Cristiano Ronaldo is being sued

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The Blends Briefs
TL’DR: Here’s a sneak peek into today’s newsletter

• Cristiano Ronaldo is being sued for promoting Binance

• Bitcoin could reach $100,000 by the end of 2024.

• Bitcoin critic Charlie Munger dies at 99.

• Philippines' SEC to block access to Binance.

• UK to hit crypto users with penalties for unpaid taxes.

• Crypto Hedge Funds.

Global Biscuits

Cristiano Ronaldo is being sued for promoting Binance.
Football star Cristiano Ronaldo is facing a class-action lawsuit for allegedly promoting unregistered securities in partnership with Binance. The lawsuit claims that Ronaldo engaged in a "sustained and aggressive" promotional campaign for Binance, encouraging his followers to invest in the platform. The plaintiffs argue that Ronaldo's promotions were "deceptive and unlawful" and that he aided and abetted Binance's alleged fraudulent activities. The lawsuit filed with the U.S. District Court for the Southern District of Florida comes in the wake of a settlement between the U.S. Department of Justice and Binance over alleged money laundering, fraud, and sanctions violations, with Binance agreeing to pay a $4.3 billion fine.

Bitcoin could reach $100,000 by the end of 2024.
Standard Chartered Bank has reiterated its April forecast that Bitcoin (BTC) will reach $100,000 by the end of 2024. The bank sees the approvals of several U.S.-based spot Bitcoin ETFs as the next catalyst for this price target, expecting them to be approved sooner than expected, possibly in Q1 2024. The bank also highlighted the upcoming Bitcoin 'halving,' expected in late April 2024, as another source of potential price upside. Standard Chartered initially made its $100,000 prediction in April, citing Bitcoin's status as a branded safe haven.

Bitcoin critic Charlie Munger dies at 99.
Charlie Munger, the vice chairman of Berkshire Hathaway and longtime business partner of Warren Buffett, has passed away at the age of 99. Munger was known for his candid and often critical remarks, particularly about Bitcoin. He famously referred to Bitcoin as "rat poison" and "crypto shit," expressing strong disdain for the cryptocurrency. Munger's views on Bitcoin were consistently negative, and he considered it "worthless" and "asinine." His passing marks the end of an era for one of the most prominent figures in finance and investing.

Tastes of the regions

Philippines' SEC to block access to Binance.
The Philippines' Securities and Exchange Commission (SEC) has initiated the process of blocking access to Binance, the world's largest cryptocurrency exchange. The SEC stated that Binance's operator is not a registered corporation in the Philippines and is operating without the necessary license and authority to sell or offer any form of securities. The move comes after Binance's CEO, Changpeng Zhao, stepped down and pleaded guilty to violating U.S. anti-money laundering laws. The SEC has requested Google and Meta to ban online advertisements from Binance in the Philippines and warned individuals promoting or convincing others to invest in the platform of potential criminal liability. Users have been given three months to withdraw their investments from Binance.

UK to hit crypto users with penalties for unpaid taxes.
The U.K. government is urging crypto users to voluntarily disclose any unpaid capital gains or income taxes related to cryptocurrencies, non-fungible tokens (NFTs), and utility tokens. Users who have already made such disclosures to the U.K. Treasury are given a 30-day window to make the necessary payments; failure to meet the deadline may result in penalties. The move is part of the U.K. government's efforts to enforce tax compliance in the cryptocurrency sector and follows previous publications clarifying tax obligations for crypto holders in the country.

Dictionomics:  Crypto Hedge Funds 

A crypto hedge fund is a type of investment vehicle that pools money from various investors and uses it to buy, sell and trade cryptocurrencies and other blockchain-related assets. Crypto hedge funds aim to generate high returns by taking advantage of the volatility and opportunities in the crypto market. Crypto hedge funds may also invest in crypto derivatives, futures, options and other financial instruments that are linked to the price of cryptocurrencies. Crypto hedge funds are typically limited to accredited or institutional investors who can afford the high fees and risks involved in this type of investing. According to a report by PricewaterhouseCoopers, there were 150 active crypto hedge funds in 2020, managing a total of $3.8 billion in assets.

Some examples of crypto hedge funds are:

• Grayscale Investments: The world's largest digital asset manager, owned by Digital Currency Group (DCG). Grayscale offers investors exposure to various cryptocurrencies through its trusts and funds, such as the Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE) and Grayscale Digital Large Cap Fund (GDLC).

• Pantera Capital: One of the first and largest crypto hedge funds, founded in 2013 by former Tiger Management trader Dan Morehead. Pantera invests in both early-stage and established blockchain projects, as well as cryptocurrencies, ICOs and DeFi platforms.

• Polychain Capital: A crypto hedge fund founded in 2016 by former Coinbase employee Olaf Carlson-Wee. Polychain focuses on investing in tokens that power decentralized protocols and applications, such as Ethereum, Filecoin, MakerDAO and Compound.

• Alameda Research: A crypto hedge fund and trading firm founded in 2017 by former Jane Street trader Sam Bankman-Fried. Alameda leverages quantitative strategies and high-frequency trading to trade across various crypto exchanges and markets. Alameda also operates FTX, a leading crypto derivatives exchange.

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