🐝 Blackrock and Fidelity going Bitcoin Crazy
Plus: Do Kwon sentenced 4-month prison 🏛️
Happy Tuesday, busy bees! Welcome to another edition of Web3 Buzz, your weekly dose of the freshest blockchain news and updates. This week, we're excited to bring you stories on:
Blackrock and Fidelity going Bitcoin Crazy 😲
Web3 Whistleblower ZachXBT Sued ⚖️
Do Kwon sentenced 4-month prison 🏛️
Plus, a warm welcome to the new subscribers who have joined our hive this week. So get ready to dive in, and let's buzz our way through the week!
BLACKROCK AND FIDELITY GOING BITCOIN CRAZY 😲
Regulators are cracking down, but that's not stopping giants like BlackRock from shooting for the Bitcoin stars.
A household name in investment management, BlackRock, decided to throw its hat in the Bitcoin ring. The heavy-hitter filed an application with the SEC for a Bitcoin exchange-traded fund (ETF), a game that many, including Bitwise, Ark Invest, and Grayscale, have tried and failed to win.
But BlackRock isn't just anyone. They've got a track record, and they've set their eyes on launching a Bitcoin-tracking product with Coinbase.
Surprised? Yes. But it also tells us that the big guns aren't ready to abandon the crypto field yet, despite the rocky terrain.
Fast forward to last week, and BlackRock dropped another bombshell...
BlackRock, the Godzilla of asset management with a staggering $10 trillion in assets under management (AUM), wants to get its fingers into another Bitcoin pie – this time, it's the iShares Bitcoin Trust.
Their masterplan? To expose investors to Bitcoin without the need to directly buy it.
Now all eyes are on the SEC. Will they approve or not? (Fun fact: BlackRock's approval score with the SEC is 575-1. We're talking Floyd Mayweather levels of unbeaten here.)
But hold on, we're not done. Over the weekend, whispers started spreading about Fidelity, the world's third-largest asset manager with a cool $4 trillion in AUM, planning its own Bitcoin play.
The rumor mill suggests that Fidelity might either apply for a Bitcoin ETF of its own or snap up Grayscale. Big if true.
Why should you care? If BlackRock's application gets the thumbs up and Fidelity steps into the ring, it could be a game-changer for crypto adoption. It could open doors for investors to dabble in crypto, but with the safety net of regulation.
It's a bit like when GLD launched, allowing investors to dip their toes in the gold market without the hassle of buying the metal directly.
We'll have to sit tight to see if history decides to pull a repeat performance.
One thing's for sure, the traditional finance titans are looking to ride the crypto wave.
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WEB3 WHISTLEBLOWER @ZACHXBT SUED ⚖️
The world of crypto can sometimes feel like the wild west. And we've got our sheriffs too. One of them, @ZachXBT, is known in Crypto Twitter circles for his vigilante justice - unmasking the shadier aspects of Web3. Now, it seems one of his past exposés didn't sit well with the subject.
The storm began brewing when Machi Big Brother, a crypto whale who keeps a low profile, became the topic of a Medium post by @ZachXBT last year. The accusation? Swindling thousands of ETH from a past project.
However, Machi Big Brother - who enjoys a life offline as Jeffrey Huang - didn't appreciate the spotlight. Now, he's alleging that @ZachXBT defamed him and has decided to take it to the courts.
In response, @ZachXBT has turned to his followers for a little help with the legal fees. He's managed to reel in $1M already, with a significant $25k slice coming from Bankless. If you're feeling generous and want to contribute to his cause, you can find the donation link on his Twitter thread.
We'll be keeping a keen eye on this one for you.
THE BUZZ REPORT: TOP STORIES 📰
Passport scandal lands Do Kwon 4-month prison sentence in Montenegro
School kids nab millions in NFTs
ZachXBT's legal defense fund tops $1M in donations
The Goose NFT flies off the shelf for a whopping $6.2M
Small Bitcoin holders scoop up 254% of mined supply
Musk says he doesn't own Dogecoin in big DOGE pyramid case
Fidelity might try for a Bitcoin Spot ETF in the US, could challenge Grayscale
Buzz-worthy Meme 🐝
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.