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BitDigest February 17 · Issue #843

Feb 17, 2021
Author
Gregory Landegger
Gregory Landegger
  • Bitcoin breaks $51,000 🍾👏
  • St. Louis Fed’s Bullard does not view new digital currencies as competitive threat to US dollar
  • New bitcoin trusts and ETF proposals flooding market
BitDigest February 17 · Issue #843

The Headlines

BitDigest February 17 · Issue #843

Digital Currencies Will Not Threaten Dollar

www.cnbc.com
St. Louis Federal Reserve President James Bullard does not believe bitcoin poses a serious threat to the US dollar’s reserve currency status comparing the current increase in privately issued digital currencies to the nonuniform currencies issued by commercial banks before the civil war. Calling this “currency competition,” Bullard added that “investors want a safe haven. They want a stable store of value, and then they want to conduct their investments in that currency.
BitDigest February 17 · Issue #843

Users Wont Be Able to Use CBDC's Like Cash

www.riksbank.se
📝Sweden’s Central Bank says “the perception that token-based technology can uniquely achieve cash-like features is misguided” because no central bank digital currency “can be genuinely peer-to-peer, offline and anonymous like cash.”
BitDigest February 17 · Issue #843

MicroStrategy Issuing Debt to Buy More Bitcoin

www.microstrategy.com
📈MicroStrategy (NASDAQ: MSTR) is offering $600 million in convertible unsecured senior notes (due 2027) to allow the company to acquire additional bitcoin.
BitDigest February 17 · Issue #843

500.com Buying BTC.com Mining Pool

www.ir.500.com
📈Chinese online betting company 500.com (NYSE: WBAI) recently announced its entrance into the crypto arena with the purchase of bitcoin mining rigs, and is now acquiring top crypto mining pool BTC.com.
BitDigest February 17 · Issue #843

Bitfury Selling HUT Shares

www.globenewswire.com
📈Hut 8 Mining (TSXV: HUT) announced that top holder Bitfuy has sold 8.4 million shares of the company and filed to transfer an additional 8.5 million shares allowing the investor to generate funds to accelerate R&D specifically around it’s next generation ASICs chip development.
BitDigest February 17 · Issue #843

NYDIG Files for Bitcoin ETF

www.sec.gov
📈NYDIG has filed an S-1 with the US Securities and Exchange Commission to list a bitcoin exchange traded fund (ETF) that would trade on the NYSE Arca.
BitDigest February 17 · Issue #843

Osprey Bitcoin Trust Joins OTCQX

www.businesswire.com
📈Osprey Funds has commenced trading on the new Osprey Bitcoin Trust (OTCQX: OBTC), a bitcoin traded fund with an annual management fee of 0.49% “making it the lowest publicly traded bitcoin fund in the world.” OBTC has $80 million in assets under management, a one year lock up period and $25,000 minimum.
BitDigest February 17 · Issue #843

Evolve Bitcoin ETF Approved for TSX

www.sedar.com
📈ETF manager announced its bitcoin ETF has been approved for listing by the Ontario Securities Commission.
BitDigest February 17 · Issue #843

MSFT Not Discussing Adding BTC to Balance Sheet Yet

www.twitter.com
🐦📺📈Microsoft (NASDAQ: MSFT) President Brad Smith says his company has not had any new conversations on holding bitcoin as a reserve asset, but added that this policy could change.
BitDigest February 17 · Issue #843

SEC v. Ripple Case Has No Prospect of Settlement

www.courtlistener.com
⚖️The US Securities and Exchange Commission and Ripple Labs jointly notified the Judge presiding over the case alleging that Ripple violated securities laws with the sales of XRP that the “prospect for settlement [does not exist] at this time.”
BitDigest February 17 · Issue #843

Blockchain Sync Reduces Time to Launch Fully Synched Node

www.bisontrails.co
Bison Trails, the Coinbase owned blockchain infrastructure platform-as-a-service (PaaS) company, has launched Global Blockchain Sync, a blockchain imaging system, which reduces the time it takes to launch fully synced nodes by over 100x, enables faster recovery from potential adverse network events, and helps customers add support for new protocols with efficiency.
BitDigest February 17 · Issue #843

First Purely Digital Artwork Going on Block

www.twitter.com
🐦Christie’s is set to list “Everydays – The First 5000 Days” by Beeple, the first purely digital work of art by a major auction house; bidding commences February 26th and last through March 11th.

Market Data

BitDigest February 17 · Issue #843

Executives Support to Hold Bitcoin as a Treasury Reserve Lacking

www.gartner.com
New research from Gartner finds that only 5% of financial executives are planning to hold bitcoin as a corporate asset with the respondents saying that bitcoin’s volatility posed a financial risk. Other top concerns for an organization to hold bitcoin included board risk aversion, bitcoin’s slow adoption as an accepted form of payment or exchange, and regulatory concerns.
BitDigest February 17 · Issue #843

Texas Storms Impacting Bitcoin Miners

www.bitinfocharts.com
🅱️Bitcoin’s hashrate has dropped 19% falling below 120 Ehash/s for the first time in nearly a month most likely due to the winter storm hitting Texas which has impacted multiple crypto mining farms.

Exchange, Custody and Product News

BitDigest February 17 · Issue #843

Coinbase Starts Waitlist for Clients Looking to Stake Eth 2

www.blog.coinbase.com
Coinbase has started a waitlist for clients looking to earn staking rewards of up to 7.5% APR when ETH2 goes live. Customer in New York are not currently eligible to sign-up for the waitlist.

Thoughts on the Ecosystem

BitDigest February 17 · Issue #843

Investing in Bitcoin is Like the Dutch Tulip Craze

www.bloomberg.com
The Governor of the Central Bank of Ireland, Gabriel Makhlouf is not willing to invest in bitcoin and is comparing it to seventeenth century tulip mania suggesting that “three hundred years ago, people put money into tulips because they thought it was an investment [too].”
BitDigest February 17 · Issue #843

BTC's Price 'Looks Unsustainable'

www.bloomberg.com
JP Morgan strategist Nikolaos Panigirtzoglou says bitcoin’s current price “looks unsustainable” as “movements since January this year appear to have been more influenced by speculative flows.”

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