The Lira isn’t the only sovereign currency in which Bitcoin is already trading well beyond its prior highs. Other curren

Three years ago, Bitcoin exchange infrastructure fundamentally wasn’t as well developed, nor were there as many individuals worldwide with accounts on exchanges. Those points of liquidity where savers could exit fiat and move to cryptoassets have developed significantly over the last three years since the last bull run. The data bears this out: the 2nd Cambridge Cryptoasset Benchmarking Study, published in Dec. 2018, found 35 million identity-verified cryptoasset users at exchanges worldwide, while the 3rd study in the series, published Sep. 2020, found 101 million identity-verified accounts. Quite simply, exchange infrastructure has matured and proliferated to the point that exiting local fiat for digital assets is a viable proposition for a meaningful share of the world’s population.

The truth is that the creation of Tether and other stablecoins (the supply of non-Tether stablecoins is over $5B today) should be understood not as purchases or capital inflows, but simply like-for-like asset swaps. Stablecoins are created when an entity with fiat on their balance sheet wants access to crypto-native liquidity. They merely exchange commercial bank dollars for a tokenized representation of the same. Firms that denominate their balance sheets in stablecoins or hold stablecoins as working capital include market makers, proprietary trading firms, exchanges, venture capital firms, and generally speaking any businesses operating in the crypto industry with crypto-denominated expenditures. After the panic in mid-March 2020, a number of firms transformed their balance sheets from commercial bank dollars to tokenized dollars circulating on public blockchains, so that they could be more nimble the next time an opportunity like that arose.

The immense growth of GBTC in 2020 is evidence that there is a class of allocators who are content to obtain inefficient exposure to Bitcoin. Buyers of GBTC are not your typical techie crypto investors, who are more likely to make an account with one of the crypto exchanges and take ownership of spot Bitcoin (and avoid a costly premium). The continued growth of GBTC is evidence that an older and less crypto-native cohort of investors retains a significant appetite for the asset, even if the exposure is inefficient.

A number of trading firms borrow Bitcoin, create new units of GBTC at NAV, wait six months for them to mature, and then liquidate them at market price, pocketing the premium (minus the interest on the loan). Despite this continual slow-motion arbitrage, the premium has lingered for virtually the entire history of GBTC. The lingering premium to NAV is evidence for a continual enthusiasm for the product among investors. GBTC is popular because it is available on mainstream brokerages like Fidelity and Schwab and can be held in a tax-advantaged way, in an IRA or 401k.

And indeed, much of this critical analysis relies on a since-debunked paper by Griffin and Shams that relies on a narrow sample period and questionable methodology to allege a relationship between the issuance of Tether and the BTC unit price in 2017. More recent scholarship, including Viswanath-Natraj and Lyons, using a broader sample period, has found no causal leading relationship between Tether issuance and the Bitcoin price. Additional work from Wang Chun Wei confirms the lack of a correlation between Tether creation and Bitcoin returns.

Because the GBTC is a trust product trading on the OTCQX marketplace, and newly-created shares take six months to mature, there is typically a mismatch between the market value and the net asset value (NAV) of shares. This difference is expressed as a premium. As of today, the premium stands at 15.8%, meaning that if you deployed $100 into GBTC, you would only be receiving $84.2 worth of exposure to Bitcoin.

The distribution of enthusiasm for Bitcoin exchanges globally is revealing. Other countries topping rankings for crypto adoption include those burdened by onerous capital controls (China, Ukraine) or highly inflationary or unstable currencies (Venezuela, Nigeria, Colombia, Argentina). These are real catalysts driving everyday savers to desert their local currencies for Bitcoin, stablecoins, and other cryptocurrencies.

And empirical reality bears this out too: from February 2018 to July 2019, Bitcoin was effectively flat (it started and ended the period at $11k), while the supply of stablecoins increased from $2.3B to $11.5B. If the creation of stablecoins somehow buoyed the price of Bitcoin, why was its price unchanged as the supply of stablecoins increased by 400 percent? The critics fixated on Tether have no answer for this question.

The existence of Prince John has only been discovered recently as his existence was well hidden from the British public due to reasons that have not been yet disclosed by the Royal British Family, however, most historians argue that it was to not affect the public image of the royal family. His appearance was very rarely made public and this was due to an illness of which he suffered from a very young age.

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g if not desperate, and the financial case for making a pivot to pizza is anything but ambiguous. Tens of thousands of independent restaurants have closed permanently since March, but independent pizzerias listed on the delivery app Slice have seen sales grow 60%. The chain Marco’s Pizza, which just opened its 1,000th location, in Kissimmee, Florida, has seen sales surge roughly 50% every week since mid-April, according to the consumer data analytics firm Sense360. The pandemic has even breathed new life into the forgotten Pizza Hut chain, which reported a 9% rise in U.S. same-store sales last quarter despite the July bankruptcy of its debt-saddled biggest franchisee, NPC International — which said in a filing that its Pizza Hut division’s 2020 earnings (before interest, taxes, depreciation, and amortization) had exceeded its internal forecasts by a factor of eight. And mediocre pizza behemoth Domino’s, which was starting from a much higher base after reporting 38 consecutive quarters of same-store sales growth, reported a 16% uptick in same-store sales in its second quarter.

John was born in 1905, he was the fifth child of King George V and Queen Mary. The existence of Prince John was found by the public from a picture of all the children of King George V and Queen Mary which was put up for auction and sold for 3,500 euros. What makes the picture so rare besides the presence of Prince John in it is that the picture is signed by his brothers and sister, apart from himself.

One critical chart bearing out the enthusiasm for Bitcoin is the number of units held by the asset manager Grayscale. At the time of writing, this topped 500k BTC, making GBTC the single most popular financialized version of Bitcoin.

Now many of you will be reading critical takes on Bitcoin’s current rally from people insistent that stablecoins like Tether are somehow responsible for its price. I would invite you to ask these critics if they are active participants in crypto markets. If not, you can safely disregard their opinions. It is only individuals with experience creating and redeeming stablecoins, and experience allocating capital in the cryptoasset space, that should be considered credible sources on this issue. Otherwise it is quite simply too difficult to understand the dynamics at play.

A person and their job should be best friends inside the office, but enemies outside of it. A sign of someone who has a clear mind is when they don’t think of work outside of work and when they don’t think of leisure while at work.

A person and their job should be best friends inside the office, but enemies outside of it. A sign of someone who has a clear mind is when they don’t think of work outside of work and when they don’t think of leisure while at work.