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MicroStrategy CEO Michael Saylor has brokered a meeting between Tesla CEO Elon Musk and several prominent bitcoin miners in North America, which has led to the creation of the Bitcoin Mining Council.
Legendary hedge fund manager and billionaire investor Ray Dalio, founder, chairman, and co-chief investment officer of Bridgewater Associated, has revealed he owns some bitcoin, and claimed he would rather own BTC than a U.S. government bond.
HSBC CEO Noel Quinn has revealed the bank has “no plans to launch a cryptocurrency trading desk” or offer cryptocurrencies as an investment option to its customers.
Sponsored: Invictus Capital, the alternative investment firm offering a range of dollar-denominated backed blockchain-based investment funds, has so far offered investors unparalleled returns. In the last year the top-performing funds, Crypto20 and Crypto10 Hedged, have achieved an increase of 979% and 441% respectively, and the Invictus Margin Lending (IML) fund boasted an industry-leading performance of 20% APY.
Top stories in the Crypto Roundup today:
- Bitcoin Mining Council Formed to Address BTC’s Environmental Concerns
- Legendary Hedge Fund Manager Ray Dalio Reveals He Owns Bitcoin
- HSBC Has No Plans to Offer Crypto Investments, CEO Says
- Sponsored: Learn More About Invictus Capital's $10,000 Giveaway
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Bitcoin Mining Council Formed to Address BTC’s Environmental Concerns
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MicroStrategy CEO Michael Saylor has brokered a meeting between Tesla CEO Elon Musk and several prominent bitcoin miners in North America, which has led to the creation of the Bitcoin Mining Council.
The Council is made up of several industry leaders, including Argo Blockchain, Blockcap, Hive Blockchain, Galaxy Digital, Marathon Digital, Riot Blockchain, and Hut 8 Mining. The miners agreed to “promote energy usage transparency [and] accelerate sustainability initiatives worldwide,” according to Saylor.
The group is also committed to pursuing broad environmental, social, and corporate governance goals when it comes to bitcoin mining, and will educate the marketplace on how the mining process works.
Musk tweeted about the meeting, saying:
“Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.”
Earlier this month, Musk had announced Tesla was halting bitcoin payments over environmental concerns. The announcement led to a drop in cryptocurrency prices at the time.
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Legendary Hedge Fund Manager Ray Dalio Reveals He Owns Bitcoin
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Legendary hedge fund manager and billionaire investor Ray Dalio, founder, chairman, and co-chief investment officer of Bridgewater Associated, has revealed he owns some bitcoin, and claimed he would rather own BTC than a U.S. government bond.
In an interview, the 71-year-old American whose net worth is estimated to be around $18.7 billion, revealed he sees the U.S. dollar on the verge of devaluation on a level that was last seen in 1971, and that China is threatening the USD’s role as the world’s reserve currency.
In such an environment Dalio believes bitcoin, with its gold-like properties, could be an attractive savings vehicle. In an inflationary scenario, he revealed he would personally “rather have bitcoin than a bond.” He added he has “some bitcoin.”
Nonetheless, the billionaire investor reiterated concerns that governments, fearing competition from bitcoin, could crackdown on the cryptocurrency space. While the billionaire investor believes a diversified portfolio could have exposure to BTC, there are risks he believes need to be considered.
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HSBC Has No Plans to Offer Crypto Investments, CEO Says
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HSBC CEO Noel Quinn has revealed the bank has “no plans to launch a cryptocurrency trading desk” or offer cryptocurrencies as an investment option to its customers. Quinn was quoted saying:
“Given the volatility we are not into bitcoin as an asset class, if our clients want to be there then of course they are, but we are not promoting it as an asset class within our wealth management business.”
For similar reasons, the CEO added, the bank is not “rushing into stablecoins.” The executive explained that he is sceptical of cryptocurrencies partly because it is difficult to understand who owns them and there are problems with their convertibility into fiat currency.
Per his words, he sees bitcoin “as more of an asset class than a payments vehicle, with very difficult questions about how to value it on the balance sheet of clients because it is so volatile.”
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Transaction Value Skyrockets Amid Crypto Market Crash
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Rug pulls, price drops, and Elon Musk. Last week was a wild one in the crypto world, as a very volatile May 19th and 20th saw prices for tokens across the ecosystem fall hard.
Whether it was proclamations about bitcoin’s energy usage from Elon Musk dragging down other tokens, the rug getting pulled out from underneath altcoin holders’ feet, or the large amount of liquidations, it seemed every corner of the crypto space was impacted.
By the time the dust settled on May 20, more transactions had been placed on May 19 and 20 than on any other days in the past month.
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Learn More About Invictus Capital's $10,000 Giveaway
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Invictus Capital, the alternative investment firm offering a range of dollar-denominated backed blockchain-based investment funds, has so far offered investors unparalleled returns. In the last year the top-performing funds, Crypto20 and Crypto10 Hedged, have achieved an increase of 979% and 441% respectively, and the Invictus Margin Lending (IML) fund boasted an industry-leading performance of 20% APY.
The total assets under management (AUM) of funds managed by the company's team of veteran investment professionals peaked at $112 million in February, and ended the quarter at just over $100 million — a 50% growth over the quarter. The InvictusCapital.com token (ICAP), which allows loyal investors the chance to share in Invictus Capital’s success, has appreciated over 400% since its launch in Q1 this year.
As part of the company’s broader plan to become a global leader in alternative asset investing, Invictus has integrated Binance Smart Chain based assets for fund investments. This integration solves the pain of high fees associated with using Ethereum and Bitcoin.
To celebrate the newly launched Binance Smart Chain (BSC) feature, a $10,000 giveaway will be distributed randomly to ten lucky users.
The promotion starts on 30 April 2021 and ends on 31 May 2021 at 11:59 GMT and it’s not available to U.S. residents. Read more about the promotion rules here.
Disclaimer:
Cryptocurrency trading involves high risk, and is not suitable for all investors. Before deciding to trade cryptocurrencies, tokens or any other digital asset you should carefully consider your investment objectives, level of experience, and risk appetite.
Its content does not constitute financial advice. Please remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. If you are unsure of the suitability of your investment please seek advice.
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