Around 08:50 UTC on Sunday (November 17), Bitcoin shook off some of the negativity surrounding its price by moving above $8,550 for the first time since 14:00 UTC on November 15.
One thing that happened on November 15 that may have increased the negative around Bitcoin was the Weibo accounts of both Binance and TRON getting blocked that day.
Anyway, here is the 24-hour price chart from CryptoCompare:
Although the Bitcoin price spent much of early Sunday hovering around the $8,500 level, at 08:50 UTC, the BTC price reached $8,565, and as you can see from the above chart, currently (as of 17:19 UTC on November 17), Bitcoin is trading around $8,577, up just over 1% in the past 24-hour period.
Although Bitcoin’s one-week return-on-investment (ROI) is -5.36%, its 30-day and one-year ROI figures are +7.50% and +54.86% respectively. Bitcoin’s market cap dominance is 65.93%.
Earlier today, Chris Burniske, a partner at crypto-focused venture capital firm Placeholder, said that he expected in the long term to see Bitcoin be used much more for collateral purposes than for payments:
1/ Long run, I expect assets that aim to be a store-of-value (eg, $BTC, $DCR, $ETH) to be much more widely used as collateral than as a means-of-exchange.
— Chris Burniske (@cburniske) November 17, 2019
He then posted some more tweets to explain. In short, Burniske believes that, in general, people want to hold deflationary-supply assets, such as Bitcoin, because “part of the promise of those supply curves is they should store value well.”
He then said that Bitcoin should “lean into this”:
6/ My opinion: $BTC should lean into this, just as $ETH has.
The burgeoning “collateral economy” around $ETH is amazing to watch, and allows ETH as a SoV to extend its utility far beyond what it could hope for as a pure MoE.
— Chris Burniske (@cburniske) November 17, 2019
Here is how Burniske envisions the future for BTC and ETH:
8/ Maybe one-day $BTC as a PoW-based SoV will be considered “off-chain” collateral for the world (exogenously secured).
Meanwhile, $ETH as a PoS-based SoV will be the internet's “on-chain” collateral (endogenously secured).
— Chris Burniske (@cburniske) November 17, 2019
9/ Under the world's current financial and psychological frameworks, that would make $BTC much closer to gold, and $ETH much closer to money.
— Chris Burniske (@cburniske) November 17, 2019
Featured Image Credit: Photo via Pexels.com
