Welcome to This Week in Crypto, your source for the latest in the cryptocurrency world. This week, we start with Bitcoin celebrating its 16th birthday, marking over a decade and a half since Satoshi Nakamoto introduced the revolutionary concept of decentralized currency. Next, we cover FV Bank’s new partnership with Visa to launch debit cards that combine crypto and cash balances, making digital assets easier to use in daily life. Finally, we look at the milestone reached by Bitcoin ETFs, which now hold over 5% of all Bitcoin, coming close to surpassing Satoshi’s own holdings. Let’s dive into this week’s top stories!
Bitcoin Turns 16, Nearly Misses All-Time High
Bitcoin recently celebrated its 16th anniversary, marking a journey from a niche digital experiment to one of the world’s largest assets. Introduced in 2008 by the anonymous Satoshi Nakamoto, Bitcoin’s white paper laid the groundwork for a decentralized, peer-to-peer currency network. Since then, it has grown rapidly, reaching a market value of over $1 trillion, making it the 10th largest asset globally. Today, companies like BlackRock manage sizable Bitcoin holdings through exchange-traded funds (ETFs), reflecting the cryptocurrency’s integration into traditional finance.
In recent days, Bitcoin’s value climbed close to its all-time high of $73,737, driven by rising interest in cryptocurrency ETFs and discussions around its role in the current financial landscape. Although it didn’t quite reach its record price, Bitcoin’s standing remains strong as it continues to draw attention from financial markets worldwide. As it enters its 17th year, Bitcoin stands as both a technology milestone and a focal point of ongoing discussions about the future of digital finance.
FV Bank and Visa Launch Cards to Simplify Crypto Spending
FV Bank has partnered with Visa to launch new debit and corporate cards that allow people to access both regular money and digital currency from the same card. Announced at the Money 20/20 event in Las Vegas, these Visa cards let customers fund their accounts with U.S. dollars, popular stablecoins like USD Coin and Tether, and several cryptocurrencies, including Bitcoin and Ether. This makes it easier for people in the U.S. and abroad to spend their digital assets as easily as regular cash.
This move is part of a larger trend, with financial companies like Visa and Mastercard working to make digital currencies more usable in daily life. Recently, Visa also introduced a new system for managing digital assets for big institutions, such as banks, to handle stablecoins and central bank digital currencies (CBDCs). Mastercard has rolled out a similar service in Europe, letting people use crypto from their own wallets to pay at stores, showing how big players in finance are preparing for a world where digital assets are part of everyday spending.
Spot Bitcoin ETFs Cross 1M BTC, Holding Over 5% of Bitcoin Supply
Bitcoin-focused exchange-traded funds (ETFs) have now accumulated over 1 million Bitcoin, boosted by a nearly $900 million influx on Wednesday, primarily directed toward BlackRock’s ETF. This marks a significant milestone, with ETFs holding $24.2 billion in Bitcoin since their approval in January. If demand continues at this rate, the funds may soon surpass Bitcoin’s anonymous creator, Satoshi Nakamoto, who holds about 1.1 million Bitcoin. This development comes around 16th anniversary of the Bitcoin white paper, written in 2008, which laid the foundation for the digital currency.
The strong demand for Bitcoin ETFs reflects growing interest from institutional investors. While retail buyers initially drove Bitcoin ETF inflows, large firms like Merrill Lynch and Wells Fargo are now increasing their involvement as they complete the necessary compliance and approval steps for this relatively new asset. According to Bitwise’s Ryan Rasmussen, these institutions have rigorous processes to approve new investments and train their advisors, and many are now opening the doors for clients to invest in Bitcoin.
