BTC – Western Decline

The UK Financial Conduct Authority (FCA) warning on risks of investing in crypto.
Gavyn Davies in the FT on Bitcoin challenging for gold’s role as safe haven asset: “According to Gold Hub, gold stocks held above ground amounted to 198,000 tonnes at the end of 2019, with about 57,000 tonnes of proven reserves below ground. This total stock would be valued at about $17tn in today’s prices. The latest market value of bitcoin is about $0.6tn — bitcoin bulls see this as a gauge of how much further its price could rise.”
Not the biggest M&A transaction but a NYC bar owner selling his two bars for “25 Bitcoins or 800 Ethereum tokens for both, a value of about $875,000 by current cryptocurrency prices.” Perhaps a trend as small-business owners increasingly lose trust in government and fiat money in the wake of the Covid-19 pandemic.
Cointelegraph summary of the weekend’s 30% BTC correction.
JP Morgan believes potential SEC approval of Bitcoin ETF could be bearish for BTC price in the short term.
Kim Dotcom: “officially joining the effort to make Bitcoin Cash the leading electronic cash solution in the world.”

Tag: BTC