● Report: US approval of Bitcoin spot ETF will simplify access to Bitcoin exposure
According to Golden Finance, according to a K33 Research report, the U.S. approval of a Bitcoin spot ETF will simplify access to Bitcoin exposure and help reduce the risk of traditional 60/40 portfolios through diversification of digital assets. Senior analyst Vetle Lunde and vice president Anders Helseth said we expect diversification and risk-adjusted outperformance to become key entry strategies for various ETF providers.
Analysts believe that since 2020, Bitcoin has proven its value as a powerful tool for portfolio diversification. An investor with a 1% exposure to Bitcoin in a traditional 60/40 portfolio would outperform a portfolio with no Bitcoin exposure by 3.16%. The traditional 60/40 portfolio is a classic investment strategy in which 60% is allocated to stocks and 40% to bonds.
The analysts added that while the Bitcoin diversification narrative has weakened during 2022’s cryptocurrency market turmoil, Bitcoin exposure this year will improve risk-adjusted returns for traditional portfolios due to weakened correlation and strong upside.
● The US SEC will hold a closed-door meeting on November 30 to discuss important issues such as the formulation and settlement of injunction lawsuits
According to Golden Finance, the U.S. Securities and Exchange Commission (SEC) officially announced that it will hold a closed-door meeting next Thursday, November 30. The agenda topics include: the formulation and settlement of injunction lawsuits, the initiation and settlement of administrative lawsuits, the settlement of litigation claims, matters related to litigation, and other matters related to review and enforcement procedures. The crypto community analyzed that the U.S. Securities and Exchange Commission may study the settlement plans in recent crypto lawsuits in this closed-door meeting, such as the Ripple case. According to previous news, the U.S. Securities and Exchange Commission and Ripple need to reach a litigation settlement measure before February 12, 2024. It is reported that the focus of the dispute between the two parties may be the huge fine of US$770 million imposed on Ripple.
● Bernstein: Binance will continue to maintain its international dominance
According to CoinDesk, research firm Bernstein said in a research report on Wednesday that under government supervision, there has been no major panic among customers, and Binance remains the dominant cryptocurrency exchange internationally, hosting $67 billion in funds. Binance will remain an "important entity outside the United States," and competition from listed competitor Coinbase (COIN) and new exchanges in regulated markets such as Hong Kong and Singapore is expected to intensify. They wrote: In our view, this is the last straw for regulators to approve a regulated Bitcoin ETF.
● Bank of New York Mellon to act as agent for Grayscale Bitcoin Trust
According to Cointelegraph, according to a memo from the U.S. SEC on November 20, Grayscale CEO Michael Sonnenshein, legal director Craig Salm, ETF head Dave LaValle and four other executives, as well as five representatives from the Davis Polk law firm, met with the SEC’s trading and market division.
The memo states that the discussions “related to NYSE Arca, Inc.’s proposed rule change to list and trade shares of the Grayscale Bitcoin Trust (BTC) pursuant to NYSE Arca Rule 8.201-E.
According to a document shared by Bloomberg ETF analyst James Seyffart, Grayscale detailed that it has entered into a transfer agency and services agreement with Bank of New York Mellon. The bank will act as an agent for the Grayscale Bitcoin Trust (GBTC), facilitating the issuance and redemption of shares and maintaining shareholder accounts.
● Belgium plans to accelerate the development of European blockchain infrastructure
According to Cointelegraph, the Belgian government plans to accelerate the development of European blockchain infrastructure during its presidency of the European Council in early 2024. The proposal aims to promote the secure storage of official documents such as driver's licenses and property ownership. Mathieu Michel, Belgian Secretary of State for Digitalization, said in an interview with the media on November 21 that the development of a pan-European public blockchain infrastructure is one of the four major priorities of Belgium's upcoming presidency.
The remaining three initiatives will concern artificial intelligence (AI), online anonymity and skills needed for the digital economy. Michel suggested restarting the European Blockchain Services Infrastructure (EBSI) project, established in 2018, and working with the European Blockchain Partnership, which consists of the 27 EU member states plus Norway and Liechtenstein: "This is a technical project. If we want to build a common infrastructure, it must become a European project and a political project." The updated EBSI will be renamed Europeum and used for public administration tasks such as verifying driver's licenses and other documents throughout the EU.
According to Michel, the project could also support digital euro infrastructure. He said it was important to use a public blockchain developed by an EU member state rather than a private alternative: "Blockchain can return data control to citizens in terms of security, transparency and privacy." Currently, Italy, Croatia, Poland, Portugal, Slovenia, Luxembourg and Romania have joined the Europeum initiative. The project is headquartered in Belgium.
● Huang Renxun: NVIDIA GPU supercomputing system is like ChatGPT that can generate valuable tokens
According to Golden Finance, Nvidia co-founder and CEO Jensen Huang recently shared practical information with Columbia Business School Dean Costis Maglaras. During the discussion, they talked about the development of Nvidia GPU in the killer application period of cryptocurrency and mining. Huang Renxun said: "When Bitcoin first appeared, there was no Bitcoin ASIC. At that time, the supercomputer with the highest output was none other than Nvidia's GPU. When it was plugged in, money began to gush out. This is why so many people bought Bitcoin, which subsequently led to the rise of Ethereum, but users will use supercomputing systems like Nvidia GPUs to encode or compress, or do something to refine data and turn it into valuable Token ideas. Do you know what this sounds like? ChatGPT, which generates valuable Tokens."
● The US Second Circuit Court of Appeals rejected SBF's request for release and will continue to wait for the verdict
According to PANews, the U.S. Court of Appeals for the Second Circuit rejected SBF's latest request for release. SBF will remain in prison and await the verdict on March 28. Court clerk Catherine O'Hagan Wolfe said: "We reviewed the defendant-appellant's additional arguments and found them unconvincing." The court pointed out that Bankman-Fried had attempted to interfere with two witnesses before the trial. According to previous news, the jury found SBF guilty of seven criminal counts on November 2, and he could face up to 115 years in prison.
