Crypto Espresso: Your quick shot of the latest crypto moves and news
Link copied to
UFC winners to get Bitcoin bonuses? And there’s a crypto-fund that reckons it’s better than Bitcoin – and the numbers apparently add up.
It’s Friday in Cryptoland. Let’s begin.
CNBC: A US-based blockchain fund run by value managers says it gives investors better returns than Bitcoin itself.
Off the Chain Capital, which uses a traditional value investing strategy – that’s old school analysis to I.D. undervalued assets – says its fund has outperformed bitcoin in each of the last five years.
Chain’s fund has averaged 133% per year since its inception in 2016, compared to about 108% per year on average for bitcoin, according to Off the Chain. The firm uses some tricky math via the compound annual growth rate (CAGR) for both the fund and Bitcoin.
“We’ve outperformed bitcoin five out of five years, and we’ve done it with 80% less volatility than bitcoin,” said Brian Estes, the fund’s CEO and chief investment officer tells CNBC.
Fortune: Faced with declining revenue as users turn to TikTok et al, the minds at Meta are looking to virtual currencies to lure new blood to the metaverse by creating a digital token that can be spent only on Meta’s platforms.
Meta’s staff already have a name for that new virtual currency: Zuck Bucks, named for the group’s eclectic CEO.
Apparently, and this is via Fortune, via the financial times, via people familiar with the project: Zuck Bucks would be controlled by Meta directly—much like the in-game currencies used in Fortnite and games on the Roblox platform.
And most unlike Diem—the doomed cryptocurrency Meta CEO Mark Zuckerberg tried to launch in 2019—Zuck Bucks are unlikely to be cryptocurrencies built on the blockchain.
Forbes: Speaking overnight at the Bitcoin 2022 conference in Miami, Robinhood Chief Product Officer Aparna Chennapragada delighted the crowd by saying Bitcoin is the top recurring ‘buy’ asset for the company so far this year. Exact numbers were not given. But crypto-crooners went crazy, Forbes says.
Fans of Ethereum and the coin that’s most like a dog, were also pleased by the numbers, shared off the cuff.
Bitcoin.com: The digital currency exchange Crypto.com says fighters from the mixed martial arts (MMA), Ultimate Fighting Championship (UFC), will be able to win Fight Night bonuses that will be paid in Bitcoin, with contestants that finish first place to get some $30,000 in BTC.
After first buddying up with the UFC back in July 2021, the cryptocurrency exchange announced BTC bonuses for UFC athletes who place first, second, and third in a Fight Night competition, with the fans voting in order to choose the top three best fighters.
“Bitcoin bonuses include $30,000 for First Place, $20,000 for Second Place, and $10,000 for Third Place,” the crypto exchange’s announcement explains, with the BTC bonuses will be based on the USD exchange rate at the time.
This article was developed in collaboration with Capital.com Australia (AFSL 513393), a Stockhead advertiser at the time of publishing.