BlockRock Exec Says Bitcoin is “here to stay”, investors are charging in BTC puts

Major Bitcoin miners are signaling their support for the taproot upgrade of the network. Institutional buyers are charging BTC puts, Dieibit analysts say. Goldman Sachs believes the “digital yuan” could be in a billion hands in a decade.

Top shelf

BlackRock Squawks
A top BlackRock executive, who is responsible for where the world’s largest asset manager puts its funds, said Bitcoin could take the place of gold because it is “so much more functional than passing a bullion around.” On CNBC’s Squawk Box, Rick Rieder, CIO of Fixed Income’s BlackRock, also said, “I think cryptocurrency is here to stay, I think it’s … durable.” While this is a vote of confidence in digital payment systems and one leading Bitcoin “narrative” as an inflation hedge, but Rieder said he’s not a particular bitcoin bull and doesn’t put it on much in business and corporate portfolios. Additionally, it is not clear whether Bitcoin is worth its current price of over $ 18,000, he said.

Options, options
Investors buy bitcoin put options, which may indicate future volatility or a market decline. The one-month implied volatility, which is influenced by the demand for call and put options, jumped from around 55% in the past two days to a four-month high of 70.5%, suggesting heightened expectations of price turbulence over the next four weeks . In addition, Deribit Insights found that several institutions bought put options. This does not necessarily signal a correction, reports Omkar Godbole from CoinDesk, “but it could be a hedging strategy against a long or bullish position on the spot market”.

Related: Bitcoin is the biggest big short

Taproot support
Bitcoin mining pools, which account for over 54% of the network’s current hashrate, have signaled support for the Taproot scaling and privacy protocol upgrade, which merged with Bitcoin Core last month. Bitmain’s Antpool supported the protocol upgrade Thursday morning and joined five other pools in a collective Taproot activation initiative. Taproot aims to improve the privacy of transactions and improve Bitcoin’s smart contract functionality. It was also designed to keep the blocks of Bitcoin small and to make the block space as accessible as possible.

The story goes on

1 billion users
Goldman Sachs analysts believe that China’s digital yuan could account for 15% of total consumption payments in 10 years. “In ten years we expect DC / EP to have 1 billion addressable users, 1.6 trillion RMB (229 billion US dollars) in issues, 19 trillion RMB (2.7 trillion US dollars) in annual total payment value (TPV) ) and will account for 15% of total consumption payments, ”reads a November 17 report. This increase in users could help commercial banks pull out of fintech companies that are currently dominating the payments scene in China.

Struck
Mingxing “Star” Xu, founder of OKCoin and CEO of OK Group, has reportedly been released from custody by Chinese authorities. According to a report by Bloomberg on Thursday, Xu appeared on a private social media platform to post that he had cooperated on an investigation into a stock merger that OK Group had completed years earlier. “The authorities have resolved the matter and proved my innocence,” Xu wrote on his WeChat feed on Friday. OKEx previously suspended all account withdrawals, claiming that there was no key holder. The exchange plans to allow “unlimited withdrawals” until November 27th.

Quick bites

  • BTC RETIREMENT? Crypto investment advisor Digital Asset Investment Management (DAiM) has built-in retirement plans that support Bitcoin. (CoinDesk)

  • COMPLETE CASE: Bitcoin will rise to $ 100,000, according to OKCoin CEO Hong Fang. (CoinDesk)

  • BLOCKCHAIN ​​BANK: One of Japan’s largest banking institutions, Mitsubishi UFJ Financial Group, will launch a high-speed blockchain payments network in 2021. (CoinDesk)

  • HEAVY BAGS: SoftBank CEO Masayoshi Son reportedly sold Bitcoin in 2018 and suffered a loss of $ 50 million to $ 130 million. (Decrypt)

  • PLUG: “Operating an ETH validator for those who are barely motivated.” (Bankless)

Market information

Ether gains
In the midst of a major bull run in the market, Ether (ETH) is making serious gains. Ethereum’s native cryptocurrency has soared to a 28-month high and has seen gains close to 290% since the start of the year, CoinDesk’s Omkar Godbole reports. The second largest cryptocurrency by market value crossed the $ 500 mark this morning around 9:00 UTC, pushing it to the highest price level since July 18, 2018, according to CoinDesk 20. Ether is now 185% below its record high of $ 1,433.

On the game

Related: First Mover: Bitcoin’s rich list grows as whales recapture HODL and the price $ 18,000

Data costs
Filecoin, the decentralized storage network incubated by Protocol Labs, saw explosive growth a month after its mainnet. Since going live in mid-October, the network has exceeded an exabyte of storage capacity.

An exabyte is equal to 1,000 petabytes, or about 15 Library of Congresses (last count). Filecoin’s blockchain-based network creates a market for data storage by allowing users to rent unused storage space to those who want to secure their data.

When he first came up with the idea, Protocol Lab CEO Juan Benet said, “They laughed outright at me and said, ‘You’re never going to get a decentralized network that’s over a few petabytes, maybe 10 petabytes'” on the virtual conference “Around the Campfire” by Decrypt Thursday. So reaching an exabyte is a real achievement.

However, not all of this information went online until the last month. The Filecoin team seeded the network with various experiments over the past year, including sending physical disks containing data to likely miners and starting a test network called the Space Race that has been ported to the live version of Filecoin.

Like other blockchains, Filecoin creates immutable versions of selected data types. For some, this can raise environmental concerns – especially considering how much of the internet seems dark and redundant, out of date and trivial (RED).

Addressing these concerns during the conference, Benet said Filecoin’s environmental concerns are “not very profound compared to other computer systems.” He mentioned Bitcoin, which is often criticized for using a tremendous amount of energy to power its consensus model, and said Filecoin consumption is a “small fraction”.

And when you consider that it does “something useful” in storing data, it could be a price worth paying.

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