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ALPEX Global Weekly Newsletter — January Week 3

In this week’s newsletter, we explore billionaire investor Bill Miller’s investment in Bitcoin — he now has 50% of his wealth in the digital currency. In an attempt to adapt to the crypto ecosystem, the Bahrain Central Bank has been testing JPMorgan’s blockchain and token. We examine a report about Bitcoin’s potential performance surpassing Crude Oil, the S&P 500, the NASDAQ, or Gold in 2021. We have these stories and more in this week’s newsletter.

Our weekly newsletter begins with an interesting report. According to CoinGecko, Bitcoin performed better than Crude Oil, the S&P 500, NASDAQ, or Gold in 2021. The report examined all of bitcoin’s developments in 2021, from its enhanced volatility to its miners’ relocations from China to other countries. In spite of price declines at the end of last year, bitcoin closed 2021 with a 60% gain. The CoinGecko 2021 report shows that cryptocurrencies have outperformed all other major asset classes for the second year in a row. DeFi, memecoins, and NFTs drew a great deal of attention this year, but bitcoin had a critical year for its adoption and price movement.

Bahrain Central Bank trialed JPMorgan’s blockchain and token in an effort to adapt to the crypto ecosystem. The central bank of Bahrain is trying out JPMorgan’s proprietary digital currency, which was developed by the American investment bank JPMorgan.

In an official announcement published Thursday, the Central Bank of Bahrain (CBB) confirmed that JPMorgan’s blockchain and cryptocurrency unit, Onyx, had completed a digital payments test. A national aluminum smelter in Bahrain, Aluminium Bahrain, also known as Alba, and Bahrain’s international bank, Bank ABC, also participated in the trial. Using JPM Coin, a blockchain-based payments system and stablecoin pegged to the US dollar, Bank ABC was able to settle real-time payments to Alba’s counterparties in the United States. The CBB was responsible for overseeing the trial, according to the announcement.

Rasheed Al Maraj, Governor of the Central Bank of Bahrain, says that the trial has been vital to the government of Bahrain for addressing and potentially eliminating potential inefficiencies in the traditional cross-border payments industry. Having said that — Currently, it remains to be seen whether or not this trial will extend to developing its central bank’s digital currency. We will keep you informed about future developments in the ALPEX Newsletter.

Jack Dorsey, the former CEO of Twitter, has announced the creation of a nonprofit organization, the Bitcoin Legal Defense Fund, to help developers address “legal headaches” related to cryptocurrencies.

Bitcoin evangelist Dorsey wrote an email to the developers’ mailing list on Wednesday. In the email, he said the litigation and continuous threats have been successful in capitulating individual defendants in the absence of legal support.

In addition to being a founder of Block, formerly known as Square, Jack Dorsey is dedicated to Bitcoin’s growth, according to the DealBook newsletter. In November, he stepped down as chief executive of Twitter to pursue Bitcoin’s ambitions, and he has said it’s the most significant thing he’ll ever work on. In its corporate treasury, Block holds more than $350 million of Bitcoin.

Jack Dorsey’s fund is expected to provide free legal advice and to utilize primarily part-time and volunteer lawyers. Jack Dorsey and the other board members will review cases and determine who gets help from the group.

Last, but not least, Billionaire Investor Bill Miller — now Has 50% of His Wealth in Bitcoin. According to a video interview with Wealth Track published on Friday, billionaire Bill Miller is so bullish on bitcoin that it and investments tied to the crypto now comprise 50% of his assets.

It’s believed that Miller bought more bitcoin over time, but didn’t buy any for years. He probably bought bitcoin last year when the price was at new highs and then started to fall. Then, for $30,000 he started buying again, down from its high point of just under $69,000, reasoning that there were a lot more people using it and that venture capitalists were investing in it.

Some of Miller’s bitcoin investments were in companies linked closely to bitcoin prices, such as bitcoin miner Stronghold Digital (SDIG) and software company MicroStrategy (MSTR), which holds billions of dollars’ worth of bitcoin. Miller said he views bitcoin as the equivalent of “digital gold” with a strictly limited supply, and that he has only recently allowed himself to be labelled as a “bitcoin bull” rather than just an “observer” since he believes it’s become a game-changing technology.

As a matter of fact, Miller recommends that investors, regardless of their own heavily concentrated positions, put 1% of their net worth in bitcoin for diversification, noting that even if bitcoin goes to zero, which he thinks is highly unlikely, it is possible to lose 1%. Miller’s main reason for his recommendation is that bitcoin represents a unique investment.

Every day, ALPEX Global provides market wrap. The following analyses are based on keeping an eye on the markets and what we anticipate.

Last week — Bitcoin retraced once again after another unsuccessful attempt to break the $44,000 barrier, dropping below $43,000. Several altcoins are also in the red daily, while Cardano continued to chart impressive gains after a double-digit surge.

After failing to reclaim $44,000, the primary cryptocurrency plummeted by $2,000 to a low below $42,000 ahead of the weekend. As the bears tried to bring more pain to all, the bulls emerged. The majority of the larger-cap alts faced similar challenges. The following cryptos were in the red: Binance Coin (-2.3%), Solana (-4%), Ripple (-2%), Terra (-4.5%), Polkadot (-4.5%), Avalanche (-4.5%), and Shiba Inu (-4%).

What to expect next week? We’re expecting a big week for Bitcoin, Crypto, and NFTs as extreme price swings hit Ethereum, BNB, Solana, Cardano, and XRP. The top 3 price predictions for Bitcoin, Ethereum, and Ripple: With BTC holding steady, altcoins will gain massively.

*Disclaimer* Investment in cryptos carries various risks and is not suitable for all investors. Be sure to do your research thoroughly before making any decisions to invest.

In the past three months, the metaverse has raised $1 billion in funding, with institutional investors like Sequoia and Softbank participating, Chinese and American web giants such as Facebook and Baidu announcing plans to enter the metaverse, and traditional retailers such as Walmart also getting involved. Despite this, some believe that the Metaverse will be an upgraded version of the existing NFT, and companies such as Meta believe that it will be a living space for human beings in the future, and will house most of the production scenarios.

Apart from that, Near closed a $150 million financing round led by Three Arrows Capital, with participation from A16z, Dragonfly, Alameda and others. Prior to this round of funding, Near had received $65.9 million in funding. The most significant feature of Near’s technical development route is the PoS mechanism, which is generally consistent with the current development path of Ether L2. The public chain has also proven itself to be important for blockchain, and Ether is not the only solution.

That concludes our weekly newsletter. Thank you for reading. We hope it was insightful and helpful. Stay tuned for more exciting news about crypto and blockchain next week.

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