Hodling Bitcoin Outperforms Cryptoasset Funds by 68.8%

Dear Readers,

Welcome to the latest installment of XEROF's weekly newsletter. Our European research desk has compiled this week's top news and developments in the digital currency market and luxury real estate.

Our biggest cryptoasset news stories this week are as follows:

• Shiba Inu Integrates Blockchain-based Digital Identity to Become DeFi Contender
• Revolut to Cease Cryptoasset Trading for US Customers
• Hodling Bitcoin Outperforms Cryptoasset Funds in H1 2023

We also feature the latest developments in luxury real estate, including:

• Houston's Luxury Home Sales Skyrocket by 200% in H1 2023
• Mallorca's Prime Property Prices Surge 15% in 2022
• Canadian Luxury Real Estate Market Continues to Grow

Cryptoasset News

Shiba Inu Integrates Blockchain-based Digital Identity to Become DeFi Contender

The Shiba Inu ecosystem plans to link applications to a blockchain-based digital identity to enhance trust among SHIB users and governments. This move reflects Shiba Inu's efforts to transition from a meme coin to a prominent contender in the decentralised finance (DeFi) space amidst a competitive blockchain market. XEROF believes that the growing interest in digital identities and data protection in Canada and the European Union could help establish Shiba Inu as a robust project compared to other blockchains.

Revolut to Cease Cryptoasset Trading for US Customers

On Friday, Revolut informed its US-based customers that they could no longer place buy orders for digital assets starting September 2. On October 3, access to Revolut's cryptoasset platform will be completely disabled, and any remaining tokens users hold will be liquidated at market prices. For those affected, XEROF is ready to assist and advises investors to consider transferring their funds to other cryptoasset-friendly jurisdictions.

Hodling Bitcoin Outperforms Cryptoasset Funds in H1 2023

In the first half of 2023, the classic buy-and-hold strategy, known as hodling, showed exceptional performance, outpacing most cryptoasset funds by 68.8%. Data from 21e6 Capital, a Switzerland-based investment adviser, reveals that while cryptoasset funds generated an average return of 15.2%, Bitcoin (BTC) recorded impressive gains of approximately 84%. XEROF remarks that the report indicates a slight improvement in investor sentiment during H1 2023, potentially leading to increased investment in the cryptoasset sector.

Luxury Real Estate News

Houston's Luxury Home Sales Skyrocket by 200% in H1 2023

Luxury home sales in Houston have experienced a remarkable surge, soaring by 200% during the first half of 2023, as revealed in the latest mid-year report by Compass Luxury. This extraordinary growth reflects a new trend in the city's real estate market, defying recent economic challenges and constrained housing inventory. The report highlights that affluent buyers are drawn to Houston due to its favourable low-tax environment and its status as a sought-after vacation destination.

Mallorca's Prime Property Prices Surge 15% in 2022

According to Savills, prime property prices in Mallorca rose by 15% last year, reinforcing its position among the top five second-home locations. According to Engel & Völkers, the average asking price in Port Andratx, in the southwest of the island, increased to approximately €5 million ($5.46 million) from €4.5 million the year before. Nearby country houses and estates (close to the famous village of Deia and a Belmond hotel) experienced significant growth, escalating asking prices to €4 million from €3 million in the previous year.

Canadian Luxury Real Estate Market Continues to Grow 

Sotheby’s International Realty Canada's analysis reveals that consumer demand and confidence in the Canadian luxury real estate market have remained robust despite higher interest rates and economic uncertainty. The ultra-luxury single-family home segment experienced significant improvements in both consumer sentiment and sales activity. In the first half of 2023, residential sales over $10 million saw a remarkable 38% year-over-year increase, while sales over $4 million declined by 18%.