We find the most important headlines in digital assets for the week and give you our take. This week’s themes were institutional adoption and regulation, here are your headlines for August 2nd, 2021:
GoldenTree, $45b Asset Manager, Is Buying Bitcoin
Synopsis: GoldenTree has been adding Bitcoin to its balance sheet as a diversifier for the broad mix of debt-focused strategies it has run for years, according to two sources with knowledge of the matter.
Theme: Institutional Adoption
Our Take: GoldenTree is one of the few institutions to hold the asset on their books as most banks and hedge funds gain exposure via futures.
Wealthfront to Offer Cryptocurrency Exposure to its Clients Via Grayscale
Synopsis: Wealthfront customers can now invest up to 10% of their portfolios into GBTC and ETHE by using the company’s platform.
Theme: Institutional Adoption
Our take: While this does not give Wealthfront’s customers direct exposure it gives curious investors an opportunity to invest.
How the Proposed Crypto Tax Rules Miss the Mark
Synopsis: A late addition to the infrastructure bill moving through Congress would impose impossible reporting requirements on miners and wallets.
Theme: Cryptocurrency Regulation
Our take: Digital Asset markets are very different from traditional financial markets, any attempt to regulate them in similar ways will cause chaos. We strongly believe that sensible, informed regulation will be a good thing for the industry in the long run as long as it takes into account the unique topology of digital asset markets.
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