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Jimmy Song criticizes BTC 2024 speakers—’Not what makes Bitcoin great’

The author and Bitcoin advocate's panel was sobering, harkening back to the Bitcoin community's, anti-establishment ethos.

Author and Bitcoin expert Jimmy Song recently took the stage at the 2024 Bitcoin event in Nashville to denounce the topics presented on the first day of the event, including the encroaching banking sector, institutional investment, and the advent of exchange-traded funds in the United States as efforts by multinational corporations and the administrative state to co-opt the Bitcoin movement.

During the panel, Song appealed to the rugged individualism and pioneering spirit inherent in traditional American values and Bitcoin (BTC), sharply rebuking previous panels from deviating from those values to entertain speakers from financial institutions like BlackRock, the largest asset manager in the world.

Fellow panelist and independent media personality Luke Rudkowski echoed Song's comments, explaining that Bitcoin "Really does provide an amazing opportunity for a lot of people to really see the problems that government created," before explaining that the scarce decentralized asset empowers people to help themselves and each other independent of state structures.

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Mark Cuban speculates Bitcoin may become a global reserve asset

The entrepreneur and investor has a net worth of $5.4 billion as of 2024 and is no stranger to the world of digital assets.

Entrepreneur and investor Mark Cuban recently speculated that geopolitical instability and inflationary pressures may propel Bitocin to become a global reserve asset.

According to the billionaire, increased support in Silicon Valley for former President Trump could signify a “Bitcoin play” from the Big Tech sector. Cuban explained that the United States’ geopolitical role has come under question and inflationary pressures may worsen with the introduction of future tax cuts already promised by the former president.

Taken together, these developments act as the perfect catalysts to drive the price of Bitcoin (BTC) higher, Cuban said, before clarifying that he wasn't saying these things will happen, but they are not out of the realm of possibility.

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Salvadoran Basic Goods Basket Rose to Historic Highs in June

Over 50% of US hedge funds have exposure to Bitcoin as BTC crushes stocks in 2024

Millennium Management, holding 27,263 BTC worth $1.69 billion, has allocated about 2.5% of its $67.7 billion in total assets under management to Bitcoin.

Over half of the top American hedge funds have disclosed exposure to newly launched spot Bitcoin (BTC) exchange-traded funds (ETFs) in a year, as BTC/USD has significantly outperformed major stocks and indexes.

Data from investment firm River reveals that 13 out of the top 25 United States hedge funds had owned Bitcoin ETFs by the end of Q1 2024. Notable among these is Millennium Management, which had 27,263 BTC worth $1.69 billion, making up about 2.5% of its total assets under management worth $67.7 billion.

Other significant players include Schonfeld Strategic Advisors, with 6,734 BTC, and Point72 Asset Management, with 1,089 BTC. In contrast, some top hedge funds, such as Bridgewater Associates, AQR Capital Management and Balyasny Asset Management, have yet to invest in Bitcoin ETFs.

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Salvadoran Basic Goods Basket Rose to Historic Highs in June

Bitcoin and Ether can ‘greatly improve’ portfolio performance: BBVA

Bitcoin’s price has outperformed the returns from the S&P 500 more than threefold in 2024.

Exposure to Bitcoin and Ether, the two largest cryptocurrencies, will significantly boost the returns of traditional investment portfolios.

Adding Bitcoin (BTC) and Ether (ETH) to investor portfolios will “greatly improve” the return on investment (ROI), according to Philippe Meyer, head of digital and blockchain solutions at BBVA.

During a panel at the Web3 Corporate Innovation Day, Meyer said that the firm had observed that introducing a small portion of digital assets like Bitcoin or Ether is “greatly improving the performance” of investment portfolios:

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Salvadoran Basic Goods Basket Rose to Historic Highs in June

Fidelity’s Director of Global Macro Sees Bitcoin as ‘Exponential Gold’ on Store of Value Team

Fidelity’s Director of Global Macro Sees Bitcoin as ‘Exponential Gold’ on Store of Value TeamFidelity Investments’ Director of Global Macro sees bitcoin as “exponential gold” and “an aspiring player on the store of value team.” According to his analysis, bitcoin’s price is “driven primarily by the growth in its network, which is in turn driven by bitcoin’s unique scarcity feature, as well as the monetary and fiscal policy cycle, […]

Salvadoran Basic Goods Basket Rose to Historic Highs in June

Digital asset funds see biggest weekly outflow since March

According to data from a CoinShares report, weekly total outflows for digital asset funds hit $600 million on June 14.

Digital asset exchange-traded products and funds saw $600 million in outflows last week, marking the most significant outflows since March 22, a June 17 report revealed.

According to the latest CoinShares “Weekly Asset Fund Flows” report, the outflows were primarily from Bitcoin (BTC) investment vehicles, which experienced $621 million in weekly outflows. Conversely, short Bitcoin funds saw $1.8 million in weekly inflows.

The report pointed to a more hawkish-than-expected outlook from the Federal Reserve, which means maintaining high interest rates, as the likely culprit behind the capital flight from fixed-supply assets like Bitcoin.

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Salvadoran Basic Goods Basket Rose to Historic Highs in June

Decentralized ID is the next ‘killer’ Web3 use case: Cardano sustainability lead

Blockchain needs more non-speculative use cases to onboard the next billion mainstream users.

Decentralized identity (ID) solutions could be the next blockchain use case to onboard the next wave of mainstream adopters, according to Cardano’s sustainability lead.

Speaking during a panel discussion at the Web3 Corporate Innovation Day, Cardano’s Alexandre Maaza said blockchain technology still lacks robust use cases to attract the next generation of blockchain adopters.

However, the emergence of blockchain-based decentralized identity solutions could provide the next “killer” use case to attract millions of new users. Maaza said the Cardano Foundation believes that Web3 still lacks a “killer, scalable use case” that is relevant for businesses and people:

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Salvadoran Basic Goods Basket Rose to Historic Highs in June

Japanese Corporation Metaplanet Acquires More Bitcoin, Stock Price Soars

Japanese Corporation Metaplanet Acquires More Bitcoin, Stock Price SoarsMetaplanet, a publicly traded corporation on the Tokyo Stock Exchange, has announced an investment of 23.351 bitcoins, with an average purchase price of 10,706,180 yen per BTC, totaling 250 million yen ($1.6 million). The company now holds 141.0727 bitcoins, with an average purchase price of 10,278,391 yen per BTC, amounting to a total aggregated purchase […]

Salvadoran Basic Goods Basket Rose to Historic Highs in June

DeFi Technologies adopts Bitcoin treasury strategy

The publicly listed Canadian company announced the purchase of 110 BTC and repayment of $5 million in debt by its subsidiary, Valour.

DeFi Technologies, a publicly listed exchange-traded product (ETP) provider and venture capital firm, announced its decision to adopt Bitcoin (BTC) as the company’s primary treasury reserve asset.

In its monthly corporate report, the company also announced that its subsidiary, Valour, repaid $5 million in loans and currently has $607 million in assets under management as of May 31, 2024.

Following the announcement, the price of DeFi Technologies' shares rose on Canadian stock exchanges and U.S. over-the-counter (OTC) exchanges. Its shares are currently trading at around $1.57 on U.S. OTC exchanges, up from the previous session's trading range of $1.16 to $1.40.

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Salvadoran Basic Goods Basket Rose to Historic Highs in June

Franklin Templeton CEO says Bitcoin investment still in early phase

CEO Jenny Johnson believes institutions will deploy a second wave into Bitcoin funds and attract the truly big players.

Franklin Templeton CEO Jenny Johnson believes we are still in the early days of the Bitcoin (BTC) investment cycle, and that big institutional money has not yet been fully deployed into the asset class.

“This is really the first wave of the early adopters, and I think the next wave is the much bigger institutions,” Johnson told CNBC in a recent interview.

The CEO noted that institutional interest will continue to grow as previously apprehensive investors and fund managers become more comfortable with handling digital assets and their underlying technologies.

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Salvadoran Basic Goods Basket Rose to Historic Highs in June