Říj 19

Nordea in Money Laundering Scandal After Calling Bitcoin ‘High-Risk’ for Money Laundering

Nordic banking giant Nordea Bank is allegedly implicated in a multi-million money laundering scandal. Reportedly, the case is related to another recent money laundering scheme involving Denmark’s Danske Bank.


Nordea in Hot Water 

Banking giant Nordea Bank, headquartered in Helsinki, is alleged to have accepted criminally-sourced funds from banks located in Lithuania and Estonia.

The giant confirmed that it’s aware of the report on Tuesday October 16th:

We are aware of the report, and at Nordea we work closely with the relevant authorities in the countries in which we operate, including the Nordic Financial Intelligence Units.

According to Sweden’s public broadcaster SVT, some 365 individual accounts at the bank have allegedly received payments from shell companies amounting to 150 million euros. What is more, the media, which claims to have access to the report, outlines that part of those payments came from the Estonian branch of Danske Bank.

Danske Bank

Bitcoinist reported earlier in October that Denmark’s Danske Bank found itself at the center of a tremendous Russian money laundering scandal, alleging that it has illegitimately processed some $235 billion.

And Yet, Cryptocurrencies Present a Threat?

Danske Bank reportedly laundered more money than the entire cryptocurrency market capitalization alone. That’s one bank at one location.

According to the report mentioned above, Nordea is also at the center of yet another 150 million money laundering scandal. This is the same bank which banned all of its 31,000 employees from trading Bitcoin 00 because of its “high risks.”

Back in February, another major Dutch bank – Rabobank, was also fined for accepting at least $369 million in illegal proceeds from drug trafficking and other activity from the period between 2009 and 2012.

Rabobank also warned against the risks of Bitcoin. Quickly after that, the bank took a major U-turn and announced that it plans to offer a cryptocurrency wallet.

Coincheck NEM laundered

The obvious conclusions aside, it’s important to note that multiple international governmental institutions have already spoken up on the risks of cryptocurrencies associated with illicit activities.

A report from the Financial Services and Treasury of Hong Kong on Money Laundering and Terrorist Financing Risk Assessment revealed that cryptocurrencies are widely left out of organized crime.

The National Crime Agency of the UK, in its National Risk Assessment of Money Laundering and Terrorist Financing report of 2017 also outlined that the risks of cryptocurrencies used for money laundering is “relatively low.”

What do you think of the recent allegations against Nordea? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock

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Říj 17

EToro CEO: We’ll See ‘Greatest Transfer of Wealth Ever Onto the Blockchain’ [Interview]

Bitcoinist spoke with Yoni Assia, CEO of the largest social trading platform in the world eToro on their latest push to take cryptocurrency mainstream. 


Interview with eToro CEO, Yoni Assia

With over 10 million users globally, eToro has become a somewhat of a household name. It is also no secret that the company has been a big supporter of Bitcoin and other cryptocurrencies for a few years now. Its logo is often seen alongside numerous cryptocurrencies almost everywhere in the UK and elsewhere.

etoro

Assia explained why eToro is so focused on raising cryptocurrency awareness, why regulation is important for mass adoption, and his opinion on ‘Bitcoin maximalism.’

Bitcoinist: You’ve just announced a significant cut in spreads on crypto-assets. Why did you decide to do this? User feedback or simply a way to make trading more affordable for the average person?

Yoni Assia: We cut our crypto spreads as part of our efforts to support the mass adoption of crypto.  We want to make it as easy as possible for investors to buy, hold and sell crypto and cutting spreads so clients keep more of their gain is one part of this.

Bitcoinist: What other bottlenecks to wide-scale user adoption currently exist in your opinion?

Yoni Assia: Currently, the level of understanding of crypto-assets is one of the barriers to wide-scale user adoption of, and investment in, crypto-assets. It’s a barrier that we’ve looked to address at eToro through building our community of traders and investors who can share their investment strategies and insights. From this, others are able to follow the approaches of those who have been the most successful. We also provide educational material and a virtual portfolio.

Other barriers for crypto center on the fact that this is still a very young asset class. Bitcoin, the first crypto, is still less than 10 years old. We believe that the challenges around scalability, speed, volatility etc will be solved over time.

Bitcoinist: Your platform has over 10 million users. Since the so-called bubble ‘popped’ in 2018 following the historic bull-run of late 2017, has your platform seen a drop in new user signups or the opposite?

New clients continue to join the eToro platform every day. Some come for crypto, others for the other more traditional asset classes we offer such as stocks and commodities or our CopyPortfolios. It is also interesting to note that many of the clients who were attracted to eToro by crypto have also diversified into other assets on the platform.

Bitcoinist: At current rates, can you give us an idea of how many users you expect to start trading crypto on your platform over the next few years?

Yoni Assia: While I can’t give you a number, we expect to continue to grow the number of users on the platform over the next few years. EToro is continuing to expand its global footprint, for example, we will be launching in the US later this year. Some people come to eToro for crypto, but we also offer a multitude of other asset classes.

Bitcoinist: What is the most popular cryptocurrency on eToro? Do you think this could change in the future?

Yoni Assia: The most popular crypto on eToro is XRP 00. I don’t have a crystal ball so I can’t predict the future. Our clients value diversification so we see interest in any new coins added to the platform.

Bitcoinist: Does a diversified crypto-asset portfolio still make sense given that Bitcoin has experienced the least bleeding relative to other cryptocurrencies?

Yoni Assia: Maintaining a diversified portfolio, both in terms of crypto-assets and in terms of wider assets, is a prudent way to invest regardless of market conditions or asset performance.

Bitcoinist: Etoro has signed numerous partnerships with major sports teams and pro athletes to promote cryptocurrencies. Have these efforts borne fruit so far? And what other initiatives do you have planned?

Yoni Assia: We’ve recently sponsored seven premier league clubs in the UK as well as German football team Eintracht Frankfurt. We’ve also partnered with French tennis player and eToro user Gaelle Monfils. These initiatives help us to raise awareness of crypto and we will continue to form partnerships that help us to strengthen our brand and build awareness.

Bitcoinist: Why do you believe regulation will accelerate mass adoption? Some regulations such as the BitLicense in New York state have forced companies to leave, for example. Do you favor more of a hands-off approach or clear-cut regulations just like in traditional finance?

Yoni Assia: A conducive regulatory environment is vital to protect consumers and foster growth and innovation within the investment industry. We believe that regulation will lead to greater adoption by institutions and intermediaries, which will accelerate mass adoption.

In the UK, eToro was the driving force behind the establishment of CryptoUK, the first self-regulatory trade association for the UK crypto-asset industry. Its remit is to promote higher standards of conduct and to educate politicians and regulators about the industry and its potential. We welcome the recent report from the UK’s Treasury Select Committee which reflected Crypto UK’s calls for the introduction of proportionate regulation to improve standards and encourage growth.

Bitcoinist: Why do you believe Bitcoin and crypto can offer opportunities to traditional finance? Wasn’t Bitcoin created to disrupt and disinter-mediate traditional finance, fractional-reserve banking, and fiat currencies?

Yoni Assia: We don’t’ believe that traditional finance will disappear overnight and we are already seeing many large financial institutions exploring the opportunities offered by crypto and the blockchain technology that underpins it.

We believe that crypto, and the underlying blockchain technology, will have a huge impact on global finance. Blockchain has the potential to revolutionize finance by enabling the tokenization of all assets, not just currencies. In time, we believe that we will see the greatest transfer of wealth ever onto the blockchain.

Bitcoinist: Are you personally in the “Blockchain not Bitcoin” camp or vice versa? Why?

Yoni Assia: They are two separate things and being in favor of one doesn’t have to mean you are against the other. For me the easiest way to try and explain the significance of crypto and the blockchain technology that underpins it is to compare it to the internet.

The relationship between blockchain and crypto is parallel to the internet and email. Much like email is just one use case of the internet, bitcoin is just one use case of the Blockchain. Bitcoin was the first crypto and almost ten years after the white paper was written remains the most dominant.

Whether Bitcoin will still be the most significant crypto in another ten years is not for me to say, but I do believe that blockchain will transform finance in the same way that the internet revolutionized communications.

Bitcoinist: What is your opinion on Bitcoin maximalism? Will it be winner takes all (with everything being built on the Bitcoin blockchain in the future) or will there be room for many cryptocurrencies to exist?

Yoni Assia: The crypto-asset market is still very much in its infancy, and crypto-assets are still vying to prove their respective use cases to the world. Currently, different crypto-assets seek to solve different problems and are experiencing varying levels of adoption. There absolutely could be room for a few cryptocurrencies to exist, but it’s too early to say which ones this could be at this stage.

Do you agree with Assia’s comments? Share your thoughts below! 


Images courtesy of Shutterstock, Twitter

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Říj 13

Goldman Sachs Ex-President Gary Cohn to Advise Blockchain Startup

Former Goldman Sachs president and Trump chief economic adviser, Gary Cohn, will take an advisory role with Spring Labs. The FinTech startup aims to use blockchain technologies to revolutionize credit and identity services.


New Horizons

Cohn resigned as director of the US National Economic Council in April, after disagreements with President Trump over trade tariffs. Prior to taking this position, he served as president and chief operating officer at Goldman Sachs for over ten years.

The Spring Labs venture will be his first major move since leaving the Trump administration. He joins a host of high-profile names in financial services, blockchain technologies and regulatory bodies on the advisory team.

The First Days of Spring

[nb: this is the title of a Dali painting. not sure if it can be used as an image to illustrate]

Spring Labs is building a decentralized network using a distributed ledger to improve transparency, security, and efficiency in exchanging credit and identity information. It also intends to allow consumers to view information held about them without charge.

The company, which has offices in Los Angeles and Chicago, raised nearly $15 million in seed-funding, without an ICO in sight. CEO Adam Jiwan explained:

We don’t have a need to use a coin offering or token offering as a means to raising capital. We might deploy a digital asset. But at the moment, our focus is on architecting the network and driving adoption.

Role Play

On taking the position, Cohn received an undisclosed amount of equity in the company. And as to the role he will fulfill, Jiwan says:

We envision him playing a role around helping us think through for developing something that’s regulatory compliant and that others need to see in order to adapt it.

In the press release, Cohn himself states:

I have been very interested in blockchain technology for a number of years, and Spring Labs is developing a network that could have profound implications for the financial services sector, among others.

Is traditional finance becoming more embracing of cryptocurrencies? Share your thoughts below!


Images courtesy of Shutterstock, wikimedia.org

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Říj 12

‘Nurture Productive Aspects Of Cryptocurrency,’ US Presidential Hopeful Tells Senate

The US senator and potential presidential contender who suggested cryptocurrency “hurt” American families repeated concerns about the industry on October 11, saying it was “easy to steal.”


Warren Argues For Consumer Protection ‘Balance’

In a Senate Banking Committee hearing, Elizabeth Warren voiced fresh worry over the current regulatory climate in Washington, implying balanced rules should come into force.

At the same time, Warren poured scorn on ICOs, alleging “a lot of small investors” were being “scammed” by them, Forbes reports.

“The challenge is how to nurture productive aspects of crypto with protecting consumers,” the publication quotes her as saying.

Last year, Warren had claimed when US regulators turn their attention away from an emerging phenomenon in need of regulation, it was “American families” who “suffer” as a result.

“It was exactly that attitude at the Fed in the run up in the crash in 2008,” she said at the time. “The Fed had a lot of tools they could have intervened, but they sat there on their hands and said, ‘Let the market go forward.’”

Elizabeth Warren

Roubini Has No Time For Cryptocurrency

The Senate hearing meanwhile has already become infamous in cryptocurrency circles following comments from economist and famed naysayer Nouriel Roubini, who delivered what could be considered his most scathing appraisal of the industry yet.

“Crypto is the mother or father of all scams and bubbles,” he told the Committee as part of the prepared testimony.

“Especially folks with zero financial literacy – individuals who could not tell the difference between stocks and bonds – went into a literal manic frenzy of Bitcoin and Crypto buying.”

On ICOs, Roubini was also keen to espouse the view the industry was mostly legally dubious, using results of research published earlier this summer by Satis Group which concluded over 80 percent of such projects were scams.

“It would appear that ICOs serve little purpose other than to skirt securities laws that exist to protect investors from being cheated,” he concluded. 

What do you think about Elizabeth Warren and Nouriel Roubini’s appraisals? Let us know in the comments below! 


Images courtesy of Shutterstock.

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Říj 09

Ether September Price Lows Could Signal End of Bitcoin Bear Market: Analyst

Ether (ETH) prices “capitulating” in September was “significant” to ending the 2018 cryptocurrency bear market, according to a new theory from one cryptocurrency analyst. 


Thies: ‘We Were Looking In The Wrong Place’

In a series of tweets, UTR Equity’s crypto market commentator Eric Thies postulated that Bitcoin’s run to all-time price highs in December 2017 came as a result of Ether investment during the ICO phenomenon.

When interest slowed, so too did prices begin to freefall — Bitcoin reaching lows below $5900 in February this year and Ether below $170 in September.

“(Bitcoin’s) run in the end of 2017 was fueled by a MASSIVE ICO (ERC20) bubble and therefore indirectly fueled via ETH. Meaning that ETH capitulating in early Sept was significant to ending the bear market,” he wrote, noting the concept was a “theory.”

“We were all looking in the wrong place, expecting (Bitcoin) to do it.”

The ‘When Moon?’ Question

Commentators across the cryptocurrency industry and beyond have long sought a narrative to accompany the continued ‘slow bleed’ performance of most assets this year.

As Bitcoinist reported, talk of institutional investors entering to prop up prices continues to contrast with technical analyses suggesting price declines have not yet finished.

While most sources agree that a decisive U-turn cannot be far off, disagreements remain as to the real impact of institutional money or other factors on the industry, should these appear in the short term.

BTC

For Thies meanwhile, funds flowing in via exchanges, stablecoin Tether (USDT)’s token issuance, and other factors support the bear market culmination.

“…Capitulation really may have been $12k-$6k in early Feb, and everything thereafter has been the ecosystem stabilizing itself after a MASSIVE run up,” he concluded about Bitcoin’s performance.

Bitcoin prices have experienced several months of broad stability, at press time falling within 4 percent of values against the USD seen on the same date in July, August and September. 

What do you think about Eric Thies’ market theory? Let us know in the comments below! 


Images courtesy of Shutterstock, Twitter, CoinMarketCap.

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Říj 08

U.S. Senate Candidate Vows to Speak with President Trump About Clemency for Ross Ulbricht

Ross Ulbricht could have a powerful voice advocating for his freedom if U.S. Senate Candidate Eric Brakey is elected.


Cruel and Unusual Punishment?

Ross Ulbricht, the founder of Silk Road, is a less than 4 years into his double life sentence for his involvement in running the Silk Road exchange. Since his conviction, a Change.org petition has advocated for a reduction or re-evaluation of his sentence — many view the punishment as cruel and unusual. Still, the chances of the petition succeeding are slim to none. Upon sentencing, the court tossed an additional 40 years on top of Ulbricht’s sentence, and he is not eligible for parole.

Ross Ulbricht

To date, nearly 84,465 people have signed the petition stating that Ulbricht’s investigation and sentencing violates his Fourth and Sixth Amendment rights. The number continues to grow. Furthermore, allegations of investigative corruption, prosecutorial misconduct, and constitutional rights violations are cited as reasons for Ulbricht either needing to receive clemency or the right to appeal his case before the Federal Courts.

While the odds of ever walking freely are certainly stacked against Ulbricht, a recent petition by a U.S. Senate candidate for the state of Maine could bring the possibility of freedom a tad bit closer for Ulbricht.

The Silk Road Lives On

Republican Senate candidate Eric Brakey (D-ME) recently tweeted that Ulbricht has, “very clearly been treated unfairly by our criminal justice system.” In addition to signing his change.org petition, Brakey found the fact that “the judge considered pending charges during sentencing that were later dismissed due to corruption by federal investigators […] terrible.” Brakey has promised to raise the issue with President Trump “when I win election to the U.S. Senate this November.” Ulbricht and Brakey have now exchanged a series of tweets, and Ulbricht affectionately refers to Brakey as his “new favorite Senate candidate”.

The Supreme Courts Adds an Extra Nail to the Coffin

In June of 2018, the U.S. Supreme Court denied Ulbricht’s petition for a writ of certiorari. This essentially permanently prevents Ulrich from appealing his punishment before the Supreme Court. This move motivated the Libertarian Party to draft and pass a resolution appealing to President Trump to provide a full, unconditional pardon to Ulbricht. 

Sen. Eric Brakey (D-ME)

Ulbricht’s involvement with The Silk Road marred the public’s perception of cryptocurrency, but as blockchain and cryptocurrency adoption by the wider public and international businesses has grown, the negative image has begun to dissipate. Furthermore, a growing number of people are also beginning to question the severity of Ulbricht’s sentencing as the drug policies of numerous states change, and the nature of online marketplaces evolves.

Do you think Ross Ulbricht should receive clemency from President Trump? Share your thoughts in the comments below! 


Images courtesy of Bitcoinist archives, EricBrakey.com, Shutterstock.

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Říj 06

Bitcoin Fraudsters Set to be Deported from Philippines

Two Asian nationals are set to be deported from the Philippines to their respective countries. Their respective countries want the two individuals accused of economic crimes which include Bitcoin fraud.


PH Government Ridding the Country of Bitcoin Con Artists

According to the Manila Bulletin, the Philippines Bureau of Immigration (BI) plans to deport a Chinese and a South Korean national. Their governments want both men for their participation in illicit financial activities.

Commenting on the deportation order, Jamie Morente, the BI Commissioner, said:

We reiterate our warning to all foreign criminals who are hiding in the country that the long arm of the law will eventually catch you and we will send you back to your homelands.

The South Korean national, Go Yongsung was arrested on suspicion of his involvement in large-scale fraudulent activities. According to South Korean officials, between December 2015 and June 2016, Go used a Ponzi scheme to steal $33 million from unsuspecting investors.

Go, allegedly worked with five other co-conspirators to deceive people into investing in fake Bitcoin (BTC) 00 schemes. His arrest occurred in late September at his residence in Las Piñas City.

The other deportee, Lian Lilong, is a 36-year-old Chinese native accused of economic crimes. Lian, along with four other Chinese nationals stands accused of financial crimes. The Philippine National Police (PNP) arrested Lian on October 1 in the capital, Manila. Lian’s cohorts are still at large, but the PNP says there is already a standing deportation order on them.

Manila at night.

The Scourge of Bitcoin and Cryptocurrency Scams

The Philippines, like other countries in Southeast Asia, has seen an increase in the occurrence of Bitcoin scams. With cryptocurrency becoming increasingly popular, con artists looking to defraud are people conjure elaborate scams to steal from unsuspecting people.

The exact nature of the scams isn’t always known, with Bitcoin and other cryptocurrencies being used as the conduit for false investment claims. Earlier in the year, the PNP arrested a couple who ran an elaborate Bitcoin Ponzi scheme that siphoned more than $17 million from victims.

Elsewhere, Indian authorities recently arrested a couple of high-profile Bitcoin scammers, the latest in a series of arrests related to cryptocurrency crimes following a similar arrest of Divyesh Darji, a Bitconnect kingpin. State officials in many countries continue to warn investors to be wary of cryptocurrency scams.

What do you think about the spate of cryptocurrency scams in many countries around the world? Let us know your thoughts in the comment section below.


Images courtesy of Shutterstock.

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Říj 02

Fundstrat Says ‘Bullish Trend’ to Develop in Coming Months

The bullish trend isn’t going to be for at least a few more months, according to a technical expert from Fundstrat Global Advisors. He holds that time is needed for the market to recover the technical damage developed through the year.


Bulls Will Have to Wait

At the time of writing this, Bitcoin (BTC) 00 marks a slight decrease of less than one percent for the last 24 hours. The market’s leader also managed to stand its ground for the last week as.

However, having peaked at around $7,400 earlier in September, the cryptocurrency trades about 13 percent below its monthly high.

According to Rob Sluymer, though, an analyst at Fundstrat Global Advisors, bulls will have to wait for a while. In a recent note to clients, the technical expert outlined:

Given the technical damage that has developed in 2018, we expect most cryptocurrencies will likely require months of repair before a new bullish trend can develop. […] This is consistent with post-bear-market behavior that has developed in other asset classes following bear markets.

bull

A Bit More Positive

Earlier this month, the Head Analyst and Managing Partner at Fundstrat Global Advisors, Tom Lee, expressed his positive sentiment on the price of Bitcoin, based on CBOE Global Markets’ intention to launch Ethereum future contracts. Lee said:

Since December of this year, if one was bearish on any aspect of crypto but did not want to own the underlying, they could short BTC. They can now short ETH, means the net short on BTC in futures would fall.

Ethereum (ETH) 00 marks a slight weekly decrease of about 3 percent. In the last 30 days, however, the world’s second largest cryptocurrency is down with around 23 percent.

What do you think of Rob Sluymer’s position on the current state of the cryptocurrency market? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock.

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Říj 01

Danske Bank’s $235B Money Laundering Tops Entire Cryptocurrency Market Cap

Danske Bank, the Danish lender at the center of a giant Russian money laundering scandal, illegitimately processed more cash than the entire cryptocurrency market cap combined.


One Bank, $235 Billion

The astonishing figure, noted on social media by Morgan Creek Digital founder and partner Anthony Pompliano this weekend, comes as the true extent of the banking sector’s latest revelation remains unknown.

Danske laundered a reported $235 billion through just one of its branches in Estonia over an eight-year period, according to claims.

This week, the bank appointed an interim CEO in the form of its current Danish operations head Jesper Nielsen after abruptly firing extant boss Thomas Borgen.

Commenting on Twitter, Pompliano appeared to suggest the episode should give renewed faith to cryptocurrency investors subdued by criticism of the industry or sustained low prices.

“REMINDER: A single bank location at one bank laundered more money than the entire market cap of cryptocurrencies,” he wrote. “Long Bitcoin, Short the Bankers.”

At press time, the combined cryptocurrency market cap totaled $223 billion, slightly down on previous levels seen over the past few days.

Pots And Kettles

Danske had meanwhile taken a highly hawkish stance on cryptocurrency. Before the laundering scandal broke, a dedicated statement implored customers not to invest in the industry at all.

“…Most importantly, the lack of transparency and regulatory control have made cryptocurrencies a target for criminal purposes and we know that they on several occasions have been involved in criminal transactions like money laundering or extortion,” the statement reads, striking a now grimly ironic tone.

As a financial institution, we have an obligation to assist in the fight against financial crime and money laundering. At the current stage, cryptocurrencies do not offer the sufficient level of transparency in order for us to live up to our obligations within anti money laundering regulation.

The hypocrisy of the bank’s views is nothing new. Rabobank, the Dutch lender which found itself at the center of a money-laundering scandal involving its operations on California, had gone as far as to refuse accounts to Bitcoin businesses. This, it said, was down to “compliance risks.”

What do you think about Danske Bank’s money laundering? Let us know in the comments below! 


Images courtesy of Twitter/@APompliano.

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Zář 30

Bacteria Bio May Help Account for Bitcoin Movements

Some traders are afraid of Bitcoin price predictions and technical analyses — and for a good reason. Over time, Bitcoin has proven to be volatile if given the right conditions. One man claims he can predict this coin’s flux, and uses bacteria to illustrate the process.


Bitcoin Predictions, In General

While you can’t really think this in terms of black or white, it seems obvious that only a certain category of crypto enthusiasts venture to accurately forecast the price of Bitcoin (BTC) 00 and other cryptocurrencies. Besides, there’s no “better” or “worse” way of doing it: experience and vast market knowledge are valuable, as are cold stats. What matters more is the person who does it and the logic underpinning their decision.

Despite all that hassle, not everyone relies on predictions anyway — in fact, predictions often bring the author criticism. That’s why talking numbers is a safer bet: no one can blame it on the numbers. Yet, here’s an original one: a social scientist describing Bitcoin’s price as a logarithmic parable based on patterns seen in bio-science.

goorha

Bitcoin’s Price Based on a Biological Pattern

After all, it’s not impossible. Traders are biological beings, too. Their decisions and the thinking process behind them are a biochemical reaction in the brain. Could maths just explain everything, in the end? Well, they say it’s the key — and it could be here as well.

As reported by Money Morning, Prateek Goorha’s formula to predict Bitcoin’s price is not that far-fetched. His inspiration, however, is quite unconventional. Goorha thinks that the Bitcoin chart resembles the reproductive pattern observed in bacteria: Lag — log — station — death.

The first phase sees the bacteria adapt to the conditions of a given environment. The second is characterized by exponential growth: the bacteria divides and clones itself until it reaches a boundary where the environment can’t sustain any more individuals. Following this stage, the already existing bacteria feed on the existing resources until depletion.

Of course, when there’s nothing left to feed on the bacteria dies — but Goorha didn’t mention this phase, presumably finding it irrelevant to cryptocurrency. The same cycle is repeated by most living organisms and some scientists even predict that human lives propagate following the same pattern.

What Does This Have To Do With Bitcoin’s Price?

Well, scientists like maths, and so do traders. They should do, at least. They translated the pattern above into a mathematical formula. Goorha suggests that the price of Bitcoin followed exactly the same pattern as bacteria multiplication so far and is sure that its value will continue doing so in the future.

According to Goorha’s prediction, Bitcoin will see $20,000 again without a doubt. In fact, he predicts that a long-awaited bull-run is just around the corner. The highs of this new rush will reach as far as $50,000, and future races could bring Bitcoin as high as $250,000. Distinct from typical technical analyses, Goorha used a different set of parameters. If you look on the left side of his chart, you’ll see what he meant by “exponential” growth.

To what extent do you think this parable can account for the price movements of Bitcoin? Let us know in a comment below!


Image courtesy of Money Morning, Shutterstock, Twitter/@goorha.

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