BitDigest - Monday November 1, 2021
Gaming and metaverse tokens drive crypto market cap to new highs
The BIS says stablecoins are not a solution to emerging market monetary policies
South Africa wants to ban pensions from investing in crypto
The Headlines
BIS Says Stablecoins are not a Panacea
The Bank of International Settlements has released a new working paper addressing the issuance of stablecoins in emerging markets and developing countries concluding that while they may “aspire to improve financial inclusion and cross-border remittances … they are neither necessary nor sufficient to meet these policy goals.”
South African Looks to Ban Non-CBDC Crypto From Pension Funds
South Africa’s Ministry of Finance is discussing new regulation to prohibit pensions from investing in digital currencies unless the money is issued by a central bank.
Kazakhstan Seeking Russian Help to Cover Crypto-Energy Deficit
Facing energy shortages due to the addition of crypto mining, Kazakhstan is turning to Russia for additional energy and is speaking with state-owned producers about securing 600 MW in commercial supply this winter.
Chinese Tech Leaders Sign NFT ‘Self-Regulation’ Convention
Chinese tech companies Ant Group, Tencent (OTCMKTS: TCEHY), and JD.com signed a self-regulation agreement for non-fungible tokens with government officials that will work to reduce the amount of speculation in the developing crypto asset class.
BSN Developer to Launch 'Permissioned' NFT Infrastructure in China
The developer behind China’s Blockchain Service Network is launching open-permissioned blockchains that will allow NFT issuance separate from the government’s public permissionless chains.
VOYG Reports Strong FY'21 Results
Voyager Digital (TSX: VOYG) reported revenue of $175 million from 1.75 million verified users for the fiscal year ending June 30, 2021. Funded accounts grew to 665,000 with total AUM reaching $2.6 billion.
Hive Buys 6,500 Bitcoin Mining Rigs
Hive Blockchain (NASDAQ: HIVE) announced the purchase of 6,500 crypto mining rigs bringing its planned hashrate to 3 EH/s by the end of Q1’21.
Rhodium Enterprises, one of the largest liquid-cooled bitcoin mining operators with 1.8 Ehash/s of capacity is looking to raise up to $100 million in an initial IPO and list on NASDAQ under the ticker RHDM.
Patreon Considering Loyalty Tokens
Responding to user interest, content-creator subscription platform Patreon is looking at “the opportunity to offer exclusive memberships and benefits to their patrons through a coin or token.”
Goldman Providing Research from the Block
Goldman Sachs has begun to distribute research from crypto news site The Block to its clients via the bank Marquee digital insights platform.
Mergers & Acquisitions
NYDIG acquires Bottlepay Payment Service
Leading crypto asset manager NYDIG has reportedly acquired UK-based crypto payment service Bottelpay for $300 million in stock.
Thoughts on the Ecosystem
High Crypto Prices Show Inflation is Real
Investor Peter Thiel says that $60,000 bitcoin is a signal of the inflationary crisis the US is facing accusing the Federal Reserve of embracing the theory that it could print money without triggering inflation.
Former NSA programmer Edward Snowden tweeted a warning about meme token like shiba inu (SHIB) saying investors should “carefully consider your odds of outsmarting a market that sold to you its stake in *not even dog money but a CLONE of dog money*.”
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BitDigest is a weekday news update on digital currencies and blockchain technology for friends and partners of Parsons & Whittemore, a single family office based in Rye Brook, New York. Receipt of BitDigest is by approval of the Author. The commentary, analysis, opinions and recommendations in this newsletter represent the personal and subjective views of the Author, and are subject to change at any time without notice. The information provided in this newsletter is obtained from sources which the Author believes to be reliable. However, the Author has not independently verified or otherwise investigated all such information. Neither the Author nor any of the Author's affiliates make any guarantee or other promise as to any results that may be obtained from reading this newsletter. While past performance may be analyzed in this newsletter, past performance should not be considered indicative of future performance. No reader should make any investment decision without first consulting his or her own financial advisor and conducting his or her own research and due diligence. The Author is not making a solicitation or offer to buy or sell any securities of any kind.