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Mike Novogratz Adamant That Bitcoin (BTC) Won’t Fall To $0

Bitcoin fanatic and blockchain enthusiast Mike Novogratz, a former Wall Street hotshot, recently doubled-down on his pro-crypto sentiment, even while this infant market continues to fall victim to shortcomings.

Revolutions Don’t Happen Overnight, Crypto Included

In an exclusive interview with Bloomberg, Novogratz, a member of Fortress Financial’s top brass turned crypto-centric merchant bank chief, gave some key insight into his personal outlook for blockchain-based assets and decentralized applications. Surprisingly, the diehard, who reportedly holds upwards of 20% of his personal fortune in cryptocurrencies (like Ethereum’s ETH), maintained his optimistic outlook.

Speaking with the financial media outlet’s Erik Schatzker, Mike “Novo” Novogratz commenced the candid conversation by joking that he’s become the “ugly face” of the Bitcoin industry, a far cry from his months as the poster child (and approachable savant) of cryptocurrencies. Yet, in spite of his newfound classification as an “ugly face” of the industry, he explained that he still believes in the technology underpinning Bitcoin — blockchain — and digital assets themselves.

Still, Novo explained that “revolutions don’t happen overnight,” adding that it became apparent that 2017’s monumental rally was a bubble when “people would come up to me wanting to take selfies,” as by then, it was clear that crypto assets were slated to plateau and pullback.

The industry insider is obviously referencing the sentiment that crypto’s come up won’t be an easy task, as pushback is expected from traditionalists and pro-centralists. Travis Kling, founder and showrunner at crypto hedge fund Ikigai, recently explained to the TD Ameritrade Network that it’s early for the crypto industry, adding that a majority of Bitcoin’s 10-year history was just getting its wings off the ground.

By the same token, the cryptocurrency proponent explained that most of the publicity and development that has fallen on cryptocurrencies, namely Bitcoin, came within the last 18 to 24 months, not during this ecosystem’s come up. As such, Kling explained that the cryptocurrency revolution is a “multi-year, multi-decade” play, rather than a chance at short-term profits.

Bitcoin Will Become Digital Gold

Back to Novogratz, the Galaxy Digital representative then touched on what lies in store for Bitcoin. Echoing comments he made earlier on CNN Money, the industry chief noted that BTC will likely become digital gold, subsequently joking that the asset will become a “legal pyramid scheme.” Giving his rationale behind this claim, Novogratz drew attention to Yale University’s recent foray into cryptocurrencies, adding that some of the smartest people, like Yale’s endowment showrunner, David Swensen, see value in Bitcoin and related innovations.

Interestingly, Kling also touched on this value proposition, pointing out that there’s a non-zero chance that Bitcoin could live up to everyone’s expectations, becoming a globally-secured transaction settlement layer that is immutable, decentralized, censorship-resistant, and cost- and time-effective, while hosting the second coming of gold at the same time. He added that even if BTC only amounts to 10 percent of gold’s market capitalization, there is still nine times growth potential for the popular digital asset.

Yet, some say that the market capitalization of BTC could surpass that of gold itself, as stated by Bobby Lee and Adam Back.

In the end, summarizing his points, Novogratz noted that BTC at $20,000 was a “drug,” but then added that he wouldn’t be caught dead stating that it’s going to zero. Instead, he explained that the current state of the market is just consumers visiting the methadone clinic, rather than the end of Bitcoin as a whole.

Even while he has an apparent vested interest in the future success of this decade-old industry, consumers would be remiss to cast aside Novo’s comments. Still, as is common investor practice, the Galaxy Digital CEO’s remarks should be somewhat taken with a grain of salt.

Regardless, the fact of the matter is that many industry insiders aren’t ready to fold, even while countless startups and ‘fairweather’ investors are nearing collapse.

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Winklevoss Twins Unfazed Amid Crypto Winter, Launches Gemini Mobile

Gemini Goes Mobile, Launches Crypto App  

On Tuesday morning, amid a continued imbroglio in crypto markets, New York-headquartered Gemini unexpectedly conveyed a surprising announcement to its following and clients. In a blog post, co-founder and CEO Tyler Winklevoss explained that his upstart would be introducing an in-house mobile platform tied to its flagship product — the world-renowned Gemini Exchange.

Starting today, users of the platform, often lauded as one of Coinbase’s foremost competitors, will be able to download the so-called “Gemini Mobile App” on iOS and Google Play. The application, which joins similar initiatives from Binance, Coinbase, and Poloniex, will purportedly act as an ecosystem to purchase and sell cryptocurrency, a portfolio tracker, price alert provider, and as a pseudo-wallet.

Gemini’s newest program will also facilitate a feature dubbed “Buy The Cryptoverse,” which like Coinbase Bundle and similar vehicles, allows traders to issue basket buy/sell orders for all cryptocurrencies listed on Gemini, weighed by relative market capitalization.

According to Google Play, since the application was released approximately seven hours ago (at the time of writing), it has been downloaded “500+” times. It remains to be seen whether the upstart’s foray into the mobile realm will garner traction from Bitcoin enthusiasts.

Regardless, this endeavor comes down to Gemini’s, and in turn, the Winklevoss Twins’ unrelenting drive for innovation in the cryptosphere, as they see this nascent asset class as the “future of money.” Harvard graduate Tyler Winklevoss, known for his involvement in the controversial Mark Zuckerberg/Facebook case, wrote:

We began our mission to buildthe future of money by creating a licensed cryptocurrency exchange and custodian that allows our customers to buy, sell, and store cryptocurrency in a safe, secure, and compliant manner. A trusted and regulated platform, however, is just the beginning. The future of money is both digital and mobile, and now Gemini is too with the launch of the Gemini Mobile App!

The industry insider closed off the product’s inaugural announcement by claiming that Gemini, which self-describes itself as “the world’s most trusted cryptocurrency platform,” will now be available “into your hands” at a consumer’s beck and call.

The news of this mobile application comes just days after the U.S.-centric platform launched support for Bitcoin Cash (BCH), following its contentious hard fork in mid-November, as reported by Ethereum World News previously.

Winklevoss Twins: “We’re Totally At Home In [Crypto] Winter”

As news broke regarding the product’s launch, Bloomberg released a piece outlining an interview it had with the prominent twins, who reportedly bought up 1% of all Bitcoin (BTC) in circulation following their multi-million dollar settlement with Mark Zuckerberg. Tyler claimed that “we’re totally home in winter,” highlighting the growing sentiment that crypto and blockchain technologies are in the midst of a multi-month lull, as made evident by BTC’s dismal performance.

Yet, like venture capital legend Tim Breyer, the twins seemed calm, adding that 2018’s market tumult has allowed Gemini to “build internally, and refine and kind of catch out breath.” The two went on elaborate on their plans for 2019, claiming that enticing users onto its mobile application will be a priority. The Winklevoss duo added that “a lot of their decisions” have been retail-based, contrary to the sentiment that Gemini is a platform slated for institutional players. As such, the Gemini heads then noted that they intend to make a foray into the Asian Bitcoin market in 2019, hopefully gaining on its crypto competitors in Bitfinex, Digifinex, and Huobi.

In short, Tyler, speaking on behalf of his brother and himself, told Bloomberg:

We’re in this for the long haul… We think it’s a space that’s here to stay

TItle Image Courtesy of Emil Vilsek on Unsplash

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CEO: Dash (DASH) To Survive Crypto Winter, “Not At Risk of Shutdown”

Dash (DASH) “Not At Risk Of Shutdown” In Crypto Collapse

In 2018’s crypto bear market, Dash Core Group (DCG), the consortium behind the DASH altcoin, has seemingly gone silent on a public stage, with there being little-to-zero propagation of news regarding the once much-hyped project. And as such, some skeptics have deemed the project “dead.” Yet, in a recent Medium post, Ryan Taylor, CEO of DCG, exclaimed that his startup is “sustainable” and will survive the crash in Bitcoin (BTC) prices.

In the post, which can only be deemed a ‘wall of text’, Taylor first gave some context to crypto’s recent collapse, calling out the Bitcoin Cash debacle (he called it “FUD”) as a key catalyst. The DCG chief then noted that there a number of startups likely “shutting down quietly, running on fumes, or burning through distressed ICO funds,” before adding that his firm doesn’t fall into this unfortunate category.

Taylor exclaimed that DCG “is not at risk of shutting down anytime soon,” nor has fears of laying off a substantial amount of staff, due to a “significant [capital/fiat] buffer” it has built up for itself to account for crypto’s enamorment with parabolic swings and killer drawdowns. Through the following paragraphs, which were countless, the DASH proponent accentuated the logistics of DCG’s buffer, along with its operations so far and ambitions for the future. And while the topics covered varied wildly, an underlying theme of perseverance and survival was evidently referenced throughout Taylor’s post.

Even in tweets prior to the aforementioned blog, Taylor outlined why Dash’s ecosystem continues to boom. The industry savant drew attention to a number of developments, including booming DASH wallet download statistics, strong trading volume, and a recent successful network stress test. Keeping this all in mind, the prominent cryptocurrency advocate, concluding his comments on the matter, wrote:

In short, the network keeps growing despite the price declines and the reduced speculation. Proud to see the strategy working on the metrics that determine long-term success. Heads down… we are getting there!

At the time of writing, DASH is up to $77.15 U.S. dollars a piece, with the asset posting a jaw-dropping 11.5% in the past 24 hours.

Not All Crypto Startups Have Survived The Massacre

While DCG seems slated to survive, or even thrive in the ~85% market decline, not all startups and prominent upstarts in this ecosystem have been all too lucky.

As reported by Ethereum World News previously, ETCDEV, an essential player in the Ethereum Classic ecosystem, announced its closure on December 3rd, 2018. Through a tweet, Igor Artamonov, the founder and chief technology officer of the prominent development consortium, wrote:

Although the ETCDEV executive cited a lack of sustainable financing, this message comes just days after Artamonov released a Medium article lambasting one of his peers for being a “Trojan Horse” for another team. Regardless, the fact of the matter is that Ethereum Classic (ETC) remains heavily wounded after this occurrence, as the project lost its primary development team.

The sad collapse of ETCDEV comes just days after Steemit, the company behind the (somewhat) decentralized social media platform that shares its name, revealed it was undergoing a business reorganization, purging 70% of its employees.

Per previous reports from Ethereum World News, Ned Scott, CEO of Steemit, said on the matter:

“While we were building up our team over the last months, we had been relying on projections of basically a higher bottom for the market… Since that’s no longer there we’ve been forced to lay off more than 70% of our organization.”

He explained that as Steemit’s top brass met, amid worsening market conditions, it became logical that a staff restructuring at the private startup was necessary. Interestingly, Scott failed to divulge an exact headcount pre- and post-purge, making it difficult to discern how many were affected.

SpankChain, an adult entertainment platform centered around blockchain, recently saw its CEO take to Reddit to announce that it, as well as Steemit, had downsized drastically. The project head noted that the SpankChain project now hires a mere eight individuals, and has reduced its burn rate from $200,000 to $80,000 per month.

Title Image Courtesy of Ryan Graybill on Unsplash

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Gazprombank Announces Launch of Crypto Custody Service By Mid-2019

Gazprombank, the banking division of Russian giant Gazprom is working with Avaloq and Metaco to provide crypto asset custody services for institutional clients next year.

According to an official press release issued on 6 December, METACO expressed that the strategic decision is part of a joint effort that has been going on for some time. They are also confident that this service will start operating in the second quarter of next year:

Fintech leader Avaloq and crypto-asset custody infrastructure specialist METACO* have entered into an innovation partnership with Gazprombank (Switzerland) Ltd, a Swiss bank, to implement their integrated crypto asset solution. This product innovation aims to provide banks and wealth managers with a fully integrated solution for the management of client portfolios across all asset classes including cryptocurrencies. Gazprombank (Switzerland) Ltd, which is already an Avaloq client, aims to offer a cryptocurrency service to its clients in mid-2019.

According to information from the three firms involved, the service will focus on security. For this purpose, Gazprombank will develop a product using the SILO technology, a “highly secure crypto-asset custody solution for institutional clients” created by METACO. In turn, this product will run within the Avaloq Banking Suite.

Part of METACO team during SILO’s launch

Gazprom is Entering The Crypto-Verse With a Secure, User-Friendly Custody Service

Thomas Beck, Group CTO at Avaloq, assured that the partnership will offer a product not only with high-quality standards but also highly user-friendly.

For both institutions and bank clients, trust is key. Avaloq and METACO have considered this for the development of a fully integrated solution that can be offered to clients by their trusted bank. Thanks to the close integration of the METACO storage solution, banking and wealth management customers won’t have to trust additional third parties when trading with cryptocurrencies. By bringing together all asset classes in one portfolio view, the solution will also ensure the highest levels of convenience and usability.

Despite maintaining a stance sometimes contrary to the use of cryptocurrencies, Russian policy has shown great interest in the development of blockchain technologies. As Gazprom is a key industry for the Russian economy (Gazprom is the leading supplier of gas in Europe), it is possible that this decision will lighten the harsh vision of the state in this regard.

It is also important to note that Gazprombank is a company domiciled in Switzerland, so there are no legal problems that could complicate the operation of the new crypto custody service.

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Almost 1 of Every 3 Freelancers Would Accept Cryptocurrencies as Payment

The use and adoption of cryptocurrencies have boosted the economic activity of many entrepreneurs, connecting people throughout the world without the obstacles that exist due to the traditional fiat system. One of the segments that has benefited most from cryptocurrencies is that of freelance workers, for whom now it is much easier to offer their services to customers around the world obtaining immediate, transparent and safe remuneration.

According to a study published by Human.net, about 29% of more than 1100 freelancers registered on the platform would accept crypto as financial compensation for their services.

It is important to note that the majority of Humans.net users are residents of the United States, so the data reflect an important reality of the American population. Likewise, 825 people (75% of those surveyed) said they had heard about crypto and were familiar with the subject.

Cryptocurrencies Help Freelancers

The poll shows that the majority of interested individuals comment that the main advantage if cryptocurrencies is that they facilitate international payments. Lack of middlemen is in second place while a preference for security is in third place. Less popular were the “low commission” and “transparency” options. 11% consider that cryptocurrencies have all the above advantages.

A Growing Trend

It is also important to note that other similar platforms have carried out studies that show the growth in the acceptance of crypto coins by workers. According to Humans.net, the more knowledge is spread about crypto and blockchain technologies, the higher will be their acceptance:

“Taking into account a similar study by Lendedu in September 2017, the number of cryptocurrency owners has almost increased threefold in a year: 14% in 2017 compared to 38% in the Humans.net recent poll.
This is a fairly dramatic increase, well over 50%, but that said we have to point out that, in both cases, the results reflect the knowledge and understanding of specific pool of respondents when compared to the general population.”

The demand for work related to the crypto industry has dropped a little after last year’s hype. At the end of 2017, a study by Upwork showed that the skills with the highest growth and demand were those related to the term “Bitcoin”. However, by 2018, the outlook is very different.

The cryptocurrency craze is only just beginning
Bitcoin (#1), the most searched Google term in 2017, was the fastest-growing skill in Q4. This was the same time period it hit record high after record high price and reached an all-time high of $19,783 (December 17, 2017). Since its peak, the price has dropped by more than 60 percent; but there is still demand for experts familiar with bitcoin as many look to develop their own cryptocurrencies. Some who bet on bitcoin early like Stripe have ended bitcoin support, with customer desire to accept the currency decreasing; and Facebook is banning ads for bitcoin. Attention is turning towards blockchain, the technology behind bitcoin and other cryptocurrencies. Gartner included blockchain in their recent Hype Cycle for Emerging Technologies as they believe it will lead to a reformation of entire industries long-term; and while enterprises are still deciding how to navigate this technology, reputable universities such as Stanford University, University of California at Berkeley and Massachusetts Institute of Technology (MIT) have already added relevant courses to their course lists.

By late 2018 this skill is not even mentioned.

Although the need for skills has changed, there is no doubt that the acceptance of cryptocurrencies is a step forward in their quest to become substitutes for traditional money.

 

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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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Ethereum Believer Awaits Looming Crypto “Nuclear Winter”

As reported by Ethereum World News, in late-October, as Bitcoin (BTC) stagnated and volatility continued to dissipate, Arthur Hayes, an equity markets trader turned CEO of BitMEX, likened 2018’s stormy conditions to 2014/2015’s “nuclear bear market,” while speaking with Yahoo Finance U.K.

While Hayes was quickly put on the back foot, seeing boatloads of flak fly his way due to his (somewhat) inflammatory comment, another prominent industry insider recently backed the BitMEX CEO’s comments. This support, which came indirectly, took the form of a similar comment on the status of the cryptosphere.

Beware Of The Crypto Nuclear Winter

Speaking at Global Tech Forum 2018, a Fortune-sponsored conference hosted in Guangzhou, China, Jim Breyer, an early backer of Facebook, Circle, Ethereum (ETH), VeChain (VET), and others, claimed that “we are close to a nuclear winter right now with cryptocurrency.”

As noted by Fortune’s The Ledger, the outlet’s dedicated crypto- and blockchain-related column, venture capital giant Breyer, who created a fund that shares his surname, drew attention to the ‘dime a dozen’ bubbles seen in infant markets. The tumultuous interest in artificial intelligence and related technologies, or the rise and subsequent crash of the (original) Dotcom industry, are just two examples that the Facebook angel investor pointed out.

Expressing why these historical events are pertinent, Breyer noted that such cycles in the realm of technology are “inevitable,” evidently indicating that blockchain’s rise to prominence may experience a similar pattern of “boom and bust.”

Have No Fear, Bulls Are Still Here

Although Breyer’s comments undoubtedly painted a bearish picture for crypto’s short-term, optimists would be remiss to count out sentiment held by the zealous believers of this ground-breaking innovation.

Per a handful of previous reports from Ethereum World News, a multitude of industry insiders, who hold/held lofty positions in the cryptosphere, have double-downed on touting their faith for cryptocurrencies and blockchain technologies.

Morgan Creek Digital partner Anthony Pompliano, for one, recently took to CNBC’s Squawk Box, a television segment watched by over 100,000 consumers, to claim that Bitcoin (BTC), supposedly the world’s most secure transaction settlement layer. will always hold some value. Pompliano subsequently noted that crypto assets at large remain the decade’s most profitable asset class, despite the tossing and turning seen commonly in this market.

His colleague and boss, Mark Yusko also of Morgan Creek, took to CNBC’s Fast Money just days later to tout similar bullish sentiment. More specifically, Yusko, far from the average Silicon Valley investor, expressed that he “loves Bitcoin for the long-term, adding that the monumental rise seen in the crypto market’s volumes are just a testament to this industry’s growth.

Even the CEO of the Intercontinental Exchange, who watches over the New York Stock Exchanges, had positive comments to say on the matter. The legend in the financial world stated that he, along with his wife, CEO of Bakkt, are unequivocally sure that cryptocurrencies will survive, before adding that market conditions haven’t irked his or his wife’s faith.

And, of course, Breyer himself also took to Bitcoin’s side, presumably to ensure that his “crypto nuclear winter” comments weren’t taken out of context. He issued the following comment that accentuated his support for this innovation, lauded as the greatest since the Internet’s first iteration (PCP/IP):

So many of the very best computer scientists and deep learning PhD students and post-docs are working on blockchain because they have so much fundamental interest in what blockchain can mean… You don’t want to bet against the best and brightest in the world.

Title Image Courtesy of Roan Lavery on Unsplash

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Tom Lee: Bitcoin, XRP, Ether Have Staying Power — BTC To Do “Very Well” In 2019

Tom Lee Chalks Up Recent Bitcoin Crash To “Macro Meltdown”

Diehard Bitcoin bull Tom Lee, the head of research at New York-based Fundstrat Global Advisors, recently sat down with CoinTelegraph to provide his insights into the recent Bitcoin (BTC) crash. Although Lee is often lambasted for his overly bullish calls, such as his forecast for BTC to eclipse $15,000, the Fundstrat representative staved away from issuing price predictions in this interview.

Doing his best to attribute Bitcoin’s foray under $6,000, then $5,000, then $4,000 to a catalyst, Lee, contradicting sentiment that crypto assets act against traditional markets, noted:

Global markets are down more than 10% between October and November. While crypto actually had a negative correlation, in the last six weeks, it has flipped to one of the highest levels of correlation to global markets. So I think that the macro meltdown has actually finally hit the crypto, which further contributed to the essential panic selling.

As reported by Ethereum World News, in the past three to four months alone, the world’s five foremost technology stocks have lost a collective $822 billion, evidently instilling boatloads of fear in the hearts of investors, both in the crypto and stock markets.

While others have attributed crypto’s most recent crash, which sent the aggregate value of all cryptocurrencies freefalling under $140 billion, to others factors, more investors are getting convinced that the tumultuous stock market has been a strong bearish catalyst. Still, the fact of the matter is that markets aren’t cut and dried, so the contentious BItcoin Cash hard fork, coupled with the SEC’s recent crackdown on ICO-funded tokens, likely only accentuated the downturn.

Advice To “HODLers”

CoinTelegraph, aiming to get an inside scoop on Lee’s market outlook, asked the prominent market researcher, formerly of JP Morgan, if he had some advice to give to “HODLers” — zealous cryptocurrency investors that are hesitant to capitulate.

Surprisingly, seemingly contradicting his EOY price prediction and undying bullish sentiment for Bitcoin, Lee noted that investors “need to be patient,” adding that Fundstrat itself advises its clients to have small exposure to crypto — a mere 1% to 2% of their investment portfolio. Giving this statement some rationale, he explained:

So, number one, they’re not worrying about it every day. But also that’s 2% could become 50% in a decade it can grow dramatically.

Bitcoin, Ethereum, XRP Have Staying Power

Although Lee went on to note that “some crypto projects are probably hopeless,” the Fundstrat in-house crypto savant explained that notable players, like Bitcoin, Ethereum, and XRP, likely have the highest chance of surviving, especially in stormy market conditions.

Explaining why this is the case, Lee noted that unless the aforementioned projects are inherently broken, they are likely to maintain a semblance of value. So, when asked if now is an optimal time to buy into Bitcoin, the Fundstrat researcher explained:

So to me, crypto is exactly this moment that Bitcoin may have a downside in the near-term. But this doesn’t change the fact that it’s still the earliest days of crypto, and it’s about to become an emerging asset class. So, [these factors] are going to carry much higher prices… adoption is going to grow. and that we have institutional investors that will have opportunities to invest. So I think 2019 is a great year for Bitcoin.

Crypto Assets Have Room To Grow

Speaking on-stage at the most recent installment of Blockshow, held in Singapore, Lee made similar claims, noting that Bitcoin is “bent, not broken,” before adding that there is still “enviable” profitability in the cryptosphere, estimating that BitMEX is poised to make $1.2 billion in fiscal 2018.

This profit alone would make BitMEX, an infant crypto mercantile platform, more profitable than Hong Kong Exchanges & Clearing and Nasdaq, even while Bitcoin is just a decade-old creation. Like they say, “the proof in the pudding.” So, crypto isn’t going anywhere, and, more importantly, has a copious amount of leg room and big shoes to fill.

Title Image Courtesy of tian kuan 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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