Daily Archives: March 2, 2017

School safety and Second Amendment rights prompt Agar to support gun bills – Northern Wyoming Daily News Worland Wyoming

Posted: March 2, 2017 at 1:57 pm

CHEYENNE A bill to allow school district employees to have firearms on school property passed a final hurdle before heading to the governors desk.

House Bill 194 passed third reading in the House Feb. 1 on a 46-14 vote. It was passed in the Senate 28-2 on third reading Feb. 27 with amendments. On Tuesday, the House concurred with the Senates version on a 57-3 vote and the House Speaker signed Enrolled Act 93 Wednesday.

According to the bill, The board of trustees in each school district may adopt rules and regulations, in consultation with local law enforcement, to allow the possession of firearms by employees possessing a valid concealed carry permit under W.S. 6-8-104 on or in any property or facility owned or leased by the school district.

The employee must carry the firearm on his/her person at all times or in a concealed biometric container or lock box.

The district must also establish ongoing training requirements and the employees must pass an initial training course.

The district must notify law enforcement agencies in the area of the names of the employees. The names are to be kept confidential and are not part of the public record.

All area legislators voted in favor of the bill, which was co-sponsored by Rep. Mike Greear (R-Worland and Rep. Nathan Winters (R-Thermopolis). Also in favor were Senators Wyatt Agar (R-Thermpolis) and Ray Peterson (R-Cowley) and Rep. Jamie Flitner (R-Greybull).

In an interview earlier this week, Agar said, This is a complete local control issue. This bill is geared toward school districts such as Burlington or Meeteetse who do not have a school resource officer in the building.

He said he spoke with Jay Curtis from the Meeteetse school district and was told the turnaround time, if they have an incident, for law enforcement to arrive is 45 minutes.

A lot can happen in 45 minutes, Agar said.

He added, This simply gives the administrators and the school board the ability to choose whether they want to arm a teacher in the building and then have control over the training and regulations that they will make the teacher go through before they arm them.

Its a local control bill that just sends it back to the local school board and the administrators at the school, Agar said.

He said he did support the bill because I have school districts that are completely unprotected if something were to happen.

WYOMING REPEAL GUN FREE ZONES ACT

Regarding House Bill 137, the Wyoming Repeal Gun Free Zones Act, which is headed to a joint conference committee, will allow concealed carry firearms in government meetings. The bill specifically allows a concealed carry weapon in any meeting of a government entity on public property, any meeting of the Legislature.

Absolutely its a Second Amendment issue. We heard a lot of testimony on it. My takeaway is I trust my people in my local government entities such as our county commissioners. Washakie County Commissioners Fred Frandson and Terry Wolf, those individuals, I trust them completely to be armed themselves if they feel they need it. But No. 2, I trust that they are extremely good at their jobs. Theyre not going to let a meeting escalate to the point where you have to worry about arms in the building.

When we read our state constitution and we read our U.S. Constitution, its very clear on Second Amendment rights, he added.

Worland Mayor Jim Gill said the citys position on HB137 is that Worland supports the Wyoming Association of Municipalities position that it should be a local control issue.

It would have been nice to have local control, he said.

He added, however, Im like so many people in Wyoming. Im a real advocate for the Second Amendment and the right to bear arms. I guess at some point you have to have faith in our local legislative unit to make decisions that fit the state, not just Washakie County. It kind of looks like the direction theyre heading is that it will be the state that will determine that.

Gill said, I dont think it will be a major issue here. I hope it doesnt. He said the five years as a council member and his short time as mayor there hasnt been any issues at a meeting. He noted that Chief of Police Gabe Elliott does attend all council meetings.

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Justices uphold ban on openly carrying guns – Tallahassee.com

Posted: at 1:57 pm

Jim Saunders, The News Service of Florida 1:20 p.m. ET March 2, 2017

The Florida Supreme Court(Photo: Democrat files)Buy Photo

Rejecting arguments by Second Amendment supporters, the Florida Supreme Court on Thursday upheld a longstanding state ban on people openly carrying firearms in public.

Justices, in a 4-2 ruling, said the state law "regulates only one manner of bearing arms and does not impair the exercise of the fundamental right to bear arms." In doing so, the Supreme Court sided with the 4th District Court of Appeal, which ruled in 2015 against a man arrested in St. Lucie County for openly carrying a gun in a holster.

"(We) agree with the 4th District and are satisfied that the state's prohibition on openly carrying firearms in public with specified exceptions --- such as authorizing the open carrying of guns to and from and during lawful recreational activities --- while still permitting those guns to be carried, albeit in a concealed manner, reasonably fits the state's important government interests of public safety and reducing gun-related violence," said the 47-page majority opinion, written by Justice Barbara Pariente and joined fully by Chief Justice Jorge Labarga and Justice Peggy Quince. Justice R. Fred Lewis agreed with the result but did not sign on to the opinion.

But Justice Charles Canady, in a dissent joined by Justice Ricky Polston, said the law "collides with the Second Amendment right as understood" in a landmark 2008 U.S. Supreme Court decision striking down a Washington, D.C. gun law. He described as "feeble" arguments that the open-carry ban is justified for public-safety reasons.

"Of course, many people are made uncomfortable by the fact that others are permitted to keep and bear arms at all," Canady wrote in the 10-page dissent. "But contemporary sensibilities cannot be the test. Such sensibilities are no more a basis for defeating the historic right to open carrying than for defeating the understanding that the Second Amendment recognizes the right of individuals to keep and bear arms."

Justice Alan Lawson, who joined the court at the end of December, did not take part in the case.

The challenge to the law stemmed from the 2012 arrest in St. Lucie County of Dale Norman, who had a concealed-weapons license but was carrying a gun openly in a holster. A jury found Norman guilty of a second-degree misdemeanor, and a trial judge imposed a $300 fine and court costs, according to Thursday's ruling.

Norman, who was represented by attorney Eric Friday of the Second Amendment group Florida Carry, then took the case to the 4th District Court of Appeal before ultimately going to the Supreme Court.

Pariente's majority opinion traced issues in the case to a 1987 law that authorized the state to issue concealed-weapons licenses. She wrote that lawmakers also passed a separate measure that year barring people from openly carrying firearms.

The majority opinion drew a distinction between the Florida open-carry banand the U.S. Supreme Court's decision in the Washington, D.C. case and another case involving gun laws in Chicago. She wrote that unlike those laws, "which completely banned the possession of handguns in one's home, Florida's open carry law regulates only how firearms are borne in public."

"Because this law does not amount to an entire ban on a class of guns or completely prohibit the bearing of firearms in public and does not affect the right to keep arms in one's home we conclude that Florida's open carry law does not severely burden the right," Pariente wrote.

Canady, however, pointed to the long period of time between the 1987 legislation and the U.S. Supreme Court decision in the 2008 case, known as District of Columbia v. Heller.

"More to the point, the Legislature decided that the sacrifice of open carrying was a necessary and appropriate response to the public opposition generated by the passage of the concealed-carry law," Canady wrote. "But the legal landscape has now dramatically shifted. Heller has settled that the Second Amendment protects the right of individuals to keep and bear arms. And Heller's historical analysis points strongly to the conclusion that the individual right includes the right to carry arms openly in public."

Thursday's ruling came five days before the start of the 2017 legislative session, which is expected to include a series of debates about gun rights. Lawmakers last year did not pass a proposal that would have allowed people with concealed-weapons licenses to openly carry firearms.

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LETTER TO THE EDITOR: We must defend our First Amendment rights – Bemidji Pioneer

Posted: at 1:57 pm

After assembling, however, an irate motorist pulled up and yelled go home. Protesters responded cooly with Well pray for you! The motorist drove off only to return moments later yelling more abuses. To be heard over the insults, the protesters yelled back, Well pray for you! The exchange was brief and nonviolent. Nevertheless, two Bemidji Police vehicles soon arrived. One officer entered the bank. Another officer approached the protesters. The officer acknowledged their peaceful assembly and thanked them for exercising their First Amendment rights. After polite discussion, the officer shook hands with protesters. They even took a group photo! Hallelujah. Libertys light stills shines. But for how long?

The right to peaceful assembly is protected under the First Amendment. It is the cornerstone to a healthy democracy. Yet to date, 18 states have introduced legislation stiffening penalties for peaceful demonstrators. In Minnesota, HF 322 represents such a threat. Although the wording appears benign, its intent is perhaps less innocent. If demonstration activity is deemed unlawful, governmental units could sue individuals to recover public safety response costs. Minnesota Statute 609.705 defines unlawful as disturbing or threatening the public peace. Who decides an assembly is disturbing the peace? Will HF 322 dissuade law-abiding citizens from public demonstration? Yes, probably. Is that the true intent of the bill? Probably, yes.

If protesting raises awareness, perchance increasing others willingness to demonstrate, then unprincipled politicians may seek to deter this right. James Madison, co-author of the U.S. Constitution and Bill of Rights, recognized this threat. I share his words, ...there are more instances of abridgement of freedom of the people by gradual and silent encroachment (by those in power) than by violent and sudden usurpations. HF 322 is such an encroachment representing the gradual effort to criminalize protesters.

This is a defining chapter in American democracy. It is my hope, despite our partisan differences, we fight to maintain this fundamental freedom. Whether you are a water protector or a pro-lifer, this bill should concern you and motivate us to collectively defend our most rudimentary rights.

Susan Kedzie

On behalf of Indivisible Bemidji, a local effort to raise awareness on social and environmental issues.

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Arizona GOP leader kills bill that trampled First Amendment speech after widespread outcry – Daily Kos

Posted: at 1:57 pm

Sometimes First Amendment speech can actually save First Amendment speech, and that's a very good thing. Due to widespread opposition, Arizona's Republican House speaker decided to kill a bill that would have made it a criminal offenseto plan a protest that led to rioting. The AP writes:

The measure passed last week by the Senate drew nationwide attention, particularly from civil libertarians, because it classified violent protest as an organized crime and said protesters who didn't initially intend to riot could still face criminal charges. That attention led Speaker J.D. Mesnard to decide Monday to kill it for the session.

Mesnard told The Associated Press that people all across the country now believe that the Arizona Legislature is trying to enact a law that will suppress their First Amendment right to assemble.

"It's gotten a lot of attention, and frankly whether it's fair or unfair, whether its accurate or inaccurate, at this point doesn't matter," he told the AP. "That's certainly not what the Legislature wants to be about I know that's not what the sponsor wanted in the first place. The best way to send a very clear signal that we're not doing it is to not move the bill."

Chalk one up for the First Amendment. Weneed it now more than ever.

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Cryptocurrencies and Terrorist Financing: A Risk, But Hold the Panic – RUSI Analysis

Posted: at 1:55 pm

In January 2017, Indonesias anti-money laundering/counter-terrorist finance (AML/CTF) agency provided the first specific, public allegations from a government of terrorists using cryptocurrencies.

According to Indonesian government sources, Bahrun Naim, a member of Daesh (also known as the Islamic State of Iraq and Syria, or ISIS), sent Bitcoin to fellow members across Indonesia to avoid transferring money through the formal financial system.

Is this a sign of a coming wave of terrorist financing using new technology? Is Bitcoin a menace that should be banned, as US Senator Joe Manchin advised in 2014?

The prospect of terrorists relying on cryptocurrencies a subset of privately developed, tradable stores of digital value referred to as virtual currencies has prompted action from a number of jurisdictions.

The EU Parliament is expected to pass measures soon requiring the UK and other member states to bring certain virtual currency service providers within their AML/CTF regulation. These measures do not seek to prevent the use of cryptocurrencies, but will require virtual currency service providers to implement customer due diligence measures, just as banks do now.

Certain features of cryptocurrencies, which are not backed by any government, have no status as legal tender and rely on network protocols and cryptographic techniques to enable counterparties to transact, present illicit financing risks.

Cryptocurrencies enable rapid and borderless transaction settlement on a peer-to-peer basis. This means that network participants can transact directly without relying on a financial institution to process or settle the transaction.

In addition, cryptocurrencies contain various levels of pseudonymity or anonymity. In the Bitcoin network, users are identified not by their name, but by an alphanumeric public key.

Technologies that allow users to make rapid funds transfers outside the formal banking system and using concealed identities might seem to have enormous appeal to Daesh and other global terrorists.

In truth, however, the threat landscape presents a more muted picture; terrorist financing via cryptocurrencies is a risk that could grow with time, but one that warrants a measured response.

Available information on terrorists use of cryptocurrencies is limited and anecdotal. In June 2015, the US charged a Daesh supporter for posting on Twitter about how others might use Bitcoin to fund the terror group. However, in that instance, there is no indication that actual transfers took place.

In August 2016, a former CIA analyst published findings identifying a Palestinian media organisation, the Ibn Taymiyyah Media Center, a Gaza-based online jihadist news agency labelled by the US as having terrorist connections as receiving small-value Bitcoin donations. Otherwise, and with the exception of Indonesias announcement, the public record is unspecific and speculative.

Still, security agencies have focused on the possibility that cryptocurrencies use in terrorism could grow. Terrorists are rapidly becoming more technologically adept. The head of Europol, Rob Wainwright, recently described terrorists as winning the online arms race, relying increasingly on social media and online platforms to generate support faster than law enforcement can keep pace.

As terrorists expand their online presence, security agencies worry their use of cryptocurrencies will expand. Governments are anxious about terrorists use of the dark web or encrypted portions of the web where users interact anonymously and where cryptocurrencies often feature.

Of particular concern to law enforcement agencies is the use of mixers or tumblers. These privacy-enhancing tools obscure the trail of cryptocurrency transactions and can stifle attempts to decipher financial activity.

Still, perspective is necessary. It is not yet clear whether cryptocurrencies will become a major terrorist funding tool, at least in the near-term, and the longer-term picture remains uncertain. Indeed, terrorists already have a number of reliable financing streams, which show little sign of drying up.

As Tom Keatinge and Florence Keen illustrate in a recent RUSI report, lone actor and small cell terrorists fund their activity on a micro scale, using easily accessible financial services. This includes student and payday loans, public benefits, and cash.

These funding methods are often impossible for the financial sector or intelligence agencies to spot ahead of their use in terrorist operations. With such simple funding available, terrorists may not need to rush into cryptocurrencies.

Treating cryptocurrencies as an exceptional threat creates the misleading impression that more conventional financial products are not already equally, or more, vulnerable to terrorist exploitation.

Cryptocurrencies are also not necessarily impenetrable fortresses of secrecy; indeed, as the Indonesian case demonstrates, law enforcement agencies can identify their use. With Bitcoin, which is by far the most widely used cryptocurrency and relies on a public ledger the blockchain to record transactions, law enforcement agencies have a number of methods for uncovering illicit activity.

Whats more, banning Bitcoin or other cryptocurrencies could stifle important innovations that could enhance financial services. While it is still far from clear how significant an impact cryptocurrencies will have, a number governments, including the UKs, are keen to enable innovation in the sector.

Cryptocurrencies have particularly vocal champions among some proponents of financial inclusion, or expanding financial services to the worlds poor. Cryptocurrencies peer-to-peer nature enables transfers to occur at reduced cost compared to credit card transactions and other established payment methods that rely on numerous intermediaries.

Proponents argue cryptocurrencies could play a role in helping the unbanked to access cost-effective financial services.

Virtual currencies therefore offer governments a test case in harnessing the promise of technological innovation while also managing financial crime risks that are still only taking shape.

Countries should pursue a sensible approach. They should ensure their law enforcement agencies have the necessary resources and skills to uncover related illicit activity; and they can work to improve information sharing with their foreign counterparts on joint investigations.

Limited efforts at regulating certain cryptocurrency service providers, such as cryptocurrency exchanges, mark a reasonable initial attempt at oversight.

Countries should take time to monitor and assess the effectiveness of new regulation before rushing into further action.

As with any new technology, awareness of risks is critical. But overreaction and panic in this early stage in cryptocurrencies history would be misguided.

David Carlisle is an independent consultant specialising in devising strategies for combating financial crime.

Banner image: If Bitcoins were real currency, this is perhaps what they would look like.Courtesy of Isokivi/Wikimedia.

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Dash Price Surges Past US$50, Gains 34% Value in just One Day – The Merkle

Posted: at 1:55 pm

Everyone in the world of bitcoin and cryptocurrency is taking notice of what is happening to the Dash price right now. Contrary to what most people would have expected, the value of Dash is shooting up like a rocket. Whereas some people assumed this would be a brief pump-and-dump at first, things are starting to look more like a legitimate bull run right now.

Looking over the list of altcoins in existence right now, it is clear Dash is enjoying a lot of positive attention. Albeit it is a bit unclear as to why the value is skyrocketing over the past few days, Dash is one of the few altcoins that has been around for multiple years without seeing significant value changes. In fact, some people would argue Dash has been extremely undervalued up until now.

Unlike bitcoin, the Dash developer team has been working on privacy and anonymity traits. Although those features are not important to all cryptocurrency users per se, there are those who wouldnt say no to more privacy and anonymity while using cryptocurrency. Dash seems to check a lot of the right boxes for a lot of people in this regard, which may be attributing to the current price surge. After all, there is no reason to believe bitcoin will be the only cryptocurrency that matters to enthusiasts and investors alike.

It is equally important to take notice of some other factors. Unlike most other altcoins, Dash is not subject to that many people selling their stash while the price is going up. A lot of people run their own master nodes, which are an integral part of the dash ecosystem. To run such a master node, users need to own 1,0000 DASH and keep it locked in the wallet address associated with their master node at all times. Removing these funds will take the node out of the network and remove any rewards users receive from owning a master node in the first place.

Even though Dash has a maximum supply that is similar to bitcoins -= 22 million coins versus 21 million there are only 7.135 million coins in circulation right now. A large amount of blocks is kept in wallets belonging to master node owners, which makes the available supply closer to half of the total supply in circulation. With very few coins to be sold on the market, it is not difficult to see why the Dash price is appreciating so much as of late. The low block reward currently 3.9 coins per block keeps inflation of new coins very low as well.

The charts seem to reflect the demand for a privacy-centric cryptocurrency as well. Dashs price has been on a bullish run since mid-February, yet it has seemingly exploded in the past few days. With 31.7% gains in the past 24 hours alone, it is evident people are taking notice of what Dash brings to the table. Although this price increase has proven to be rather steep, it is possible the rise will carry over for a few more days. The bigger question is whether or not Dash will see a retrace as time progresses, which is always a possibility in the world of cryptocurrency.

Right now, one Dash is worth US$51.94, which is quite a high value. The only altcoin to reach a similar value was Litecoin, which saw a significant pump a few years ago. Once Litecoin hit the US$55 mark, however, the prices started tumbling down again. It is unsure if something similar will happen to Dash moving forward, although the momentum seems very strong right now. Then again, a strong price gain in a brief period of time will always attract some people looking to sell their current supply and buy back in cheaper.

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Tech Revolutions: Cryptocurrency vs. Personal Computers Interview with Alan Yong – DCEBrief (press release)

Posted: at 1:55 pm


DCEBrief (press release)
Tech Revolutions: Cryptocurrency vs. Personal Computers Interview with Alan Yong
DCEBrief (press release)
Like many technological advances before it, cryptocurrency has spawned a rapidly developing industry. In this highly competitive field it is important to have every advantage you can get. Anyone can put together a team of individuals and give ...

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Bitcoin is now worth more than an ounce of gold for the first time ever – MarketWatch

Posted: at 1:55 pm

One unit of so-called digital gold is now worth more than an ounce of the real thing.

The price of a single bitcoin US:BTCUSD rose to an all-time high of $1,251.32 on Thursday, surpassing the price of a single ounce of gold, according to CoinDesks bitcoin price index. Bitcoin traded on certain Chinese exchanges briefly overtook gold in early February. But this is the first time in the digital currencys eight-year history that it has done so according to most widely used bitcoin-price benchmarks.

Many bitcoin watchers, including Charles Hayter, chief executive officer and founder of CryptoCompare, a company that provides data and analytics about digital currencies, have pointed out that bitcoin has a positive correlation with gold. They argue that investors are becoming more comfortable with the digital currency, making them more willing to buy it when more conventional markets like stocks are under duress.

Unlike gold, investors who wish to gain exposure to bitcoin, but are reluctant to buy coins directly, have few available options. The Securities and Exchange Commission is weighing whether to approve the Winklevoss Bitcoin Trust, one of three proposed bitcoin ETFs under consideration. A decision is expected by March 11. Accredited investors can buy into the Grayscale Bitcoin Trust GBTC, +3.37% but shares often trade at a premium to bitcoins net-asset value.

Read: Has bitcoin matched golds status? One expert weighs in

Read: Bitcoin could soar if the Winklevoss ETF is approved

Read: Should you invest in a bitcoin ETF?

Spencer Bogart, a researcher at Blockchain Capital and former analyst at Needham & Co., believes the chances of approval are low. But if it does happen, he says bitcoins valuation could experience an even larger increase in valuation than gold did after the 2004 launch of the iShares SPDR Gold Trust, the first gold ETF GLD, -1.38%

The Commodity Futures Trading Commission has classified bitcoin as a commodity, like gold. However, there is at least one important difference between the two: With a total market capitalization around $20 billion, the bitcoin market is much, much smaller, and far more volatile, than the market for the yellow metal.

And many gold enthusiasts remain skeptical. In an interview with CNBC earlier this week, Peter Schiff, the chief executive of Euro Pacific Capital and longtime goldbug, compared bitcoin with the Beanie Babies craze that captivated Americans during the mid-to-late 1990s.

Its digital fools gold, he said.

Gold GCJ7, -1.36% has risen nearly 8% this year, with one ounce trading at $1,242 on Thursday. By comparison, bitcoin has risen more than 25%.

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Has bitcoin matched gold’s status? One expert weighs in – MarketWatch

Posted: at 1:55 pm

The price for a single bitcoin exceeded the price of an ounce of gold for the first time ever Thursday, but the digital currency isnt ready to join gold or silver as a reliable long term store of value, Paul Mladjenovic, author of Precious Metals Investing for Dummies, told MarketWatch.

I want to see a lot more stability and I want to see that [bitcoin] has the same characteristics of durability that gold and silver have had over not just years but centuries, Mladjenovic said in a Facebook Live interview.

The price of a single bitcoin US:BTCUSD rose to an all-time high of $1,251.32 on Thursday, according to CoinDesks bitcoin price index. April gold futures on Comex GCJ7, -1.34% changed hands at $1,233.20 an ounce, down 1.4% on the day. For the year to date, gold is up more than 7%, while bitcoin is up more than 25%.

See: Bitccoin is now worth more than ounce of gold for the first time ever

Some view the eight-year-old cryptocurrency as a proxy for gold and silver because of its limited supply, Mladjenovic said. But its relatively short record and volatile action mean it has yet to achieve the same status, he said, arguing that bitcoin remains a speculators market.

Bitcoin has been in rally mode since early 2015, boosted in part by increased Chinese demand. Recent gains have also been attributed to expectations the Securities and Exchange Commission could soon authorize the creation of the first bitcoin exchange-traded fund.

The price of a single coin rose as high as $1,242 on some exchanges in late 2013 before the collapse of Mt. Gox, which was one of the largest digital currency exchanges. Bitcoin slumped to a low of $200 in the ensuing bear market.

Mladjenovic discussed a number of other topics related to gold and precious metals investing in the Facebook Live interview. He expects gold to rally amid a pickup in global inflation pressures. Watch the full interview here:

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Bitcoin Just Surpassed Gold Parity – CryptoCoinsNews

Posted: at 1:55 pm

Bitcoin has been on a bull run for much of this year, increasing from $920 to now stand at $1,239, surpassing gold parity by around $2 at the time of publishing.

Bitcoin Surpassed Gold Parity image from cryptowatch

The currency has broken its all-time high while retaining value at current levels for some time. Benefiting from monetary mismanagement by authorities across the world during the second half of last year, its adoption has increased with bitcoins market cap now a hairbreadth away from $20 billion.

Gold has also increased during this year after reaching a low of $1,122 as some apparently began diversifying to bitcoin. For much of 2016, the two appeared to be inversely correlated, but began increasing at the same time this year. Gold, however, has fallen in value by $20 over the past 4 days.

Golds Price image from tradingview

The main reason for bitcoins current rise is probably due to the much-anticipated Bitcoin ETF. Only nine days to go now before a decision deadline. If it is not rejected by the 11th of March, then the ETF is automatically approved.

The two commissioners, Michael Piwowar and Kara Stein were profiled for CCN earlier this week. Piwowar probably leans towards approval. Stein is less certain, but as Piwowar is acting chairman, his decision would prevail. It is more probable, however, they will either both approve, reject or if they are split then allow the deadline to pass and thus default approve the ETF.

Prediction Markets have now moved to almost equally split, leaning slightly towards approval, with bets giving the ETF a 51% chance of approval at the time of writing. At one point, it reached a 70% chance of approval.

They can be gamed and there would be good reasons to do so in this case, but, as the deadline nears the chances of approval might increase.

Analysts are predicting stratospheric price rises if the ETF is approved, with some targeting a price of more than $3,000 per bitcoin. Hundreds of millions are expected to move in during the first week of trading as stock investors diversify with bitcoin a unique asset which does not correlate with anything else.

Piwowar has recently made some comments which appear to be directed towards the bitcoin ETF, including a mention of uncorrelated assets. In a speech at the SEC Speaks conference six days ago, Piwowar states:

In my view, there is a glaring need to move beyond the artificial distinction between accredited and non-accredited investors. I question the notion that non-accredited investors are truly protected by regulations that prevent them from investing in high-risk, high-return securities available only to the Davos jet-set.

In further comments, which seem to indicate the commissioner is in favor of approving the ETF, Piwowar states:

By holding a diversified portfolio of assets, investors reap the benefits of diversification. That is, the risk of the portfolio as a whole is lower than the risk of any individual asset. The correlation of returns is the mathematical key. When adding high-risk, high-return securities to an existing portfolio, so long as the returns from the new securities are not in perfect positive correlation with the existing portfolio, investors may reap higher returns with little to no change in overall portfolio risk. In fact, if the correlations are low enough, the overall portfolio risk can even decrease.

Kevin Lu, a hedge fund analyst, concludes in a detailed article for Seeking Alpha:

Bitcoin is a unique, uncorrelated asset class that is not strongly affected by the macroeconomic factors that drive most asset classes. There are extremely few assets that are this uncorrelated with other assets and that makes bitcoin extremely desirable from a portfolio construction perspective.

The commissioner has probably read that article and appear to be referring to it, but we wont know for certain until a decision is made or the deadline passes. For now, the market is trying to place their bets as well as price in a potential approval.

Featured image from Shutterstock.

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