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Weekly Wrap Up #30

Quote of the week: “I don’t actually like the ‘digital gold’ analogy, because gold is such a relic. It has extremely limited value as a form of exchange and it’s never had utility in modern society as a form of money. I think the demand for Bitcoin is actually going to be much, much larger” – Jeremy Allaire, CEO of Circle. Source:

https://finance.yahoo.com/news/bitcoin-overcome-instability-replace-gold-082816714.html

Super Bowl Sunday:  The NFL has distributed over 250,000 NFTs as of mid-January. Recently, the organization announced that each fan who attends Super Bowl LVI will receive a unique and customized NFT, featuring their section, row, and seat.  Source: https://cointelegraph.com/news/nfl-to-offer-virtual-nft-tickets-at-super-bowl-in-los-angeles

Sotheby’s First Live NFT Event:  Sotheby’s is hosting its first live NFT event auctioning off 104 CryptoPunks in a single lot. The event will take place on February 23 in New York.  Source: https://finance.yahoo.com/news/sotheby-set-auction-104-cryptopunks-122636433.html

International Regulation Featuring Russia:  After much disagreement, the Russian government and central bank have decided to treat Bitcoin and cryptocurrency as a currency. Cryptocurrency transactions of more than $8,000 will have to be declared or it may be considered a criminal act. Source:  https://cointelegraph.com/news/russian-gov-t-and-central-bank-agree-to-treat-bitcoin-as-currency

Bitcoin Update: The price of Bitcoin has returned to above $45,000, breaking through a key level of resistance. The price increase has been partly attributed to institutional participants investing in crypto funds and rising inflation rates. 

Sources: https://coinmarketcap.com/currencies/bitcoin/

https://www.coindesk.com/markets/2022/02/10/crypto-markets-remain-flat-as-bitcoin-sees-institutional-buying/

Fitch Lowers El Salvador’s Rating:  Fitch downgraded El Salvador’s long-term foreign-currency issuer default rating from B- to CCC. This downgrade comes just weeks before El Salvador will issue its Bitcoin Bond. One of the reasons for this change in the country’s rating is due to the concerns over its ability to survive debt, the concentration of power in the presidency, and adoption of Bitcoin as a legal tender. Source:  https://www.coindesk.com/markets/2022/02/10/fitch-downgrades-el-salvador-to-ccc-weeks-before-bitcoin-bond-issue/

And, that’s a wrap!

Jordana Cohen,

Associate

Alpha Sigma Capital

jcohen@alphasigmafund.com

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Daniel Siciliano

F. Daniel Siciliano is an Independent Director of the Federal Home Loan Bank of San Francisco and Chair of the American Immigration Council. He is the former faculty director of the Rock Center for Corporate Governance at Stanford University and former Professor of the Practice and Associate Dean at Stanford Law School. His work has included expert testimony in front of both the U.S. Senate and the House of Representatives and for 2009, 2010, and 2011, alongside leading academics and business leaders such as Ben Bernanke, Paul Krugman, and Carl Icahn, Professor Siciliano was named to the “Directorship 100” – a list of the most influential people in corporate governance.

Siciliano was also co-founder, CEO and ultimately Executive Chairman of LawLogix Group, Inc. – a global software technology company named 9 consecutive times to the Inc. 500/5000, several times ranked as one of the Top 100 fastest-growing private software companies in the US and named to the US Hispanic Business 500 (largest) and Hispanic Business 100 (fastest growing) lists for 2010 and 2011. In 2012 he sold a majority stake of the company to PNC Riverarch Capital, continued as Executive Chairman, and led the sale of the company to Hyland Software/Thoma Bravo in 2015.

Siciliano is a co-founder and board member of the Silicon Valley Directors’ Exchange (SVDX), Chairman of the national non-partisan American Immigration Council, past-President of the League of United Latin American Citizens (LULAC) Council #1057, and an active member of the Latino Corporate Directors’ Association.


Siciliano’s related areas of expertise include executive compensation, corporate compliance, the legal and social impact of autonomous (AI/robotic) systems, and corporate technology strategy and security. He has served as a governance consultant and trainer to the Board of Directors of dozens of Fortune 1000 companies (including Google, Microsoft, Fedex, Disney, Entergy and Applied Materials), is an angel investor and consultant to several firms and companies in Silicon Valley, Hong Kong, India, and Latin America, and currently serves as an independent director on the board of the Federal Home Loan Bank of San Francisco. He lives in Los Altos, California.