The Irony of Bitcoin vs. Gold
In a modern plot twist worthy of a serialized drama, Bitcoin is gnawing at gold’s market dominance while the gold industry embraces blockchain, the tech that sparked Bitcoin’s inception. If that isn’t rich irony, I don’t know what is! Someone send Peter Schiff a care package—his fragile mental state might need it.
Blockchain: The Unexpected Gold Savior
Blockchain technology, initially birthed for cryptocurrency, is now being hailed as a solution to long-standing hurdles in the gold industry. Notably, major players like the London Bullion Market Association and the World Gold Council are kicking off the Gold Bar Integrity Programme. This initiative aims to forge an international standard for gold bar integrity, chain of custody, and provenance, all while riding the blockchain wave. It seems even the most traditional financiers need to accept that what they once dismissed has grown into something substantial!
- CME Group
- Barrick Gold
- Brinks
- Royal Canadian Mint
- Perth Mint
- Metalor
With a gate like this, it’s hard for financiers to brush aside the value of blockchain just because they feel too cool for school.
MicroStrategy Goes Big on Bitcoin Once More
On a related note, MicroStrategy’s subsidiary MacroStrategy is taking its love for Bitcoin to a whole new level with a hefty $205 million crypto-collateralized loan—because why not? They’ve opted to use Bitcoin as collateral to purchase more Bitcoin. CEO Michael Saylor, a man whose enthusiasm for Bitcoin can only be rivaled by caffeinated squirrels, stated that they’ve effectively turned their crypto stash into productive collateral. It’s like checking into a very expensive hotel, but all you get is a room filled with Bitcoin.
Terra’s Bitcoin Buying Bonanza
Meanwhile, Do Kwon and his Terra team are not sitting back either. This week, they went on a Bitcoin shopping spree worth $139 million, bringing their total stash of Bitcoin to about $1.5 billion. If this were a competition, Michael Saylor better watch his back. Do Kwon is making an impressive case for using Bitcoin as a backing asset for Terra’s UST stablecoin, proving that sometimes, the riches of digital gold can actually shine through.
Just getting started
— Do Kwon
The Great White North: Advocating for Web3
Shifting our gaze to Canada, a new alliance called the Canadian Web3 Council has emerged from the fintech undergrowth. With prominent members such as Dapper Labs, Figment, and Wealthsimple, the Council intends to ensure that Canada stays competitive in the crypto landscape. Apparently, there’s a belief that Canada is on the cutting edge of the digital economy. Who knew we’d be seen as a tech powerhouse instead of just a country with great syrup?
What’s Next?
As we all try to navigate the turbulent waters of crypto, one question remains: what is the best cryptocurrency to invest in for under $3? I had an electrifying discussion with analysts where potential investments like 1INCH and MATIC made the list. Who knows? Maybe by this time next year, we’ll be writing about them as the new kings of crypto.
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