Welcome to this week’s edition of the Myth of Money, a weekly newsletter on all things money, economics and technology read by 10,000+ investors, curated by Tatiana Koffman.
Disclaimer: The following is not intended as investment advice. Do your own research.
Bitcoin hodlers woke up to major correction this morning, but most seasoned cryptocurrency investors barely flinched. The undeniable reality is that Bitcoin is here to stay. Widespread knowledge is here. Adoption is here. Bitcoin has firmly crossed the gates of speculation, and we all want more.
From celebrities and athletes, to hedge fund managers, crypto has gone mainstream. Cyclical volatility will continue to occur, but we are likely experiencing the largest crypto bull cycle of all time. Some may even call it a ‘super cycle.’
To show just how mainstream crypto is becoming, TIME magazine has now partnered with Grayscale, the parent of the most popular Bitcoin and Ethereum publicly traded trusts.
The announcement was made by Grayscale CEO Michael Sonnenshein, who revealed that the esteemed publication will begin holding Bitcoin on its balance sheet. In addition, the two companies will also work together to release a series of educational videos this summer, hoping to teach more people about the relatively new technology.
TIME’s move into Bitcoin comes following other recent efforts from the company to embed itself within the world of blockchain and crypto. Last month, the publication auctioned off three NFTs of its magazine covers inspired by an original from 1966, partnering with NFT platform SuperRare for the project. One of the covers was sold for a whopping $200,000 USD to TRON CEO Justin Sun.
This Week By the Numbers 📈
The S&P and Dow posted their fourth straight week of gains. Coinbase finally went public, while Dogecoin went to the moon with 10x returns in less than one week.
Top Stories 🗞
NFT Frenzy Shows Staying Power With $16.8 Million Sotheby's Sale
In an NFT auction that was devoid of drama until its final hour, two artworks by the anonymous digital artist Pak sold for $2.8 million on Wednesday on the online marketplace Nifty Gateway. The works were part of a multifaceted sale in partnership with the auction house Sotheby’s, which drew $16.8 million in total. Other works in the sale included an open edition of an image of a cube, called Cube. On the first day, an NFT of one cube cost $500, an NFT of five cost $2,500, and so forth, up to a 1,000-cube NFT for $500,000. About 19,740 cubes across the various eight tiers sold during the first day’s 15-minute sales window, yielding $9.87 million. Read Full Story.
Ark Investment Boosts Coinbase Holdings While Cutting Stake in Square
Headed by well-known crypto bull Cathie Wood, ARK Investment purchased 341,186 shares, worth about $110 million on Thursday, after buying 749,205 shares the day before, the firm's daily trade summary shows. The additional purchase was again done via three of Ark's flagship funds – The Ark Fintech Innovation ETF, Ark Fintech Innovation ETF and Ark Next Generation Internet ETF. While the firm increased the funds' stakes in Coinbase, it sold 409,241 shares of payment company Square, which became a bitcoin holder last year. Read Full Story.
Blackrock CEO Larry Find Bullish on Stock Market
BlackRock CEO Larry Fink said Thursday he’s optimistic about financial markets as the economy attempts to recover from the coronavirus pandemic. “I am incredibly bullish on the markets,” Fink said in an interview. He noted that a host of factors are likely to propel markets higher in the near term, even as the S&P 500 and Dow Jones Industrial Average hover near record levels. “I believe because of monetary stimulus, fiscal stimulus, the cash on the sidelines, earnings, the markets are OK. Markets are going to continue to be stronger,” said the co-founder and chairman of the world’s largest asset manager. Read Full Story.
Elon Musk’s SpaceX wins contract to develop spacecraft to land astronauts on the moon
NASA on Friday selected Elon Musk’s SpaceX to build spacecraft that would land astronauts on the moon for the first time since the last Apollo mission. The award to SpaceX for the “human landing system” was a stunning announcement that marked another major victory for the hard-charging company that vaults it to the top tier of the nation’s aerospace companies and solidifies it as one of the space agency’s most trusted partners. In winning the $2.9 billion contract, SpaceX beat out Jeff Bezos’s Blue Origin. Read Full Story.
VIP Investor Opportunities 💰
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Product of the Week: GDA Lending
This week I’m giving a shout out to my friends at GDA Lending. Having recently worked on a loan with them, I can say that they offer the best rates for collateralized crypto loans at 4.5%, with the lowest counter-party risk. If you are looking to borrow against your BTC or ETH, ping me for an intro here.
Thank you for reading this week’s edition of the Myth of Money.🚀
Until next week,
By Tatiana Koffman
Hi there and thanks for reading. If you stumble upon my newsletter, you will notice that I write about money, economics and technology. I hold a JD/MBA and spent my career in Capital Markets working across Mergers & Acquisitions, Derivatives, Venture Capital and Cryptocurrencies. I believe in empowerment through closing the financial education gap and creating equality of opportunity for the next generation. Check out my articles in Forbes here.
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