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Weekly Bitcoin news roundup!

Photo of: Joseph Stone
by Joseph Stone

The price of Bitcoin breaks all records

Bitcoin finishes the year breaking all records. On Wednesday, December 16, it surpassed its all-time high, its ATH, by well over $20,000 to reach over $23,500 the next day. At the time of writing he is at $22,500. It is always very difficult to explain Bitcoin’s movements because there are many factors that can influence its price. Having said that, for several months now we have seen the arrival of large institutional players, hedge funds and even banks that were until recently “anti-Bitcoin”. The mother of cryptocurrencies is now considered as an asset in its own right. We are going to watch 2021 with a lot of attention…

BitPay, a company specializing in cryptocurrencies, wants to create its own bank

The company, which specializes in BitPay cryptocurrencies payments, has filed an application with the OCC, which is the main American banking regulator, to create a national bank: BitPay National Trust Bank. This initiative is the latest example of a crypto company seeking to create a banking institution. It should also be noted that Kraken is in the process of creating a bank in Wyoming, a state that is also home to another crypto banking company, Avanti.
The merger between the world of cryptocurrencies and traditional finance is underway.

Insurance companies potentially represent 600 billion dollars for Bitcoin

If pension funds and insurance companies in the United States, the Eurozone, the United Kingdom and Japan were to allocate even one percent of their assets to Bitcoin (BTC), this would result in a demand of $600 billion for BTC. This was the conclusion reached by J.P. Morgan’s bank strategists. As we talk about very often here, more and more traditional big players are investing in Bitcoin and insurance companies are no exception. In fact, last week, Massachusetts Mutual Life Insurance purchased $100 million worth of Bitcoin and added it to its general investment fund. Chances are its competitors will follow suit in the coming months.

PayPal takes another step towards cryptocurrencies and invests in Paxos

The online payment giant PayPal, which launched a few weeks ago its cryptocurrencies buying and selling services for its US customers, took another step towards cryptocurrencies this week by participating in a 142 million USD investment round to help the blockchain platform Paxos increase its total funding to 240 million USD. PayPal made this investment through its PayPal Ventures arm. The company will make its cryptos services available to its 250 million customers by 2021.

Mexico’s largest university launches a course on cryptocurrencies and the blockchain

The largest and most prestigious university in Latin America, the National Autonomous University of Mexico (UNAM), which is based in Mexico City, will launch a financial engineering course with modules covering topics such as cryptocurrencies and blockchain technology. According to the media Criptonoticias, the course will allow students to study the use of cryptocurrencies and blockchains directly related to financial markets. This course is the fruit of the imagination of several distinct departments of the UNAM, namely the Faculty of Engineering, the Faculty of Science, Law and Graduate Studies.