Crypto Blockchain and Challenge Review for the week of January 25, 2021

The world’s largest asset manager opens up to the cryptocurrency industry. In fact, through documents filed with the SEC, the giant BlackRock has stated that it plans to add Bitcoin futures contracts to two of its funds. Just last month Rick Rieder, BlackRock’s chief information officer for fixed income products, told CNBC that Bitcoin could replace gold as a safe haven currency.

« Do I think this is a permanent mechanism that could largely replace gold? » Rieder said then. « Yeah, I think so, because it’s much more functional than handing over a gold bar. »

A rule submitted by Steve Mnuchin of the Trump administration for cryptocurrency wallets for which no KYC (Know Your Customer) has been carried out has just been blocked by the Biden administration. The latter was aimed at preventing citizens from having anonymous private purses, such as those on a ledger key.

Not a week goes by without a new institutional actor entering the market. This time, it was the multi-billion dollar foundations of Harvard and Yale that reportedly began adding crypto assets to their portfolios. A Coinbase report says they are nowhere near the only ones doing this right now.

“While the unusual macroeconomic environment of 2020 has accelerated the adoption of cryptocurrency, it is important to note that many customers who have invested in cryptocurrency this year – especially foundations, corporations and other long-term investors – do not believe that the Current market dynamics are necessary for the success of Bitcoin, ”one can read in the same report. « They intend to keep their bitcoins in their main wallet for the long term under various market conditions. »

It’s impossible to talk about institutional investing without mentioning MicroStrategy, a pioneer in the trend. The company announced it made another $ 10 million bitcoin purchase last Friday at an approximate price of $ 31,808 each. Its CEO Michael Saylor has become a vocal apostle of Bitcoin. Unless you are offended by its sometimes crude language, it sums up the value proposition of the parent cryptocurrency very well here in just a minute. If you want to go deeper, the full interview can be found here. This podcast from BloombergMarkets’ Odd Lots Show with the man is particularly relevant.

One thing is certain, the institutional trend is becoming clearer. The latter has been documented by technology researcher Kevin Rooke in recent years. According to him, state-owned companies now hold more than $ 3.6 billion in BTC. “In 2019, public companies only had 20,000 BTC on their books. That number rose to 105,837 BTC in 12 months, ”Rooke said.

The trading history of the week is without a doubt the GameStop Stock Short Squeeze. It is seldom the private investors who have gathered, especially on a large Reddit forum, who speak out against institutional players with short positions. The success of these « little » players led the opening this morning to jump from $ 20 to $ 354 in just ten days. What does this have to do with cryptocurrencies? Not at all, but portfolio manager Anthony Scaramucci still sees it as a positive indicator for Bitcoin. « The activity on GameStop is further proof that Bitcoin will work, » he told Bloomberg. The impact of small retailers shows the power of decentralized funding, the very concept behind Bitcoin. “How are you going to beat this decentralized crowd of investors? For me this is another claim about decentralized funding. « 

If Bitcoin has corrected further from its recent high of $ 42,000 this week, we can see that this is not the result of bad news in the markets. Rather, after a parabolic surge, we seem to experience a fairly natural decline. Whether altcoins are holding or improving their relationship with Bitcoin is also a positive indicator that liquidity is more a part of sideways trading in markets than a sell-off against the US dollar.

Speaking of altcoins, the token’s price-to-bitcoin ratio continued to surge this week, rising above 0.04. This will have allowed the latter to reshuffle its peaks in US dollars. The fund benefited from this increase with more than a third of its cash invested in it.

New efforts to launch a Bitcoin ETF in the US continue. Ark Management’s CEO, Cathie Wood, believes it will require more than $ 2 trillion in assets for the SEC to consider acceptance. « The influx of demand needs to be met so it will take well over a trillion dollars – 2 trillion, I think, before the [USA Securities and Exchange Commission] is uncomfortable, » she commented. Such a capitalization with the current supply of Bitcoin would bring the price to around $ 110,000.

Finally, let’s mention the recent speech by Jerome Powell of the Fed. While no one is anticipating a rate hike, it will be interesting to see whether the bailout, with massive cash injections, continues with the same enthusiasm, or if there are indications of gradually lower participation. Bitcoin has always responded positively to injections of liquidity that indicate a depreciation of the dollar.

This article was made available to you by the Rivemont Fund. The Rivemont Crypto Fund is the first and only actively managed cryptocurrency fund in Canada. RRSP and TFSA eligible. Qualified investors can find out more here.

Disclaimer: This column does not necessarily reflect the opinion of CryptonewsFR and does not constitute investment advice or trading instruction.

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Crypto Blockchain and Challenge Review for the week of January 25, 2021
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