Analyst: Recent Bitcoin Price Action May Confirm BTC is Nearing a Long-Term Bottom

Bitcoin (BTC) and the general cryptocurrency markets have stabilized following the recent bout of volatility they experienced this past weekend. Yesterday, however, Bitcoin’s price quickly dropped to lows of $3,550 on the aggregated markets before sharply surging back towards its current levels.
One analyst believes that this drop and surge, albeit relatively small, is the result of a confluence of factors that could suggest Bitcoin is nearing a long-term bottom.
Recent Bitcoin (BTC) Volatility Further Confirms Current Trading Range
At the time of writing, Bitcoin is trading down nominally at its current price of just above $3,600. After trading choppily yesterday, Bitcoin rapidly dropped into the low $3,500 region for an incredibly short amount of time before quickly surging to highs of $3,620.
Bitcoin has been bouncing in the low-$3,500 range for the past couple of weeks, solidifying this price level as a strong region of support. It is important to note, however, that the resulting bounce after BTC touches this price region becomes smaller each time it visits it, which could mean it is weakening.
Mati Greenspan, the senior market analyst at eToro, discussed Bitcoin’s latest price action in an email today, saying that the multiple factors likely behind BTC’s recent drop and surge could signal that BTC is nearing its price floor.
“What’s interesting about this graph is the role of the key level of $3,500. As we’ve been discussing, bitcoin has been trading in a tight range between $3,500 and about $4,100…So when the downside broke, it very likely took out a lot of stop losses, causing a chain reaction of stops and liquidations. What’s exciting about yesterday’s move is that the direction was quickly reversed and in the aftermath, we even saw a mini rally. This is a very positive sign and could very well indicate that we’re at or nearing bitcoin’s price floor,” Greenspan explained.
Although this sentiment may appear to be overly bullish considering that the cryptocurrency’s recent price movements are miniscule compared to months and years past, another popular cryptocurrency analyst generally agrees with Greenspan’s assessment.
Cred, a popular analyst on Twitter, discussed the sharp downwards move and resulting bounce, saying:
“$BTC Price finally traded to 3430 support and bounced. Reclaiming/establishing support above the blue level (3560s) is bullish IMO. This has triggered a long setup for me, I’ll jump out if the level rolls over.”

$BTC
Price finally traded to 3430 support and bounced.
Reclaiming/establishing support above the blue level (3560s) is bullish IMO.
This has triggered a long setup for me, I'll jump out if the level rolls over. pic.twitter.com/zt8Gpu04I5
— Cred (@CryptoCred) January 23, 2019

Altcoins Trade Mostly Flat
Bitcoin’s recent bout of volatility has carried over into the altcoin markets, and today the markets are experiencing a mixed trading session.
Altcoins are trading mostly flat today following the market’s recent bout of volatility.
At the time of writing, Bitcoin Cash is the best performing major cryptocurrency, as it is currently trading up over 4% at $134. Yesterday, Bitcoin Cash fell to lows of $120 before rallying towards its current price levels.
Ethereum has dropped slightly over a 24-hour trading period and is trading down nearly 1% at its current price of $118.3.
XRP has also dropped today and is presently down 0.6% at $0.3177.
Featured images from Shutterstock.
The post Analyst: Recent Bitcoin Price Action May Confirm BTC is Nearing a Long-Term Bottom appeared first on NewsBTC.
Source: New feedNewsBTC.com

Bitcoin Philanthropy: Indian School Girl Receives Loaded Ledger Wallet

With the explosion of Bitcoin’s price over the last few years, a lot of early believers suddenly found themselves with more money than they knew what to do with. This has often resulted in tremendous acts of charity from the community.
The latest involves a pseudonymous Twitter user who was the winner of a Binance Academy competition. The prize was a custom Ledger Nano hardware wallet, which the receiver has loaded up with various cryptos and gifted to a young girl from India.
Binance CEO Commends Bitcoin Donation and the Education it Brings
The news of the charitable act broke via a Tweet by the winner of the prize. Unfortunately, the Tweet does not disclose how the donation’s recipient was selected. All that can be inferred from the responses is that she is from India and is evidently of primary school age, given the photograph included:

"Catch them when they are young".I gifted her a @binance branded @LedgerHQ filled with a mix of #crypto worth 1 BTC. Will be interesting to see how many survive when she grows up.@cz_binance @justinsuntron $BNB $TRX $ETH $XRP @rallyqt @APompliano @tradingroomapp pic.twitter.com/ZCUVD5ePab
— CryptoPinapple (@nibupraju) January 23, 2019

According to the above Tweet and replies, the total amount of cryptocurrency donated to the girl is 1 Bitcoin, split up into various coins. The distribution of cryptocurrencies is as follows: 20% BTC, 20% ETH, 10% TRX, 10% XLM, 10% BTCABC.
This distribution was questioned by some who felt that a donation purely in Bitcoin would likely reap the largest gains in the future. To this, the competition winner replied:
“I have selected projects which I feel have a long term lifespan. Let’s see how it goes.”
Further down in the comments on the Tweet, the issue of security of such a donation was raised. One poster stated that the girl would probably lose the Ledger, rendering the act of kindness obsolete. To this, CryptoPineapple responded that it would remain in a locked safe until she was 18. Choosing to not disclose too much about the girl was also likely an effort to help protect the donation and its receiver.
The news of the philanthropic act was picked up by Binance’s CEO, CZ. He opined that the value of the educational opportunity presented to the young crypto recipient far outweighed the $3,600 (ish) donation as it is valued at the time of writing.

The 1 btc is nice, but I believe the invaluable part to her is the early education. Big impact in life! https://t.co/on2okkBUxU
— CZ Binance (@cz_binance) January 23, 2019

CZ is, of course, no stranger to philanthropy himself. The CEO elected to donate 100% of new coin listing fees on his exchange to various concerns in October of last year, as well as setting up a charitable wing of his firm.
Certainly Not the First Crypto Philanthropy
For those readers who follow the digital currency space closely, the name CryptoPineapple might spark a memory of another recent act of kindness from a pseudonymous member of the cryptocurrency community. In December 2017, as a wild bout of speculative mania was just about to reach its devastating climax, The Pineapple fund project was set up.
The fund involved the giving of 5,057 BTC to over 60 different charities. Those in receipt of donations included organisations dedicated to conservation, human rights, and psychedelic drug therapy.
The Pineapple Fund was announced via a Reddit post on December 14, 2017. The user referred to themselves simply as “Pine” and stated:
“My aims, goals, and motivations in life have nothing to do with … being the mega rich. So I’m doing something else: donating the majority of my bitcoins to charitable causes.”
By the time the BTC was donated the value had dropped from $86 million to $55 million, owing to the start of the spectacular and ongoing bear market surrounding digital assets.
As far as we are aware, the name similarity between the Bitcoin Pineapple Fund and CryptoPineapple’s loaded Ledger are purely coincidental.
 
Related Reading: Unicef Australia Creates In-Browser Crypto Mining Website
Featured Image from Shutterstock.
The post Bitcoin Philanthropy: Indian School Girl Receives Loaded Ledger Wallet appeared first on NewsBTC.
Source: New feedNewsBTC.com

CBOE May Have Withdrawn Bitcoin ETF Filing to Avoid Automatic Rejection

The advent of a U.S.-based, fully-regulated Bitcoin (BTC) exchange-traded fund (ETF) has long been a hope for crypto’s most fervent dreamers. Yet, these dreams, deemed quixotic by most, was quashed on Wednesday, as reports arose that the foremost cryptocurrency ETF application was withdrawn from the care of the (partially-defunct) U.S. Securities and Exchange Commission (SEC).
Related Reading: 58% of US Investors Would Invest in Bitcoin via ETF: Major Hedge Fund
CBOE Pulls Out Of VanEck Bitcoin ETF Deal
On Wednesday afternoon, the SEC released one of the most important crypto-related documents to-date. The two-page document, authored by SEC deputy secretary Eduardo A. Aleman, revealed that the Chicago Board Options Exchange (CBOE) had withdrawn its proposed rule change that would have facilitated the listing of VanEck and SolidX’s collaborative Bitcoin ETF.
Therefore, the exchange, U.S.’ largest options market, effectively killed the proposal, which garnered mounds of support heading into 2018’s year-end. This document was filed on January 22nd, just earlier today.
Crypto’s analysts, industry commentators, and researchers quickly took to Twitter to touch on this unfortunate occurrence. Jake Chervinsky, a crypto-friendly attorney based in Washington, D.C., explained that the withdrawal “implies” that CBOE and its partners were already expecting an eventual denial.

CBOE has withdrawn the VanEck/SolidX bitcoin ETF proposal (https://t.co/812Ym7U7Hh).
They haven't given a reason yet, but withdrawal implies that they expected denial & didn't want another SEC order setting bad precedent for the future.
There will be no bitcoin ETF in Q1 2019.
— Jake Chervinsky (@jchervinsky) January 23, 2019

Chervinsky, who has quickly become a leading Bitcoin ETF commentator, added that the CBOE was likely acting in crypto’s favor, as it “didn’t want another SEC order setting a bad precedent for the future.”
Long story short, the Kobre & Kim lawyer made it clear that there will be no formal approval of a Bitcoin ETF in Q1 of 2019.
U.S. Government Shutdown?
While Chervinsky’s logic is sound, more speculation has raged regarding the application’s denial. More specifically, thoughts surrounding the ongoing U.S. shutdown, which has entered its second month, were rife.
Some claimed that if the ETF was approved by default, due to the SEC’s potential inability to issue a proper denial, the government entity would take swift action to take down the VanEck initiative. On the other hand, the SEC might have had to issue an automatic denial. Both of these scenarios would have likely dealt a larger blow than CBOE’s Wednesday withdrawal.
According to a Twitter user, who cited a purported Wednesday CNBC interview with VanEck chief Jan, the company claimed that the withdrawal of the proposed rule change was related to fears that the application wouldn’t get a green light. The Twitter user added that VanEck claimed that it needs more time to convince the SEC and other regulatory incumbents that Bitcoin’s market conditions can adequately support an ETF vehicle.

Jan Van Eck stated on air on CNBC ETF that it was because it wasnt getting passed and they needed more time to convince SEC about overseas bitcoin trading issues.
— JV (@JVWVU1) January 23, 2019

A tweet from Gabor Gurbacs, the head of VanEck’s crypto division, recently corroborated this. Gurbacs claimed that his firm still has ambitions to work with stakeholders and market makers to create a healthy ecosystem for such an investment instrument.
Interestingly, the crypto market has barely reacted to this news. At the time of writing, BTC has held above $3,550, while altcoins have also stood the ground. Yet, considering former crypto ETF developments, a move lower could hit the broader industry in the near future.
This news comes just days after Bitwise Asset Management and Wilshire Phoenix filed Bitcoin-related ETF proposals to the American financial regulator. Japan’s Financial Services Agency (FSA) has also made comments on crypto exchange-traded vehicles, claiming that it currently isn’t looking into approving such an offering, contrary to other reports.
This is breaking news, but NewsBTC will be sure to keep you in the loop in the hours and days to keep. Keep on checking in. 
Featured Image from Shutterstock
The post CBOE May Have Withdrawn Bitcoin ETF Filing to Avoid Automatic Rejection appeared first on NewsBTC.
Source: New feedNewsBTC.com

Google Security Expert: Crypto is Like Catnip for Cyber Criminals

In response to increasing security concerns around SMS-based two-factor authentication (2FA) and the prominence of SIM-swapping schemes targeting crypto investors, Google last year released the Titan Security Key. The Titan Security Key enables advanced 2FA without the need to send a text message that could be intercepted by cyber criminals.
Google’s Head of Account Security Mark Risher, who helped develop the Titan Security Key, believes that crypto is like “catnip” for cyber criminals, and explains why the emerging asset class has become such a “hot target.”
Crypto Is a “Hot Target” For Cyber Criminals, Says Google Head of Security
2018 smashed all previous records for crypto-related thefts. While the bulk of the stolen cryptocurrencies are attributed to some prominent cryptocurrency exchange hacks, the rest of the stolen crypto resulted from phishing schemes, crypto giveaways scams, and a new issue involving attackers gaining access to a user’s mobile phone through SIM-card swapping.
One high-profile case involving early Bitcoin investor Michael Terpin filing a lawsuit against telecom company AT&T for their gross negligence that led to $224 million in crypto being stolen from Terpin. Cyber criminals impersonated Terpin to gain access to a SIM-card tied to his phone number, which was then used to send a text-message containing sensitive account information that led to the criminals gaining access to Terpin’s crypto wallets.
Related Reading | Pro League of Legends Gamer Robbed of $200K in Crypto in Sim-Hack
Terpin’s example proves that new methods – such as Google’s Authenticator App, Authy, or Google’s new Titan Security Key – are necessary to fight the growing problem.
But why target crypto investors? Google’s Head of Account Security Mark Risher, whose primary focus is around spam, phishing, and account security, says that “the instantaneous nature of it, the very, very low transaction fees, the frictionless nature of money moving around,” and “the pseudonymity” are key reasons that cyber criminals are targeting crypto investors in a big way.
“Cryptocurrency is like catnip for these attackers,” Risher added. He continued, explaining that cryptocurrency’s notorious price volatility could lead to its value doubling overnight, making investors in the new financial technology a “very hot target.”

How Can Crypto Users Protect Themselves From SIM-Swapping?
It has become increasingly clear that SMS-based 2FA solutions that protect most accounts are ineffective against preventing all attacks. And while as long as there is potential for human error, and no solutions will ever be 100% effective, cryptocurrency investors can take some key steps to protect themselves.
For one, never use SMS-based 2FA for securing cryptocurrency wallets or exchange accounts, or anything that has access to private keys or assets. Instead, use Google’s Authenticator app or Authy, which refreshes 2FA codes that can only be viewed in-app at regular intervals. Be sure to make backups of all of the QR codes to the accounts you have synced with Google Authenticator or there is risk of being permanently locked out of your own accounts.
Related Reading | Silicon Valley Execs Targeted in ‘SIM Swap’ Hacking, $1 Million in Crypto Stolen
Another commonly overlooked but highly recommended tip is to never publicly, or even privately, disclose your crypto holdings or that you are holding cryptocurrencies at all. Doing so could make you a target.
Finally, one could consider Google’s Titan Security Key. Risher says that having a Titan Key “physically present makes SMS a non-threat.”
“There’s no code that sends over the airwaves, nothing is sent to the telcos,” he added. “If your phone number has changed, we won’t even know as part of this flow, and if someone else has grabbed your phone number, they won’t have any higher credibility than a complete stranger.”
The post Google Security Expert: Crypto is Like Catnip for Cyber Criminals appeared first on NewsBTC.
Source: New feedNewsBTC.com

58% of US Investors Would Invest in Bitcoin via ETF: Major Hedge Fund

58% of American investors would prefer to invest in Bitcoin via an exchange-traded fund (ETF), a formal survey found.
Conducted by Bitwise Asset Management, a San Francisco-based crypto hedge fund, the survey saw participation from 150 financial advisors in the US market. When asked what would make them allocate Bitcoin in their client portfolios, 54% of them said “better regulations” and 35% said “the launch of an ETF.”
Investors Looking for Easy Access to Bitcoin
Bitcoin’s value dropped by three-quarters in 2018. The retail investors that fueled the rally of the digital currency fled during the crash, leaving behind early-adopters and traditional firms to protect its remaining value. Now, there is an adequate supply of discounted Bitcoins available in the market, but with inadequate takers.
Meanwhile, in the same bearish year in 2018, more high profile investors started bridging the gap between crypto and traditional finance. The relationship between the two distinctive industries improved when:

CBOE and CME launched and settled the world’s first bitcoin futures;
Fidelity became the first Wall Street firm to offer cryptocurrency custody and trading services;
The endowment of prestigious US universities, including Harvard and Yale, included cryptocurrencies in their funds;
ICE-backed Bakkt announced the launch of the first regulated physical bitcoin futures;
Nasdaq announced that it would launch Bitcoin futures 2.0 in early 2019.

Such an institutional breakthrough could change the future course of Bitcoin, predicted financial experts from both mainstream and crypto space. A Bitcoin ETF, according to them, could serve as the stepping stone for a tropospheric crypto adoption among the mainstream investors.
“The answer is that ETFs are a well-understood construct that is plug-and-play with the existing software platforms, paperwork, processes, and workflows that professional investors and firms use,” wrote Bitwise in Anthony “Pomp” Pompliano’s Off the Chain newsletter. “At a 0.25%-10% allocation, crypto isn’t a deep focus of most investors, and most aren’t going to reinvent the wheel [just] to access it. They need it to be easy.”

The team at @BitwiseInvest dropped knowledge bombs in today’s free installment of Off The Chain newsletter.
Everything you need to know about crypto ETFs. Read it and learn https://t.co/SaMCVeLGbl
— Pomp (@APompliano) January 22, 2019

US Government Shutdown
Pomp, also a founder and partner at Morgan Creek Digital, also said that a true capitulation would happen when a Bitcoin ETF will get approved or when crypto regulations will become more transparent.
“I think our target from August of 2018 has been $3000, we came close once already, so we may just actually go back there or somewhere close,” he told BlockTV. “Along with that, over a long period of time, I tend to think that some of the bigger numbers that are thrown out will likely be accurate.”
Now, the ETF applications of both VanEck and Bitwise remain under review at the Securities and Exchange Commission (SEC). The US securities regulator would likely announce its decision the VanEck’s Bitcoin ETF by February 27. However, the ongoing government shutdown led by President Trump has furloughed 94% of SEC staffers. Bitwise believed that the political situation could prompt SEC to delay its decision on VanEck’s Bitcoin ETF.
“The likelihood of giving the filing a complete review is in doubt,” the company wrote. “Bitwise’s own filing is complicated by the shutdown as well.”
In the same breath, Bitwise maintained its optimism, saying that political delays would not impact the growth of the crypto ecosystem.
“Each day brings greater regulatory clarity, improving custody options, greater futures trading volume, more established exchanges and trading venues, and more widespread understanding,” it said.
The post 58% of US Investors Would Invest in Bitcoin via ETF: Major Hedge Fund appeared first on NewsBTC.
Source: New feedNewsBTC.com

Why a Major VC Investor Believes Bitcoin Will Overtake Market Cap of Visa at $302 Billion

“Long Bitcoin (BTC), short the bankers” has long been the war cry of crypto’s diehards, known for their use of rhetoric to convey a point. While many cynics cast aside these enthusiasts as near-religious zealots, blinded by “magical internet money,” these anti-establishment tones were validated on Tuesday, as reports arose that a legendary financial services provider was slapped with a fine. And it wasn’t any old fine, it was a $650 million one.
Related Reading: Bitcoin is Criminal Money Says the Media While Deutsche Bank Gets Raided for Laundering
Mastercard Slapped With $650 Million Bill
On Tuesday, the Wall Street Journal divulged that the European Commission, a regulatory facet of the E.U., hit Mastercard with a hefty €570.6 million fine, which equates to about $648 million U.S. dollars. Europe’s antitrust entity claimed that the New York-headquartered payment giant, valued at $206 billion on the public stock market, “artificially” raised credit and debit card fees in the Union’s nations.
The Wall Street darling purportedly accomplished this by preventing European retailers from accessing the bargain bank offerings outside of their home country, leading to higher prices overall for merchants and consumers alike. The E.U.-backed entity added that this act limited competition across borders, stunting economic growth in the bloc. Margrethe Vestager, an antitrust powerhouse in the E.U. who has tackled multi-billion dollar cases against Google and Apple, said on the matter:
“By preventing merchants from shopping around for better conditions offered by banks in other member states, Mastercard’s rules artificially raised the costs of card payments, harming consumers and retailers in the EU.”
Funnily enough, Mastercard representatives said that the $650 million fine is an “important milestone for the company,” claiming that the closure of this questionable bit of its history is welcomed. In fact, the firm had suspected that such a charge was flying its way, revealing that it collaborated with the European Commission to get a 10% reduction on its jaw-dropping fine.
Across the pond, in Mastercard’s home stadium, the conglomerate’s regulatory prospects haven’t looked much better. In September, the company paid $108 million for setting fees and card acceptance rules that favored banks processing transactions, rather than the merchants accepting transactions.
In the case, it was argued that merchants were subject to exorbitant fees that weren’t reasonable. Mastercard competitor Visa, whose CEO has been hesitant to comment on cryptocurrencies and related technologies previously, was also involved in this case.
With credit card companies often charging an average of 1.5% in interchange fees for each and every transaction, it makes sense why some forward-thinking futurists are turning to crypto and Bitcoin.
Crypto Pundit Believes Bitcoin To Surpass Visa’s Market Cap
Anthony “Pomp” Pompliano, the founder of Morgan Creek Digital Assets, is one of those futurists. The former Snapchat and Facebook employee, who has downed the crypto red pill, recently took to Off The Chain, a crypto-centric publication he founded, to draw attention to his thought process that the market cap of Bitcoin could surpass that of Visa and Mastercard in 36 months’ time.
Citing data from blockchain research unit Diar, Pomp explained that Bitcoin’s miners were“paid a total of $5.8 billion in revenue (fiat value of BTC produced) in 2018.” While the Morgan Creek head acknowledged that the $5.8 billion sum wasn’t entirely accurate, considering depreciation of ASICs, operating costs, and other nuances, he noted that this “top line revenue figure” would help put Bitcoin “into context.”

Pomp remarked that from a revenue multiple (revenue to market capitalization) perspective, BTC is undervalued when compared to Visa and Mastercard, which both operate a slightly higher multiple than the flagship cryptocurrency. The cryptocurrency investor, known for his incessant touting of anti-establishment rhetoric on Twitter, added that Bitcoin was never meant to be valued by revenue multiple ratios, but that this figure accentuates the network’s performance and growth potential.
In fact, he claimed that “given the fast growth rate and historical premiums” of promising upstarts and networks, the cryptocurrency could begin to make a move on Visa’s and Mastercard’s valuations. Pomp quipped:
“Today, it is 1/4th the market cap of Mastercard and 1/6th of Visa, but it wouldn’t surprise me if Bitcoin surpasses both within the next 36 months. The legacy networks were built for a world that we no longer live in and the decentralized network is built for the future.”
Featured Image from Shutterstock
The post Why a Major VC Investor Believes Bitcoin Will Overtake Market Cap of Visa at $302 Billion appeared first on NewsBTC.
Source: New feedNewsBTC.com

Novogratz: Billionaires Disappearing In China Presents A Bitcoin Bull Case

The world’s your oyster. No, no it’s not. Since capitalism became the norm, every common Joe and Jill, whether confined to suburban sprawl or trapped in rural farmland, have had dreams of making it big in the world. However, for many, these vision of grandeur are quixotic — out of reach for all but the luckiest. And as such, joining the billionaires (or even millionaires) club has become a raison d’etre for many materialists. But maybe not for China’s hopefuls. However, that’s where Bitcoin and crypto step in.
Related Reading: How Brian Armstrong, CEO of Coinbase, Became a Crypto Billionaire
China’s Wealthy May Not Be Living The Dream Life
In 2011, Ray Kwong, a Forbes contributor, dropped an article that changed the world’s perception of China’ rapidly swelling upper-upper class. Kwong, citing data from local news outlets, claimed that China’s crème de la crème have fallen victim to a number of “unnatural deaths.” The Forbes contributor even joked that China’s then-current billionaires “should be more than a little nervous.”
Kwong revealed that from 2003 to 2011, the mortality rate of billionaires had spiked, and in a suspicious way at that. 15 were flat out murdered, 17 supposedly took their own lives, seven died from out of the blue accidents. 19 also died from a handful of illnesses and health conditions, while 14 were executed.
While murder, suicide, accidents, and illnesses aren’t uncommon, the fact that so many of these qualms befell such a small group of individuals left Kwong intrigued. Kwong was even intrigued to the point where he speculated that the “homicide toll” for billionaires may be much higher than local media suggests.
While these statistics are old, with new reports indicating that there are now over 800 billionaires housed in the Asian powerhouse, supposed disappearances have still occurred. In mid-2018, Fan Bingbing, China’s most famous actress presumably with hundreds of millions, if not billions, suddenly disappeared. Her Weibo account, followed by dozens of millions local and abroad, effectively became a ghost town, with daily posts whittling down to pure silence.
Four months later, after her fans feared the worst, Fan resurfaced, revealing that she had pled guilty to tax evasion, with China’s courts and authorities mandating her to pay the equivalent of $181 million in Chinese yuan. While she didn’t die, disappear forever, or fall victim to some unexplained illness, her career has come to a screeching halt.
What Does This Mean For Bitcoin?
But what does China’s seeming billionaire debacle have to do with crypto & Bitcoin?
Mike Novogratz, chief executive at Toronto-listed Galaxy Digital, a crypto-friendly merchant bank with a number of facets, recently put it best on Twitter. Novogratz, a long-time Bitcoin bull and visionary, noted that the statistics cited in the Forbes article are “scary,” adding that they make him bullish on Bitcoin, but also worried about China.

These are scary stats. Makes me more bullish Bitcoin and more worried about China. https://t.co/srjuQTaia7
— Michael Novogratz (@novogratz) January 22, 2019

As this statement was nebulous, Novogratz was required to further explain his innocuous comment in a sub-tweet, writing:

“My assumption is if there is that much instability in having wealth, people are probably trying to move at least some portion offshore and BTC is part of that.”

The Galaxy Digital founder, a former institutional investor, is likely referring to the control that Beijing has on China’s cash flow, especially the assets of billionaires who aren’t exactly aligned with party policy. In fact, in recent years, China’s authorities, under the leadership, mandate, and direction of president Xi Jinping, have begun to make moves against those that aren’t working with Jinping’s agenda, creating an environment rife with distrust and banking debacles.
And with rumors indicating that Bitcoin has played in big role in the lives of China’s wealthy, with the seemingly newfound crackdown, the asset’s value proposition in the region as a pseudo-offshore bank may continue to swell into the future.
In one of the most-watched crypto interviews of all-time, Ryan Selkis, chief executive at Messari, also touched on the value that Bitcoin presents to offshore banking. Speaking to Bloomberg TV, Selkis made it clear that Bitcoin is best used as digital money, adding that if the cryptocurrency captures “a single quarter of offshore banking and emerging market fiat reserves,” then it alone will swell to a $10 trillion valuation. And considering Alex Krüger’s Twitter thread on fiat multipliers, the exact valuation may be far above a low-double-digit trillion sum.
Yet, if history is any indicator, the Chinese government, which recently doubled-down on its crackdown against Bitcoin and blockchain, will do its utmost best to stop capital from leaving the country.
Featured Image from Shutterstock
The post Novogratz: Billionaires Disappearing In China Presents A Bitcoin Bull Case appeared first on NewsBTC.
Source: New feedNewsBTC.com

Crypto Market Wrap: Bitcoin Cash Moving, Little Action Elsewhere

Market Wrap
Crypto markets have edged back a fraction, Bitcoin Cash makes a move, Maker and Waves climbing but little action elsewhere.
Crypto markets have woken up a little mid-week but gains are very slim and momentum has been limited. A tiny bounce has taken total market capitalization back over $120 billion but only just.
After a dump to $3,540 Bitcoin regained its strength and pushed back towards its support turned resistance level at $3,600. The move reflects just a 1% gain on the day and BTC has remained here for the time being as daily volume creeps back over $5 billion.
Ethereum has made 1.5% but it is still extremely weak trading below $120. The gap to XRP in second has fallen again and is now around $500 million as the Ripple token fails to register any gains today.

The top ten is all green during the Asian trading session with one altcoin leading the charge. Bitcoin Cash has made 7% on the day pushing its price back to $130. There doesn’t seem to be much driving momentum aside from seriously low prices for BCH. EOS is the second best performer in the top ten with a 4% gain, and Litecoin has made 2.5%. The rest are up a fraction keeping them in their positions for now.
Maker and Dash are leading the gains in the top twenty but they too are not very impressive with just 4.5 percent made each. The rest of the altcoins here have clawed back just 1 – 2 percent at the time of writing.
Some big fomo is going on with Loopring at the moment which has pumped 45% on the day. Ravencoin and Waves are also performing well in the top one hundred with gains of around 15% over the past 24 hours. Today’s dump is the wildly erratic Buggyra Coin wiping out most of yesterday’s gains as it loses 33%. Aurora is also having a bad day with a slide of almost 20% at the moment.
Total market capitalization has inched up just a percent over the past 24 hours taking it above $120 billion again. Gains are minimal and most cryptocurrencies are still looking extremely weak. The past seven days have been flat aside from a Saturday pump of $5 billion which predictably dumped again by Sunday evening. Since the same time last month crypto markets have lost 10% and are still firmly on the bottom.
Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
The post Crypto Market Wrap: Bitcoin Cash Moving, Little Action Elsewhere appeared first on NewsBTC.
Source: New feedNewsBTC.com

BOE Advisor: Crypto Fails Fundamental Tests, But Banks Face Growing Competition from FinTech Companies

It’s no secret that those who are heavily involved in the world’s traditional banking systems have a disdain for crypto, likely because of the many ways the relatively young technology challenges the traditional notions of banking.
While offering a somewhat cliché opinion about the cryptocurrency markets, Huw van Steenis, the senior advisor to the Bank of England Governor Mark Carney, said that cryptocurrencies fail fundamental tests that mark a solid and successful financial tool.
Although this assessment is dreary, the ever-growing innovation of FinTech companies is leading many traditional banks to see a growing amount of competition, much of which is coming from crypto-friendly companies like Robinhood and Revolut.
Van Steenis: I’m Not Worried About Cryptocurrency
Many proponents of cryptocurrency believe that it could one day drastically alter the way the world’s traditional financial systems, including banking, work. The nature of decentralized currencies, like Bitcoin, would shift a significant amount of power away from institutions and into the hands of individuals if they were to be widely adopted on a global scale.
That being said, Van Steenis told Bloomberg in a recent interview at Davos, Switzerland, that he isn’t worried at all about cryptocurrencies posing a threat to traditional financial institutions because they “fail the basic tests of financial services.”
“I’m not so worried about cryptocurrencies. They fail the basic tests of financial services. They’re not a great unit of exchange, they don’t hold value, and they’re slower,” Van Steenis explained.
FinTech Companies Becoming Competitors to Traditional Banks
Revolut was just recently granted a European Banking License by regulatory authorities.
Van Steenis further added that the Bank of England’s (BOE’s) biggest concern at the moment is how to regulate new, technology-based, entrants to the banking system.
Examples of FinTech companies that are entering the banking industry and are rapidly changing the way customers interact with banking services are Robinhood and Revolut, who are both rapidly expanding their offerings of traditional banking services with a digital twist.
Revolut was just recently granted a European Banking License by regulatory authorities, which will allow them to offer Europe-based customers a significant amount of digital banking services typically found at traditional institutions.
It is important to note that both Robinhood and Revolut offer users a gateway to purchase a variety of cryptocurrencies. Presently, Revolut offers users the ability to gain exposure to five cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, Ethereum and XRP.
As these digital banking services continue gaining traction and expanding their customer base, it will likely introduce a significant amount of investors to cryptocurrencies, which will further validate their usefulness as both tools and investments.
Van Steenis said that if traditional banks fail to innovate and digitalize as quickly as their FinTech-based counterparts, they could lose out on customers.
“What I love when meeting with Fintechs is their obsession with customers. The challenge is will they get customers before the traditional banks can innovate,” he said.
Featured images from Shutterstock.
The post BOE Advisor: Crypto Fails Fundamental Tests, But Banks Face Growing Competition from FinTech Companies appeared first on NewsBTC.
Source: New feedNewsBTC.com

Bitcoin (BTC) Climbs Slightly as Crypto Markets Experience Mixed Trading Session

The past several days have been particularly volatile for the cryptocurrency markets, with Bitcoin (BTC) surging to highs of nearly $3,750 on Saturday before fully retracing to lows of $3,550. Despite this volatility, Bitcoin has been able to hold $3,550 as a level of support and has led the entire crypto markets to rise slightly today.
Analysts are now saying that the market’s ability to hold above its recently established support levels may lead to further gains in the near future.
Bitcoin (BTC) and Crypto Markets Hold Steady
The recent volatility the crypto markets have experienced put their recently established support levels in jeopardy, but they have been able to stabilize above these key levels.
At the time of writing, Bitcoin is trading up less than 1% at its current price of $3,600. Over the past few weeks, BTC has bounced each time it entered the $3,500 region, signaling that buying pressure exists at this price level.
Similar buying pressure has been seen for most major altcoins, which have all established certain levels at which they see strong support.
Trading Room, a popular cryptocurrency analyst group on Twitter, discussed these support levels earlier today, noting that Bitcoin, Litecoin, and Ethereum could all see a bounce if they are able to continue holding steady above their respective levels of support.
“$BTC $ETH & $LTC are holding Key Support Area… Next Target 100 & 200 MAs on Topside (Moving Downwards)… Check #Bitcoin #Ethereum #Litecoin Targets if we get that bounce… I am not gonna speculate on topside breakout or downside breakdown. Will react based on Breakout/Breakdown,” they explained.
Furthermore, Trading Room said in a later tweet that they will only enter new long positions for the aforementioned cryptocurrencies if they are able to break above key price levels by the end of the day.
“All key levels holding across $BTC $ETH $LTC… Price tried to break below key support but violently rejected so far. However will re-enter Longs only after we get a daily candle close above: 3675 #Bitcoin… 123.50 #Ethereum… 32.15 #Litecoin… Trend is your friend, allow it to develop,” Trading Room said.

All key levels holding across $BTC $ETH $LTC
Price tried to break below key support but violently rejected so far. However will re-enter Longs only after we get a daily candle close above
3675 #Bitcoin123.50 #Ethereum32.15 #Litecoin
Trend is your friend, allow it to develop https://t.co/xpT00k5CMx
— Trading Room (@tradingroomapp) January 22, 2019

Altcoins Rise Slightly
Most major cryptocurrencies have risen slightly in price today.
Most major altcoins are trading up marginally today.
At the time of writing, Ethereum is trading up over 1% at its current price of $119.1. Ethereum has climbed slightly from its recent lows of $115 that were set earlier today but is down from its weekly highs of nearly $126.
XRP is trading flat today at its current price of $0.3198. Earlier today, XRP dropped to lows of $0.314 before quickly bouncing back to its current price levels.
Bitcoin Cash is one of today’s best performing altcoins, as it is currently trading up just under 6% at $130. Bitcoin Cash clearly has strong buying support at $118, as this was the price at which it surged after touching it earlier this morning.
Featured images from Shutterstock.
The post Bitcoin (BTC) Climbs Slightly as Crypto Markets Experience Mixed Trading Session appeared first on NewsBTC.
Source: New feedNewsBTC.com

Why Bitcoin Won’t Fail the “Tests of Financial Services” Forever

In an interview at the World Economic Forum in Davos earlier, the senior adviser to the governor of the Bank of England weighed in about the threat posed to the current financial status quo by Bitcoin and other cryptocurrencies. Huw van Steenis largely dismissed the blockchain-backed fintech innovation on the grounds that Bitcoin had not yet achieved the kind of traction that more traditional forms of value storage or mediums of exchange had.
Van Steenis stated that he did not see Bitcoin as being capable to pass the “fundamental tests of financial services”. However, what he seems to be missing in his rudimentary analysis is that Bitcoin has emerged in a post-internet world meaning that all it will take mass adoption is a solid track record of greater utility and enough information reaching the global public to dissuade them away from ascribing value in government-issued fiat currency.
Technological Adoption Occurs Faster than Ever Today, Why Will Bitcoin be Different?
The main reason Van Steenis cites for his stated lack of concern over Bitcoin’s ability to threaten his very raison d’être is that it does not serve as a means of exchange and does not hold value well. Presumably, although not mentioned explicitly in the interview, the Bank of England adviser prefers government-issued fiat currency over Bitcoin in terms of its ability to serve these monetary functions.
However, if we look closely at how fiat currency works, we see many more issues with both the premise that it serves as a good store of value and that it is a suitable medium of exchange. Firstly, the idea fiat currency is a solid store of value is questionable at best. Think about your own life. How much have you seen basic commodities increased in price over the years?
The alpine town of Davos, Switzerland, where the WEF is held each year.
Banks print money both directly and indirectly through lending, enriching themselves at the expense of the population. That is Van Steenis’s institution’s entire business model. The purchasing power of the pound, dollar, or yuan is perpetually decreasing. It may go up slightly from month to month but over a long-term chart, the trajectory is always downwards. How again is this to be considered a store of value?
Compare this to Bitcoin’s sound monetary policy. It requires much more than a banker authorising the printing of currency or to make loans with money the bank never had to create additional Bitcoins. In terms of a basis for a store of value, this is far superior to anything we as a species have known before. There is nothing in the world that people can categorically say how many there will ever be with reasonable certainty – apart from Bitcoin.
Of course, the purchasing power of Bitcoin swings wildly at the moment. This is to be expected since people are still coming to terms with the technology and perpetually questioning whether something so new and innovative could really replace fiat currency. The more people learn about Bitcoin and the longer it successfully serves its purpose as a peer-to-peer, decentralised value transfer system, the greater faith will be generated in it. Taken on face value, it is far easier to trust open-source code that anyone can verify than it is a global network of shadowy banking elites making deals us mere mortals will likely never know about.
Thanks to the internet, there has never been as much information that directly challenges the status quo either. This is encouraging the formation of a society that is much more equipped to question those things taken as norms – one of these is money itself.
However, it is not just in terms of a potential future store of value and sound money that Bitcoin outperforms fiat currency. Even as a medium of exchange, the financial innovation trumps government-issued money. Of course, you cannot send funds from one side of the planet to the other in minutes using the current legacy financial systems. Even when it appears you have done just that, in reality you are relying on a massive network of trust. One bank allows you to access the money sent before it is really there because they trust where it is coming from.
With Bitcoin, many people complain that it does not allow instant value transfer. Yet, if you are willing to exercise the amount of trust that banks do every day, it is as close to instant as is feasible using today’s technology. Think how long it takes to see that an “unconfirmed transaction” has appeared in your Bitcoin wallet- just seconds.
If you trust the sender, zero confirmations might be enough for you to be happy you have indeed received funds. Alternatively, if you lack trust in the party sending the money, you can elect to wait for as many confirmations as you like. Even if you were to wait for hundreds of confirmations, the BTC would have still arrived in your wallet much faster than a fiat currency could ever move from bank to bank.
However, fiat currency can also be used in a peer-to-peer fashion (for now) in the form of cash. People will say that Bitcoin can never travel as fast as when you had someone ten bucks in a bar or shop. However, in reality, it already serves this purpose far better than paper money can. People blindly trust most peer-to-peer cash transactions. Do you spend any time checking a bank note that you receive from a supermarket in your change? Of course you do not. However, there are many fraudulent notes in existence, perhaps if we were to receive a pile of high value notes, we would be more careful but for small value transactions, people take convenience over security and get on with their day without rigorously checking their money for authenticity.
With Bitcoin, we are at the beginnings of a massive experiment in decentralised cash. Given market price discovery dynamics it would be frankly ridiculous and immensely reckless for enough value to have swamped into the market to make prices as stable as the dollar, pound, or yuan. That is not to say that it will never. As discussed, the fundamentals of Bitcoin are sufficiently strong to make it a real threat to the current financial status quo, whether Van Steenis has realised this (or cares to admit it) or not.
 
Related Reading: Messari CEO: Killer Use Case For Bitcoin Is Still Money, Digital Gold
Featured Images from Shutterstock.
The post Why Bitcoin Won’t Fail the “Tests of Financial Services” Forever appeared first on NewsBTC.
Source: New feedNewsBTC.com

VCs are Expecting Crypto Market to Deliver Massively in 2019, Will Price Reflect it?

To many onlookers, the crypto market is unpredictable as the weather. No one expected the jaw-dropping Bitcoin price rally in late-2017, nor what played out afterward. Yet, a recent quip from a leading cryptocurrency investor claims there may be an underlying rhythm to this industry — a multi-year heartbeat, if you will, that is slow but consistent. As the old adage goes, “history doesn’t repeat itself, but it does rhyme.”
Related Reading: Will History Repeat? Bitcoin Price Patterns Repeating Previous Market Cycle
Crypto Industry May Move In Four Year Cycles
After a painstaking 12 months, 2019 has finally arrived. In terms of valuations, 2018 was a dismal year for cryptocurrencies en-masse, as the aggregate value of all digital assets fell by ~87%. However, many optimistic industry enthusiasts have applied the cliché — “new year, new me” — to crypto. And while much of this is unbridled hope from dreamers, infused with copious amounts of so-called “hopium,” maybe this optimism isn’t all too zany after all.
Chris Burniske, a partner at Placeholder Ventures, an investment group working to “decentralize data, wealth, and power,” recently took to Twitter to drop a mind-boggling message. Burniske, who wrote a primer on crypto, fittingly named Cryptoassets, noted that this industry may be moving in four-year cycles, oscillating between crashes and frenzies.

Crypto Markets & Development
2013: Frenzy & Over-Promise2014: Crash & Under-Deliver2015: Consolidate & Ship2016: Lift & Refine for Adoption
2017: Frenzy & Over-Promise2018: Crash & Under-Deliver2019: Consolidate & Ship2020: Lift & Refine for Adoption
2021: Frenzy…
— Chris Burniske (@cburniske) January 13, 2019

Drawing attention to the crypto space’s status during 2013 through 2016, he noted that the passing of each year hails in a new developmental stage. The four stages are as follows: frenzy & promise, crash & under-deliver, consolidate & ship, lift & refine for adoption.
By this logic and pseudo-schedule, the crypto sector just left a year rife with under-delivery and crashes — accentuated by internal struggles at a handful of preeminent startups, like Blockfolio, ShapeShift, Bitmain, Huobi, and ConsenSys. Although Burniske noted that his comments were an over-generalization, the former ARK Invest executive noted that he expects for prominent projects to ship product in 2019, just like how Ethereum launched in 2015.
The Placeholder partner added that his followers should keep an eye on Bitcoin “and friends” heading into 2020 — the year of liftoff and adoption — explaining that development is “much richer than many realize.” Burniske didn’t elaborate on this comment, but this could be in reference to the network’s booming fundamentals, which haven’t been reflected in the asset’s fiat valuation. In fact, it could be said that fundamentals were a contrarian indicator for the Bitcoin price, as downward pressure barely abated in 2018.
2019: The Year For Consolidation & Delivery
Burniske isn’t the only industry insider that expects for promising products, platforms, and services, to go crypto’s version of mainstream during fiscal 2019. Per previous reports from NewsBTC, Kyle Samani, the managing partner at Multicoin Capital, a Texas-based crypto fund with a $75 million capital injection, told Business Insider that he expects notable platforms to launch in 2019.
Samani first drew attention to decentralized exchanges (DEXs), noting that Binance’s newfangled platform, slated to launch into beta in Q1 or Q2, may catalyze a revolution for this innovative form of trading. The Multicoin Capital executive explained that once Binance successfully launches its DEX and in-house blockchain, the startup’s competitors may follow, launching platforms of their own.
Samani then noted that he expects a number of “high profile blockchain products,” which are likely to attract a mass of institutional and retail users, to go live. He specifically drew attention to Tari, an open-source venture built on Monero and backed by Riccardo Spagni. With Monero-based code, Tari will be able to facilitate the issuance and management of non-fungible tokens, like entertainment tickets, loyalty points, and video game items — colossal markets that crypto could easily tap.
Fred Wilson echoed this sentiment, explaining that unfulfilled promises from 2017 will begin to get fulfilled in 2019. Wilson, the co-founder of Union Square Ventures, exclaimed that he expects for big name projects, like Filecoin and Algorand, to begin to ship. The investor added that he expects for Cosmos, a yet-to-be-released smart contract platform, to begin to eat up a portion of Ethereum’s market share.
Bunriske’s recent inquisitive tweet storm comes just days after the leading investor claimed that the mainstream consciousness has almost lost sight of Bitcoin. Yet, if Burniske’s pseudo-prediction comes true, the public may begin to acknowledge this nascent industry yet again, but not in the context of a bull rally.
Featured Image from Shutterstock
The post VCs are Expecting Crypto Market to Deliver Massively in 2019, Will Price Reflect it? appeared first on NewsBTC.
Source: New feedNewsBTC.com

Analyst: Bitcoin to Bottom Out At Below $3,000 But it Could Easily Achieve 6-Figure Price

Crypto’s most fervent diehards have often been lambasted for their Bitcoin (BTC) price forecasts. Blockchain project promoter John McAfee, the eccentric millionaire behind the cybersecurity company that shares his surname, called for BTC to surpass $1 million by 2020’s end, claiming that he would consume his family jewels if the prediction doesn’t come to past. And while there’s a lot on the table — literally — his irrational claim, not backed by any form of technical or fundamental analysis, has put the now-crypto insider in a tough spot.
Yet, there are analysts out there that have tried to rationalize ludicrous BTC forecasts. And one such commentator recently took to Twitter, conveying his thoughts on why the foremost cryptocurrency may eventually burst out of its quintuple digit cell.
Related Reading: Big Predictions for 2019: Bitcoin Heading for New All Time High
The $333,000 Bitcoin Prediction
Weeks ago, as reported by NewsBTC previously, Filb Filb, a pseudonymous crypto trader known for conveying some zany price predictions, took to his Twitter feed to post a single chart, released in tandem with a nebulous message — “this time it will be different.” The chart, which highlighted Bitcoin’s entire history as a liquid asset, accentuated the asset’s multi-year cycles, seemingly bred from BTC’s issuance schedule.
Basing his chart on historical analysis, Filb drew lines that indicated that BTC could bottom anywhere between $2,500 and $3,100 in the following 12 months. It was noted that if the cards play out correctly, the cryptocurrency could breach $10,000 for the first time since late-2017, starting a run to the auspicious $333,000 price point.
While Bitcoin’s historical price action lined up with this pseudo-prediction, no fundamentals were explained. And as such, skepticism ensued. Yet, nearly four weeks later, Filb has taken to Twitter again, releasing a 14-part thread on why his $333,000 call makes sense from a fundamental point of view.
Crypto Analyst Rationalizes Forecast
In a recent tweet storm, built on the premise of coming “up with a demo as to [prove] how BTC could easily achieve a six-figure valuation,” Filb laid out a number of fundamental inputs, including Bitcoin’s supply & rate of adoption, total global financial transactions, and worldwide debt.
After combining data sets and crunching an array of numbers, the trader, who sports over 10,000 followers on Twitter, determined that new BTC supply is “positively correlated with price.” The trader added that Bitcoin likely processes a minimum of 0.03% of all global transactions, citing an estimate that one billion financial processes are completed each day.
Doing some napkin math, taking the swelling worldwide debt sum of $274 trillion and combining it with BTC’s current level of adoption, Filb determined that a fair valuation for Bitcoin is ~$74 billion. Claiming that four million BTC is lost to the world, likely referring to a Bitstamp report on the matter, Filb then calculated that the cryptocurrency should be valued at $5,500 per unit, meaning that the broader market is currently undervaluing the asset by 37%.
However, that’s not to say that the cryptocurrency can’t see its use swell in the years to come. And this didn’t slip under Filb’s radar, as the trader went on to impose this model on a “long form valuation” chart for Bitcoin, which took all the aforementioned factors and variables into account.

By his logic, considering the Internet industry’s historical growth cycles of staggered booms and busts, he illustrated trends that accentuated that if all pans out for the world’s first blockchain, BTC could eventually enter the million dollar range.
Yet, remaining cautiously optimistic, Filb noted that his model is inherently flawed, even quipping that there are areas “where you could drive a bus through it.” Regardless, he made it clear that the cryptocurrency market will be in for the ride of its life, even if his model doesn’t click with investors worldwide. He even stated, “when the herd comes… hold on to your pants.”
Filb isn’t the only industry insider who has attempted to bring rationality and cold, hard numbers to price predictions. Trace Mayer, one of the earliest Bitcoiners and an advocate for anti-establishment movements, explained that with the advent of Lightning Network and other innovative protocols, coupled with the eventual influx of Wall Streeters, BTC will become the de-facto go-to investment for any intelligent consumer. Mayer even quipped that holding BTC will easily outpace an IRA or 401k, as the latter investments may get nationalized over time, or get printed straight out of existence (hyperinflation).
Featured Image from Shutterstock
The post Analyst: Bitcoin to Bottom Out At Below $3,000 But it Could Easily Achieve 6-Figure Price appeared first on NewsBTC.
Source: New feedNewsBTC.com

Celebrities May Be Scooping Up Millions Worth Of Bitcoin

Bitcoin started out as a grassroots movement. At first, developers, anarchists, and the internet zany were the first to adopt the cryptocurrency. Yet, over time, the crypto community has devolved into an array of demographics, with millions of individuals from across the globe investing time, money, and brainpower to bolster this industry. Recently, reports arose that even celebrities — and over a dozen at that — may be scooping up millions of dollars worth of BTC, and/or investing boatloads of capital into up-and-coming blockchain projects.
Leave it to the celebrities to hop on the gravy train.
Celebrities Have Experienced Bitcoin FOMO Too
Celebrities, like common Joes, are simply humans. That means that they too are subject to FOMO. And over the years, especially as Bitcoin and other cryptocurrencies ran several times, this Fear of Missing Out (FOMO) quickly influenced celebrities to make a foray into this nascent industry. Per a recent Business Insider report breaking down celebrities’ involvement in crypto, at least thirteen hotshots, who hail from the music, feature film, fashion industry, and — surprise — tech industry, could be holding hefty bags of the world’s favorite digital asset.
In 2013, as BTC surmounted its long-standing double-digit boundary, Snoop Dogg began to sell his albums for 0.3 BTC a pop. While the foray’s impact was quantified, Snoop set a ball rolling that hasn’t stopped since. Just a year after Snoop’s attempt at taking advantage of crypto-enabled e-commerce, British pop star Mel B sold her 2014 Christmas single, “For Once In My Life,” for BTC via CloudHashing. The former Spice Girl purportedly claimed that she’s enamored with the ability “new technology” has to make humanity better.
But, celebrities’ involvement in this sector has gone far deeper than pseudo-guerilla marketing through the acceptance of Bitcoin. Madonna purportedly joined hands with Facebook and Ripple for an online fundraiser. Johnny Depp, the eccentric yet extremely successful actor, became a partner at TaTaTu, a blockchain startup focused on providing consumers with rewards for content interaction.
In the realm of sports, Lionel Messi, who sports a jaw-dropping 107 million followers on Instagram, once became a brand ambassador for Sirin Labs, an Israeli startup with visions of providing blockchain-centric smartphones. It isn’t clear how much Sirin paid the soccer powerhouse, but Messi’s involvement in the upstart likely didn’t run cheap.
And while his billionaire peers are mostly skeptical of Bitcoin, Microsoft founder Bill Gates once lauded blockchain technology, ballyhooing BTC’s decentralized, cost-effective, and borderless nature in a Bloomberg interview. While has since turned his back on the crypto realm, Microsoft has kept its eye on the ball, accepting BTC for its online store, while embarking on a number of blockchain forays.
Bill Gates at the Clinton Global Initiative Annual Meeting at The Shertaon New York Hotel, Photo From Shutterstock
But it hasn’t been all smooth sailing. As reported by NewsBTC previously, Floyd Mayweather, one of the most well-recognized faces in boxing, was recently indited by the U.S. Securities and Exchange Commission (SEC) for promoting fraudulent, shady ICOs without disclosing his business relationships. Regardless, the fact that he made a conscious decision to overtly back a blockchain project indicates that maybe, Mayweather has a vested interest in BTC. Yet, since the regulatory imbroglio, Mayweather hasn’t made a mention of Bitcoin.
Crypto & Rap Worlds Collide
Interestingly, crypto has found a home in the hearts of rappers and hip hop artists across the globe. As aforementioned, Snoop, the American stoner that has garnered clout over his decades, first sold albums for BTC, before appearing at Ripple’s Consensus carouse. Mr. Worldwide, better known as Pitbull, has also dipped his feet into the proverbial crypto pond, once revealing that he would be launching a music-related blockchain project. More recently, a featured artist on Eminem’s Kamikaze album, Royce Da 5’9 name-checked Bitcoin.
However, there have been some fakers, if you will. In early-2018, 50 Cent took to Instagram to brag that he made millions of dollars of paper profits from a 700 BTC stash he garnered in 2014. Yet, in an expose, 50 Cent was revealed to have sold the stash, worth $14 million at BTC’s all-time high, in 2014. Woops.
Just recently, as reported by NewsBTC, Soulja “Drako” Boy, a Chicago-based artist of “Crank That” fame, regened on his passion for the cryptocurrency world. In an interview with Cheddar, the rapper, who released a track titled “Bitcoin” in October last year, claimed that cryptocurrency’s glory days are now in the rearview mirror. The American artist noted that “it’s a gamble,” before adding that the potential returns are lackluster, as too many individuals know of Bitcoin now.
While none of this is conclusive proof that these stars are purchasing millions worth of BTC or other cryptocurrencies, the endorsements have likely become tailwinds for this industry. Regardless, many still hold onto hope that Messi, Gates, and other high net-worth, well-known individuals are buying Bitcoin for the long haul.
Featured Image from Shutterstock
The post Celebrities May Be Scooping Up Millions Worth Of Bitcoin appeared first on NewsBTC.
Source: New feedNewsBTC.com

Binance Crypto and Blockchain Event in Singapore a Resounding Success

The final presentations of the Binance Blockchain Week in Singapore have concluded today marking the end of the four day event which has attracted thousands of attendees.
Two Day Conference Follows Two Day Hackathon
The event has been a resounding success with many of the biggest names in the industry taking the stage to promote the crypto ecosystem and a blockchain future. The world’s largest exchange by trade volume identified the need for a unifying conference in a market with a ‘large degree of turmoil’ at the moment. The goals of re-energizing and uniting efforts as uncertainty plagues the industry have been at the forefront of proceedings in Singapore.
The first two days held a hackathon based on the Binance ‘buidl’ ethos of working together to improve overall crypto security and foster a safer trading environment for the public. Using the Secure Asset Funds for Users (SAFU) acronym, teams from around the globe entered into friendly competition to enhance innovation in the industry.
Some of the innovative concepts from teams included deep graph analytics, avalanche consensus on a custom ledger, an e-commerce platform for a database of user reputation, and a crypto scoring platform. The winning team, Merkle Blox, proposed a smart contract based insurance to victims of hackers, ponzi schemes, or phishing scams. A prize of $50,000 in BNB was awarded.

A massive congratulations to the three winning teams of the #Binance #SAFU Hackathon who shared a prize of $100,000 USD worth of $BNB! Teams Perlin, Crypto Lynx & the overall winners Merkle Blox we salute you! #BUIDL #BinanceBlockchainWeek pic.twitter.com/ywixYx43S7
— Binance (@binance) January 21, 2019

The last two days have held the Binance Conference during which over 50 of the biggest names in the industry took to the stage to present their visions for the future of crypto. Yesterday held presentations from several CEOs and industry leaders on a range of topics including decentralized exchanges, dApp adoption and scaling, security token offerings, proof of work, and regulatory frameworks.
Today’s presentations included Da Hongfei, NEO founder, talking about the smart economy, followed by a discussion on crypto news and quality information. Justin Sun took the stage for his keynote on a new world of dApps on the blockchain with a good deal of promo for the new BitTorrent and Tron ecosystem and upcoming airdrops for TRX holders.

TRON founder @justinsuntron is giving a speech about the progress that #TRON has made and the related information about #BTT at Binance #BlockChainWeek in Singapore. pic.twitter.com/ZlrJZv6q73
— TRON Foundation (@Tronfoundation) January 22, 2019

Others taking the stage over the two day conference included CEO of eToro Yoni Assia, Anthony Pompliano, and of course CZ himself. Representatives from the Ethereum Foundation, Ripple, R3, Qtum, OmiseGO, Ontology, ConsenSys, KyberNetwork, Etherscan, Goldman Sachs, and Circle all added to the mix.
The message from the Singapore event has been very clear; crypto is here to stay and building a brighter future for the ecosystem is far more productive than simply focusing on markets and prices.
 
Image from Twitter
The post Binance Crypto and Blockchain Event in Singapore a Resounding Success appeared first on NewsBTC.
Source: New feedNewsBTC.com