Fidelity Says Bitcoin First, Tom Brady-Backed Crypto Platform Valuation, Kanye West
Fidelity broke down its case for ‘Bitcoin First’ in its latest whitepaper, FTX Trading secured a $32 billion valuation and Kanye West took to Instagram to discuss (or not discuss) NFTs. Watch Ross Mac of Maconomics break down the latest cryptocurrency news on TheStreet’s ‘Crypto Minute’ on Tuesday, February 1.
Transcript:
We have one of the largest assets managers in the world sounding a little upbeat on Bitcoin, while Kanye West isn’t feeling NFTs right now.
I’m Ross Mac and these are the biggest stories in cryptocurrency on Tuesday, February 1.
BITCOIN FIRST: That’s the title of Fidelity’s 26 page paper on cryptocurrency. It argues that bitcoin should be treated differently from other digital assets since Bitcoin is fundamentally different. In fact, Fidelity believes that bitcoin possesses “good qualities” of money. Overall, Fidelity thinks that bitcoin is an entry point for traditional investors to jump into cryptos. This may be a huge step towards broader bitcoin adoption as Fidelity is one of the largest asset managers with over $4 trillion dollars in assets.
FTX Trading raised $400 million to push its valuation to $32 billion. And its American counterpart, FTX US also raised a cool $400 million to push its valuation to $8 billion. Does FTX sound familiar? That might be because Tom Brady is an ambassador for the company. And with his official retirement from the NFL today…this will probably be the next place he plans to dominate.
It’s two things Kanye West doesn’t want to talk about….Pete Davidson and now apparently NFTs…In a bizarre instagram post, which was a handwritten note, Kanye said stop asking him about NFTs…and that he’s focused on ‘building products in the real world.’ There have been a handful of other rappers who have been jumping on the NFT bandwagon from Nas minting new NFTs on Royal to Eminem buying NFTs. But, Ye signed off saying “Ask me later” so maybe there’s hope after all.
I’m Ross Mac and that was the Crypto Minute on TheStreet.
TheStreet’s Crypto Minute is brought to you by Blockchain.com.
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