Institutions Bet on Bitcoin Despite Year-Long Bear Market, Grayscale’s Report Reveals

CoinSpeaker

Institutions Bet on Bitcoin Despite Year-Long Bear Market, Grayscale’s Report Reveals

Grayscale revealed that Bitcoin products were invested in most, with 66 percent of inflows received from institutional investors.

Institutions Bet on Bitcoin Despite Year-Long Bear Market, Grayscale’s Report Reveals

Continue reading at Coinspeaker
Source: CoinSpeaker

Mike Novogratz Argues that Bitcoin Will Eventually Become Digital Gold

CoinSpeaker

Mike Novogratz Argues that Bitcoin Will Eventually Become Digital Gold

Mike Novogratz has announced once more that he is confident bitcoin will become a store of value in future even overtaking gold for that purpose to become the ultimate digital gold.

Mike Novogratz Argues that Bitcoin Will Eventually Become Digital Gold

Continue reading at Coinspeaker
Source: CoinSpeaker

Bitcoin [BTC] proponent Mike Novogratz predicts the transition of BTC into ‘digital gold’

According to Galaxy Digital Holdings Ltd. founder Mike Novogratz, Institutional money should start to flow in this market within the next year. The founder in an interview with Bloomberg said:
“All the architecture that institutions need to feel comfortable with this is being put in place. You’re going to start to see custody come online” by the middle of March, making way for “smart money” make an entrance in a serious way.”
Once there are custody solutions form the likes of Fidelity, multinational financial services corporation, institutions could start to enter the digital-asset space. As per the publication, Novogratz informed that Fidelity has 200 or 300 customers interested in investing in crypto. However, he warned that not all money managers would run in at once because people would like to test the waters before engaging capital.
As per the former hedge fund manager and Goldman Sachs Inc. partner, in the coming 12 months, there are going to be “institutions put a small amount of their assets” in digital currencies.”A small number of institutional assets is a lot of money,” informed the crypto enthusiast who once was a high-profile Wall Streeter.
Novogratz said that this flow will set the stage for a rally. He added that this flow will take Bitcoin to $80,000, versus the price of around $3,582 as of 8:30 a.m. in London. Bitcoin [BTC], the largest token in the cryptocurrency market had peaked till $19,000 in December 2017 after which it miserably fell and bottomed at approximately $3,136 in December 2018.
Novogratz also speculated in the interview by the publication that the next runup could possibly separate Bitcoin out from a lot of other cryptocurrencies, repeating himself that Bitcoin is going to become “digital gold”.
At press time, Bitcoin [BTC] was valued at $3,617.93 with a market cap of $63.4 billion. The coin reported a 24-hour trading volume of $6.5 billion while noting a fall by 0.40% in the past day and 0.37% in the past hour.
The post Bitcoin [BTC] proponent Mike Novogratz predicts the transition of BTC into ‘digital gold’ appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin To Be Digital Gold, Galaxy Digital Founder Talks on ‘Bitcoin Recovery Phase’

So during a Bloomberg Daybreak show in Europe, today on Feb 13, 2019, Mike Novogratz of Galaxy Digital discusses something very interesting that many investors, traders and crypto enthusiasts were waiting to listen. He says ‘we are in the fresh phase of recovery in crypto’.
We’re at Recovery in Crypto
In a discussion, Mike talks about the bitcoin bubble, occurred in late 2017, the nature of institutional investors and the future of Bitcoin. During the interview today, Mike was quite optimistic about the future of Bitcoin. While asking the phase of crypto enthusiasts are experiencing at present, Mike recalls price of Bitcoin in end 2017 and states it as ‘a fantastic bubble in crypto’.
We had a fantastic bubble in crypto. Last year we realized how painful the bubble can be.!said Mike
Pointing towards 2018 that showed 98% loss, then 68% and then 65% eventually, he calls it ‘a recovery phase’. Noting these stages in the crypto market, Mike believes that last year, the crypto market had a recovery’.
Bitcoin is Going to Be Digital Gold
Talking about the future of Bitcoin, he says that Bitcoin would be different from other cryptocurrencies, pointing Bitcoin as a digital Gold. He states that Bitcoin is a sovereign which will be surrounded by guns as it must have security. In his words;
Bitcoin gonna be a Digital Gold. There is gonna be where sovereign money – a place where you have sovereign money. US money is not Chinese money, it is sovereign. Sovereignty would cost a lot, it should cost a lot. Bitcoin is  digital.
He further compare Bitcoin with gold, as such he says ‘we keep gold, surround by guns because it is a store value’. Moreover, Mike believes not every cryptocurrency needs the same level of security. He says;
Every cryptocurrency is need not to be surrounded by guns and every blockchain doesn’t need the same level of security, doesn’t need to be surrounded by Gun.
The post Bitcoin To Be Digital Gold, Galaxy Digital Founder Talks on ‘Bitcoin Recovery Phase’ appeared first on Coingape.
Source: CoinGape

Crypto Pioneer Mark Jeffrey is Sure that Bitcoin will Reach $250k, and Here’s Why

CoinSpeaker

Crypto Pioneer Mark Jeffrey is Sure that Bitcoin will Reach $250k, and Here’s Why

Bitcoin pioneer, Mark Jeffrey, who published “Bitcoin Explained Simply” (2013) and “The Case For Bitcoin” (2015), bets that Bitcoin will multiply surpass the earlier highs seen towards the end of December 2017.

Crypto Pioneer Mark Jeffrey is Sure that Bitcoin will Reach $250k, and Here’s Why

Continue reading at Coinspeaker
Source: CoinSpeaker

Mike Novogratz: All the Big Macro Funds Should Hold at Least Small Percentage in Bitcoin

CoinSpeaker

Mike Novogratz: All the Big Macro Funds Should Hold at Least Small Percentage in Bitcoin

Mike Novogratz, the chief executive of the TSX-listed Galaxy Digital, made a surprising remark that came straight out of left field saying that he doesn’t understand why large macro funds don’t have a 1% position in Bitcoin (BTC).

Mike Novogratz: All the Big Macro Funds Should Hold at Least Small Percentage in Bitcoin

Continue reading at Coinspeaker
Source: CoinSpeaker

$3 Trillion Hedge Fund Industry Should Have 1% In Bitcoin (BTC), Claims Novogratz

Although undoubtedly Bitcoin rose to worldwide fame and glory in late-2017, institutions have been slow to make a bonafide foray into this asset class. In fact, effectively zero preeminent Wall Street funds have divulged that they have taken active stakes in cryptocurrencies. Many traditionalists would argue that this is for good reason, but crypto’s enthusiasts have been left asking — what’s the deal?
Novogratz: Where Are Bitcoin Allocations From Wall Street?
In a tweet issued on Saturday, Mike Novogratz, the chief executive of the TSX-listed Galaxy Digital, made a surprising remark that came straight out of left field. The former Fortress Investment and Goldman Sachs executive, who has become a full-on crypto diehard, explained that he doesn’t understand why large macro funds, such as Ray Dalio’s Bridgewater Associates, don’t have a 1% position in Bitcoin (BTC).

Don’t understand why all the big macro funds out there don’t have a 1 percent position in $btc. Just seems logical even if your prone to be a skeptic. @RayDalio #goldproxy #animalspirits #greatriskreward
— Michael Novogratz (@novogratz) February 9, 2019

Backing his comment, Novogratz added that such a move is logical “even if you are prone to be a skeptic,” likely touching on the asymmetric risk-return profile that cryptocurrencies are best known for.
For some perspective, Winton, a British investment management firm, estimates that hedge funds worldwide hold a minimum of $3 trillion in assets. Thus, a ubiquitous 1% allocation would see $30 billion rush into BTC at the bare minimum, which would push the cryptocurrency likely beyond its late-2017 high due to fiat multipliers.
While this would be crazy in and of itself, some argue that this is just the tip of the iceberg. In an installment of Off The Chain, Anthony Pompliano of Morgan Creek Digital Assets claimed that “every pension fund (valued at ~$4.5 trillion) should buy Bitcoin.” Pompliano explained that a potential solution to solve the pension crisis, whereas such funds will likely default on some, if not most of their payments, is to simply buy cryptocurrencies. Bitcoin, for one, is a non-correlated asset, with Pomp even calling it “the holy grail of any portfolio.”

This isn’t even an unproven fact. PlanB, a leading crypto researcher, recently remarked that a 1% BTC and 99% cash portfolio beat the performance of the entire S&P 500 over the last ten years. Although the difference between the two portfolios was marginal, with mere percentage points separating their performance, PlanB claimed that Bitcoin simply has a better risk-to-return profile than U.S. equities.
In response to this, Pompliano remarked that this trend is likely going to continue over the next decade.
Bitcoin Isn’t Only A Diversifier, But A Hedge Against Fiscal Irresponsibility
Not only is Bitcoin likely going to be a great diversifier in the long haul, but many argue that it is a perfect hedge against poor fiscal practices from central banks, like the U.S. Federal Reserve. In a comment given at an alternative investment conference in the Grand Cayman, Travis Kling, the chief investment officer of Ikigai, remarked that the flagship cryptocurrency is the perfect hedge against “fiscal and monetary policy irresponsibility.”
Kling, a former Point72 portfolio manager even likened Bitcoin to a credit default swaps (CDS) against central banks’ enamorment with printing money. The Ikigai head, who made a sudden U-turn at the peak of 2017’s crypto boom, as he downed a red pill to foray into cryptocurrencies, remarked that he’s wary of the build-up of debt on government balance sheets. Kling even stated that the monumental rise of enlisted quantitative easing (QE) strategies is “how you would write the script” for the adoption of cryptocurrencies, especially ones that are fully decentralized, the world over.
Featured Image from Shutterstock
The post $3 Trillion Hedge Fund Industry Should Have 1% In Bitcoin (BTC), Claims Novogratz appeared first on NewsBTC.
Source: New feedNewsBTC.com

Bitcoin Price Prediction for 2019: Experts View

CoinSpeaker

Bitcoin Price Prediction for 2019: Experts View

John Ryan, experienced writer and crypto enthusiast, takes a look at major Bitcoin price predictions by industry’s top experts, unveiling what we can expect from the main cryptocurrency in 2019.

Bitcoin Price Prediction for 2019: Experts View

Continue reading at Coinspeaker
Source: CoinSpeaker

Bitcoin Believer Novogratz May Salvage Struggling Crypto Startups With $250M

There may be a drought in the broader retail Bitcoin market, but in the crypto financier space, spirits seem to be as high as ever. Well, that’s what Mike Novogratz, the founder of merchant bank Galaxy Digital, thinks anyway. Just recently, the former Wall Street investor, who held stints at Fortress Financial and Goldman Sachs, purportedly began a search for funding in the nine-digit realm.
Related Reading: Unbreakable: Mike Novogratz Remains a Bitcoin Bull in a Bleeding Market
Fervent Bitcoin Bull Novogratz Pushes The Envelope
Over recent years, Novogratz, often deemed crypto’s most fervent, persistent bulls and believers, has quickly expanded Galaxy, his brainchild, to cover a number of this sector’s expansive roster of facets. According to a Business Insider report, which cited those familiar with the matter, the American investor, who stumbled across Bitcoin in 2013, is looking to expand his firm’s borders yet again.
The outlet’s insiders purportedly claimed that Novogratz is seeking a minimum of $250 million for a credit fund, which would offer U.S. dollar loans to crypto and blockchain upstarts. If this fund goes live, Galaxy will purportedly gather, sift through, and approve industry companies for loans, before asking for holdings like Bitcoin, properties, and even ASIC machines as some much-needed collateral.
As crypto firms, such as Huobi, Bitmain, BlockEx, Shapeshift, and Blockfolio, have been struggling recently, laying off workers to preserve their war chests, Galaxy will likely vet loan candidates with an iron fist.
Two sources told Business Insider that the fund could close its first round of fundraising in March, as Galaxy wishes to capitalize on swelling demand from borrowers. The insiders didn’t reveal if any prospective investors have taken up Novogratz on his offer yet.
Although Novogratz’s new venture evidently has some semblance of novelty, as it would line the pockets of investors and bolster the crypto industry simultaneously, some are wary that it may not garner an adequate amount of traction during its fundraiser.
Crypto Funds Stutter In 2018
In a recent report, Crypto Fund Research revealed that while “2018 was a record year for crypto fund launches,” the numbers are not as they seem. While 239 funds launched over the past 12 months, 42 funds were closed, playing into Anthony Pompliano’s theory that such opportunities would begin to shutter operations due to ongoing financial qualms. The chief executive of the research group, Josh Gnaizda, went on to claim why the 239 sum isn’t as bullish as it ostensibly seems. Gnaizda wrote:
“The record number of new launches this year doesn’t accurately reflect the current reality. Nearly half of all crypto funds launched this year were launched in Q1 2018 when euphoria over prices was still peaking. Since that time, we’ve seen not only fewer launches, but also an increasing number of funds being dissolved. We expect this trend to continue in the short-term.”
But it isn’t all “bad news bears” for crypto’s funds and venture investors. The Crypto Fund Research report went on to reveal that high-ticket cheques continued to flow in, even as Bitcoin and other cryptocurrencies dropped as 2018 elapsed. In fact, the Bay Area-based research unit revealed that the asset under management figure for all crypto funds grew to over $10 billion. And it seems that Galaxy is attempting to capitalize on this uptick, even as cynics continually tout their skepticism.
And Galaxy isn’t alone in its efforts to prop up a crypto fund, even as the crypto winter continues to ravage industry participants. As reported by NewsBTC previously, 1confirmation, one of the first crypto-dedicated venture groups, is looking for prospective investors. Sources revealed that 1confirmation is looking for $60 million for its second fund — more than double the amount it raised in a previous fundraiser.
With this newfangled venture, 1confirmation, which has holdings in recently-launched Veil, Coinbase, Bitcoin, Ethereum, among other opportunities, plans to back nascent crypto projects by purchasing equity or tokens. Although 1confirmation seemingly has high hopes for its fund, as its first venture secured funding from Mark Cuban, Marc Andreessen, and Thiel Capital, 2018’s downturn likely killed faith in this nascent sector.
But maybe — just maybe — 1confirmation and Galaxy Digital may have enough star power to attract the attention of high-net-worth individuals, Wall Street hotshots, and forward-thinking institutions that have a finger on the Bitcoin trigger.
Featured Image from Shutterstock
The post Bitcoin Believer Novogratz May Salvage Struggling Crypto Startups With $250M appeared first on NewsBTC.
Source: New feedNewsBTC.com

Nasdaq Finally Gives a Green Light to Cryptocurrency

CoinSpeaker

Nasdaq Finally Gives a Green Light to Cryptocurrency

Blockchain technology company Symbiont Inc just got $20 million from a series B funding round. Nasdaq Ventures led the round and is one of Nasdaq’s biggest move towards the crypto market yet.

Nasdaq Finally Gives a Green Light to Cryptocurrency

Continue reading at Coinspeaker
Source: CoinSpeaker

Bithumb Enters ‘Reverse Merger’ to Go Public in the U.S.

CoinSpeaker

Bithumb Enters ‘Reverse Merger’ to Go Public in the U.S.

Bithumb aims to enter the US stocks market with a reverse merger strategy. If successful, BTHMB will become the first publicly traded cryptocurrency exchange in the United States.

Bithumb Enters ‘Reverse Merger’ to Go Public in the U.S.

Continue reading at Coinspeaker
Source: CoinSpeaker

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

Bitcoin Giant Bitfury Enters Music Industry with Its New Blockchain-Based Platform

CoinSpeaker

Bitcoin Giant Bitfury Enters Music Industry with Its New Blockchain-Based Platform

Named SurroundTM, Bitfury’s music entertainment division will provide a digital system for both monetizing and sharing intellectual property.

Bitcoin Giant Bitfury Enters Music Industry with Its New Blockchain-Based Platform

Continue reading at Coinspeaker
Source: CoinSpeaker

Crypto Year in Review: How Bitcoin (BTC) Performed in 2018 and What Hides in 2019?

CoinSpeaker

Crypto Year in Review: How Bitcoin (BTC) Performed in 2018 and What Hides in 2019?

On December 17th, 2017 the price of Bitcoin neared $20,000. Optimists hoped that was just the beginning. They were right: that was the beginning.. but maybe the beginning of end? Check out how BTC performed in 2018 and what is likely to hide in 2019.

Crypto Year in Review: How Bitcoin (BTC) Performed in 2018 and What Hides in 2019?

Continue reading at Coinspeaker
Source: CoinSpeaker

Bitcoin [BTC] proponent says China could be racing against the US amidst cold war to create a crypto-based national currency

Mike Novogratz, referring to Brian Brooks’ article, “America Could Lead the Transition to a Digital Currency Reserve”, said that China might be racing against the US to create its own crypto-Renminbi [RMB] and hence become the global reserve currency.
Coinbase’s CLO, Brian Brooks, recently opined about how the US is not keeping up with cryptocurrencies when it could become be developing a transnational currency that would help it become a leader in dire times like today when the inflation is sky-rocketing.
Brooks mentioned how the US currency has dominated the global markets as it supported and led the internet revolution which birthed major industry players like Facebook, e-bay leading to the creation of jobs and hence improving the economy.
The article published in New York Times stated:
“The greenback’s share of global central-bank reserves has declined in nine of the past 10 quarters… The slide is hardly new: It began a decade ago when European leaders attempted to replace the dollar with a euro-based “basket” of currencies as the common global reserve.”
Brooks went on to talk about how the underlying technology, blockchain that makes the cryptocurrencies tick, could be the golden goose that the US needs to propel it to the top.
Countries like Malta, Switzerland, Singapore, China, and Japan are trying to get ahead of the world to become the leaders by adoption and riding the wave of digital assets.
Mike Novogratz, aka the Bitcoin guru, tweeted on how the US needs to get ahead in adopting and developing cryptocurrencies.
He tweeted:
“This is an important point. If China creates a crypto RMB that could become the payment of choice in lots of the developing world. If I was President Xi, and in a Cold War with the USA, I would be racing to do just that.”
However, Novogratz’s opinion attracted some people who disagreed with the idea a state-issued cryptocurrency.
A user Davon Mezcal commented:
“If its a state issued crypto, its suffers from the same issues of centralization that plague fiat currently. Aside from a means to outlaw cryptos, this cant really change the fact that a regime without sound money will eventually fail.”
Another user, Notmy Realname replied:
“DIGITAL rmb. People need to understand it would NOT be a “crypto” and you need to not help mislead people.”
Master Control Program commented:
“Are we winning behind the curtains ? This would be sad if other countries create better monetary environments because of regulatory stifling here in the states. If you can’t change/control something then slow it down. Motto here in the states.”
The post Bitcoin [BTC] proponent says China could be racing against the US amidst cold war to create a crypto-based national currency appeared first on AMBCrypto.
Source: AMB Crypto