibly popular. In a Web3 space I think it will take things to new levels. I could easily see things like watching a game from within the game. In real life, this is like going to a golf tournament and following the golfers along the course as they play, except this will be in a virtual environment.
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