Institutions are Investing HEAVILY in Bitcoin!!!
Here I have 5 hot pieces of news to share with you. First up, Grayscale, the world’s largest crypto-focused fund, has published a report showing a significant surge of over $254 million in total investment into its products in the third quarter of 2019. Next up, the first Bitcoin ATM has just been installed at the Miami airport, which allows Bitcoin holders to directly buy or sell Bitcoin for cash. Third up, when it comes to the Facebook Libra token, a Federal Reserve Governor pointed out that there are vague customer rights when it comes to Libra policies, which may pose threats to its holders. Moving on, Brave, the open-source web browser, has just hit a peak of 8 million monthly users on its crypto-friendly browser. And the last piece of news for the week. In a tweet on Oct. 15, Anthony Pompliano, Founder & Partner at Morgan Creek Digital Assets, alerted everyone that the 18 millionth Bitcoin (BTC) will be mined today, which means we only have 3 million BTC tokens left.
The Market Today
Here we have a very bullish market with most of the coins in green. Bitcoin is gaining slightly by 0.84%, coming back to the $8,000 mark. ETH is also gaining 1.29%, while XRP is super bullish with up to 6.34% increase within the past 24 hours.
Grayscale: Bitcoin inflows up dramatically with $254 million
According to CryptoBriefing, in a Digital Asset Investment Report for Q3 2019, Grayscale, the world’s largest crypto-focused fund, reported a significant surge of $254.9 million inflows into its products. This number marks the most successful quarter of the firm as it more than triples the figure for the second quarter, which was $84.8 to $254.9 million. If we take a deeper look, you can see in the chart that Grayscale Bitcoin trust outperformed indices in the first half of 2019, up almost 300% on the year at the time. So, where is the money come from? Interestingly, 84% of the inflows are institutional investments, while other contributors including accredited individuals, retirement accounts and family offices account no more than 10% each. Regardless of the massive inflows, all of the company’s funds made significant losses in the quarter. Their report wrote:
“Grayscale Bitcoin Trust and Grayscale Digital Large Cap Fund were performance leaders in 3Q19, with declines limited to 29.4% and 32.7%, while privacy-focused products Grayscale Zcash Trust and Grayscale Horizen Trust were laggards, each down more than 65%.”
Miami airport gets it first BTC ATM
Cryptoninjas reported that the Miami airport has received its very first Bitcoin ATM installed by tech startup Bitstop. Now, the new ATM was installed last Tuesday, allowing the passengers to buy or even transfer their Bitcoin into cash easily while traveling. Installing Bitcoin ATMs here is a very strategic approach as Miami International Airport is the third-busiest airport in the US with over 1,000 daily flights. Doug Carrillo, Bitstop co-founder shared his vision:
“We’re excited to be working with Miami International Airport on this historic deal. More and more people prefer to travel with Bitcoin instead of cash for convenience and security. Miami International Airport is a perfect place for our customers to conveniently exchange their dollars for Bitcoin and vice versa when traveling domestically or abroad.”
For those who are unaware, Bitstop is one of the largest Bitcoin ATM software platforms in the world. While the demand for Bitcoin ATMs has increased significantly recently, Bitstop is on its way of having 500 Bitcoin ATMs installed worldwide by the end of 2020.
The Federal Reserve governor: Libra lack customer rights clearance
Cointelegraph reported that Lael Brainard the governor of the Federal Reserve warned users that the current policies of the Libra token lack clarity over users’ rights with respect to the token’s underlying assets and to the system overall. Brainard argued that Facebook’s size and breadth would make it difficult for the stablecoin to comply with anti-money-laundering and know-your-customer laws. She also noted that while statutory and regulatory consumer protections are in place for bank deposits, there is still a vague protection policy for the Libra users:
“Not only is it not clear whether comparable protections will be in place with Libra, or what recourse consumers will have, but it is not even clear how much price risk consumers will face since they do not appear to have rights to the stablecoin’s underlying assets. Consumers need to be cautioned that stablecoins are likely to be starkly different from sovereign-issued currency in legal terms.”
Brave browser hits 8 million monthly active users
Brave, the famous crypto-supported web browser, has hit 8 million monthly active users on its platform, according to its announcement on Oct. 16. In more detail, every day, there are over 2.8 million people using the Brave browser, while the number of subscriptions from creators is increasing substantially. But that’s not all. The company also claimed that they have a high user engagement after the launch of their ads on an opt-in basis just over six months ago:
“Platform engagement is extremely high, with a click-through rate of 14% (the industry average is just 2%). More importantly, 12% of click-throughs result in page visits of 10 seconds or longer. There have been 2.36 million 10-second active page visits overall.”
The 18th million Bitcoin will be mined this Friday
The co-founder of Morgan Creek Digital Assets Anthony Pompliano noticed that the 18th millionth Bitcoin will be mined this Friday (which is today) and that there are only 3 million left. In his words:
“This Friday the 18 millionth Bitcoin will be mined. There are only #3MillionLeft. Let’s make this hashtag trend so the world can learn about Bitcoin.”
For those who are new to the crypto sphere, there are only 21 million Bitcoins that can be mined in total. Once miners have unlocked all Bitcoins, there won’t be any more to mine, unless Bitcoin’s protocol is changed to allow for a larger supply. The less Bitcoin tokens left available to mine, the harder it is to mine. According to BitcoinBlockHalf, at some point around 14 May 2020, the date is tentative, given the irregularity of Bitcoin’s block time, the block reward will be cut significantly from 12.5 to 6.25 tokens. Moreover, the number of miners is increasing, which leads to an escalation in competition.
And there you have it guys! So what are your thoughts regarding all the news?
Why do you think there is a high volume of institutional investments in Grayscale?
Do you think that Bitstop can install 500 BTC ATM or even more by 2020?
Do you think that you would be concerned about your user rights if you used the Libra token?
What do you think about the high traffic rate of the Brave browser?
And do you think Bitcoin’s prices will increase shortly?
Please leave a comment right below to let me know what you guys are thinking.
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.