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Top 5 Crypto News of the Week

Photo of: Joseph Stone
by Joseph Stone

Fidelity Investments demonstrates the value of a portfolio with Bitcoin

Decidedly, more and more large institutional and private players are entering the world of cryptocurrencies in general and Bitcoin in particular. After Microstrategy which has invested more than 400 million dollars in BTC and Square, the company of Twitter’s CEO who invested 50 million dollars in Bitcoin, here is another strong signal that was sent this week. Financial giant Fidelity Investments, which manages several trillion dollars of funds, has just released a detailed report considering Bitcoin as an alternative investment option. The study reviews the various advantages (quantitative and qualitative) of incorporating Bitcoin into a portfolio and has carried out various simulations over several years allocating different percentages of Bitcoin of 0%, 1%, 2% and 3% to a portfolio. Their analysis showed that the annualized returns of portfolios with an increasing allocation of Bitcoin outperformed a portfolio without Bitcoin. It is therefore more interesting to have Bitcoin in one’s portfolio despite the volatility which remains lower than the increase in returns.

Users of the future digital yuan made 50,000 payments

Not a week or so goes by without someone telling you about China and its central bank digital currency. It should be said that the country has started the test phase in the district of Luohu in particular where 50,000 transactions have been made recently with an average of 30 dollars for each. Thanks to a giveaway, some Chinese were able to test the services thanks to a portfolio managed by four banks, which gave them access to digital yuans. The wallets are equipped with QR codes that allow recipients to pay at 3,389 participating outlets such as shopping malls, bookstores and pharmacies.

G7 keeps Facebook’s Libra at a distance and is working on its own CBDC

The G7 has indicated that the Libra, Facebook’s stablecoin, cannot be launched until it is properly regulated. But what is true for Zuckerberg’s site is also true for others. “No global stablecoin project should be implemented until it meets legal and regulatory requirements,” the G7 members said. This group, which includes the United States, Canada, Japan, Germany, France, Italy and Great Britain, is also exploring digital currencies for central banks (CBDCs). According to a preliminary document retrieved by the Reuters agency, the G7 would have indicated in this document that digital payments could improve access to financial services, reduce inefficiencies and lower costs.

A Bitcoin cruise

If you own Bitcoin and are looking to spend some of it, you may be able to do so by participating in a cruise. The Panamanian company Ocean Builders is preparing to convert a ship built in 1991 to use it for crypto-cruises. On the ship, stores, restaurants and all services will obviously accept Bitcoin (BTC). The ship, which has been renamed Satoshi in honor of the creator of Bitcoin, Satoshi Nakamono, will have 777 cabins and will make Panama, a very crypto-friendly country, its home port.

Kate Winslet joins the OneCoin crypto scam movie cast

British star Kate Winslet is said to have joined the cast of Fake!, a film in development that will tell the story of the OneCoin ponzi scam. The film would be directed by Scott Z. Burns, who wrote the screenplay for The Laundromat, the 2019 film about the Panama Papers scandal. As a reminder, according to U.S. prosecutors, the OneCoin scam could be worth up to $4 billion and there are 3 million victims worldwide. The scammers who set up this system guaranteed returns of up to 300% thanks to the OneCoin which was presented as a legitimate cryptocurrencies. Fortune magazine speculated that OneCoin may have reaped more than the $19.4 billion that Bernie Maddoff collected from his victims up until 2008. The question is whether it will make a good movie.