Quote of the week:
“Bitcoin will go all the way to $160,000 this year” – Alex Mashinsky
Dogecoin: The “joke crypto” Dogecoin has many updates coming that has the potential to turn it into a utility coin. After a large amount of capitalization and Elon Musk backing is helping to advance changes to the Dogecoin blockchain. Dogecoin developer, Patrick Lodder, states some potential changes to the coin, including “[a reduction of] average fees 100x for standard transactions on the Dogecoin chain, [a] split full control over all aspects of fees between miners and node operators, [a reliance] less on core development, and [the potential to] bring back a functional (small) free transaction space that incentivizes keeping the network healthy.”
International Regulation: Germany passed the Fund Location Act on July 1 that allows special funds to invest as much as 20% of their portfolios into cryptocurrency. If these special funds proceeded with investing the 20%, that would equate to approximately a $415 billion investment in cryptocurrency.
Crypto Exchange News: On July 1, Robinhood filed an application with the United States SEC for an IPO. Despite facing $70 million in fines from The U.S. Financial Industry Regulatory Authority Robinhood still intends to obtain an IPO for its Class A common stock.
Mass Adoption Efforts Continue: In a blog post, CEO of Coinbase, Brian Armstrong stated that Coinbase is preparing to launch an Apple-like crypto app store. Mr. Armstrong said, “Apple didn’t attempt to build every app for the iPhone, it empowered developers and gave mobile users an easy way to access new innovative apps.”
Bitcoin Update: As of July 1, Bitcoin has dropped 5.17% to $33,226.36, which is down 48.8% from the year’s high of $64, 895.22 on April 14, 2021.