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November 9, 2020 By Daniel Kuhn If you were forwarded this newsletter and would like to receive it, sign up here.
Top shelf Cred is the first U.S. crypto lender to file for bankruptcy in the country. Ripple is opening regional headquarters in the Middle East. President-elect Joe Biden’s incoming administration appears to be courting at least two pro-crypto political actors for cabinet positions.
Bankruptcy filing Bank charter New office Pro-crypto? Privacy standards CoinDesk's upcoming virtual event Bitcoin for Advisors, on two half days Nov. 9-10, showcases a program tailored to the financial advisor community that covers investment theses for bitcoin, why younger demographics are turning to this asset and how it fits into the current global macroeconomic picture.
We will also walk through the practicalities: how to answer client questions about bitcoin, how to talk to your compliance department about bitcoin, how can bitcoin can help grow your book. Apply for Bitcoin for Advisors, Nov. 9-10.
Quick bites How did a massive devaluation of the Egyptian pound inspire a $100 million bitcoin ETP? (The Breakdown/CoinDesk) Experts weigh in on how a digital dollar may affect inflation. (CoinDesk) Bitcoin overtakes the base money supply of the United Kingdom and Russia combined. (Trustnodes) Crypto traders want trading bots – but don’t trust them. (Decrypt) Not-for-profit claims ING-owned payments firm helped facilitate boiler rooms and crypto scams. (The Block)CoinDesk Research's latest Monthly Review covers asset performance in October, Bitcoin’s congestion problem and Ethereum’s shifting metrics as the launch of Ethereum 2.0 looms. Download the free report. Market intel Gradual gains Webinar: How to Value Ethereum In this 30-minute webinar, the first of the four-part series How to Value Ethereum, CoinDesk Research looks at accounts - a concept that sounds familiar to blockchain addresses, but involves novelties and complexities that are critical to understanding how Ethereum works.
Register to join How to Value Ethereum on Nov. 11. At stake Financial planners
In a recent CoinDesk op-ed, macro trader Damanick Dantes wrote that cryptocurrencies like bitcoin could be a way to diversify a client’s assets, without taking on outsized risk, in an increasingly risky environment. Given the Federal Reserve’s stated commitment to boosting inflation, while depressing interest rates, wealth managers see bitcoin as a monetary hedge. Dantes specifically looks at bitcoin’s strong correlation with negative-yielding debt and low correlation with traditional assets like the S&P 500 to guide his thinking.
“Even a small allocation to bitcoin could help offset the impact of rising inflation, which will erode the purchasing power of cash – currently yielding close to nothing,” he wrote.
But it’s not just family office managers or individual financial planners that have picked up on the scent. JPMorgan analysts have found the Grayscale Bitcoin Trust is outperforming gold exchange-traded funds (ETFs). (Grayscale and CoinDesk are both owned by Digital Currency Group.)
In a Nov. 6 report, obtained by CoinDesk’s Nathan DiCamillo, the analysts posit that institutional investors – like family offices and asset managers – could be driving this demand.
The analysts further stated that “the potential long-term upside for bitcoin is considerable if it competes more intensely with gold as an ‘alternative’ currency.” It was a point echoed by Legg Mason Capital Management CEO Bill Miller, in a CNBC appearance.
The risks of bitcoin going to zero are “lower than they’ve ever been before,” Miller said, further predicting that every major investment bank and high net worth firm will eventually have exposure to bitcoin or commodities like gold.
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