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John McAfee Says the Cryptocurrency Bull Rally is Near

· May 22, 2018 · 9:00 pm

John McAfee believes the march of the cryptocurrency bulls is at hand. The renowned tech activist and internet security expert has added his voice to the growing crypto institutional investment narrative.


Prices Will Go Through the Roof

In a tweet on Monday, McAfee urged traders to gear up for the next crypto price rally. He based his assertions on the influx of cash from institutional investors trooping into the market.

He also said that with the money flowing into cryptocurrencies, prices of the top ten coins will increase dramatically. McAfee also believes that other altcoins will experience growth as investors diversify their cryptocurrency trading portfolios.

When challenged on Twitter as to the veracity of his claims, McAfee gave no basis for his declaration. Instead, the controversial crypto proponent told responders to “use their heads,” “check recent news on institutional investors,” and “apply reason.” Safe to say, this is another one of McAfee’s bold assertions, much like his famous 2017 prediction that “Bitcoin will be 500k in the year 2020.”

The Emerging Trend of Institutional Cryptocurrency Investment

While McAfee did not provide any backing for his claims, there is some merit to his position regarding the flurry of institutional interest in cryptos that have made the news in recent times. A few days ago, Coinbase launched four new products targeted at institutional cryptocurrency investors. Goldman Sachs is also making plans to open Bitcoin trading to large investors as well.

Bitcoin

The overarching consensus is that the crypto market is maturing after a parabolic growth spurt in 2017 which saw prices hit record highs. Since the start of 2018, the market has declined in value, dropping 50 percent of its market cap in February. According to an April survey conducted by Fundstrat, 82 percent of institutional investor believe Bitcoin bottomed out when it fell below $6,000 in April.

The entry of hedge funds into the crypto market should increase the perceived level of legitimacy of cryptocurrencies. One important part of the emerging trend of institutional investment in digital currency is the establishment of trusted custodial services. In the past few months, there has been some progress on this front with a significant announcement by Nomura during the recently concluded Consensus conference in New York.

Do you agree with John McAfee’s assertions of an impending crypto price boom? Which altcoins do you think will dominate the market? Let us know your thoughts in the comment section below.


Images courtesy of Twitter/@officialmcafee, Flickr, and Shutterstock.

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TNABC 2017: McAfee, Abra’s ‘BTC Bank Tellers’ & Bitcoin’s Killer App

· January 18, 2017 · 5:00 am

Bitcoin being its own killer app and its use-case as a stealth instrument for solving international remittances are just two highlights from the 2017 North American Bitcoin Conference (TNABC) currently underway.


TNABC: ‘Bitcoin is Bitcoin’s Killer App!’

The annual event, which traditionally showcases the biggest innovations in crypto with big announcements from startups, finishes today in Miami.

Speeches are coming from some of the industry’s biggest names, including Roger Ver, Charlie Shrem and even John McAfee.

The mood is cautiously optimistic this year, with many celebrating Bitcoin’s solid run through 2016 and steadying of volatility as China grapples with regulatory hurdles.

“Bitcoin’s killer app is Bitcoin!” proclaimed Bitcoin investor and venture capitalist Sean Walsh in his talk on how to drive Bitcoin adoption forward in 2017. 

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Meanwhile, Genesis Mining came out with a pertinent summary of the status quo with a trailer it brought to the conference (again), which was subsequently used for selfie purposes by Max Keiser.

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More Sleepless Nights For Western Union

In terms of offerings, TNABC 2017 is not falling short of expectations. Money transfer startup Abra, which is looking to launch in February, captured the imagination of many with its fiat-Bitcoin-fiat personal transfer and teller network, alongside some recently announced funding support from Pantera Capital. 

Abra’s app allows anyone to send anyone else money in any currency, which they can withdraw from their phone as physical cash anywhere there is an agent acting as a ‘bank teller.’

abra_january-2017_setb_send-bitcoin-receive-dollars

Bitcoin is used as the intermediary currency, but interestingly, this is never disclosed; parties can transact and never know that Bitcoin was involved in the transaction at all.

“The core value is… the belief in the individual’s right to conduct all forms of commerce freely,” CEO Bill Barhydt said during the pitch. He also announced,

Today, at the North American Bitcoin Conference,  I announced the next phase of Abra’s global expansion: Next month, we’ll be enabling Abra worldwide, activating a global network of Tellers who can transact in over 50 currencies, including directly in Bitcoin.

Monero Still in the Spotlight

Elsewhere, educational talks were offered by Roger Ver, Jeffery Tucker and others, while outside Bitcoin, ‘The Future of Monero’ came from one of the rapidly-rising altcoin’s core developers Riccardo Spagni.

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Ver’s publication and Bitcoin educational resource Bitcoin.com is TNABC 2017’s major sponsor. Various startups and other businesses are also supporting, with official media coverage coming from Bitcoinist among others.

Wednesday sees McAfee take to the stage, having made quite a name for himself at previous Bitcoin events with his choice language concerning the shortcomings of traditional consumer security setups.

Are you at TNABC this year? What are your reactions? Let us know in the comments below!


Images courtesy of Twitter, Abra, Shutterstock

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Industry Report: Digital Currency Is Booming Across the Globe

Source: bitcoin

Bitcoin Industry Report

Japan won’t let Mt. Gox bring it down, MGT brings Bruce Fenton on board, and a digital bank says “yes” to Bitcoin. Want to catch up on the latest digital currency news? Take a gander at the stories below.

Also read: Industry Report: Bitcoin Continues Breaking Boundaries

TOKYO – MITSUBISHI GOES IN ON DIGITAL CURRENCY

Despite its gruesome history with Mt. Gox, Japan is refusing to give up on digital currency. In a statement on Tuesday, Bank of Tokyo-Mitsubishi UFJ confirmed that it is experimenting with a new digital currency that utilizes Bitcoin technology to process transactions.

A spokesman for the bank explained:

“The details have not been decided. . .We can only say that it’s true that MUFG is conducting demonstration experiments on the ‘Coin’ within the company utilizing a block chain technology.”

The system will work much like pre-paid electronic money, and will also include an app that will allow users to withdraw funds from their bank accounts via their smartphones.

BRUCE FENTON

Bruce Fenton

MGT Capital Investments, Inc. is bringing Bruce Fenton, the executive director of the Bitcoin Foundation, onto its cryptocurrency advisory board.

Fenton, who is an economic strategist and advisor, has also worked with leading private equity firms and global charities. He holds his roots in Morgan Dean Stanley, where he was a specialist in managed accounts and one of the “youngest stockbrokers ever to work for the company.”

In a statement, Fenton enthusiastically mentioned:

“As an active member of the cyber-currency industry through my Bitcoin business ventures and position as Executive Director of the Bitcoin Foundation, I am honored to support the efforts of John McAfee in providing advanced cyber security for this burgeoning industry… I have long been an enthusiast of cyber-currency technology and believe cyber security will play a role in advancing the broad trust and use of currencies such as Bitcoin.”

WB21

WB21 is now the first digital bank to accept bitcoin deposits.

As a result, customers can now use Bitcoin to transfer and deposit funds into their checking accounts, and with zero confirmations needed, a speedy transaction process is ensured for all. Thus far, the bank has accumulated about half a million customers from around the globe.

Founder and CEO Michael Gastauer explained:

“A bank accepting bitcoin is quite unusual. However, it makes total sense for us and provides huge benefits to our clients. . .By accepting bitcoin, our customers can instantly transfer funds to their WB21 account from any country in the world. . .As soon as they send bitcoin to our address, we credit the value in the currency the customer has selected to their checking account. . .The process to convert bitcoin into cash on a bank account is the fastest I am aware of. For us, the acceptance of Bitcoin is a great way to support our global roll-out and improve customers’ fund depositing experience.”

Know of any stories that deserve to be included in our regular industry reports? Post your thoughts and comments below!


Images courtesy of www.tu.bk.mufg.jpwww.keynote2016.comwww.wb21.com.

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Industry Report: Digital Currency Is Booming Across the Globe

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John McAfee Doesn’t Think Bitcoin Is The Digital Currency Of The Future

Source: bitcoin

McAfee

Presidential candidate John McAfee, who has had a controversial past, made comments regarding Bitcoin, and some of its possible shortcomings, in a recent interview with an irreverent libertarian podcast called Revolution Report Live.

Also read: Solving The Bitcoin Block Size Debate With A Two-Pronged Proposal

In the interview, McAfee posited Bitcoin as a corollary with other emerging technologies of the past. Many of the first companies which are borne into a new genre of invention are not necessarily the survivors (although it is important to note that there are exceptions, such as, at least for now, Skype).

McAfee asked that people interested in Bitcoin remain skeptical of the new technology. Digital currency is the new intention, he states, and there could be much turnover in dominant altcoins.

“Here’s the problem with Bitcoin; it’s just like any emerging technology. The technology here isn’t Bitcoin, it’s digital currency. And with any emerging technology, the first few attempts are gonna have some problems.

He cites lost bitcoins as a problem, suggesting that bitcoin is too complicated for people to figure out and use responsibly. This makes sense considering the main insurance-backed banking system. He acknowledges, further, that Bitcoin will increase in price as blockchain mining will be incentivized by increasing value amounts.

Now, you cannot deny that hundreds of millions of dollars have disappeared for various reasons with Bitcoin users. It is number one, too complex for the average individual. The blockchain mining of coins is becoming increasingly expensive…

McAfee, finally, concludes that he does not believe Bitcoin will be the end-all currency when it comes to digital currency. 

We can talk forever about the intricate technical problems or lack of such. But from my personal opinion, I do not think the electronic currency will be Bitcoin. I’m close friends with Ron Pierce, he’s one of  the biggest enthusiasts of Bitcoin. Honestly, in private conversations with Ron, we get the same thing. There will be an electronic currency, that I promise you. And if it’s Bitcoin, great. I just don’t think it will be.”

Bitcoin’s volatility, both within the price of the currency and the “community”, is a deterrent for many people.

Bitcoin will likely exist into the future and will have a role within human culture, however, there is likely to be no mainstream adoption of the Bitcoin’s blockchain. Fintech plays a role in the future of finance, and that industry, while certainly an umbrella for Bitcoin, walks the line between the past and the future in a way that will not include raw Bitcoin, though it no doubt will include the adoption of Bitcoin inspired technologies.

The “Bitcoiner” will still exist, running full nodes and transacting with desktop Bitcoin wallets, but Bitcoin’s most interesting feature to the masses – its efficiency – will be adopted in other ways while direct use of Bitcoin is largely left to enterprising digital natives.

What do you think about John McAfee’s opinion on Bitcoin? Let us know in the comments below!


Images courtesy of Brian Fink via Wired UK, McAfee. 

The post John McAfee Doesn’t Think Bitcoin Is The Digital Currency Of The Future appeared first on Bitcoinist.net.

John McAfee Doesn’t Think Bitcoin Is The Digital Currency Of The Future

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