Bakkt Expands Bitcoin Custody Service Beyond Futures Trading Clients
Earlier this week, Bakkt officially announced custody services (the storage of tokens and private keys) for all institutional clients. Previously, Bakkt was only able to provide custody services to clients trading its Bitcoin futures contracts.
Any signs of progress in this corner of the market is really good to see.
Cryptocurrencies NEED the nod from large financial institutions in order to truly achieve mass adoption. And if there was one major roadblock plaguing this great shift of capital, it was the lack of institutional-grade custodianship.
Here's a quote from Bakkt's COO that sums up the magnitude of their announcement:
"When investors have ready access to regulated custodians whose security and processes they trust, the full potential of this emerging asset class and technology can flourish."
| | CME Says it Will Launch Bitcoin Options in January
Derivatives exchange CME Group has announced it will launch options on its Bitcoin futures contracts in January.
Although we shouldn't expect these options contracts to dramatically change the market (or price), the race for options between the CME and Bakkt has been fun to watch.
Bakkt's options business is scheduled to launch next month... and CME's options will go live, as long as it gets the green light from regulators, on Jan. 13, 2020.
| | Tech Insiders are Holding Their Breath for What's About to be Revealed
A prediction that could mean the END for tech market giants...
And has the potential to make early adopters life-changing gains...
It's all happening on November 19th, with the return of the world's #1 tech futurist George Gilder.
Click here for details.
| | Op Ed: In China, It's Blockchain and Tyranny vs Bitcoin and Freedom
On October 24, 2019, President Xi Jinping gave a major speech about how China is going to make blockchain technology a national priority. He said China would "take the leading position in the emerging field of blockchain" and explore its use "in people's daily life."
While that may sound like a big win for the industry... Alex Gladstein thinks otherwise. He claims it sounds like a play to dismiss Bitcoin and prep folks for the "better" state digital currency.
In his own words – "this could be bad for human rights and privacy."
| | Tether's Response to Whale Manipulation Charge
In last week's newsletter we covered a study claiming that last year's astronomical crypto surge was likely triggered by manipulation due to a single market whale (one very large Bitcoin trader).
We stated: "Like with every mainstream media story, here at CoinSnacks, we get a little skeptical. Although the story is juicy, we find it pretty tough to draw such astronomical conclusions from all the data that's out there."
Well now, Tether has clapped back saying that the study is faulty and based on incomplete data. And that the report is weak, watered-down, clumsy, embarrassing... etc etc in classic Bitfinex/Tether fashion.
| | The Bitcoin Reformation
This report makes the case that the 21st century emergence of Bitcoin, encryption, the internet, and millennials are more than just trends; they herald a wave of change that exhibits similar dynamics as the 16-17th century revolution that took place in Europe.
TLDR: here :)
| | a16z's Crypto Study Guide
On the heels of a16z's new crypto startup school announcement, they just released a glossary of terminology and key concepts in the space. It covers the basics of cryptography and blockchain, smart contracts and applications, security/privacy, and other useful definitions.
We hope this serves as a solid refresher.
| | Bill Gates: "This Technology Will Be Worth 10 Microsofts
Bill Gates – together with a few other billionaires – recently invested in a controversial new technology. He's on record as saying this technology will be worth 10 Microsofts.
PricewaterhouseCoopers predicts it will create a $15 trillion fortune for early adopters and investors.
If you're looking to strike it rich in tech stocks… this is THE technology to have on your radar right now.
| | 🇨🇳 China Reverses Bitcoin Mining Ban
It's official – Bitcoin mining is now legal in China.
The change was just announced in China's Industrial Structure Adjustment Guidance Catalog... and will take effect from the start of 2020.
After several years of going back and forth on the subject, Chinese regulators finally decided that bitcoin mining should be allowed to continue without interference from the government.
The bulls are seeing this as a BIG win for crypto in general. Remember, miners secure Bitcoin's network by making it difficult to attack, alter or stop.
The more miners that mine, the more they secure the network.
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