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Amid the bear market, positive signs of crypto adoption continue to emerge. Also, Elon Musk is finally moving ahead with plans to acquire Twitter.
For all the doom and gloom surrounding crypto markets these days, there’s plenty to be excited about. Institutional investors are still actively buying Bitcoin (BTC), venture capital is still investing heavily into blockchain startups and forthcoming regulatory clarity is likely to pave the way for wider adoption, perhaps as early as next year. This week’s Crypto Biz newsletter features some exciting stories about adoption, not to mention Elon Musk’s deal to buy Twitter (finally).
Sidebar: I had the opportunity to attend Circle Internet Financial’s Converge22 conference in San Francisco last week. In a media session on the sidelines of the conference, Circle CEO Jeremy Allaire said USD Coin’s (USDC) “stablecoin” label is a misnomer and that we should start thinking about the asset as a true form of a digital dollar. I also had the opportunity to interview several leaders from the blockchain community on topics related to interoperability, market manipulation, CeFi risks and crypto’s multichain future.
NYDIG raises $720M as Bitcoin balance hits all-time high
A recent filing with the United States Securities and Exchange Commission (SEC) revealed that New York Digital Investment Group had raised roughly $720 million for its institutional Bitcoin fund. The company, which offers cold storage custody solutions to institutional investors, also increased its BTC holdings by nearly 100% year-over-year, clearly showing its intent to hodl during the market downturn. Once again, NYDIG and its investors demonstrate that depressed market conditions are opportune times to buy Bitcoin. Are you read
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