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Bitcoin blew through another milestone, surging past $50,000 for the first time as the blistering rally in the largest cryptocurrency continues to captivate investors worldwide. Seth Ginns, Coinfund head of liquid investments, picks up on how Bitcoin is entering the mainstream. – Jackie Cameron
Seth Ginns on Bitcoin:
It’s interesting. $50,000 is up from $20,000 the last time I was on, which wasn’t that long ago. But we really see Elon’s announcement last week that Bitcoin [would] be added to the Tesla balance sheet, as a major de-risking event.
It’s going to take a little while for the market to fully price it in. We had some additional very positive headlines today. The Bitcoin broker NYDIG filed for a Bitcoin ETF and MicroStrategy issued another convert, $600m going into Bitcoin. I really do think that the tailwinds here is this continued institutional look at adding Bitcoin to the balance sheet, allocators looking at adding Bitcoin and Tesla was a game changer in my view.
On NFTs (Non-fungible tokens):
Christie’s announced that they’re going to do an auction for a work by Beeple. [He] is one of the most popular digital artists, [with] about 1.8 million followers on Instagram. Collaborations with Louis Vuitton and Nike. This is going to be an online auction, for a work that he’s been putting together since, I believe, May of 2007 – where he’s been doing a new artwork every day. This is going to be a collage of all of those artworks.
This is what’s called an NFT. So he’s going to mint it on the blockchain and it’s going to be digitally scarce. There’s some estimates on where this is going to be priced. I think this could priced over $1m, as the first NFT auction at one of the big auction houses.
On Dapper Labs:
Dapper Labs is the company behind NBA Top Shot. Revenue right now, $100m. Really just an immense amount of activity. This is really the top NFT use case today and it’s basketball cards – but with highlight reels. We’re seeing this really cross into the mainstream consciousness. But these live on a blockchain called the Flow blockchain, which is one that Dapper Labs developed to be a high throughput blockchain.
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