Summary of people looking at Bitcoin-related posts on LinkedIn: 

who they work for and where they are based.

Source: TeamBlockchain

Nasdaq.com has reported that Marathon (a US-based, NASDAQ-quoted firm) has been investing $879million on new mining equipment, thus, increasing its Bitcoin mining capabilities. Whilst it will become harder to mine Bitcoin, presumably Marathon believes the price of Bitcoin will more than compensate. This news also demonstrates the growing importance of the US as a jurisdiction for Bitcoin mining as companies that were Chinese-based are relocating to other countries in light of the crackdown by Chinese authorities on cryptoassets.

Another post in Digital Bytes just before Christmas was regarding a digital wallet which has held 321 Bitcoins for eight years, yet had not entered into any transaction until the middle of December 2021. The value of these 321 Bitcoins eight years ago would have been worth $6,594 yet, based on a Bitcoin price of $42,500, these 321 Bitcoins would now be worth over $13.6million! As was said when Digital Bytes posted this information: “Not a bad Christmas present, perhaps they forgot they had these Bitcoins....... Easy to see why there has been so much interest in cryptocurrencies, a classic case of Fear of Missing Out - FOMO. But, by appreciating how cryptos such as Bitcoin function, this can help one understand what else Blockchain technology can do and hence it has given birth to: NFTs, DeFi, CBDCs, stablecoins, and bonds, equities, real estate and commodities in a digitised format. Looks like 2022 will be exciting and busy year as Digital Assets are poised to impact on business, society and the economy.”

Meanwhile, if Goldman Sachs is to be believed we will see much more media attention surrounding Bitcoin since the multinational investment bank and financial services company has suggested the Bitcoin price is to take on gold and rise to be worth $100,000 each. As ever, a question continuing to be asked is, “Is now a good time to buy Bitcoin?” Digital Bytes is not authorised to proffer financial advice but we thought it may help those who have yet to have any exposure to Bitcoin to consider allocating a small amount of capital on a regular basis to this asset. As mentioned in the past, the concept of regular savings is highly appropriate, especially for very volatile assets since it helps to smooth out the ‘ups and downs’ as the price rises and falls. If you save the same amount, then when the price is high, you will buy less Bitcoins, but when the price is low (has fallen) you will automatically be buying more Bitcoin.

The results of saving £5 a week over the last year

Source:dcabt.com prices as at 8th Jan 2022

The table above illustrates the results of saving £5 a week (but could be $5 or €5 etc) over one, three and five years, i.e., less than two takeaway coffees a week! Admittedly, in order to be disciplined and save £5 each week a few years ago was a hassle, but now it is easy to organise. Crypto.com, founded in 2016 in Hong Kong but now based in Singapore, has over 10 million customers and offers a regular savings facility for a range of cryptos, including Bitcoin. 

A film called 'A Wing and Prayer’, based on an actual incredible flight around the world in a micro plane, has also turned to NFTs for funding. It is the first ever film to be completely funded by NFTs, and is being produced by Niels Juul. Jonathan Bixby, executive chairman of NFT Investments (the firm behind the NFT funding) who is also co-founder of Bitcoin-mining firm, Argo Blockchain, has commented that "the NFT drops come with executive producer-like perks, like going to the set for a day, meeting some of the talent, getting swag like props, and going to both physical and digital premieres." 

A wing and a prayer

Source: NFT studios

Not to be outshone in the NFT limelights, India’s Bollywood has been issuing NFTs with one of Bollywood’s biggest stars, Ayaan Agnihotri, selling 8 million Bolly Coins (of the 20 million available) within days. When they are launched, these cryptos will be able to be used to buy NFTs. Back at the end of October 2021, one Bolly Coin was issued at 10 U.S. cents, rising to be worth 21 cents by 27th December 2021, but now having subsequently fallen back to 10 cents. With many things, all that glitters is not gold - as with many cryptos, the price of NFTs can be volatile. So remember - ‘caveat emptor’ (buyer beware)!

Meanwhile, in China, Xinhua (the state-controlled news agency) has revealed it is to issue a collection via NFTs. The collection will consist of eleven photos taken by journalists over the next twelve months and each photo will consist of 10,000 copies. That being said, of note does this issuance of NFTs by Xinhua indicate official support for them? Whilst the Chinese government has been tightening its grip on tech firms and restricting Bitcoin mining and the trading of cryptos in 2021, the Chinese government have just issued tacit support and guidance on the use of the metaverse. As reported by CNBC: “A Shanghai city department released Thursday its five-year development plan, which included encouraging metaverse use in public services, business offices and other areas”. Therefore, will the Chinese authorities subsequently allow, or even encourage, the use of NFTs in the metaverse?