📌 Hedge Funds Short Crypto, Kik Fights SEC, and XRP Overstated?

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Crypto Startup Polkadot Seeking New Token Sale Above $1B Valuation

Slotted to launch in Q3 2019, Polkadot, the brainchild of Ethereum (ETH) co-founder Gavin Wood, is looking to raise $60 million through a token sale, at a market cap of an estimated $1.2 billion.

 

Fidelity Planning March Launch of Bitcoin Custody Service

After BTC ETF hopes were diminished last week, and while updates on Bakkt have fallen stagnant as of late… the next remaining Q1 “mainstream” catalyst so to speak now lies within the hands of the worlds largest asset manager – Fidelity.

The financial giants’ initial announcement in October marked a clear indication of the desire from family offices, hedge funds, and other financial sophistos to begin investing in the space.

But, the latest rumblings from Fidelity show that they won’t be ready to start rolling out their safeguard custody services until March.

 

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DEEP DIVE


Short Strategy Helped Multicoin Capital & Genesis Global Post Solid 2018 Results

An inaugural letter from Multicoin Capital, the popular crypto hedge fund, was just leaked showing that the fund held up well despite a brutal 2018 market. For those interested, it entails a hefty batch of market analysis, new year outlooks, and portfolio performance data.

Here are the interesting tidbits, courtesy of The Block:

  • Multicoin Capital returned -32.9% in 2018, while bitcoin and the Hold 10 Index returned -73.6% and -79.2%, respectively
  • EOS was Multicoin’s single largest “big loss” in 2018
  • Multicoin’s relative success was bolstered by short positions in LTCETC and XRP

Similarly to Multicoin’s successful short positions, Genesis Global Capital recently announced that they originated $1.1 billion in cryptocurrency loans last year as a result of interest from short sellers looking to profit from Bitcoin’s bear market.

As we move into 2019 it should be interesting to see when and where these sorts of things leak – and what, ultimately, they will say about today’s bear market.

 

Despite It’s Dive, Former Soviet Republic is Still Betting Big on Bitcoin

Bitcoin technology company, Bitfury, is churning out millions of dollars’ worth of the digital money after Georgia provided the company with land and cheap electricity.

Utilizing ultracheap hydropower, harvested from waters rushing down the volcanic peaks of the Caucasus, thousands of Georgians have jumped into the game and sold cars — even cows — to buy high-powered computers to mine Bitcoin and join what has become a state-supported dash toward data supremacy… even as the currency has tumbled in value.

When it comes to geopolitics in today’s world, all you need is a first mover and then the race begins. Also, shout out to Nic Carter for calling this narrative back in April.

 

XRP Market Cap May Be $6.1 Billion Overstated

While we are still questionable about Ripple, we are a big proponent of transparency. And nothing gets juicier than an established research company (Messari Capital) calling out XRP’s supply, suggesting the tokens market cap could be over-inflated by more than $6B!

 

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REGULATORY FRONT


Kik Plans to Fight SEC Over $100M ICO

A Canadian social-media startup is gearing up to challenge Washington’s ability to regulate the fledgling cryptocurrency industry.

Social-media startup Kik Interactive Inc., plans to fight an expected enforcement action from the SEC over a 2017 initial coin online offering, Chief Executive Ted Livingston told The Wall Street Journal, setting the stage for a legal battle that could have broad ramifications for the digital-currency market.

 

Against Szabo’s Law, For a New Crypto Legal System

Here’s an ultra controversial piece by Vlad Zamfir advocating for “a new crypto legal system,” that surely sent crypto twitter into a whirlwind of governance hot takes. (TLDR for you, plus Vitalik’s response)

 

🇮🇷 How Bitcoin Could Help Iran Undermine U.S. Sanctions

Iran’s economy has been hobbled by banking sanctions that effectively stop foreign companies from doing business in the country. But transactions in Bitcoin that are difficult to trace, could allow Iranians to make international payments while bypassing American restrictions.

 

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