Nickel Research Centre
Monthly news

Major developments in digital assets, May 2021

Goldman Sachs published a 41-page research paper declaring crypto “a new asset class”

The Federal Reserve published a research paper on the transformative potential of DeFi on Ethereum 

Stanley Druckenmiller said “crypto-derived ledger system” could replace USD as reserve currency

Ray Dalio declared that he is bullish on Bitcoin, saying “Personally, I’d rather have Bitcoin than a bond

UBS became another major bank to offer digital asset exposure to their private wealth clients  

Bank of America joined an Ethereum-based service for same-day settlement of stock trades  

One River Asset Management submitted an SEC filing for a carbon-neutral Bitcoin ETF

VanEck launched a private Bitcoin tracker funds whilst waiting for a decision on their ETF application

Sotheby’s auction house increased their digital asset integration by accepting Bitcoin and Ether 

Ark Investment increased their digital asset exposure, maintaining long-term $500,000 Bitcoin prediction 

Wells Fargo opened digital asset investments for institutional investors and high net worth clients

eBay confirmed the integration of non-fungible tokens (NFTs) into their online e-commerce platform

BNY Mellon cited a lack of Bitcoin as the key reason for its fund’s underperformance in an SEC filing

Mastercard released survey results showing growing appetite for crypto assets as a means of payment

Fidelity launched digital asset analytics, reported $109m of investment in their Bitcoin fund in 9 months 

DBS saw digital exchange growth, launched crypto trust servicedeclared BTC no longer a “fringe asset”

Citigroup said that client demand was driving them to explore offering digital assets to clients

Goldman Sachs offered clients access to Bitcoin derivatives

Cathie Wood spoke in favour of digital assets several times, calling Bitcoin energy concerns “misguided”

Uniswap, the largest DEX (decentralised exchange) saw record volumes and launched its v3 upgrade

Square, the popular American payment app, experienced an 11-fold y-o-y growth in Bitcoin revenue  

Coinbase announced a $1.25bn convertible senior note issue, and the creation of their own media arm 

Pacific Gas & Electricity, California’s largest utility company, joined the Blockchain Education Alliance

Commerzbank and Deutsche Börse partnered on a blockchain marketplace tokenising art & real estate  

The Bank of England stated it was “probable” a British CBDC would be created 

Millennium hedge fund ($50bn AUM) confirmed engagement in “in crypto trusts, futures, and ETFs”

Billionaire investor Carl Icahn disclosed that he studies crypto assets, and could invest “in a big way”

“Long Bitcoin” became the most-crowded trade in Bank of America fund manager survey

Crypto Mining Groups joined together with Elon Musk to improve energy usage in the mining industry

Bitcoin experienced a sharp correction this month, dropping from an opening $57,750 to $36,920

Ethereum saw significant growth before Bitcoin’s correction, rising to a new record high of $4,362

•The total digital assets market cap achieved a record high of nearly $2.8tn before Bitcoin’s drop