Phases of the moon. (Mason Kimbarovsky/Unsplash, modified by CoinDesk)
Blockchain Bites is back – we hope you enjoyed the holiday pause. Now for the news: Another major hedge fund may allocate to bitcoin. Kaspersky sees cybercrime on the rise for 2021. And anonymous developers have forked a seemingly dead project to launch DeFis latest stablecoin.
And, perhaps most notably, bitcoin has set a new all-time high. After nearly three years of waiting, bitcoin investors can celebrate a new all-time high Monday after the leading cryptocurrency traded as high as $19,786, breaking the previous record set in December 2017 by $3, CoinDesk reporter Zack Voell writes.
Basic Cash basics
A team of anonymous developers is resurrecting a version of Basecoin, a project that received $133 million in funding though never launched. The quasi-fork, called Basis Cash, is a dollar-pegged stablecoin project designed for DeFi and commercial applications, a Basis developer said. Beginning with just 50,000 BAC (the tokens ticker) at first, Basis is in a minority of stablecoins that are not backed by anything of value. Instead, price stability will be maintained by the algorithmic printing of Basis Bonds and currency debasing. (The original Basecoin was foiled by U.S. securities regulators, and the team returned the raised funds in 2018.)
Guggenheim Funds Trust filed an amendment with the U.S. Securities and Exchange Commission to allow its flagship $5 billion Macro Opportunities Fund gain exposure to bitcoin by investing up to 10% of the funds net asset value in the Grayscale Bitcoin Trust (GBTC). Guggenheim is a hedge fund giant with more than $233 billion in total assets. If it follows through on its investment, Guggenheim will join hedge fund managers Stanley Druckenmillers and Paul Tudor Joness recent excursion into crypto, who both noted bitcoins strength as an inflation hedge.
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