Skip to main content

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...
Post a Comment

Citi Executive Says Bitcoin Will Do Well But Sees Better Investments in ‘Giant Unstoppable Trends’

Citi Executive Says No Doubt Bitcoin Will Do Well But Sees Better Opportunities in 'Giant Unstoppable Trends'

Citibank’s David Bailin believes that bitcoin will do well because of the level of interest from investors. While stating that the cryptocurrency can be part of a portfolio, the executive sees better investment opportunities than bitcoin in “giant unstoppable trends.”

Bitcoin ‘Is Going to Do Well,’ Citi Executive Predicts

David Bailin is Managing Director and Chief Investment Officer (CIO) at Citi Private Bank, a subsidiary of Citigroup dedicated to serving wealthy individuals and families. He is listed on the Citibank website as a “wealth expert.” Bailin talked about bitcoin in an interview with Yahoo Finance Wednesday. He said:

I tell people there’s no doubt that I think bitcoin is going to do well because of the level of interest that’s coming from everyone.

However, the Citi executive noted that it “scares” him “on a fundamental basis.” Bailin joined Citi in 2009 as the Global Head of Managed Investments and was promoted to Global Head of Investments in October of 2017.

Bailin explained that “At Citi Private Bank and at Citi Global Wealth, we are really focused on this concept of core and opportunistic investing.” The former represents 85% or more of the total holding in a traditional portfolio and is focused on “fundamental investing.” The latter is where Citi clients can choose to have exposure to bitcoin.

The Citi Private Bank CIO cautioned:

To get that exposure to bitcoin, if you don’t own the actual bitcoin, any of these funds or structures can be a very, very inefficient way to do that.

In January, Citi announced that it has created a single wealth management organization, Citi Global Wealth, unifying wealth management teams in Global Consumer Banking (GCB) and the Institutional Clients Group (ICG).

CIO Looking for Ways to Give Clients Exposure to Bitcoin But Sees Better Opportunities Elsewhere

Bailin said he has been looking at ways to offer his clients exposure to bitcoin, including a “total return swap” that could allow clients to “invest in the price appreciation of the actual digital currency.” He opined, “I think that’s probably the most efficient way to do it.”

The Citibank wealth expert added that although bitcoin may be the talk of the town, he sees better opportunities for Citi clients in “unstoppable trends,” like big data, satellite technology, solar, and more. The CIO opined:

These kinds of giant unstoppable trends, as we call them, are really wonderful investment opportunities, that are probably in the long term, or in my view definitely in the long term, way better than bitcoin.

He added that with these investments, “you can identify them, you can quantify them, you can find companies that are engaging them and you can see that the size of the market we are talking about is extraordinary.”

Earlier this month, Citigroup released an in-depth report stating that bitcoin is at a tipping point and could become the preferred currency for international trade. “We could be at the start of massive transformation of cryptocurrency into the mainstream,” the firm wrote.

What do you think about this Citi executive’s stance on bitcoin? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

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...
Post a Comment
Read more

Year of sponsorships: Celebrities who embraced crypto in 2021

From Matt Damon appearing in a TV spot for Crypto.com to Kim Kardashian shilling EthereumMax, 2021 saw celebrities with higher profiles getting into crypto. Though the crypto space has seemingly moved beyond the endorsements many minor celebrities bestowed on token projects during the 2018 initial coin offering boom, its growing popularity and acceptance now has professional sports players, Hollywood elites and politicians backing major companies dealing with digital assets. In June 2021, Kim Kardashian promoted EthereumMax (EMAX) via an Instagram story shared with  her more than 200 million followers . The token, which was used as payment for online ticket purchases for some pay-per-view events, gained 116,000% in just one week following the celebrity’s activity before falling more than 99% and leaving many investors in the red. Kim Kardashian promoting EthereumMax on Instagram Stories, June 2021. Source: Instagram Though EthereumMax is somewhat of a cautionary tale for cry...
Post a Comment
Read more

Top 3 Rebase Token Markets Shudder — Stats Show TIME, OHM, BTRFLY Lost Billions Since All-Time Highs

While the crypto economy has shed more than 3% in fiat value during the last 24 hours dropping to $2.09 trillion, the top rebase tokens by market capitalization have seen significant losses this week. At the time of writing, the rebase token economy is valued at over $3.2 billion but has lost more than 10% in value during the last 24 hours. The largest rebase token economies such as Wonderland, Olympus, and Redacted Cartel have shed between 36% to 55% over the last week. Top 3 Rebase Token Protocols Shed Billions in Value Over the Last Week, Wonderland Down 87% Since High On the first day of November 2021, Bitcoin.com News took a deep dive into the Olympus DAO and the reserve-backed asset called OHM . Olympus is a decentralized finance (defi) project that is described as a rebase token and since Olympus started, a myriad of Olympus forks have been born. Essentially, rebase token protocols adjust the token supply in a periodic fashion or when the price fluctuates. Olympus was once ...
Post a Comment
Read more