Many well-known investors have stated their expectations for higher Bitcoin prices. MicroStrategy (MSTR), a top business intelligence firm, announced Friday that it has raised $650 million in convertible bonds to fund additional Bitcoin (BTC) purchases. The bond sale underlines MicroStrategy’s conviction that Bitcoin is an investment opportunity for generations.
MicroStrategy may be a large corporate Bitcoin holder, but not the only one. Massachusetts-based insurance company MassMutual announced Thursday that it has acquired $100 million in Bitcoin for its general investment account, making it one of the largest corporate holders. Other public companies such as Galaxy Digital and Square have invested between $36-$134 million in Bitcoin. All these companies are now making significant profits.
Bitcoin (BTC) has risen significantly from lows of $17,580 to $18,855 in the last 24 hours, signaling that the flagship asset is on a trending move. Verge (XVG) a fork of Dogecoin (DOGE), ranks 97th largest cryptocurrency with a market cap of $112 million.
XVG/USD Daily ChartAt the time of writing, XVG trades at $0.0071550, having previously hit June highs, buoyed by Visa and Mastercard news regarding PornHub.
Blockstack’s STX may not be so popular with most investors like Bitcoin, but the 72nd largest cryptocurrency by market cap has recorded growth in recent times. STX has increased by 85% of its value since November, and its market capitalization has grown from $100 million to $188 million since the said period. STX presently trades at $0.2978 up by nearly 7% on the day.
Verge (XVG) is currently infamous for its ties to the porn industry. Verge initially partnered with PornHub in April 2018 in a solution that buoyed the crypto asset. On the recent confirmation by the world’s largest Pornsite PornHub that Visa and MasterCard are no longer serving its payments, Verge, therefore, stands a chance of use for its nearly 120 million daily visitors.
Verge (XVG) sentiment vs. price 1-week chart. Courtesy: TheTIEThe reason for the service withdrawal is that questions remain about PornHub’s handling of illegal content. For MasterCard, the block will be permanent, and Visa will continue to track its decision.
Visa and MasterCard follow PayPal steps in abhorring the adult entertainment hub, which is now forced to rely solely on cryptocurrency payments. This move gave impetus to Verge which until recently traded at almost multi-year lows.
Blockstack (STX) parent company was created in 2013, but the initial coin offering took place in September 2019, Blockstack aims to replace centralized cloud services that require user information to be stored, thereby creating full-stack decentralized application (DApps) solutions.
Blockstack’s STX token surged 85% unnoticed last month buoyed by underlying fundamentals and an upcoming mainnet launch.
Blockstack (STX) price vs. Tweet Volume. Courtesy: TheTIEA correlation was observed in its tweet activity and price, as the former usually surges before an upside move. On November 10 a spike in tweet activity was seen when the Coinbase open-source tool Rosetta was integrated into Blockstack. On December 7, the company issued a legal memo claiming that its Blockstack STX tokens would no longer be considered securities.
After changing its parent company name to Hiro, Blockstack announced the 2.0 mainnet. Code completion will occur at the latest December 15, and the launch date is January 14, 2021. This suggests that there are a large number of fundamental drivers supporting the STX rally and it’s worth noting that the token release schedule until October 2021 is very aggressive.
Image Credit: TheTIE, Shutterstock
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