3iQ’s Top 5 Digital Asset Stories of the Week
April 11 – April 17, 2020
Winklevoss Twins: Toronto Stock Exchange’s Listing of Bitcoin Fund Can Have a Major Impact on Crypto
CoinTelegraph | April 14, 2020
The legendary tech entrepreneurs Cameron and Tyler Winklevoss believe that the recent public listing of The Bitcoin Fund (TSX:QBTC.U) on the Toronto Stock Exchange could have a major impact on the global cryptocurrency industry. The Winkevoss twins believe that this historic event could serve as a significant milestone, solidifying cryptocurrencies as a legitimate asset class to the global investment industry. “Now, any investor can get exposure to bitcoin on the Toronto Stock Exchange in the same way they can buy an ETF to get exposure to oil, gold, or a basket of tech stocks. While exciting, it’s not unexpected; this mirrors the growing appetite that institutional and retail investors alike are demonstrating for incorporating crypto assets into their larger portfolios,” said Cameron Winklevoss.
3iQ CEO: ‘We can see bitcoin entering a new bull market’
Wealth Professional | April 14, 2020
While speaking about his firm’s successful launch of The Bitcoin Fund (TSX:QBTC.U) last week, Fred Pye, the president and CEO of 3iQ Corp, noted that bitcoin could be on the verge of a new bull market, as demand for “hard-assets” such as gold or bitcoin continue to look more attractive in the face of uncertain monetary policies from central banks around the globe. “When you look at bitcoin, it is the same as the market right now. The buyers want to buy when it hits the low and the sellers want to sell when it hits its high. We can see bitcoin entering a new bull market and with the trillions of dollars being printed, the only way for the economy to get out is to inflate. You need hard assets like gold and bitcoin, and we feel that we are in the right position.”
Protect Canadian Startups! An Action Plan we can all get Behind
Front Fundr | April 14, 2020
FrontFundr has launched a new initiative aimed at supporting Canada’s startups and small businesses. The initiative is currently seeking signatures of support for three essential proposals to help Canadian startups weather the recent storm of COVID-19 and its resulting economic hardship. The proposals include an emergency implementation of a national crowdfunding campaign, federal and provincial tax credits for credible early-stage companies, and a federal and provincial fund matching program on capital raised by early-stage companies.
“Explosive” Demand for Stablecoins are Stemming from Everyday Businesses
CoinDesk | April 17, 2020
According to Circle co-founder and CEO Jeremy Allaire, US dollar-backed stablecoins are surging in popularity around the world, with much of the demand stemming from “everyday” business transactions which are not related to transfers between cryptoasset trading platforms. Allaire notes that sign-ups from non-crypto related businesses have seen dramatic increases, such e-commerce marketplaces, advertising networks, and even luxury goods producers. “We believe we are seeing a real turning point in the adoption of digital currency,” Allaire said. “We’re seeing record amounts of transaction volume.” According to data from CoinMetrics, Circle’s USDC stablecoin market capitalization increased 65 percent through March and April, from $444 million USD on March 1 to approximately $734 USD million as of April 17.
Analyst: Bitcoin Halving Will be the Ultimate Test for “Stock-to-Flow” Model
CoinTelegraph | April 17, 2020
PlanB, the popular cryptocurrency analyst on Twitter known for his creation of the Stock-to-Flow Model, believes that the upcoming bitcoin halving expected to take place on May 12 could be the model’s “ultimate test”. The halving event cuts the rewards that miners receive for producing blocks in half, decreasing the annual inflation of bitcoin from 3.65% currently to just 1.8%. “(In my opinion) #bitcoin 2020 halving will be like 2012 & 2016. As per S2F model I expect 10x price (order of magnitude, not precise) 1-2 yrs after the halving,” said PlanB. When a Twitter commenter brought up the recent correlation between equities markets and bitcoin, PlanB responded that “during crisis, everything is correlated. What’s next is what’s interesting. They will not be correlated forever (in my opinion).”