Updated: May 13, 2019
Happy New Year! 🎉🥂
December began with BTC at $4,000 and closed at $3,745. According to CoinShares 77.6% of worldwide Bitcoin mining is conducted from renewable energy sources. Bitcoin has traded over $2 trillion this year verse last years $870 billion and is half the transaction settling capacity of Mastercard. The traditional market started the month on a downward trajectory while digital assets only saw a slight decline. For digital assets to become negatively correlated inverse price moves verse traditional securities will need to happen consistently over a much longer duration.
The Nasdaq says it will list Bitcoin futures in the first half of next year and we don’t see this being anything that will move prices higher. Prominent exchanges already trading futures are the CME and CBOE. The Department of Homeland Security is looking at monitoring Privacy Coins and Zcash and Monero are specifically mentioned. State Street says its clients have a 'very high level of interest' in digital asset custody. Accounts on the Stellar network (XLM - Lumens) have increased 5x in the last 6 months. A stable coin called Basis (alternative to Tether) shut down amid no tangible evidence to prove that the assets 1:1 peg with the U.S. dollar can be maintained. This is bad news for Tether as well being that it operates in a similar manner by manipulating supply and demand in order remain at $1. Even smart guys get things wrong sometimes, Andreesen Horowitz and Bain Capital Ventures were backers in Basis. We believe there is a strong case for China to sooner than later launch its own digital currency.
As we look into January 2019 we foresee the headlines of Bakkt and the CBOE ETF coming back into play and moving prices. Bakkt may still launch but with a reduced number of institutional clients. We still firmly believe the CBOE etf will not get approved. We have changed our price forecast, you can email us for that.
Our founder, Bryan Courchesne was on Bloomberg Radio last month, you can listen to the recording on the media page of our website.
Our measure of success is how many people tell their friends about us. Thank you to our valued clients for helping us to grow.
Digital Asset Investment Management is a licensed Registered Investment Adviser specializing in Bitcoin for 401k's, IRA's and Traditional Brokerage accounts. Learn more at www.daim.io