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Tag: bitcoin

Bitcoin could nearly double and reach $5,000 soon, says Standpoint Research

Bitcoin could nearly double and reach $5,000 soon, says Standpoint Research

Bitcoin could nearly double and reach $5,000 soon, says Standpoint Research

 

Bitcoin traded near $2,600 Wednesday, according to CoinDesk.

Standpoint Research founder Ronnie Moas said the digital currency could rise to $5,000 "in a few months."

"This is not something I could keep my hands off of," Moas said.

Stock research analyst Ronnie Moas said he bought bitcoin this weekend and thinks it could reach $5,000 within a year.

 

"$5,000 could happen in a few months. It's only starting to gain traction right now," Moas, founder of Standpoint Research, told CNBC in a phone interview Wednesday. "It's starting to spread like wildfire right now."

He pointed out that since only 21 million bitcoin can ever exist, increasing demand for the digital currency will naturally drive its price up.

Bitcoin briefly tripled in value this year, hitting a record $3,025.47 on June 11, according to CoinDesk. The digital currency traded Wednesday near $2,600, still more than double its Dec. 31 price of $968.

"This is not something I could keep my hands off of," Moas said. "What would be more painful than losing [money in cryptocurrencies] is not acting."

The research analyst said he invested a few hundred U.S. dollars each in bitcoin, ethereum and another digital currency called litecoin through Coinbase.com. After he releases a 40-page report on cryptocurrencies in the next few weeks, Moas said he plans to invest more in them.

The research analyst's view on bitcoin joins the optimistic views of others on Wall Street. On Sunday, Goldman Sachs' technical analyst Sheba Jafari said in a note that bitcoin could rise as high as $3,915.

300

Bitcoin could nearly double and reach $5,000 soon, says Standpoint Research Bitcoin could nearly double and reach $5,000 soon, says Standpoint Research

Stock research analyst Ronnie Moas said he bought bitcoin this weekend and thinks it could reach $5,000 within a year.

"$5,000 could happen in a few months. It's only starting to gain traction right now," Moas, founder of Standpoint Research, told CNBC in a phone interview Wednesday. "It's starting to spread like wildfire right now."

He pointed out that since only 21 million bitcoin can ever exist, increasing demand for the digital currency will naturally drive its price up.

Bitcoin briefly tripled in value this year, hitting a record $3,025.47 on June 11, according to CoinDesk. The digital currency traded Wednesday near $2,600, still more than double its Dec. 31 price of $968.

"This is not something I could keep my hands off of," Moas said. "What would be more painful than losing [money in cryptocurrencies] is not acting."

The research analyst said he invested a few hundred U.S. dollars each in bitcoin, ethereum and another digital currency called litecoin through Coinbase.com. After he releases a 40-page report on cryptocurrencies in the next few weeks, Moas said he plans to invest more in them.

The research analyst's view on bitcoin joins the optimistic views of others on Wall Street. On Sunday, Goldman Sachs' technical analyst Sheba Jafari said in a note that bitcoin could rise as high as $3,915.

Goldman Sachs says bitcoin could rise another 50% Goldman Sachs says bitcoin could rise another 50%

"In the next 6 to 12 months you're going to have a little bit of a hysteria," Moas said. However, "this has a long, long way to go before it gets to bubble territory."

Moas' reasoning is so little of global capital is in cryptocurrencies right now that the young digital currencies can absorb more of those funds without becoming overvalued.

McKinsey Global Institute estimated that the value of the world's stocks and debt rose to $212 trillion in 2010.

On the other hand, CoinMarketCap data showed the market capitalization of all cryptocurrencies has grown from below $20 billion at the start of this year to about $100 billion, still less than a tenth of a percent of global capital markets. Bitcoin has a market value of about $42 billion, according to CoinMarketCap.

"There will be scams, there will be accounts wiped out, there will be people that get hurt, like every other technology that is going on," Moas said. But "I think the cryptocurrency is here to stay. I think we're in the second inning of a 9-inning ball game."

Many, including some on Wall Street, believe that the blockchain technology behind bitcoin can fundamentally change the way the world operates, just like the internet did.

David Ogden
Entrepreneur

david ogden entrpreneur

 

Author: Evelyn Cheng

Alan Zibluk Markethive Founding Member

Fourth Largest Cryptocurrency Exchange Was Hacked. Users Lose Ethereum & Bitcoin

Fourth Largest Cryptocurrency Exchange Was Hacked. Users Lose Ethereum & Bitcoin

    

Bithumb, the world's fourth largest cryptocurrency exchange by volume,

confirmed a security incident during which an unknown hacker was able to make off with an yet undetermined amount of funds. Clues that something was wrong emerged on Thursday, when South Korean users, who make most of Bithumb's userbase, started complaining on a local social network about losing control over large funds stored in their Bithumb accounts. A day later after these complaints, the company officially admitted the breach in a blog post on its website, albeit it did not provide any meaningful details.

Attacker hacked Bithumb employee's PC

More facts came to light on Monday, when pressured by local media, the company revealed that the breach occurred after an unknown attacker hacked the personal computer of a Bithumb employee, from where he stole the details of over 31,800 Bithumb users — about 3% of the platform's entire userbase. According to local media [1, 2, 3, 4], the hack took place at around 22:00, local time, on Thursday, June 29, and the documents the hacker managed to access contained data on customer names, email addresses, and mobile phone numbers.

Soon after, Bithumb users started complaining online that someone was draining their accounts. It is unclear how the hacker gained control to targeted accounts. Some users reported losses as big as 10 million won ($8,700) worth of cryptocurrency. Local media grossly estimates that the attacker made off with billions of won in cryptocurrency, but Bithumb never confirmed the exact amount of stolen funds.

Bithumb promises to reimburse users

Based on a blog post published on Monday, the exchange doesn't seem to know the exact amount of money the attacker took. Nonetheless, in a gracious move, the company is willing to provide compensations of up to 100,000 won ($897) per affected user until midnight July 5. "As soon as the amount of damages is confirmed, we will reimburse the entire amount of damages," said Bithumb in an official statement.

According to user complaints, the hacker stole both Bitcoin and Ethereum from user accounts. Besides being the fourth largest cryptocurrency exchange by volume, Bithumb is also the Internet's second largest Ethereum trading platform by volume. Bithumb told South Korean media it contacted law enforcement last week and informed them of the theft. Two months ago, an unknown attacker hacked fellow South Korean Bitcoin exchange Yapizon and stole 3816.2028 Bitcoin (over $5.5 million). This is not the only Ethereum-related hack that took place this past we

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.

Alan Zibluk Markethive Founding Member

Bitcoin and Decentralized Networks are the Future, Says University Professor

Bitcoin and Decentralized Networks are the Future, Says University Professor

Bitcoin and Decentralized Networks are the Future, Says University Professor

 

Lorenzo Fioramonti, Professor of Political Economy at the University of Pretoria (South Africa), who also directs the Centre for the Study of Governance Innovation, recently published a write-up stating that money systems are in the process of transitioning from “centralized authority to decentralized networks.”

Cryptocurrencies represent a significant part of such decentralized networks. According to Fioramonti, there is a growing demand for digital currencies. On one hand, he exemplified with the recent adoption of cryptocurrencies in the world. Japan regulated bitcoin in April 2017, while the Russian government — who threatened virtual currencies last year — made a U-turn and even President Vladimir Putin met with Ethereum founder Vitalik Buterin. In addition, China halted its initial freeze on bitcoin exchanges in the country, therefore, the major BTC exchanges in the country resumed trading in June 2017. In the United States and Australia, digital currencies are experiencing higher adoption rates, in addition, the Oceanian country will soon exempt traders and investors from goods and services tax.

The professor stated, in the near future, cryptocurrencies will “become much more common as methods of payment for a wide range of purchases, from online shopping to the local supermarket.” Not just developed, but developing countries are making efforts to implement digital currencies in their economies, Fioramonti wrote.

In Venezuela, where the current economy is facing major problems, bitcoin has become “the leading parallel currency”, the professor wrote. While the official national currency of the South American country is worth almost nothing, bitcoin can be used to perform transactions, buy food along with other basic necessities, and to purchase products from overseas countries bypassing the strict controls on capital.

Local innovators in East Africa implemented the use of cryptocurrencies in cross-border transactions. An example for this is BitPesa. According to the professor, the popularity of cryptocurrencies in South Africa is also on the rise. Since the Nigerian government failed its citizens by conventional money, local traders and activists believe digital currencies has a potential to democratize the economy. Verengai Mabika, founder of BitFinance in Zimbabwe, stated bitcoin is an attractive alternative for conducting online payments and remittances, which “constitute the backbone of the economy.” Verengai told Fioramonti that 37 percent of BitFinance’s customers use cryptocurrencies for savings since the 2008 hyperinflation resulted in the collapse of the Zimbabwe’s financial institutions.

Fioramonti stated that decentralization is the “core of this new trend.” According to the professor, the use of cryptocurrencies “will make economies more resilient against shocks and will support more equitable and sustainable development, by putting users in the driver seat and reinforcing local economic development.”

David Ogden
Entrepreneur

 

Author: Benjamin Vitáris

 

Alan Zibluk Markethive Founding Member

Goldman Sachs Finally Recognizes the Power of Blockchain Technology

Goldman Sachs Finally Recognizes the Power of Blockchain Technology

 

In the most recent initiative to promote

its acceptance of Blockchain technology, one of leading US investment banking institutions, Goldman Sachs, has set up a microsite dedicated to explaining the benefits of Blockchain technology.  It was then followed by a tweet on July 1 which clearly sends a message of the banking giant finally embracing the same technology

that powers Bitcoin. 

Trusted, secure, efficient — why #blockchain could revolutionize how we work together

The page was created for the purpose of giving people an idea of how Blockchain technology is used and how cryptocurrencies like Bitcoin run on these programs. One of their key messages include Blockchain technology’s security feature: Blockchain is designed to store information in a way that makes it virtually impossible to add, remove or change data without being detected by other users.

Goldman Sachs on Blockchain-based projects

Although the financial sector has not really been very keen on cryptocurrencies for quite a long time, Goldman Sachs has been involved in some Blockchain technology based companies like Circle and even Digital Asset Holdings. While the banking giant has been helping startups such as these, it is just now that they have formally announced their acceptance of Blockchain technology.

Blockchain's future in finance sector

Despite its price volatility, there is no doubt that Blockchain technology is making waves in various industries, including finance. In fact, a report by Accenture shows the cost data of eight of the world’s largest investment banks states that Blockchain technology could help reduce the costs of investment banks by as much as $12 bln per annum by the time 2025 comes. This is a big thing for investment banks because not only will this new technology help make the transaction of data safer and more secure, but it will also help drive the costs down.

The foray of mainstream banking, financial and technology giants into the cryptocurrency sector showcases the promising future of Blockchain technology and its applications in various industry segments. The initial wave was caused due to the increasing threat to conventional banking methods by Bitcoin, which could execute cross-border transactions much faster at a much cheaper rate while staying decentralized the whole time. Now, with the capabilities of cryptocurrency technology well-known, could its widespread implementation will be expected in the next 3-4 years?

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.

Alan Zibluk Markethive Founding Member

Bitcoin Could Hit Near $4,000: Goldman Sachs’ Chief Analyst

Bitcoin Could Hit Near $4,000: Goldman Sachs' Chief Analyst

 

Bitcoin Could Hit Near $4,000: Goldman Sachs’ Chief Analyst

 

Although bitcoin price has grown 3x at peak levels this year, better gains are yet to come, according to Goldman Sachs’ chief technician.

 

Bitcoin has been on a historic tear in 2017. After ringing in the year at $1,000 on the very first day of January, bitcoin price reached an all-time high of $3,000 in mid-June. The remarkable rise amid an overall boom period for cryptocurrencies has seen skepticism from some observers who have pointed to inflated values amid accusations of a bubble. Others are looking at more bullish gains.

 

In a note sent to clients, Sheba Jafari — Goldman Sachs’ head of technical strategy predicts bitcoin to climb higher, ultimately getting near $4,000.

 

Jafari, who was persuaded into covering bitcoin by Goldman Sachs’ clients recently, sees the current corrective course to tread longer with upward gains to be the ultimate outcome.

 

Jafari, who is also the vice president of the investment bank’s securities division, sees bitcoin “still in a corrective 4th wave”, as reported by the Business Insider.

 

That fourth wave “shouldn’t go much further (lower) than $1,857”, the head analyst told her Wall Street clients.

 

The upcoming 5th wave is to take a bullish turn, according to her analysis.

 

She wrote:

 

From current levels, this has been a minimum target that goes out to $3,212. There’s potential to extend as far as $3,915. It just might take time to get there.

 

It was “due to popular demand” that Jafari began covering bitcoin a month ago. The first analysis, in comparison, was a more bearish take based on price trends at the time.

 

As things stand, bitcoin is up 5.28% on the day, according to data from CoinmarketCap. The cryptocurrency is trading at $2573 on a global average and struck a high of $2,601 on Monday, a 7-day high following the downward turn a week ago.

 

On Bitstamp, bitcoin hit a high of $2,595 on Monday.

 

David Ogden
Entrepreneur

David Ogden

 

Author:Samburaj Das

Alan Zibluk Markethive Founding Member

Altcoin EOS Joins Top Crypto League, Surges 321 Percent After ICO Launch

Altcoin EOS Joins Top Crypto League, Surges 321 Percent After ICO Launch

    

Last week’s season of mourning saw gloomy markets

that were inspiring only fear and panic in Bitcoin and altcoin communities, in particular for those who have not been in the crypto space for long. But this week has begun on a bright note with the green days coming back as most of the tokens have recorded growth.

On top 10 cryptocurrencies, for instance, only two tokens continued to fall.

But the biggest surprise was a new entrant to the top echelons. EOS in a fairytale manner growth jumped more than 300 percent to occupy the number nine spot on CoinMarketCap early morning on Monday.

The decentralized business application Blockchain in the process pushed Monero to number 10 resulting in BitShares losing top notch status. In Cryptoland such astronomical growth has been seen so many times… Needless to say, they just pass with the wind and becomes a nine-day wonder.

Meteoric rise

This catalytic move comes at a time where EOS is ending its first 350 consecutive 23-hour  token sales in a few hours. At the time of filing this report on Monday morning, two mln tokens have already been distributed. However, the sale of the total of one bln tokens will continue on the Ethereum network for a period of 341 days. According to Block.one, the company behind EOS, the extended period of token sales is to render adequate time for the community to familiarize themselves with the project, as well as participate in the distribution. With an incredible 321.67 percent growth, EOS token was selling for $5.40. This actually brought its market valuation to more than $800 mln. The digital currency was first listed by Bitfinex in June, a few days before launching its token sale.

Hype? Don’t think so

Meanwhile, Cointelegraph reached out to some members of the crypto community on Bitcoin PowPow for their opinion on EOS's sudden magnificent growth. For Priyabrata Dash it is more of a hype. But David Mondrus of Trive has a lot of admiration for one of the founders of EOS. "I like anything Brock touches, but I know nothing about the details," David said, referring to Brock Pierce, co-founder of block.one.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.

Alan Zibluk Markethive Founding Member

The Blockchain Fuels Startups Unlike Any You’ve Ever Seen

The Blockchain Fuels Startups
Unlike Any You've Ever Seen

    

Bitcoin was hailed as the digital currency of a utopian future,

but, at least in the US, few people use it. (At Overstock.com, the first major retailer to accept bitcoin, it accounts for less than 0.1 percent of sales.) What is taking off, however, is the tech underlying bitcoin. Called the blockchain, it’s an online ledger for a virtually endless chain of transactions, or “blocks,” stored across a worldwide network of computers. Using cryptography, a blockchain verifies, records, and protects the integrity of those transactions, without answering to a government, bank, or company. Separate from bitcoin, it’s being used to create businesses that look like nothing we’ve seen before.

Augur

Prediction Markets

At Augur people bet on the outcome of events—sports, stock offerings, elections. Because it runs on a blockchain, it spans borders, roping in so many bets that its predictions could be far more accurate than any market in history.

Utopian future: We’ll gain the ability to truly see the future.

Blockchain Capital

Venture Capital

Using a blockchain called Ethereum, this VC firm issued an ICO, or initial coin offering, selling its own digital token to raise money for its latest venture fund. Anyone who owns a token owns a piece of the fund. And because digital tokens are so easily resold, it’s a particularly liquid VC investment. In the past two years, more than 75 entities have raised over $250 million through ICOs.

Utopian future:

Anyone can play the VC game.

Numerai

Hedge Funds

Inside this hedge fund, all trades are decided by AI models built by thousands of anonymous data scientists from across the internet. It gets weirder. The data wonks all get digital tokens, and if the fund is successful, the value of the token rises, a dynamic that transforms normally cutthroat traders into eager collaborators.

Utopian future:

Hedge funds go from shark tanks to kumbaya show-and-tell sessions.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.

Alan Zibluk Markethive Founding Member

Are cryptocurrencies about to go mainstream?

Are cryptocurrencies about to go mainstream?

Experts call for caution about digital currencies, such as bitcoin and Ethereum, but financial firms are considering adopting them or even establishing their own.

   

Bitcoin is the world’s biggest cryptocurrency

but there are now close to 800 digital currencies work around $96bn total. Last Sunday a message posted on message board 4Chan started the rumor that Vitalik Buterin, the founder of cryptocurrency Ethereum, had been killed in a car crash. News of the 23-year-old, Russian-born programmer’s demise was soon proved false — but not before 20%, or roughly $4bn, had been wiped from Ethereum’s soaring market value. The hoax not only drew attention to Ethereum, the second largest digital currency after bitcoin, which had seen its value rise fiftyfold since the start of the year to $300 a coin, but also to the booming market in other so-called cryptocurrencies that could now be on the cusp of mainstream financial credibility.

Vaswani’s comments came after several central banks from across Europe and Asia said they were looking into establishing digital-only currencies in addition to traditional denominations. The People’s Bank of China has reportedly run trials, while the Danish central bank is considering a digital-only e-krone. On 19 June, the International Monetary Fund issued a staff discussion note stating that banks should consider investing in cryptocurrencies, saying: “Rapid advances in digital technology are transforming the financial services landscape, creating opportunities and challenges for consumers, service providers and regulators alike.”

At the same time, IBM announced it had made a deal with the Digital Trade Chain Consortium — a group of seven European banks that includes Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and Unicredit — to build a digital trade platform that will run on IBM’s cloud. Andrew Levin, professor of economics at Dartmouth and co-author of a study on central bank digital currencies, told the Guardian that the concept of private institutions creating new forms of payment was not in itself new, “but the greater need is for consumers and businesses to have access to money that has a stable value and is practically costless to use. We think there’s a strong case for central banks to issue digital currencies that would be free to use.”

Crypto- or cyber-currencies are digital-only currencies in which encryption and registry techniques, often called blockchains, are used to regulate the generation of units of currency independent of a central bank. It is a booming, dizzying market. Since the start of the year, bitcoin, the world’s biggest cryptocurrency, has almost tripled in value to $2,565. By some estimates, the cryptocurrency business could be worth $5tn by 2022. There are now close to 800 cryptocurrencies worth, in total, around $96bn. One of the newest offered to market is Tazos, backed by billionaire venture capitalist and early bitcoin investor Tim Draper of Draper Fisher Jurvetson. According to a prospectus, a total of US$893,200.77 worth of XTZ tokens will be issued on 1 July. “The best thing I can do is lead by example,” Draper told Reuters last month. “Over time, I actually feel that some of these tokens are going to improve the world, and I want to make sure those tokens get promoted as well. I think Tezos is one of those tokens.”

Tezos’ founders, Kathleen and Arthur Breitman, anticipate their ICO will become a “digital commonwealth” or “self-governing network”. The couple’s background in finance speaks to the seriousness of the endeavor: Arthur worked at the high-frequency trading desk at Goldman Sachs; Kathleen at Bridgewater Associates, the world’s largest hedge fund. “We think our competitive advantage is in our ability to assign governance,” Kathleen told the Observer. “The thing about blockchain is it’s very interdisciplinary. You have to have an understanding of finance and economics, but also game theory, pure science and networking theory.”

She concedes that blockchain complexity is also cause for investor skepticism. “A lot of people struggle to understand its value proposition, because it offers something different to everyone. I like the idea of putting business logic in a decentralised network, and hopefully, it will help people to conduct business more easily.” Brock Pierce, managing partner of Blockchain Capital and a relative veteran of the ICO market, recently launched a tradeable, digital securities token called BCAP that he considers “the next giant leap in the democratization of venture capital and liquidity where everybody has equal access”.

Three days ago, Pierce launched the crowd sale of EOS, a blockchain coin (or token) offering that’s already taken in $100m. “This is a 340-day project that’s already broken every record. It’s 100% certain we’re going to surpass Bancor, the most successful ICO to date.”

Pierce predicts that the underlying technology of blockchain — essentially a public record of actions — “is going to impact our world more than the internet has”. He added: “The implications are huge, and it’s going to have huge implications not only on venture, but private equity, real estate, digitizing currency. This is going to be the technology that democratizes the global financial system so everybody has equal access.” But such rapid increases in value is cause for concern. Five-year-old Ripple XRP, which is connected to 75 banks, including Bank of America and Royal Bank of Canada, has increased in value by 40 times this year alone. According to CNBC, 100 billion XRP are in existence, each priced 26 cents.

“A lot of lessons will be learned and a lot of money will be lost, before a lot of money can be made,” Peter Denious, head of global venture capital at Aberdeen Asset Management, told Bloomberg last week. “Prices right now aren’t being driven by network usage, they’re being driven by speculation that tokens are going to appreciate. It’s a gold-rush mentality.” But Les Borsai, an early investor in Ethereum, believes that what is under way is a re-ordering of the financial systems. At root, he argues, blockchain technology shows “we don’t need a centralized solution for anything. It’s a liberated attitude and the implications are huge”.

Since you’re here …

… we have a small favour to ask. More people are reading the Guardian than ever but advertising revenues across the media are falling fast. And unlike many news organisations, we haven’t put up a paywall — we want to keep our journalism as open as we can. So you can see why we need to ask for your help. The Guardian’s independent, investigative journalism takes a lot of time, money and hard work to produce. But we do it because we believe our perspective matters — because it might well be your perspective, too. I appreciate there not being a paywall: it is more democratic for the media to be available for all and not a commodity to be purchased by a few. I’m happy to make a contribution so others with less means still have access to information.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.

Alan Zibluk Markethive Founding Member

Prominent Venture Capitalist Shares Bitcoin, Ethereum Investment Tips

Prominent Venture Capitalist Shares Bitcoin, Ethereum Investment Tips

    

Prominent venture capitalist and investment firm

co-founder Fred Wilson shares investment tips for Bitcoin and Ethereum traders in a blog post entitled “The Selloff.” His investment firm Union Square Ventures is based in New York.

Rollercoaster

Since the beginning of January, the cryptocurrency market and leading cryptocurrencies such as Bitcoin and Ethereum have experienced corrections. Some market corrections saw Bitcoin and Ethereum falling by as much as 30 percent, although the two cryptocurrencies recovered relatively quickly after their initial decline. In a blog post, Wilson noted that as he told his daughter who has also been an early investor in Bitcoin and Ethereum, he encourages traders and investors to consider what the price trend and value of Bitcoin and Ethereum will be in five to 10 years, not in the short-term.

Long-term

Admittedly, the majority of traders within the cryptocurrency market are looking to profit off minor corrections and rallies of cryptocurrencies such as Bitcoin and Ethereum. Hence, when the price of the two cryptocurrencies achieve new all-time highs or are in a position to sustain an upward momentum, traders tend to sell off and cause a price correction. However, like many early-stage investors, Wilson, who has invested in Bitcoin since 2013 and Ethereum since its launch in 2015, explained that most market corrections don’t hold much significance for his portfolio. Wilson is considering Bitcoin and Ethereum as long-term investments and is taking its long-term price trend into consideration.

Wilson writes:

“I have been buying Bitcoin since early 2013 and Ethereum since last year. I keep buying but never that much at one time. Just a little bit every week. You can build a pretty big position that way, but you have to be patient, and you have to keep at it.”

More importantly, Wilson emphasized that he doesn’t attempt to predict price corrections and market bottoms even though his predictions turned out to be accurate often. Because Wilson is maintaining a cryptocurrency portfolio as a long-term investment, he explained that he doesn’t focus on evaluating short-term price development of cryptocurrencies. 

Wilson adds:

“I don’t try to time market bottoms and market tops, even though I can sense when they are happening. I don’t try to predict where these assets are going in the near term and I just believe they will be a lot more valuable in five or ten years than they are now.

Many analysts within the cryptocurrency sector have also stated in the past that most traders will earn a profit if they only trade a monthly basis. Over the past few years, Bitcoin has consistently made gains on a monthly basis as it always bounced back from market corrections. “I am wrong a lot. But honestly, I don’t really care. I will keep buying into this correction or rally, whatever it turns out to be. Because the more important question is where these assets will be in five or ten years,” said Wilson.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.

Alan Zibluk Markethive Founding Member

Cryptocurrencies Could Reach $5 Trillion in 5 Years, Says Wall Street Billionaire Bitcoin Investor

Cryptocurrencies Could Reach $5 Trillion in 5 Years, Says Wall Street Billionaire Bitcoin Investor

Cryptocurrencies Could Reach $5 Trillion in 5 Years, Says Wall Street Billionaire Bitcoin Investor

 

Billionaire investor Michael Novogratz, a former hedge fund manager who has been supportive of bitcoin, claims cryptocurrencies could be worth more than $5 trillion in five years, speaking at the CB Insights Future of Fintech conference in New York,

Get exclusive analysis of bitcoin and learn from our trading tutorials. Join Hacked.com for just $39 now.

For this to happen, companies have to develop business principles that satisfy regulators. The recent cyberattack that disabled computers and demanded $300 bitcoin ransom payments is one reminder of the challenge bitcoin faces, following May’s WannaCry attack. Such events reinforce bitcoin’s reputation as a currency favored by hackers and criminals.
 

Bitcoin Needs A Better Reputation

Novogratz, who formerly managed liquid strategies for Fortress Investment Group LLC and has addressed bitcoin investments since 2013, is among Wall Street’s most visible cryptocurrency supporters, according to Bloomberg. He urged cryptocurrency companies to pay their taxes since “nobody in that space” pays taxes. He said a core group of developers have good intentions, however.

The Nasdaq reached $5.4 trillion in 1999, he noted.

 

Hack’s Impact Not Great

The recent cyberattack did not impact bitcoin’s price, which at 2 p.m. Tuesday was $2,339.66. Some makers of chips used for bitcoin mining equipment did retreat, however. Bitcoin has gained more than 140% on the year, while Ether has skyrocketed from $8 to $240.

 

Challenges still face cryptocurrencies, Novogratz noted. The cyberattack struck amidst questions about the strength of the current cryptocurrency rally and about the scalability of digital assets, Novogratz noted.

This week’s downturn in crypto values shrunk the total market cap from $110 billion $90 billion, according to coinmarketcap.com.
 

Novogratz Bets On Bitcoin

Novogratz said he has profited on the bitcoin and ether surges, and still has 10% of his net worth in cryptos, including assets he acquired in initial coin offerings. He hopes to add more bitcoin if the price falls to $2,000, and more Ether should the price drop between $200 and $150.

Bitcoin could emerge as a store of wealth similar to gold, he said, while Ethereum could provide the foundation for future Facebooks and Googles. He suspects money transfers to securities settlement will discontinue using blockchain technology.

 

David Ogden
Entrepreneur

Entrepreneur David Ogden

 

Author: Lester Coleman

 

Alan Zibluk Markethive Founding Member