Bitcoin cannot be compared to gold, and Morgan Stanley may acquire a stake in Bithumb
CoinShares believes that bitcoin cannot be compared to gold
BTC does not need to be compared to gold due to the fact that these two assets have nothing in common. This statement was made by the Chief Strategy Officer at CoinShares Meltem Demirors. She previously served on the board of directors of the Stacks Foundation, which develops the Stacks (formerly Blockstack) network.
According to Demirors, the network will allow unleashing the full potential of the BTC blockchain, on the basis of which existing dApps can work and new ones develop. It is for this reason that bitcoin should not be considered “digital gold”.
“Gold is a shiny stone, which is not the case with Bitcoin. Bitcoin is not a stone. All we do with gold today is we take bars and shove them in a vault. The point of Bitcoin is not to take it and shove it in a vault. What we’re going through with Bitcoin is sort of this exploration of what else is possible,” said the Chief Strategy Officer at CoinShares.
Morgan Stanley may acquire a stake in Bithumb
The well-known investment bank Morgan Stanley may become a co-owner of the Bithumb cryptocurrency exchange. The South Korean edition of Naver News writes about this. According to media reports, the American bank may pay about $44 billion for a stake in Bithumb.
In 2020, Bithumb came to the attention of regulators and the South Korean police. Several searches were carried out in the offices of the exchange, after which information emerged that the owners of the platform were searching for buyers of Bithumb.
Also, the media previously wrote that the parent company of the game developer Nexon could acquire the crypto exchange, but due to “slow and difficult” negotiations, the deal did not take place. Later it was reported that JP Morgan and CME Group are considering the option of acquiring control over Bithumb.
Deutsche Bank analysts consider BTC “too important to ignore”
Deutsche Bank analysts are confident that bitcoin will continue to grow and this will attract new large investors. Experts consider BTC “too important to ignore”.
One of the latest reports from Deutsche Bank says that the capitalization of the first cryptocurrency is 102% yen in circulation, 65% euros, 53% dollars and 904% pounds.
And the daily circulating BTC is 0.05% of the yen and 0.06% of the volume of pounds.
Analysts estimate the share of payment transactions using BTC at less than 30%. The remaining 70% are financial investments. Deutsche Bank believes that several large transactions can significantly affect the supply and demand of the first cryptocurrency.