Champagne corks were flying early Tuesday morning as another Bitcoin all time high was recorded.

According to average market data from Coinmarketcap.com, the price of Bitcoin topped out at $68,530 at 4:00am Tuesday morning (GMT), making November a month of serious gains for Bitcoin holders and investors so far.

Such a strong and continued surge in the recent price, resulting in the latest Bitcoin all time high, has renewed confidence in the $100,000 target before the end of the year. Indeed, many market pundits believe this magical milestone could even be achieved by the end of November.

**Halving**
-----------

The strong price action of Bitcoin is closely following historical trends that have been set post Bitcoin halving events in 2012 and 2016.

A Bitcoin halving occurs every 210,000 blocks (roughly every four years) when the block reward for mining Bitcoin is cut in half. As a consequence, demand for Bitcoin increases as supply is cut in half, leading to scarcity and a surge in price.

Previous Bitcoin halvings in November 2012 and July 2016 saw huge price rallies lasting up to 18 months before the price corrected and significant pull backs occur. However, many market experts are expecting the current price to continue to trend upward through Christmas and into 2022.

When the price will correct is up for debate, although the majority of market commentators believe $100,000 per Bitcoin is more than achievable this cycle.

**Stock to Flow Model**
-----------------------

This cause for optimism can be largely attributed to what is known as the ‘Stock to Flow’ model created in 2019 by the pseudonymous Plan B. The Stock to Flow, or S2F, model looks at the supply dynamics of Bitcoin in relation to previous halving cycles.

In particular, the model divides the remaining Bitcoin left to mine by the rate of annual production.

Price targets formulated by the model following the May 2020 halving have so far proven to be extremely accurate. The August 2021 target of the $47,000 was pretty much spot on as was the following September target of $43,000. Although last month’s target of $63,000 was out by just 3% many believe the November target of $98,000 is more than achievable. Interestingly, the model predicts that 2021 will end with a Bitcoin price close to $135,000.

You may be thinking this all seems too good to be true and you may be right.

Plan B anticipates the current rally will end sometime towards the end of Q1 2022 before the market experiences a significant price correction. While many people tend to agree with his analysis there are those who are taking into account the different socio-economic times we are living in now compared to 2016 and 2012.

As the world adjusts to a post-Covid reality, decentralised networks, the metaverse, NFTs and shared working spaces are becoming increasingly mainstream. This in turn could mean the price of Bitcoin and other leading digital assets remain high as more investors realise the serious potential that this new asset class brings to the investing table.

Bitcoin Records Latest All Time High

New York City’s mayor-elect Eric Adams took to Twitter last week saying that he would accept his first three wages in Bitcoin. The bond between Bitcoin and newly elected US officials is growing stronger, and that’s likely to hasten the pace at which new cryptocurrency regulatory measures are implemented.

The remarks were interpreted as an attempt to upstage Miami Mayor Francis Suarez, who said earlier that _he_ would accept 100% of _his_ salary in Bitcoin. Suarez told a major media outlet that the move would ‘send a message to the world that we are going to be one of the most innovative governments and innovative cities on the planet’.

Adams is apparently hoping to promote the same message in New York City.

## Will Crypto Contribute to the Economy?

The mayoral announcements are another win for cryptocurrencies, but they also serve as a reminder that Bitcoin, unlike any other asset class, still operates without any governing body overseeing them. Nor do they have a centralised, regulated exchange where people can go to trade them.

Whether either mayor has any success in dictating to their employers the currency in which they must be paid is yet to be seen, but for big media markets like Miami and Chicago to suggest that cryptocurrencies will be a core component of their city’s economic makeup only adds fuel to Bitcoin’s upward trajectory, and that means the current US administration is feeling more pressure to apply regulatory measures to an environment it’s only now beginning to understand.

## Crypto Regulation Steps In

Cryptocurrency regulatory oversight will likely be divvied up among several regulators, including the Securities and Exchange Commission (SEC) with the key players expected to be:

### U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler - The SEC’s primary role is to protect investors and ensure the markets function in an orderly fashion. Gensler, who has extensive regulatory experience, is expected to make the most meaningful contributions to writing the new cryptocurrency regulatory rulebook. What is perhaps most intriguing about Gensler is his previous role at the storied ‘MIT’, the Massachusetts Institute of Technology, where he taught a popular course called ‘Blockchain and Money’.

The most revealing of Gensler’s comments came at a recent conference where he compared cryptocurrencies, an asset class that’s been in existence for about 13 years, to a teenager, suggesting that the technology can’t be expected to reach ‘adulthood’ without regulatory oversight to usher the market to a state of maturity, and to stave off scams and criminal activities.

### Treasury Secretary Janet Yellen - Applauded for breaking so many glass ceilings, Janet Yellen is currently serving as the first female Secretary of the Treasury. As the incumbent of one of the most influential positions in American finance, it is within Yellen’s purview to lead the US Government in its oversight of the cryptocurrency market and its brokers. Prior to her role as secretary, Yellen spent several years as a member of the Federal Reserve Board of Governors where she peaked as the chair of the Federal Reserve.

In many forums, Yellen is often excoriated for showing little support for the cryptocurrency market. While Yellen certainly can’t be considered a cheerleader of the digital assets market, I do believe she is genuine in her concern for reeling in the misuse of existing digital currencies, and that’s is something that would further strengthen an already robust cryptocurrency market.

### Sen. Elizabeth Warren (Massachusetts) - Calling Senator Warren the _Cruella de Vil_ of the cryptocurrency universe may be a bit harsh, but the east coast progressive’s recent comments on digital assets most decidedly places her in the ‘sceptics’ column. Earlier this summer, Sen. Warren told [CNBC](https://www.cnbc.com/world/?region=world) that she’s doesn’t consider Bitcoin a reasonable hedge bet against inflation over the long run, and that’s one of the marquee reasons that some investors use as justification for purchasing Bitcoin, as a hedge against inflation.

## The Future for Crypto Wages

Looking ahead, Warren will be directly involved in formulating new regs on crypto in her role as a member of the Senate Banking Committee.

Cryptocurrencies are a technology that will revolutionize financial transactions at every level, and it will be incumbent on governments to come up with the appropriate cryptocurrency regulatory framework. The sooner reasonable regulations are applied, the sooner digital assets can evolve to their next level of usefulness.



Eric Adams: Wages in Bitcoin?

The decentralised nature of cryptocurrencies posed a major issue for big banks, but the evidence is that the old-style financial institutions are slowly entering the crypto-market

It was Halloween, 2008, when someone identifying themselves as _Satoshi Nakamoto_ released the [Bitcoin](https://coinmarketcap.com/currencies/bitcoin/) white paper – an analysis of the viability of digital currencies in the world’s existing financial ecosystems.

The release of the report touched off a powder keg that exploded into a trillion-dollar market. The wild success of Bitcoin has given way to a constellation of new digital currencies with applications in virtually every market across the globe.

However, there is one founding principle of Bitcoin that has always rankled the brain trust of the traditional banking system. Cryptocurrencies would be a decentralised market, and through their application, individuals would be able to transfer money _without_ a middleman or intermediary. This decentralisation posed a serious threat capable of eliminating the central and very powerful role that banks have traditionally played if Bitcoin ever became popular.

## Has it ever?

As the adoption of Bitcoin and other cryptocurrencies accelerated, regulators scrambled to come up with measures to control it, but these regulatory efforts served to _legitimise_ Bitcoin in the eyes of the public. The logic is that if the government wants to regulate it, then _it must_ be legit, and that would do much to encourage the mainstream adoption of cryptocurrencies.

Until recently, the biggest banks have made disparaging comments about Bitcoin, hoping to discredit the digital assets in the minds of regulators, government officials, and pretty much anyone willing to listen.

Most notable of all, the CEO of [JPMorgan](https://www.jpmorgan.com/global). The nation’s largest bank leader has been leading the attempts to torpedo Bitcoin’s momentum by calling it “a terrible store of value” and warning of its potential role in financing criminal activity. Even back in 2018, Bank of America’s wealth managers were told they were being barred from putting any client money into investments considered cryptocurrency related.

## A Change of Heart for Bitcoin

Their attempts seem to have been in vain. Now, the world’s most powerful banks are realising their efforts would be more wisely invested trying to profit from crypto rather than continuing to lead ineffectual campaigns to slow its adoption. Still, this sudden change of heart will come at a price. While the bigger banks were busy slandering anything crypto, a new financial ecosystem evolved without them.

New cryptocurrency businesses and exchanges have begun to offer incentives one would expect to see only from a traditional banking system, like [credit cards](/news/article/crypto-debit-card-uk) and loans. Investors and businesses are widely embracing the world of digital currencies, and mainstream adoption is proceeding at a frenetic pace.

## Changing Regulatory Approach

Now that the pendulum is swinging to pro-Bitcoin, the traditional banks have decided they want “in” on the profits. Major banks are making serious attempts at figuring how cryptocurrency can translate into new offerings and services for their clients. Banks have also changed their approach with regulators, lobbying them to create rules that work in _their_ favour and criticising them _for not moving quickly_ enough on cryptocurrency regulation issues.

Even JPMorgan, formerly the most vocal adversary of Bitcoin, [launched its own digital currency](https://www.jpmorgan.com/solutions/cib/news/digital-coin-payments) in 2019.

Now that there are more than 220 million global users of Bitcoin it is becoming more apparent that digitally formatted assets are here to stay. The general bitcoin bank review is positive; what do you think? If traditional banks now believe in cryptocurrencies deeply enough to throw their support behind their ownership, the best days for cryptocurrency are yet to come.


Big Banks Losing the War with Bitcoin?

Claims by Craig Wright that he is the true creator of Bitcoin could be settled in court, in what commentators are calling the ‘trial of the century’.

The identity of Bitcoin’s creator Satoshi Nakamoto remains the crypto industry’s biggest secret, there is one person who claims he is the founder of the world’s first digital decentralised currency.

Australian computer scientist Craig Wright has stood by the claim since 2016 and a court in Miami is set to determine, once and for all, if Wright did indeed have some part in the development of Bitcoin.

Of course, access to 1.1 million Bitcoin in a locked wallet has nothing to do with the settling of the case, but is a strong reason to determine the facts.

The case centres around whether Craig Wright acted alone or with a now deceased partner in setting up and developing the Bitcoin source code. A jury of 10 have three weeks to listen to evidence and determine the facts of the case.

Craig Wright’s claim for sole ownership and development of the Bitcoin source code centres around his autism and the lack of a written agreement between himself and the other party, the now deceased David Kleiman.

One of the easiest ways to determine the author of the original source code and resulting locked Bitcoin wallet is to find out who can access the original funds. However, to date no one has been able to conclusively prove they own or can access the keys to open up the wallet.

## The $69 Billion Question

With the current price of Bitcoin floating around $63,500 determining the custody of 1.1 million, Bitcoin has serious ramifications. Should the case settle in anyone’s favour, the locked Bitcoin may become released and immediately placed for sale on the open market.

The impact of $69 billion worth of Bitcoin entering the market would send huge shock waves through the industry and have a serious effect on the price and stability of the world’s number one digital currency. The case continues.

## Bitcoin Price Explosion

A huge price surge saw Bitcoin explode more than $1,500 in a matter of minutes on Tuesday morning surpassing the highest price within a week.

Bitcoin Price Explosion came after days of sideways action and little volatility however many industry experts were expecting the price move.

This positive move adds to the bullish feel that has accompanied Bitcoin throughout October and most of 2021 with many investors seeking to jump on board the cryptocurrency express. Another bullish indicator saw the Relative Strength Index (RSI) move into 70 which typically indicates an asset is in high demand. 

Craig Wright Bitcoin Trial: Trial of the Century?

Cryptocurrency investment communities are holding their breath as they await confirmation of the news, is it true?  There is no denying that crypto-investors are being tantalised with recent reports. Such reports suggest that China may be in the midst of reconsidering its current [bitcoin](/coins/btc) ban and other cryptocurrencies.  Such an event could trigger monumental gains in cryptocurrency. It could also set further ablaze a market that’s already been on a serious bull-run.

## Bitcoin Banned in September

In a move that smacked of suspicion right from the moment it was announced back in September, Chinese regulators had prohibited all cryptocurrency mining activities. The country cited concerns that speculative trading was “disturbing economic and financial order \[and\] breeding illegal and criminal activity." This is according to a People’s Bank of China statement.  In simpler terms, cryptocurrencies were a financial component of the communist regime’s economy that Beijing discovered was impossible to control with any amount of precision. Ironically, decentralisation is a deliberate concept of Bitcoin and one of its foundational principles.   

But the coup de grâce of September didn’t come out of the blue.  Beijing had been taking steps to impose legal restrictions on a wide array of cryptocurrency activities dating back to 2013.  Despite the Chinese government’s efforts, their crypto industry continued to thrive.

In fact, the Chinese ban has done little in terms of weakening the mainstream adoption of Bitcoin and other digital assets. The move was especially pivotal in catapulting the US to the top of the world’s crypto mining nations.  Even GOP lawmakers suddenly saw the benefit of making the U.S. a _global_ cryptocurrency hub after China's recent ban.  Since then, the value of bitcoin has doubled in price. Because of this, the Chinese government is likely experiencing second thoughts.

## Speculation Continues

For now, China has willingly forfeited “pole position” in the crypto-race.  Perhaps now they see that the most prudent _economic_ course of action is a return to the crypto-verse, even if it means doing so at much higher prices.  The speculation is continuing on social media. Reports are conflicting in terms of whether or not the country’s National Development and Reform Commission is _really_ seeking public opinion on the inclusion of crypto mining in its list of “phased-out” industries.

China hasn’t turned its back entirely on digital currencies though.  The communist regime has been doing some experimentation with a digital form of currency that converts to their own official currency, the yuan.  China conducted some tests on [the digital state-backed version](https://www.db.com/news/detail/20210714-digital-yuan-what-is-it-and-how-does-it-work) of the yuan, in April of 2021. It doesn’t require an internet connection to make transactions and the functionality has been compared to Apple Pay.  If successful, the digital currency is expected to evolve as one of the communist nation’s primary payment methods.

Why China _really_ banned cryptocurrencies in the first place is still a subject of debate.  Perhaps China sees Bitcoin for what it truly is and became frightened by its power.  A resourceful tool against a government that wants total control over its citizens.



What Does China’s Ban on Crypto Really Mean?

Is China Considering Abolishing its Ban on Bitcoin?

The bitcoin price dropped below $60k in a massive market-wide crypto sell off Wednesday morning.

The world’s largest cryptocurrency by market cap fell below $60,000 for the first time since October 15 causing panic among many traders and investors in the space.

Although a surprise for many, analysts had predicted a price reversal after bitcoin had struggled to maintain above $63,000 after hitting recent all time highs.

There was light at the end of the tunnel though as prices bounced sharply at $58,000 and have recovered well since. The price of bitcoin at time of press remains $58,993 but what happens in the next few hours remains to be seen.

## $500 million liquidated in less than an hour

While this kind of volatility is no surprise to experienced crypto investors, many people had expected that the recent surge in interest, attention from regulatory bodies and the ever increasing need for digital forms of currency on the world stage might have brought some much needed calm to the marketplace. This morning's events show that the market is still heavily manipulated by large and powerful players and demonstrates the best and most profitable investment strategy is to long term buy and hold.

The main culprit in this case seems to be leveraged traders once again. Industry leading trading platforms such as Binance and FTX allow traders to open margined positions with leverage of upto 125x in some cases. Then, periodically, the algorithmic trading engines used by the platforms set out to recover losses by trading against over leveraged positions which lead to massive market sell-offs. Data from TradingView shows $500 million in leveraged positions being liquidated across the market in less than an hour.

Many altcoins also had a hard time with Ethereum losing the coveted $4000 support level for the first time in a week. However, in a similar situation with nearest rival Bitcoin, there was solid buying support at key levels and prices bounced sharply. The current price of Ethereum at time of press is $4028. The situation across the market remains fluid with many coins experiencing even greater losses while others remain completely untouched.

## A case for regulation?

On a large scale perspective the use case for decentralised autonomous networks remains high and investor confidence is strong. Until the relevant authorities introduce comprehensive legislation the cryptocurrency market will continue to be open to manipulation and market sell off’s like today’s will continue unfettered. 

The question remains, if crypto wants to be viewed as a secure investment by professional capital management then this kind of market manipulation needs to be halted and controlled as soon as possible.

Bitcoin Price Drops Below $60,000

Retail giant [Walmart](https://www.walmart.com/) announces plans to roll out 200 Bitcoin ATMs across their United States stores.

Walmart plans to install Bitcoin ATMs across 200 of their stores allowing customers to exchange physical cash for bitcoin.

Working in partnership with ATM manufacturer Coinstar and crypto wallet Coinme, Walmart aim to speed crypto adoption and make it easier for the public to purchase bitcoin with physical cash, lowering the barrier to crypto entry.

Director of Communications at Walmart Molly Blakeman said: ‘Coinstar, in partnership with Coinme, have launched a pilot that allows its customers to use cash to purchase bitcoin. There are 200 Coinstar kiosks located inside Walmart stores across the United States that are part of this pilot.’

With 25,000 terminals already installed across the US, Bitcoin ATMs are nothing new, however many view Walmart’s involvement as an encouraging signal for widespread crypto adoption, especially for those in the lower income bracket.

## Coinme

Coinme describe themselves as a bitcoin wallet provider making it ‘easy to purchase bitcoin at participating Coinstar and Moneygram locations’.

Users simply have to download the wallet app for iOS or Android, create an account and verify their identity before finding a physical location to purchase their bitcoin. The simple to use mobile application will appeal to those who are put off buying crypto through complicated centralised exchanges.

## Coinstar

Coinstar is an established American owned ‘coin-cashing machine company’ which was founded in 1991 and taken over by Apollo Global Management in 2016. Its primary business model focuses on the conversion of loose change into paper currency, donations and gift cards via their coin-counter kiosks. Branching into cryptocurrency seems like the logical next step.

The purchase process has been designed to be accessible and simple.

Bitcoin buyers simply insert physical money into the coin-counter kiosk, state how much bitcoin they would like to buy and receive a voucher with a unique redemption code. Purchasers then redeem their bitcoin by logging in to their Coinme wallet and inputting the specified code.

The initial pilot is for 200 Bitcoin ATMs through Walmart’s biggest stores with plans for a further 8,000 to be rolled out if the pilot proves popular.

However, many people were quick to criticise the high fees involved with the ATMs. With 4% added as a ‘trade fee’ and a further 7% added as a ‘cash transaction fee’ many people labelled the ATMs a ‘rip off’.

Whether the Bitcoin ATMs prove to be a hit remains to be seen, however what the pilot clearly shows is that retail giants such as Walmart have a strong interest in providing crypto accessibility to all corners of society.

Bitcoin ATMs to be Rolled Out by Walmart

The excitement caused by the launch of the world’s first Bitcoin exchange traded fund (ETF) earlier this week is raging on.

Cryptocurrency enthusiasts and investors championed the eagerly anticipated launch on social media, while commentators were quick to analyse the implications.

Coined the [ProShares Bitcoin Strategy ETF](https://money.cnn.com/quote/quote.html?symb=BITO), trading of the revolutionary fund kicked off at $40 a share under the ticker symbol BITO and headed upward, closing out the day up 5%.

## "Investment Vehicle"

According to ProShares, their Bitcoin exchange traded fund is an investment vehicle that tracks BTC futures contracts. A representative for the company commented that the new ETF boasted first day trading volume of some 29 million shares and has, so far, banked assets of over $1 billion.

The successful launch of the first cryptocurrency-based ETF is considered by many to be, for now, _the_ watershed moment in terms of legitimising these digital assets as a genuine investment vehicle for anyone.

The financial brain trust has been trying for years to launch an ETF that exposes investors to bitcoin and while megabanks like JP Morgan and Wells Fargo have allowed specific segments of their client rosters the option of investing in certain types of cryptocurrency, none of those banks, before _this_ week, could offer their clients an ETF to invest in.

That’s all changed now.

## ETFs Gaining Popularity

Crypto-ETFs are expected to gain popularity, and accelerate interest, among traditional investors as a one of the simplest options for getting a bit of exposure to cryptocurrency without having to deal with the enigmatic intricacies of cryptocurrency exchanges in order to buy the digital assets.

And wouldn’t you know it? More players are joining the party.

Specialised alternative asset management firm, Valkyrie Investments, also got the green light from the SEC not long ago to launch their own version of the _next_ bitcoin futures ETF. Valkyrie’s new ETF is on par to begin trading on Nasdaq today. The fund will trade under the ticker BTF, but we can’t help but mention the storyline behind Valkyrie’s brief plan to designate a familiar acronym to the fund: BTFD.

Did you miss it?

It’s okay. I did too.

## The Cryptoverse

Valkyrie took a swing at a brilliant marketing strategy, and almost got away with it. The temporary ticker symbol of BTFD was purported to be an acronym that stood for ‘buy the {expletive} dip,’ which is a heavily promoted maxim for a certain trading strategy in the cryptoverse that has yielded hefty returns for the traders who have adopted the strategy. The SEC, no doubt, had their reservations and now it appears the fund will start trading under the original ticker symbol of BTF.

Whatever the ticker symbol, it is undeniable that cryptocurrency has now achieved a ‘stamp of approval’ from both regulatory and traditional sceptics and the market’s evolutionary pace now includes the ETF market. The cryptocurrency market continued its moonshot trajectory achieving a value of over $2.6 trillion earlier this week, after bitcoin hit record highs of more than $66,000.

Bitcoin ETF Mania Rages on

Electric car-maker [Tesla](https://www.tesla.com/en_GB/) yesterday reported record revenue and profits for the third quarter of the year.

However, Tesla's accounts also record a $51 million impairment charge relating to its bitcoin investment.

The company, led by CEO Elon Musk, reported no new purchases or sales of digital assets in its Q3 accounts, just like in Q2. However, under accounting rules for digital assets a company must record an impairment charge if the value of an asset it holds falls during the quarter it is reporting on. Any increase in value is not reported as a gain on the accounts.

## Tesla Purchased 41.5 billion Bitcoin

It is reported that because Tesla holds crypto as an 'indefinite-lived intangible asset' the company is required by accountancy rules to record the value of bitcoin at the time of purchase. If the BTC value falls well below the price at the time of purchase, Tesla must write down the value of its holdings as an impairment charge. 

It was announced in February that Tesla had purchases $1.5 billion-worth of bitcoin and sales of around 10% of that holding saw Tesla's balance sheet later boosted by some $272 million.

Plans to allow the purchase of Tesla vehicles with bitcoin were suspended in May, amid apparent concerns about the environmental impact of the cryptocurrency. However, over the summer, Musk stated that the plan could 'likely' be resurrected if ecological concerns were addressed.

More [Bitcoin news](/news/category/bitcoin-news).

Tesla Records $51m Bitcoin Impairment Charge

So, the Bitcoin ETF launch happened in New York, and attracted a lot of attention. You've heard about it, but what does it mean?

The first futures-based Bitcoin Exchange Traded Fund (ETF) finally launched on the New York Stock Exchange amid a fanfare in what many are calling a watershed moment not just for Bitcoin but for the cryptocurrency industry as a whole.

After years of rejected applications and many a false dawn, the world’s first futures based Bitcoin ETF became available to investors yesterday.

The ‘ProShares Bitcoin Futures ETF’ will provide investors with exposure to Bitcoin without having to personally hold the asset themselves. Investment brokers will be able to purchase and trade shares in the fund which will give their customers exposure to the world’s premier cryptocurrency.

## Crypto Legitimacy

The sanction and launch of the latest financial product added legitimacy to Bitcoin and cryptocurrency with many people viewing the event as a watershed moment for the entire industry.

Whilst crypto industry milestones have historically led to massive sell-off’s many industry experts are expecting prices to soar to new all time highs as a professional and licenced ETF will provide a legitimate avenue for institutional capital to enter the industry.

Michael Spahir, CEO of ProShares told the New York Times that '2021 will be remembered for this milestone' as traditional investors want 'convenient access to Bitcoin in a wrapper that has market integrity'.

## Only futures for now

While the ProShares ETF is a purely futures based product, meaning buyers can only trade contracts based on the speculation of the future price of Bitcoin, many experts agree that this is a step in the right direction for those institutional clients looking for Bitcoin exposure.

Michael Saylor, CEO of MicroStrategy, announced in September that “When we have a Bitcoin ETF in the US, billions and billions of dollars will flow into Bitcoin that under no circumstances would have found their way into Bitcoin otherwise”.

With a Bitcoin price of just over $63,000 the future remains to be seen but with market sentiment riding high many are expecting today’s milestone to be the catalyst the market has been waiting for.


What Does the Bitcoin ETF Launch Mean?

Positivity around the approval of United States Bitcoin ETF products by the SEC has propelled the value of vitcoin beyond $60,000 for the first time since March 2021. The U.S ETF industry is enormous – the industry is worth an astounding $6.7 trillion and we may see the approval of not one but up to four products, including a ProShares product later in October.

The culmination of eight years of anticipation may be a watershed moment for the crypto industry. Proposals from ProShares and Invesco are for futures-based Bitcoin ETFs, filed under The Investment Company Act of 1940 – this will allow more protection for investors.

There are several other factors that have led to the current bullish sentiment around the value of bitcoin, including El Salvador's goodwill gesture with regards to The Bitcoin Trust, India's emergence as the world's largest crypto user base, the US's emergence as the world's leading Bitcoin mining hub and the disappointment of China's definitive crypto ban being put behind the public.

## Can the Value of Bitcoin reach $80,000 in 2021?

Realistically, the answer is no. While US Bitcoin ETF approval is around the corner, you never know when a setback to growth may appear. Yes, the value of bitcoin will surpass its all-time high and perhaps even cross $72,500 but it is difficult to see the prized crypto asset crossing the $80,000 mark even if the current bullish trend continues into November. That said, bitcoin could very much reach $100,000 in 2022.

The whole industry is likely to benefit from current value of bitcoin positivity and it is only a matter of time before altcoins like Ether and Cardano pick up (rapid) pace as well. 2022 is likely to be one of the most important years in recent crypto history, as CBDCs are poised to play a prominent role in global finance.

More [Bitcoin news](/news/category/bitcoin-news).

Bitcoin Future Value Prediction by the end of 2021

Jack Dorsey, CEO of American financial service provider, Square, has revealed plans on Twitter to build an open-source Bitcoin mining system with hopes to further decentralise the Bitcoin network.

He tweeted “Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. The more decentralised this is, the more resilient the Bitcoin network becomes.”

## 'Bitcoin Mining Should be Easier'

"Mining isn’t accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source. There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves.”

Square, Inc. is based in San Francisco, California and was founded in 2009 by Jack Dorsey and Jim McKelvey. The company launched its service Square Cash, which lets anyone with a debit card trade fiat for BTC. The company also offers payment processing services to merchants, charging 2.75 percent per swipe of a credit or debit card.

Dorsey believes that further decentralising the Bitcoin network will be critical for securely settling the transactions "well after the last bitcoin is mined."

More [Blockchain news](/news/category/blockchain-news).

Square's Jack Dorsey to Build Bitcoin Mining System

Bitcoin price has hit $60,000 for the first time since April this year, after reports of approved Bitcoin ETF trading.

The price of Bitcoin breached the $60K mark on Monday and is trading at a price of $61,051 with a market cap of more than $112 billion.

## ETFs Likely To Be Approved

Bloomberg reported that there was indications to suggest that the Securities and Exchange Commission ([SEC])(https://www.sec.gov/) would be likely to approve several Bitcoin futures ETFs to begin trading next week.

The CME group is seen to have the most likely chance of being approved. If this happens, it will make Bitcoin even more attractive to traders and help push up prices of the cryptocurrency higher.

## SEC Give Positive Reception

The approval of a Bitcoin ETF was also highlighted back in August when VanEck submitted a proposal to the SEC which received a positive reception from them.

Many expect that once Bitcoin futures are approved, there will be a new interest in trading it and this would help push up its price.

Bitcoin Breaks $60K for First Time Since April

Bitcoin regulation is on the way, and the leading cryptocurrency is ‘worthless’.

That’s the view of JPMorgan Chase & Co chief executive Jamie Dimon.

He said: ‘No matter what anyone thinks about it, government is going to regulate it. They are going to regulate it for (anti-money laundering) purposes, for (Bank Secrecy Act) purposes, for tax.'

Dimon was speaking at the [Institute of International Finance](https://www.iif.com/) Annual Membership Meeting earlier this week.

The head of the largest US bank has been an outspoken critic of crypto, but over the summer JPMorgan gave wealth management clients access to cryptocurrency funds. That means the bank's financial advisers can accept buy and sell orders from clients for five cryptocurrency products.

## Regulation Won't Have Immediate Impact

His comments on bitcoin regulation didn’t appear to have any immediate impact on markets.

Dimon made it clear his views are different from the banks, but said he remains sceptical.

He added: ‘I personally think that bitcoin is worthless. I don't think you should smoke cigarettes either.

‘Our clients are adults. They disagree. If they want to have access to buy or sell bitcoin - we can't custody it - but we can give them legitimate, as clean as possible access.’


Cryptocurrency Regulation is Coming

The bitcoin price took another massive step forward yesterday peaking at $57,500, just $7,000 short of its April all time high.

What are the factors behind this recent surge in price? Are we about to eclipse the yearly record or is this just another false dawn on the long road to crypto adoption. Lets take a closer look.

**‘Institutional Bitcoin Products’**
------------------------------------

Online data from _Digital Asset Fund Flows_ by CoinSharesshow that in the previous week $225 million of capital had entered ‘institutional Bitcoin products’ bringing the combined Assets Under Management (AUM) of institutional crypto to $66.7 billion, just 5% from the all time high the market witnessed in April this year.

Institutional Products may be described as funds, derivatives or any traditional asset management company which continue to enter the cryptocurrency market in increasing numbers.

Interestingly, as money flowed into Bitcoin nearly $13.5 million flowed out of Ethereum products in the same week reflecting Bitcoin’s current market dominance of 46.9%, it’s highest since mid May.

**Bitcoin ETF imminent?**

So what has caused the spike in interest in Bitcoin over the last few days?

Many people believe the US securities and Exchange commission is about to give the green light for investment firms to offer their clients Bitcoin Exchange Traded Fund or ETF for short.

An ETF is an investment vehicle which tracks the price of the underlying assets without requiring investors to own the assets themselves. If the SEC gave the green light for investment firms to offer this form of product the market could witness massive investment as customers look for safe and trusted ways for Bitcoin exposure.

Many people believe October could be the month as the four applications the SEC is currently reviewing are based on established, regulated and insured futures contracts offered by the Chicago Mercantile Exchange (CME).

**Not all rosy**

However, Pantera Capital CEO Dan Morehead isn’t so optimistic pointing out that many historically anticipated events in crypto have often resulted in up to 90% market downturns.

Furthermore, many experts believe that while a Bitcoin ETF would mean investment funds would scramble to buy up ‘real’ Bitcoin, the long term price would be heavily manipulated if a Bitcoin ETF is approved pointing to the price suppression witnessed when gold and silver ETF’s were launched in 2004.

As with governments all over the world policy decision is closely guarded and leaks are rare. However, the intense price action from Bitcoin over the past week suggest institutional investors know that something special is in the air.

Bitcoin price closes in on all-time high

It’s time we talked about bitcoin. Yes, about bitcoin. The prodigal son has indeed returned and has been acting rather differently this past week especially given his unruly behaviour over the last 6 months. Is he finally coming out of his shell? Let’s take a closer look.

The price of bitcoin currently stands at a little over $55,500, an increase of roughly 25% over the last week alone. With a market capitalisation of over $1.05 trillion it is safe to say October has started well for cryptocurrency’s first born.

What are the factors driving this growth? Is it different this time? Can bitcoin be trusted, or do we need to keep it under close supervision?

## About bitcoin in the Current Economic Climate

As no doubt everyone is aware we are in turbulent economic waters. Supply chain problems, rising energy prices, weaker than forecast growth and climbing inflation are all combining to create a perfect environment in which bitcoin can flourish and show its true colours.

It is within this macro-economic climate that bitcoin has generated massive interest from institutional investors this week, with everyone from J.P Morgan to Bank of America finally accepting bitcoin’s potential.

While behaving like any other tradable tech equity, BTC, by its very design, becomes the perfect hedge in times of economic crisis due to its limited total supply.

## Uncorrelation from Traditional Stocks

When NASDAQ and Dow Jones indices fell this week, many cryptocurrency advocates rejoiced as bitcoin began to move upwards and uncouple from traditional stocks. However, acting as an economic hedge is only part of the reason for BTC’s recent price surge.

Bitcoin’s coming of age really began on October 1st when Jerome Powell of the US Federal Reserve stated that he had no intention of banning bitcoin or any form of cryptocurrency.

This in turn restarted rumours concerning the launch of a futures-based ETF this quarter which brought added context to Bank of America’s recent comment that ‘bitcoin is too big to ignore’.

Additionally, there has been a massive recent increase in the purchase of bitcoin futures indicating that those in the financial know anticipate BTC to be trading at a significant premium by Christmas 2021.

J.P Morgan had a recent change in stance from May this year when the world largest investment bank reduced their exposure to bitcoin in favour of gold. However, this week the bank rescinded with the announcement that bitcoin was the perfect hedge in times of economic woe and was indeed ‘better than gold’.

## Little Trouble from Big China

Over in China the crackdown on the mining of BTC and other energy intensive proof of stake cryptocurrencies has enhanced bitcoin’s reputation on the green stage and again adds to the attraction of bitcoin as a serious and worthwhile long-term investment.

The future certainly looks bright for the once maligned BTC and his handful of close associates. If they continue to behave, mature and provide a beacon of stability then a world of limitless opportunity is sure to present itself. Let’s hope so.

What is Bitcoin Doing?

Dutch football team, PSV, has announced that it is now holding Bitcoin (BTC) on its balance sheet following partnership with Bitcoin exchange, Anycoin Direct, in August earlier this year.

## Cryptocurrencies 'Fit Well'

When the sponsorship agreement was signed, commercial director of PSV Frans Janssen said "The possibilities and the future that the world of cryptocurrency offers is very promising, as a club in the heart of the Brainport region, we are always innovating, and cryptocurrency fits well into this picture."

PSV Football Team to Hold Bitcoin on Balance Sheet

El Salvador has upped its investment in [bitcoin (BTC)](/coins/btc) following a 5% last week. The country, the first to make BTC a legal tender, took advantage of the fall to increase its position. El Salvador President Nayib Bukele, on Twitter, said the country has bought an additional 150 BTC worth $6.8 million. 

## President Advises Buying the Dip

That brings El Salvador’s holding to 700 BTC, just two weeks after starting to buy. Interestingly, the President advised people that they should buy during dips, rather than worrying about the price fall. In June, El Salvador passed the Bitcoin bill, making BTC legal tender from September 12. This prompted warnings from, among others, the World Bank and IMF that there could be disastrous economic impact. 

They also refused to help the country in the technical integration of BTC as legal tender and several rating agencies, like Fitch and Moody’s, downgraded Salvador’s credit rating. In El Salvador the move prompted protests, some violent. 

## Could Other Countries Follow?

Yet the President maintains most of the population support the move and use BTC for daily needs. He also pointed to the success of the official bitcoin wallet app, [Chivo](https://marketrealist.com/p/chivo-wallet-explained/), which was downloaded more than 500,000 times in two weeks. Other countries could follow the lead of El Salvador, with Cuba and Panama among those looking at bitcoin to assist in economic revival.

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