Happy Saturday!
ARK’s Cathie Wood says Bitcoin is “digital gold,” the best safeguard against potential deflation in the next 10 years. NFT marketplace OpenSea sacked half of its workers and Valkyrie exec foresees spot Bitcoin ETF approval as soon as this month. Read on!
Wood touts Bitcoin as deflation hedge
ARK Invest head Cathie Wood said she would bet on Bitcoin rather than gold or cash to hedge against potential deflation in the coming decade, Bloomberg reported.
Wood said: “Bitcoin, hands down. Bitcoin is a hedge against both inflation and deflation because there’s no counterparty risk, and institutions are barely involved.” It’s “digital gold,” she added.
OpenSea sacks half its staff
NFT marketplace OpenSea has cut half of its staff, the company told Decrypt, while declining to clarify the number of people affected.
Devin Finzer, OpenSea’s co-founder and CEO, posted a lengthy thread on X explaining how and why the company has streamlined its team.
Spot Bitcoin ETF soon: Valkyrie CIO
The US Securities and Exchange Commission may approve a spot bitcoin ETF this month, Valkyrie Chief Investment Officer Steven McClurg was cited by ETF.com as saying.
Companies have addressed issues of market manipulation and pricing behind SEC denials of previous applications, according to the report.
Tether extends loan to Bitcoin miner
Tether entered into a $610 million loan agreement with Germany-based Bitcoin miner Northern Data, Forkast News reported.
The debt financing facility will be used across Northern Data’s three businesses, artificial intelligence firm Taiga Cloud, Ardent Data Centers, and Peak Mining, the report said.
What we’re reading around the web
Prisoners’ Dreams to Stash $54M in Crypto in Exotic Locales Dashed as Feds Grab Them for Treasury — CoinDesk
Coinbase short sellers lose $2.2bn as Bitcoin ETF euphoria reaches fever pitch — DL News
SBF Tops a Long List of Crypto Hot Shots Facing Legal Reckoning — Bloomberg
