 QUOTE OF THE DAY  |
| "There's no reason to be the richest man in the cemetery. You can't do any business from there." - Colonel Sanders |
Happy Tuesday! Well, that institutional money seems to finally be coming now with Coinbase launching their custody service. Who's ready for a moon market?
Cheers,
Blockchain Brew Team
| COIN | PRICE | 24H |
|
| BTC | $6,591.29 | +1.33% |
|
| ETH | $469.197 | +1.34% |
|
| XRP | $0.4929 | +5.29% |
|
| BCH | $772.471 | +1.6% |
|
| EOS | $8.94318 | +6.35% |
|
*Information as of 9:30 AM EST
Coinbase Custody Goes Live, Institutional Money to Flow In
OFFICIAL LAUNCH
- Yesterday, markets rallied amid the news that Coinbase has launched its custody service
- The official announcement stated that the service accepted its first deposit last week
- So far, Coinbase holds over $20 billion customers' crypto funds but hopes that Coinbase Custody will add another $10 billion held in the short term
- Keeping cryptocurrencies safe from hackers has been one of the many hurdles that hedge funds and other large investors have faced and has discouraged crypto investment
By offering a custody service, Coinbase hopes to secure large investors funds and welcome an entire new realm of investors to the market:
"Coinbase Custody’s mission is to make digital currency investment accessible to every eligible financial institution and hedge fund in the world. We’ll achieve this by striving to become the most trusted and easiest-to-use crypto custody service available."
NEW WAVE?
- Many have fantasized about institutional investors joining the market and buying up tons of cryptocurrencies to push the market to new all time highs
- Though Coinbase Custody won't achieve this task alone, it is certainly a step in the right direction
- By moving into the world of Wall Street through Coinbase Custody, its new index fund, and its recent acquisition of a SEC-regulated broker, Coinbase is pioneering the charge to reel in the big investors
- In the end, a new wave of institutional investors joining the market will take time as regulations become more clear and as the cryptocurrency markets mature
Switzerland's Crypto Valley, Zug, Completed a Successful Blockchain Voting Trial
CRYPTO VALLEY'S TRIAL
- On June 11th, CoinDesk reported that Zug was planning to conduct a blockchain-based voting trial using Ethereum-based IDs
- From June 25th to July 1st, the trial ran and successfully stored polling information and voter identification in the system
- Though the votes were not counted and were simply used for experimental purposes, the success of the trial shows a promising future for blockchain-based voting systems
WHY BLOCKCHAIN-BASED VOTING?
- Blockchain-based voting has primarily two benefits that make it a must for elections: transparency and efficiency
- By utilizing a distributed ledger, votes can be efficiently recorded and stored on the blockchain in a transparent and immutable way
- Using a blockchain-based voting system would potentially eliminate election fraud as well
POPULAR USE CASE
- Blockchain-based voting has been a popular use case for the relatively new technology as it has been tested by Santander, Moscow's municipal government, West Virginia's government, and more
- Noticing this trend, in the future, digital elections using blockchain-based systems will likely be the norm
Hyperbitcoinization: The Price of Bitcoin If All Fiat Was Transferred
$223,186.19
- Yesterday, in a Twitter thread, Bitcoin enthusiast @Beautyon calculated the price of Bitcoin when it would reach "extinguishing capacity" - meaning all the fiat in circulation has been transferred to Bitcoin
- Using figures provided by Wikipedia for 2016, @Beautyon found that there is $4,687 billion of fiat in circulation
- Using $4,687 billion as the total market cap of Bitcoin in the event of hyperbitcoinization, each Bitcoin would have a value of $223,186.19
WON'T STOP THERE
- If hyperbitcoinization were to happen, that would only account for the M1 money supply or rather, all the current circulating fiat
- The price of $223,186.19 does not account for the M2 and M3 money supply or rather, assets that can easily be converted into currency quickly like a money market fund
- Accounting for M1, M2, and M3 would raise Bitcoin's price significantly higher to over $5 million according to Adam Back, CEO of Blockstream.com
TAKEAWAY
- Though these are scenarios that won't happen any time soon, it is interesting to understand the price potential that Bitcoin has if it achieves mass adoption
- Xiaomi Denies Authorization of ICO Token That Pegs to Its IPO
- Shapeshift CEO Defeats Peter Schiff in Bitcoin Debate
- Japanese Man Sentenced to Jail for Cryptojacking
Dash (DASH)
"The upgrade will include a new devnets feature to enable the creation of multiple independent devnets. "
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