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Ban Bitcoin Crowd Go Quiet As JPMorgan-Owned ship Seized With $1.3 billion Worth of Cocaine Onboard

A JPMorgan Asset Management-owned ship has just been impounded by the US authorities because it was carrying in its cargo $1.3 billion worth of cocaine.

Naturally, there have been no calls for the banning of cash, or investment banks for that matter, by the “ban bitcoin” crowd.

The ship is operated by the Switzerland-based Mediterranean
Shipping Company (MSC). The MSC Gayane was seized in Philadelphia after 39,525lbs
(nearly 20 tonnes) of the drug was found onboard.

The containership was built in 2018 and is Liberian flagged.

It is apparently the largest marine interception every
conducted by US Customs and Border Protection. Six crew members have been
arrested.

This isn’t the first time a bank has been caught up in the
drugs trade, albeit indirectly in JP Morgan’s case.

Drug money laundering and logistics: banks and shipping companies are serial offenders

Readers will remember when global bank HSBC was directly
involved in laundering the money of Latin American drugs cartels.

The bank admitted as much and paid out $1.9 billion to
settle with the US authorities, narrowly avoiding – as banks often do – being
criminally prosecuted for its anti-money laundering violations.

In that case US prosecutors were forced into action after a
US Senate hearing and the subsequent 300-page report found that HSBC’s Mexico
operation had been facilitating the laundering of cartel money by “drug
kingpins and rogue nations”.

You won’t be surprised to hear that the same authorities
have not called for the shutting down of HSBC or the removal of cash from the
financial system.

So, we’ve been here before with the banks. But so have we
with MSC.

In
June the very same containership
, sailing from Colombia, was found upon
arrival at Philadelphia to have $1 billion of cocaine onboard (16.5 tonnes).
Arrests were made but the MSC Gayane was allowed to set sail on the same voyage
yet again. The ship operator has as yet faced no legal penalty.

This blatant serial offending is probably why the US
authorities are saying that this time they may not be releasing the vessel in
what would be an unprecedented but justified move.

Ban bitcoin but laundering drug lords’ cash proceeds is fine!

I was talking to an editor of a City of London trade
publication the other day at a party and in bombastic fashion he dismissed
crypto out of hand, saying it should be banned.

His reasoning for a prohibition on crypto was that the only
thing it was really used for was buying drugs.

I gave him about 10 other current use cases, none of which
involved illegal or illicit activities, but he wouldn’t have it. “Ban the crap,”
he insisted.

It is of course true that crypto is used in the drug trade
but then again so is cash. In fact, cash has much the larger footprint of the
two by some distance.

Indeed, they are close cousins. Here’s an example.

Bitcoin ATMs and drug gangs

The Metropolitan
police in London complained that London drug gangs with laundering their cash

through bitcoin ATMs.

Just down the road from where I live, a local butcher who
does a line in bitcoin ATM’s is, I think, on his fourth machine. I live in an
inner-city area that is being gentrified – we have a craft beer bar that has
just opened up, so you get the drift.

There is clearly demand, even in the depths of the crypto
winter, for the ATMs, although the number of firms in the industry seems to be
in a state of flux in north London.

The point here is that the street soldiers of the big
business organised crime organisations in the first instance rely on cash to
conduct their business.

But the same anti-crypto crowd that want prohibition have
nothing to say about cash apart from maybe get rid of the biggest bank notes.
Hypocrisy, by its very nature, has no shame.

Pomp weighs in

Anthony Pompliano of Morgan Creek Digital hits the nail on
the head in a recent tweet.

Craig Wright says one of the reasons he stopped working on bitcoin was because of the illegal activities it was helping to fuel, including drug trafficking. He says it is why he (or his team at nChain) created the Bitcoin Satoshi Vision fork.

No one is saying that crypto is not involved in drug trafficking and other illicit activities and it is certainly a worry for the authorities, especially on the dark web.

However, trying to ban censorship resistant crypto is a fool’s errand as would trying to ban its peer to peer analogue cousin cash.

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Bitcoin Bulls Count on 2020 Halving to Give BTC Price Massive Push: Bloomberg

Bitcoin halving takes place every few years to prevent Bitcoin value from inflation, analysts and bulls point out that after each of those events Bitcoin price experienced a substantial rally

Halving or ‘halvening’ happens every few years – as soon as new 210,000 blocks are mined. When it takes place, the rewards of miners are cut down in half. As per the recent Bloomberg article, crypto bulls are already rubbing their hands in anticipation.

Bitcoin miners’ reward will diminish

The reason is that after the previous two
halvings Bitcoin quotes showed an extensive surge, bringing traders more than
healthy gains.

What happens at a halving is that the amount of coins that miners get for using their computation power to verify transactions gets cut by half.

The first halving occurred in 2012, another one was in 2016. After the first one Bitcoin price hit $1,000. The 2016 halving made Bitcoin price surge to an ATH of over $19,000.

Another mining award cut is expected in May 2020 and then an award for each block will total 6.25 BTC, instead of 12.5 BTC now.

Crypto community expects a major bull run

A recent Twitter poll shows that among 2,500 voters, 61% expect BTC price to demonstrate a major rally. Since the award will be cut down by half, fewer Bitcoins will be released in circulation, which will make the coin scarcer than it is now, thus the price should go up.

https://twitter.com/100trillionUSD

As said above, after the first halving in
autumn 2012 Bitcoin price spiked from $10 to $1,000 within a year. The next
halving saw Bitcoin surge to almost $20,000 before it collapsed in 2018.

Crypto experts agree to differ

Major Bitcoin bulls, writes Bloomberg, such as
Anthony ‘Pomp’ from Morgan Creek Digital, have been drawing attention to the
2020 halvening, emphasizing its importance.

Some crypto experts remain skeptical, though. Eric Turner, the head of research at Messary Inc., believes that the connection between Bitcoin halvings and Bitcoin price surges is very thin.

Gil Luria from DA DA Davidson & Co thinks
likewise:

“There are so many factors that impact the price of Bitcoin, but this should not be one of them.”

Photo by Aleksi Räisä on Unsplash

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U.S. Banning Bitcoin (BTC) Would Drive Adoption: Legendary Crypto Investor

Bitcoin Ban Proposed By Congressman

As the price of Bitcoin (BTC) has boomed, so have the number of incumbents of traditional finance and politics taking to the streets to bash cryptocurrency. In Washington, D.C. on Thursday, one American politician — and a prominent one at that —  suggested that cryptocurrencies should be banned. Yikes.

During a Financial Services Committee hearing earlier this week, U.S. Congressman Bradley Sherman, who represents the Democrats in California — the home of technological innovation of all places — suddenly brought up cryptocurrencies. During his rant-esque statement, which was reposted by industry non-profit Coin Center, Sherman remarked that Congress should outlaw cryptocurrencies for U.S. citizens. He explained:

“I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency purchases by Americans. […] An awful lot of our international power comes from the fact the U.S. dollar is the standard unit of international finance and transactions.”

Sherman opined that cryptocurrencies are starting to enter the realm of “illicit finance”, specifically looking to how the Hamas militia is seeking funding through Bitcoin. He then goes on to describe Bitcoin’s premise as one built on libertarianism and anarchism, which is, to his credit, true.

Yet, he goes on to represent the entire cryptocurrency space like it is predicated on tax evasion, drug dealing, and what have you, effectively forgetting to realize that this technological advancement is so much more than what he mentioned, not to mention that the U.S. dollar is used for questionable acts too. Furthering his narrative, Sherman jokes that “crypto is the plastic gun of currency.”

He then concluded his statement by drawing attention to the fact that cryptocurrency undermines the value proposition of the U.S. dollar, quipping that something like Bitcoin could “disempower foreign policy, tax collection enforcement, and traditional law enforcement.” JP Morgan & Chase’s Jamie Dimon would surely be proud, right?

Why This Would Be Bullish For Crypto

Although the banning of Bitcoin and other cryptocurrencies may be devastating in the eyes of some, Anthony “Pomp” Pompliano, a partner at Morgan Creek Digital that has quickly become one of the leading minds in the space, postulated Friday that such a regulatory move may boost Bitcoin adoption. He broke down his thoughts on the matter in an installment of Off The Chain, a newsletter that Pomp is the face of.

He explained that Sherman is “scared” of a world “where non-sovereign currencies are the default”. He noted that with cryptocurrencies and other technologies that decentralize, well, everything, the U.S. and other major countries obviously lose traction. Pomp writes:

Congressman Sherman is worried that global superpowers will have no response to Bitcoin’s decentralized, immutable, non-censorable, and non-seizable advantages.

The aforementioned statement put into this context is, in the eyes of Pompliano, an “incredibly bullish development” for Bitcoin, as it was effectively an advertisement that BTC, in a world so rife with unethical data collection and censorship, is better than the U.S. dollar, or even its digital counterparts. So by trying to ban it, which would most likely be very difficult, Sherman is “actually confirming its validity.” And thus, a ban may actually entice those libertarian-leaning, or even regular consumers, to purchase Bitcoin — which is “better than fiat currencies.”

Photo by Katie Moum on Unsplash

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Bitcoin (BTC) Can Surmount $8 Trillion Gold, Argues Crypto Billionaire

Digital Gold

Mike Novogratz, a long-time Bitcoin (BTC) bull, sat down with Morgan Creek’s Anthony “Pomp” Pompliano for the renowned Off The Chain podcast. Reports indicate that in the interview, Novogratz, a Wall Streeter turned fervent crypto proponent, purportedly stated that while BTC is still valued of 1% of gold’s $7 to $8 trillion valuation, the crypto will reach there eventually.

He argued that this is a journey that could occur over a 20-year period, rather than a one or two year period. Although such a time frame may turn off those with low time preference, the former Goldman Sachs partner noted that this could “easily happen.” Funnily enough, EOS’ Brendan Blumer also drew attention to this specific period too, explaining in a recent tweet that Bitcoin will make a move on gold’s de-facto go-to store of value status within the next two decades.

Anyhow, this interestingly isn’t the first time Novogratz has touted this thought process. He once stated that if the cryptocurrency market was the periodic table, BTC would be the only one with an atomic number of 79, much like how only gold is gold.

Bitcoin To Surpass Fiat?

While Bitcoin has effectively been proven to have better properties than gold, giving it precedent to become the go-to store of value, the pressing question remains about the asset’s ability to surmount government-issued currencies. Some argue that this is nonsensical, drawing attention to the lack of scalability, minimal adoption, and other shortcomings.

But minds like Tim Draper and John McAfee, on the other hand, have been a tad more cheery. In a recent Youtube interview with a crypto content creator, the former-mentioned venture capitalist argued that fiat currencies are “poor,” citing their controllability, lack of transparency, and subjectivity to political and social whims on the day-to-day.

And as the American investor argues that most of the brightest developers, engineers, and academics are working on digital assets — Blockchain Capital’s Spencer Bogart would agree — Draper notes that there could be a capital flight from fiat to crypto over time. He elaborates:

“My belief is that over some period of time, the cryptocurrencies will eclipse the fiat currencies. That would be a 1,000 times higher than what we have now.”

Draper isn’t the only one touting this thought process. Anti-establishment figure Max Keiser once told Bitcoinist that the flagship cryptocurrency is much like a monetary black hole, and will “gobble up all fiat” over time as the ongoing (in Keiser’s eyes) financial crisis continues to wreak havoc on society.

But will these lofty dreams really come to fruition? To be honest, it seems a bit hard to believe when the market is depressed.

 Photo by Clem Onojeghuo on Unsplash

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Key Bitcoin (BTC) Investors Join Hands: Morgan Creek Funds Ikigai

Pomp and Kling Team Up, Look To Bolster Crypto

By and large, 2018 hasn’t been kind to crypto startups. Smaller, little-known exchanges have shuttered operations entirely, while some recognizable names in this budding industry have laid off dozens, if not hundreds of their talents. As reported by Ethereum World News, Bithumb recently joined the list of mainstay industry stakeholders to have laid off employees (50% — 160), citing waning Bitcoin trading activity.

But, two names in this space have excelled over the past 12 months, carving out what scant space there is for themselves in interesting, yet effective ways. These companies are known as Morgan Creek Digital (MCD) and Ikigai Asset Management, and they’re two U.S.-based cryptocurrency-centric funds focused on bolstering adoption and viable applications.

Funnily enough, the MCD and Ikigai decided to join hands on Wednesday, issuing a press release to reveal that they had formally joined hands.

Morgan Creek’s digital asset branch, headed by partners Mark Yusko, Anthony “Pomp” Pompliano, and Jason A Williams, will be anchoring Ikigai’s cryptocurrency hedge fund, which will enlist long-short equity strategies and venture stakes in promising firms. The nominal value of this sum was not divulged.

In a comment, industry commentator Pomp, who has amassed a following of nearly two hundred thousand on Twitter primarily through his catchphrase, “Long Bitcoin, short the bankers,” lauded Ikigai. He expressed his love to the Los Angeles-based firm by stating:

Ikigai has built an impressive platform for understanding the evolution of, and investing in, crypto assets. 

Former Facebook staffer Pompliano then referenced his thought process that cryptocurrencies will be the best-performing, asymmetric asset class in the next decade, adding that Ikigai should be able to “well-positioned to capture” that upside potential.

Morgan Creek’s decision to invest in an industry partner comes after the former secured a $40 million bursary from two Virginian pension funds, an endowment, and other institutions to invest in companies like the yet-to-launch Bakkt, Coinbase, and Harbor.

Bitcoin To Oust Fiat?

So why are MCD and Ikigai joining hands? Well, the simple answer is that the two firms’ founders and leaders are advocates of the theory that BTC and other cryptocurrencies are a viable alternative to fiat, which they deem as antiquated and potentially Ponzi-esque.

In a recent tweet, Kling remarked that when the “books are written about crypto” in the future, when Bitcoin is valued at trillions, the dovish nature of the Federal Reserve will be a “big part of the story.”

The anti-establishment figure is touching on his long-standing thought process that Quantitative Easing — the “most ambitious monetary experiment ever” — will be what kills the macroeconomy.

In an independent newsletter iteration, published on Off The Chain, Pompliano echoed this thought process that government-issued money isn’t sustainable. He cites a tweet from the European Central Bank (ECB), in which one of the entity’s basement overtly states that his overseers have the ability to print money. While Pomp acknowledges that this is common knowledge, he explained the EU fiscal authority’s propensity to make that fact publicly-known draws the ECB’s intentions into question.


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Investor: Bitcoin (BTC) Could Fall Further, But $100k+ Still A Possibility

Bitcoin Could Fall Under $3,000 — Yet $50k, $100k, Etc. Still Possible

BlockTV, an up-and-coming crypto-centric news outlet, recently sat down with one Anthony Pompliano, a world-renowned Bitcoin (BTC) zealot, for a year-end interview. Pompliano, better known as “Pomp” to the crypto community en bloc, explained that cryptocurrencies have likely not established the long-term bottom that investors have been clamoring for. This is a point that he echoed during recent interviews on mainstream media segments.

Pomp, formerly of Facebook’s and Snapchat’s growth team and a current partner at Morgan Creek Digital Assets, noted that BTC could return to the year-to-date lows established in recent weeks, at ~$3,150, and could fall even lower. More specifically, the investor, referencing his firm’s August target, noted that the digital asset could even fall under $3,000, which isn’t out of the realm of possibility.

On the flip side, Pomp noted that over the long haul, the calls that Bitcoin breaching $50,000 a pop, or even higher ($100,000, $150,000, or other large round numbers) “will likely be accurate.” While the crypto diehard seemed sure that Bitcoin could eclipse the aforementioned levels, the question that remains is how long will it take for that to occur.

Returning back to a short-term perspective, Pompliano, who founded crypto-friendly VC group Full Tilt Capital, explained that it is important to gauge the “consensus thought of the market” and important industry events. Explaining his point, which may seem nebulous from the surface, the investor noted that many investors believe that if a Bitcoin ETF was approved in the U.S., prices would “drastically” increase across the board. Yet, if prices were to go sideways or even stumble after such a notable regulatory green light, Pomp said that would indicate that is when “true capitulation will have occurred.”

Regulatory Clarity Will Be A Milestone

Touching on the ICO subset of the industry, Pomp explained that clarity is needed from regulatory entities, as prominent governmental bodies have yet to give a concrete, unified stance on token sales and capital raising in the cryptosphere. On one side, there is a bipartisan effort from Ohio’s Warren Davidson and Florida’s Darren Soto that will exempt ICOs and cryptocurrencies from the SEC’s jurisdiction. On the other is the U.S. Securities and Exchange Commission (SEC)’s anti-crypto actions.

Once clarity is conveyed, Pomp noted that entrepreneurs en-masse will actually go ahead with building game-changing startups.

Facebook Is The Most Important Company In Crypto

As reported by Ethereum World News previously, Pomp took to Off The Chain, a media resource that he heads, to claim that Facebook is likely the most important company in this nascent industry, in spite of its position in traditional markets.

He doubled down on this sentiment in the BlockTV interview, explaining that the Silicon Valley giant’s purported stablecoin foray could alter this industry from the top-down. Pomp noted that even if the product was deployed in India alone, 200 million users would have access to the stablecoin, a number of users unheard of in crypto.

The Morgan Creek representative explained even if the cryptocurrency isn’t cryptographically secured (making it just a digital currency), it will have a powerful impact on the global landscape.

Watch the full interview here

Title Image Courtesy of M B M On Unsplash

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Bitcoin Fund Bets $1M That Crypto Will Outperform S&P 500

Morgan Creek Bullish On Crypto, Issues $1M “Buffett Bet 2.0”

Morgan Creek Capital, a juggernaut in investment management, recently saw its crypto-centric subsidiary make an extremely bullish bet on Bitcoin (BTC) and its altcoin brethren. More specifically, according to a report from CNBC, Morgan Creek Digital, headed by Anthony “Pomp” Pompliano, has called for a single investor to take on a hefty bet.

The wager, which has been colloquially dubbed “Buffet Bet 2.0,” sees Morgan Creek tout that its in-house cryptocurrency index fund, which includes all prominent crypto assets, save for Stellar Lumens (XLM) and XRP, will outperform the Standard & Poors’ 500 over the next 10-years.

If the crypto-centric index outperforms the S&P 500, Morgan Creek’s crypto branch expects a $1 million cheque to fly its way. On the other hand, if the equities market undergoes a monumental run, the American investment consortium will fork out $1 million to its opponent. This “Buffet Bet 2.0,” for those who are unaware, is an evident reference to Warren Buffet’s infamous ante, in which the multi-billionaire claimed that a group of hedge funds would outdo the S&P.

Speaking about the importance of this wager, which is more serious than it may initially seem, Pompliano, co-founder of the crypto group, stated:

This [bet] is a combination of our outlook not only for the upside of cryptocurrencies but also the outlook on public equities.

Pomp, known for his anti-bank, pro-crypto rhetoric he incessantly posts on Twitter, then added that while the bet may indicate that Morgan Creek is “just bullish on crypto,” it’s important to put everything, including traditional markets, into perspective. “But you need to look at what asset we’re going up against, the crypto advocate mused, before adding, “public equities aren’t exactly at their all-time highs either.”

More specifically, the former Snapchat and Facebook employee drew attention to the faltering tech industry, specifically targeting the losses sustained by the companies in FANG, which have lost all of 2018’s gains in a matter of weeks.

Morgan Creek’s Pompliano And Yusko Laud Bitcoin

In a testament to Morgan Creek’s love for cryptocurrencies, the $1 million that is being put up for gamble has come from the pockets of the firm’s partners, instead of the in-house fund. Moreover, the unspoken terms of the wager stipulate that the winner will donate winnings to charity, making it clear that Morgan Creek truly believes in crypto assets for their fundamentals, rather than their ability to gain value over the long haul.

This recent development, which comes amid a dismal BTC downturn, comes just weeks after Pompliano and Mark Yusko, the latter being Morgan Creek’s founder, both took to distinct CNBC segments to laud Bitcoin and other cryptocurrencies.

As reported by Ethereum World News previously, Yusko, a prominent American investor, explained to CNBC’s Fast Money that he loves Bitcoin for the long-term, adding that the recent sell-off was catalyzed by artificial selling pressure originating from CBOE and CME’s BTC vehicle. Keeping this in mind, the Morgan Creek founder added that now could be an optimal time for investors to purchase cryptocurrencies.

Not only does he expect for BTC to revisit its all-time highs, but Yusko added that cryptocurrencies, with its asymmetric risk profile, could see a 20x+ rally over the next decade.

Pompliano, an overt cryptocurrency proponent, industry bastion, and colleague of Yusko, also took to Bitcoin’s side on the CNBC Squawk Box panel. Pomp noted that at its core, Bitcoin is the world’s most secure transaction settlement layer, so value in BTC will always exist.

Title Image Courtesy of Jason Briscoe on Unsplash
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Bitcoin Fund Bets $1M That Crypto Will Outperform S&P 500

Morgan Creek Bullish On Crypto, Issues $1M “Buffett Bet 2.0”

Morgan Creek Capital, a juggernaut in investment management, recently saw its crypto-centric subsidiary make an extremely bullish bet on Bitcoin (BTC) and its altcoin brethren. More specifically, according to a report from CNBC, Morgan Creek Digital, headed by Anthony “Pomp” Pompliano, has called for a single investor to take on a hefty bet.

The wager, which has been colloquially dubbed “Buffet Bet 2.0,” sees Morgan Creek tout that its in-house cryptocurrency index fund, which includes all prominent crypto assets, save for Stellar Lumens (XLM) and XRP, will outperform the Standard & Poors’ 500 over the next 10-years.

If the crypto-centric index outperforms the S&P 500, Morgan Creek’s crypto branch expects a $1 million cheque to fly its way. On the other hand, if the equities market undergoes a monumental run, the American investment consortium will fork out $1 million to its opponent. This “Buffet Bet 2.0,” for those who are unaware, is an evident reference to Warren Buffet’s infamous ante, in which the multi-billionaire claimed that a group of hedge funds would outdo the S&P.

Speaking about the importance of this wager, which is more serious than it may initially seem, Pompliano, co-founder of the crypto group, stated:

This [bet] is a combination of our outlook not only for the upside of cryptocurrencies but also the outlook on public equities.

Pomp, known for his anti-bank, pro-crypto rhetoric he incessantly posts on Twitter, then added that while the bet may indicate that Morgan Creek is “just bullish on crypto,” it’s important to put everything, including traditional markets, into perspective. “But you need to look at what asset we’re going up against, the crypto advocate mused, before adding, “public equities aren’t exactly at their all-time highs either.”

More specifically, the former Snapchat and Facebook employee drew attention to the faltering tech industry, specifically targeting the losses sustained by the companies in FANG, which have lost all of 2018’s gains in a matter of weeks.

Morgan Creek’s Pompliano And Yusko Laud Bitcoin

In a testament to Morgan Creek’s love for cryptocurrencies, the $1 million that is being put up for gamble has come from the pockets of the firm’s partners, instead of the in-house fund. Moreover, the unspoken terms of the wager stipulate that the winner will donate winnings to charity, making it clear that Morgan Creek truly believes in crypto assets for their fundamentals, rather than their ability to gain value over the long haul.

This recent development, which comes amid a dismal BTC downturn, comes just weeks after Pompliano and Mark Yusko, the latter being Morgan Creek’s founder, both took to distinct CNBC segments to laud Bitcoin and other cryptocurrencies.

As reported by Ethereum World News previously, Yusko, a prominent American investor, explained to CNBC’s Fast Money that he loves Bitcoin for the long-term, adding that the recent sell-off was catalyzed by artificial selling pressure originating from CBOE and CME’s BTC vehicle. Keeping this in mind, the Morgan Creek founder added that now could be an optimal time for investors to purchase cryptocurrencies.

Not only does he expect for BTC to revisit its all-time highs, but Yusko added that cryptocurrencies, with its asymmetric risk profile, could see a 20x+ rally over the next decade.

Pompliano, an overt cryptocurrency proponent, industry bastion, and colleague of Yusko, also took to Bitcoin’s side on the CNBC Squawk Box panel. Pomp noted that at its core, Bitcoin is the world’s most secure transaction settlement layer, so value in BTC will always exist.

Title Image Courtesy of Jason Briscoe on Unsplash

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Morgan Creek CEO: 20x Bitcoin (BTC) Bull Run Possible Over Next Decade

Mark Yusko: “Bitcoin — I Love It Long-Term”

Early last week, CNBC’s “Fast Money,” somewhat infamous for its coverage of markets, continued its incessant coverage of Bitcoin (BTC), calling upon Mark Yusko of Morgan Creek Capital Management to make a guest appearance. Surprisingly, while Yusko hails from the realm of traditional finance, he expressed that cryptocurrencies are likely to succeed over the long haul.

Opening his comments on the matter, which came after he painted a dreary picture for equity markets, Yusko was straight and to the point, telling viewers that he “loves Bitcoin for the long-term.”

Touching on the arrival of CBOE’s and CME’s BTC futures vehicles, Yusko noted that he totally missed the mark on how these aforementioned contracts would affect this nascent market. He explained that artificial selling pressure (rehypothecation) has been directly placed on BTC, in spite of the fact that said futures aren’t physically-backed. This, of course, was likely said to attribute BTC’s most recent sell-off, which forced the digital asset under $4,000, to a (group of) catalyst(s).

However, he explained that rehypothecation will be phased out of cryptocurrency markets in the future, pending on the adoption of BTC as a viable store of value, which may subsequently catalyze a leg higher. Yusko, further explaining his long-term penchant for Bitcoin, went on to add that $4.6 billion/day in trading volumes is a far cry from the sub-few-hundred million/day seen in the years prior, only accentuating that this industry is flourishing.

‘Buying Today Isn’t A Bad Idea’

Discussing BTC’s most recent decline and a potential bottom, Yusko, the Morgan Creek chief explained that investors “don’t need a very long time horizon at all” to make a nice return on a BTC investment.

This sentiment, which was short, but sweet, has seemingly echoed claims made by other industry insiders on their short-term view on BTC, specifically from an investment perspective.

BlockTower partner Michael Bucella, formerly of Goldman Sachs Canada, recently told the exact same CNBC segment that while he expects for BTC to fall “one leg lower” before bottoming, he expects a subsequent sharp rebound to the upside, which may put short-term speculators well into the green.

20x Upside In BTC Possible Over Next Decade

Returning to his discussion about Bitcoin’s performance over the long haul, Yusko noted that over the next decade, he truly believes that BTC could see a 20x+ upside, adding that crypto, with its asymmetric risk profile, is a rare asset class that can support such a rally.

He explained that when it comes down to the nitty-gritty, Bitcoin is a network, not a currency or company, before adding that the world’s largest corporations are based on networks, not specific products. So, keeping this in mind, he exclaimed:

Networks don’t grow based on economic growth, interest rates, or profits. [Instead,] that grow on technology changes, regulatory changes — we just saw [the SEC’s] Jay Clayton here talking over at Consensus: Invest about how if you break the securities laws, we’re going to punish you. [But] if you don’t, you play in a place like Bitcoin, which we deem a currency. So I think that this [premise] is fantastic.

Yusko’s Colleague, Anthony Pompliano, Also Lauds Crypto, Bitcoin

Yusko’s appearance on Fast Money’s panel comes amid a newfound drive from Morgan Creek, along with other well-known industry savants and startups, to push for positive mainstream coverage of this decade-old, yet ground-breaking innovation.

As reported by Ethereum World News previously, Anthony “Pomp” Pompliano, an overt cryptocurrency advocate, industry bastion and colleague of Yusko, took to Bitcoin’s defense on the CNBC Squawk Box panel, anchored by one seemingly skeptical of cryptocurrencies and their potential.

The former Snapchat and Facebook employee exclaimed that at its core, Bitcoin is the world’s most secure transaction settlement layer, so value in BTC will always exist. He added that cryptocurrencies as a whole are the best performing asset class in the past decade, even ousting the U.S. equities market, which has been on its longest and most notable bull run in decades.

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