RABIT Weekly news (W4 Dec 2021)
- Dow Jones quotes research paper authored by MIT’s Antoinette Schoar and London School of Economics’ Igor Makarov
- Top 10,000 wallets hold 5 million BTC
- Bitcoin holders worldwide currently total around 1.14 billion (reported by Crypto.com)
- 0.01% of which are whales
- Top Bitcoin holders own 1% of the 27% of the 19 million Bitcoin currently in circulation.
- Downsides: Bitcoin now susceptible to systemic risk, majority of gains are likely to fall disproportionately to a small set of participants
- 90% of transactions unrelated to economic activity (network processing, transfers between wallets under same user, etc.)
- The other 10% consists of actual transactions, most of which are trading. Less than 3% constitutes illegal activities that authorities are concerned about, such as gambling or fraud
- Deutsche Telekom to provide node-running infrastructure to users staking assets on Polkadot, + earlier similar investments include Flow, Celo, Chainlink
- 100K BTC goes illiquid every month, reports Glassnode
- U.S. credit unions seeking regulatory clearance to hold crypto assets
- SEC rejects Kryptoin Spot Bitcoin ETF proposal
- Number of BTC wallet addresses reaches 40 million, record high
- VISA has established a crypto ecosystem consisting of more than 60 partnerships with crypto platforms(Coinbase, Binance, FTX, etc.) and 15,000 financial institutions, consumers can make payments with digital assets with over 80 million merchants
- U.S. senate to introduce comprehensive cryptocurrency bill including clear guidelines on regulation
- Bill will call for new cryptocurrency regulator under joint jurisdiction of CFTC and SEC
- To provide clear guidance on cryptocurrencies and regulate stablecoins
- Ray Dalio
- “Bitcoin is alternative money, has imputed value”
- “Elon Musk’s effort to put the meme cryptocurrency on the moon is “cute.“”
- “NFT can emerge as a standalone type of money”
- Whale holding 22,498.47 BTC takes in 248.57 BTC more over 9 purchases since November 24th
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