Golden Morning Post | Goldman Sachs is about to provide investment tools for Bitcoin

Headline

▌Goldman Sachs will soon provide investment tools for Bitcoin

According to news on March 31, Goldman Sachs is about to provide its first bitcoin and other digital asset investment tools to its private wealth management group clients. Mary Rich, global head of digital assets at Goldman Sachs Private Wealth Management, said the goal is to start investing in emerging asset classes in the second quarter. Goldman Sachs is considering eventually offering a "full range" of investments in bitcoin and digital assets, whether through physical bitcoin, derivatives or traditional investment vehicles. There is a segment of clients looking to hedge against inflation with this asset, and the macro backdrop over the past year has certainly played into that as well. There is also a large group of customers who feel that we are somehow at the dawn of a new internet and are looking for ways to participate in this space. Goldman Sachs may offer a bitcoin investment fund, among other investments similar to the underlying asset class that is traded 24/7 around the world. Crypto funds such as the Galaxy Bitcoin Fund can only be bought and sold once a quarter, she said. It is reported that Goldman Sachs' private wealth management business is mainly for individuals, families and endowments, with at least $25 million available for investment.

Market

As of press time, according to Huobi global data:

Golden Evening News | List of important developments on the evening of October 23: 12:00-21:00 Keywords: Central Bank Opinion Draft, Ethereum 2.0, Ministry of Industry and Information Technology R3, Zhejiang Jiaxing Court

1. The Central Bank’s Opinion Draft: Any unit or individual is prohibited from producing and selling token coupons and digital tokens.

2. Ethereum 2.0 project leader: The Ethereum 2.0 deposit contract will be launched within two weeks.

3. Ministry of Industry and Information Technology News Library: Accelerate the application of next-generation information technologies such as blockchain in the industrial Internet.

4. Liu Guiping, President of CCB: Will actively explore frontier fields such as digital finance and digital currency.

5. Bank of Japan official: The issuance of digital currency first requires public support.

6. The police cracked a USDT cross-border online gambling case worth 120 million RMB, and 77 people were arrested.

7. Russian President’s Information Technology Advisor: If developed now, the Central Bank of Russia’s CBDC will become a reality within three to seven years.

8. Zhejiang Jiaxing Court used blockchain technology to realize data management of physical evidence. [2020/10/23]

The latest transaction price of BTC is US$58,769.81, with an intraday increase or decrease of -0.86%;

The latest transaction price of ETH is 1915.46 US dollars, with an intraday increase and decrease of +3.61%;

Golden Morning | List of important news overnight on October 7: 21:00-7:00 Keywords: Google Cloud, EOS nodes, South Korea’s CBDC, Ripple

1. Google Cloud will join the EOS public chain network and run for EOS nodes.

2. The head of the US CFTC's law enforcement department resigned, saying that he did not want to hinder encryption innovation.

3. The Bank of Korea will establish and test a CBDC pilot system next year.

4. Acting Director of the U.S. Office of the Comptroller of the Currency (OCC): Hope to help provide clarity on encryption regulations.

5. Ripple Executive Chairman: If the regulatory environment does not improve, Ripple may leave the United States.

6. Uppsala Security signed the "Blockchain Service Anti-Money Laundering Integration Agreement" with Samsung.

7. The computing power of Ethereum broke through 250TH/s, a record high.

8. The cryptocurrency market generally fell, and BTC fell 1.33% within the day, temporarily reported at $10,591. [2020/10/7]

The latest transaction price of BCH is 524.12 US dollars, with an intraday increase and decrease of +2.95%;

The latest transaction price of BSV is 218.41 US dollars, with an intraday increase and decrease of +2.90%;

EOS recently traded at $4.77, with an intraday increase and decrease of +8.72%;

Analysis | Golden disk: EOS/USD fell below the middle track and approached the previous low: Comprehensive analysis of the golden disk: EOS/USD continued to fall and approached the previous low. There is no sign of bottoming out in the current technology, and short-term intervention is not suitable. [2018/8/14]

The latest transaction price of LTC is US$197.03, with an intraday increase and decrease of +1.92%;

DOT's recent transaction price was $36.86, with an intraday change of +0.63%.

Policies

▌Fed Kaplan: The Fed aims to fix inflation expectations at 2%

Fed's Kaplan said the Fed's goal is to fix inflation expectations at 2%.

Blockchain Application

▌BIS President: CBDC can solve long-standing payment problems

Jinse Finance reported that Agustín Carstens, president of the Bank for International Settlements, said that central bank digital currency can solve "long-standing" payment problems. Carstens believes that a CBDC would be more beneficial to retail users. From a user's perspective, the various payment solutions can look very similar, Carstens said. The difference between retail FPS (faster payment solution) and retail CBDC is that the latter is a central bank liability that provides the unique features of central bank money, and this may be the key difference. For interbank payments (often referred to as wholesale payments), Carstens argues that the same transaction would be much simpler in a CBDC-based payment system, since the payment would only involve transferring the central bank's direct claim from one user to another. There is no credit risk, the funds are not on the balance sheet of the middleman, and the transaction will be settled in the central bank's currency directly on the central bank's balance sheet in real time.

Jinse Finance live report, Michael Arrington: more willing to invest in projects with strong network effects: At the 2018 World Digital Asset Summit (WDAS) and FBG Annual Conference, Michael Arrington from Arrington XRP Capital answered questions about investment projects, Michael Arrington said that among the current types of projects, he is more willing to invest in projects with strong network effects, and such projects will have stronger advantages in terms of market structure. [2018/5/2]

▌Zheshang Bank’s blockchain asset financing business accounted for more than 65% of its new credit assets last year

On March 31, at the performance conference of China Zheshang Bank, Xu Renyan, president of China Zheshang Bank, said that China Zheshang Bank will expand its platform strategy to various business lines in the future. Among them, blockchain technology will become the core driving force to promote the development of platform strategy. According to reports, Zheshang Bank made a net profit of 12.3 billion yuan last year, and the blockchain asset financing business accounted for more than 65% of new credit assets.

▌Shenzhen tests digital renminbi cross-border payment for Hong Kong residents

On March 30, in order to implement the deployment of "steady promotion of digital currency research and development" proposed in the national "14th Five-Year Plan", the Shenzhen Municipal People's Government and the Shenzhen Central Sub-branch of the People's Bank of China guided the Luohu District People's Government to cooperate with Bank of China Limited and China In cooperation with Bank of Hong Kong Co., Ltd., it took the lead in the country to successfully complete the test of using digital renminbi for Hong Kong residents in the mainland, which is an important step in exploring a wider use scenario of digital renminbi.

Golden Finance live report IPFS, Filecoin technical evangelist Dong Tianyi in China: The future of Bitcoin is unpredictable: Golden Finance live report, at the Western Small and Medium-sized Enterprise Development Forum, carried out the "Current Status of China's Blockchain Industry" In the roundtable discussion on the theme, Dong Tianyi, technical evangelist of IPFS and Filecoin in China, pointed out: From the bottom of economics, all income must eventually be balanced to the average income of the real world. Ultra-high yields are only around for a while. Without risk control, where to invest, it is gambling. Up to now, Bitcoin mining has been very transparent, and Bitcoin’s current 1T24-hour computing power can only generate 23.6 yuan. In fact, the rate of return of Bitcoin has fallen below the cost line of some people. I have always believed that the future is unpredictable. We have no way of knowing what will happen to Bitcoin in the end, and it may even return to zero. The attitude I suggest is to buy a bitcoin and hold it, in case it rises, that's all. [2018/4/28]

Cryptocurrency

▌Foreign media: V God's net asset valuation has risen to about 700 million US dollars

The net worth valuation of ethereum co-founder Vitalik Buterin has risen to about $700 million. By far its biggest fortune has come from Ethereum. Blockchain data shows that he currently owns at least 333,520 ETH, which is down from the 350,000 ETH he owned in December 2019. After previously selling about $50 million of ETH, his remaining ETH is currently worth $618 million. Another address has a combined value of about $5 million, bringing its total valuation to about $700 million.

▌Soros Fund CIO: Bitcoin is stealing gold buyers

Dawn Fitzpatrick, chief information officer at Soros Fund Management, said the fund invests in the crypto space, noting that bitcoin is stealing buyers from gold. In her view, gold's recent underperformance may have something to do with bitcoin.

▌Bitcoin price on Korean exchange rises to $63,876

As bitcoin continued to rise, its price rose to 72 million won, or about $63,876, for the first time on South Korean exchanges. Previously, the bitcoin "kimchi premium" on the South Korean exchange hit a new high this year, reaching 9.48%.

▌Galaxy Digital CEO: Bitcoin is expected to reach or exceed the market value of gold

Golden Finance reported that Galaxy Digital CEO Mike Novogratz said that with the rapid adoption of digital assets by retail and institutions, Bitcoin is expected to reach or exceed the market value of gold. Cryptocurrencies are "gaining adoption a lot faster than I expected," Novogratz said, adding that "I've been blown away by how quickly people are getting into the system." He believes that Bitcoin is on the inevitable path of achieving the same market value as gold and then achieving a higher market value.

▌Indian crypto users suspect India's largest e-commerce company's Bitcoin announcement is an April Fool's joke

Golden Finance reported that Flipkart, India’s largest e-commerce company by sales, said it would accept bitcoin payments, which was considered an April Fool’s joke by many Indian cryptocurrency users. It is reported that Flipkart, headquartered in Bengaluru, claims to have more than 200 million users as of July, which means that the platform's support for encrypted payments may be beneficial to the Indian market. However, many users seem to doubt the veracity of the company’s statement following reports that the Indian government has introduced a possible ban on private cryptocurrencies in the country.

▌Investment giant BlackRock held CME Bitcoin futures contracts at the beginning of the year

Jinse Finance reported that the investment giant BlackRock has indeed begun to get involved in the Bitcoin market. The firm held $360,457 in CME bitcoin futures contracts on its Jan. 31 reporting date, or 0.0014 percent of BlackRock’s massive global allocation, according to regulatory filings published Wednesday. It is unclear whether BlackRock still holds any bitcoin futures contracts. The futures contract reported on January 31 appears to have expired on March 21.

▌U.S. bitcoin miner Blockcap completes $75 million in Series A financing

Jinse Finance reported that Blockcap, an American bitcoin miner, announced the completion of a $75 million Series A financing, with Off The Chain Capital and Foundry Digital, a subsidiary of DCG, participating in the investment. The funds will be used to expand the company’s mining operations and facilitate the continued growth of digital assets in the United States.

Key Economic Developments

▌The White House: The infrastructure investment plan will invest a total of about 2 trillion US dollars

U.S. President Joe Biden on Wednesday unveiled the first part of his broad infrastructure plan, which includes two parts, jobs and families, and plans for the American families part will be discussed in the next few weeks. According to the previous announcement of the White House, the plan will invest 1% of GDP each year in the next eight years to upgrade infrastructure, revitalize manufacturing, invest in basic research and science, etc., with a total investment of about 2 trillion U.S. dollars. In addition, the announcement also showed that the corporate tax rate will be increased to 28%, and Biden's tax reform proposal will increase the minimum corporate tax rate in the United States to 21%.

▌Spot gold continued to rise, with a short-term cumulative rise of nearly US$10, reaching a maximum of US$1697.32 per ounce

The market shows that spot gold continues to rise, with a short-term cumulative rise of nearly US$10, reaching a maximum of US$1,697.32 per ounce.

Golden Encyclopedia

▌Gold Encyclopedia | What is layer2? Read the Ethereum expansion plan in one article

Ethereum sharding is a performance solution for scaling inside Ethereum, while Layer 2 is a solution for scaling outside the Ethereum blockchain.

So far, among the Layer 2 expansion solutions, the most discussed are ZK Rollup, Optimistic Rollup, Validium and Plasma.

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