Nickel Research Centre

Major developments in digital assets, March 2021

  • Goldman Sachs confirmed it will offer a “full spectrum” of investments in bitcoin and digital assets to wealth management clients “through physical bitcoin, derivatives or traditional investment vehicles”
  • Morgan Stanley confirmed that it would offer of Bitcoin exposure to its high net worth clients
  • JPMorgan endorsed allocation to Bitcoin to improve risk-adjusted returns in multi-asset portfolios
  • Deutsche Bank published a research paper declaring Bitcoin “too important to ignore”
  • Citi published a 108 page report stating that Bitcoin is “at a tipping point”
  • Nickel Digital launched its fourth fund, Digital Leaders Altcoin Fund, offering access to the DeFi space
  • Soros Fund Management declared an “inflection point” in digital assets, investing in infrastructure
  • BNY Mellon published an investment report focused on various different Bitcoin valuation models
  • PayPal officially integrated digital assets as a payment option, and acquired crypto custodians Curv
  • VISA completed the first stablecoin payments on their network, with the Ethereum-based USDC token
  • Fidelity published an “understanding Bitcoin” note for investors, and filed to launch a Bitcoin ETF
  • BlackRock SEC filings revealed trading of Bitcoin futures by its Global Allocation Fund
  • Tesla enabled Bitcoin as method of payment, and announced plans to hold this Bitcoin long-term
  • One River Digital Asset Management hired former SEC Chairman Jay Clayton to a new advisory board
  • Galaxy Digital reported 1,100% year-on-year income growth, announcing plans to go public in 2021
  • Sumitomo Mitsui Trust Bank issued Japan’s first tokenised securities, enabling Security Token Offerings
  • Coinbase registered 114.9m shares for its direct listing, and hired former SEC Director Brett Redfearn
  • Digital Yuan policy discussions featured at China’s annual “two sessions” meeting of lawmakers
  • Kjell Inge Rokke, Norway’s second-richest man, set up a business unit dedicated to Bitcoin
  • Gerber Kawasaki began investing in digital assets, stating the asset class “could be incredibly lucrative”
  • Bloomberg senior strategist declared Bitcoin is “replacing gold as a store of value in investor portfolios”
  • Deutsche Boerse listed two Ethereum ETPs, citing previous enthusiasm for Bitcoin ETNs
  • KiwiSaver Growth Strategy, a New Zealand pension fund, invested 5% of its portfolio into Bitcoin
  • Sotheby’s followed Christie’s lead, listing a Non-Fungible Token for auction as NFT growth accelerated
  • CME Group announced the creation of new “Micro Bitcoin Futures” contracts
  • NYDIG secured $200m equity funding from MassMutual, Morgan Stanley, and Soros Fund Management
  • Bank of Japan formed a committee dedicated to implementation of a central bank digital currency
  • Oaktree Capital founder Howard Marks converted from Bitcoin sceptic to a Bitcoin advocate
  • The Bank of Russia officially announced plans to trial a Digital Rouble next year
  • Jim Cramer, CNBC host, dropped half his portfolio’s gold allocation for Bitcoin
  • Bitcoin network miners earned record monthly revenues of over $1.51bn
  • Bitcoin’s market cap exceeded $1tn for the first time during March as Bitcoin’s value passed $60,000
  • Ethereum approached its all-time high, with a monthly open and close of $1,439 and $1,919
  • The total market value of digital assets grew from $1.4tn to $2.0tn, $200bn above February’s record
Monthly news