Grayscale’s 4K Bitcoin Transfer, Blackrock CEO Supports Bitcoin, Ripple’s XRP Removed, and More – Weekly Recap

Grayscale's 4,000 Bitcoin Transfer Sparks Speculation

Recent blockchain analytics have revealed that Grayscale's Bitcoin Trust, also known as GBTC, has transferred 4,000 bitcoins worth approximately $175 million. This move has generated speculation and intrigue within the cryptocurrency community.

Blackrock CEO Larry Fink Believes in Bitcoin

Larry Fink, the CEO of Blackrock, the world's largest asset manager, has expressed his strong support for bitcoin, stating that he is "a big believer" in the digital currency. Fink emphasized that bitcoin holds a significant advantage over traditional government-controlled currencies, referring to it as "digital gold." He also highlighted the limited supply of bitcoin, contrasting it with the continuous production of new gold.

Ripple's XRP Excluded from Hong Kong Top Crypto Index

The Hong Kong Virtual Asset Consortium (HKVAC) has updated its top crypto indexes, and Ripple's XRP is notably absent. This decision comes as Hong Kong strengthens its regulatory framework for cryptocurrencies and focuses on tokens with strong market performance and industry partnerships.

Elon Musk Confirms Ownership of Dogecoin and Bitcoin

Elon Musk, the CEO of Tesla and Spacex, has once again affirmed his support for Dogecoin, stating that he still holds a significant amount of the meme cryptocurrency. Additionally, Musk revealed that his company, Spacex, also owns a substantial amount of bitcoin.

What are your thoughts on the recent transfer of bitcoins by Grayscale? Do you believe there will be more selling into other spot bitcoin ETFs? Share your opinions in the comments section below.


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The History of Gold as an Asset

From the ancient days to the early 20th Century, gold was a common currency. It was universally accepted due to its purity and divisibility, beauty, scarcity, and durability. Because of its intrinsic value, it was also widely traded. There was no international standard for measuring gold at that time, so different weights and measures were used around the world. One pound sterling in England was equivalent to 24 carats silver, while one livre tournois in France was equal 25 carats. In Germany, one mark was equivalent to 28 carats.

The United States started issuing American coins in the 1860s made of 90% copper and 10% zinc. This caused a drop in foreign currency demand which resulted in an increase of their prices. This was when the United States started minting large quantities of gold coins. The result? Gold prices began to fall. The U.S. government needed to find a solution to their debt because there was too much money in circulation. They sold some of their excess gold to Europe to pay off the debt.

Many European countries began accepting gold in exchange for the dollar because they did not trust it. However, many European nations stopped using gold to pay after World War I and started using paper currency instead. The price of gold rose significantly over the years. Even though the price of gold fluctuates, it remains one the best investments you can make.


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