On Monday, famous investor Cathie Wood’s eye-catching fund sold over 98,000 shares of Coinbase.
Yesterday as Bitcoin was approaching $58,000, Cathie Wood’s Ark Invest completed the sale of 98,427 shares of Coinbase worth over $25 million, Business Insider reported.
Coinbase’s stock rose to a high of $262.91 yesterday but closed at $256.50 when the stock market closed for trading at the end of the day. But even with the stock’s recent gains, it has not been performing well since its launch. The stock is down 21% this year.
Some may say the decision to get rid of Coinbase shares is a good one, as the exchange seems to not be setting itself up for success. Earlier this year, it was reported that Coinbase had built up a stockpile of $4 billion in cash reserves, completely neglecting Bitcoin.
Holding that much wealth in fiat shows a lack of commitment to adopting a Bitcoin standard. While adding meme coins to their platform to sell to customers to increase their fiat revenues, they are dropping the ball on securing the companies future by buying the best form of money the world has ever had — Bitcoin.
Earlier this year Cathie Wood publicly shared her price prediction for Bitcoin in that she believes BTC will hit $500,000 in the next five years. Many Bitcoiners from all over may say this prediction is a bit bearish — taking into account how volatile bitcoin is to the upside and worldwide adoption beginning with El Salvador making bitcoin legal tender.
There are almost 8 billion people on planet earth, and there is only 21 million bitcoin to go around.
Many commentators compare Bitcoin with gold, the idea being that its finite supply makes it an attractive long-term store of value. There have been historical examples of broad adoption of gold currencies, such as the British Empire’s sovereign and half-sovereign. However, adoption of the sovereigns was often promoted and directed by the British imperial government
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Listen To This Episode: AppleSpotifyGoogleLibsynOvercast Do not forget to subscribe to the new Fed Watch: Bitcoin And Macro feed. It will be separate from Bitcoin Magazine. Exclusively on the new feed, you’ll find our next interview with the great Max Kaiser. Search for “Fed Watch – Bitcoin and Macro” on your podcast app. In this…
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Mexican billionaire Ricardo Salinas Pliego said he is working with his bank, Banco Azteca, to be the first in Mexico to accept bitcoin.Ricardo Salinas Pliego, Mexico's third-wealthiest man and the owner of Banco Azteca as well as a major business empire, reaffirmed his Bitcoin endorsement and shared that he is working with his bank to…
ZEBEDEE partnered with mobile game developer VIKER to enable play-to-earn bitcoin rewards on three classic video games: Solitaire, Sudoku and Missing Letters.ZEBEDEE has partnered with VIKER to bring bitcoin rewards to three classic video games.Solitaire, Sudoku and Missing Letters will begin rewarding players in bitcoin on ZEBEDEE’s mobile app.Users can earn bitcoin for free and…
The country has gone long on Bitcoin adoption as it attempts to overcome the monetary reigns of the IMF and United States.This is an opinion editorial by Kudzai Kutukwa, a passionate financial inclusion advocate who was recognized by Fast Company magazine as one of South Africa’s top-20 young entrepreneurs under 30.The United Fruit Company (AKA…
JPMorgan has released a report on the futures and derivatives market around bitcoin, providing insight and bullish sentiment.In a report titled “Why Is The Bitcoin Futures Curve So Steep?” JPMorgan Chase analysts examined the growing futures and derivatives market surrounding bitcoin, provided insights as to why the contango is so steep and explored what the…