Category Archives: Bitcoin News

JP Morgan’s Coin is Ridiculous, Says American Economist, Compares it to XRP

Known for having to be anti-Cryptocurrency, Nouriel Roubini Tweets about JP Morgan’s Coin, which says otherwise about his views on Cryptocurrency and Blockchain.

JP Morgan is a major American bank and financial institution. They recently introduced their JPM Coin, their own Cryptocurrency, that they claim is for payment transactions between their clients. In the US, they became the first to roll-out their Cryptocurrency.

The community did not like JP Morgan’s move, and they are showing their displeasure about it, and positioned it as centralized and it contradicts the fundamental attributes of Cryptocurrency and the Blockchain. The said Coin, they argued, is putting the control back to centralized authorities.

It follows the same concept as the Stablecoins, in a way that it is valued at roughly 1 USD. According to CNBC, their clients would receive the corresponding amount of Coins once they deposit the money. Once the Coin has been used on a transaction, it gets destroyed and the client gets the same amount of cash, correspondingly.

Ridiculous

On a Tweet he sent out, Nouriel Roubini said that JP Morgan’s Coin is as ridiculous as Ripple’s XRP.

“Ditto for XRP. It is as much of a joke as the new JPMorgan new pseudo crypto coin.”

There are people who appreciate the idea of banks issuing Cryptocurrency, like Twitter user @Tusharjain who showed his appreciation on his Tweet below, although a lot hated it.

“Banks were obviously never going to use XRP for settlements and enrich Ripple Inc (who owns more than half of all XRP). They would rather enrich themselves instead! Kudos to JPM for being first. They are going to wipe the floor with Ripple.”

In which the founder and CEO of The Block, Miked Dudas replied:

“JP Morgan, the bank whose CEO Jamie Dimon has called Bitcoin a “scam” and said “I don’t really give a shit about Bitcoin” is launching its own cryptocurrency. When @TheBlock inquired a month ago, JP Morgan blockchain execs denied this was in the works.”

(Jet Encila is a journalist, editor and freelance writer from the Philippines).

 

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Source: Bitcoin News

Stable Coins: The “Holy Grail of Cryptocurrencies”

In the middle of the Cryptocurrency industry meltdown in 2019, Bitcoin experienced a loss of more than 3-quarters of its value. This created a queue for enthusiasts to shift to so-called “stable” coins, which are deemed the utopia in the world of Cryptocurrencies. Let’s take a close look at stable coins:

To be able to be considered as a stable coin, it should not be the only asset on its own, it must represent another entity that is another asset, like cash or petroleum. While a traditional digital currency like Bitcoin is so unstable, stable coins are more like traditional cash, it’s usually valued at a constant price.

Currently, these stable coins are being used by new investors to jump into Cryptocurrency investing.

Complicated process

Almost all Cryptocurrency only allow trading one Coin to another type of Coin. The reason behind, is that exchanging traditional money to digital money is not exactly a straightforward process, it’s usually more complicated than that, the process has to go thru banks, regulations and local laws.

If you are a first timer in the world of Cryptocurrencies, it’s recommended to convert your cash to stable coins using Cryptocurrency exchanges, like Coinbase or Coins.ph for example. Using your stable coins, you may opt to move to bigger exchanges like Binance where you can trade more than a hundred different Cryptocurrencies.

When the time comes that you want or have to opt out of Cryptocurrencies, it is possible to convert them back to stable coins without cashing them out to actual money.

A better alternative?

Advantages of stable coins include being used for daily purchases, such as paying for your food, groceries, fare or commodities, showing greater potential to adoption of the masses compared to the more popular Cryptocurrencies, where transactions usually take a lot of time, and the fees tend to be higher due to changes in value.

In most cases, most stable coins are supported by actual currencies with no difference between their values. Distributors of the coin get exactly the same amount in their accounts.

The top stable coin is Tether, also called USTD, that is distributed by US-based start-up company Tether Limited. Though, when the start-up failed to produce an independent audit, it affected its price that went down to 90 US Cent.

Other stable coins which are also USD supported are: Gemini, TrueUSD, USDC, and Pax, that are distributed by companies regulated by the US government, and the auditing process is more transparent.

(Jet Encila is a journalist, editor and freelance writer from the Philippines).

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Source: Bitcoin News

First Ever US Pension Funds to Invest in Bitcoin

Morgan Creek Digital is taking things a notch higher with a claim that they are probably the first US pension fund to ever pour money in the digital currency business.

Fairfax County, Va., has two pension plans that are mainstay stockholders in this new venture capital fund worth 40 Million USD, an official statement from the firm has disclosed.

Some other stockholders involve an insurance company, a university endowment and a private organization, according to Anthony Pompliano, founder of Morgan Creek Digital, who did not elaborate on his statement regarding the company’s latest move.

A lot of investing institutes, according to Cryptocurrency supporters would be attracted to virtual money equities due to their variability and massive potential to grow in value, that is caused by freedom in tweaking the system with not enough regulatory bodies.

Digital asset investment

There have been several organizations that the Virginia pension funds has partnered with, as well as Yale University, which is one of the top universities in the US that invests in digital assets.

There are three distinct welfare programs conducted by the Fairfax County Retirement Systems, 2-thirds of them investing in the Morgan Creek Digital fund, according to Pompliano.

One of the Chief Investment Officers of the funds, Katherine Molnar, stated that the underlying technology of Bitcoin, which is used to monitor its transactions, opened a whole new set of tools that would help people solve a complex array of obstacles.

Conventional asset to Crypto

Pompliano said that his new fund is built in such a way that it’s related to a conventional venture capital fund which would then stake in the assets of firms that is involved in the business of Blockchain and digital assets, adding that the fund would also retain a tiny amount of its worth in liquid Cryptocurrencies, much like Bitcoin, which in 2018 lost 3-fourths of its value.

A branch of the investments managing firm Morgan Creek Capital Management, Morgan Creek Digital surpassed its original goal of 25 Million USD for the fund.

Its proposal is that every conventional asset would very soon be turned to Cryptocurrencies at the same time increasing intellectual capital that would make beneficial earnings.

They as well contend that Cryptocurrencies are not in any way related to conventional assets, putting investors in unique risks.

(Jet Encila is a journalist, editor and freelancer writer from the Philippines).

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Source: Bitcoin News

Chinese Mining Pool Co-Founder Encourages Investors to Buy Bitcoin Now

Instant messaging platforms like Discord, Telegram, and WeChat have seen the growth of groups dedicated to cryptocurrencies over the past couple of years.  In a recent WeChat group conversation, Zhu Fa, the cofounder of Poolin, one of the largest crypto mining pools from China, stated that one Bitcoin can cost 5 million Chinese Yuan (about US $74,000) in the near future.

“Bitcoin price will be in the range of 500,000 yuan — 5,000,000 yuan ($74K-$740K) in the next round of bull run,” he said.

He was commenting on a bullish statement made by Bitcoin tycoon Zhao Dong, who believes that now is the right time to buy Bitcoin since no one is paying attention to it.

Mr. Zhao believes that the crypto space is experiencing “crypto winter” and that, like any other season, it will come to its end in 2020 — the year when “crypto spring” starts, followed by “crypto summer” in 2021. So it is best to accumulate Bitcoin now while crypto prices are low.

Mr. Zhao and Mr. Zhu are not alone in their bullish sentiments.

Earlier this week, popular crypto trader and analyst Josh Rager tweeted to his more than 25,000 twitter followers that this could be the last time “the general population can afford to buy a full $BTC,” predicting that after 2021 “Bitcoin could move to a market price where most will only buy fractions.”

Another analyst, Mark Jeffrey, author of the book “Bitcoin Explained Simply”, said Bitcoin could cost as much as US $250,000 when the crypto winter ends.

Until these predictions come true however, investors should take caution.  Mr. Zhao warns that many projects will die this year and will be replaced by new ones, stating that there is one thing that investors need while in a bear market — patience.

(Jet Encila is a journalist, editor and freelancer writer from the Philippines).

 

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Source: Bitcoin News

10 Pct of World’s Population Now Use Crypto; But Hackers Also on the Rise, Kaspersky Lab Says

It once was known only to computer nerds or people who are looking for a quick buck, or someone with a shady business. Today, Cryptocurrency has now evolved into a popular method of payment.

Kaspersky Lab recently noted that 10% of the world’s population now use Cryptocurrency to pay for their purchases. Unfortunately, cybercriminals are also taking advantage of this recent rise in its usage by attacking Cryptocurrency exchanges and investors.

This is putting people at high risk of being robbed of their investments stashed in this free for all technology, because it’s a hacker’s job to engineer new tactics in order to exploit the security of this relatively new technology.

A lot of establishments now started giving their customers an option to pay by Cryptocurrency, by the use of kiosks and computer systems that can processes such transactions.

This caused prices to go down. Even big sports teams are doing collaboration with Cryptocurrency exchanges. Still, along with people showing their interest in, and being willing to invest and use Cryptocurrency, they as well put their money at risk of being stolen, due to weakening security measures of Cryptocurrency wallets and exchanges being under constant attack with hackers.

Safety nets for crypto a must

Major incidents, like that in 2005, when 120,000 Bitcoins were stolen from different wallets on Bitfinex, and when Coincheck lost 530 Million USD in 2018, just exposes the vulnerabilities of these exchanges and how easy it is for Cybercriminals to access the networks and cause massive, irrevocable destruction.

It’s particularly scary to think that when a Cryptocurrency exchange is hacked, and all its money stolen, none would ever be returned to the stakeholders.

New companies and startups that are setting up their own Initial Coin Offering (ICO) is in significantly more risk, because based on statistics, people who set them up doesn’t have experience with Cybersecurity. When an unfortunate attack is to happen, this lack of experience would leave them helpless as they watch the hackers take down all their hard work.

The biggest problem so far is that the Cryptocurrency network is still not yet being regulated and there aren’t any standard security assessment procedures being implemented.

(Jet Encila is a journalist, editor and freelance writer from the Philippines).

 

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Source: Bitcoin News

NASDAQ to Offer Bitcoin Core, Ethereum Indices this Month

TWO new indices connected to the crypto market will soon be included in NASDAQ Stock Exchange’s platform.

In a statement issued on February 11 by the second-largest stock exchange in the world, NASDAQ announced Bitcoin Core and Ethereum’s entry starting February 25, 2019.

The new indices – the Bitcoin Liquid Index (BLX) and the Ethereum Liquid Index (ELX) – will provide a real-time spot and reference rate priced at 1BTH and 1ETH.

In addition to the tick-messages, recipients would also be getting real time index updates from Nasdaq Global Index Data ServiceSM (GIDS).  Index level information will be disseminated by Nasdaq’s data partner Brave New Coin.

Introducing digital assets to the stock market

NASDAQ further stated:

“BLX and ELX work by capturing data from multiple exchanges to provide a single price point for BTC and ETH, which helps traders get in and out of a given position.”

The latest move by NASDAQ is believed to be one way of introducing digital assets to traditional stock market investors.

Since last year, the exchange began publishing reports about Bitcoin and partnered with Vaneck, an investment management firm based in New York, to initiate Bitcoin futures as trading goes through a falling market.

The new cryptocurrency indices will soon be part of the several NASDAQ indices such as the NASDAQ Composite and the NASDAQ 100.

(Jet Encila is a journalist, editor and freelance writer from the Philippines).

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Source: Bitcoin News

Bitcoin (BTC) is Going to be Digital Gold! Mike Novogratz Says

MICHAEL Novogratz, billionaire and CEO of Galaxy Digital Ventures LLC, has a quite interesting take on bitcoin’s future: “Bitcoin is going to be digital gold.”

In a Bloomberg interview earlier today, the former Goldman Sachs partner expressed his confidence in Bitcoin recovering from its fall from its 2017 all-time high market price. He recounts how painful it was for investors who saw the cryptocurrency bubble burst last year.  After all, his company suffered a tremendous $136 million dollar loss in cryptocurrency trading when crypto prices plummeted.

Novogratz said:

“We had a fantastic bubble in cryptocurrencies.”

“Last year you realized just how painful popped bubbles can be. The market was down 90-odd percent depending on what crypto you’re looking at. I always laugh about the math of that. Like, you know, the market was down 90%, down 60%, and then another 65,” he stated in retrospect.

However, he sees a bright future ahead for Bitcoin as he observes the architecture required by institutional investors are being slowly put into place with the “retail frenzy” having “washed out”.

Venture funds, hybrid funds, and other institutional investors are coming in. He cited Bakkt specifically, a company that raised $182 million dollars of funding last year to help it get started in the crypto futures contract business. International Exchange (ICE), the owner of Bakkt and the New York Stock Exchange, said that they will be spending between $20- to $25 million dollars on Bakkt this year.

Cryptocurrency enthusiasts however should not get their hopes up too soon. Just like any other financial bubble that’s burst, prices do not skyrocket to the moon. “We’re not going to bubble backup up, we’re going to grind back up,” says Novogratz.

(Jet Encila is a journalist, editor and freelance writer from the Philippines).

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Source: Bitcoin News

2 Public Pension Funds, Morgan Creek to Launch $40-M Crypto Venture in US

In a display of confidence on the cryptocurrency sector, Anthony Pompliano of Morgan Creek Blockchain Opportunities Funds has announced their plans to launch a crypto venture fund which will be backed by two pension funds.

It was revealed that the MCBOF is a  partner of Morgan Creek Digital which is managed by investment giant Morgan Creek Capital Management.

In a tweet from Pompliano, he said:

“The institutions aren’t coming. They’re already here.”

The planned venture is said to be structured similar to a traditional VC fund that would invest on companies related to digital assets. However, it was also disclosed that the fund will be placing a small portion of the capital in cryptos.

Digital asset firms join the fray

Among the funds that were reported to be backing this venture are the Fairfax County Police and the Fairfax County Employees pension plans. There were also other unnamed parties that will participate in the VC including a private foundation, a hospital system, a university fund, and an insurance firm.

Previously, a number of digital asset companies has already received investments from Morgan Creek. These companies include: Good Money, Open Finance Network, Coinbase, Bakkt, Digital Assets Data, and CityBlock Capital.

This is not the first time Morgan Creek Digital has ventured into the crypto space. In August of last year, they introduced the Digital Asset Index Fund designed for endowments, pensions, sovereign wealth and other funds access.
On one of his posts in Medium, Pompliano stated that “every pension fund should buy Bitcoin.”

Pompliano added:

“It will take time for pension funds to get comfortable with investing in Bitcoin. We need to educate multiple stakeholders and demystify this nascent industry. When one makes the decision, it will create a cascading effect that leads to hundreds of them jumping in. Bitcoin has the potential to save us from the current pension crisis. We just need one or two courageous individuals to make the first move.”

(Jet Encila is a freelance writer, editor and photojournalist from the Philippines)

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Source: Bitcoin News

Survey: 70 Pct Willing to Invest in Bitcoin ETF as Experts Believe it’s “Virtually Certain”

Setting the stage for a bitcoin exchange traded fund (ETF) has been quite a long-drawn prospect, but one finance manager is confident that it will happen soon.

At the sidelines of the recent ETF Conference in California, Edelman Financial Engines founder Ric Edelman bared to CNBC’s “ETF Edge” that the concept of a bitcoin ETF “is virtually certain. The only question is when.”

Edelman noted that the Securities and Exchange Commission is greatly concerned about certain issues that they need to hurdle for the bitcoin ETF to take effect, adding that:

“Eventually we will see a bitcoin ETF and it’s at that stage that I will be much more comfortable recommending that ordinary investors participate.”

Media hype

The hype surrounding the much-anticipated bitcoin ETF has been high during the past weeks with traders bracing for its impact.

For instance, CBOE – one of the largest exchange holding companies in the world – backed out of its ETF proposal because of government shutdown. Then a few days after that, it filed for reapplication with the SEC, with most crypto players not even taking notice.

Regulating the digital currency market has been one of the biggest challenges that the SEC had to deal with in the past years. For one, crypto trading does not have a stable chain of security measures compared to other financial markets.

And secondly, the regulatory body is not well-equipped in terms of exercising full control over price exploitation considering its limitations in controlling overseas trading systems.

Not until late this year

Now, with proposals being subject to a 240-day deadline; and considering SEC’s propensity to capitalize on this deadline, many people in the bitcoin community think that an ETF will not materialize until the later part of the year.

Edelman believes that key finance players’ interest in finding a way for applications to be approved indicates just how important having a bitcoin ETF is, to which Tom Lydon, ETFTrends.com chief editor, agrees to:

“There is pent-up demand. We interview advisors all the time. Seventy-four percent say they’ve talked to clients about their interests in bitcoin so they need to step up when this happens because that money is going to go elsewhere.”

Meanwhile, a recent survey conducted by CNBC, as shown above, bared that 70 percent of respondents said they are willing to invest in a bitcoin ETF.

(Jet Encila is a freelance writer, editor and journalist from the Philippines)

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Source: Bitcoin News

Fundstrat With a Positive Outlook on Bitcoin for 2019

The head analyst of Fundstrat Global Advisors – Tom Lee, has revealed the company’s outlook on the cryptocurrency market for 2019. According to it, positive developments in the industry are staging price recovery by the end of the year. 

Cryptocurrencies Staging a Price Recovery

In an official Twitter post, Tom Lee, the Head Analyst at Fundstrat Global Advisors, revealed that the company has published its 2019 Outlook on the Cryptocurrency Market.

Per the document, the specialists outline that there are 10 positive factors coming in 2019 which are going to set the stage for a price recovery by the end of the year.

Factors such as the improvement in Bitcoin’s scalability solution – the Lightning Network, Binance starting to accept credit and debit cards, institutional grade custody solution in the making, and others of the kind, are the reasons Fundstrat holds Bitcoin and other cryptocurrencies will come back.

There’s actually only one negative factor coming in 2019 according to the firm, and that’s the difficulties funds are having when raising capital.

Adoption Not a Critical Factor

One of the notable conclusions of Fundstrat is that mainstream adoption is unlikely to follow in 2019. However, the company doesn’t believe that it’s even needed for the prices of cryptocurrencies to eventually bottom.

Is 2019 the mainstream breakout year? Nope. But that is not necessary for crypto prices to eventually bottom in 2019 and by the end of 2019, we expect prices to be staging a visible recovery. – Reads the document.

It’s also notable that the document doesn’t go so far as to provide an actual prediction regarding any of the cryptocurrencies price for a selected period of time.

Earlier in 2018, Tom Lee made a prediction that Bitcoin will hit $25,000 by the end of last year. Obviously, this prediction was missed by a long shot.

 

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Source: Bitcoin News

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