Institutions flood crypto funds with record-breaking amounts as Bitcoin approaches ATH, another hedge fund billionaire Bitcoin sceptic has changed his tune, Robinhood is planning a $20bn IPO, France will impose mandatory cryptocurrency KYC laws and the world’s largest financial provider will launch its first crypto price index in 2021.
S&P dow jones to launch crypto index in 2021 [3 dec 2020]
Rocketing investor interest in cryptocurrency and a lack of reliable pricing data are the drivers behind one of the world’s largest financial providers, the S&P Dow Jones, launching its first cryptocurrency index in 2021. In a Thursday 3 December statement the organisation said the benchmark will be based on daily pricing information from New York blockchain data specialist Lukka. The S&P DJI said the cryptocurrency index would be the world’s first Fair Market Value-based pricing methodology for cryptoassets. Read more here.
billionaire ray dalio flips, calls bitcoin ‘alternative to gold’ [9 dec 2020]
Legendary hedge fund manager Ray Dalio has completed a spectacular U-turn on Bitcoin, calling the cryptocurrency an “interesting alternative” to gold. Dalio is the founder of Bridgewater Associates, the world’s largest hedge fund with $138bn in assets under management. Back in 2017, Dalio told CNBC “Bitcoin is a bubble. It is not an effective store of wealth.” He is just the latest ultra-wealthy sceptic to change his mind after 2020’s Bitcoin bull run. Read more here.
crypto-friendly robinhood hires goldman for $20bn+ IPO [9 dec 2020]
Crypto-friendly trading giant Robinhood has hired Goldman Sachs to help it put together one of the world’s largest ever IPOs, according to an exclusive Reuters report. Robinhood’s mobile-first, leverage-friendly rails have made it simple for people to trade crypto 24/7, and are behind one of the biggest retail Bitcoin booms in years.
Robinhood was valued at more than $11.7bn in its last private fundraising round in September 2020. But the IPO could be priced at more than $20bn when it debuts in 2021, according to sources. The public offering would value Robinhood higher than Facebook when the social media behemoth IPO’d in 2012. Read more here.
france to impose mandatory crypto KYC law [8 dec 2020]
The French government is on the verge of implementing new regulation that will track all crypto-to-crypto transactions with mandatory Know Your Customer (KYC) ID rules. According to TheBlock, industry sources say the country’s finance minister is ready to harden KYC rules for cryptocurrency firms, but also bring crypto-to-crypto exchanges under national regulation for the first time. Recent terror attacks on the country allegedly funded by cryptocurrency are said to be behind the stringent new laws. Read more here.
institutions break all-time crypto fund records [8 dec 2020]
Institutional investors have poured record-breaking amounts into crypto funds in recent weeks as Bitcoin nears fresh all time highs. Data from digital asset tracker Coinshares shows the world’s richest cryptocurrency funds saw inflows of $429m in the past seven days, a metric only beaten by the $468m recorded in mid-November. The sector jumped to an all time high of $15bn in assets under management for 2020, compared to just $2.5bn in 2019. Read more here.