0/ It's been a big 2 weeks for $BTC as it hits a new ATH, $MSTR completes a $650M convert, Mass Mutual invests $100M, Ruffer Management buys $745M, Jeffries recommends a 5% allocation, Guggenheim's CIO gives a $400K PT, OneRiver, FinCen rules better than feared & Coinbase S1

1/ $MSTR completed a $650M convertible bond offering at 0.75% with the intent to purchase $BTC (and per @michael_saylor) it looks like they completed that buy. Since first announcing their $BTC purchase in mid-August the stocks +143% (with BTC over 2.0x during that time)
2/ Mass Mutual with its ~$235B general investment account purchased $100M of $BTC through NYDIG (after making an equity investment alongside @BessemerVP & $MS).
3/ Ruffer Management a ~$27B asset manager bought $750M of $BTC to equate to ~2.5% of the portfolio:

"We see this BTC investment as a small but potent insurance policy against the continuing devaluation of the world’s major currencies,”
4/ Jefferies Christopher Wood amended his long-only asset allocation recommendation for pension funds cutting gold to 45% from 50% and initiating a 5% position in $BTC.
5/ Guggenheim CIO Scott Minerd claimed that the firms "fundamental work" shows $BTC should be worth ~$400,000.

"Bitcoin has a lot of the attributes of gold and at the same time has an unusual value in terms of transactions," Minerd told Bloomberg TV.
6/ OneRiver & Eric Peters aims to own ~$1.0B of $BTC & $ETH in early '21 and has reportedly acquired in excess of $600M already with the backing of Alan Howard.
7/ For the past few weeks the crypto community was worried about rules that would come out of FinCen & @stevenmnuchin1. They were better than feared not covering unhosted to unhosted wallets and puts $BTC on a similar footing to USD from a FI perspective.
8/ @coinbase has been executing a lot of these large buy orders for institutional investors / funds & has filed their S1 to go public. As they continue to take back volume from offshore exchanges and as CME grows it leads to the maturation of the market.
9/ This fact pattern is the biggest difference between now & '17 which was very much a retail driven frenzy. You are having multiple 9 figure $BTC spot orders placed in market when daily inflation is ~1/2 of what it was on top of a more conducive macro backdrop.
10/ All of this is in the last 2 weeks & excludes the $PYPL roll out, the success of $SQ, @DigitalAssets, new custodians, guidance from the OCC, macro investors like Druckenmiller & PTJ talking about $BTC's place in the portfolio, etc... will shape up for an interesting '21.

More from Crypto

Out of curiosity I dug into how NFT's actually reference the media you're "buying" and my eyebrows are now orbiting the moon

Short version:

The NFT token you bought either points to a URL on the internet, or an IPFS hash. In most circumstances it references an IPFS gateway on the internet run by the startup you bought the NFT from.

Oh, and that URL is not the media. That URL is a JSON metadata file

Here's an example. This artwork is by Beeple and sold via Nifty:

https://t.co/TlJKH8kAew

The NFT token is for this JSON file hosted directly on Nifty's servers:

https://t.co/GQUaCnObvX


THAT file refers to the actual media you just "bought". Which in this case is hosted via a @cloudinary CDN, served by Nifty's servers again.

So if Nifty goes bust, your token is now worthless. It refers to nothing. This can't be changed.

"But you said some use IPFS!"

Let's look at the $65m Beeple, sold by Christies. Fancy.

https://t.co/1G9nCAdetk

That NFT token refers directly to an IPFS hash (https://t.co/QUdtdgtssH). We can take that IPFS hash and fetch the JSON metadata using a public gateway:

https://t.co/CoML7psBhF

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हिमालय पर्वत की एक बड़ी पवित्र गुफा थी।उस गुफा के निकट ही गंगा जी बहती थी।एक बार देवर्षि नारद विचरण करते हुए वहां आ पहुंचे।वह परम पवित्र गुफा नारद जी को अत्यंत सुहावनी लगी।वहां का मनोरम प्राकृतिक दृश्य,पर्वत,नदी और वन देख उनके हृदय में श्रीहरि विष्णु की भक्ति अत्यंत बलवती हो उठी।


और देवर्षि नारद वहीं बैठकर तपस्या में लीन हो गए।इन्द्र नारद की तपस्या से घबरा गए।उन्हें हमेशा की तरह अपना सिंहासन व स्वर्ग खोने का डर सताने लगा।इसलिए इन्द्र ने नारद की तपस्या भंग करने के लिए कामदेव को उनके पास भेज दिया।वहां पहुंच कामदेव ने अपनी माया से वसंतऋतु को उत्पन्न कर दिया।


पेड़ और पौधों पर रंग बिरंगे फूल खिल गए और कोयलें कूकने लगी,पक्षी चहकने लगे।शीतल,मंद,सुगंधित और सुहावनी हवा चलने लगी।रंभा आदि अप्सराएं नाचने लगीं ।किन्तु कामदेव की किसी भी माया का नारद पे कोई प्रभाव नहीं पड़ा।तब कामदेव को डर सताने लगा कि कहीं नारद क्रोध में आकर मुझे श्राप न देदें।

जैसे ही नारद ने अपनी आंखें खोली, उसी क्षण कामदेव ने उनसे क्षमा मांगी।नारद मुनि को तनिक भी क्रोध नहीं आया और उन्होने शीघ्र ही कामदेव को क्षमा कर दिया।कामदेव प्रसन्न होकर वहां से चले गए।कामदेव के चले जाने पर देवर्षि के मन में अहंकार आ गया कि मैने कामदेव को हरा दिया।

नारद फिर कैलाश जा पहुंचे और शिवजी को अपनी विजयगाथा सुनाई।शिव समझ गए कि नारद अहंकारी हो गए हैं और अगर ये बात विष्णु जी जान गए तो नारद के लिए अच्छा नहीं होगा।ये सोचकर शिवजी ने नारद को भगवन विष्णु को ये बात बताने के लीए मना किया। परंतु नारद जी को ये बात उचित नहीं लगी।