Quote of the week: “I have no doubt it’ll [Bitcoin] go up, it’ll go down over the long term — I still think it’s a lower left to upper right trend and I think we’re going to see that play out over five years.” – Thomas Farley, former COO of the New York Stock Exchange
Bitcoin Opinion: Brandon Arvanaghi, a former crypto exchange engineer at Gemini, said that China’s crackdown on crypto and ban on Bitcoin mining is “fantastic news.” The past engineer compared China’s ruling on crypto to the country’s ban of Facebook and Google. The engineer said that the ban creates a rite of passage for crypto. Arvanaghi also added that China’s stance means that Bitcoin is working, not failing; “It’s making nations shiver in their boots.” Countries are taking a side and with China’s response, it is actually “incredibly bullish” for Bitcoin in the medium and long terms.
Venture capital: PayPal confirmed that it has invested as an LP in Blockchain Capital, a fund focused on blockchain and digital assets with over $1.5billion under management. It was the first time the company has invested as an LP with a crypto VC firm.
Environmental: On Thursday, June 24, Gemini, a major cryptocurrency exchange founded by Cameron and Tyler Winklevoss, made the initiative to partner with nonprofit Climate Vault in an effort to respond to Bitcoin’s environmental issues. The crypto exchange vowed to incorporate climate-conscious measures into its business by purchasing carbon credits directly from government-related cap-and-trade markets and removing them from circulation. In essence, this cuts the overall supply of carbon credits.
Next Rising Crypto Hub? New York wants to be in the race! Eric Adams has taken first place in New York City’s mayoral race against Andrew Yang. Adams has made a pledge to Bitcoin and vows to make New York City a crypto and tech hub. He says, “I’m going to promise you: In one year — one year — you’re going to see a different city. […] We’re going to become the center of life science, the center of cybersecurity, the center of self-driving cars, drones, the center of Bitcoins. We’re going to be the center of all the technology.”
Bitcoin News: After a very volatile week, Bitcoin had returned above the $30,000 mark on Wednesday, June 24. Many investors are hesitant, while others have taken the price drops as an opportunity to buy. Andreesen Horowitz is one of them; after the Bitcoin price crash, the firm decided to launch a $2.2 billion crypto-focused venture fund. Andreessen General Partners stated, “The size of this fund speaks to the size of the opportunity before us: crypto is not only the future of finance but, as with the internet in the early days, is poised to transform all aspects of our lives.” Sources: https://www.cnn.com/2021/06/23/investing/bitcoin-price-intl-hnk/index.html