Posted 4 weeks ago | by Catoshi Nakamoto
Mutual fund powerhouse Fidelity breaks the ice on allowing the use of Bitcoin in retirement plans. Decentralized foreign exchange platform Vertex uses Terra’s stablecoins to expand beyond USD pegged stablecoins and Elon Musk’s $44 billion dollar twitter buy has the internet in a frenzy over “free speech.” My name is Ben. This is your crypto nightly news wrap up. Let’s get it!
Fidelity Investments manages the retirement savings for over 20 million people and has over $4.2 trillion in assets under management. Against the wishes of the U.S Department of Labor, Fidelity plans to start offering Bitcoin based 401k retirement plans later this year. The DOJ said in their warning against this last month, “These investments present significant risks and challenges to participants’ retirement accounts, including significant risks of fraud, theft and loss.” In response to this, David Gray, Head of workplace retirement products at Fidelity believes that they’re overstepping their boundaries. He stated, “The DOJ is substituting its own opinion on crypto for what rightly belongs to plan sponsor fiduciaries.” (source) The thing is, the investors can choose how much crypto they would like to allocate to their 401ks. As of now, they can use Bitcoin to fill up a maximum of 20% of their portfolio with a fee between 0.75% to 0.9%.
It’s great that Fidelity is opening this up to their customers because they’re no stranger to crypto. They started mining back in 2014 and opened a sperate crypto currency unit in 2018. Beincrypto.com reports that, “Fidelity launched a bitcoin exchange-traded fund in 2021 in Canada and a physical bitcoin exchange-traded product in Zurich earlier this year.” Fidelity also announced last Thursday that they’re going to have an eight-story building in the Metaverse known as “The Fidelity Stack.” Built in Decentraland, is an educational tool to teach users about the basics of ETF investing and the building will also include a dance floor and a rooftop sky garden. (source) Stories like this one cement my long term mind set for Bitcoin and it’s bullish companies like Fidelity see the opportunity crypto presents instead of viewing it as a threat. I know I’d like to have 100% of my retirement in Bitcoin; only God knows how high the prices will be 20 plus years from now. But what about the prices right now? Let’s pass the mic over to Frankie Candles for the market watch.
Vertex Protocol, a decentralized Forex platform, recently raised $8.5 million in seed funding. Their operations manager, Conor McNamee, says the funds will be used to build the team, scale the protocol and develop a strong backend ahead of its launch in 2022. (source) This Forex protocol will be used for multicurrency spot and derivates trading. Since over 99% of stablecoins are pegged to the dollar, they want to expand DeFi lending products beyond just USD pegged stable coins.
McNamee told Coindesk, “A lot of people that are not from America, they want to probably use their local currency, right?” How are they able to do this you ask? Look no further than crypto giant Terra Luna. Luna’s most popular stable coin is terraUSD, but they also offer stablecoins for The British pound, euros, yuan, yen and more. Luna Studio recently tweeted out, “The Vertex protocol will bring Billions of UST volume to Terra.” Bullish news for LUNA hodlers and Forex traders.
It’s official, Elon Musk purchased twitter. The $44 billion dollar buy doesn’t come without it’s fair share of controversy. Adding an edit button, using DOGE for payments and deleting Spam Bots have become the least of Elon’s new set of challenges. What the internet is up in arms about now, is free speech. Without taking a side, the Conservatives are happy Twitter’s reign of censorship as met its end, and the democrats have muddied the waters on the fundamental difference between Free Speech and Hate Speech. What it comes down to is that, in life, you’re going to see things you don’t want to see and read things you don’t want to read. The power is in your hands on whether or not you’re going to let that bother you. Progress cannot be made without debate or controversy; it literally how we evolve. Nothing irks me more than censorship. This is America and free speech is supposed to be protected by the Constitution, not regulated by big tech. This is 2022, not 1984. Now that Elon is in the driver’s seat, Twitter will be able to evolve into a better social media platform. Elon really hit the hammer on the head with this tweet yesterday. It reads, “I hope that even my worst critics remain on Twitter, because that is what free speech means.” Well put.
That’s all I got, Be blessed, BitBoy out!