Business

A Revealing Conversation with Mr. Wonderful, Sept. 7-13 April 2022

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The last seven days have reminded me how fortunate I am to have had a career in the Bitcoin (BTC) and cryptocurrency industry. Cointelegraph sent a group of reporters to the Bitcoin conference in Miami, where we had to engage with billionaires, business leaders, and hedge fund managers. I was privileged to sit down with Canadian businessman and Shark Tank star Kevin O’Leary, who actually revealed most of his crypto portfolio.

I also got to interview Bloomberg’s chief commodity strategist, Mike McGlone, who sheds light on crypto market volatility, and Morgan Creek Capital’s Mark Yusko. Yusko and I were laughing about traditional 60/40 portfolio strategies, and I had to ask him an odd question: who in their right mind is buying bonds today?

This week’s Crypto Biz brings you a nice roundup of Bitcoin 2022 along with the latest funding and economic news from the world of blockchain.

See also: Bitcoin 2022 Miami: Conference Recap and Main Topics

Mr. Wonderful Kevin O’Leary reveals his top crypto picks

Kevin O’Leary made it clear to Cointelegraph last week that Bitcoin and crypto are the future. There was so much I wanted to ask Mr. Wonderful, but I decided to keep it as brief as possible since his entourage was hovering behind the set. O’Leary said at the Bitcoin conference in Miami that BTC mining can actually save the world by incentivizing green energy production. I decided to put him to the test on the matter by asking him for more concrete examples. I also asked him about stablecoin regulations, institutional appetite for digital assets, and of course his current crypto portfolio (you may be surprised by the answer).

BlackRock joins stablecoin issuer Circle’s $400 million funding round

Pay attention to what they do, not what they say. New York-based hedge fund manager BlackRock has lined up behind stablecoin issuer Circle, leaving little doubt about its intentions to enter the crypto space. BlackRock, along with several other companies, is backing Circle’s $400 million funding round, which is expected to close later this quarter. In February of this year, Circle officially minted its 50 billionth USD coin (USDC), giving the company a nearly 30% share of the stablecoin market. BlackRock wants to get in on the action, likely because it recognizes the huge potential of stablecoins in maintaining the U.S. dollar’s ​​global hegemony. The wealth manager has also been working behind the scenes to expand its presence in the digital assets space.

Pantera closes blockchain fund shortly after raising $1.3 billion – double target

Cryptocurrency hedge fund manager Pantera Capital is about to shut down a massive $1.3 billion mutual fund dedicated to early-stage blockchain startups — and you still believe this crypto thing is a passing fad ? The capital raise is more than double the $600 million Pantera originally pledged in May of last year, right around the time altcoins were hitting record highs. Almost a year later, and with crypto prices faltering relative to expectations, one would expect institutional appetite for crypto to have waned. Not so. Smart Money is actively looking for the next big crypto and blockchain games. They don’t care about short-term price movements.

See also: a16z’s Chris Dixon tops the ‘Midas list’ by turning $350 million into $6 billion in 2021

MetaMask expands the institutional offering by integrating new crypto custodians

Decentralized Autonomous Organizations (DAOs) are finally getting the tools to participate in the broader crypto economy. This week, leading wallet and browser extension MetaMask announced a strategic partnership with four crypto custodians – Gnosis Safe, Hex Trust, GK8 and Parfin – to provide DAOs and institutional clients with access to various decentralized finance (DeFi) and Web3 – enable activities. For institutions, custodians and custodians play a critical role in storing private keys and facilitating transaction approvals, making MetaMask’s new offering a potential boon to adoption. Have we finally found a gold standard for DeFi integration? Only time can tell.

Don’t miss it!

With inflation making headlines again, Mark Yusko reminds us that price increases are not the real problem. “It’s not inflation. This is currency devaluation,” Yusko said in an exclusive interview with Cointelegraph at Bitcoin 2022. The Morgan Creek Capital founder went on to explain the Federal Reserve’s role in eroding your purchasing power. I was also asked about his bitcoin price prospects and whether a 60/40 portfolio strategy is still viable. You can watch the full interview below.

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