Published: Dec 26, 2017 6:33 p.m. ET The key developments in cryptocurrencies today This column provides a daily update on key moves in bitcoin and cryptocurrencies as well as the latest news and developments in the nascent and controversial sector. Ari Paul, the CIO at Blocktower Capital, told CNBC on Tuesday that he made a wager that bitcoin’s value will hit $50,000 at some point next year.

He purchased options on LedgerX that will give him the right but not the obligation to purchase bitcoins at that lofty price, which could be significant if the digital asset rockets above that level. If the asset remains below $50,000 by Dec.

28, 2018 the options will expire, worthless. He told CNBC the purchase was one way of reducing his direct exposure to bitcoin.

According to The Wall Street Journal, the options bet is among the first of its kind in bitcoin at LedgerX, which launched in July to provide investors ways to make options and derivatives bets pegged to bitcoin. John McAfee urged bitcoin

BTCUSD, +0.45%

 investors not to lose faith as the cryptocurrency saw its value tumble by nearly 50% over the weekend.

The cybersecurity entrepreneur McAfee believes a single bitcoin will be worth $1 million by 2020. Mike Novogratz said he won’t kick off a cryptocurrency-focused hedge fund amid a recent bout of choppiness that saw bitcoin down nearly 50% since its peak near $20,000 on Dec. Read more from marketwatch.com…

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