First Mover: Bitcoin Heads for 24% October Gain as US Election Countdown Begins

Bitcoin was lower around $13,400 though on track to gain 24% in October, an impressive performance since U.S. stocks declined 1.6% on the month and gold slid 0.5%.

“With the U.S. election just days away, we are going to have to be patient when it comes to headwinds lifting BTC to new multi-year highs,” Matt Blom, head of sales and trading for the cryptocurrency-focused financial firm Diginex, wrote in a note to clients.

In traditional markets, European stocks fluctuated and U.S. futures pointed to a lower open. The dollar was steady in foreign exchange markets and 10-year U.S. Treasury yields rose 0.01 percentage point to 0.83%.

“Our short-term risk appetite indicator is firmly in negative territory,” said Jean-Francois Paren, head of global markets research at Credit Agricole CIB, in a note to clients, according to Bloomberg News.

Market moves

There’s an undercurrent in the crypto industry where true believers like to paint the future of money as less about, well, money than about truth and exposing the flaws and failings and abuses and wrongs of the traditional financial system and economy.

It’s not just about getting rich. It’s about reimagining the entire system, starting from scratch with state-of-the-art technology and fresh ideas, a complete reset.

It’s also about convincing everyone else that the mission is worthy, perhaps inevitable – on the right side of history.

Such is the backdrop for the latest monthly letter from Dan Morehead, a former Goldman Sachs derivatives trader and hedge-fund manger who now runs the cryptocurrency investment firm Pantera Capital in San Francisco.

The missive includes a clever table intended to demonstrate just how succinct, concise, laconic, crisp, efficient and compact Bitcoin founder Satoshi Nakamoto was when he penned the white paper that served as the intellectual, logical, economic and mathematical foundation for the original and still-largest blockchain-cum-cryptocurrency.

Nakamoto needed…

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