Nov 24, 2021
Bitcoin bonds in El Salvador, Morgan Stanley buys more BTC and Stripe considers accepting crypto
First Bitcoin bonds ever: $1 billion in El Salvador
The biggest news of the past week comes from El Salvador. President Nayib Bukele is planning to use a so-called bitcoin bond to fund a new municipality called “Bitcoin City,” which would be powered with geothermal energy from a volcano.
He said the bonds will be available in 2022. He estimates the city’s public infrastructure would total about 300,000 BTC (worth about $16.8 billion at the time of writing).
The proposed city would not charge residents or businesses income tax, capital gain taxes, property tax or payroll tax. Instead, it would levy a 10% value-added tax on purchases to pay for city upkeep.
Source: The Block
Stripe considering crypto payments
Stripe co-founder John Collison has hinted that the company may start accepting crypto as a method of payment again after ending Bitcoin support in 2018. He said that while the firm doesn’t yet, it’s “not implausible” that it will in the future.
Stripe ended support for Bitcoin payments in 2018, citing extreme volatility and a lack of efficiency in making day-to-day payments as reasons for dropping the top cryptocurrency.
Now he mentioned that blockchains like Solana and innovations such as Bitcoin’s Lightning Network have the potential to fulfil the role of scalable, low-cost crypto transactions.
Morgan Stanley funds increase Bitcoin exposure
In new filings with the U.S. Securities and Exchange Commission (SEC), banking giant Morgan Stanley has revealed some of its funds added Bitcoin exposure in Q3.
For the period ending September 30, Morgan Stanley’s Growth Portfolio Fund, for example, added 1.5 million shares of the Grayscale Bitcoin Trust (GBTC). Similarly, its Insight Fund added nearly 600,000 shares over the period.
Other Morgan Stanely funds added exposure as well, suggesting that Morgan Stanley fund managers are becoming more comfortable adding Bitcoin to their portfolios.
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