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Crypto Flipsider News – Goldman Sachs Sees Bitcoin at $100k, 2021 Crypto Inflow Hit Record $9.3 Billion, OpenSea Valued at $13.3 Billion, BAYC $1 Billion Sales, El Salvador Bitcoin Bonds, ETH 2.0 PoS Transition is 50% Ready

by Mike Robinson

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Crypto Flipsider News – Goldman Sachs Sees Bitcoin at $100k, 2021 Crypto Inflow Hit Record $9.3 Billion, OpenSea Valued at $13.3 Billion, BAYC $1 Billion Sales, El Salvador Bitcoin Bonds, ETH 2.0 PoS Transition is 50% Ready

The Digest

  • Goldman Sachs’ (NYSE:), sees $100k in institutional inflow, a record of $9.3 Billion in 2021. NYDIG Bitcoin ETF delays by 2 months.
  • OpenSea reaches $13 Billion in Value, Bored Ape Yacht Club reaches $1Billion in Sales, and Nvidia (NASDAQ 🙂 enters into the metaverse.
  • El Salvador creates Bitcoin bonds bills; China issues digital yuan wallet app.
  • Ethereum’s Proof-of-Stake transition is 50% complete – Vitalik Buterin.

Goldman Sachs: Bitcoin At $100k; Institutional Inflow Recorded at $9.3 Billon in 2021. NYDIG Bitcoin ETF Delay by 2 Months

Goldman Sachs is predicting that Bitcoin will surpass $100,000 despite the current underperformance in crypto markets. Goldman Sachs explained that if Bitcoin continues shaving off gold’s market share, its value could reach six figures in 2022.

Zach Pandl, Goldman Sachs’ co-head of foreign exchange strategy, explained that Bitcoin could attain the lauded feat as a “byproduct” of more adoption. If the public turns its $2.6 trillion of gold investment to Bitcoin, its place as a “store of value” could see it rise to $100k.

Institutions adopted cryptocurrency in wildfire by 2021. CoinShares’ annual report revealed that institutional inflows into crypto markets reached a new record of $9.3 Billion in 2021, compared with $6.8 Billion in 2020. Additionally, at the close of 2021, total assets under management (AUM), was $62.5 billion, as compared to $2.8 billion for 2020.

Flipsider:

  • The SEC continues to be successful in institutionalizing Bitcoin, but it is not yet a mainstream institution. The NYDIG Bitcoin ETF delayed its decisionStone Ridge Holdings Group offered the opportunity for two months.
  • Also, the crypto markets continue to fall and now have a value of at $2.2 Trillion, 26% less They are now much lower than what they were when they reached $3 trillion in November.

What You Need to Care About

While Bitcoin is still underperforming, it looks promising with the increasing participation in the financial sector.

OpenSea hits $13 Billillion, Bored Ape Yacht Club hits $1 Billion in sales, Nvidia enters Metaverse

OpenSea is a peer to-peer NFT marketplace that announced a record $13.3 billion valuation. OpenSea, a peer-to-peer NFT marketplace announced it had raised $300 million for Series C. With this funding it intends to increase product development and expand its investments in NFT/Web 3.0 communities.

Another good thing for the industry is the Bored Ape Yacht Club which has reached yet another milestone. NFT’s 10,000-strong collection of apes have now reached a cumulative total of $1B in sales with an average price of $44,033.12.

NVIDIA is a global manufacturer of graphics processing units and has now joined the expanding list of metaverse companies. While not building a metaverse of its own, NVIDIA will be distributing free versions of its “Omniverse” software to support content creators in building their own worlds.

Flipsider:

  • Building on 2021’s success, the Meta Super League, a new NFT initiative allowing investors to acquire their own bespoke sports team, has now launched, bringing true competition to the metaverse.

Care is a must

In 2022, the NFTs and metaverse will spread into other industries. We may see increased adoption and use cases.

El Salvador prepares bills for Bitcoin Bonds; China releases digital wallet apps

El Salvador has plans to issue Bitcoin Bonds. This is El Salvador’s first attempt to legalize Bitcoin. Led by enigmatic its President, Nayib Bukele, El Salvador is preparing 20 bills designed to provide a legal framework for Bitcoin Bonds to further the nation’s plans to build Bitcoin City.

El Salvador’s finance minister, Alejandro Zelaya, announced that the bills would be sent to Congress “to provide a legal structure and legal certainty to everyone who buys the Bitcoin bond.”

China is leading the charge to create a digital sovereign currency, despite its crackdown on cryptocurrency. China began its main testing in 2019. The digital yuan wallet application has been released on Apple (NASDAQ) and Android apps stores.

The digital yuan wallet is still in the early stages of testing and users will be able to register for the app in selected cities such as Shanghai or Xian. China announced this week that the app will be commercially available for foreign tourists at Winter Olympics venues.

Flipsider:

  • Over the past weeks, El Salvadorians in large numbers have A couple complained that they lost $90,000.Their government Chivo wallets.

What You Need to Care About

El Salvador’s ambitious plans could be a platform from which other countries will grow their global Bitcoin adoption.

Ethereum’s Proof-of-Stake Transition Is 50% Complete – Vitalik Buterin

As part of a recent podcast appearance, co-founder Vitalik Buterin provided updates on Ethereum’s transition to the proof-of-stake mechanism. Buterin claims that more than half of the development work on PoS is complete.

According to Buterin, the Ethereum network would need to become “more agile and more lightweight” in regards its blockchain data management capabilities to be capable of achieving greater scalability and decentralization.

Buterin said that they have taken the first steps in achieving this scaling. Buterin stated that he and his colleagues will make certain modules available to enable more users to use nodes. This is expected to happen over the next weeks and months.

Buterin emphasized that the Ethereum network will merge at 80%. This would allow more users to manage nodes within the network’s next phase. The ultimate goal for Ethereum, in Buterin’s words, is to become “simpler and simpler over time.”

Flipsider:

  • Buterin says that it will still take six years for the entire roadmap to be complete.

What You Need to Care About

Ethereum 2.0 is closer than ever, so it will be exciting to see what the future holds for the Ethereum network.

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