Institutional investors are continuing to buy Bitcoin, although negative news has recently been spoiling investor sentiment.

On the night of Christmas Eve, Bitcoin ( BTC ) was rejected at the US $ 24,000 mark, but the hunger of institutional investors is not lessening.

According to data from the analysis platform CryptoQuant, the crypto exchange Coinbase Pro, which specializes in professional investors, recorded two payouts this week, each of over 12,000 BTC (278 million US dollars).

Coinbase is paying out $ 500 million to BTC

As Cointelegraph reports , withdrawals of this magnitude often indicate that a major investor has purchased a significant amount of Bitcoin that is being moved into a single wallet.

“Another great Coinbase payout within a few hours” as Ki Young Ju, CEO of Crypto Quant, accordingly on Twitter finds . From this he concludes:

“The institutional investors are buying Bitcoin.”

In November, all Bitcoin miners together “mined” around 28,000 BTC in block rewards, which is only slightly more than the sum of the two most recent Coinbase withdrawals. This makes it clear that there is currently a shortage of the market-leading crypto currency, which in turn drives its price upwards.

Negative reports ruin the festival

The continuing interest of institutional investors is in stark contrast to the latest developments in the market, which are dampening investors’ Christmas mood somewhat. Above all, the SEC lawsuit against crypto payment service provider and XRP publisher Ripple is causing tremendous turbulence, but the threat of massive Bitcoin sales in the case of the Mt. Gox crypto exchange are also causing concern.

The fear that trading in the Ripple crypto currency XRP could be banned entirely in the future was probably the breeding ground for the volatility of Bitcoin in the past 24 hours.

At the same time, the market is keeping an eye on the sponsors of Mt. Gox, who own large amounts of BTC through repayments, which they may now want to sell at the current record rate . That alone could add $ 3.2 billion to selling pressure.

Despite this negative news, institutional investors still seem confident about the future of Bitcoin, which can be seen not least from the two large Coinbase payouts.

Hinter Spotify om kryptofunksjoner som snart kommer?

Spotify, en av verdens største streaming-lydleverandører, leter etter kandidater med kryptobakgrunn for å fylle en ny rolle i selskapet.

I følge et nylig stillingsannonser er selskapet på utkikk etter en fremragende direktør for å bli med i betalingsstrategien og innovasjonsavdelingen. I følge en kunngjøring på LinkedIn ble den nye stillingsannonsen offentliggjort onsdag.

Det forventes at den nye stillingen vil spille en nøkkelrolle i å definere og implementere Spotifys betalingsstrategi, samt å fremme selskapets engasjement i Facebooks nylig renoverte Cryptosoft, Diem. Stillingen vil også fokusere på bredere digitale eiendeler og kryptoindustrien, inkludert sentralbankens digitale valutaer, eller CBDC, heter det i kunngjøringen:

“Du vil lede ytterligere hensyn til nye muligheter og innovasjon i det nye økosystemet med distribuert hovedboksteknologi, blokkjeder, kryptovalutaer, stablecoins, CBDC og andre digitale eiendeler.”

I følge oppslaget vil den nye rollen være basert på Spotifys kontorer i London eller Stockholm, og krever hyppige reiser mellom de to kontorene og andre firmaer.

Spotify svarte ikke umiddelbart på Cointelegraphs anmodning om kommentar.

Spotify er et av de første medlemmene av Libra Foundation som formelt ble grunnlagt i Genève i oktober 2019. I motsetning til PayPal og MasterCard er Spotify blant firmaene som ikke har forlatt Facebooks kryptoprosjekt på grunn av økt kontroll fra globale regulatorer.

The Covid-19, the bête noire of the established order

Because of the current crisis, some of Bitcoin’s oldest detractors, notably Nouriel Roubini (Dr.Doom), have come (punctually) to recognize the queen digital currency as a true store of value. The wind of change seems to be here, for others as well.

The Corona, gas pedal of change

It’s been a few years now since we began a generalized transition to digital. The Covid-19 will have had the good deed of forcing us to carry out, in a few months, major transformations that would have taken years in normal times.

Among these transformations, 2 play strongly in favor of Bitcoin and digital currencies in general: the considerable increase of online transactions and the unreasonable production of fiat currencies.

The banknote that overflows the vault

Let’s quickly go back to the concept of helicoper money, which is printing as many currencies as possible and then lending it at the lowest possible rate to companies so that they can meet their obligations.

The result of this monetary policy? More than 23% of the dollars printed since the advent of money were produced in 2020. Faced with this proliferation of greenbacks, one question arises: what is the value of this ever-growing money supply?

This question, initially reserved for the most fervent detractors of sovereign currencies, has now made its way to Wall Street where confidence in the dollar is gradually waning.
The boom in online transactions

Due to social distancing, there has been a marked increase in online transactions, both for purchases and money movements. The last few who still refuse to accept paper money transfer orders have had to go digital when bank counters closed and a large part of the population has resorted to e-commerce.

In this new all-digital paradigm, surveillance is increased. Indeed, the more we use online services, the more data we generate to analyze our behaviors. Bitcoin could therefore be an alternative to circumvent this generalized surveillance.

At a time when even the government is calling for a boycott of the web giants, a growing part of the population is becoming aware that the collection and analysis of our data could be detrimental to them. This phenomenon could, once again, play in favor of Bitcoin and its pseudonymity, limiting intrusions into our privacy.