Quote of the week:
“There is a role for crypto as assets but they obviously will have to follow all the laws and make sure that it doesn’t become a backdoor for money laundering … they have to use that [as] an entry point to get a lot of young people into financial markets.” -Nilekani, co-founder of Infosys. Source: https://finance.yahoo.
Alpha Sigma Capital Update: On December 2, some of the team met for our end-of-the-year strategy meeting at our offices in Hermosa Beach, CA. Making plans for 2022! In the photo back row left to right, Dante Venafro, Nick Birnbaum, Steven Kanaval. Front row left to right, Tiffany Tran, Wes Levitt, Sandra Ditore, and Enzo Villani.
Mass Adoption of Metaverse Featuring Adidas: On December 1, Adidas announced that it was entering the Metaverse with an NFT partnership, collaborating with Bored Ape Yacht Club, gmoney NFT, and PUNKS Comic. Source:
NFTs at Art Basel Featuring Andy Warhol: This week at Art Basel Miami, artworks by Andy Warhol are being sold as NFTs. Starting on December 4th, Andy Warhol’s NFTs will be sold on Budja.io.site. One NFT is a Campbell Soup silk-screen on a T-shirt from 1982 that is priced at $125,000. Source: https://www.barrons.com/
Square is Changing its Name to Block: On December 1, payment giant Square announced that it is changing its name to Block in an effort to reflect the company’s move in its business toward blockchain and crypto and its growth. Source: https://www.coindesk.com/
Wall Street Banks Exploring Bitcoin-Backed Loans: Many Wall Street banks, including Goldman Sachs, are figuring out how to use Bitcoin as collateral for cash loans. This presents an opportunity for more integrated crypto promise brokerage services in the future. Source: https://finance.yahoo.com/
Bitcoin Update: As of 5:10 p.m. EST on December 2, Bitcoin was trading at approximately $56,800. This week’s volatility comes after uncertainty around the new omicron variant of the coronavirus and president Biden’s signing of the infrastructure bill that poses potential tax ramifications for crypto investors.