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+ subscribers, curated by Tatiana Koffman.
Disclaimer: The following is not intended as investment advice. Do your own research.
This week, financial institutions continued to echo what us Bitcoin-ers have said all along - digital assets are the future.
1) Fidelity advised its investors to allocate 1% - 5% into Bitcoin
2) Stone Ridge ($10B AUM) purchased $115M in Bitcoin
3) Grayscale's publicly traded Bitcoin Fund had its biggest quarter ever with $1B+ of inflows
1) Franklin Templeton ($700M AUM) invests in Curv, a blockchain-based asset custodian
2) Mode Global, a UK public company, is allocating 10% of its cash reserves to Bitcoin
3) PayPal announces that it will open up its network to cryptocurrencies
PayPal is in Crypto?
With 345 million users and 25 million merchants, PayPal is the 20th largest ‘bank’ by deposits. The new services will allow users to buy, sell and use crypto within the PayPal network, making crypto more accessible and acceptable than ever before. The company is also preparing its services for central bank-backed digital currencies such as the DCEP, the digital Euro and the Digital Dollar.
“We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role,” said President and Chief Executive Dan Schulman
The PayPal announcement sent Bitcoin soaring past $13,000 as retail buyers piled in.
The trends are clear…
1) Private and public companies are now viewing Bitcoin as a treasury management tool.
2) Retail interest is back for cryptocurrencies. Winter is over.
3) Blockchain and Bitcoin are officially accepted in traditional financial markets. Goodbye silk road. Hello to the new age of digital banking.
This Week By the Numbers
This week marked Bitcoin’s divergence from the traditional markets, with the digital asset finally acting as the hedge many have purported it to be. Volatility continued as we are a mere 10 days from the American election, and the U.S. Congress has yet to pass a much needed stimulus bill. Meanwhile, global instability combined with several positive institutional signals for Bitcoin, have led to a price appreciation of 15% of the digital asset.
Sudan becomes third Arab state to set aside hostilities with Israel this year
Israel and Sudan agreed on Friday to take steps to normalize relations in a deal brokered with the help of the United States. U.S. President Donald Trump, seeking re-election on Nov. 3, sealed the agreement in a phone call with Israeli Prime Minister Benjamin Netanyahu and Sudanese Prime Minister Abdalla Hamdok and Transitional Council Head Abdel Fattah al-Burhan. Trump’s decision this week to remove Sudan from the U.S. list of state sponsors of terrorism paved the way for the accord with Israel. Read Full Story.
Nigeria police chief deploys 'all resources' amid street violence
Protests calling for an end to police brutality began on 7 October. President Muhammadu Buhari is accused of harassment, extortion, torture and extra-judicial killings. Protests escalated after unarmed protesters were shot in the nation's biggest city, Lagos, on Tuesday. Rights group Amnesty International said security forces killed at least 12 people. Nigeria's army has denied any involvement. Lagos has in recent days seen widespread looting of shops, malls and warehouses, and property has been damaged, with the businesses of prominent politicians targeted. A number of buildings have been torched and prisons attacked. Read Full Story.
Goldman Sachs unit pleads guilty in Malaysian bribery case and agrees to pay $2.9 billion
Goldman Sachs's Malaysian subsidiary has pleaded guilty to charges that it conspired to violate US anti-bribery laws in a massive scheme. The case centers on $4.5 billion that the US Justice Department says was stolen from Malaysia's sovereign wealth fund, and used to buy New York condos, hotels, yachts and a jet, and to fund movies such as "The Wolf of Wall Street."Goldman has agreed to pay about $2.9 billion to various authorities. The bank said that CEO Solomon and other top executives would have their 2020 compensation reduced by $31 million, and that the firm would seek to recoup about $76 million paid or owed to three former Goldman executives implicated in the bribery scheme. In addition, the board will claw back $67 million paid to executives from 2011 to 2013, including some retired executives, such as former CEO Lloyd Blankfein. Read Full Story.
US jobless claims drop to 787,000, but layoffs remain high
Economists welcomed the declines as evidence that the job market is still recovering from the pandemic recession. But some cautioned that the improvement could prove short-lived. With confirmed infections having neared 60,000 in the past week, the most since July, consumers have been unable or reluctant to shop, travel, dine out or congregate in crowds — a trend that has led some employers to keep cutting jobs. Several states are reporting a record number of hospitalizations from the virus. Read Full Story.
On this week's episode of the #MythOfMoney, I sat down for a candid conversation with @BrendanBlumer, CEO of Block.one to discuss his plans for #EOS, what it takes to be a great leader and his take on China.
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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