Add news
March 2010
April 2010
May 2010June 2010July 2010
August 2010
September 2010October 2010
November 2010
December 2010
January 2011
February 2011March 2011April 2011May 2011June 2011July 2011August 2011September 2011October 2011November 2011December 2011January 2012February 2012March 2012April 2012May 2012June 2012July 2012August 2012September 2012October 2012November 2012December 2012January 2013February 2013March 2013April 2013May 2013June 2013July 2013August 2013September 2013October 2013November 2013December 2013January 2014February 2014March 2014April 2014May 2014June 2014July 2014August 2014September 2014October 2014November 2014December 2014January 2015February 2015March 2015April 2015May 2015June 2015July 2015August 2015September 2015October 2015November 2015December 2015January 2016February 2016March 2016April 2016May 2016June 2016July 2016August 2016September 2016October 2016November 2016December 2016January 2017February 2017March 2017April 2017May 2017June 2017July 2017August 2017September 2017October 2017November 2017December 2017January 2018February 2018March 2018April 2018May 2018June 2018July 2018August 2018September 2018October 2018November 2018December 2018January 2019February 2019March 2019April 2019May 2019June 2019July 2019August 2019September 2019October 2019November 2019December 2019January 2020February 2020March 2020April 2020May 2020June 2020July 2020August 2020September 2020October 2020November 2020December 2020January 2021
News Every Day |

Bitcoin Daily: Grayscale CEO Says Pension, Endowment Funds Driving Bitcoin Rally; NYC Bar Owner Selling Two Locales For Bitcoin

Grayscale Investments CEO Michael Sonnenshein told Bloomberg that the digital asset management firm has seen increased crypto investments from pension funds and endowments, driving digital asset growth and acceptance.

Grayscale’s 10 funds hold investor’s cryptocurrency shares in an unredeemable capacity, which can only be sold in the secondary market. This increases its scarcity and drives up its price, Sonnenshein said, per Bloomberg.

“This is a verifiable scarce asset and so when there are mechanisms that are removing them from circulation, that’s inherently making it an even scarcer asset,” said Sonnenshein, according to Bloomberg.

Grayscale’s funds manage $25 billion in digital assets, a dramatic increase from the $2 billion held a year ago, the report stated.

In other news, a bar owner in New York has put his two Hell’s Kitchen establishments up for sale — in exchange for cryptocurrency, New York Post reported.

Patrick Hughes is asking for 25 Bitcoins or 800 Ethereum tokens for Hellcat Annie’s and Scruffy Duffy’s. The deal, equivalent to about $875,000, would be the first restaurant sale in the U.S. to be paid for completely in cryptocurrency.

“I’m not aware of any other bars or restaurants that have been sold for crypto only,” Charles Cascarilla, CEO of Paxos Trust Company, told the Post. “But more and more people look at crypto as a monetary instrument. We’re really at a tipping point of its acceptance.”

Hughes said he sees cryptocurrency as a viable alternative to the dollar, owing to its digital, decentralized nature.

“Crypto is on fire, it’s a hot currency,” said Hughes, 56, according to the Post. “... The next crisis, you won’t have to run out and buy toilet paper. You can just use your dollars instead.”

Meanwhile, bitcoin rose to a new high on Friday, hitting $41,530, reported Reuters.

“Violent” inflationary market price movements have helped push bitcoin’s recent rally, said Reuters, citing Bank of America investment strategists, who also cautioned its bubble potential, saying it “blows-the-doors-off prior bubbles” of gold in the 1970s and the dotcom bubble in the 1990s.

As of 6:08 p.m. Eastern time on Sunday (Jan. 10) bitcoin sat at $38,398.137.

Read also

Made’s Winter sale: up to 40% off sofas, tables, beds and more

Former Trump administration official says president should face charges for inciting insurrection

Damning list shows all the campaign promises Trump broke as he leaves office

News, articles, comments, with a minute-by-minute update, now on — latest news 24/7. You can add your news instantly now — here