After spending years ridiculing Bitcoin and cryptocurrencies, Wall Street's billionaire class is finally getting used to the idea of virtual assets powering the digital economy. This week, Citadel founder and billionaire Ken Griffin formally backtracked on his anti-cryptocurrency stance when he announced that his company would begin offering digital assets to his clients. Of course, Griffin isn't the only wealthy investor to have had a change of heart, so we're not going to blow him too hard.
So while crypto analysts continue to debate whether we are in a bull or bear market, institutions, venture capitalists, and everyday people continue to embrace digital assets. As we see in Eastern Europe, trustless money like Bitcoin offers a unique value proposition in times of geopolitical uncertainty and conflict.
Billionaire Admits He Got Bitcoin Wrong as Citadel Eyes Crypto Markets
Citadel Securities, the billionaire hedge fund manager, will soon be offering investments in cryptocurrencies after company founder Ken Griffin admitted he was wrong about the asset class. “It is fair to assume that the coming months will see us engage in market making in cryptocurrencies,” he told Bloomberg Wealth in an interview. It wasn't even five years ago that Griffin was warning people that Bitcoin was a massive bubble similar to the tulip mania in the 17th century. I doubt anyone is still seriously comparing Bitcoin to the Dutch tulip bubble, but if you're still in doubt, read this article.
DCG Announces $250 Million Share Buyback for Grayscale Products
Digital Currency Group, better known as DCG, has announced that repurchase up to $250 million in stock for various grayscale investment products, primarily Litecoin, Zcash, and Horizen Trusts. Although the venture capital firm did not specify why it was buying back shares, Chief Executive Officer Barry Silbert tweeted separately Monday that his firm is increasingly bullish on the market. "Bitcoin looks good," he said, adding that "we are buying." (It's not quite clear what this means, but Bitcoin spike above $45,000 amid geopolitical unrest probably has something to do with the favorable assessment).
Digital Currency Group announces a $250 million share buyback program for Grayscale® Litecoin Trust (OTCQX: $LTCN), Grayscale® Horizen Trust (OTCQX: $HZEN), Grayscale® Zcash Trust (OTCQX: $ZCSH) and other grayscale products https://t.co/zKoEWkfyk1
—Barry Silbert (@BarrySilbert) March 2, 2022
Payment service provider Shift4 acquires The Giving Block for $54 million
Payment solutions provider Shift4 announced this week the purchase of crypto donation platform The Giving Block for $54 million. The deal, which was paid in cash and stock, has a potential gain of up to $246 million. Cryptocurrency-based philanthropy was back in the spotlight this week after the Ukrainian government and charities linked to it received more than $37 million in digital donationsmainly through Bitcoin (BTC), ether (ETH) and mooring (USDT). The Giving Block has also launched a Ukraine emergency fund that allows cryptocurrency holders to donate to relief efforts amid the ongoing conflict with Russia.
Our Ukraine Emergency Response Fund is now ACTIVE
The nonprofits within this fund are saving lives and providing critical support on the ground to people affected by the #Ukraine crisis.
Donate #cryptocurrency to the bottom now: https://t.co/4ZXGMGcrlH
— The Giving Block (@TheGivingBlock) February 26, 2022
South Korea's Crypto Market Grows to $45.9 Billion in 2021 Despite Strict Regulations
If you've been in crypto long enough, you know that South Korea is one of the most vibrant markets for digital asset trading. We finally have some numbers to back it up: Earlier this week, the South Korean Financial Services Commission reported that the country cryptocurrency market it grew to $45.9 billion, or 55 trillion won, by the end of 2021. South Korea's 21 regulated exchanges collectively processed an average of $9.4 billion in transactions per day. Even with strict crypto regulations, South Korea remains a hotbed of industrial activity. Surprise, surprise, regulators are now turning their attention to non-fungible tokens, putting South Korea on track to become one of the first countries to issue NFT tax regulations.
Before you leave!
There has been a lot of buzz recently about decentralized autonomous organizations, or DAOs. As we reported last month, the Republic of the Marshall Islands it has become the first jurisdiction to formally recognize DAOs as legal entities. this week the market report, Cointelegraph analysts engaged in a friendly debate on the most promising DAOs for 2022. If you missed the live show, you can still watch the replay below. Be sure to watch The Market Report every Tuesday at 12:00pm ET for updates, analysis, and live discussion on all things crypto!
Post navigation
