In a significant move for the decentralized finance (DeFi) space, the co-founder of Osmosis has announced that the Osmosis Foundation has converted more than 10% of its cash in the treasury into Bitcoin. Osmosis is the largest dex in the Cosmos ecosystem, with its platform mainly consisting of OSMO and USDC.
The co-founder’s tweet confirmed that the converted amount was in Native BTC, although the total amount of the treasury cash and the specific ratio of conversion to Bitcoin remains uncertain.
The announcement has sparked a wide range of responses from the community, with some questioning the duration of the conversion, while others see it as a smart play, positioning the platform for future success.
One member of the community said, “For how long?” expressing concern over the volatility of Bitcoin, while another commented, “I guess a smart play is until $69k when people get giga euphoric, and the retrace begins.”
Some members of the community also questioned the need for voting on such matters, while others praised Osmosis for taking control of its own destiny in a decentralized manner.
However, the adoption of Bitcoin by a major player like Osmosis can only bring more attention to the DeFi space. Some members even believe that Bitcoin is finally starting to behave like digital gold, with one saying:
Looks like Bitcoin is finally acting like digital gold, only took a few bank failures to make it happen.
Nevertheless, it remains to be seen how this move will affect Osmosis and the Cosmos ecosystem, but the announcement is a significant step for the DeFi space as a whole.
Bitcoin Rally: Goldman Sachs Declares Best-Performing Asset
Bitcoin’s bearish trend has abruptly ended as the world’s largest cryptocurrency marked its key resistance at $28,000. Bulls initiated a rally on March 17th, breached the $27,000 resistance, and surpassed the major resistance level on March 19th at $28,000. This sudden surge has led Goldman Sachs to declare Bitcoin as the best-performing asset of the year.
Additionally, this surge also gains significant attention as the discussion between former a16z partner and Coinbase CTO Balaji Srinivasan and pseudonymous Twitter speaker James Medlock has sparked excitement within the global cryptocurrency community.
Srinivasan recently announced a $2 million bet on Bitcoin (BTC), with hopes for a 40x rally in just 90 days. This is being touted as potentially the largest bet in the history of the cryptocurrency ecosystem, and if Srinivasan is proven wrong, he has agreed to pay $1 million to his opponent.