BitDigest March 1 · Issue #851

Mar 1, 2021
  • Crypto prices recover following weekend sell off
  • Bank of Jamaica to begin piloting digital currency
  • Inner Mongolia proposing ban of crypto mining
BitDigest March 1 · Issue #851

Premium to NAV for leading trusts and Canadian ETF remain negative.

The Headlines

BitDigest March 1 · Issue #851

Bank of Jamaica Sees CBDC in 2022

www.jamaicaobserver.com
The Bank of Jamaica announced plans to develop and implement the use of a central bank digital currency and hopes to launch the digital currency in early 2022.
BitDigest March 1 · Issue #851

Inner Mongolia Proposes Crypto Mining Ban

www.bloomberg.com
In an effort to constrain growth in energy consumption, China’s autonomous region of Inner Mongolia has proposed a ban on cryptocurrency mining and is looking to shut down all mining projects by April – the public consultation period for this proposal will last one week and end March 3rd.
BitDigest March 1 · Issue #851

Nigerian VP Calls for Crypto Regulation Not Death to the "Goose that May Lay the Golden Eggs"

www.twitter.com
Yemi Osinbajo, the Vice President of Nigeria, has issued a statement acknowledging the nation’s Central Bank and local anti-corruption agencies concerns on the “possible uses of cryptocurrencies” but believes these positions “should be the subject of further reflection” and is calling for “a robust regulated regime that addresses the serial concerns without necessarily killing the goose that may lay the golden eggs.”
BitDigest March 1 · Issue #851

IMF Supporting Benefits of CBDCs

www.reuters.com
The International Monetary Fund is calling on central bankers to harness the benefits of digital currencies saying “CBDCs can strengthen the resilience and efficiency of payment systems at lower costs, (allow) faster settlements, greater competition and increase financial inclusion.”
BitDigest March 1 · Issue #851

SEC Issues Alert on Digital Asset Securities

www.sec.gov
The Securities and Exchange Commission has issued a risk-alert on digital securities citing that “activities related to the offer, sale, and trading of digital assets that are securities present unique risks to investors” providing “transparency about areas of focus for the Division’s future examinations.”
BitDigest March 1 · Issue #851

Ghana Establishes Regulatory Sandbox

www.bog.gov.gh
🐦📺The Bank of Ghana has launched a regulatory sandbox to text digital financial service innovation with preferences to products and services leveraging blockchain, remittance and e-KYC technologies under the supervision of government regulators.
BitDigest March 1 · Issue #851

Singapore Using Blockchain for COVID-19 Test Result Verification

www.channelnewsasia.com
Singapore has developed a “globally inter-operable” standard based on blockchain technology to facilitate cross-border verification of health documents, such as pre-departure COVID-19 test results and plans to release this on its SingPass mobile App
BitDigest March 1 · Issue #851

MARA Changes its Name

www.ir.marathonpg.com
📈Public digital currency miner Marathon (NASDAQ: MARA) has formerly changed its name to represent its new focus of operations from the previous ‘Marathon Patent Group’ to the new monicker of ‘Marathon Digital Holdings.’
BitDigest March 1 · Issue #851

Inx to list on TSXV

www.sec.gov
📈Fully regulated digital asset trading platform Inx plans to list on the Toronto Venture Exchange (TSXV) “for added creditability, leveraging on public reporting and transparency for the purpose of attracting Fortune 500 strategic partnerships and instructional investors.
BitDigest March 1 · Issue #851

MasterCard Focusing on StableCoins

www.marketwatch.com
Mastercard’s Vice Chairwoman Ann Cairns is working with central banks to bring stable coins onto the payment company’s network but said that bitcoin itself “is too volatile and … takes too long to transact…[it] doesn’t behave like a payment instrument.
BitDigest March 1 · Issue #851

Grayscale Identifies New Assets for Consideration

www.globenewswire.com
Grayscale Investments has released a list of 23 crypto assets that the digital currency asset manager is considering for new product offerings including Decentraland (MANA), Polkadot (DOT), and Chainlink (LINK).
BitDigest March 1 · Issue #851

Google Finance Adds Crypto Pricing Summary

www.google.com
The use of cryptocurrencies as an asset class is gaining recognition with Google Finance’s real-time market quotes and financial news adding a dedicated market summary pricing tab for “crypto” prices.

Thoughts on the Ecosystem

BitDigest March 1 · Issue #851

Bitcoin is at a "Tipping Point"

www.reuters.com
Citi analysts believe bitcoin is at a “tipping point” and could either become the preferred currency for international trade or face a “speculative implosion.”
BitDigest March 1 · Issue #851

Mr. Wonderful is Now a Crypto Believer

www.news.bitcoin.com
Similar to Mark Cuban’s change-in-mind from previously calling bitcoin “bananas” to become its newest fanboy, Shark Tank colleague Kevin O’Leary has changed his own tune on cryptocurrencies. Mr. Wonderful previously made his own food-like reference calling crypto a “giant noting burger” but now admits that “digital currencies are here to stay” and said he has invested 3% of his portfolio in bitcoin and ethereum.
BitDigest March 1 · Issue #851

Bitcoin is the Perfect Asset for Speculative Mania

www.twitter.com
🐦📺Former analyst turned tech news CEO Henry Blodget says bitcoin “is the perfect asset for speculative mania…because it will be understood by more people over time, [has] a very limited supply and [is] absolutely impossible to value fundamentally…so unlike a stock which usually does have some does have some relationship ultimately to a fundamental, bitcoin doesn’t, so that means it can trade” [at any price].
BitDigest March 1 · Issue #851

Central Banks Will Never Allow Bitcoin to Go Mainstream

www.news.bitcoin.com
😱Harvard Professor of Economics Kenneth Rogoff believes that digital currencies will follow a historical pattern of government action with the government “clamp[ing] down on [crypto] like a ton of bricks.” First the government will regulate cryptocurrencies and then it will appropriate them, he said.

Reports you may have missed

Crypto markets are declining following news that most of the SEC’s lawsuit against Coinbase will proceed (more below). BTC (-1.27%) reached intraday highs of $71.8k before declining to $69k after the news. Rumors have circulated that Morgan Stanley and PNC will soon approve access to Bitcoin ETFs on their wealth management platforms. Together, Morgan Stanley and PNC hold over $1.5 trillion in client assets and likely will provide a tailwind...

Following the worst week of ETF flows since inception, BTC (+3.89%) is rebounding, rising to $69.6k, and ETH (+4.09%) has reclaimed the $3,500 mark. Last week’s outflows totaled $888 million, representing about a fifth of the inflows seen in the previous two weeks. ONDO, an institutional RWA protocol, is one of the top performers today, rising 7.61% as investors remain optimistic about the future of tokenized assets and their ability...

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 1/1

🎁 Unlock 1 extra article by joining our Community!

You are reading the last free article for this month.

Already have an account? Sign In