Deutsche Bank: Investors Moving From Gold to Bitcoin
Plus bitcoin's implied volatility is on the rise
Happy Thursday, Blockfolians
The Lede
Another day, another positive report from some massive traditional financial institution. The bank’s head of global fundamental credit strategy said:
“There seems to be an increasing demand to use bitcin where gold used to be used to hedge dollar risk, inflation, and other things.”
The gold vs. bitcoin debate is heating up. Gold is up 22% this year while bitcoin is up 144%. As the “digital” gold narrative dominates with bitcoin, many are seeing that digital native nature of bitcoin as something that could fundamentally disrupt the role gold plays.
This is why Stan Druckenmiller has gotten into bitcoin; its the preferred version of gold for millennials and tech money.
The Schiff family Thanksgiving could get pretty interesting this year.
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Highly Relevant Reading
The IRS is weighing a different approach to crypto taxation
The SEC issues a no-action letter for a virtual worlds company that wishes to sell an Ethereum-based token
VMWare has launched a blockchain for enterprise
OKEx is resuming crypto withdrawals
Community Commentary
As long as Joe Weisenthal has a show, we will be arguing about the halving
A more complicated story around bitcoin searches
A Really Big Number We Should Be Paying Attention To
70.5%
That’s bitcoin’s implied volatility - a 4 month high - as investors get prepared for the possibility of a pull back
Final Thought
Another great thread from Sahil