Absolutely huge.
The Korea Teacher's Credit Union, which manages $47 billion, is investing in Bitcoin, as per local reports.
The boom of institutional money into crypto.
Wow.
Morgan Stanley is reportedly bidding for Bithumb, South Korea's top crypto and bitcoin exchange, for $2 billion valuation.
Slowly, then surely.
The explosiveness of institutional interest in this space right now is unprecedented.
Tesla buying Bitcoin in itself is bullish.
But the number is insane.
Tesla bought almost 10% of its $19 billion cash holding.
Not 1%, 10%. This is the most bullish part.
El Salvador holding $150m in Bitcoin is huge.
Not because it will cause demand to rise, but because it will set a precedent.
A precedent that a sovereign nation could hold crypto assets.
Huge.
Bitcoin dropped to $6,400 on May 17 triggered by a 5,000 BTC sell order on Bitstamp that led to massive BitMEX liquidations.
Rapid recovery to $8,000 is a testament to how positive the sentiment around the market is currently.
The biggest gaming company in South Korea, Nexon, bought $100 million worth of Bitcoin.
Nexon also bought Bitstamp and Korbit, two major exchanges in Europe and South Korea, in the past three years.
This is a big step forward for institutional $BTC adoption in Asia.
Bitcoin and crypto about to get a lot of eyes from traditional finance and tech.
An upcoming Bitcoin conference will feature:
- Cathie Wood: Innovative billionaire investor
- Elon Musk: Tesla & SpaceX CEO
- Jack Dorsey: Twitter co-founder and Square CEO
Big.
Bitcoin at $37k: bear market, failed as store of value, see you at $20k.
Bitcoin at $39k: the ultimate inflation hedge, the greatest store of value, see you at $100k
My uncle called me up today, asking if he could do a 50% loan on a portion of his $ETH holdings through Aave because he doesn't want to sell his ETH but needs cash.
It's happening.
If you never shorted bitcoin from $20,000 to $4,000 and decide to short the asset now that it's down 80%, maybe it's time to reevaluate your investment thesis
A big piece of news went relatively went unnoticed.
Gcash, the biggest mobile wallet in the Philippines, is reportedly considering integrating Bitcoin.
This is huge for adoption. Why? the vast majority of users in the Philippines use Gcash for daily payments.
(1/4)
BIG news in Asia.
South Korea's Financial Supervisory Service is set to approve the application of digital asset (crypto fund).
The fund was applied by Hanwha Asset Management, the investment arm of Korea's top insurance giant.
Institutional crypto demand. Can you feel it?
$10k bitcoin, I missed you old friend.
Let's look at some more potential catalysts:
1. Bakkt launch
2. FOMO level in $10k broken
3. Block reward halving
4. Clear rise in institutional demand
5. Rise in hash rate, developer activity
$1.2 billion worth of Bitcoin just flowed out of Coinbase.
Yes, it is an institution or a high net worth investor behind this $BTC rally.
H/t
@CryptoCapo_
Humble opinion: if Samsung integrates crypto to Galaxy S10, I think it may have a bigger impact than ETF and Bakkt combined.
Partially because no one really knows what kind of exposure ETF / Bakkt will bring meanwhile millions of people use Samsung phones daily.
Hello Bitcoin $50k, we missed you.
Difference?
This time it's at $50k with default funding, no overcrowded futures market, spot market parity with futures, and high Coinbase premium, coupled with large outflows and institutional interest.
The differences between 2017
#Bitcoin
rally and 2020.
No Tether FUD
Exchanges regulated
India FUD no longer effective
China FUD no longer effective
Better regulation in Asia
Conviction from long-time HODLers
All-time low $BTC exchange reserves
Explosive institutional demand
I have to say, I'm surprised that Bitcoin and crypto market drop on China FUD after so many times of the same FUD again and again.
This is same thing released on Sept 15 (h/t
@bigmagicdao
).
Don't panic.
The interest for bitcoin now in 2019 does not even compare to 2017 on Google Trends, which I think is a good indicator of retail interest.
On a scale of 100, 2017 was 100 and 2019 June is 12.
FOMO amongst retail investors hasn't begun yet, possibly not even close to it.
Taxing millionaires 70% will have a negative effect on the economy.
Why? the wealthy will simply move out of the US or move their money out. It's not as simple as taxing the hell out of millionaires.
We just saw Venezuela's economy crumble and some want to replicate it
DeFi in Asia is heating up.
What's really interesting though, is that in Southeast Asia, for example, it's $BNB (Binance Smart Chain) that is being used a lot.
Low fees, low barrier to entry, makes sense as ETH alternative. (1/2)
Exciting week for crypto [so far]:
1. Bakkt to test futures market in July
2. GBTC hits $1.7 billion AUM
3. Microsoft launches product on Bitcoin blockchain
4. Wholefoods accept crypto payments
5. Real 10 volume of bitcoin hits $2.6 billion
6. BitMEX records $10 billion in 1 day
Last three months in Bitcoin:
-MicroStrategy buys $425m in Bitcoin
-Square buys $50m in Bitcoin
-Stone Ridge buys $110m in Bitcoin
-PayPal integrates crypto purchases
-JPMorgan writes about Bitcoin vs Gold competition
-DBS soft launches crypto exchange
What's next?
The government of Argentina is investing up to $50,000 in every crypto or blockchain project Binance invests in.
Many asked before, when will governments and financial institutions commit to crypto?
Well, now
Within 10 minutes, bitcoin spiked from $7,085 to $7,800 by 10%, liquidating $60 million worth of contracts on BitMEX.
One of the strongest short squeezes since the October move. Not by percentage but how fast the squeeze was.
A few months ago, Bitcoin rallied to local top at $42k and everyone thought it was omega bullish.
Now Bitcoin is consolidating at $49k and many are fearful.
These happened to Bitcoin just *this* week.
- Paraguay lawmakers prepare bill to treat BTC as legal tender.
- Steve Wozniak calls Bitcoin a 'mathematical miracle'
- Square, a leading fintech giant, to produce hardware BTC wallets.
Look at the long term.