Canada Approves Bitcoin ETF, Options Markets Not Pricing for $100K BTC

Editor’s Note: Welcome to the year of the Ox. Blockchain Bites will not publish on President’s Day, Monday, Feb. 15.

Three stories

Bull market buzz

The first bitcoin exchange-traded fund in North America has been approved by Canada’s securities regulator, a move some commenters see as opening the door for the U.S. to follow. The U.S. government has been hesitant to approve a bitcoin ETF product, which tracks the price of bitcoin and is traded on a stock exchange, due to bitcoin’s supposedly shallow liquidity and risks the asset could be manipulated.

Bitcoin miners earned a record $4.06 million in just 60 minutes yesterday, according to Glassnode data. The majority of those proceeds came from the bitcoin subsidy – 6.25 BTC issued roughly every 10 minutes – though some $47,000 was collected in network fees.

Bitcoin options market sees a 12% probability of prices rising above $100,000 by the end of December, according to a mathematical metric called the Black Scholes formula. It looks at strike prices, call option prices, the actual asset and U.S. Treasurys to determine the fair price of an option’s contract.

Everybody wants in?

PayPal CEO Dan Schulman said the payments giant is looking to become a CBDC distributor, if a central bank digital currency ever launches. “You think about how many [digital wallets] we’re going to have in the next two, three or five years, and we’re a perfect complement to central banks and governments to distribute those digitized forms of currency,” Schulman said at the company’s investor day.

Wall Street suits are pressuring their employers to move into crypto, according to CNBC. In response to internal questions, JPMorgan Chase co-President Daniel Pinto reportedly said the bank would consider bitcoin trading if customer demand was “there,” which “I’m sure it will be at some point.”

Miami Mayor Francis Suarez has floated everything from a bitcoin city treasury to paying employees in the crypto. Yesterday,…

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