Institutional Bitcoin Shop NYDIG Raises $150M for Twin Crypto Funds

Institutional investors are powering this year's bitcoin bull run.

New York Digital Investments Group (NYDIG) raised $150 million for two new funds to invest in cryptocurrencies, a move that underscores the one-stop crypto shop’s skyrocketing clout on the institutional bitcoin scene.

As revealed in two U.S. Securities and Exchange Commission filings, NYDIG Digital Assets Fund I raised $50 million from institutional investors while NYDIG Digital Assets Fund II raised $100 million.

A source familiar with the matter confirmed to CoinDesk that Fund I invests entirely in bitcoin. The source said it is NYDIG’s latest offering for a growing lineup of institutional clients going long on BTC.

Related: Why a $631B Asset Manager Just Changed Its Mind on Bitcoin

It was not immediately clear whether Fund II also invests solely in the market-leading cryptocurrency.

But more intriguing than the size of the two new NYDIG offerings are the identity of the whales who bought in. Just two unnamed investors appear

Read More

New Survey Shows How Bitcoin Is Giving PayPal a Boost

Just three weeks after PayPal  (PYPL) – Get Report began allowing all of its U.S. users to trade Bitcoin, it looks like a substantial fraction of its user base has already taken the company up on its offer.

Mizuho Securities recently surveyed 380 U.S. PayPal users, and found that 17% of them have already traded Bitcoin via their PayPal accounts. In addition, 65% of those who had traded Bitcoin via PayPal said that they’re willing to use the cryptocurrency to buy goods and services.

What’s more — though this number is influenced by the fact that Bitcoin traders appear to be more active PayPal users to begin with — those trading Bitcoin via PayPal were said to be using the PayPal app more than three times as much as non Bitcoin-traders. And about half of the Bitcoin traders reported using other PayPal functions more after they started trading

Read More

New U.S. Treasury Secretary Nominee Janet Yellen Made A Serious Bitcoin Warning

U.S. President-elect Joe Biden has confirmed reports he will nominate renowned labor economist Janet Yellen as his Treasury Secretary.

With bitcoin back at the forefront of global consciousness thanks to a return to its all-time high price, increased regulatory scrutiny could be just around the corner.

Yellen, who served as chair of the U.S. Federal Reserve from 2014 to 2018 and helped steer the Fed through the aftermath of the 2008 global financial crisis, has previously said she’s “not a fan” of bitcoin, warning “it is not a stable store of value.”

MORE FROM FORBESIs This The Real Reason Bitcoin Has Suddenly Soared Toward Its All-Time Highs?

“[Bitcoin] is not a stable store of value and it doesn’t constitute legal tender,”

Read More

Bitcoin Climbs to Record High

Bitcoin is back. Again.

Nearly three years after it went on a hair-bending rise and hit a peak of $19,783, the price of a single Bitcoin rose above that for the first time on Monday, according to the data and news provider CoinDesk. The cryptocurrency has soared since March, after sinking below $4,000 at the outset of the coronavirus pandemic.

Bitcoin’s latest climb is different from its last spike in 2017, which was driven largely by investors in Asia who had just learned about cryptocurrencies. Back then, the digital token soon lost momentum as people questioned what it could do other than allow for easy online speculating and drug and ransom payments.

While those questions remain, Bitcoin is now being fueled by a less speculative fever. Buyers — led by American investors, including companies and other traditional investors — are treating Bitcoin as an alternative asset, somewhat like gold, according

Read More

Winklevoss twins say bitcoin will soar to $500,000 and surpass gold as a store of value

  • Tyler and Cameron Winklevoss told CNBC on Monday that bitcoin will skyrocket to $500,000 within the next decade and surpass gold as a store of value. 
  • “Our thesis is that bitcoin is gold 2.0, that it will disrupt gold, and if it does that, it has to have a market cap of 9 trillion, so we think it could price one day at $500,000 of bitcoin,” Tyler Winklevoss said.
  • The cofounders of Gemini explained that Bitcoin is a better store of value than gold and offers higher returns.
  • Bitcoin climbed to a new record high today, bringing its year-to-date gain to 177%.
  • Watch bitcoin trade live here.

Tyler and Cameron Winklevoss told CNBC that bitcoin will skyrocket to $500,000 within the next decade as it surpasses gold as a store of value. 

The cofounders of Gemini appeared on CNBC shortly before bitcoin jumped 8.7% to a record high

Read More

Guggenheim says it could invest up to $530 million in a bitcoin trust as the cryptocurrency flirts with new record highs | Currency News | Financial and Business News


  • Guggenheim Partners revealed in a Friday regulatory filing that its Macro Opportunities Fund holds the right to invest up to 10% of its net asset value in Grayscale Bitcoin Trust.
  • The trust solely invests in bitcoin, and a 10% bet from Guggenheim’s fund equates to roughly $530 million.
  • The filing comes as bitcoin climbs back above $19,000 after tumbling through the Thanksgiving holiday. Though the token has more than doubled through the year, it still trades below its 2017 record of $19,783.06.
  • Watch bitcoin trade live here.

Guggenheim Partners is the latest Wall Street firm to show interest in bitcoin, and a Friday regulatory filing signals the firm could make a massive investment in the soaring cryptocurrency.

Guggenheim revealed its Macro Opportunities Fund holds the right to invest up to 10% of its net asset value in Grayscale Bitcoin Trust, according to a Securities and Exchange Commission

Read More

Bitcoin Braces For A Shock $500 Million Earthquake

Bitcoin and cryptocurrency markets have swung wildly over the last week with the bitcoin price briefly nudging its 2017 all-time high.

The bitcoin price climbed to around $19,500 per bitcoin last week before a sharp correction saw it fall as low as $16,000.

ADVERTISEMENT

Now, the bitcoin price has bounced back, giving a boost to other major cryptocurrencies, after a $200 billion asset-manager revealed it could “seek investment exposure to bitcoin indirectly” to the tune of $500 million via the Grayscale Bitcoin Trust (GBTC).

MORE FROM FORBESIs This The Real Reason Bitcoin Has Suddenly Soared Toward Its All-Time Highs?

“The Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly through investing up to 10% of

Read More

5 Reasons Ethereum Is Way More Powerful Than Bitcoin (Cryptocurrency:BTC-USD)

Why Crypto: Valuation by Productivity

Traditionally stocks are evaluated through discounted cash flows, or by comparing PE ratios from different sectors. This works well for some “first-derivative” value stocks when you have a reasonable idea of top and bottom line trajectory.

Another way you can calculate value is by looking at the total market size and predicting market share. For example, assuming the EV market is $160B and it grows at a CAGR 22.6% for the next 5 years, you can rationalize capturing 20% share is worth $88B [1]. Do this for all the lateral businesses of $TSLA and you come up with a much different number than looking at the income statement.

But you would have extreme difficulty predicting cash flows for certain growth stocks, even combining those two above strategies. With the $WORK boom lately I’ve been approaching valuation from different angle. Look at productivity as an indicator

Read More

Bitcoin, Ethereum, Ripple’s XRP, Litecoin And Chainlink Suddenly Bounce Back

Bitcoin, ethereum, Ripple’s XRP, litecoin and chainlink—five of the biggest cryptocurrencies by value—have bounced back from a sell-off this week.

The bitcoin price climbed to over $18,000 per bitcoin after crashing to around $16,000 on Friday as ethereum, Ripple’s XRP, litecoin and chainlink record even wilder swings.

MORE FROM FORBESIs This The Real Reason Bitcoin Has Suddenly Soared Toward Its All-Time Highs?

The upswing has been led by XRP, which added over 10% over the last 24 hours, with bitcoin, ethereum, litecoin and chainlink climbing around 5%.

The combined bitcoin and cryptocurrency market value has swung by around $100 billion this week after bitcoin brushed its 2017 all-time high of almost $20,000.

The sell-off, which saw bitcoin lose 10% of its value in a

Read More

Guggenheim Fund Reserves Right to Put Up to 10% in Bitcoin Trust

(Bloomberg) — Count Guggenheim Partners LLC among those institutional investors casting an eye on cryptocurrencies.

Loading...

Load Error

Guggenheim is reserving the right for its $5.3 billion Macro Opportunities Fund — which aims for total return via fixed income and other debt and equity securities — to invest in the Grayscale Bitcoin Trust. The trust’s shares are solely invested in Bitcoin, and track the digital asset’s price less fees and expenses.

“The Guggenheim Macro Opportunities Fund may seek investment exposure to Bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust,” the firm said in a filing Friday to the U.S. Securities and Exchange Commission.

Investments in Bitcoin would put Guggenheim and its Chief Investment Officer Scott Minerd in with the likes of Paul Tudor Jones and Stan Druckenmiller, who have already said they’ve put money into the digital asset. The largest cryptocurrency has had

Read More