Top Blockchain and Crypto News — 11/10/2020
Self-Made Billionaire Stanley Druckenmiller Says He Owns Bitcoin
Stanley Druckenmiller is betting on Bitcoin against the dollar that has been depreciating in value ever since the coronavirus outbreak.
Billionaire hedge fund manager Stanley Druckenmiller said Tuesday bitcoin has value because people are using it as a store of value:
“What is the value of a bitcoin? I have no idea. But I know this: if you could go up in a time machine and buy a five- or six-year put on every one of the cryptocurrencies, I’d be glad to sell you the put options, and to you know, let you take the rest of the position.”
Bitcoin is up more than eightfold over the past two years.
JPMorgan: Institutional Investors Pumping Money Into Bitcoin Over Gold
In a research note published on Friday, JPMorgan analysts noted that an increasing number of institutional investors, including family offices, are considering looking at bitcoin as a legitimate alternative to gold.
According to the note, JPMorgan analysts found that through October, Grayscale’s bitcoin trust witnessed strong cumulative inflows. At the same time, gold exchange-trade funds (ETFs) saw “modest outflows” since October.
The analysts said,
“This contrast lends support to the idea that some investors that previously invested in gold ETFs such as family offices, may be looking at bitcoin as an alternative to gold.”
Seattle Court Jails Ex-Microsoft Engineer for $10 Million Bitcoin Fraud
The Department of Justice in the US issued a press release on Monday and mentioned that a District Court in Seattle sentenced a former Microsoft software engineer to nine years in prison for charges related to his bitcoin scheme to defraud his employer of more than $10 million.
According to the official press release, Volodymyr Kvashuk, a 26-year-old Ukrainian citizen residing in Renton, Washington, started his career with Microsoft as a contractor and later on joined the company as an employee in August 2016.
Amber Group Selects BitGo to Facilitate Institutional Investors
Amber Group, a Hong Kong-based crypto market-making and asset management firm has partnered with BitGo, a crypto custodian-turned financial services platform. The Group aims to facilitate its institutional traders and investors with the help of BitGo Trust.
In an official press release, BitGo announced that BitGo Trust, the custodial arm of the firm will help Amber Group to attract more institutional investors because of a qualified custodian regulatory status of BitGo.
The Amber Group plans to enhance the user experience with the new Amber app in order to attract high net-worth institutional clients and the next generation of crypto users.
Crypto Scammers Stole $1.8 Billion in First Ten Months of 2020
Losses from cryptocurrency thefts, hacks, and frauds netted $1.8 billion in the first ten months of 2020, swelled by a dramatic rise in DeFi platforms which became a vulnerable, lucrative target for crypto hackers.
The metrics released by blockchain forensics company CipherTrace suggest that 2020 could record the second-highest value in losses linked to cryptocurrency crimes. In 2019, crypto crimes proceeds surged to $4.52 billion, up 160 percent from 2018’s total of $1.74 billion.
While DeFi volume was virtually negligible in 2019, the decentralized finance market has exploded this year with crypto-assets locked by these platforms have increased to a peak of $14.2 billion as of October 27, 2020.
Ergo Launches Oracle Solution for Cardano (ADA) to Foster Interoperability
Ergo (ERG) has announced the launch of an oracle solution for the Cardano (ADA) ecosystem. The firm claims its oracle pools present a new approach to oracles and make the creation of new types of dApps possible, according to a blog post on November 9, 2020.
Ergo Deepens Partnership with Emurgo
Last June, Emurgo, one of the firms in charge of the Cardano (ADA) blockchain, inked a strategic partnership deal with the Ergo Platform, in a bid to develop highly functional decentralized finance (DeFi) focused solutions.
Now, it appears the alliance has started to yield the desired results for both parties as Ergo, a platform developed by former IOHK engineers, has unveiled an oracle solution for the Cardano blockchain.
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