What has been happening around Blockchain Technology and Cryptocurrencies this week? The most relevant local and international developments as well as appealing background reports in a pointed and compact way in retrospect in our weekly review.
The beginnings of a broader distribution of digital central bank money (CBDC) are now being made in China. To promote the digital yuan, the Chinese city of Shenzhen will give 10 million yuan ($1.5 million) as a public promotional gift to its 50,000 inhabitants. The project is supported by the People’s Bank of China. The project is part of the digital yuan pilot program that is being implemented in several major cities in China, including Shenzhen, Guangzhou, Hong Kong and Macau. The city aims to increase the use of the new state-supported digital currency. The giveaway of the digital yuan is carried out through a lottery in the city district of Luohu in Shenzhen. China is thereby taking the lead in introducing a digital, central bank backed currency.
Is there an emerging trend for companies to invest in Bitcoin? In addition to the business intelligence firm Micro-Strategy, the financial services provider Square as well as Fidelity Digital Assets, the subsidiary of one of the largest asset managers in the world, the U.S. asset manager Stone Ridge Asset Management reported that it acquired 10,000 Bitcoins worth $115 million. The reasoning of the decision makers is consistent: From an investment perspective, Bitcoin is said to have a higher preservation of value than cash.
The existence of a steady flow into digital assets is also confirmed by the latest Grayscale quarterly report. The world’s largest digital asset manager, Grayscale Investments, has seen another quarterly record inflow with over $1 billion in new investments. The Grayscale Bitcoin Trust continues to dominate the quarter, accounting for approximately 70% of the inflow. However, demand for Altcoins such as Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and XRP is also on the rise.
A closer look at the cryptomarkets of the past 30 days reveals a returning Bitcoin dominance. Although individual Altcoins could continue their increase in value, the broad segment was left behind. Trading volume remained on a relatively high level and the futures bases established premiums.
Furthermore: Karen Wendt and Joan Graci explain in detail the importance of Emotional Intelligence. They believe that corporate growth is almost impossible without it. They also assure success in implementing mixed teams at the top of companies.
Selected articles in the weekly review:
The Chinese government is promoting its digital central bank currency CBDC with a promotional gift to residents of the metropolis of Shenzen.
The asset manager Stone Ridge announced that it had invested USD 115 million in Bitcoin. Similar to MicroStrategy, this investment is part of the company’s treasury strategy. Is a new trend emerging?
The largest digital asset manager, Grayscale Investments, recorded a turnover of dollar, another record quarter of inflows.
Over the last 30 days a clear shift in the different sectors of the crypto market could be observed. Bitcoin dominated the Altcoins. A detailed analysis by Patrick Heusser.
Karen Wendt and Joan Graci on the success factors for company growth.