3iQ’s Top 5 Digital Asset Stories of the Week
April 30 – May 6, 2020

The Bitcoin Fund Receives Receipt for Final Prospectus

3iQ Corp| May 5, 2020

3iQ Corp. is pleased to announce that The Bitcoin Fund (TSX:QBTC.U) has received a receipt for its final prospectus in relation to a new issue of Class A Units and Class F Units at a price of US$11.87 per Class A Unit and US$11.63 per Class F Unit. Books are expected to close Thursday, May 7th at 12:00 EDT.

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Bloomberg Intelligence Analyst: Here’s a Reason Why Bitcoin is Better than Gold

Bloomberg | May 5, 2020

Bloomberg Intelligence analyst Mike McGlone has released a new report on bitcoin, suggesting that the cryptocurrency is better than gold for several reasons. “Unlike quasi currency brethren gold, higher prices won’t be an incentive for more supply,” said McGlone. “Restricted supply means adoption is the metric that matters, and most indications remain positive in an unprecedented environment where virtually every central bank is aggressively adding liquidity.”

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Ranking Institutions: Family Offices Most Likely to Invest in Bitcoin

CryptoNews | May 4, 2020

According to Nick Prince, the Financial Strategy Analyst at the major cryptocurrency exchange Coinbase, family offices are the most likely type of institution to start investing in crypto, largely in part due to the lack of oversight from the public on the firm’s investment strategies. Family office investors are also more capable of investing in private and alternative markets which aren’t always readily available to other institutions which manage client assets. “With both the willingness and ability to invest in crypto,” said Prince, “this group is a logical early entrant into crypto investing.”

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The Bitcoin Halving Event is in 5 Days as Increasing Government Spending and Deficits Loom

Forbes | May 6, 2020

The bitcoin halving event is expected to take place in just five days, and block rewards will be cut in half from 12.5 to 6.25 newly minted bitcoin. Unlike bitcoin’s previous halvings back in 2012 and 2016, this halving event coincides with uncertain monetary policies around the globe due to COVID-19, increasing regulatory clarity surrounding digital assets, and the introduction of government-backed digital currencies.

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Upcoming Halving Could Bring More Miners Back to North America

Decrypt | May 5, 2020

According to data from CoinShares, Chinese mining pools account for approximately 65% of Bitcoin’s hashrate, while North American counterparts make up just 15%. According to the article, hash rates may shift back into other jurisdictions around the world such as North America as the upcoming halving event could spell trouble for many Chinese miners which operate under heavy financial leverage. “Chinese miners are generally more leveraged than North American,” said Ethan Vera, a mining pool operator at the North American Luxor Mining Pool. “It’s clear that they are highly levered because during the fall in crypto prices in March, almost all of them margin called.”

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