Crypto Biz: An eye-opening chat with Mr. Wonderful, April 7–13, 2022

The past seven days have reminded me of how lucky I am to have forged a career in the Bitcoin (BTC) and cryptocurrency industry. Cointelegraph sent a contingency of reporters to the Bitcoin conference in Miami, where we got to chop it up with billionaires, business leaders and hedge fund managers. I had the privilege of sitting down with Canadian businessman and Shark Tank star Kevin O’Leary, who actually revealed most of his crypto portfolio. 

I also got to interview Bloomberg’s senior commodity strategist Mike McGlone, who shed light on crypto market volatility, as well as Mark Yusko of Morgan Creek Capital. Yusko and I laughed at traditional 60/40 portfolio strategies, and I got to ask him a curious question: Who in their right mind is buying bonds today?

This week’s Crypto Biz gives you a nice recap of Bitcoin 2022, as well as the latest funding and business news from the world of blockchain.

Related: Bitcoin 2022 Miami: Conference recap and major themes

Mr. Wonderful Kevin O’Leary reveals his top crypto picks

Kevin O’Leary made it abundantly clear to Cointelegraph last week that Bitcoin and crypto are the future. There was so much I wanted to ask Mr. Wonderful, but I decided to keep it as succinct as possible, given that his entourage was hovering behind the set. O’Leary told the Bitcoin conference in Miami that BTC mining can actually save the world by incentivizing green energy production. I decided to pick his brain on this matter by asking for more concrete examples. I also asked him about stablecoin regulations, institutional appetite for digital assets and, of course, what his current crypto portfolio looks like (you’ll be surprised by the answer).

BlackRock joins stablecoin issuer Circle’s $400M funding round

Watch what they do, not what they say. New York-based hedge fund manager BlackRock has thrown its weight behind stablecoin issuer Circle, leaving little doubts about its intentions to enter the crypto space. BlackRock, like several other firms, is backing Circle’s $400 million funding round, which is expected to close sometime this quarter. In February of this year, Circle officially minted its 50 billionth USD Coin (USDC), giving the company a nearly 30% share of the stablecoin market. BlackRock wants in on the action, probably because it recognizes the enormous potential of stablecoins in maintaining the United States dollar’s global hegemony. The asset manager has also been working behind the scenes to expand its footprint in the digital asset space.

Pantera to close Blockchain Fund soon after raising $1.3B — double the target

Cryptocurrency hedge fund manager Pantera Capital is about to close a massive $1.3 billion investment fund dedicated to early-stage blockchain startups — and you still think this crypto thing is a passing fad? The capital raise is more than double the $600 million Pantera initially pledged in May of last year, which was right around the time that altcoins were hitting record highs. Nearly a year later, and with crypto prices faltering relative to expectations, you’d expect institutional appetite for crypto to have waned. Not so. Smart money is actively looking to uncover the next major crypto and blockchain plays. They don’t care about short-term price action.

Related: a16z’s Chris Dixon tops ‘Midas List’ by turning $350M into $6B in 2021

MetaMask expands institutional offering by integrating new crypto custodians

Decentralized autonomous organizations (DAOs) are finally getting the tools to participate in the wider crypto economy. This week, leading wallet and browser extension MetaMask announced a strategic partnership with four crypto custodians — Gnosis Safe, Hex Trust, GK8 and Parfin — to enable DAOs and institutional clients to access various decentralized finance (DeFi) and Web3 activities. For institutions, custodians and custodial wallets play a vital role in storing private keys and facilitating transaction approvals, making MetaMask’s new offering a potential boon for adoption. Have we finally found a gold standard for DeFi integration? Only time will tell.

Don’t miss it!

With inflation making front-page news again, Mark Yusko reminded us that price increases aren’t the real problem. “This isn’t inflation. This is currency devaluation,” Yusko said in an exclusive interview with Cointelegraph at Bitcoin 2022. The founder of Morgan Creek Capital went on to explain the role of the Federal Reserve in undermining your purchasing power. I also got ask him about his Bitcoin price outlook and whether a 60/40 portfolio strategy is still feasible. You can watch the full interview below.

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