Hedge fund One River Asset Management invested $600 million in bitcoin
Hedge fund One River Asset Management acquired more than $ 600 million of cryptocurrency. The company bought the cryptocurrency in November quite silently in order so as not to provoke a rapid change in BTC price. The One River Digital Asset Management (ORDAM) Fund, launched in October specifically for investments in cryptocurrencies. That’s not all. The company is planning to increase the volume of assets in BTC and ETH to $ 1 billion by 2021.
Ethereum 2.0 phase 0 launched
Ethereum 2.0 has finally launched in phase 0, which completed the opening step on Ethereum’s transition to proof-of-stake consensus mechanism. The test version of Ethereum 2.0 went live on December 1st at noon UTC with a presentation of Beacon chain genesis block. It’s planned that Ethereum 2.0 should improve the speed, efficiency, and scalability of the network. However, these complex changes will be implemented in separate phases over a long period of time.
Read more of Ethereum2.0 upgrade on our blog.
MassMutual bought $100 million in Bitcoin
There is one more proof of growing cryptocurrency adoption and demand among institutional market participants. Massachusetts Mutual Life Insurance Co. has purchased $100 million in Bitcoin for its general investment fund.
MassMutual is a 169-Year-Old company. Following this investment the company mentioned that they saw “ this initial investment as a first step, and like any investment, may explore future opportunities”. Sounds promising.
Blockchain technology is sought to help in fighting the pandemic
The end of the year shed light of hope that the long pandemic year will end in the near future. With the development of the vaccines against Covid-19, the governments are considering the “health passports” with a person’s immunity status that would facilitate a sooner return to the pre-pandemic life.
Here’s where blockchain technology comes to help – as there is a need to store the records safeguarding privacy. Therefore, such tech-driven countries as China and Singapore are already using blockchain technology with the aim to generate verifiable health records.
The World Economic Forum and IBM highlighted the effectiveness of using a blockchain to monitor the Covid-19 vaccine supply.
Bitcoin hit new ATHs
Bitcoin gladly responded to this large demand by hitting ATH several times per month. Finally, at the very end of the year, it brought the New Year cheers and reached $29,000. Given the next year is the year of Ox (Buffalo) as per the Chinese calendar, we probably can expect a continuation of the bullish trend for Bitcoin and all the cryptomarket. Well, that would be an easy prophecy for us. But one thing we are more certain about is the cryptocurrency adoption will continue next year and there are high chances it can drive Bitcoin’s further growth.