Max Keiser has always been a proponent of Bitcoin, not only because of the evolution of its prices but also because of its fundamentals. In an interview for Kitco News, the host of the well-known TV Show “Keiser Report” pointed out that Bitcoin can “capture” a part of the global gold market (the most important asset used as storage of value).
The famous investor also told that despite the strong bearish streak of
2018, he still believes that it is perfectly possible for Bitcoin to reach
$100,000 adding that he does not expect to make any significant sales unless
this value is surpassed:
To capture a piece of the gold market, you’re talking $60-, $70-, $80-, $100,000 to Bitcoin. I have not sold any Bitcoin because my price target is $100,000 and beyond.
Keiser explained that from his point of view, BTC bottomed close to 3200
USD, however, he did not come to this conclusion for technical reasons. The
explanation was mainly political.
“When the Federal Reserve bank signaled that they were going to permanent quantitative easing, I said look, that’s the bottom for bitcoin, that was about $3,200 on bitcoin, because they’re making it clear now that there’s going to be no accountability by the Fed. They’re going to print ad infinitum, ad nauseam, there’s going to be no rollback, no kind of attempt to balance their books,”
Is Bitcoin Gold 2.0, Fiat 2.0 or just Bitcoin?
For Max Keiser, one of Bitcoin’s advantages over traditional fiat money is precisely that there is a fixed and immutable amount of tokens. This prevents a controlling entity from generating an excess of circulating BTC that could cause a drop in prices as a result of inflation.
This has been described by Max as irresponsible and he stressed that “bubbles” and price changes are normal because BTC is going through a transition stage that gave it several different characteristics (store of value, commodity, medium of Exchange, etc).
Bitcoin’s advantages over gold have been highlighted by other expert financial analysts. One of the most prominent has been Mike Novogratz who is sure that Bitcoin could “easily” surpass gold in 20 years.
“Gold’s got an $8 trillion market cap, or a $7.5 trillion market cap. And so, we’re 100x off on that. We’re not going to get there in Bitcoin in the next year or two. But over a 20-year period, could that happen? Easily. Easily.
However, Max explained that investors don’t have to decide between one and
the other. From his point of view, owning both is important to diversify risk.
“I own a lot of gold, I bought a ton of silver, but I also own a big position in Bitcoin”
Bitcoin is increasingly proving its usefulness, not only in the world of trading and speculation but also at the political level. Travis Kling, Chief Investment Officer (CIO) at Ikigai Asset Management told TD Ameritrade that Bitcoin is gaining ground as a kind of safe investment in the face of problems caused by bad government administrations.
“This is a hedge against irresponsibility from governments and central banker …The world is waking up to the value of [bitcoin as] a hedge against the largest monetary policy in human history – quantitative easing.”
He explained that Bitcoin won’t stop rallying because the current geopolitical circumstances are perfect for reinforcing its appeal to investors and people seeking to escape the monetary policies of their respective governments. The clearest example is precisely “the increase in stress from what’s going on with the trade war”.
Hearing Mr. Kling talk about this “Cold War” between the United States and China strengthens a theory that has run among experts and enthusiasts. After the United States announced sanctions against China and China responded with a similar measure, the traditional financial markets suffered a sharp drop while Bitcoin started a rally that took it from $4000 to $8000 in a few days.
Bitcoin is Better Than Fiat
He explained that in recent months, central banks have had a kind of erratic policy, something frightening for many investors. In the United States they talked about markets being in “autopilot” and then several central banks emulated this policy. For the renowned investor, “Bitcoin is an insurance policy against that … It is a way to step outside all of that”.
Kling said it is difficult to know for sure what is the
cause of this new rally, however, he explains that there are certain
differences when compared to 2017. The expert analyst thinks one of the
main aspects to take into account is the increase of hedge funds and
institutional investors that have put large amounts of money in the crypto market,
generating heavy long positions.
Mr. Kling believes this tendency is difficult to reverse since generally when observing the behavior of the markets, more and more small investors replicate this type of strategies, which in turn will increase the effect of the trend in the medium term.
Humans.net is a next-generation social platform that is set to structurally alter how we work and interact with each other. Humans.net brings people from around the world together, in direct contact, to sell and buy every kind of service imaginable without any middlemen or fees. It can be used by individuals and companies and in a sense is a true gig economy platform that gives people and organizations freedom, the ability to buy and sell services on their terms without middlemen.
Today people cite organizations like Uber as being digital champions that point to the future of work and the gig economy. But they are nothing of the sort. In fact, they’ve shot holes through the gig economy. They have simply moved from bricks and mortar to digital operations using the same middleman structure that has underpinned economies for centuries. They bring together a buyer and a seller and make huge profits in the process. They keep about 35% of all transactions. This isn’t the gig economy in which people connect directly with each other and profit individually. It’s the old economy in a different guise.
An early trial of Humans was enormously successful. We attracted 200,000 users in four US states thanks to the unique no fees, no commission, and no hidden costs model. By the end of 2019, we will have one million users and a growing global reach. Thousands of active users are joining every week.
What is the technical infrastructure that underpins the platform?
Humans is set to transform the way we live, work and relate to one another in the blockchain era. With this in mind, and as our ultimate objective, Humans is underpinned by the most advanced technologies. In time it will bethe world’s largest and most trusted decentralized peer-to-peer network, backed by artificial intelligence, a DNA-based verification system, and blockchain technology.
Using AI and data science it will catalogue the skills, knowledge, and characteristics of billions of humans and the platform will effectively serve as a Global HUMANS Resource Bank for people and businesses all around the world. Transactions will be conducted through smart contracts and transparent secure agreements across the blockchain.
What role do cryptocurrencies play?
The platform will have its own cryptocurrency, HUMANS GEN. This will allow users to make payments within the platform conveniently, securely and with zero transaction fees. That said, we won’t limit the use of other payment methods rather we will incentivize registered users to choose HUMANS GEN as the main payment instrument on the platform.
HUMANS GEN currency will also provide registered users with an opportunity to receive certain services on the platform, including the ability to order paid peer-to-peer advertising. The token price is fixed at 1 USD per token and can be purchased with Bitcoin, Ether or any fiat currency when the general sale takes place. Within the context of cryptocurrencies, you can say we are creating a decentralized financial organization for a new crypto world that supports every fiat or cryptocurrency on our own blockchain infrastructure.
What will drive the success of Humans?
We are talking about structural disruption at its most disruptive, and yet at its most rewarding for all of us. The transformation could be unlike anything humankind has experienced before.
Consider this, Humans makes money on advertising thanks to the activities of its users, so it’s fair that people who create the value of the Humans platform should be allowed to earn rewards as well.
To this end, registered users who will view the advertisements and transact on the Humans platform with HUMANS GEN will be entitled to monthly rewards payments. Each month we will direct 25% of the Platform Total Revenue to the Rewards Payment Reserve that will be distributed among the system’s active users.
This turns existing social platforms on their head. We give back to platform users by returning a significant part of the revenue to active users that make the platform work, unlike large conglomerates such as Facebook that make billions of dollars from selling the data of their users.
How do you manage user generated data?
We don’t. Data generated by users belongs to the users and not the platform. This is in sharp contrast to today’s social platforms in which the platform takes users’ data and makes vast amounts of money from it. And as we have seen many times over, user privacy simply doesn’t count. There is no respect for the user so the data is inevitably exploited. At Humans, the user’s data belongs to them and no one else. A user can choose to offer this data to advertisers for targeted advertising about things that interest them and in turn, they receive a share of revenue via the Rewards Payment Reserve as explained above. If we consider Humans from this perspective alone it is clearly revolutionary. This is why we call it a third-generation platform. It is an evolution of second-generation social platforms and this approach is going to increasingly gain traction.
We only need to look at Facebook and the trouble surrounding it because of how it uses data and drives a railroad through privacy to illustrate this. Recent explosive revelations illustrated how Facebook has gone in targeting politicians around the world to lobby on Facebook’s behalf against data privacy legislation in return for investments and incentives. It has a secretive global lobbying operation targeting hundreds of legislators and regulators in across the world, including in the UK, US, Canada, India, Argentina, Brazil, Malaysia and all 28 states of the EU.
It knows that the tide is turning against exploiting user data, which of course puts a stake through the heart of its business model. This, of course, won’t happen overnight but there is groundswell of growing public and political opinion that is calling into question how these companies use user data. Humans takes the opposite approach, data belongs to the user.
The Winklevoss Twins say regulation will strengthen trust in the crypto industry and help return bitcoin prices to previous higher levels.
Cameron and Tyler Winklevoss, the owners of the Gemini exchange, flew into the South By SouthWest (SXSW) conference taking place in Austin Texas for their first attendance since 2016.
In their call for tighter regulation the twins cited the missing $194 million at QuadrigaCX as just the latest debacle to beset the industry, with the Mt.Gox implosion the event that set them on the road to setting up Gemini.
“There are a lot of carcasses on the road of crypto that we’ve seen and learned from. At the end of the day it’s really a trust problem. You need some kind of regulation to promote positive outcomes,” said Cameron in comments to Bloomberg.
Checks and balances
His brother Tyler also weighed in. “You want to have a couple of layers of checks and balances. We are here for the long haul.”
Not everyone will agree with those aims, preferring crypto stays as far away from government and regulators as possible.
Although there is no direct quotation, according to the Bloomberg report the twins see regulation as the key to bitcoin price recovery:
Better oversight and compliance will also help Bitcoin’s price recover to prior levels, he said, adding that it may be possible for Bitcoin’s value to increase in the coming years.
The twins inherited their wealth and famously took Mark Zuckerberg to court after accusing him of stealing the idea for Facebook from them.
Their Gemini is regulated and the twins were behind the setting up of a self-regulatory industry body in the US, the Virtual Commodities Association. Prominent exchanges Bitflyer US, Bittrex and Bitstamp are members alongside Gemini.
They are now pushing a global vision for Gemini as crypto seeks to make good on its technological potential to pull the unbanked on the world into the formal economy.
“With a crypto address and a smartphone, all of a sudden you are in the system. We are really just trying to extend the financial system, so you can send dollars anywhere in the world,” said Cameron.
He even went so far as to envision a future in which the main market for value transfer will be between machines, not humans.
Volatility, Europe and robots
“These devices will need to transact value, and they’ll probably talk through companies like Gemini.”
In a separate interview, this time with Yahoo Finance, the twins revealed that the Gemini exchange “is hoping to open in Europe soon”.
They were pushing their new mobile app, launched in December
Asked what they thought about volatility Tyler said: “It’s pretty normal for a new asset to be volatile at different points in time.”
“Overall we end up at a better floor than we started,” added Cameron.
Continuing, he noted “it might be volatile but has moved in the right direction”, pointing out that when they were last at SXSW bitcoin was priced at $400 and is now near $4,000.
The twins took every opportunity to push their products, as we’ve come to expect.
They said the theme in terms of business development for Gemini was “going global and going mobile”
The Winklevosses shared that they have the UK, Canada, Singapore, Hong Kong, “and some other among other jurisdictions” in their sights for Gemini’s global roll out.
Asked what they thought of the competition from the likes of trading app Robinhood and its proven ability to attract millennials, the twins countered that Gemini is not an equities brokerage but “a crypto-native company… a custodian, exchange and a platform”.
Despite the sharp drop in the price of Bitcoin (BTC) and the rest of cryptocurrencies, there are still good reasons to be long on Bitcoin. That’s what Jeremy Allaire, CEO of Circle said in an interview for CNBC’s Squawk Box.
For Mr. Allaire, the fact that there is a growing number of users is a sign of the core value of this cryptocurrency and is one of the reasons to think that at present, both Bitcoin and Ethereum are oversold.
Allaire is a firm believer that blockchain technologies will play an essential role in the way business will be conceived in the future. For the man behind Circle, the day when all valuable goods have a token running on the blockchain is near.
He also commented that from his viewpoint the United States has a robust regulatory system when it comes to the topic of crypto money, however, there is a need for greater clarity when discerning which cryptos are cataloged as commodities and which as securities.
There Are Plenty of Reasons to be Long on Bitcoin (BTC)
The CEO of Circle also explained that Bitcoin has a series of important characteristics that guarantee that its value will increase with time. For Allaire, the fact that it is an asset with worldwide appeal is something key to take into account when making predictions for the future beyond the temporary contraction that the markets are suffering.
“The key thing with bitcoin is [that] it’s unique in its security and scale. And as an idea that we need a scarce [and] non-sovereign store of value that individuals can hold, and hold in a protected fashion, [Bitcoin] is attractive all around the world.”
Allaire also commented that he does not dare to make concrete predictions regarding the future price of Bitcoin, especially considering that many have tended to fail, but he was confident to point out that at least in a period of three years “it’s certainly going to be worth a great deal more than it is today.”
Circle is a peer-to-peer payments technology company founded in 2013. It received over US$135 million in venture capital from 4 investment rounds from 2013 to 2016. On February 2018 Circle bought Poloniex for 400$ Million.
Confidence in crypto may be at a low point for the year but some believe we are only at the beginning and adoption will inevitably grow substantially over the next five years.
In an interview with TechCrunch Coinbase CEO Brian Armstrong outlined his vision for the company and the future of the crypto industry. In that future he sees the company operating in a similar way to the New York Stock Exchange hosting a growing number of altcoins and becoming the standard for companies to create their own tokens. He stated;
“It makes sense that any company out there who has a cap table… should have their own token. Every open source project, every charity, potentially every fund or these new types of decentralized organizations [and] apps, they’re all going to have their own tokens. We want to be the bridge all over the world where people come and they take fiat currency and they can get it into these different cryptocurrencies,”
Coinbase could be host to hundreds of tokens in the near future and potentially millions looking even further ahead. Today it only supports five but the addition of new ones would obviously give them a price pump that is desperately needed in the current market climate.
Regulation is currently the hurdle preventing US companies taking full advantage of this embryonic industry. Coinbase’s billion dollar value is evidently the exception to this notion as the firm goes from strength to strength. The question over whether cryptos will be considered as securities is still a concern, one which Coinbase has already addressed with the acquisition of a securities dealer earlier this year.
“We do feel a substantial subset of these tokens will be securities. Our approach has always been to be the most trusted [exchange] and the easiest to use. So we want to be the legal compliant place where you can start to trade these tokens that are classified as securities.” Armstrong added.
He also made the internet comparison by stating that Web 1.0 was all about publishing information, Web 2.0 interaction, and Web 3.0 will be about value transfer. “Web 3.0 is going to be about value transfer on the internet because now the web has this native currency and so applications can be built that instantly tap into this global economy on the internet,” he added.
When asked about crypto adoption the exchange boss remained bullish claiming that the total number of people in the crypto ecosystem can reach a billion within the next five years. It is currently estimated at around 40 million today.
The cryptocurrency market seems to be recovering from a strong bearish trend that has lasted all year, and the bullish sentiment may be taking over the markets, so several analysts have said, adventuring to study the world of cryptocurrencies and the markets in general. One of those is Michael Moro, CEO of Genesis Global Trading.
In an interview for CNBC, Michael Moro said he is confident that Bitcoin can start a bullish run in the short term if it can overcome its resistance on the 7k band.
Michael Moro discussing BTC prices with the Panel of CNBC’s Fast Money
This opinion is based on simple technical analysis. Those who firmly believe in this prediction method over the use of fundamental analysis can come to this conclusion very quickly.
It is also important to note that other long-term indicators confirm that a reversal of the bearish trend could occur if the bullish are able to pass this severe test.
Michael Moro is quite optimistic about the maximum prices of this fluctuation. For him, after defeating the 7k, it is hard to foresee a near bearish domain. He says that it is easier to see a steep climb than a slightly more moderate descent:
“If the [$7,000] level holds, say for the next week, two weeks, the bulls will 100 percent be back. They will be more comfortable that the lows for the year are in, and that we are more likely to see $10,000, rather than $5,000.”
Crypto Market is Maturing
Moro considers it important that the markets were not strongly affected by the recent SEC decisions to reject an ETF Bitcoin; however, it is important to note that while this news was discouraging, Hester Peirce’s opinion was a relief to the community, giving optimism to those nervous sellers.
He says he does not think the SEC will approve an ETF in the near future but does not rule out the reality in the longer term.
“I believe the market now understands that the SEC’s ETF approval isn’t any time soon. So I think that the market sentiment regarding the product and the approval process is now far more muted, which I think is a healthier outlook for the next 12 months,”
The Key: 7510 USD
For Mr. Moro, the critical price to follow beyond a band is, specifically, $7150. Bitcoin has not yet reached this level, but seems to slowly begin to get closer.
The well-known businessman believes that the market is able to keep the price close to this amount this week, next week could be a smooth and energetic foundation for a bullish run in the crypto market.
Bitcoin is currently quoted below 7k; however, even though it has exceeded 7k, it has not yet reached the figure set by Mr. Moro.
Fluctuation of BTC Price during August 2018. Graph: Tradingview
The president of the Venezuelan Association of Cryptocurrencies “Asonacrip,” spoke on a radio show about his impressions of the potential that cryptocurrencies and blockchain technologies have for the evolution of the local economy.
He also took the opportunity to explain the current situation in Venezuela regarding fundamental issues associated with the development of various industries associated with crypto-economics, elaborating on different subjects going from trading to mining.
According to Mr. Alvarez, cryptocurrencies represent an excellent opportunity for Venezuelans who have seen their purchasing power diminished by handling national fiat money:
“Undoubtedly cryptocurrencies are a great possibility for all the country. Especially in this social, economic and political situation that we are experiencing. We realized that Bitcoin has been a savings refugee for many people, not only for businessmen but also for ordinary Venezuelans.”
Alvarez believes that a process of “digitization of money” is currently underway. He explains that the Association visualizes that “this growth is exponential.”
Many Have Heard About Cryptos, Few Actualy Know How They Work
Although he recognizes that the phenomenon of cryptocurrencies and DLTs is creating a global community around it thanks to the facilities it represents for those who adopt the technologies, he mentions that in Venezuela, the growth of interest in these technologies has been extraordinary:
“What is happening is that physical money is being turned into digital cash so that anyone in the world can exchange value in real time just as a photograph is now able to be virtually sent …
The most significant difficulty is knowledge. Venezuela, given the current situation, is one of the Latin American countries that is having the highest awareness on the issue of crypto money. We saw today an article that said that in Russia 44% of people have talked about cryptos, in the United States less than 20% know it is cryptos…
In our country today, thanks to what is happening – we are going through a stage of institutional cryptocurrencies with the issuance of the Petro – I believe that about 100% of people have already addressed the issue of cryptocurrencies. The only thing missing is to spread the knowledge of how to enter that world.”
Crypto-Industries are Slowly but Steadily Developing in Venezuela
Alvarez commented that in the country there have been several successful developments in the field of cryptocurrencies, showing that beyond Petro, the community is creating a name for itself:
“There are developments in Venezuela such as developments in Puerto Ordaz of a cryptocurrency named Onixcoin, developments in Vargas of a tourist currency called Ril, there are developments in Margarita of a cryptocurrency called Perlacoin … And all this alongside with Petro.The great advantage we see is that there was an opening of the currency exchange control”.
Alvarez was also quite optimistic about the global use of cryptos, which he described as an “evolution” of the traditional financial system:
“More than the death of the Venezuelan Bolivar I believe it is the death of all physical currencies, just as photography died physically… It is the evolution of the means of payment, not only in Venezuela but in the entire world.”
Right now, Asonacrip is in conversations with venezuelan authorities. The team is aiming no normalize the mining situation, seeking to find a solution to some legal problems associated with importation of mining equipment such as ASICs and RIGs that are on hold by Venezuelan Customs.
Despite the sharp fall in Bitcoin (BTC) last week, Tom Lee, CEO of Fundstrat, is still spreading his strong bullish sentiment. In an interview for CNBC, Mr. Lee commented that Bitcoin (BTC) still had enough reasons to increase its value and that in fact, in the middle of the bearish market, there are signs to show that it is clearly the king of cryptocurrencies.
Tom Lee on a previous interview, explaining why the gap between BTC (BTC) actual prices and 200 MA is a bullish signal
According to Mr. Lee, even after the overall bearish trend, Bitcoin’s dominance increased in proportion, which is a clear indicator of investors’ confidence in Bitcoin’s strength and its potential as a real and verifiable asset.
He also believes that although last week’s news fueled a robust bearish run, the announcements may actually have attracted investors with a more strategic and long-term business plan.
The news that we have seen, from the SEC saying bitcoin’s a commodity, to … the potential for an [exchange-traded fund] is causing investors to decide that bitcoin is the best house in a tough market,
Long-Term vs. Short-Term
It is important to note that short and long-term trading strategies are very different, even becoming contradictory at particular times. For example, a scalper can profit by shorting bitcoin while having a stronger amount of bitcoin (BTC) in a long-term bullish position. Although a market may be bearish on charts of less than 4 hours, the picture may be completely different on charts with candles expressing longer periods of time.
After a relatively sustained drop that led Bitcoin to reach values below 6k (an important resistance during 2018), Bitcoin had a steady rise of more than 2k USD approaching the 8.4k mark just a few days ago. However, following the SEC’s announcement to reject the application for a Bitcoin ETF and the recent delay on another application, the crypto market experienced a sharp decline.
Tom Lee: “Bitcoin isn’t Broken”
However, for Mr. Tom Lee, these kinds of ups and downs are healthy, and are by no means a sign of weakness for Bitcoin (BTC) as it has repeatedly tested the 6k support:
Bitcoin isn’t broken if it’s holding at these levels. I think people are afraid it is going to go back down to $6,000 and never come back from those bear markets … I think bitcoin dominance is actually showing the market is reacting to what’s been taking place.
Generally, in these volatile markets, the social impact of many news can often lead to exaggerated reactions. Both FOMO and FUD are social phenomena that have become very famous in crypto-verse, especially among short-term traders.
A Green Future Coming After The 6K?
Right now, Bitcoin (BTC) has tested once again the 6k USD support, bouncing to 6.5k USD in price with a nice panorama in the short term. Next “soft” resistance is near 6.9k USD, with a stronger test zone around 7.5K USD
Mike Novogratz has taken a bullish but cautious stance on the general cryptomarket. He made it clear in an exclusive interview that came out yesterday.
During the Beyond Blocks Conferences, which is being held at Korea Blockchain Week, Mr. Novogratz talked with Ran Neuner of Crypto Trader; sharing his opinions on the prices of Bitcoin and its future as a cryptocurrency, the possibilities of adoption, Bitcoin ETFs, the situation of the ICOs and his forecasts.
Novogratz was confident to say that he believes that Bitcoin has Bottomed, an opinion that has been shared by several experts. According to the renowned investor, the 6.8k is a support that has been tested several times, serving as a rebound point for new bullish streaks:
“I don’t think we’re gonna race off I think a Bitcoin takes at 6,800 you get a nice little pump but I do think we’re really building a nice bottom for the next move up.”
Mr. Novogratz: Focusing on Fundamental Analysis
For Novogratz, the true bullish run of bitcoin depends more on fundamental factors rather than technical factors. The regulatory framework and the custody and security of funds are two essential elements that will permit Bitcoin to grow in value beyond the typical market trends:
“I think the next move up is gonna need custody from a trusted source it’s gonna need a little regulatory clarity you know we won’t take out ten thousand without those two things because that’s what brings the institutional investors in but we’re gonna get there.”
As to why bitcoin has bottomed at around 6.8k Mr. Novogratz relies on fundamental analysis. For Novogratz, the growing adoption is a sign of the real value of Bitcoin (BTC) and is the main argument for why he believes that Bitcoin will not fall further.
“You know we’ve tested the downside bunch and kind of bouncing off it but I I’d see slowly but surely more adoption you know there are more people at these conferences there are more people working in this space … so there’s this weird scenario where the privates are actually richer right now than the what I’ve called the publics.”
For Bitcoin (BTC) To Go Up, Bigger Names Need to Come In
For Novogratz, institutional investors need a certain level of security to be willing to invest in crypto. They need to get important names like Nomura, Goldman-Sachs, etc. involved first before they see significant institutional investments. The work of fintechs and firms like Coinbase, Bitgo, and Xapo is irrelevant to the decisions of the big capitalists.
The time of his prophecy about Bitcoin (BTC) may be near. He said he thinks it could be accomplished in 6 to 18 months. He also believes that the global market cap of 800 billion can be reached in a period of 12 months.
“We’re gonna take out ten thousand then we’re gonna go right to twenty thousand because we’re only gonna take it out [when] you’ve got custody moving in, and that’s going to reignite the animal spirits in the FOMO.”