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By July 22, 2021DeFi
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Elon Musk’s space exploration company SpaceX holds bitcoin on its balance sheet and has no plans to sell it, according to Musk. The prominent CEO also owns BTC, ETH, and DOGE personally.

A recent Goldman Sachs survey has found that nearly half of its wealthy family office clients are interested in cryptocurrencies, and that 15% of them are already invested in crypto.

Paxos has revealed the assets backing both its stablecoins PAX and BUSD for the first time. The firm revealed about 96% of the reserves were held in cash and cash equivalents, while 4% were in U.S. Treasury bills.

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Top stories in the Crypto Roundup today:

  • SpaceX Owns Bitcoin and Plans on HODLing It
  • Wealthy Family Offices are Eyeing Crypto, Goldman Sachs Finds
  • Paxos Reveals Reserves Backing PAX and BUSD Stablecoins
  • Sponsored: Invictus Capital Q2 2021 Investment Report
24 hours chart of the price of BTC
SpaceX Owns Bitcoin and Plans on HODLing It

Elon Musk’s space exploration company SpaceX holds bitcoin on its balance sheet and has no plans to sell it, according to Musk. The prominent CEO also owns BTC, ETH, and DOGE personally.

Speaking at “The B Word” conference hosted by the Crypto Council for Innovation, Musk discussed the outlook for Bitcoin with Cathie Wood, head of Ark Investment Management, and Jack Dorsey, CEO of Twitter and Square.

During the conference, Musk said:

“I would like to see Bitcoin succeed. If the price of Bitcoin goes down, I lose money. I might pump but don’t dump.”

Musk, who’s also the CEO of Tesla, noted the electric car market still holds the BTC it bought back in February, and that it would most likely resume accepting bitcoin for purchases once mining is more environmentally friendly.

A recent Goldman Sachs survey has found that nearly half of its wealthy family office clients are interested in cryptocurrencies, and that 15% of them are already invested in crypto.

The survey polled more than 150 family offices the bank does business with and found that a total of 60% of respondents are already invested in crypto or are interested in gaining exposure to the space.

The interest in cryptocurrencies comes as a hedge against “higher inflation, prolonged low rates, and other macroeconomic developments following a year of unprecedented global monetary and fiscal stimulus.”

Family offices appear to be slowly turning to cryptocurrencies like Bitcoin. 22% of the family offices that responded to the survey had $5 billion under management or more, and 45% had between $1 billion and $4.9 billion.

Paxos has revealed the assets backing both its stablecoins PAX and BUSD for the first time. The firm revealed about 96% of the reserves were held in cash and cash equivalents, while 4% were in U.S. Treasury bills.

The company’s disclosure came a day after the issuer of the second-largest stablecoin USDC, revealed the assets backing it. Tether, the largest stablecoin issuer, revealed the backing behind USDT in May.

All of Paxos’s cash balances are held in U.S. insured depository institutions, and its cash equivalents are held in “U.S. Treasury bills with maturities of 3 months or less, or overnight repurchase agreements, overcollateralized by U.S. Treasury instruments.”

The other 4% of the firm’s reserves are in U.S. Treasury bills. They were categorized separately as those T-bills are four months from maturity.

Crypto and decentralized finance (DeFi) introduce a plethora of opportunities to transform financial services, making them more accessible, transparent and efficient. At the same time, they also introduce a new world of risks and uncertainties, which regulators, financial institutions and investors worldwide are just beginning to grapple with.

Join us at 12:00 PM EST / 5 PM BST, for the final day of DACOM 2021. For today’s session, we will be joined by Michele Korver for a keynote fireside chat. Michele has recently been appointed as the first Chief Digital Currency Advisor at FinCEN and will lead the agency's effort in enabling the digital asset industry, while mitigating its new risks.

Following the keynote session, we will be joined by a host of great speakers for our panel: Balancing Privacy and Risk: Financial Integrity in the Crypto Space. The session will be moderated by Ian Taylor, Executive Director at CryptoUK, and will feature Mandeep Walia, Chief Risk and Compliance Officer at Circle, Katherine Hou, Senior Financial Intelligence Investigator at TRM Labs, Mriganka Pattnaik, Co-Founder and CEO at Merkle Science and Dave Jevans, CEO at Ciphertrace.

You can learn more about today’s event and register for it here.

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