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MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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Mike Novogratz attributes BTC's rise past $30K to institutional adoption

According to the Galaxy Digital CEO, institutions have a greater opportunity to buy Bitcoin currently in circulation, driving up the price.

Galaxy Digital founder and CEO Mike Novogratz believes institutional investors are helping drive the current Bitcoin bull run.

In an interview with BBC World News today, Novogratz said governments around world printing money and “debasing fiat money” was fueling the ongoing Bitcoin (BTC) bull run, but institutional players getting into crypto may be the bigger story. The Galaxy Digital CEO said major firms had changed their tune on crypto in the last three years, potentially affecting the supply of available coins.

“Now we’re seeing places like PayPal — at 340 million customers — servicing Bitcoin and selling Bitcoin [along with] big insurance companies in the United States,” said Novogratz. “As the institutions move in, there just is not a lot of supply [...] There are a lot more than 21 million millionaires out there.”

Macro investor Raoul Pal echoed Novogratz’s bullish sentiment, saying that he believes it’s possible for the price of Bitcoin to reach "between $400K and $1.2M" by the end of this year if trends were to continue. Pal revealed in November that 98% of his liquid net worth was invested in BTC and Ether (ETH), but added that he “still [doesn’t] own enough.”

Novogratz has also changed his opinion on what percentage of their portfolios investors should be allocating to Bitcoin. Before November, the Galaxy Digital CEO said Bitcoiners should have invested up to 3% into BTC and HODLed for five years. However, last month he advocated new investors put 5% into BTC because “Bitcoin’s not going back to zero.”

Many major institutions joined the crypto space for the first time in 2020. Business intelligence firm MicroStrategy announced that it had purchased $425 million in BTC — an investment now worth more than $1.2 billion — and later bought the dip to add $650 million BTC to its holdings. In December, Massachusetts-based insurance firm MassMutual purchased $100 million in BTC for its general investment account.

At the time of publication, the price of Bitcoin is $33,727, having risen 6% in the last 24 hours. This puts the crypto asset within reach of a new all-time high since passing $34,700 earlier today.

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