Happy 10 Year Anniversary Bitcoin!
Morgan Stanley Releases Report that Labels Cryptocurrencies as a New Institutional Asset Class
Another day, another institutional push for the mainstream usage of cryptocurrencies. Morgan Stanley has published a report stating the transformation of Bitcoin and other digital assets as not just “digital cash”, but now an entire investment class. The report states the amount of crypto assets under management by hedge funds, venture capital firms, and private equity firms are now well over $7 billion.
Ron Paul Advocates for Tax-Free Capital Gains on Cryptocurrency
Retired politician Ron Paul is calling for tax exemptions on cryptocurrency gains. Ron Paul has been an advocate for the crypto community and historically criticized the central bank.
The first steps are passing the Audit the Fed bill, allowing people to use alternative currencies, and exempting all transactions in precious metals and cryptocurrencies from capital gains taxes and other taxes.
– Ron Paul, former Texas U.S. Representative
Nexon Acquires Bitstamp
Korean gaming company, Nexon, has made its 2nd cryptocurrency exchange acquisition (after acquiring Korean exchange Korbit this past summer). Nexon now owns 80% of Bitstamp, at a reported $400 million valuation. Founded in 2011, Bitstamp is one of the oldest cryptocurrency exchanges.
Coinbase Now Valued at $8 Billion
Coinbase has raised $300 million on a $8 billion valuation to expand its operations and “accelerate the adoption of cryptocurrencies”. Investors include notable Silicon Valley players such as Andreessen Horowitz and Y Combinator.
The money will be used to for global expansion, building the infrastructure to support more token listings, and creating products to support institutional money.
Binance Launches in Uganda and Signs Up 40,000 Users
Binance has expanded its trading operations to Uganda. After opening its Uganda branch, Binance registered 40,000 users from the country. Trading pairs offered include Ugandan Shillings, Bitcoin and Ethereum.