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This Week in Crypto...

June 6, 2021
On Monday, Bloomberg released an article questioning if Ether would take over Bitcoin in market value, citing multiple sources that agree it will.

The SEC was denied access to the memos from Ripple's meetings with their lawyers. 

On Tuesday,

Coinbase Pro announced it is listing Dogecoin. 

Goldman Sachs's global head of commodities, Jeff Currie, described Bitcoin as a substitute for copper as opposed to gold.

"Digital currencies are not substitutes for gold. If anything, they would be a substitute for copper, they are pro-risk, risk-on assets. They are a substitute for risk-on inflation hedges, not risk-off inflation hedges"

On Wednesday, 

The Financial Planning Association released a report that states: 

“More than a quarter (26 percent) of advisors indicated in the 2021 survey plan to increase their use/recommendation of cryptocurrencies over the next 12 months.”

On Thursday, 

The Bank of Ghana announced it is preparing to roll out its CBDC pilot program. They are aiming to be the first African country to do so. 

The CEOs of Russia's two most powerful banks, Sberbank and VTB, both revealed they believe Bitcoin is like "making fake money" and that despite low profitability, traditional forms of investment are the most reliable instruments to use.

On Friday, 

Charity: water, a nonprofit that provides clean water to underdeveloped countries, established a Bitcoin trust in order to accept crypto donations. Its founder and CEO, Scott Harrison, said: 

“By establishing this trust, we aim to harness the transformational power of this generational digital technology to make a lasting social impact, and in the process to provide a potential model for other charities who are working to do the same.”

Square Inc will be investing $5 million in a solar-powered Bitcoin mining facility. Chris Cook, Chief Information Officer, revealed: 

“Ultimately, we hope to demonstrate how Bitcoin mining in conjunction with renewable energy can help drive the clean energy transition.”


For more information on these stories, visit: 
https://www.bloomberg.com/news/articles/2021-05-31/crypto-shakeout-stirs-debate-on-ether-s-shot-at-usurping-bitcoin
https://storage.courtlistener.com/recap/gov.uscourts.nysd.551082/gov.uscourts.nysd.551082.210.0.pdf
https://twitter.com/CoinbasePro/status/1399804765534572550
https://www.cnbc.com/2021/06/01/why-goldmans-top-commodity-analyst-sees-copper-as-an-alternative-to-crypto.html
https://www.financialplanningassociation.org/sites/default/files/2021-06/2021-Trends-in-Investing-Report-FIN.pdf
https://cointelegraph.com/news/ghana-gearing-for-central-bank-digital-currency-pilot
https://www.ntv.ru/novosti/2560701/
https://blockstream.com/2021/06/05/en-blockstream-and-square-inc-join-forces-for-solar-powered-bitcoin-mining/ 

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