Michael Saylor’s Strategy made a fresh $472.5 million investment in Bitcoin to see total holdings cross 600,000 BTC as the cryptocurrency surged past new highs. Michael Saylor’s Strategy, the world’s largest public holder of Bitcoin, made another major investment in the asset during the past week as BTC surged to new historic highs of $118,000. Strategy acquired 4,225 Bitcoin (BTC) for $472.5 million last week, the company announced in a US Securities and Exchange Commission filing on Monday. Strategy’s new Bitcoin buy averaged $111,827 per coin, with BTC surging from about $108,000 on July 7 to $118,000 by the end of the week, according to CoinGecko. Read more
Bank of England governor Andrew Bailey joins a growing list of European officials concerned with the rise of stablecoins. Bank of England (BOE) governor Andrew Bailey recently warned against banks issuing stablecoins, saying that the Bank of England should focus on tokenizing deposits instead. Stablecoins introduce systemic risks to banking institutions that could destabilize the entire financial system, causing sovereign governments to lose control over their currencies, the BOE official told The Sunday Times in an interview. He also added that the United Kingdom’s central bank should not adopt a central bank digital currency (CBDC) or otherwise seek to launch a centrally-managed digital fiat token. Read more
Tokens are a new financial wrapper, akin to the exchange-traded funds (ETFs) that debuted on US exchanges in 1993, Christopher Perkins said. Real-world asset (RWA) tokens can democratize access to investments previously inaccessible to retail traders, similar to how exchange-traded funds (ETFs) expanded retail access to financial instruments when they debuted in 1993, according to Christopher Perkins, president and managing partner of investment firm CoinFund. “I believe tokens are the new ETFs,” Perkins told Cointelegraph in an interview. The executive said tokenized RWAs, which trade 24/7 on globally accessible markets, reduce the information asymmetry that has typically kept retail investors out of private placements under existing accreditation laws. He added: Essentially, that leaves ordinary people, normal people, very little access to what are the most exciting, the most innovative companies,” he continued. Read more