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Money

Bitcoin $20,000 By Xmas

With the value of all cryptocurrency assets like Bitcoin hovering near $300 billion and hacks continuing unabated, demand for insurance is rising rapidly.

Companies like Lloyd’s of London, Aonand the cybersecurity insurance startup Coalition are reaping the rewards. Two years ago, the market for crypto insurance was “non-existent,” Coalition CEO Joshua Motta says.

Today he thinks it’s worth between $200 and $500 million in premium revenue. And there’s plenty of room for growth:

With $300 billion in crypto assets on the planet and less than $1 billion in available insurance coverage, there’s still a huge imbalance between supply and demand.

Crypto Markets

Whenever there’s news in the U.S./China trade war, be it a tweet from the commander in chief or a raft of new tariffs from Beijing, there’s news in bitcoin, too.

Here’s why traders should be keeping an eye on both, and why some think bitcoin, “the gift that keeps on giving,” could hit $20,000 by Xmas.

Blockchain Apogee

Beth Moses, the astronaut training billionaire Richard Branson to be the first passenger on Virgin Galactic, has seen the Earth from 56 miles away.

Now, the long-time bitcoin advocate wants to share what she saw: how blockchain and other technologies are enabling a borderless world.

Enterprise

The Depository Trust & Clearing Corporation (DTCC), which holds records for some $48 trillion in assets, has released new guidelines for operating private enterprise blockchains in the financial sector.

Plus: Swiss grocery chain Migros has joined the likes of Kroger and Cargill in instituting a blockchain-based food tracking system with the help of TE-Food. The move could allow Migros to speed up distribution and reduce food waste.

Elsewhere

China’s Crypto Competitor Is Being Built in a Secret Office with Restricted Access. [CoinDesk]

Apple sees ‘long-term potential’ for cryptocurrency but isn’t focused on it today. [CNBC]

Samsung to Launch Smartphone Meant to Make Blockchain Friendlier. [Wall Street Journal]

Fewer People Are Sending Bitcoin to Largest Crypto Exchanges. [Bloomberg]

This story originally appeared in Forbes. Image courtesy of AP.

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