NFT art galleries: Future of digital artwork or another crypto fad?

What can I do to prevent this in the future?

If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware.

If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices.

Global Nonprofit Operation Smile Opens Its Doors to Crypto Donations

Global Nonprofit Operation Smile Opens Its Doors to Crypto Donations

The global nonprofit Operation Smile has announced the organization is now accepting crypto assets like bitcoin and dogecoin. The nonprofit is a surgical volunteer-based outfit that helps people with cleft conditions improve their lifestyles.

Surgical Volunteer-Based Nonprofit Operation Smile Accepts Crypto Donations

On July 18, one of the largest surgical volunteer-based nonprofit in the world, Operation Smile revealed the group is now accepting digital asset donations. The charitable organization invoked in 1982 leverages donations, volunteers, and public and private partnerships to enhance the lives of people struggling with cleft conditions.

The announcement says cryptocurrency donations will help bolster “Operation Smile’s mission to increase the accessibility of surgical care in underserved communities around the world so that patients can live lives of improved health and dignity.”

The nonprofit also joins the growing list of well known companies and charitable organizations leveraging crypto acceptance. Nonprofits like the Tony Hawk Foundation, The Skatepark Project, and charitywater.org utilize donations made with crypto assets.

“We felt that the time was right to provide cryptocurrency investors with the opportunity to extend their generosity to the children and families we serve,” Operation Smile cofounder and CEO Bill Magee explained. “The need for cleft surgery and ongoing care in our world is significant, but the compassion of these donors can drive the innovation needed to help local health workers provide world-class care to the most marginalized patients.”

Operation Smile uses The Giving Block to accept digital assets as tax-deductible contributions. The Giving Block claims to have created a “bitcoin and cryptocurrency donation solution trusted by 100+ nonprofits, universities and faith-based organizations.” Information on how to donate crypto to Operation Smile’s nonprofit work can be found at the URL operationsmile.org/donate-cryptocurrency.

The surgical volunteer-based nonprofit’s announcement notes the organization is “committed to providing patients with health that lasts—being there to offer patients additional surgeries, dentistry, psychological services, speech therapy, and other essential cleft treatments.” Presently, Operation Smile notes that more than five billion individuals globally do not have adequate access to timely and affordable surgical care.

What do you think about the nonprofit Operation Smile accepting cryptocurrency donations? Let us know what you think about this subject in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Cardano ($ADA) Founder on Fixing Dogecoin and Elon Musk’ Fascination With $DOGE

Recently, Charles Hoskinson, Co-Founder and CEO of IOHK, the technology company “contracted to design, build, and maintain the Cardano platform”, talked about Dogecoin ($DOGE), which seems to be Tesla CEO Elon Musk’s favorite cryptocurrency.

Hoskinson’s comments about Dogecoin were delivered during a conversation with MIT AI Researcher Lex Fridman on episode #192 of the “Lex Fridman Podcast“, which was released on June 17.

Fridman started this segment of his interview with Hoskinson by referring to a YouTube video Hoskinson released on May 17, in which he explained to Tesla and SpaceX CEO Elon Musk ideas for improving Dogecoin.

Fridman wanted Hoskinson to talk a bit about how Dogecoin could be made better than it is already.

Hoskinson replied:

Well, you know, Dogecoin is like that “Nine Inch Nails” song “Copy of A“… it’s Bitcoin gave Litecoin, Litecoin gave Dogecoin, and it was kind of a parody cryptocurrency. And I think Jackson [Palmer] was trying to do it to like prove a point about all coins, and then true to form, nobody got the doctrine and completely perverted the entire religion. It’s always like the “Emperor of Mankind” in [popular miniature wargame] “Warhammer 40K“, who was like this atheist… and now there’s like this whole religion built around the emperor…

So, Dogecoin has become a thing, and it’s become such a large thing that it is a reasonable target for somebody to fix it up, repair it, make it an interesting cryptocurrency. The point of the video was to show what a modern third generation cryptocurrency really would require. It’s a major overhaul, and there are already people doing this — you know, there’s Solana, Harmony, Cardano, EOS, and all these other guys and they have billions of dollars and huge dev teams and all these innovative protocols.

If you’re really serious about this thing sticking around, being useful in doing stuff, then the point of the video was to show the types of things you’d have to think about and the types of papers that are all open source, patent-free, and don’t have any notion of intellectual property behind them the his engineers could grab and go and do and he did mention on Twitter that he was looking for feedback on how to improve Doge and so I said ‘all right, well I’ll just put all these things together’. It was a little tongue-in-cheek because I figured he’d ignore it, but it was also showing how hard it is to innovate in this entire space...

It’s really hard to build a cryptocurrency. Satoshi probably spent years thinking carefully and that work was a derivative of 30 years of work in the digital assets space starting in the 1980s working its way through. And then, Bitcoin only did very limited things relative to what Ethereum can do or Cardano can do and so forth. So the minute that you extend that complexity, you’re talking about years of R&D, years of engineering effort that needs to be done.

So what’s the point of DOGE? Is it just a meme? Is it actually contending to be useful? Or is it competing as a store value against Bitcoin? Now if it’s competing as a store value against Bitcoin, why the hell does it have the monetary policy it does?

Also there’s predatory distribution of the underlying asset, and over 90+ percent is consolidated — less than one percent of the holders… at a very very low price point. So they can sell at almost any price point and make a profit. So it hits 50 cents, they’re billionaires. And it’s not like20,000 people — it’s probably less than a hundred wallets that have that distribution… once the guys who are vested start selling, they can just keep selling and keep selling it right all the way down and make windfall profits regardless of what price they sell at. And who are they selling against — the retail investors, you know, people who make $500 spare money a month or something like that.

Fridman then asked Hoskinson if it is possible for Cardano and Dogecoin to work together somehow.

Hoskinson answered:

Yeah, it’d be a lot of fun. I’m not averse to the idea of cleaning up the codebase but legitimately whoever comes in, it’d be two years or three years of work because you have to do real stuff and that code is like Litecoin circa 2012-2013.

Fridman replied:

Well, the interesting thing about Elon [is] that combination of humor and extreme ambition like in the face of impossible odds is something he does really well. And so I think that’s the spirit of Dogecoin. It’s fun and almost like bold ambitious innovation. So I think you can’t discount the power of that.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

Bitmain Reveals New Scrypt Miner — Model Mines DOGE and LTC Four-Times Faster Than Today’s Top Machine

Bitmain Reveals New Scrypt Miner — Model Mines DOGE and LTC Four-Times Faster Than Today’s Top Machine

Regional reports from an exposition in Chengdu indicate Bitmain has unveiled a new scrypt ASIC rig for dogecoin, litecoin, digibyte, and verge mining. The Chinese reporter who disclosed the information says the new Bitmain model has a hashrate of around 9,500 megahash per second (MH/s) and overseas prices are reduced by 13%.

Bitmain Unveils New Scrypt Miner With 9.5 Gigahash

According to the Chinese journalist Colin ‘Wu’ Blockchain, Bitmain has revealed a new scrypt coin mining device that packs a lot more hashrate than the company’s previous model. Wu tweeted out the news on Saturday after Bitmain showed off the specifications at an exposition held in Chengdu.

“On June 19th, Bitmain released the new Litecoin/Dogecoin mining machine L7,” the China-based reporter tweeted. “With a hashrate of 9,500 MH/s and 3425W, equivalent to 19 sets of L3+, and the price is $15,000, [the] overseas purchase price is reduced by 13%. The delivery time is November 2021,” he added.

Moreover, Wu also said that Bitmain had shown off its “5nm-based Bitcoin water-cooled mining machine and a preview of the Dash mining machine D7.”

Photo via Colin ‘Wu’ Blockchain from Twitter.

The news from Bitmain follows the company’s unveiling of the Antminer E9 ethereum mining rig at the end of April. The device is not for sale yet and E9 prices have not been announced.

“[The] Antminer E9 ethereum miner. Equivalent to 32 – 3080 graphics cards, Equipped with a hashrate of 3 GH/s,” Bitmain explained at the time. The new scrypt miner from Bitmain follows the October 2017 release, the Antminer L3+ which produces around 600 MH/s.

Presently, the Innosilicon brand A6+ Ltcmaster is the most profitable scrypt miner on the market today with 2,200 MH/s. A single A6+ Ltcmaster will give an owner $26 per day in profit using today’s exchange rates and $0.12 per kilowatt-hour.

Using the same electricity rate and today’s crypto prices for the most profitable scrypt coins, the Bitmain L3+ can rake in around $6.35 per day in profit.

If the specifications revealed by the Chinese journalist Colin ‘Wu’ Blockchain and the screenshot Wu shared as well are correct, the new Bitmain scrypt miner will be the most powerful on the market once it is released to the public.

For some perspective, the upcoming Bitmain scrypt ASIC machine would be more than four-times more powerful than Innosilicon’s A6+ Ltcmaster. 9,500 megahash per second is equivalent to 9.5 gigahash per second (GH/s) and the Innosilicon machine captures 2.2 GH/s.

What do you think about Bitmain unveiling the new scrypt miner with 9,500 MH/s specifications? Let us know what you think about this subject in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Cornell Economist Says Bitcoin Has 3 Flaws Driving People to Search for Better Alternatives

Cornell Economist Says Bitcoin Has 3 Flaws Driving People to Search for Better Alternatives

Cornell University professor of economics and former head of the IMF’s China division, Eswar Prasad, sees three major flaws in bitcoin. Because of these flaws, the professor says that “bitcoin really has set off something of a search for a better alternative.”

Cornell University’s Professor of Economics Outlines Bitcoin’s Flaws

Cornell economics professor Eswar Prasad talked about bitcoin’s flaws in an interview with CNBC Thursday.

Prasad is the Nandlal P. Tolani Senior Professor of Trade Policy and professor of economics at the Charles H. Dyson School of Applied Economics and Management at Cornell University. He is also a senior fellow at the Brookings Institution. He was previously chief of the Financial Studies Division in the research department of the International Monetary Fund (IMF) and, before that, was the head of the IMF’s China division.

The first flaw concerns the energy usage in bitcoin mining, which Prasad said is “certainly not good for the environment.” The professor pointed out that in contrast Ethereum is coming up with a method “That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver.” He added:

It could also make transactions much cheaper and quicker.

The second point the professor made was that bitcoin is not so anonymous after all. He cited the Colonial Pipeline case where law enforcement claimed to have recovered $2.3 million in bitcoin. He noted that other cryptocurrencies may offer more anonymity than BTC, such as monero and zcash.

The third flaw, according to the professor, is that bitcoin does not work well as a currency. He described BTC transactions as “slow and cumbersome” for use in payments, adding that its market is very volatile and the cryptocurrency has become a speculative asset. Prasad concluded:

So bitcoin really has set off something of a search for a better alternative and people seem to be on the lookout for a medium of exchange that does not require them to go through a trusted institution like the government or a commercial bank — but it’s not quite there yet.

Do you agree with the professor? Let us know in the comments section below.

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Grayscale Looks to Bolster Offerings with 13 More Cryptos, Including Polygon, Solana, ICP

Cryptocurrency asset manager Grayscale Investments announced earlier yesterday that it would consider venturing into new crypto investment products, including ones that would track Solana, Polygon, and Internet Computer, among other tokens. 

The other products that are under consideration would be tied to the following cryptocurrencies: Bancor (BNT), Curve (CRV), KAVA (KAVA), Loopring (LRC), NEAR (NEAR), Ren (REN), Ox (ZRX), Universal Market Access (UMA), and Kyber Network (KNC). 

Grayscale’s current crypto products include major cryptocurrencies Bitcoin (BTC) and Ethereum (ETH), alongside smaller tokens such as Decentraland (MANA), Stellar Lumens (XLM), and Litecoin (LTC), to name a few. 

Unsurprisingly, Grayscale Bitcoin Trust (GBTC) remains the most popular investment fund with an AUM of $24.1 billion. According to data from Glassnode, GBTC currently holds 651,772.29 Bitcoin. 

Grayscale Bitcoin Trust (GBTC) shares saw their value tank by nearly 50% since February highs, as the underlying (BTC/USD) plummeted from $60,000 to low $30,000. Source: Tradingview.com

Since late February, GBTC has continued to trade at a negative premium, or a discount, meaning that the market price of GBTC shares were less than its net asset value (NAV). This was due to a myriad of factors, including growing competition from crypto ETFs and fund outflows. 

Related Reading | Grayscale Bitcoin Trust (GBTC) Premium Tanks to -19% As More Competition Weighs In 

The premium sunk to its lowest level on March 13 at -21.23%, and recovered to as high as -3.83% when the asset manager hinted towards revamping GBTC as an exchange-traded fund. The current GBTC discount sits at -14.44%. 

Earlier in February, Grayscale said that it would consider dabbling in DeFi by launching products tracking protocols Uniswap (UNI) and Polkadot (DOT), alongside 21 other cryptocurrencies. The asset manager ended up launching 5 additional funds, including Basic Attention (BAT), Chainlink (LINK), Decentraland (MANA), Filecoin (FIL) and Livepeer (LPT). 

Grayscale looks to expand its cryptocurrency investment products offerings. The bolded tokens under Assets Under Consideration are the latest additions that are being evaluated. Source: Grayscale Medium

Of the initial 13 coins under consideration, it remains to be seen how many Grayscale will actually launch. The asset manager stressed that the creation of a new fund is incredibly complicated, and that it “requires significant review and consideration and is subject to substantial internal controls, sufficiently secure custody arrangements, and regulatory considerations.” 

Featured image from UnSplash 

US Congress Creates New Crypto Working Group to Tackle Blockchain Regulation, CBDCs, and More

Earlier this week, Congresswoman Maxine Waters announced that Congress had formed a new working group that would focus on cryptocurrency and fintech policy. Called the Blockchain Caucus or Fintech Task Force, the House Democrat group will feature 12 members of the House Financial Services Committee. 

Waters identified the objectives of the new working group as “work[ing] together on legislation and policy solutions on such matters as cryptocurrency regulation, the use of blockchain and distributed ledger technology, and the possible development of a U.S. Central Bank Digital Currency.” 

Related Reading | US Congressman Says That Congress Isn’t Prepared to Pass Crypto Legislation 

Central bank digital currencies, or CBDCs, have become a hot topic for central banks around the world, as economic powers look to digitize their pre-existing financial infrastructure. 

China, for one, recently launched over 3,000 ATMs that can accept and convert digital Yuan to cash in an effort to further experiment with its digital currency. 

On the other hand, the United States has yet to have made a decisive step towards developing its own CBDC. 

With the United States clearly behind China in the race to create the first globally accepted digital currency, some economists have pointed towards the Yuan gaining more influence over the Dollar. Will the latest efforts by the US Congress be enough to close the widening gap between the two nations? That remains to be seen. 

Related Reading | Ray Dalio: China’s Digital Yuan Will Overshadow the Dollar

The U.S. Federal Reserve’s loose monetary policy has led to the US dollar (USD) losing ground against the Yuan (CNY). Source: Tradingview.com

 

Congressman Bill Foster, who is the sole blockchain programmer in Congress and one of the 12 members of the task force, stressed how the formation of the Blockchain Caucus would be pivotal in the U.S. adapting to the rapidly growing fintech space. 

“The United States is playing catch-up to the rest of the world when it comes to digital currency, and if we’re going to protect the U.S. dollar’s status as the world’s reserve currency, we need to make the development of secure and privacy-preserving digital currency a priority. 

Featured image from UnSplash 

 

 

Rich Dad Poor Dad’s Robert Kiyosaki Warns of ‘Biggest Crash in World History’ — Expects $24K Bitcoin Price

Rich Dad Poor Dad’s Robert Kiyosaki Warns of ‘Biggest Crash in World History’ — Expects $24K Bitcoin Price

Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad,” has predicted the “biggest crash” in world history. He also expects the price of bitcoin to fall to the $24K level.

Robert Kiyosaki Foresees Biggest Crash in History Coming

Famous author and investor Robert Kiyosaki has predicted that the biggest crash in the history of the world is on the way.

Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. Over 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

Kiyosaki tweeted Friday:

Biggest bubble in world history getting bigger. Biggest crash in world history coming. Buying more gold and silver. Waiting for bitcoin to drop to $24K. Crashes best time to get rich.

However, Kiyosaki did not elaborate on how he came up with his BTC price prediction.

When the price of bitcoin began falling substantially in May, the Rich Dad Poor Dad author urged people to buy the dip. “I hear ‘I can’t afford bitcoin.’ Bitcoin is crashing, good news. Now is your chance. Get educated. Buy coins that outperform bitcoin for pennies. Stop whining and take action,” he advised at the time.

When the BTC price fell to the $37K level on May 30, Kiyosaki tweeted: “Bitcoin crashing. Great news. When price hits $27,000, I may start buying again. Lot will depend upon global-macro environment.” He emphasized: “Remember the problem is not gold, silver, or bitcoin. Problems are the incompetents in government, Fed & Wall Street.”

Kiyosaki has long been pro-bitcoin. He believes that the U.S. dollar is dying as the government continues to give people free money. “Do not save. Buy gold, silver, bitcoin. Dollar is dying,” he said in April last year.

While the famous author expects the price of bitcoin to fall to the $24K level in his most recent tweet, he is bullish about the cryptocurrency in the long run. He said in April this year that the price of BTC will reach $1.2 million in five years, noting that money printing by the government, excessive stimulus, and the devaluation of the U.S. dollar have given bitcoin and gold their appeal.

What do you think about Robert Kiyosaki’s prediction? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Goldman Sachs Partners Crypto Management Firm Galaxy Digital to Trade Bitcoin Futures

On June 18, Goldman Sachs began trading Bitcoin futures through Mike Novogratz’s Galaxy Digital network, paving the way for banking institutions. Galaxy Digital announced the agreement as part of Goldman Sachs’ crypto investment strategy.

Galaxy And Goldman Sachs Shake Hands

Goldman Sachs has taken a step further in its efforts to assist hedge funds and other large institutional clients in betting on bitcoin.

According to CNBC, the bank has started trading bitcoin futures in partnership with Galaxy Digital, the crypto merchant bank founded by Mike Novogratz.

Under growing demand from institutional clients, in March Goldman Sachs reopened its crypto trading desk after a three-year hiatus. The desk is part of the bank’s U.S. Global Markets division.

According to Galaxy co-president Damien Vanderwilt, this is the first time Goldman has employed a digital assets firm as a counterparty since the investment bank launched its bitcoin desk last month.

The recent moves by Goldman Sachs, the world’s largest investment bank, might have effect on Wall Street and beyond, as banks increasingly face pressure from clients who seek bitcoin exposure. Goldman is effectively providing other banks permission to begin trading cryptocurrencies by being the first large U.S. bank to do so, according to Vanderwilt, a former Goldman partner who joined Galaxy last year.

“There’s a whole dynamic with the major banks that I’ve seen time and time again: safety in numbers,” Vanderwilt said this week in an interview. “Once one bank is out there doing this, the other banks will have [fear of missing out] and they’ll get on-boarded because their clients have been asking for it.”

Galaxy has made many high-profile moves in recent months, including a succession of purchases of digital-asset management companies. Vision Hill and BitGo, the latter of which Galaxy purchased for $1.2 billion in May, are among the acquisitions.

Galaxy’s acquisitions have more than doubled the firm’s comprehensive income since 2020, and are part of its pathway to a U.S. listing later this year.

Related article | Goldman Sachs To Start Trading Ethereum Options And Futures

A New Era

According to multiple sources, Goldman Sachs is the first bank in the United States to actively trade cryptocurrencies. Bitcoin and cryptocurrency are viewed by many fiat banking institutions as a financial bubble. After more than a decade of existence, many financial experts feel crypto is still a hoax.

However, as a result of the new Goldman-Galaxy cooperation, consumers will put pressure on banks to expose their customers to cryptocurrency. Banking organizations will be obligated to gratify their clients as the pressure to give bitcoin intensifies.

As a result, as more financial institutions back the currency, global acceptance will rise. As a result, Bitcoin will be available in even the most remote corners of the market. As a result, as Bitcoin’s adoption grows, volatility issues will diminish and eventually disappear.

BTC/USD has slipped after climbing $40k during the week. Source: TradingView

Related article | Galaxy Digital CEO: Bitcoin Dips Should Be Bought Despite BitMEX News

Featured image from Pixabay, chart from TradingView.com

Grayscale Explores Investment Products for Polygon ($MATIC), Solana ($SOL), Other Cryptos

Cryptocurrency asset manager Grayscale Investment has revealed it is exploring 13 new investment products, including ones tied to the popular Polygon (MATIC) cryptocurrency and to Solana (SOL).

The other 11 products the firm is considering cover various popular cryptocurrencies including 1inch (1INCH), Bancor (BNT), Curve (CRV), Internet Computer (ICP), Kava (KAVA), Loopring (LRC), Ren (REN), and 0x (ZRX), among others.

The inclusion of Solana and Polygon’s MATIC is notable, however, as CryptoCompare data shows both cryptocurrencies saw their prices explode over 6,000% in the last 12 months, greatly outperforming the flagship cryptocurrency Bitcoin.

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Grayscale’s new list comes a few months after the firm revealed it was considering launching 23 new investment products allowing investors to gain exposure to various cryptoassets including Uniswap (UNI), Polkadot (DOT), and Chainlink (LINK). Out of those Grayscale launched five investment products, with one of them being tied to LINK.

The firm is now seemingly exploring a total of 31 investment products but it will likely not launched all of them. Instead, the asset manager will see which cryptocurrencies justifying creating an investment product, which is a complex process as it requires significant review and consideration before being subject to “substantial internal controls, sufficiently secure custody arrangements, and regulatory considerations.”

Grayscale is notably the world’s largest cryptocurrency asset manager with over $34 billion in assets under management. Its product giving investors exposure to bitcoin, the Grayscale Bitcoin Trust (GBTC), has over $25 billion of assets under management.

Over the last few months, some of its funds have been trading at a discount, meaning their price is below their net asset value. This has been happening as more and more funds have been becoming available to investors who do not want to manage private keys themselves.

DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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