Quote of the week:
“My hope is that it [Bitcoin] creates world peace or helps create world peace.” Jack Dorsey, CEO of Twitter
Alpha Sigma Capital in the News: This week Alpha Sigma Capital welcomed Dan Siciliano to the board of Advisors. Dan is Chairman of the Federal Home Loan Bank of San Francisco and a Stanford University Fellow.
NFT Camera App is Here: This week, AirWire, one of Alpha Sigma Capital’s
portfolio companies, beta launched the first-ever NFT Camera App. AirWire’s Patent Pending NFT camera reduces NFT technology down to the lowest barrier to entry. “NFT Your Life” by simply taking photos, videos, or audio through the app and minting them on the blockchain.
Bitcoin Revival: On Wednesday, July 21 at the B World conference, Tesla CEO Elon Musk put forth his support for Bitcoin once again. Musk stated, “I might pump, but I don’t dump.” He followed with, “I don’t believe in getting the price high and selling, and I would like to see Bitcoin succeed.” After his commentary, the market reflected Musk’s Bullish sentiments, as the price of Bitcoin rose and returned to above $32,000 on Thursday.
International Legislation: The Turkish Ministry of Treasury and Finance announced that its country’s crypto bill is ready for parliament. In preparation for the legislation, the Turkish central bank banned the use of cryptocurrencies. This draft bill establishes a legal framework for crypto assets that, according to Deputy Minister Sakir Ercan Gul, will be stricter than the regulation for crypto assets of Western Europe and the United States. The bill aims to protect retail investors, hamper money laundering, and augment the management of crypto exchanges and outlines the types of crypto assets.
A New Crypto Hub on the Rise: The mayor of Jackson, Tennessee, Scott Conger, announced that the city’s blockchain task force launched a study on potential methods to accept property tax payments in the form of Bitcoin within the city. The mayor believes that Bitcoin is the only solution to fix inflation and the devaluing of the US dollar.
Crypto Access: JPMorgan becomes the first United States banking giant to give its wealthy clients access to crypto funds. JPM’s clients are only open to five different cryptocurrencies, but many believe that this news is only the start of a domino effect for other banks and further access to other crypto funds.
Discarding Rumors: On July 20, European Commission regulators stated that they were “banning anonymous cryptocurrency wallets” in an effort to crackdown on money laundering. These statements sent the crypto markets swinging; however, the markets recovered as it became certain that the E.U. had misrepresented the meaning of its own statements. In conclusion, no, the E.U. is not banning all anonymous crypto wallets.
And, that’s a wrap!