Fast Fact #1: The Department of Defense engages in wargames based on rebellions relying on bitcoin.
Fast Fact #2: The U.S. Marine Corps has prohibited Marines from using their mobile devices to mine for bitcoin.
Fast Fact #3: The Red Cross accepts charitable donations in bitcoin.
Fast Fact #4: The Federal Election Commission allows political contributions in Bitcoin.
Fast Fact #5: The Office of the Comptroller of the Currency says national savings banks and federal savings associations can custody bitcoin for bank customers.
Fast Fact #6: Ohio lets businesses pay taxes in bitcoin.
Fast Fact #7: Congressman Tom Emmer of Minnesota said, “Bitcoin isn’t going away. It will continue to become more and more important. You just watch, it has value, when something has value, people are going to take risks and it’s going to advance. I think we’re just moving into that next phase, which is why crypto, the area, excites me.”
Fast Fact #7: Wyoming gave crypto exchange company Kraken a bank charter that’s recognized under federal and state law, making it the first regulated U.S. bank to provide comprehensive deposit-taking, custody and fiduciary services for digital assets. Customers can bank seamlessly between digital assets and national currencies. They can pay bills and receive salaries in bitcoin, and incorporate bitcoin into their investment and trading portfolios.
Fast Fact #8: Former Acting White House Chief of Staff Mick Mulvaney joined the board of the Chamber of Digital Commerce. Visa and Goldman Sachs are joining its Executive Committee. Other board members include Chris Giancarlo, former chair of the Commodity Futures Trading Commission, and Blythe Masters, former head of global commodities at J.P. Morgan.
Fast Fact #9: The European Union unveiled an initiative to establish the most world’s most comprehensive rules for bitcoin, allowing its use while offering consumer protections.
Fast Fact #10: The IRS has revised Form 1040; the first question is now: “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”
Fast Fact #11: Bitcoin’s use as a payment system ($1.3 trillion annual transaction volume) exceeds that of Discover ($200 billion) and PayPal ($600 billion). (Source: ArkInvest)
Fast Fact #12: Visa says: “Digital currencies have the potential to extend the value of digital payments to a greater number of people and places. As such, we want to help shape and support the role they play in the future of money. We want to provide a bridge between digital currencies and our existing global network of 61 million merchants.”
Fast Fact #13: Mastercard says digital asset companies can use its network to issue credit cards based on bitcoin, saying, “The currency market continues to mature, and Mastercard is driving it forward, creating safe and secure experiences for consumers and businesses in today’s digital economy.”
Fast Fact #14: PayPal now allows its 325 million users make purchases via bitcoin and use it with the 24 million merchants on its platform.
Fast Fact #15: The Association of Governing Boards of Universities and Colleges wrote says bitcoin may produce the world’s first trillionaires in the next decade.
Fast Fact #16: The university endowments of Harvard, Yale, MIT, Stanford, Dartmouth, UNC and others all own digital assets.
Fast Fact #17: Renaissance Technologies, one of the largest hedge funds in the world, revised its Form ADV so it can engage in bitcoin futures transactions.
Fast Fact #18: Hedge fund manager Paul Tudor Jones says has placed almost 2% of his assets in bitcoin, saying bitcoin might “end up being the best performer” in his portfolio.
Fast Fact #19: A report by JPMorgan Chase says the performance of bitcoin during the Covid-19 crisis suggests it has “longevity as an asset class.”
Fast Fact #20: MicroStrategy has invested $425 million in bitcoin as a “capital allocation strategy.”
Fast Fact #21: 94% of asset managers hold digital assets (State Street Global)
Fast Fact #22: Former Prudential Securities Chairman George Ball says bitcoin or other digital assets are “very attractive” and predicted that many people will soon invest in this asset class.
Fast Fact #23: Coinbase has more account holders than Schwab: 35 million vs. 14 million.
Fast Fact #24: The top 5 stock holdings of Millennials are (in order) Amazon, Apple, Tesla, Facebook and the Grayscale Bitcoin Trust. Millennials own more bitcoin than they own stock in Berkshire Hathaway, Disney, Netflix, Microsoft or Alibaba. (Schwab)
Fast Fact #25: In Q2 2020, Signature Bank received $1 billion in deposits of bitcoin.
Fast Fact #26: 5% of Americans own bitcoin (Global Blockchain Council)
Fast Fact #27: Fidelity has launched the Wise Origin Bitcoin Index Fund, a bitcoin index fund for wealthy investors. Fidelity CEO Abby Johnson says, “Our goal is to make digitally-native assets, such as bitcoin, more accessible to investors.”
Fast Fact #28: Bitcoin’s global market cap is a fraction of other asset classes – only $180 billion, compared to $230 trillion for real estate, $86 trillion for bonds, $68 trillion for stocks, $17 trillion for art and $9 trillion for gold (Fundstrat)
Fast Fact #29: Bitcoin is the best-performing asset since its inception, and for the past 1-year, 3-year, 5-year and 10-year periods as of October 2020 (OffTheChainCapital)
Fast Fact #30: J.P. Morgan says “the potential long-term upside for bitcoin is considerable if it competes more intensely with gold as an “alternative” currency” noting that bitcoin’s market cap would rise 10x to match private sector investment in gold ETFs, bars and coins. “Even a modest crowding out of gold as an alternative currency would imply doubling or tripling of the bitcoin price.”
Fast Fact #31: Square bought $50 million of bitcoin, 1% of its assets.
Fast Fact #32: Fidelity released a 40-page Bitcoin Investment Thesis: Bitcoin’s Role as an Alternative Investment. “Bitcoin is a unique investable asset with compelling differences relative to traditional asset classes.”
Fast Fact #33: Ark Investments says Bitcoin’s market cap, currently $200 billion, and will be between $1 trillion and $5 trillion within the next five to ten years. That’s as much as a 2500% gain, or 250% per year.
Fast Fact #34: Coinbase now offers “instant” withdrawals via Visa debit card or Mastercard credit card. You can convert your bitcoin into dollars everywhere Visa is accepted, for a 1.5% fee.
Fast Fact #35: AICPA has released a 40-page set of guidelines for accountants: Accounting for and Auditing of Digital Assets.
Fast Fact #36: JP Morgan released a report saying bitcoin demand is rising among institutional investors, asset managers and family offices, noting they appear to be the biggest investors in GBTC. The report says the potential long-term upside for bitcoin is considerable: bitcoin would have to rise 10x to match the total investment in gold.
Fast Fact #37: Billionaire hedge fund manager Stanley Druckenmiller announced in November 2020 that he owns bitcoin, and predicted it will outperform gold.
Fast Fact #38: Bill Miller, famed member of the Legg Mason Value Trust who beat the S&P 500 15 years in a row – a record, said in November 2020 that bitcoin’s staying power gets “better every day” and its risks of going to zero are “”lower than ever.” He said, “The story is very easy. It’s supply and demand. Bitcoin’s supply is growing around 2.5% a year and the demand is growing faster than that. Everybody is going to want to own some bitcoin.”
Fast Fact #39: Sam Bankman-Fried, founder of the FTX cryptocurrency exchange, was a top contributor ($5.2 million) to Joe Biden’s 2020 presidential campaign. Many believe Biden will be receptive to policies supportive of digital assets.
Fast Fact #40: Square generated $1.6 billion of bitcoin revenue in Q3 2020 – 11x more than the prior year.
Fast Fact #41: Brazil says it will launch its own CBDC by 2022. Consumers in that country have opened more than 100 million digital savings accounts.
Fast Fact #42: SEC chair Jay Clayton, who opposed approval of a bitcoin ETF, is leaving the SEC Dec 31, 6 months sooner than his term ends. Gary Gensler, former chairman of the Commodity Futures Trading Commission, is leading Joe Biden’s financial policy transition team. He’s crypto-friendly: Last year, he wrote that bitcoin’s underlying blockchain technology is a “catalyst” for change, arguing “we already live in an age of digital money.” Wyoming voters elected Cynthia Lummis to the Senate. She’s an early adopter of Bitcoin – she first bought it in 2013, according to her financial disclosure statement. Wyoming is a leading proponent of crypto: the University of Wyoming announced in November that it’s launching the Center for Blockchain and Digital Innovation to help students study cryptocurrency and blockchain technology, and the state recently awarded a bank charter to a cryptocurrency business – a first. And Sam Blankman-Freed, who contributed more than $5 million to Joe Biden’s presidential campaign, is sure to have Biden’s ear – and he’s the founder of a cryptocurrency exchange. All this points to federal advancement of blockchain and digital assets.
Fast Fact #43: Nouriel Roubini, professor of economics at New York University and one of crypto’s fiercest critics, now says bitcoin is “maybe a partial store of value.”
Fast Fact #44: Bloomberg launched in November 2020 an index tracking the performance of bitcoin: the Galaxy Bitcoin Index.
Fast Fact #45: The China Construction Bank sold $3 billion in bonds in Novembe 2020. Foreign investors buy the digital bond for as little as $100 – with bitcoin. The bonds mature every 90 days and pay 0.75%.
Fast Fact #46: European Central Bank president Christine Lagarde said in November 2020 the ECB is “very seriously” looking at the creation of a digital euro. Lagarde said the pandemic has caused many structural changes including the way “we work, we trade, and we pay,” noting that e-commerce rose by almost 20% since the pandemic started.
Fast Fact #47: Thomas Fitzpatrick, global head of Technicals at Citibank, says bitcoin will hit $318,000 by December 2021.
Fast Fact #48: Top 3 Japanese banks and more than 30 major Japanese companies announced they will jointly test a digital currency in 2021.
Fast Fact #49: Ricardo Salinas Pliego, Mexico’s third-richest person who’s worth $12 billion, has revealed that he has 10% of his liquid assets in bitcoin. He says he first invested in 2016.
Fast Fact #50: ARTCELS, the world’s first art investments digital platform, released in November 2020 a digital coin called ARTEM. It lets you buy fractions of artworks that are each valued at more than $1 million. It operates on an iPhone app.
Fast Fact #51: Square’s app is buying the equivalent of 40% of all newly-issued bitcoin. PayPal, which recently began letting users buy, sell and pay for purchases with bitcoin, is already buying the of 70% of the new supply of bitcoin. There are 100 million bitcoin owners; PayPal has 300 million active users. Big demand. Limited supply.
Fast Fact #52: SEC Chair Jay Clayton said in November 2020 that inefficiencies in the global payments infrastructure are boosting bitcoin’s rise.
Fast Fact #53: ARK Investments CEO Catherine Wood said in November 2020 that involvement of institutional investors could drive Bitcoin to $500,000.
Fast Fact #54: In 2020, 30% of the stocks in the S&P 500 were more volatile than bitcoin, according to Factset.
Fast Fact #55: Coinbase is now on list of Apple Store’s top 100 free apps.
Fast Fact #56: Visa CEO Alfred Kelly says the company is working with 25 crypto firms. In the future, he says, “We could see digital currencies running on the Visa network on a more regular basis. We are certainly open to any vehicle that helps facilitate the movement of money around the world. We want to be in the middle of it.”
Fast Fact #57: Rick Rieder, Fixed Income CIO at BlackRock, told CNBC in November 2020 that bitcoin is “here to stay” and could rival gold as a primary “store of value.”
Fast Fact #58: Bitcoin’s market cap is now bigger than JP Morgan, MasterCard, PayPal, United Health, Home Depot, Disney and Nvidia. Source: AssetDash
Fast Fact #59: Students at Oxford and Cambridge, famed for crew and their annual boat race, are now engaging in algorithm trading competition to see who can make the most money trading bitcoin. Fifteen teams competing, given seed capital by organizers. The winning team gets to keep will keep its profits.