To our investors and friends,
Bitcoin continued its ferocious tear to start the year, spending most of the past week over $10,000, before suffering a major correction yesterday, falling almost 10% in a few hours to $9,500. This type of volatility is to be expected after such a strong start to the year, rising from $7,700. We expect this volatility to continue (and even increase) as the halving draws closer. We’re using this dip as a buying opportunity to continue deploying capital for our investors at a more attractive entry price.
Chart from our friends at Kraken.
This week, Morgan Creek Digital partner Anthony Pompliano posted this clip from CNBC along with a reflection about just how far Bitcoin’s public perception has grown over the past 5 years. He writes,
The language and sentiment around Bitcoin is changing right before our eyes. Just a few months ago, it was common to see mainstream financial press talking negatively about the digital currency. Some of them wouldn’t even acknowledge it as a real asset.
That is no longer the case.
Think about this for a second. On live television in front of millions of people, financial press is now saying that “Bitcoin is the victor.” We have come a long way in just eleven years, but in reality this was an unimaginable comment just 18-24 months ago.
News Highlights
BitPay Launches In-Store Crypto Payments With New POS Partnership
Bitcoin payment processor BitPay, which enables shoppers to pay with Bitcoin at merchants including Microsoft and Dish TV, announced a partnership with commerce platform Poynt to bring in-person bitcoin payments to Poynt’s point-of-sale terminals at over 100,000 retailers globally.
Microsoft’s ION Is an Open-Source Bet on Bitcoin
Colin Harper reports for Bitcoin Magazine that Microsoft has tasked a development team to build a decentralized identity system on top of Bitcoin. Dubbed ION, the second layer network, like Bitcoin’s Lightning Network, will feature its own node structure to complement Bitcoin’s own and will be completely open-source.