RABIT Weekly news (W4 Dec 2021)

RABIT -
  • 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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