Today in the news – a recap of Asia’s recent blockchain meetup, problems with Starbucks accepting crypto, a 1$ million dollar bet, Coinbase files to trademark the term “BUIDL”, and two more Bitwise crypto funds get launched. Catch up on the details.
Asia’s Wealthiest Entrepreneurs Embrace Blockchain Tech
Singapore recently hosted an entrepreneurial meetup to discuss blockchain tech and its application. Although bitcoin’s price continues to flounder, blockchain interest has only increased.
Forbes Asia put on the invite-only gathering, naming it“Deciphering Blockchain For Business”.
A few of the topics discussed include supply chain management, smart cities, and blockchain application for “Big Business”.
There’s A Huge Issue With Starbucks Potentially Accepting Bitcoin
Nothing gets the crypto public talking like interest from mainstream businesses. As of news last week, Starbucks is reportedly collaborating with the much anticipated Bakkt crypto exchange.
Starbucks wants to give customers additional payment options, although it will likely not accept bitcoin directly.
However, paying for coffee with cryptocurrency could prove to be quite a headache. Taking taxes into account, customers may face complications regarding capital gains and cost basis.
Morgan Creek Digital Is Betting $1 Million That Crypto Can Beat The S&P
Q4 of 2018 has been home to many crypto price predictions – both to the upside and the downside.
Popular firm Morgan Creek Digital recently mentioned they believe the digital asset class will perform better than the S&P 500 over the next decade. And they even want to put a $1 million bet on the outcome.
Morgan Creek Digital is taking on all professional counterarguments to their positive stance on crypto assets. They propose a long-term wager, utilizing Bitwise Asset Management’s Digital Asset Index Fund as the benchmark to beat.
Warren Buffet actually made a similar bet back in 2008, betting $1 million on the success of S&P 500 index funds over hedge fund returns.
Coinbase Wants To Own ‘BUIDL’ Trademark, Filing Reveals
According to a report from CoinDesk today, Coinbase reportedly wants to trademark the well-known crypto term “BUIDL”. Coinbase applied for the official trademark in October, through the United States Patent and Trademark Office (USPTO).
“BUIDL” is “a rallying cry in the blockchain developer community first noted on CoinDesk in 2015, is meant to suggest that building real-world use cases is just as valuable as the hoarding of crypto assets”, explained CoinDesk.
“HODL”, a similar term, is perhaps one of the most common terms in crypto. Crypto assets holders are sometimes told to “HODL”, or hold their coins amidst falling asset prices.
Bitwise Launches Bitcoin, Ethereum Beta Funds To ‘Capitalize’ On Market Downturn
A recent press release shows Bitwise kicking off two fresh crypto asset funds. In an attempt to provide cost-efficient liquidity, Bitwise asset management will provide two new Bitcoin and Etherum options.
The new products are the result of customer interest, as well as general client frustration in current options.
“Though an ETF has not yet been approved, investors and advisors like the fund format because it’s professionally managed and simplifies access to best-in-class custody, trading, reporting, and tax preparation, and allows for the safe capture of events like hard forks and airdrops”, Bitwise CEO Hunter Horsley said in the press release yesterday.
Bitwise is also known for its flagship product – the Bitwise 10 Private Index Fund.