Bitcoin $20,000 By Xmas; Hacks Spur Crypto Insurance Boom
With the value of all cryptocurrency assets hovering near $300 billion and hacks continuing unabated, demand for insurance is rising rapidly. Companies like Lloyd’s of London, Aon and the cyber security 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.
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.