Another week, another round of Crypto Tidbits. While the Bitcoin price actually stagnated over the past week, falling from $5,450 to $5,000, the underlying industry was as active as ever. Over the past seven days, Harvard formally invested in a crypto asset (not just an industry project), Bakkt moved closer to launch with a key hire, and more news was released regarding Facebook’s blockchain division.

Related Reading: Crypto Tidbits: Bitcoin Passes $5,000, SEC Doubles-Down On Crypto, Binance DEX Nears

Crypto Tidbits

  • Tim Draper Looks To Invest In Facebook’s Crypto Amid Search For $1 Billion: Over recent months, Facebook has been quietly bolstering its efforts in the cryptocurrency space. And the social media giant is purportedly looking to continue their foray. Per Nathaniel Popper, the New York Times’ resident Bitcoin and crypto reporter, Facebook’s primarily Palo Alto-based blockchain arm is looking for venture capital partners to contribute $1 billion+. Tim Draper, a Bitcoin-friendly Silicon Valley investor, seemingly confirmed these rumors, telling Bloomberg that he intends to see if Facebook’s venture is “a good fit” for his portfolio. This comes ahead of the company’s purported intent to launch a stablecoin-esque digital asset centered around WhatsApp in the coming three to four months.
  • China Looks To ‘Ban’ Bitcoin Mining: Early last week, a governmental committee in China, the National Development and Reform Commission (NDRC), released an updated list of activities it is looking to restrict. Interestingly, out of the 450-odd articles, Bitcoin and cryptocurrency mining was mentioned. The NDRC hinted that it sees this industry as potentially illegal, unsafe, or a detriment to China’s environment and energy grid (which is weird considering that underutilized hydropower is Chinese miners’ go-to medium to power their Bitcoin ASICs). While some claimed that this would kill Bitcoin, as China is a hub for mining and ASIC creation, many pundits aren’t so worried. Some cryptocurrency enthusiasts claimed that either the restrictions would fail or that the ‘ban’ may take years, if not decades to come into full effect. So don’t worry too much.
  • Harvard’s $39 Billion Endowment Dives Into Crypto With Blockstack ICO: Harvard University, one of the world’s most well-regarded educational institutions, has finally purchased its first crypto assets directly. According to Bloomberg, which cited a recent filing to the U.S. Securities and Exchange Commission (SEC), the university’s endowment and two other investors purchased 95.8 million Blockstack Tokens, valued at $11.5 million. Blockstack is expected to be the first industry firm to have a token sale approved by the SEC’s “regulation A+ framework.” This news follows rumors that the school’s $39 billion endowment siphoned money into blockchain project funds, not Bitcoin or other digital assets themselves.
  • IMF’s Lagarde Warns Crippling Potential Of Bitcoin And Other Cryptocurrencies: At a recent event, Christine Lagarde, the chairwoman of the International Monetary Fund (IMF) told CNBC that she is worried about the threat that Bitcoin and other cryptocurrencies pose to traditional banking.

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