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25 November 2020

Blockchain Bites: BlockRock Exec Says Bitcoin Is 'Here to Stay,' Investors Load Into BTC Puts - CoinDesk

Blockchain Bites: BlockRock Exec Says Bitcoin Is 'Here to Stay,' Investors Load Into BTC Puts - CoinDesk


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Blockchain Bites: BlockRock Exec Says Bitcoin Is 'Here to Stay,' Investors Load Into BTC Puts.

Major bitcoin miners are signaling their support for the network’s Taproot upgrade.

BlackRock SquawksA top BlackRock executive, in charge of where the world’s largest asset manager invests its fund, said that bitcoin could take the place of gold, because it is “so much more functional than passing a bar of gold around.” Appearing on CNBC’s Squawk Box, BlackRock CIO of Fixed Income Rick Rieder also said, “I think cryptocurrency’s here to stay, I think it is … durable.” While this is a vote of confidence of digital payment systems, and a leading bitcoin “narrative” as an inflation hedge, Rieder said he’s not particularly a bitcoin bull and doesn’t include it much in business and corporate portfolios.

Further, it’s not clear if bitcoin is worth its current price of over $18,000 price, he said.

The one-month implied volatility, which is influenced by the demand for call and put options, jumped from roughly 55% to a four-month high of 70.5% in the past two days, suggesting increased expectations for price turbulence over the next four weeks.

Taproot support Bitcoin mining pools representing over 54% of the network’s current hashrate have signaled support for the scaling and privacy protocol upgrade Taproot, merged into Bitcoin Core last month.

Addressing these concerns during the conference, Benet said Filecoin’s environmental concerns are “not very deep relative to other computing systems.” He mentioned Bitcoin, which is often criticized for consuming a vast amount of energy to power its consensus model, and said Filecoin’s consumption is a “tiny fraction.” 

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