8 April

Coinbase’s blowout Q1 earnings results led investment bank DA Davidson to up its price target for the company’s soon-to-be-direct-listed shares by 125%.

Rating COIN a “buy,” Davidson raised the exchange’s share price target from $195 to $440, which is a 20x multiple of its expected 2021 revenue. The analysts said the company’s Q1 performance was proof the crypto exchange giant could generate “healthy margins” despite the uncertainty of the bitcoin markets.

Coinbase reported preliminary 1Q21 results prior to [its] direct listing that were multiples higher than our estimates on both the top and bottom lines. We continue to believe COIN’s product experience and best-in-class compliance and regulatory controls should provide a defensible moat.”

“According to Bloomberg bitcoin (BTC) analysts, the price could climb as high as $400,000 this year, from about $56,000 now. The uber-bullish prediction is based on bitcoin’s performance during the 2017 and 2013 bull runs.

Our graphic depicts bitcoin on similar ground as the roughly 55x gain in 2013 and 15x in 2017. To reach price extremes akin to those years in 2021, the crypto would approach $400,000, based on the regression since the 2011 high. The year after a supply cut (halving) is what 2021 has in common with 2017 and 2013, along with subdued volatility.

Rising real yields are a headwind for gold prices, but less so for bitcoin, still in its price-discovery stage. Gold is fighting a battle with bitcoin, which can earn 6%-8% in crypto savings accounts and is well on its way to becoming a global reserve asset in a digital world.”

See Also: Bitcoin Still Has Support From Long-Term Uptrend, Says Technical Analyst Katie Stockton
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“Miami Mayor Francis Suarez is pushing a commitment for the city to explore crypto by turning his attention to Ethereum. Ethereum creator Vitalik Buterin and Suarez announced that they have embarked on a new collaborative project focused on city services.

We want the city directly involved in a way that demonstrates the applicability of the software so that we can continue to provide better services for our residents.”

See Also: Wyoming’s New Online Sports Betting Law OKs Crypto Wagers

California real estate stalwart Caruso properties will now accept bitcoin for rent on all its properties.

In a partnership with Gemini Exchange, Caruso will now let tenants of its retail and commercial properties pay their rent in bitcoin. This makes Caruso the largest real estate manager in the United States to accept the digital asset as a form of payment. Additionally, Caruso has allocated roughly 1% of its treasury into bitcoin.

This partnership marks the beginning of a holistic, long-term relationship intended to bring cryptocurrency, non-fungible tokens (NFTs), and blockchain applications to Caruso properties.”

“At a panel for the World Economic Forum’s Global Technology Governance Summit today, United Arab Emirates minister of economy Abdulla Bin Touq Al Marri said that cryptocurrency and asset tokenization will be key to the country’s plans to double its economy — currently estimated to be the 34th-largest in the world — in 10 years.

Perhaps most exciting from an adoption standpoint, the minister said that the country has several ambitious projects underway, including a study being conducted with the WEF on funding small and medium-sized enterprises with a government-run token platform, possibly as part of a ‘regional token exchange that is in our agenda.’

See Also: PayPal Co-Founder, Bitcoin Investor Thiel Says Bitcoin Could Be Chinese ‘Weapon’

“In a recent study, Sweden’s central bank presented the first results of its central bank digital currency pilot on a network based on R3’s Corda blockchain.

The Riksbank simulated core aspects of a potential CBDC system, including liquidity supply via the Riksbank’s settlement system, RIX, and network members serving as e-kronor distributors. The central bank also simulated participants, end-users and payment instruments like mobile apps.

The solution tested in phase one of the e-krona pilot has met the performance requirements made in the public procurement. But this has taken place in a limited test environment and the new technology’s capacity to manage retail payments on a large scale needs to be investigated and tested further.

The central bank also noted some privacy challenges, stressing that the information contained in an e-krona transaction must be protected to uphold banking secrecy laws and avoid revealing personal data.”

“Brady and Richard Rosenblatt, the former CEO of Myspace parent company Intermix Media, will serve as co-chairs of Autograph, while the CEO will be Rosenblatt’s 23-year-old son Dillon.

Autograph has also loaded up a team of tech and sports heavyweights as board members or advisors, including Apple SVP Eddy Cue, DraftKings CEO Jason Robins, Spotify CCO Dawn Ostroff, Lionsgate CEO Jon Feltheimer, Cameo CEO Steven Galanis, and Golden State Warriors part owner Peter Guber.

Autograph, will bring together some of the world’s most iconic names and brands with best in class digital artists to ideate, create and launch NFTs and ground-breaking experiences to a community of fans and collectors.”

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“Decentralized finance (DeFi) management and protocol aggregator platform Instadapp announced the launch of their governance token, INST. While not currently transferable by the average user, the token is set to go fully live later in the year to coincide with a transfer of control over the protocol to a DAO governance process in Q2.

Instadapp is known as being an aggregator, but we are much more than that. Instadapp is a complete toolkit for building DeFi applications. As we transition our platform into a defi middleware, we are not only aggregating different protocols but our platform will create unique use-cases by leveraging different components across defi.”

See Also: Fei Protocol struggles with a bug as holders are mostly unable to sell the token