The total amount of bitcoin transfers accounts for 70% of US GDP, and the market is steadily rising!
On June 26, the total transfer volume of bitcoin exceeded US $15.8 trillion for the first time in the first half of 2021, accounting for 70% of the US GDP of about US $22 trillion. In addition, the amount of bitcoin transfers has exceeded the GDP of the United States in 2010 and 2011, with us $15 trillion and US $15.5 trillion respectively. The sharp rise of bitcoin price from January to April 2021 is one of the main reasons for the continuous growth of bitcoin transfer volume. After April 2021, transactions worth US $236 million are still being settled every day.
Affected by market sentiment, the current stablecoin issue on Ethereum has exceeded US $76 billion. According to the statistics of ZB Research Institute, the top three stablecoins are USDT (US $28.9 billion 38%), USDC (US $25.9 billion 34.15%), BUSD ($11.8 billion 15.58%）。
On July 26, Stone Ridge, the parent company of New York digital investment group (NYDIG), submitted a new prospectus to the U.S. Securities and Exchange Commission (SEC) on Friday to add bitcoin to its open-ended mutual fund. According to the prospectus, the fund mainly implements its investment strategy by investing in bitcoin futures contracts and collective investment vehicles that invest directly or indirectly in bitcoin. The fund does not invest directly in bitcoin or other digital assets.
ZB Research Institute believes that the gradually restored investment climate in the market will promote more investment institutions to enter the field of cryptocurrency investment. The long-term market situation is still spiraling upwards. After the epidemic, international currency competition has shown a new pattern. Emerging markets and some underdeveloped economies are accelerating the process of de-dollarization, hoping to find a substitute for the US dollar.Cryptocurrency is also a special alternative to the dollar.
On July 26, the pension fund managed by New Jersey invested US $7 million in bitcoin mining stocks in the second quarter of 2021. As of June, the pension fund held us $3.66 million of Riot Blockchain shares and US $3.39 million of Marathon Digital Holdings shares.
On July 26, Turkey prepared to submit a draft bill on the supervision of domestic cryptocurrency as early as October.
On July 26, it was reported that Amazon planned to accept bitcoin payment before the end of 2021. In addition to accepting bitcoin payments, it is said that Amazon is still exploring the creation of its own cryptocurrency, possibly as early as 2022.
ZB Institute believes that the recent price decline of cryptocurrency has not affected demand at all. At present, every day, large hedge funds or some large investors outline their support for digital technology. The investment of pension funds in bitcoin mining stocks in New Jersey shows that the purpose of more institutions is becoming more and more clear.
For example, State Street bank is currently negotiating with customers on the configuration of bitcoin and other encrypted assets.State Street is also a partner of several fund managers who want to provide exchange traded funds. State Street bank spokesman Chakar said that the bank is not ready to enter the market through custody services, nor does it think it will establish a decentralized banking ecosystem to replace banks or traditional financial institutions.