Bitcoin Rally Gets Added Boost From ‘Wrapped’ Crypto Tokens

(Bloomberg) — As Bitcoin rallied to its highest level in almost three years, it was getting some unlikely support from advocates of its biggest rival.

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Fans of decentralized finance, or DeFi applications, which strive to let people lend and borrow without intermediaries, are using Bitcoin as collateral on the Ethereum blockchain. In so-called Wrapped Bitcoin, or WBTC, transactions users are placing the coin into popular apps like Compound that are generating returns even greater than the almost 90% gains posted this year by Bitcoin.

To get WBTC, an investor deposits Bitcoin with custodian BitGo Inc., which keeps them in a central depository as they are used to invest in DeFi apps. About 0.6% of all minted Bitcoin is already “wrapped” this way, and in two years, the amount could reach 10%, according to Chen Fang, chief product officer at BitGo, which helped launch the product in early 2019

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Twitter botched its own moderation policies by banning a New York Post story and added fuel to the right’s baseless belief that Big Tech is waging a war against conservatives



a person wearing a blue hat: Activist Mike Merrigan holds a piñata shaped like the Twitter logo with hair to look like U.S. President Donald Trump during a protest outside of Twitter headquarters on May 28, 2020 in San Francisco, California. Justin Sullivan/Getty Images


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Activist Mike Merrigan holds a piñata shaped like the Twitter logo with hair to look like U.S. President Donald Trump during a protest outside of Twitter headquarters on May 28, 2020 in San Francisco, California. Justin Sullivan/Getty Images

  • Twitter earlier this week banned an article published by the New York Post regarding the son of Democratic presidential candidate Joe Biden.
  • The report was based in part on files and emails that the Post said were taken from Hunter Biden’s laptop.
  • Twitter’s decision to ban a story published by a conservative-leaning publication without explanation seemed to affirm Republicans’ long-held theory that Big Tech is biased against the right.
  • The move undermined what Twitter has said is its mission to implement fair moderation policies and limit disinformation on its platform, especially ahead of one of the most important presidential elections in modern US history.
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