Bitcoin (BTC) can bring the worlds population out of debt thanks to its ability to allow consumers to save without permission.

That was according to Misir Mahmudov, the author and operations associate at cryptocurrency hedge fund Adaptive Capital, in his latest advocacy of Bitcoin on Nov. 27. Mahmudov is the brother of Murad Mahmudov, the well-known Bitcoin proponent.

Writing on social media, Mahmudov argued saving in BTC permitted anyone to bypass the barriers to traditional methods of saving such as stocks and real estate.

Bitcoin is the democratization of savings, he summarized.

As a result, Mahmudov continued, large numbers of prospective savers would benefit:

Today, you can stack sats & store your wealth in the scarcest asset. The ability to save wealth in bitcoin will bring millions of people out of debt.

According to the latest statistics, the United States national debt alone equals around $70,000 per capita. Global debt is now so large that for every Bitcoin that will ever exist, there is currently $12.1 million of debt.

Bitcoins status as sound money has long seen support from academics such as Mahmudov, with others highlighting its specific benefits over phenomena such as fiat currency.

In particular, Saifedean Ammous, author of the popular book The Bitcoin Standard and formerly a professor at the Lebanese American University, continues to point out that fiat represents the antithesis of saving mentality.

Through issuing money which they can inflate at will, governments and central banks foster a culture of spending and borrowing while demonizing saving.

In what is known as a high-time-preference mentality, consumers who use fiat are taught to spend it, not save it, as its inflationary nature means it will buy less in the future. For Ammous, it is John Maynard Keynes, one of the architects of modern economic policy, who is directly to blame for the damage.

The Bitcoin Standard quotes Keynes infamous soundbite about the long-term impact of his advice: In the long run, we are all dead.

With Bitcoin, a provably scarce form of money with a fixed supply which is impossible to manipulate, the opposite is true for savers.

As Cointelegraph noted, analysts even predict that Bitcoin price models will become less useful in time due to fiat losing its value. Since the U.S. Federal Reserve was established in 1913, the dollar has lost over 96% of its value in real terms.

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Bitcoin Gives the World Democratization of Savings Hedge Fund Exec - Cointelegraph

Photo by Jakub Porzycki/NurPhoto via Getty Images

F. Scott Fitzgerald said the test of a first-rate intelligence is the ability to hold two opposed ideas in mind at the same time and still retain the ability to function.

Bitcoin is the embodiment of this idea in markets, and why I suspect many in finance and business journalism dismiss its connections to the economy and other major asset classes. They write it off as a bizarre offshoot of finance more akin to a casino than an asset class. While that is true for most of the tokens, it is not for bitcoin. Viewing the King Crypto as a completely random roulette wheel thats detached from traditional financial markets and the economy isa mistake.

Right now bitcoin is signaling that volatility is on the way. To see why, one has to hold the ostensibly opposing ideas of bitcoin as a risk asset and also a store of value,at the same time.

Bitcoin is indeed much closer to a roulette wheel than just about anything else in traditional markets, but for enough of its investor base, it is a wager on a specific series of events happening. The likelihood of those events is very low, hence the sluggish adoption, risk of investment, and potential reward if bitcoin becomes widely accepted as a store of value.As evidenced by its unprecedented, astronomic volatility, bitcoin is extremely risky. Its trading history since becoming a household name reflects its nature as a risk asset: peaking in 2017 right before the stock markets frothiest peak of the bull market yet, breaking down ahead of the S&P 500s epic 4Q18 selloff, and gaining steam again this year just as the VIX dropped back to the bottom of its 2-year range.

But wait: bitcoin also trades like a safe haven.

It surged this year as the U.S-China trade war was looking like it might turn into a currency war, the Fed was reversing course, and the amount of negative yielding debt was mounting across the globe. As this backdrop fell into place, bitcoin, which many in the crypto space refer to as digital gold, traded closely in sync with actual gold, with the 30-day correlation between bitcoin and gold futures reaching a record high of 0.91 in mid-July.

Thinking about bitcoin as a very far out-of-the-money call option on its adoption event series is a helpful way to thinking about why bitcoin can trade both as a safe haven and a risk asset. It is a risky bet that certain economic events will happen mostly negative ones that spur big changes to the structure of financial markets.

But heres the kicker. There was sufficient overlap this year not just between the reasons for owning bitcoin and gold, but between the reasons for owning Treasury bonds and certain types of stocks, too. People bought bonds because they foresaw extensive central bank accommodation on the way and knew theyd have a buyer for government debt. Bond buyers were just as worried about the global economy as gold bugs, who themselves were touting a just slightly less manic narrative than the cryptoknights. In the stock market, investors funneled cash into bond-proxy plays like utilities, and expensive growth companies whose valuations are more easily justified in a world where rates are going seemingly infinitely lower.

Bitcoins crash is the most damning for gold, whose use-case as basically a more traditional bitcoin is looking less compelling by the day as economic data comes in ahead of bearish forecasts from this summer. Gold has already demonstrated that it is inclined to move in the same rough trends as bitcoin this year, peaking in September and now following bitcoins patterns of lower highs and lower lows. If inflation does not appear soon, the case for owning gold will take a big hit. And even if inflation does show up, its unclear how much gold will be able to respond, considering its big rise this year happened in the absence of inflation.

U.S. 10-year Treasury notes and gold have also traded in a tight correlation for almost all of the year. If Brexit is resolved amicably, European countries enact fiscal stimuli, Chinas economy stabilizes, or the U.S. is able to demonstrate steady growth in the face of a tariff war, Treasuries are likely to continue moving with gold. The price of bitcoin is now almost where it was in May. Gold and bonds by no means have to do the exact same thing as bitcoin, but if the need to own bitcoin is dropping this quickly, the need to own gold and bonds is going to come under further scrutiny. A move in the 10-year Treasury yield that takes it back to May levels would mean a 2.4% yield. This would be a shock to investors if it happened too quickly.

Stocks are tricky. While bitcoins explosive action in 2017 was a good sign that concurrent euphoria in stocks would also be short-lived, the signaling relevance of bitcoin for stocks is probably waning. Stocks have indeed been kept afloat to some degree by the same force that pushed investors into bonds and gold the expectation and delivery of interest-rate cuts by central banks. As such, the S&P 500 is getting expensive again and needs earnings expectations to turn upwards to justify its price. If that happens, equities will have a good buffer to volatility elsewhere. If it doesnt happen soon, its unlikely stocks will be able to retain their elevation for long in an environment where bitcoin, the worlds riskiest asset, is now 50% off its high.

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Bitcoin Is Screaming To Investors That Volatility Is Inbound - Forbes

GiveBitcoin founder Cory Klippsten struggled to warm his parents up to Bitcoin. For two years, he coaxed and educated, until his evangelism finally paid off in the spring of 2019.

After 100s of hours, books, podcasts, articles, I finally got my parents to buy some bitcoin, he told Bitcoin Magazine.

That was five years after Klippsten received his own first bitcoin from a benevolent stranger at a tech conference. He lost the keys and didnt take a dive down the rabbit hole. That plunge wouldn't come until the beginning of 2017, when Klippsten bought into bitcoin both in the literal and in the ideological sense.

After getting super into bitcoin, I tried to become as skilled as possible to be a pitchman for bitcoin and being an evangelist, thinking that there was some magical way to talk about bitcoin and red-pill somebody in a twenty-minute conversation kinda like a startup pitch.

Incidentally, his Twitter username is itcoin Morpheus, an homage to the captain of the Nebuchadnezzar in The Matrix who red pills Neo on the reality that his world is a computer simulation.

Unlike Morpheus, though, who enlightens Neo to the cypher-dystopia represented in the film in a matter of minutes, Klippsten finds that bitcoin is just not something that can be grasped in one conversation.

Thats why he started GiveBitcoin.

GiveBitcoin is a service that allows Bitcoiners to send bitcoin to their friends, loved ones and anyone in between. You can give as little as $5 or as much as $4,900, and the gift comes with a minimum time lock of one year and a maximum lock of five years. That way, they cant immediately liquidate it without waiting and learning, too.

The platform provides 12 chapters of lessons on topics that range from the history of money, to the rise of altcoins (and why they differ from bitcoin), to layer 2 solutions like Lightning and even hardware wallets. The idea here is to give people a chance to educate themselves about bitcoin and the tenets of self-sovereignty (e.g., the benefits of running a full node) so they can make a fully informed decision about what to do with their bitcoin once the timelock expires.

This educational content, Klippsten claims, has been crowdsourced from the best minds in bitcoin and includes bits from the likes of Saifedean Ammous, Stephan Livera, Yan Pritzker and Michael Caras (a.k.a, the Bitcoin Rabbi).

Its a mix of tech and media to red pill people, Klippsten summarized.

These lock-in periods are what Klippsten called legal timelocks. They dont take place on-chain with hash time locked contracts (HTLCs) like with Lightning. This is partly because HTLCs are dictated by block height and are subject to roughly a one-year expiration date. Plus, its a difficult concept for newcoiners to grasp, so its probably not the best idea to expose them to an advanced technical feature before they even know what the blockchain is.

Instead, all bitcoin is custodied with Prime Trust, a Nevada-based bank that has carved out a niche in providing banking services to the largely banking-deprived Bitcoin industry. Each recipient must sign paperwork (and conduct KYC) upon claiming their bitcoin to ensure that, legally, the gift belongs to them, not GiveBitcoin. Recipients also dont have to complete the courses to claim their gift, though Klippsten, of course, hopes that they will.

If a recipient never claims their bitcoin, then the giver is never charged for the amount they intended to send (when using the service, you send GiveBitcoin an ACH transfer for the amount you wish to give, not actual bitcoin). The fees for the service are pretty modest: $2 for anything under $100 or 2 percent for anything over $100.

Fresh out of beta as it is, GiveBitcoin already has plans to expand its services. Klippsten said the team is cooking up a referrals program where theyll share half of their fees with users based on how many gifts they send on the platform.

The hope is that this will accelerate the act of gifting satoshis, which Klippsten holds is the most effective way to nudge people down the rabbit hole. Once they have skin in the game, they (hopefully) become curious enough to learn more and begin to care.

From there, its all about network effect and getting bitcoin into the hands of as many people as possible.

Right now theres an estimated 7 million people around the globe that own $100 or more worth of bitcoin. We are going to try to create 21 million newcoiners with $100 dollars or more, Klippsten said.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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GiveBitcoin Wants You to Give Bitcoin This Holiday Season - Nasdaq

Bitcoin fans can rest easy as Twitter has backpedalled on its plans to purge inactive accounts until it can figure out how to memorialize them.

The furor was sparked yesterday, after Twitter announced its plans to purge unused accounts starting in December.

In response, Bitcoin BTC rewards application Lolli asked Twitter to memorialize Hal Finneys account and tweets.

Finney, who sadly passed away in August 2014, was a well-known computer scientist and an early Bitcoin adopter.

He received the first Bitcoin transaction from the cryptocurrencys mysterious creator Satoshi Nakamoto, sparking speculation that he may have indeed invented the coin, something he fervently denied.

Finneys Twitter profile currently boasts 15,000 followers, even though his last tweet was sent on September 15, 2010, several years before he passed away in Phoenix, Arizona due to complicationsderiving from ALS.

A former developer for the PGP Corporation and acypherpunk, Finney joined Twitter in October 2007. Then, on January 11, 2009, Finney tweeted saying he was running Bitcoin.

To date, the tweet has been retweeted over 6,000 times and liked by more than 15,000 users.

Finney will forever be part of Bitcoins history and I for one Im not surprised by the communitys desire to preserve his memory.

Published November 28, 2019 13:16 UTC

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Legendary Bitcoin contributor Hal Finneys Twitter profile is safe for now - The Next Web

The cryptocurrency market resumed the recovery. Bitcoin and all major altcoins are trading in a green zone with gains ranging from 2% to 7% on a day-to-day basis. The total cryptocurrency market capitalization surpassed $200 barrier and reached $204 billion from $196 billion this time on Tuesday; an average daily trading volume increased to $69 billion. Bitcoin's market share settled at 66.5%.

BTC/USD dipped below $7,000 on Wednesday; However, the sell-off proved to be temporary as the coin recovered to the previous range within several hours. At the time of writing, BTC/USD is changing hands at $7,430, off the intraday high of $7,626. The initial support is created by SMA200 (Simple Moving Average) 1-hour at $7,389.

Ethereum is hovering above $151.00, off the intraday high registered at $154.97. The second-largest digital asset, with the current market capitalization of $16.5 billion, has gained over 3% in recent 24 hours. ETH/USD is supported by a psychological $150.00. This barrier is followed by SMA50 1-hour at $148.59. An initial resistance is created by SMA200 1-hour at $154.50.

Ripple's XRP bumped into $0.2300 and retreated to $0.2250 by press time. The 3d largest digital asset with the current market value of $9.6 billion has gained over 2.5% on a day-to-day basis amid global recovery on the cryptocurrency market. A confluence of SMA100 and SMA50 1-hour on approach to $0.2200 serves as initial support. The resistance is created by a psychological $0.2300.

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The Cryptocurrency Market Update: Bitcoin back on recovery track, Ripple and Ethereum follow the lead - FXStreet

In 2013, we found out that Bitcoin mining might be bad for the environment, since the process requires a lot of computing power and therefore a lot of energy, and we were like:

Then in 2017, we heard about findings that said the electricity needed for cryptocurrency would soon outpace whats available, requiring new power plants to come online to feed the demand, and we were like:

Six months later, we read a study that found that Bitcoins energy usage had doubled since that last study came out and was expected to double again in the same amount of time, and we were like:

By the end of 2018, when a new study found that Bitcoin could single-handedly push the planet to 2 degrees C of warming and lock in catastrophic climate change, we were like:

But now, theres new evidence that Bitcoins energy footprint might not be as high as previously reported.

A recent study published in the journal Environmental Science and Technology did a life-cycle assessment of the Bitcoin mining network and arrived at a lower carbon footprint than previous studies. The studys authors calculated a total of 17.29 metric tons of CO2 equivalent emitted in 2018, as compared to other studies that reported anywhere from 22 to 63 metric tons.

The difference primarily came down to the way they looked at carbon emissions in China. The authors estimate that more than half of all Bitcoin mining takes place there. They claim that earlier assessments assumed carbon emissions from electricity generation were the same everywhere in the country, but thats not the case. Some regions, like inner Mongolia, burn a lot of coal, while others, like Sichuan, use more hydropower. When the researchers broke down emissions by region, the total global Bitcoin footprint came down significantly.

The findings certainly dont let those libertarian nerdbucks off the hook. On the one hand we have these alarmist voices saying we wont hit the Paris agreement because of Bitcoin only, Susanne Khler, one of the authors of the study, told New Scientist. But on the other hand there are a lot of voices from the Bitcoin community saying that most of the mining is done with green energy and that its not high impact. The truth is somewhere between these extremes.

The problem with all of these estimates is that there just isnt enough reliable data on the cryptocurrency to calculate its footprint with a high level of certainty. The academic literature on Bitcoin is thin. In this case, the authors attempted to use an established method a life-cycle assessment that had not been used in previous studies. But they still had to make several assumptions about where cryptocurrency mining is taking place and what equipment is being used, both of which they think deserve more research. It is important to highlight that this analysis and its results are characterized by an intrinsic uncertainty, they write.

In other words, scientists still dont fully understand what Bitcoin is doing to the planet. Which makes us feel better about the fact that we dont understand how the hell Bitcoin works in the first place.

As a nonprofit news outlet, we rely on reader support to help fund our award-winning environmental journalism. Were one of the few news outlets dedicated exclusively to people-focused environmental coverage, and we believe our content should remain free and accessible to all our readers. If you dig our work and agree news should never sit behind a paywall only available to a select few, donate today to help sustain our climate coverage. Donate now, and all gifts will be matched dollar-for-dollar through December 31! Double your impact today.

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Bitcoin is hard to understand. So is its carbon footprint. - Grist

Bitcoin (BTC) prices decline has come as a result of geopolitical and financial factors, a senior investment executive has suggested.

In a tweet on Nov. 25, Gabor Gurbacs, digital asset director at investment management giant VanEck, highlighted several causes which, he says, may have forced Bitcoin to lows of $6,500.

His findings chime with general sentiment over Bitcoin price, which recovered around 11% on Monday to linger around $7,200 at press time.

Like many, Gurbacs accepted that China reportedly cracking down on cryptocurrency exchanges offering services to its nationals had piled pressure on Bitcoin.

Specifically, investors saw the risk and opted to exit the market, hoping to buy back in at lower levels.

I think investors are worried about China crackdown news and hence some second guess their re-entry point and lower prices, he said in another post.

As Cointelegraph reported, an increasingly popular theory around Bitcoin trading activity focuses on tax obligations.

In the United States, investors may be attempting to drive the market lower in order to record small or even negative gains on their holdings for 2019.

Described by Gurbacs as year-end tax-loss arbitrage, it remains uncertain how much participation would be needed to move the market as much as it did in the past week.

According to Gurbacs, who cited data from Skew Markets, liquidity on Bitcoin trading platforms is facing a significant squeeze.

This was also a likely product of concern over Chinas policy, he added, something which has traditionally impacted sentiment.

Bid-offer spreads widest in the past 3 months. Be careful out there. Market can snap fast any direction. Ease into positions. Avoid large/any market orders, Gurbacs advised.

A further price trigger may have come in the form of product development and mergers and acquisitions, he said, with many recent examples funded with cryptocurrency.

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4 Possible Reasons Bitcoin Dropped to $6.5K, According to VanEck Exec - Cointelegraph

If you were offered 100 bitcoin for free, would you hesitate to jump on the opportunity? Chances are, you wont think twice to supercharge your stockpile of satoshis. With bitcoin trading around $7,000, 100 BTCs is worth $700,000

Well, a certain professor and TV host in China was offered 100 BTCs for free on air. His name is Lang Xianping, also known as Larry. Back in 2014, the lucky professor shocked the crypto community when he refused the offer. At the time, the top cryptocurrency was trading at $650.

Heres a clip of the show from 2014 (with the meme ending).

At that time, 100 $BTC was about USD $65,000.Today, thats over $700,000! pic.twitter.com/ty54upovlX

Bobby Lee Ballet: Simple & Elegant Wallet (@bobbyclee) November 26, 2019

According to Larry, the number one cryptocurrency has no value. Would he change his mind now that bitcoin is worth $700,000?

Apparently, the professor is sticking to his guns. Recently, Larry was asked again on TV if he would accept free bitcoin. Surprisingly, he insisted on refusing because its worthless.

Remember in 2014, TV host professor Lang Xianping Larry would NOT accept Bitcoin even if given to him for free, b/c he thinks its worthless.Now 5 yrs later, he was just asked again about this on a TV interview: still insisting he would refuse $BTC b/c its worthless. https://t.co/6LGDgMkpq3 pic.twitter.com/EjrGoPYKhh

Bobby Lee Ballet: Simple & Elegant Wallet (@bobbyclee) November 26, 2019

Im not sure what Larry is smoking but Im having none of that. Thinking that bitcoin is worthless is hypocritical and shows total ignorance of how money works.

I hope Larry gets to read this article so he learns that bitcoin fares so much better than fiat currency in the four properties of money. For instance, sound money should be a safe store of value. The U.S. dollar is an awful store of value, having lost 96% of its value in 100 years. With the Federal Reserve printing more money, the greenback is bound to lose more purchasing power.

On the other hand, bitcoin maybe volatile but the volatility has been on the upside. If Larry accepted the 100 BTC in 2014, he would have made over 992% in gains by today.

Another property of sound money is scarcity. Bitcoin is the most scarce currency in existence. There will only be 21 million BTCs ever mined. Meanwhile, governments can print as much fiat currency as they want.

Also, bitcoin is divisible just like the dollar or the Renminbi. The number one cryptocurrency is divisible to eight decimal points. Each decimal point or unit is referred to as a satoshi.

Lastly, bitcoin performs a lot better in the transferability aspect of sound money than paper currency. If you want to transfer fiat currency to a person in another country, it might take days before the cash reaches the recipient. With bitcoin, the transfer may take less than an hour. Thats the power of blockchain technology maintained by a healthy network of miners.

These are some of the reasons why bitcoin is worth more than any fiat currency. In fact, one BTC is worth 700,000% more than one U.S. dollar. If Larry the professor uses paper currency, claiming that bitcoin is worthless is just hypocrisy.

Disclaimer: The above should not be considered trading advice from CCN. The writer owns bitcoin and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.

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TV Host Refusing Free 100 Bitcoin Because Its Worthless Is Hypocritical - CCN.com

Bitcoin dedicated a good part of yesterday to deceive traders.

After a morning session in which the price ran down, a sudden and sturdy turn to the rise activated the FOMO (Fear of Missing Out) mode in the psyche of many traders.

Even for a few hours, the price left the bearish zone and entered the bullish scenario. But the fairy tale was short-lived. The close of the session was finally in the bearish area.

Now there is a good group of traders positioned upwards, with slight losses, who have above them a stone wall. Below their positions, a lot of pain without a safety net.

And this pain can be used against the market itself. Any downward movement of the BTC/USD pair will feed on this pain, increase sales, with new sales there will be more pain and so on until the pain stock is exhausted.

Given the possibility that the market is so anxious to go up that it does not want to monetize traders' pain, a stop tight at $7,400 or $7,100 may be the best option.

ETH/BTC is currently trading at the price level of 0.0202 and it continues to be trapped between short and medium-term moving averages.

The technical aspect, in the short term, is neutral with a slight bearish bias.

Above the current price, the first resistance level is at 0.021, then the second at 0.022 and the third one at 0.023.

Below the current price, the first support level is at 0.020, then the second at 0.019 and the third one at 0.018.

The MACD on the daily chart is set at zero and confirms the ETH/BTC pair's short term neutrality profile.

The DMI on the daily chart shows how the bears are trying to breach the ADX line again and regain momentum. The bulls do not react to the upside and give up disputing the leadership of the bears.

The BTC/USD pair is currently trading at the $7.484price level and is positioned right on the line between the bullish and bearish scenarios. Now, take any decision implies a significant risk except a short at $7,550 with a stop at $7,677.

Above the current price, the first resistance level is at $7,570, then the second at $7,600 and the third one at $7,750.

Below the current price, the first support level is at $7,400, then the second at $7,100 and the third one at $6,875.

The MACD on the daily chart shows a profile that invites you to think of a bullish cross in the next few hours. The pattern of behavior indicates that it is very likely that the first attempt will fail in the effort.

The DMI on the daily chart confirms that bears are losing support for the ADX line and bulls are reacting upwards and heading for the cross with the bears.

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The ETH/USD pair is currently trading at the $151.1 price level after failing to cross price congestion resistance at $155. The technical development of the ETH/USD pair appears to be lagging behind the BTC/USD pair and is giving up the leadership of the cryptocurrencies segment to Bitcoin.

Above the current price, the first resistance level is at $155, then the second at $160 and the third one at $170.

Below the current price, the first support level is at $150, then the second at $140 and the third one at $130.

The MACD on the daily chart shows a bullish development. The current situation is far from a possible cross in the remainder of the week.

The DMI on the daily chart shows how the bears still move above the ADX line and therefore maintain control of the ETH/USD pair. The bears, who reacted yesterday, today are withdrawing and renege on any struggle for control.

XRP/USD is currently trading at $0.2259and is the only Top 3 that remains green. In yesterday's article, I already highlighted this possibility.

Above the current price, the first resistance level is at $0.24, then the second at $0.25 and the third one at $0.26.

Below the current price, the first support level is at $0.22, then the second at $0.19 and the third one at $0.17.

The MACD on the daily chart shows a favorable profile for a bullish cut, although the pattern of behavior suggests that the first attempt will fail.

The DMI on the daily chart confirms that the bears lose support for the ADX line and activate a leadership change pattern. The bulls responded yesterday, but today they seem to doubt the lack of visibility that there is today in the crypto market.

Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

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Top 3 price prediction Bitcoin, Ethereum, Ripple: Wrecket time on Thanksgiving Day - FXStreet

TORONTO--(BUSINESS WIRE)--3iQ Corp. is pleased to announce that it has filed and been receipted on its preliminary prospectus for The Bitcoin Fund (the Fund) in relation to an initial public offering of Class A units and Class F units (the Units) at a price of $10.00 USD per unit. The Fund is a closed-end investment fund established as a trust under the laws of the Province of Ontario and the Units will be an eligible qualified investment for registered investment accounts.

The Funds investment objectives are to provide holders of Units with:

(a) exposure to the digital currency bitcoin and the daily price movements of the U.S. dollar price of bitcoin, and

(b) the opportunity for long-term capital appreciation.

3iQ Corp., will act as the investment manager and portfolio manager of the Fund.

The offering is being led by Canaccord Genuity Corp.

3iQ is a Canadian investment fund manager focused on providing investors with exposure to digital assets. 3iQ currently manages two private digital asset funds which are eligible for investment by accredited investors in Canada or in reliance on other exemptions from the prospectus requirement.

Founded in 2012, 3iQ is currently focused on digital assets, disruptive technologies and the blockchain space. For further information, please visit our website at http://www.3iQ.ca or contact Frederick T. Pye (514) 775-0010.

A preliminary prospectus dated November 27, 2019 containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada other than Quebec. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from Canaccord Genuity Corp. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

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3iQ Files The Bitcoin Fund IPO - Business Wire