Crypto adoption is on the rise in South America, where Argentinians have opened at least two million crypto trading accounts, while Peruvian traders have broken new ground. Per Infobae, a “number of industry sources reported” that Argentines have been increasing their crypto buying in recent months. However, the media outlet noted that the experts agreed the market was in an “experimental stage” that meant that “two million accounts does not equate to two million active customers.”
The leading U.S. crypto exchange, Coinbase, is on the brink of a direct listing for shares in the company on NASDAQ, opening it up to scrutiny in the public equity market and demonstrating the extraordinary demand for cryptocurrency. Its staggering first-quarter results have all but guaranteed this stock-market debut will be one for the history books, with analysts estimating the company’s value in the tens to hundreds of billions. But how long can Coinbase thrive as more and more financial activity moves online natively? What happens to the original fiat-to-crypto on-ramp when people stop needing on and off ramps because all the money they earn and all the places they spend it are on the leaderless record-keeping systems known as blockchains?
Blockchain data shows bitcoin (BTC, +0.41%) miners are accumulating coins and adding to bullish pressures in the market for the first time since December. Analytics firm Glassnode’s miner position change metric, which gauges the 30-day change in the supply held in the miners’ addresses, recently turned positive in a sign of renewed holding by those responsible for making coins. The balance held in miner wallets has increased by 4,435 BTC to 1.806 million over the past two weeks, Glassnode’s data shows.
Goldman Sachs CEO David Solomon has said that he thinks the Bitcoin and digital currency world will soon experience a “big evolution,” particularly regarding regulations in the United States. He didn’t reveal much about what Goldman Sachs was doing when it comes to Bitcoin, suggesting that the current regulatory landscape in the US prevents the bank from doing so. But Solomon did make it clear that Goldman is keeping a close eye on crypto—due to growing client demand.
Signal announced on Tuesday it’s now testing a new peer-to-peer payments system in the beta version of its apps. Appropriately called Signal Payments, the new feature right now supports only one protocol: the MobileCoin wallet and its companion cryptocurrency MOB. MobileCoin has a close relationship with Signal co-founder and CEO Moxie Marlinspike, who advised the company prior to its most recent round of funding announced last month.
A thousand years ago, when money meant coins, China invented paper currency. Now the Chinese government is minting cash digitally, in a re-imagination of money that could shake a pillar of American power. China’s version of a digital currency is controlled by its central bank, which will issue the new electronic money. It is expected to give China’s government vast new tools to monitor both its economy and its people. By design, the digital yuan will negate one of bitcoin’s major draws: anonymity for the user.
Cryptocurrency exchange Coinbase said Thursday that it will begin trading April 14, after receiving approval from the SEC for its direct listing. The company will trade on the Nasdaq under ticker symbol COIN. The approval is a milestone for cryptocurrency advocates who have piled into blockchain-related assets like bitcoin.
Investment bank Goldman Sachs has confirmed it is close to offering crypto to its private wealth management (PWM) clients and has appointed a new global head to manage the segments. In an internal announcement shared with CoinDesk, Goldman Sachs said Mary Rich has been promoted to global head of the Digital Assets Group for private wealth management at the bank and will work with advisers to educate clients about the digital assets and blockchain technology.
Elon Musk has announced that Tesla cars can now be purchased using Bitcoin (BTC). The electric car company’s CEO and “Technoking” said the firm would operate Bitcoin nodes directly, and would hold on to the Bitcoin it accumulates without converting it to fiat. Tesla first signaled its intention to start accepting Bitcoin for products in early February, following its purchase of $1.5 billion worth of the digital asset, an SEC filing showed. The option to buy a Tesla using BTC will only be extended to U.S-based customers for the time being.
Over the past year, in the face of inflation and global uncertainty, mainstream businesses have forayed into digital assets with newfound enthusiasm. From public companies like Tesla and Square to funds like Grayscale Bitcoin Trust and Tudor Investment Group, prominent institutions are increasing their exposure to Bitcoin. In aggregate, these institutions are estimated to hold over 6% of the 18.6 million Bitcoin in circulation, amounting for over 1.2 million BTC. At time of writing, with Bitcoin surpassing an all-time high of over $48,000, the total value of these institutional holdings has eclipsed $55 billion.