Revix Roundup
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Revix Roundup

Revix Roundup | Institutional confidence in crypto strengthens

So, what’s been happening this past week?

• Bitcoin topped $11,100 late last week but has since pulled back to $10,500 along with the rest of the crypto market and major stock markets. This comes after Bitcoin’s largest 1-week gain since July with a +5.70% gain.

• The declines in markets appear to be due to increasing anxiety over U.S. elections, souring sentiment stemming from delayed government stimulus packages and coronavirus lockdowns.

• Bitcoin’s “digital gold” narrative looks promising as ever though. The U.S. Federal Reserve, which has already printed about $3 trillion of new money this year, is now explicitly devoted to reducing the dollar’s purchasing power in a bid to revive the economy. Higher inflation also typically happens when a country gets laden with debt and interest rates are cut to zero, as is now the case in the U.S.

“We’re at a moment where you may see some inflation,” Federal Reserve Bank of St. Louis President James Bullard said last week.

The trend could be good for Bitcoin, which many crypto investors believe can serve as a hedge against inflation, a digital and perhaps more portable alternative to gold. The trend has been clear since roughly 1980, when the share of wealth held by the world’s richest 0.1% of people began a decades-long rise from about 5% to more than 20%.

It looks like bitcoin-as-inflation-hedge might be the cryptocurrency’s most compelling investment narrative, and not necessarily as the dominant digital asset for perpetuity, as many so-called Bitcoin maximalists have argued.

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Bitcoin’s average transaction value returns to 2017 levels

The average value of bitcoin sent in a single transaction has reached its highest level in more than a year, hitting a peak of more than $129,000 on September 17 according to blockchain data provider BitInfoCharts.

The last time Bitcoin’s average transaction value rose above $121,000 was in August 2019, when one or a few massive transactions pushed the total to more than $812,000 on average. And that was an anomaly; the average cost of a Bitcoin transaction hasn’t been this high since late 2017, when it’s price hit its all-time high price of just below $20,000.

The number of Bitcoin active addresses — the number of unique addresses sending and receiving transactions each day — are also at their highest level since late 2017. Active addresses have averaged around 850,000 transactions per day since the last week of August. In late 2017, when Bitcoin hit its all-time high price, daily active addresses averaged close to 1 million.

So while DeFi may be stealing the show across your Twitter feed at the moment, these Bitcoin network stats seem to suggest that it isn’t likely to be left behind.

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Crypto companies and banks are evolving together

Earlier this week, the Wyoming Banking Board voted to approve the application from crypto exchange Kraken for a Special Purpose Depositary Institution (SPDI) banking charter. That means that one of the crypto industry’s oldest exchanges has become a bank.

This is a big deal, one that heralds a coming transformation of the crypto asset industry. Kraken is likely to be the first of many firms moving to take advantage of the business opportunity that being a digital asset bank promises. This will likely continue to boost institutional confidence in the crypto industry, and support the growth of related banking services that will further incorporate digital assets into our daily lives.

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Philippine central bank embraces digital tokens

The Philippine central bank sees digital tokens as a way to improve the delivery of financial services in the country by expanding the reach and lessening the costs of these services.

The Philippines is also one of the countries studying the launch of its own digital currency and has already launched a blockchain-powered platform to distribute government-issued bonds.

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This artist is tokenizing his body, selling tattoo ‘lots’ for stablecoins

It’s no secret that Crypto Twitter is a pretty wild — and at times bizarre — place, and it might have just gotten a little weirder. A South Carolina-based artist who goes by the name “Bishop,” is tokenizing himself by selling different parts of his body.

In a series of tweets earlier this week, Bishop shared a link to his profileon Rarible, a marketplace where artists can create and sell digital collectibles using blockchain, on which he posted photos of different “lots,” or locations on his body.

“Let me be your canvas,” he wrote.

Bishop marks off locations on his body and tokenizes them like real estate lots. The rules are pretty simple: customers must buy the lot they are interested in and pay for construction, which means they can decide on the tattoo design and also must pay for Bishop to get it done. Customers can make payments in DAI, USDT, sUSD or USDc, and the tattoos will be created at Blu Gorilla Tattoo in Charleston, South Carolina.

“I will do requests, but I’m not going to do my face or anything, although I have already been asked for forehead and unmentionables,” Bishop told The Block. “Maybe it was a joke… maybe I would tattoo the unmentionables for say… $250,000, but not the forehead.”

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Meet Tiaan, our Head of Product

Twitter is his absolute favourite social network, and cryptocurrencies are his absolute favourite thing to talk about. So you can get to know Tiaan a little better, he’d like to invite you to the absolutely insane world of Crypto Twitter, a place to laugh, argue, celebrate and cry about all things crypto.

Get to know him

Quote of the week

“We see bitcoin as potentially the greatest social network of all.” — Tyler Winklevoss.

About Revix

At Revix, we’re driven to empower everyday people to become their own wealth managers. Cryptocurrencies have been our first investable category. We offer Bitcoin, a regulated gold tokenised-commodity called Paxos Gold, and 3 ready-made crypto Bundles. These Bundles are like the S&P500 for crypto, and offer passive diversified exposure to the crypto asset class. Investing is as easy as signing up, choosing an asset, and then watching your portfolio grow.

We have some exciting new products on their way. Soon you’ll be able to invest in emerging themes, sectors and asset classes in an effortless way. Sign-up to learn more.

Disclaimer

This article is intended for informational purposes only. The views expressed are not and should not be construed as investment advice or recommendations. This article is not an offer, nor the solicitation of an offer, to buy or sell any of the assets or securities mentioned herein. You should not invest more than you can afford to lose and before investing, please take into consideration your level of experience, investment objectives, and seek independent financial advice if necessary.

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Sean Andrew Sanders

Sean Andrew Sanders

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CEO & Founder of Revix | CFA® | Finance nerd with a passion for fintech, a flair for detail, and a hint of OCD.