Jack Dorsey, CEO of American financial service provider, Square, has revealed plans on Twitter to build an open-source Bitcoin mining system with hopes to further decentralise the Bitcoin network.

He tweeted “Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. The more decentralised this is, the more resilient the Bitcoin network becomes.”

## 'Bitcoin Mining Should be Easier'

"Mining isn’t accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source. There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves.”

Square, Inc. is based in San Francisco, California and was founded in 2009 by Jack Dorsey and Jim McKelvey. The company launched its service Square Cash, which lets anyone with a debit card trade fiat for BTC. The company also offers payment processing services to merchants, charging 2.75 percent per swipe of a credit or debit card.

Dorsey believes that further decentralising the Bitcoin network will be critical for securely settling the transactions "well after the last bitcoin is mined."

For more Blockchain news, see [here](/news/category/blockchain-news).

Square's Jack Dorsey to Build Bitcoin Mining System

Bitcoin price has hit $60,000 for the first time since April this year, after reports of approved Bitcoin ETF trading.

The price of Bitcoin breached the $60K mark on Monday and is trading at a price of $61,051 with a market cap of more than $112 billion.

## ETFs Likely To Be Approved

Bloomberg reported that there was indications to suggest that the Securities and Exchange Commission ([SEC])(https://www.sec.gov/) would be likely to approve several Bitcoin futures ETFs to begin trading next week.

The CME group is seen to have the most likely chance of being approved. If this happens, it will make Bitcoin even more attractive to traders and help push up prices of the cryptocurrency higher.

## SEC Give Positive Reception

The approval of a Bitcoin ETF was also highlighted back in August when VanEck submitted a proposal to the SEC which received a positive reception from them.

Many expect that once Bitcoin futures are approved, there will be a new interest in trading it and this would help push up its price.

Bitcoin Breaks $60K for First Time Since April

Bitcoin regulation is on the way, and the leading cryptocurrency is ‘worthless’.

That’s the view of JPMorgan Chase & Co chief executive Jamie Dimon.

He said: ‘No matter what anyone thinks about it, government is going to regulate it. They are going to regulate it for (anti-money laundering) purposes, for (Bank Secrecy Act) purposes, for tax.'

Dimon was speaking at the [Institute of International Finance](https://www.iif.com/) Annual Membership Meeting earlier this week.

The head of the largest US bank has been an outspoken critic of crypto, but over the summer JPMorgan gave wealth management clients access to cryptocurrency funds. That means the bank's financial advisers can accept buy and sell orders from clients for five cryptocurrency products.

## Regulation Won't Have Immediate Impact

His comments on bitcoin regulation didn’t appear to have any immediate impact on markets.

Dimon made it clear his views are different from the banks, but said he remains sceptical.

He added: ‘I personally think that bitcoin is worthless. I don't think you should smoke cigarettes either.

‘Our clients are adults. They disagree. If they want to have access to buy or sell bitcoin - we can't custody it - but we can give them legitimate, as clean as possible access.’


Cryptocurrency Regulation is Coming

The bitcoin price took another massive step forward yesterday peaking at $57,500, just $7,000 short of its April all time high.

What are the factors behind this recent surge in price? Are we about to eclipse the yearly record or is this just another false dawn on the long road to crypto adoption. Lets take a closer look.

**‘Institutional Bitcoin Products’**
------------------------------------

Online data from _Digital Asset Fund Flows_ by CoinSharesshow that in the previous week $225 million of capital had entered ‘institutional Bitcoin products’ bringing the combined Assets Under Management (AUM) of institutional crypto to $66.7 billion, just 5% from the all time high the market witnessed in April this year.

Institutional Products may be described as funds, derivatives or any traditional asset management company which continue to enter the cryptocurrency market in increasing numbers.

Interestingly, as money flowed into Bitcoin nearly $13.5 million flowed out of Ethereum products in the same week reflecting Bitcoin’s current market dominance of 46.9%, it’s highest since mid May.

**Bitcoin ETF imminent?**

So what has caused the spike in interest in Bitcoin over the last few days?

Many people believe the US securities and Exchange commission is about to give the green light for investment firms to offer their clients Bitcoin Exchange Traded Fund or ETF for short.

An ETF is an investment vehicle which tracks the price of the underlying assets without requiring investors to own the assets themselves. If the SEC gave the green light for investment firms to offer this form of product the market could witness massive investment as customers look for safe and trusted ways for Bitcoin exposure.

Many people believe October could be the month as the four applications the SEC is currently reviewing are based on established, regulated and insured futures contracts offered by the Chicago Mercantile Exchange (CME).

**Not all rosy**

However, Pantera Capital CEO Dan Morehead isn’t so optimistic pointing out that many historically anticipated events in crypto have often resulted in up to 90% market downturns.

Furthermore, many experts believe that while a Bitcoin ETF would mean investment funds would scramble to buy up ‘real’ Bitcoin, the long term price would be heavily manipulated if a Bitcoin ETF is approved pointing to the price suppression witnessed when gold and silver ETF’s were launched in 2004.

As with governments all over the world policy decision is closely guarded and leaks are rare. However, the intense price action from Bitcoin over the past week suggest institutional investors know that something special is in the air.

Bitcoin price closes in on all-time high

It’s time we talked about bitcoin. Yes, about bitcoin. The prodigal son has indeed returned and has been acting rather differently this past week especially given his unruly behaviour over the last 6 months. Is he finally coming out of his shell? Let’s take a closer look.

The price of bitcoin currently stands at a little over $55,500, an increase of roughly 25% over the last week alone. With a market capitalisation of over $1.05 trillion it is safe to say October has started well for cryptocurrency’s first born.

What are the factors driving this growth? Is it different this time? Can bitcoin be trusted, or do we need to keep it under close supervision?

## About bitcoin in the Current Economic Climate

As no doubt everyone is aware we are in turbulent economic waters. Supply chain problems, rising energy prices, weaker than forecast growth and climbing inflation are all combining to create a perfect environment in which bitcoin can flourish and show its true colours.

It is within this macro-economic climate that bitcoin has generated massive interest from institutional investors this week, with everyone from J.P Morgan to Bank of America finally accepting bitcoin’s potential.

While behaving like any other tradable tech equity, BTC, by its very design, becomes the perfect hedge in times of economic crisis due to its limited total supply.

## Uncorrelation from Traditional Stocks

When NASDAQ and Dow Jones indices fell this week, many cryptocurrency advocates rejoiced as bitcoin began to move upwards and uncouple from traditional stocks. However, acting as an economic hedge is only part of the reason for BTC’s recent price surge.

Bitcoin’s coming of age really began on October 1st when Jerome Powell of the US Federal Reserve stated that he had no intention of banning bitcoin or any form of cryptocurrency.

This in turn restarted rumours concerning the launch of a futures-based ETF this quarter which brought added context to Bank of America’s recent comment that ‘bitcoin is too big to ignore’.

Additionally, there has been a massive recent increase in the purchase of bitcoin futures indicating that those in the financial know anticipate BTC to be trading at a significant premium by Christmas 2021.

J.P Morgan had a recent change in stance from May this year when the world largest investment bank reduced their exposure to bitcoin in favour of gold. However, this week the bank rescinded with the announcement that bitcoin was the perfect hedge in times of economic woe and was indeed ‘better than gold’.

## Little Trouble from Big China

Over in China the crackdown on the mining of BTC and other energy intensive proof of stake cryptocurrencies has enhanced bitcoin’s reputation on the green stage and again adds to the attraction of bitcoin as a serious and worthwhile long-term investment.

The future certainly looks bright for the once maligned BTC and his handful of close associates. If they continue to behave, mature and provide a beacon of stability then a world of limitless opportunity is sure to present itself. Let’s hope so.

What is Bitcoin Doing?

Dutch football team, PSV, has announced that it is now holding Bitcoin (BTC) on its balance sheet following partnership with Bitcoin exchange, Anycoin Direct, in August earlier this year.

## Cryptocurrencies 'Fit Well'

When the sponsorship agreement was signed, commercial director of PSV Frans Janssen said "The possibilities and the future that the world of cryptocurrency offers is very promising, as a club in the heart of the Brainport region, we are always innovating, and cryptocurrency fits well into this picture."

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