2020, the year of change: Bitcoin, the digital gold that the ultra rich are snapping up

Bitcoin, brighter than 24 carats – 2020 has been an extremely colorful year for Bitcoin (BTC). From the worst fears of the coronavirus crisis that briefly caused every market on the planet to collapse, to the current strong bullish move in The News Spy platform that has pushed it past its former highs, the emotional roller coaster we have offered the king of cryptos have been significant this year. However, one thing has clearly changed: the vision of institutions on Bitcoin.

Bitcoin more coveted than gold as a safe haven?

After the anxiety crisis and the crash generated by the Covid-19 in March 2020, the various markets – stock markets and cryptos in particular – have recovered fairly quickly and well.

In the first months that followed, gold was the first safe haven that gave a signal in the face of massive monetary first impressions decided by governments, in an attempt to counter the economic effects of the Coronavirus crisis.

From the summer of 2020, the gold metal has effectively beaten its old highs , even passing above the symbolic 2,000 dollars an ounce (31.1 g).

However, a new store of value , even more prized than the precious metal, will emerge thereafter. This is of course the bitcoin invented by Satoshi Nakamoto.

Big companies, institutions, billionaires: they all want to protect themselves with Bitcoin

From September 2020, this movement was largely initiated by the company MicroStrategy and its CEO Michael Saylor . With the purchase of tens of thousands of bitcoins , the company listed on the Nasdaq and its leader wanted to provide themselves with a “cash alternative” to protect themselves from a possible fall in the US dollar .

And if we believe the excellent performance of Grayscale funds , they are far from the only ones. Eh yes ! These crypto investment funds are all particularly intended for institutional investors , apart from the quantity of crypto-assets under management of Grayscale have been increasing steadily in recent months, by billions of dollars .

Here too, Bitcoin’s role as a safe haven is mentioned in the face of the risk of government fiat currencies being devalued by rampant inflation .

This is also the opinion shared by many billionaires : from Paul Tudor Jones to Ricardo Salinas Pliego , via Chamath Palihapitiya and many others. Everyone wants to protect themselves against the hyperinflation of fiat currencies, thanks to Bitcoin.

The world has changed in many ways this year 2020, and so has Bitcoin. The king of cryptos seems to have earned his stripes of store of value, like gold, with the prospect of returns deemed higher than those of gold metal.

Binance launches trading and staking of three new Chiliz fan tokens

Binance Launchpool will soon introduce three new fan tokens: that of OG (e-sports team), Atlético Madrid and A.S. Roma

Binance, the world’s largest cryptocurrency exchange by trading volume, is launching the listing of new fan tokens issued by one of the industry’s leading platforms, Chiliz.

According to an announcement on 23 December, Binance Launchpool, a platform that allows users to stack tokens for up to 30 days and reap rewards, will soon unveil three more fan tokens: that of OG, the Dota 2 e-sports team, and those related to the well-known football teams Atlético de Madrid Football (ATM) and AS Roma Football Club (ASR).

As part of the new listings, from 24 December until 23 January 2021, Binance users will be able to stack Binance Coin (BNB), Binance Dollar (BUSD) and Chiliz (CHZ) to obtain OGs, ATMs and ASRs.

From 30 December, Binance will also open up OG, ATM and ASR trading in its Innovation Zone and open trading against major cryptocurrencies such as Bitcoin (BTC) and Tether (USDT). Trading pairs already announced include OG/BTC, OG/USDT, ATM/BTC, ATM/USDT, ASR/BTC and ASR/USDT.

Binance CEO Changpeng Zhao said that traditional sports and e-sports companies are increasingly exploring the crypto sector:

„Fan tokens have been well received by our users, and we are happy to work closely with Chiliz to continue to provide access to them.“

This news ushers in the second phase of the collaboration between Binance and Chiliz, after the two companies announced a strategic partnership on 14 December. In conjunction with the announcement, Binance also announced the listing of Paris Saint Germain (PSG) and Juventus (JUV) fan tokens.

Alexandre Dreyfus, CEO and founder of both Chiliz and its affiliated startup Socios, said the companies expect to welcome „many more sports and entertainment partners in the near future“. Dreyfus also emphasised that the partnership aims to promote the digital transformation of the industry, fan engagement and new methods of monetisation.

Chiliz and Socios are major players in the sports fan token issuing industry. In August 2020, the two companies announced plans to launch a Visa debit card with tokens from major teams such as FC Barcelona. In July 2020, Brazil’s largest exchange, Mercado Bitcoin, launched the CHZ/Brazilian Real trading pair. Previously, Chiliz and Socios had made headlines with the sale of $1.3 million of FC Barcelona fan tokens, completed in less than two hours.

Ytterligere fall i Bitcoin-prisen muli

Ytterligere fall i Bitcoin-prisen mulig, selv om gråtoner er avgjørende, konstaterer JPM-analytiker

Interessen for Grayscale Bitcoin Trust de neste ukene vil være nøkkelen til å avgjøre om BTC virkelig er foretrukket av institusjoner, sa JPM-analytikere.

Selv om Bitcoin har gjenopprettet fra sine Bitcoin Bank kraftige pristap under Thanksgiving-massakren, mener analytikere fra JPMorgan Chase & Co at ytterligere nedgang fortsatt kan forekomme.

Strategene påpekte at Grayscale, gjennom sin Bitcoin Trust, vil spille en viktig rolle i fremtidig BTC-prisutvikling.

Er Bitcoin på vei lenger sør?

Den primære kryptovalutaen nådde en ny årlig høyde på $ 19 500 i forrige uke; dermed kom den mindre enn 3% fra 2017-tiden på $ 20.000. Da samfunnet begynte å spekulere i hvor lang tid det vil ta å overgå dette nivået, snudde trenden ondskapsfullt.

Bitcoin dro sørover og mistet mer enn $ 3000 i verdi i timer. Likevel har kryptovalutaen gjenopprettet de fleste av tapene og handler nord for $ 18.000.

En JPM-analyse, ledet av Nikolaos Panigirtzoglou, sa nylig at Thanksgiving-prisfallet hadde ryddet „forrige skum i momentumhandleres posisjonering.“ Strategene antydet imidlertid at Bitcoin fortsatt kunne gå lavere.

“Momentum-handelsmenn som rådgivere for handelsvarer og andre kvantitative fond spilte sannsynligvis en stor rolle i lysbildet ved å koble av lange Bitcoin-futuresposisjoner. Momentum-handelsmenn har rom for å videreformidle ”Bitcoin-nedgangen, bemerket analytikerne sitert av Bloomberg.

Bortsett fra å sprenge „momentumhandlere“, diskuterte strategene også forskjellige andre grunner bak prisutviklingen. Disse inkluderte ryktene om nye forskrifter foreslått av Trump-administrasjonen og fortjeneste.

Gråtoner er nøkkelen

JPM-strategene fremhevet også den viktige rollen Grayscale og dens Grayscale Bitcoin Trust har på markedet. Kryptovaluta-forvalteren er det mest foretrukne selskapet for institusjonelle investorer å få eksponering mot Bitcoin (og andre digitale eiendeler) uten å bekymre seg for å lagre midlene.

Dette har blitt eksemplifisert gjennom 2020 da Grayscale har rapportert back-to-back opptaksbruddsresultater. Eiendommene under forvaltning (AUM) har eksplodert de siste 12 månedene til over 10 milliarder dollar. Litt forventet har Grayscale Bitcoin Trust den største andelen.

Analytikerne hevdet at hvis det er en nedgang i interessen for GBTC, kan dette skade fortellingen om at Bitcoin har blitt en favoritt blant institusjonelle investorer:

“En mislykkelse fra Grayscale Bitcoin Trust i å motta ekstra innstrømning i løpet av de kommende ukene, vil også føre til tvil om ideen om at institusjonelle investorer som familiekontorer har startet en trend med å omfavne Bitcoin som digitalt gull som erstatter tradisjonelt gull som en langsiktig investering. . ”