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Investors in BlackRock’s tokenized fund can now use their shares in exchange for Circle’s USD Coin. Venture capitalist Tim Draper shared his thoughts on what will happen to the Bitcoin price after the halving. Meanwhile, lawmakers in Paraguay suggest that excess electricity generated by a hydroelectric plant could be sold to cryptocurrency miners. Here are three significant developments that marked the last 24 hours in the cryptocurrency market.
Circle Makes a Noteworthy Move
Circle announced that owners of BlackRock’s tokenized investment fund can now use their shares through the USDC stablecoin. According to Circle’s announcement, investors in BlackRock’s USD Corporate Liquidity Fund (BUIDL) can now transfer their shares and receive USDC. The announcement claimed that owners would have access to an almost instant transaction process with USDC.
Launched last month on the Ethereum blockchain network, BUIDL allows investors to access US dollar returns through Securitize Markets, a company that tokenizes real-world assets. Circle CEO Jeremy Allaire commented on the matter:
“Tokenizing assets is a significant dimension of solving investors’ problems. USDC allows investors to quickly exit tokenized assets, reducing costs and eliminating friction.”
Since receiving approval to launch a spot Bitcoin exchange-traded fund in January, BlackRock has become the largest institutional player in the crypto asset space. As of April 10, BlackRock’s spot ETF fund holds more than 266,580 Bitcoins.
Prominent Figure Predicts Bitcoin’s Future
Famed venture capitalist Tim Draper believes that Bitcoin’s value will triple by 2024 due to entries into spot exchange-traded funds and the upcoming Bitcoin halving event. Speaking during Paris Blockchain Week, Draper reiterated his belief that Bitcoin’s value will significantly increase in 2024, considering various factors. Reflecting on his previous price prediction for 2022, Draper shared:
“If I had to guess, we might see $250,000 by the end of the year; it looks pretty good.”
The approval of spot Bitcoin ETF funds in the United States has been a critical driving force in renewing interest and capital inflow into the Bitcoin ecosystem. Draper believes these investment products open a new path for Bitcoin enthusiasts who may be intimidated by the prospect of holding Bitcoin themselves and also serve as a hedge against depreciating fiat currencies.
Mining Process on the Agenda in Paraguay
Last week, Paraguayan senators halted progress on a proposed cryptocurrency mining ban, and officials are now assessing the benefits of selling excess energy from the Itaipu hydroelectric plant to miners instead of exporting it to Brazil and Argentina. Senator Lilian Samaniego confirmed in a senate session on April 10 that a public session will be held on April 23 to discuss the benefits and drawbacks of Bitcoin mining in the country.
This decision came about a week after lawmakers proposed a bill on April 4 to temporarily ban Bitcoin mining for at least 180 days, alleging that illegal crypto mines were stealing power and disrupting the country’s electricity supply. However, days later, on April 8, Paraguayan lawmakers approved a statement by Senator Salyn Buzarquis hoping to prompt the Paraguay Ministry of Industry to examine the economic benefits of selling excess energy to Bitcoin miners, supporting domestic and foreign investment infrastructure.
