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Report: Binance To Offer Margin Crypto Trading, Despite Regulation

Binance To Offer Crypto Trading On Margin

When the now-popular crypto exchange Binance unveiled its whitepaper in 2017, it promised its angel investors a stellar platform that would support much under the Bitcoin sun. Although the startup has delivered on much of its original promises, Binance’s whitepaper mentioned “margin trading” as a part of its “feature rollout.” But, as you know, leverage is unavailable. Moreover, the firm has kept its mouth mostly shut on the matter.

Yet, a recent exclusive from The Block claims that the renowned trading platform is on the verge of giving its millions of users access to margin. The outlet claims that such an offering, purportedly in the works, will require users to stake BNB.

Code found by a pseudonymous programmer would confirm the rumors that the Malta-registered exchange is looking into margin trading.

The user, going by the moniker “enriquejr99,” noted that Binance has “silently included” two booleans that are as follows: isSpotTradingAllowed and isMarginTradingAllowed. These two lines of code were first spotted in Binance’s Ethereum-Bitcoin pair.

Enrique added that upon further analysis of Binance’s 482 crypto trading pairs, he discovered that margin was mentioned, but is currently disabled.

It isn’t clear when the booleans were added, but the exchange’s recent multi-hour downtime could be when Binance’s developers quietly added that in, as the company could very well be readying up to give its millions of users access to leverage. The details of this purported project are, of course, scant. But initial margin support for popular crypto assets, such as Bitcoin and Ethereum, would make sense.

Not So Fast?

Although the evidence seems undeniable, Changpeng “CZ” Zhao, the chief executive of Binance, has questioned the hearsay. In an interview with CryptoSlate’s Joseph Young, Zhao explained that the code seen above is part of his company’s attempts to “future proof” their “API framework as part of our system upgrades.” This would confirm the sentiment that the booleans were added during the exchange’s recent down time, but Zhao added that he can give “no dates” on the release of margin.

Even if CZ is prepping for the launch of this feature, The Block’s sources are wary that this could spell regulatory trouble for the exchange, which has already been booted from Japan and Hong Kong.

Sources explained that margin with cryptocurrencies specifically could be an issue with governmental entities, as Bitcoin’s inherently unregulated nature allows for price manipulation not only on the blockchain layer but with exchanges too. One explained:

“Any trading activity that is confusing, insufficiently explained or hyper-predatory is bound to leave unhappy customers, who may complain to regulators.”

This all implies that it may be in Binance’s favor to deter the launch of margin, rather than to delve into such a subsector without weighing the risks.

Photo by Mark Finn on Unsplash

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Vitalik Buterin Sees Ethereum (ETH) Dominance Fading… And He’s Not The Only One

Vitalik Claims Ethereum Is Losing Its Lead “To Some Extent”

Earlier this week, the one and only Vitalik Buterin sat down with prominent crypto journalist Laura Shin to talk all things Ethereum. In the interview, this being the first live episode of “Unchained,” Buterin was surprisingly candid, letting a few things slip out of his lips that may have caught some on the back foot.

According to BreakerMag, Shin started it out with a toughie: “is Ethereum losing its lead?”

Surprisingly, Buterin conceded, remarking that yes, Ethereum is losing its command over the smart contract blockchain ecosystem “to some extent.” The Russian-Canadian coder chalks this up to his brainchild’s nascency, explaining that as the industry swells, there will naturally be competitors that rear their heads. He adds that time gives projects time to build off their predecessors.

The 26-year-old programming wiz goes on to touch on potential competitors. Polkadot, a yet-to-launch crypto project that raised a purported $100 million+. Buterin explains that he doesn’t see the blockchain replacing his own. Yet, he explains that he wouldn’t be entirely disheartened if the privacy-centric ZCash or even Ethereum Classic were to usurp his project’s own hegemony.

On the other hand, he poked fun at Tron, explaining that if the Justin Sun-run venture manages to take over Ethereum, he ”
will have lost a certain amount of hope for humanity.”

Losing Steam

Buterin isn’t the first to have brought up issues with the narrative that Ethereum will always be the go-to platform for decentralized applications.

Kyle Samani, the co-founder and managing partner of Multicoin Capital, noted that well-funded, high-potential blockchains could eventually pose a threat to Ethereum’s multi-year supremacy. The Multicoin executive noted that Cosmos and the a16z-backed Dfinity, two projects that found their roots in 2017, could take a large piece of the smart contract development and deployment pie.

World-renowned venture capitalist Fred Wilson echoed this thesis. In a blog post, Wilson, the co-founder of Union Square, remarked that “‘next-gen’ smart contract platforms” will begin to ship and challenge the long-standing leader in 2019, especially in terms of its leadership in this “super important area in the crypto sector.”

In a recent Forbes interview, Alex Sunnarborg, a Tetras Capital representative, noted that recent layoffs at Consensus Systems, better known as ConsenSys, should have a negative effect on the broader Ethereum ecosystem.

He added that the fact ConsenSys is an integral part of this subsector and underwent purportedly drastic staff cuts should have some worried. Generalizing DApps and products on the platform, Sunnarborg explained that many promising offerings have yet to launch, and the ones that have are “pretty difficult to use” and have little-to-zero active users.

Case in point, the Tetras capital founding partner drew attention to the mere $40,000 currently staked on Augur, a multi-million dollar ICO. Thus, he claimed:

“There’s this massive disconnect between how much money is still tied up in these projects and how much people actually use them.”

Sunnarborg added that Ethereum may also become pressured by competition blockchains, like Dfinity or Polkadot, along with the fact that the chain’s development is losing momentum and steam.


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Crypto Winter Strikes Again, Leaves Gaping Hole In Bithumb’s Side

Crypto Startup Bithumb Slammed

Since getting hacked in the middle of 2018, Bithumb, South Korea’s largest crypto asset exchange, has been struggling. The so-called crypto winter, which started to bare its fangs late last year, has only exacerbated the startup’s qualms.

Bithumb’s situation purportedly came to a head just recently, with CoinDesk reporting that the company has unveiled plans to cut upwards of half of its staffers. Citing an unnamed executive from the company, which has plans to go live on the New York Stock Exchange through a reverse merger, the 300-man headcount will be cut to 150. It was explained that as the platform’s trading volume has decreased, Bithumb is enlisted “internal measures” to mitigate further economic damage.

A startup representative made it clear that the 160 purged from their roles won’t be left out to dry, however. He/she remarked that Bithumb’s former employees will have access to “assistance and training for job placement,” but wasn’t clear on what the details of said program would entail. It was added that Bithumb will continue to hire staffers for “various new businesses.”

While the South Korean firm has been suffering, the local crypto economy could soon see a revival on a monumental scale. Kakao, a leading social media giant in the region (44 million users in a nation of 51.5 million), is rumored to have plans to unveil a native cryptocurrency wallet for its Talk application, a popular instant messaging platform. This offering, which is purported to come alongside a blockchain platform named “Klaytn,” could spark a second wave of cryptocurrency adoption in the Asian nation, which has embraced blockchain with open arms.

Layoff After Layoff

Even if Bithumb is able to get back on its feet through an uptick in local adoption, it’s been mostly doom and gloom for many global startups.

Mere weeks ago, First Digital Assets Group (FDA), a blockchain application group based in Tel Aviv, was revealed to be dropping most employees from its payroll. As a part of this refresh, FDA will purportedly be totally purging its industry research division, One Alpha. The Israeli upstart will also be putting its K1, Stamina, Titan, and Knox ventures on the backburner, merging a majority of these subsidiaries’ facets with the parent group.

This is just the tip of the layoff iceberg though. ShapeShift laid off 37 staffers, with CEO Erik Voorhees explaining that his firm expanding into alternative opportunities, like KeepKey and CoinCap, too quick. Bitmain was rumored to have cut over 1,000 employees, cutting of a number of its facets and even Jihan Wu to stay afloat. And the NEM Foundation, the organization that heads development of the XEM digital asset, cut 60% of its monthly burn rate, presumably cutting a few dozen of its 150-strong employee base.

Funnily enough, some see these layoffs as mandatory. Travis Kling, the CIO of Ikigai, explained that prior to Bitcoin rallying again, the industry needs more layoffs, exchange collapses, stringent regulation, and cries that “crypto is dead.”


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Analysts Wary That Bitcoin (BTC)’s Lull Could Set Precedent For A(nother) Crypto Plunge

Bitcoin Price Action Looks Eerily Similar To Late-2018

Markets have patterns. There’s no hiding that non-secret. While these market trends may sometimes be hard to spot, sometimes, they’re more apparent than ever. This too is the case with Bitcoin (BTC) and cryptocurrencies, despite their nascency.

Moon Overlord, a popular chartist with a mass of Twitter followers, recently drew attention to an interesting trend in BTC. The trader, who commands the eyes and ears of tens of thousands, notes that the price action seen since late-November is eerily similar to than seen from July to early-November.

More specifically, during these two timeframes, which are now exactly the same length time-wise, BTC has held relatively flat. However, what Overlord seems to be drawing attention to is the gap between the two periods, which saw Bitcoin fall through $6,000 all the way to a yearly low of $3,150.

While he didn’t give an explicit comment, it is heavily implied that if Bitcoin follows history, the cryptocurrency market is in for yet another drastic drop. If mid-November’s plunge is mirrored to a tee, which some fear is all too likely, BTC could find itself under $1,500, as altcoins suffer with even deeper lacerations.

$800 Bitcoin Inbound?

Funnily enough, this isn’t the first time that a call like this has been made in 2018/2019’s so-called “Crypto Winter.” Financial Survivalism notes that the longer BTC fails to surmount a long-term declining trendline at ~$4,600, the higher likelihood that the cryptocurrency’s price could “mirror the price action from September 20th to November 25th of last year.”

Per the analyst, this would mean that BTC could trade flat for another two to three months, before falling dramatically to the $800 price point. This, of course, is a worst-case scenario, but Survivalism does allude to a good point about market cycles and behavioral economics.

Even if a capitulation-induced collapse to $800 is improbable, sub-$2,000 predictions have been floated by many an analyst.

Leah Wald, who subscribes to the Hyperwave, is sure that BTC will fall under $2,000, for instance. The popular trader recently took up a one BTC bet with Filb Filb, as she believes the Bitcoin price will hit $1,500 before it trades above $6,500 on Bitstamp.

Murad Mahmudov is also under the impression that sub-$2,000 for the lead cryptocurrency isn’t out of the question. Mere weeks ago, he expressed how logical it would be to see BTC fall to $1,700 by June, using long-term trends and long-standing moving averages to convey his point.

Then again, some have kept their heads up high. Just as there are bearish analysts, there are bullish analysts too. Filb, for example, claims that if BTC can hold $3,400, $5,000 by May is entirely possible. He notes that a number of technical measures have started to turn in Bitcoin’s favor. Filb specifically drew attention to the 12-hour Moving Average Convergence Divergence, which has begun to trend positive above zero. The analyst also touched on Chaikin Money Flow (CMF), which measures buying and selling pressure, which has begun to signal that there is underlying buying pressure in BTC markets.

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Crypto Cynic Marc Faber Buys Bitcoin, But Why?

“Gloom, Boom, Doom” Author Downs The Bitcoin Red Pill

While the downturn in the cryptocurrency market has deterred retail investors across the board, it may have set the stage for institutional players, high net-worth individuals, and influential players in the world of finance to make an entree. In a recent interview with Cash, Marc Faber, who much like Nouriel Roubini is also known as Dr. Doom, revealed that he bought his first Bitcoin (BTC).

For those who missed the memo, Faber, best known for his “Gloom, Boom, Doom” finance newsletter and his standing as an investor, has long bashed digital assets. Like many others embroiled in the traditional world of finance, the Swiss investor likely isn’t all too convinced with digital money that isn’t within the bounds of a traditional asset.

But, he bought some (he didn’t reveal how many he bought) BTC regardless, just ten days ago as of the time of the interview.

He chalked up to his rationale to the fact that Bitcoin looks “technically better,” likely touching on the fact that the collapse from $20,000 to $3,150 likely wiped out most of the market froth that deterred technical analysts en-masse. This wasn’t the only reason though. Faber, now based in Thailand, adds that readers of his newsletter asking him about his involvement in cryptocurrency has also enticed him to look into BTC further. He’s FOMOing if you will.

Funnily enough, the two aforementioned factors were only underscored by a discussion Faber had with Wence Casares, the chief executive of cryptocurrency giant Xapo. Per the market cynic, Casares told him that BTC could very well go to either $0 or $1,000,000, accentuating the asset’s asymmetric value proposition. The fact that an industry insider openly admitted that the flagship cryptocurrency could crumble to dust may have enticed Faber in some way, shape, or form. Who knows?

Now that he owns his BTC now, the “Gloom, Boom, Doom” author seems to be a tad more optimistic. He tells Cash that there’s a fleeting possibility that Bitcoin or systems of a similar caliber could become the “standard for money transfers.” Yet he made it clear that prospective investors in BTC and other digital assets should only buy as much as they’re willing to lose, likely referring to his thoughts on the nascency of this newfangled asset class.

Regardless, the bottom line is that he scooped up some BTC.

Not The Only Crypto About-Face

Interestingly, Faber isn’t the only former cynic to have taken a 180, so to speak, as the crypto crash has continued to slam this market.

Niall Ferguson, a prominent economic historian, recently claimed that he was “very wrong” when he issued his comments that Bitcoin is a “complete delusion.” He added that there are a need and demand for digital currencies backed by blockchain technologies.

Funnily enough, there have still been some that have stuck with their anti-Bitcoin scripts though. Nouriel Roubini, for instance, told the CFA Institute that the fact that many asking for his advice on Bitcoin “did not even appreciate the difference between stocks and bonds or types of markets, or the basics of credit and interest rates” was an evident red flag that something was amok.

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Bitcoin Fundamentals Boom Amid Crypto Winter: Why Hasn’t BTC Caught Up?

Bitcoin Fundamentals Still Better Than Ever

It isn’t a secret that the fundamentals of the cryptocurrency space are looking rather hot. Spencer Bogart of Blockchain Capital told Bloomberg TV that this nascent space is still rife with innovation, talent, and capital. The prominent crypto investor explained that the levels of entrepreneurial talent and institutional interest hasn’t ceded with the Bitcoin price, leading him to determine that this ecosystem is far from dead in the water.

He even remarked that from a macro point of view, with rising debt levels, copious quantitative easing, globalism concerns, among other issues, BTC could be the “most compelling asset in the world right now.”

Dan Held, the co-founder of Interchange and a former product manager at Blockchain.com, has also expressed optimism, noting that he’s more bullish on Bitcoin than ever before.

He laid out six points to back his comment on Twitter: Starbucks’ public valuation is higher than BTC, less than 0.1% of the world’s population is involved in Bitcoin, the halvening is under 450 days away, a crypto-backed exchange-traded fund (ETF) could arrive by late-2020, government debt swells, and the “institutional plumbing is being built.” Held’s remarks come after prominent trader The Crypto Dog released a similar list of things to be bullish about just days ago.

While all these developments have continued to bless the industry, prices have seemingly failed to react. In fact, since the lows established in mid-December, the aggregate value of all cryptocurrencies has only moved from $102 billion to $135 billion. Although a 30% gain within three months is impressive in any other market, investors have deemed this performance lackluster at best.

Market Continues To Trade Flat

The team at Pantera Capital put this underlying market theme best in a recent letter. Per previous reports from Ethereum World News, the blockchain-centric venture group stated:

We have been surprised to see how far prices have deviated from the underlying fundamentals — which are stronger now than ever.

But why are prices barely moving, in spite of the news?

Well, the answer may be quite simple. Many have looked to the “Wall Street Cheat Sheet — Psychology of a Market Cycle” for an answer. The chart dictates that following capitulation, recently exemplified when Crypto Yoda left the space, markets enter a stage of anger, desperation/depression, and then disbelief.

Pundits claim that we are in the later phase, as many are sure that lower lows are inbound, and that the development of the crypto industry in recent weeks is just white noise, so to speak. The Crypto Dog, a prominent Bitcoin trader, touched on this himself recently, noting that while sentiment is more bullish than bearish, a fleeting feeling of an impending collapse still sits at the back of his mind  — a likely sign of a market phase of “disbelief.”

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Fidelity’s Crypto Head: Ethereum Upgrades Could Delay ETH Integration

Bitcoin First, Ethereum Later

At long last, Fidelity’s cryptocurrency subsidiary, the fittingly-named Fidelity Digital Asset Services (FDAS), is nearing a full launch. FDAS chief Tom Jessop, formerly of Goldman Sachs, Standard & Poor’s, among other Wall Street institutions, touched on the subject matter in an interview with CoinDesk. He told the outlet that while the branch’s advent is nearing, they have yet to integrate Ethereum (ETH).

Jessop remarked that his organization has created an evaluation process for cryptocurrencies, likely much like Coinbase’s, in a bid to support bonafide projects with potential. Currently, FDAS has only given Bitcoin (BTC) its stamp of approval, even though Jessop has stated that Ether and other popular cryptocurrencies may see support eventually. He elaborated:

We’re currently supporting bitcoin, we have designs to support other coins over the balance of the year center to various criteria including our [in-house selection framework], where we obviously look … at client demand and other things.

These “other things,” which are universally applied to other assets, like Ethereum, include the decentralization status of a coin (presumably the number of nodes/miners, consensus mechanism, hashrate distribution), the level of demand from the Boston-based firm’s clientele, the peculiarity of the blockchain, which would affect how FDAS integrates the asset. While Jessop did hint that his crypto firm’s clients have expressed interest in Ethereum-related services, he noted that with upcoming hard forks/blockchain upgrades, like this October’s Istanbul or the following years’ steps towards Serenity, Fidelity may need to “see how those things work out.”

If Jessop is serious, that means that ETH services may not launch on FDAS until late 2019, months after the initial launch of the startup. But to give his reasoning some more credence, he drew attention to Ethereum Classic, which suffered a 51% attack to its blockchain earlier this year. While the same isn’t likely to occur to the ETH chain, Jessop & Co. may be worried about the stability of the chain following a further step towards PoS (which miners may find contentious).

Crypto Services Live For Eligible Clients

While the lack of Ether support may irk some of Fidelity’s thousands of institutional clients, the bottom line is that the service is live. A recent tweet from the Wall Street-backed startup corroborated this. Citing a company update which Ethereum World News reported on previously, FDAS revealed that it is now live, or at least in a limited capacity. The firm tweeted the following seemingly in tandem with the Coindesk report:

Moving ahead into 2019, Jessop intends to see his firm scale, specifically in a bid to see FDAS consume 90% of the States’ institutional crypto market. He claims that this scaling will take the form of regulatory green lights, along with ironing out any bugs in the platform. This will be of utmost importance, as the FDAS head noted that Fidelity has seen a “significant amount of demand” in regards to cryptocurrencies, from crypto-native firms to hedge funds.

This could finally be a positive sign for this market moving forward. Just yesterday, prominent analyst The Crypto Dog took to Twitter to lay out a number of reasons why Bitcoin bears shouldn’t, well, be bearish. A primary facet of his list, which includes Binance’s ventures, Argentinian government blockchain involvement, and Bakkt’s (potential) Starbucks integration, was the launch of Fidelity’s cryptocurrency arm. CNBC contributor Brian Kelly touched on this too, explaining yesterday that this is one reason why it appears that the “crypto winter” is starting to thaw.

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Samsung Galaxy S10 Has Native Support For Ethereum, Not Bitcoin: Pre-Release Device

S10 May Only Support Ethereum, Not Bitcoin Out Of The Box

Just weeks ago, Samsung hosted its Unpacked event, unveiling the Galaxy S10 lineup. But, at the time of the event, little was known about the offering, save for the fact that it was named the “Blockchain Keystore,” which would store keys for blockchain-enabled mobile applications. In the days that followed, however, details and images reached media claiming that Keystore was actually a fully-fledged crypto wallet that supported Bitcoin, Ethereum, and potentially ERC-20 tokens.

Yet, a pre-release/early-release version of the device sent to a Youtuber going by Jorozu was revealed to only support Ethereum, not even the flagship cryptocurrency.

In a nine-minute video, Jorozu unboxed the device, which seems as bonafide as can be. He drew attention to Keystore on his device, seemingly the Korean release rather than the international release, and showed it depicting an Ethereum transaction’s information.

Funnily enough, however, when Jorozu opened Keystore, he was greeted with a visual representation of Bitcoin, but still claimed the offering only supported Ethereum out of the box.

Interestingly, this isn’t the first time that wallet providers have seemingly opted to support Ethereum before its ‘father’ in Bitcoin.

Opera, the popular web browser, only supports Ether and ERC tokens on its built-in wallet. This is likely due to Opera’s centricity on Internet applications, with Ethereum being a much more popular platform for DApps than Bitcoin.

Moreover, Coinbase Wallet (different than Coinbase.com), formerly known as Toshi, just recently added support for Bitcoin, Litecoin, among a few other assets, after supporting Ethereum and tokens on the ‘world computer’ blockchain for over a year.

How About Cosmo And Enjin?

Interestingly, the Youtuber that recorded this video made no mention of Cosmee and Enjin either, two other digital assets reported to play a role in Samsung’s first consumer-facing cryptocurrency offering.

For those who missed the memo, at the Mobile World Congress in Barcelona, Samsung took to the stage to reveal that its S10 devices are “financial transaction ready,” and would support cold storage for Enjin (ENJ), Cosmee (COSM), and the two aforementioned.

Considering the fact that official Samsung representatives have expressed approval to the aforementioned altcoins, the lack of support for COSM and ENJ may just be temporary or region-locked.

Still To Boost Crypto

Even if the wallet application doesn’t support Ethereum from the get-go, many argue that Samsung’s first noticeable array into the blockchain realm could spark widespread adoption. Industry commentator Satoshi Flipper noted that KeyStore & Co, along with Square’s potential integration of the Lightning Network, could do more for Bitcoin adoption than “Bakkt and all the ETF’s in the pipeline combined.”

Per statistics gathered by Flipper, a real estate developer by trade but Bitcoin lover by night, Samsung shipped 70 million units in Q4 2018 alone. All the devices shipped likely weren’t flagships. But, considering the popularity of Galaxy devices, it wouldn’t be nonsensical to claim that a minimum of 25 million individuals will pick up S10 smartphones over the course of the coming year.

Even if this offering isn’t actively used by common Joes and Jills with S10s in their pockets, White Rabbit, a long-time Bitcoin miner & respected investor, remarked that custody (security) remains one of the largest problems facing this space today. And as such, he determined that the introduction of proper security solutions, like KeyStore, could be “interesting” to watch in the coming months and years.

Alec Ziupsnys, better known as Rhythm Trader on Twitter, noted that Samsung’s latest move in the blockchain realm should spark competition from Apple and Google, thus catalyzing adoption even further.

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Internet Pioneer Kaspersky: Digital Currencies (Likely Not Bitcoin) To Replace Banknotes

Bitcoin Unlikely To Replace Fiat

Since Bitcoin (BTC) was thrust into this world, its most fervent advocates understood that it was created to be a digital alternative to the incumbent financial system. While this underlying raison d’etre has been upheld over time, some pundits claim that the cryptocurrency won’t replace the fiat system.

Eugene Kaspersky, the Russian genius behind Kaspersky Lab, is in that boat. He recently took to an interview with Arabian Business to touch on his theory on the subject matter. The purported billionaire, whose wealth was enabled through the Internet and technology, stated that cryptocurrencies are “a great idea,” but noted that as it stands, society at large isn’t ready for such an innovation. He explained that for the world to be fine with encrypted, Internet-based mediums of exchanges, the “world must be united,” as “governments will want to control them” for their own ulterior motives.

He added that a world united isn’t out of the cards, noting that “perhaps in 100 years’ time,” all the world’s governments would join into one entity, leading to a centralized, ubiquitous currency. This could very be a digital asset instead of banknotes, Kaspersky hinted.

But, he noted that today’s cryptocurrencies, like Bitcoin, currently don’t have the ability to replace the entire financial system. He lauded blockchain technologies, saying that slight modifications could make it perfect host for a global economy, but made it clear that today’s systems would likely be too immature to overthrow Wall Street and its underlings. Kaspersky is likely touching on the fact that Bitcoin’s transactional throughput is limited, but is forgetting to make reference to the Lightning Network and other pro-scaling solutions.

Many Beg To Differ

Some have begged to differ, claiming that Bitcoin is poised to replace the incumbent financial system. ShapeShift CEO Erik Voorhees noted that crypto’s rise to worldwide dominance may be inevitable, as the asset class poses an existential threat that decentralized money poses to centralized systems. Voorhees elaborated:

I’ve felt like it has always had a significant potential to take over the world… and I still do. I still think that it is going to replace government fiat over time, especially as people continue to figure out that there is an alternative to that scam.

John McAfee has also been skeptical of fiat, especially the U.S. dollar. The U.S. presidential candidate, who is currently on the run from the authorities, noted that in five years time, fiat will “be on its last legs.”

Tim Draper has perpetuated this sentiment too. Per previous reports from Ethereum World News, the Silicon Valley venture capitalist explained in an interview with Fox Business that in five years time, only criminals may be using fiat currencies.

Even Elon Musk, the chief executive of Tesla, SpaceX, OpenAi, the Boring Company, among other Silicon Valley companies, has thrown in his hat on the subject matter, but was hesitant to call government-issued currencies a scam or something of similar nature. Musk told ARK Invest’s “FYI” podcast that “without a doubt,” cryptocurrencies are a “far better way to transfer value than pieces of paper.”

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Bitcoin (BTC) To Reach $137,000 By October 2023 If Historical Trend Is Followed: Analyst

The $137,000 Bitcoin Call

Although the crypto market has yet to break out to the upside, investors have continued to speculate where Bitcoin (BTC) will peak next. One analyst notes that it will be far above $20,000, which BTC first reached in late-2017. Market psychology specialist Philip Swift recently took to Twitter to explain his call, citing indicators from Willy Woo and the Bitcoin Network Momentum.

Swift notes that as per Top Cap and the momentum indicator, which gauges transactional throughput, BTC is most likely to have a market capitalization of $1.7 trillion to $2.6 trillion by October 2023, meaning a per coin price of around $92,000 to $137,000. He adds that more likely than not, transactional volume on the blockchain has likely reached a low, setting a positive precedent for medium-term price action.

Swift’s analysis elicited a response from Woo, who created the model he used to ‘call a top’. The Australian researcher noted that making such an estimate/forecast “so early in the game” is like trying to catch a pop-fly with your eyes closed. Regardless, Woo noted that this is still fun to do, hence why people make such analysis decisions. Regardless, in the past, the industry commentator has claimed that it is only a matter of time before BTC meanders back to its $20,000 high.

In a number of comments on Twitter, the trader stated that he believes that fundamentals are stronger than ever. The popular analyst even remarked that eventually, Bitcoin will recover, just like the past, touching on the fact that institutions, mainstream media, and representatives of the traditional realm of finance bashing the cryptocurrency “is amazing.”

Not The Craziest Crypto Prediction

Although $137,000 for a single unit of the flagship cryptocurrency is preposterous by current standards, Swift’s prediction is far from the most optimistic. Per previous reports from Ethereum World News, $carface (Scarface), a popular trader on Twitter, first noted that it would be irrational to claim that BTC won’t undergo another parabolic cycle. He added that if the cryptocurrency follows its historical habit of rallying to 5.1 to 16.89 times above its previous peak, Bitcoin could move to $337,000 in the next market cycle. This, of course, is well above Swift’s call, but is still in the sextuple-digit range.

The aforementioned Survivalism has noted that while the last cycle returned 16x, as BTC ran from ~$1,200 to $20,000, the next cycle could post even greater returns. The analyst, attributing to hopeful forecast to adoption and Bitcoin’s resiliency on a global stage, thus concluded that a “pump to ~$750,000” wouldn’t be illogical.

Yet, some have claimed that eventually, the leading digital asset will break out of being sub-$1,000,000, especially as the legacy economy could begin to buckle under heavy debts.

Jesse Lund, the vice president of IBM’s blockchain and digital asset branch, recently took to an interview with Finder.com to explain why $1,000,000 is possible. He explained that while BTC is only likely to end 2019 $5,000, over time, $1,000,000 could be in the cards, especially as institutions and the public siphon capital into this space, creating a positive feedback loop that pushes prices higher with time.

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