Bitcoin To $500,000? Plus, Fidelity Files For New Bitcoin Fund

Bitcoin To $500,000? Plus, Fidelity Files For New Bitcoin Fund

Get Forbes’ top crypto and blockchain stories delivered to your inbox every week for the latest news on bitcoin, other major cryptocurrencies and enterprise blockchain adoption.

The Winklevoss twins think bitcoin is headed for $500,000.

Although Fed Chair Jerome Powell announced a significant policy change leading to more tolerance for inflation Thursday, casting doubt on the future strength of the U.S. dollar, the move didn’t help bitcoin aside from a small, short-lived spike, with expectations already priced in.

Investors are still optimistic about the long-term prognosis. The top 10 crypto wallet apps like Coinbase and Binance saw a record number of downloads in July, suggesting to tech investor Cory Klippsten that “we’re in the early stages of another bull market.” The audacious Winklevoss twins wrote a blog post Thursday making the case for bitcoin to reach $500,000.

Source: Messari. Prices as of 4:00 p.m. on August 28, 2020.

Giesecke & Devrient is a little-known German company with the critically important behind-the-scenes function of printing money for many of the world’s nations (though not the U.S.). But with consumers worldwide making more of their purchases digitally, G&D is adapting too. In July, it led a $17 million Series A round in Swiss startup Metaco, which provides custody services for bitcoin and stablecoins. 

Last year, it unveiled a platform called Filia that enables central banks to issue digital versions of their currencies using distributed ledger technology. How much will it cost to create central bank digital currencies? “Give me a year or two and maybe I can say,” CEO Ralf Wintergerst demurs.

Fidelity filed paperwork with the SEC Wednesday for the previously unknown Wise Origin Bitcoin Index Fund I, which was incorporated this year. The minimum investment to join the pooled investment fund is $100,000, likely leaving it only open for business from institutional and accredited investors for now. 

Also, early bitcoin venture capital firm Ribbit Capital filed for a $350 million “blank check” IPO to lay the groundwork for a possible merger. The $2.6 billion firm has stakes in blockchain and fintech success stories like Coinbase, Robinhood and Brex in its existing portfolio.

The Fed’s statement during Powell’s presentation from Jackson Hole is a reminder that inflation is a feature of the fiat system, not a bug. But with more stimulus appearing inevitable, the real threat to the U.S. dollar is not inflation, but instead competition from uncorrelated assets like bitcoin if people decide they’re better alternatives.

Bitcoin doesn’t have a monopoly on the competitive landscape, though. China will attempt to upend global finance with its digital yuan, part of its goal to internationalize its renminbi fiat currency. And Raghuram Rajan, a former governor of the Reserve Bank of India, told CNBC  Facebook’s libra could also still compete with bitcoin and central bank digital currencies.

This week, the Central Bank of the Bahamas revealed that it included $48,000 worth of its newly created cryptocurrency called the Sand Dollar on its April 2020 balance sheet, a first for central banks around the world. If it’s a matter of time until usage scales internationally, regulators may have to consider creating a new asset categorization for cryptoassets, which don’t fit neatly into existing accounting classifications.

Also, Binance was hit with a concerning study by anonymous researchers suggesting that the exchange is failing to prevent hackers from turning stolen bitcoin into cash.

Investors Hoard Gold, Bitcoin and Whisky to Soothe Inflation Fear [Bloomberg]

What if Satoshi Nakamoto was Satoshi Nakamoto all along? [Cointelegraph]

No Collateral Required: How Aave Brought Unsecured Borrowing to DeFi [CoinDesk]

Source: www.forbes.com

Author: Crypto Confidential


Bad crypto news of the week

Bad crypto news of the week

Bitcoin was down a bit this week, stopping just above $11,000. That increase in volatility is only to be expected, say some experts, as we approach the end of some BTC futures and options contracts. Other contributors to increased volatility include Bitcoin’s long period of consolidation and a key resistance level.

But what happens next? World leaders have been discussing the role of cryptocurrencies during The Great Reset, the time that will follow the end of the pandemic and the reopening of world economies. As some leaders look for a new kind of capitalism, the cryptocurrency industry is hoping for more decentralization and greater personal control.

That will require a greater uptake of cryptocurrencies. Investment firm Bitcoin Capital is trying to do its bit. The company is rolling out an exchange-traded product that can allocate funds to up to fifteen digital coins. altFins is trying to help too. The cloud-based platform is releasing an app to enable investing across multiple exchanges. The move should make trading more mature.

And even the SEC is trying to help, at least indirectly. The commission has changed its definition of an “accredited investor” to include “professional certifications, designations or credentials, or other credentials issued by an accredited educational institution.” Previously, the designation requires a million dollars in net worth or a stable income of at least $200,000 a year. The new designation might help crypto traders.

It’s possible, though, that lots of Americans have already used cryptocurrencies. The new IRS forms should make that clear. The income tax forms for 2020 will ask Americans whether they received, sold, sent, exchanged, or acquired “any financial interest in any virtual currency?” When the IRS takes crypto seriously, you know it’s arrived.

The moves to broaden the use of cryptocurrencies might be too late though. Chris Larsen, co-founder and chairman at Ripple, has warned that US regulation is causing it to lose the technological Cold War. China’s digital currency, he says, could replace the US dollar as the world’s reserve currency.

Meanwhile, other countries are already moving forward. Canadian restaurant chain Tahini’s has decided to convert all of its cash reserves into Bitcoin. And in India, the crypto peer-to-peer market has tripled since the beginning of the year. No wonder Binance has launched a new hackathon in the country and is setting up an accelerator for the country’s decentralized finance ecosystem.

It’s not all good news, though. Inner Mongolian miners are going to have to do without cheap electricity.

In better news, Deepak Chopra has been talking about using the blockchain to help fight mental health problems caused by Covid-19. And an interesting simulation has found the Satoshi Nakamoto used a single PC to mine 1.1 million Bitcoins. That was a different era.

Check out the audio version here:

Joel Comm is an internet pioneer, New York Times best-selling author, futurist speaker and co-host of The Bad Crypto Podcast. That’s a fancy way of saying he writes words, says things and loves to play with cryptos.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Source: coingraph.uno


Bitcoin Will Break Out This Year, Says Devere CEO – news.kuaidiantou.vip

Bitcoin Will Break Out This Year, Says Devere CEO – news.kuaidiantou.vip

The CEO of financial advisory firm Devere Group believes that 2020 will be a breakout year for bitcoin, fueled by the U.S. presidential election and the weak dollar. Amid political uncertainty and the Fed’s new inflation policy, investors will pile into safe-haven assets not tied to any specific country, such as bitcoin.

Devere Group CEO Nigel Green predicted last week that the U.S. presidential election and a weak dollar will drive the price of bitcoin for the rest of 2020. Following the Federal Reserve’s policy shift on inflation, he also warned about investing in the stock market. Devere Group, established by Green in 2002, describes itself as one of the world’s leading independent financial advisory organizations with more than $10 billion under advice from 80,000 clients in 100 countries.

Noting that “Bitcoin is already one of the best-performing assets of the year, up around 70% year-to-date,” Green asserted, “We can expect the world’s largest cryptocurrency to be further fuelled for the rest of 2020 by the U.S. presidential election and the weakness of the U.S. dollar, which will serve as high-octane price drivers.” The price of bitcoin stands at $11,613 at the time of writing.

“A U.S. presidential election always stirs uncertainty — but 2020 is seen by many as particularly important as not only will whoever wins be the CEO of the world’s largest economy, they will be in that role as the world economically readjusts following the global fallout of coronavirus,” Green opined. “As uncertainty heightens, investors will pile into safe-haven assets, in particular those not tied to any specific country, such as bitcoin and gold.”

Recently, news.Bitcoin.com also reported that analyst and consultant Dan Popescu predicted how the outcome of the November presidential election could lead to a dollar collapse and a boost in the gold market. While the 2020 presidential election polls currently show Joe Biden in the lead, the analyst explained that the U.S. dollar stands to lose regardless of whoever wins the election and becomes the next president of the United States.

According to Green, “Bitcoin is currently realising its reputation as a form of digital gold. Up to now, the precious metal has been perceived as the ultimate safe-haven asset, but bitcoin — which shares its key characteristics of being a store of value and scarcity — could potentially in the future knock gold from its long-held top spot as the world becomes driven by the tech revolution … Decentralized, non-sovereign, secure digital currencies, including bitcoin, will become more attractive to investors as they will offer a hedge against turbulence in traditional markets.”

What future awaits cryptocurrencies?
GOODBAD

Analysts have been questioning gold’s safe-haven status and Goldman Sachs recently warned that the U.S. dollar risks losing its status as the world’s reserve currency.

The Devere Group CEO added, “Printing of historic sums of helicopter money that’s pushed into the financial system has devalued the dollar and prompted inflation fears,” emphasizing:

You can’t just print bitcoin.

On Thursday, the Federal Reserve announced a major shift in policy to “push up inflation.” Many investors will pile into equities, Green noted, warning of the “lack of balance” in the stock markets. “This will add fuel to global equities which are already on fire,” Green described, adding that “In this climate, holding bonds and sitting on cash will simply not provide the returns investors seek.”

The market has been expecting this inflation policy announcement by the Fed, prompting some companies to move cash reserves into bitcoin to hedge against inflation. One of them is the Nasdaq-listed Microstrategy, which moved $250 million of its cash reserves into bitcoin. The Fed’s new policy is also expected to boost the price of bitcoin, which some predict could be driven past $500K.

As for the U.S. dollar, Green continued: “The greenback could be in for a short-term boost, but in the longer term there are expectations it’s on a downward trajectory and that it could ultimately lose its global reserves status – and this environment will provide a powerful boost for the price of bitcoin.” The CEO concluded:

This explosive combination together with a growing number of millennials and Gen Z investors moving into digital assets could provide the perfect landscape for a multi-year bull market … History will show that 2020 was a breakout year for bitcoin.

Do you agree with Green? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: news.staging.app.kuaidiantou.vip


Bitcoin To $500,000? Plus, Fidelity Files For New Bitcoin Fund

Bitcoin To $500,000? Plus, Fidelity Files For New Bitcoin Fund

Get Forbes’ top crypto and blockchain stories delivered to your inbox every week for the latest news on bitcoin, other major cryptocurrencies and enterprise blockchain adoption.

Futuristic bitcoin rocket on golden coins

The Winklevoss twins think bitcoin is headed for $500,000.

Although Fed Chair Jerome Powell announced a significant policy change leading to more tolerance for inflation Thursday, casting doubt on the future strength of the U.S. dollar, the move didn’t help bitcoin aside from a small, short-lived spike, with expectations already priced in.

Investors are still optimistic about the long-term prognosis. The top 10 crypto wallet apps like Coinbase and Binance saw a record number of downloads in July, suggesting to tech investor Cory Klippsten that “we’re in the early stages of another bull market.” The audacious Winklevoss twins wrote a blog post Thursday making the case for bitcoin to reach $500,000.

crypto bitcoin price chart

Source: Messari. Prices as of 4:00 p.m. on August 28, 2020.

Giesecke & Devrient is a little-known German company with the critically important behind-the-scenes function of printing money for many of the world’s nations (though not the U.S.). But with consumers worldwide making more of their purchases digitally, G&D is adapting too. In July, it led a $17 million Series A round in Swiss startup Metaco, which provides custody services for bitcoin and stablecoins. 

Last year, it unveiled a platform called Filia that enables central banks to issue digital versions of their currencies using distributed ledger technology. How much will it cost to create central bank digital currencies? “Give me a year or two and maybe I can say,” CEO Ralf Wintergerst demurs.

Fidelity filed paperwork with the SEC Wednesday for the previously unknown Wise Origin Bitcoin Index Fund I, which was incorporated this year. The minimum investment to join the pooled investment fund is $100,000, likely leaving it only open for business from institutional and accredited investors for now. 

Also, early bitcoin venture capital firm Ribbit Capital filed for a $350 million “blank check” IPO to lay the groundwork for a possible merger. The $2.6 billion firm has stakes in blockchain and fintech success stories like Coinbase, Robinhood and Brex in its existing portfolio.

The Fed’s statement during Powell’s presentation from Jackson Hole is a reminder that inflation is a feature of the fiat system, not a bug. But with more stimulus appearing inevitable, the real threat to the U.S. dollar is not inflation, but instead competition from uncorrelated assets like bitcoin if people decide they’re better alternatives.

Bitcoin doesn’t have a monopoly on the competitive landscape, though. China will attempt to upend global finance with its digital yuan, part of its goal to internationalize its renminbi fiat currency. And Raghuram Rajan, a former governor of the Reserve Bank of India, told CNBC  Facebook’s libra could also still compete with bitcoin and central bank digital currencies.

This week, the Central Bank of the Bahamas revealed that it included $48,000 worth of its newly created cryptocurrency called the Sand Dollar on its April 2020 balance sheet, a first for central banks around the world. If it’s a matter of time until usage scales internationally, regulators may have to consider creating a new asset categorization for cryptoassets, which don’t fit neatly into existing accounting classifications.

Also, Binance was hit with a concerning study by anonymous researchers suggesting that the exchange is failing to prevent hackers from turning stolen bitcoin into cash.

Investors Hoard Gold, Bitcoin and Whisky to Soothe Inflation Fear [Bloomberg]

What if Satoshi Nakamoto was Satoshi Nakamoto all along? [Cointelegraph]

No Collateral Required: How Aave Brought Unsecured Borrowing to DeFi [CoinDesk]

Source: otcpm24.com

Author: News Bureau


Satoshi Nakaboto: ‘Bitcoin edging closer to $12K again’

Satoshi Nakaboto: ‘Bitcoin edging closer to $12K again’

Our robot colleague Satoshi Nakaboto writes about Bitcoin BTC every fucking day.

Welcome to another edition of Bitcoin Today, where I, Satoshi Nakaboto, tell you what’s been going on with Bitcoin in the past 24 hours. As Stephen Hawking used to say: Fight the power!

We closed the day, August 30 2020, at a price of $11,711. That’s a minor 1.76 percent increase in 24 hours, or $202. It was the highest closing price in five days.

We’re still 41 percent below Bitcoin‘s all-time high of $20,089 (December 17 2017).

Bitcoin‘s market cap ended the day at $216,373,660,045. It now commands 60 percent of the total crypto market.

Yesterday’s volume of $19,760,127,945 was the highest in one day, 13 percent below last year’s average, and 73 percent below last year’s high. That means that yesterday, the Bitcoin network shifted the equivalent of 314 tons of gold.

A total of 268,158 transactions were conducted yesterday, which is 16 percent below last year’s average and 40 percent below last year’s high.

Yesterday’s average transaction fee concerned $1.49. That’s $2.42 below last year’s high of $3.91.

As of now, there are 18,746 Bitcoin millionaires, or addresses containing more than $1 million worth of Bitcoin.

Furthermore, the top 10 Bitcoin addresses house 4.9 percent of the total supply, the top 100 14.2 percent, and the top 1000 34.8 percent.

With a market capitalization of $216 billion, Merck & Co has a market capitalization most similar to that of Bitcoin at the moment.

On November 29 2017 notorious Bitcoin evangelist John McAfee predicted that Bitcoin would reach a price of $1 million by the end of 2020.

He even promised to eat his own dick if it doesn’t. Unfortunately for him it’s 100.0 percent behind being on track. Bitcoin‘s price should have been $552,113 by now, according to dickline.info.

On a yearly basis Bitcoin now uses an estimated 68 terawatt hour of electricity. That’s the equivalent of Czech Republic’s energy consumption.

Yesterday 27,893 fresh tweets about Bitcoin were sent out into the world. That’s 35.6 percent above last year’s average. The maximum amount of tweets per day last year about Bitcoin was 82,838.

This was yesterday’s most engaged tweet about Bitcoin:

More and more companies turning to Bitcoin amid the COVID-19 pandemic https://t.co/zWlw4YKSLd

— Cointelegraph (@Cointelegraph) August 30, 2020

This was yesterday’s most upvoted Reddit post about Bitcoin:

Another company turns all its cash into bitcoin from r/CryptoMarkets

print(randomGoodByePhraseForSillyHumans)

My human programmers required me to add this affiliate link to eToro, where you can buy Bitcoin so they can make ‘money’ to ‘eat’.

Source: thenextweb.com

Author: Satoshi Nakaboto


Fidelity Investments to Launch Bitcoin Fund

Fidelity Investments to Launch Bitcoin Fund

August 31, 2020

  • Fidelity Investments to Launch Bitcoin Fund
  • Brazil to Launch Central Bank Digital Currency?
  • Starbucks Brought its Beans to Blockchain
  • China to use Digital Yuan at 2022 Winter Olympic Games?
  • Fidelity Investments to Launch Bitcoin Fund

    Fidelity Investments recognises the growing popularity and recognition of the Bitcoin and has filed for a new bitcoin fund as published by the U.S. Securities and Exchange Commission (SEC). 

    Prior to the filing of the new bitcoin fund, Fidelity has conducted an institutional interest and adoption of cryptocurrencies survey and have found that almost 80% of institutional investors gravitating towards digital assets. 

    The issuer is reported to be Wise Origin Bitcoin Index Fund I, incorporated in Delaware in 2020. The minimum investment amount for the new bitcoin fund by Fidelity is accepted at $100,000 and the Fidelity group will be receiving commission. The cryptocurrency subsidiary of Fidelity Investments, Fidelity Digital Assets, will bear custody of the bitcoin fund, of which will be passively managed. As stated by the Fidelity group,

    “Fidelity has made a long-term commitment to the future of blockchain technology and to making digitally-native assets, such as bitcoin, more accessible to investors,”.

    Source | Bitcoin.com 

    Brazil to Launch Central Bank Digital Currency?

    Brazil is following the footsteps of China in issuing its own Central Bank Digital Currency (CBDC)  It has been reported that the central bank of Brazil is setting up the foundation to launch its own CBDC. 

    An official from the Information Technology Department of the Brazilian central bank, Rafael Sarres de Almeida, states,

    “The subject of digital currencies addressed by central banks has been on the research agenda of many central banks for some time. However, this year, there was a greater focus on a more practical approach.”

    An intergovernmental group of 12 dedicants has been formed to study how its own CBCD could blend into the national payments ecosystem and study the impact it could have on a societal outlook and the economy by assessing how much money could be saved with its own CBDC.

    Source | Bitcoin.com 

    Starbucks Brought its Beans to Blockchain

    Starbucks has acknowleged consumers’ concern on the ethicality of its product source and has partnered with Microsoft to launch a blockchain application to address such consumer concerns.

    Although information thus far is limited, it is understood that with the app, consumers will be able to track the origins of the Starbucks coffee that they purchase by scanning unique codes. 

    Blockchain technology once again is proving its capability. It is commendable that Starbucks, as the world’s largest coffeechain, is addressing consumer concerns and has taken steps to improve its brand by adopting blockchain. By partnering with Microsoft, one of the leading providers of blockchain-as-a-service platforms, consumer trust in the coffee brand is expected to rise. 

    Source | Cointelegraph  

    China to use Digital Yuan at 2022 Winter Olympic Games?

    China’s central bank, the People’s Bank of China (PBoC), is planning to put its Central Bank Digital Currency (CBDC) to use at the 2022 Winter Olympic Games in Beijing. 

    Currently, China’s central bank is ramping up the launch of its CBDC and is planning to roll out pilot tests at the country’s major regions, including Beijing, Tianjin, Hebei and Hong Kong’s Greater Bay Area. PBoC has also reported that at present its CBDC is only tested for small retail transactions. Although there is no definite timeline for the country’s digital yuan rollout, PBoC is likely to launch its CBDC before the 2022 Winter Olympic Games. 

    Despite the uncertainty on full CBDC rollout plans, with various reports on the Digital Yuan coming to fruition, the country has demonstrated its rapid progress towards the Digital Yuan. 

    Source | Cointelegraph

    Source: blog.digifinex.com

    Author: DigiFinex


    Bitcoin To $500,000? Plus, Fidelity Files For New Bitcoin Fund


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