Pro 16

Gab Says Bitcoin is The Clear Solution as ‘Free Speech Money’

Censorship-free social media platform, Gab, took to Twitter to proclaim the gospel according to Bitcoin. Describing the grandaddy of cryptocurrency as “free speech money,” it pledged to educate its near million-strong community.


The Next Evolution Of Online Payments

In recent tweets, Gab calls for the next evolution of online payments, in the form of un-censorable money. This must take payment processing online out of the hands of a small number of gatekeepers. Touting Bitcoin as “the clear solution,” Gab cites Silicon Valley’s inability to de-platform it from using the cryptocurrency.

Gab sees its role now as being to make Bitcoin easy to purchase and use. Something it says it can (and will) achieve with enough education and time. Gab:

We aren’t doing it because it’s hip or cool or the latest technology fad. We are doing it out of necessity.

All well and good, but Gab is hardly the first to the ‘championing of Bitcoin’ table. What does it think it can bring with it which is different?

A Community Of Almost A Million People (And Growing)

Taking a clear swipe at what it calls “vaporware crypto startups,” Gab mocks their relative lack of interest from users. Despite raising tens of millions of dollars, these startups cannot match Gab’s highly engaged community, according to the tweets.

Gab claims its users have been “put through the ringer for years,” for standing by its mission of delivering free speech. It adds:

Bitcoin is inherently pro-liberty and pro-freedom. It is free speech money. Gab has the distribution to introduce it to a huge and growing community.

A million people doesn’t sound all that impressive though, next to over 35 million authenticated users, already using cryptocurrency. And it’s rather telling that Gab chose Twitter to spread its message, rather than its own platform.

No Room At The Inn

Gab’s championing of Bitcoin comes on the back of its recent banning from PayPal. Despite this, Gab starts the tweet-storm praising PayPal’s achievements in initially breaking down barriers to online payments.

Ironically, Gab has repeatedly found itself de-platformed, often as a result of its refusal to de-platform those who have been barred from other major platforms. This has led to a reputation as a haven for hate speech.

Despite this latest missive, Gab has not always had the smoothest of paths regarding Bitcoin. Earlier this year, it had its Coinbase account closed without warning. This led it to describe centralized exchanges as “cancer,” and “contradictory to everything crypto stands for.”

The social media platform has since switched to the self-hosted BTCPay Server solution, reducing its dependence on third-party payment processors such as Coinbase and BitPay.

Gab now claims it “…has the power and community to reverse the current bear market. That’s not an understatement.”

Holding your breath while waiting for that to happen is not, however, recommended.

Will Bitcoin be increasingly used by de-platformed entities? Share your thoughts below! 


Images courtesy of Shutterstock

Share
Pro 15

3 Cryptocurrencies Decoupling From Bitcoin into 2019 (PAL, TRX, WAVES)

2018 was underwhelming compared to 2017. The bear market went into full swing and most cryptocurrencies lost over eighty percent. Bitcoin has begun decoupling from many cryptocurrencies including those having some of the biggest developments of 2018. WAVES, TRX, and PAL are three cryptocurrencies that have persevered through the bear market. These three projects exceeded expectations and even demonstrated an important decoupling from BTC.


Cryptocurrencies PAL, WAVES, and TRX Decouple

Even during the bear market, there were major events in many cryptocurrency projects. PAL, TRON, and WAVES all had major developments as many cryptocurrency projects were imploding.

TRX (Tron) which as of December 31, 2017, was not in the Top 15 cryptocurrencies had a very important year regarding development. The TRX team burned 1 billion tokens and launched their mainnet in May. The mainnet was further developed the following month with the release of Odyssey 2.0.

Odyssey 2.0 is intended to be a public blockchain that supports decentralized applications. TRX also announced a $100 million gaming fund to increase the development and use of TRX in games. These developments during the height of the bear market speak volumes about TRON’s team and their dedication. Their founder Justin Sun is an outspoken, well-educated, blockchain advocate who has been a great leader for the TRX project.

WAVES (Waves) has been the most notable cryptocurrency regarding decoupling from BTC. Bitcoin price 00 has struggled the prior few months having corrected over forty percent this month alone. WAVES is the self-proclaimed fastest blockchain platform with real-world solutions for trading on a decentralized exchange (DEX) and running smart contracts.

Instead of correcting with the majority of the market following BTC lower, WAVES has actually increased from $1.45 November 14, to $2.35 per coin as of December 14. What is more impressive is not the dollar value increase, but WAVES going from 25250 Satoshis to 72138 Satoshis during that same period. Increasing almost two hundred percent against Bitcoin even though BTC fell almost fifty percent.

PAL (PAL Network) would be considered the cryptocurrency “moonshot” on this list due to their tiny market cap. WAVES is ranked #22 with TRX being ranked #9 by market capitalization. PAL’s market cap at just under $2 million is less than 1/100th of WAVES and 1/400th of TRX’s. The multiple aspects that make PAL noteworthy.

They were selected from over 60 entrants to be a part of the PayPal Incubator. Their mainnet launch was moved up to the end of December, three months ahead of schedule. PAL partnered with major projects such as NEM, QTUM, DGX, and MEDX. Their CEO and Founder Val Ji-hsuan Yapwas was featured in Forbes Asia 30 under 30. Having under a $2 million market cap was interesting, but beating deadlines by months with a top tier CEO is noteworthy.

The cryptocurrency markets were miserable to watch if you were long on blockchain projects, ICOs, and BTC in 2018. Those who were shorting the market enjoyed a nice ride but all tides turn eventually. As 2019 approaches projects that disregarded market conditions and continued to persevere should be one’s HODL focus.

PAL (PAL Network) 

With a market cap under $2 million and impressive volume, PAL seems fairly intriguing at 00. Earlier this year the PAL team was selected among three others to be a part of the PayPal Incubator Singapore. This prestigious award and notoriety by PayPal demonstrate PAL’s long-term connections in the Asia region. PayPal was impressed enough to place them in their incubator program, but why?

PAL’s CEO and Founder, Val Ji-Hsuan Yapwas was awarded Forbes Asia 30 Under 30 award. This award by Forbes further compliments the notoriety provided to this cryptocurrency by PayPal. It seems the technology and notoriety behind PAL is primarily in Asia, even as their blockchain model tends to focus on the United States. Both Forbes and PayPal have taken an interest into PAL and their Founder/CEO.

Beating deadlines in a bear market means the team is very committed. Originally PAL’s mainnet was scheduled to go live in quarter one of 2019. This date has been moved up to the end of December. If history repeats, cryptocurrencies have a tendency to trend North in value as their mainnet approaches. Releasing PAL’s mainnet months early demonstrates the team’s confidence in their platform.

Partnerships create utility and project awareness in the blockchain space. PAL not surprisingly has partnered with many major key projects. The most notable ones include NEM, QTUM, DGX, and MEDX. The importance of PAL’s partnerships will be determined following their mainnet launch depending on the partners’ utilization of the PAL network.

With notable partners, an exceptionally important Founder and CEO, a team dedicated to beating deadlines, an early mainnet release, being selected by PayPal and Forbes, and having a market cap under $2 million makes PAL a noteworthy acquisition target for 2019.

TRX (TRON)

TRX recently re-entered the Top 10 Cryptocurrencies by market cap with some impressive bear market news. TRX Company recently announced a $100 million gaming fund. Providing this much financial support to develop dApps on your Odyssey 2.0 blockchain demonstrates your company’s commitment to the platform. This amount of financial support will clearly drive adoption and development on the platform. It is very surprising that TRX is able to commit this amount of money during the height of the bear market. It seems they are poised for dApp development in 2019 and possibly major adoption.

Justin sun

In May, Tron launched their mainnet. Odyssey 2.0 went live in June as TRX burned 1 billion tokens. These 1 billion tokens were valued at $50 million at the time of the token burn.  The most important developments for TRX this entire year was the combination of the mainnet and Odyssey 2.0. TRX stayed true to their roadmap even with the markets providing difficult conditions to stay positive about.

The CEO of TRX Company, Justin Sun, is a very impressive figure in the cryptocurrency space. He is the founder of TRX and has led his community and project on a well-planned journey thus far. Recently he stated he would “rescue” ETH and EOS developers from their failing platform. This is likely part of what he had in mind when they announced a $100 million development fund.

With a very progressive and active founder combined with a team that has met and exceeded deadlines all year, TRX is worth keeping an eye on.

With a market cap in excess of $800 million, TRX has the highest market cap on this list. Their price per cryptocurrency currently is 00. However, with an $800 million market cap comes very impressive technological developments. Their TPS (transactions per second) are far greater than Ethereum’s at 2000 TPS.

WAVES

The most noteworthy aspects about WAVES the past month has been their decoupling from BTC’s price movement. It has been commonplace for the majority of cryptocurrencies to trend north or south with BTC. However, more recent projects have become more independent of Bitcoin price movement. WAVES has been one of the market leaders in this decoupling.

The price of each WAVES cryptocurrency has increased from $1.45 to 00 the prior thirty days. The Satoshi increase is even more exciting haven gone from 25,250 Satoshis to 72,138 satoshis during that same period. The price of BTC and the majority of altcoins in the cryptocurrency market collapsed the prior month. However, WAVES trended upwards in dollar value and more importantly, BTC value.

WAVES is both a decentralized exchange and smart contracts platform. They pride themselves on their speed but what intrigues me most is their multifaceted platform. Many cryptocurrencies are created for a sole purpose. The WAVES platform has developed into something far more than just a decentralized exchange or just a smart contracts platform. Being multifaceted as a cryptocurrency has allowed WAVES to trend north while the majority of smart contract platforms have underperformed BTC as it went south in recent weeks.

Why Waves is the Best Option for Airdrops

WAVES has a market cap of $252 million and is poised for a strong 2019 following their decoupling from BTC the prior few months. Being multifaceted, WAVES can pivot when one business (ICOs) are undergoing regulatory changes to focus on their DEX. WAVES has a market cap that is over one hundred times larger than PAL’s as their platforms are much more developed.

Looking to 2019

Cryptocurrency bear markets have a tendency to last one to two years. The bull markets have statistically lasted under 3 months. This means the bear market is not necessarily over. However, the cryptocurrency markets as a whole have generally pumped as the halving approaches and passes. The BTC halving is under 540 days away.

The markets may not turn bullish tomorrow, this week, or even this year. However, it is very likely when the public least expects it, that they turn the most bullish.

The cryptocurrencies that focused on BUIDLing during this bear market period will likely be the ones to continue to exist and thrive through the next bull-run.

[Disclaimer: This views expressed in this article do not reflect the views of Bitcoinist and should not be taken as financial advice.]

To read the Crypto King’s prior articles or to get in contact directly with him, you can on Twitter (@JbtheCryptoKing) or Reddit. The King is the founder of ANON and actively trades cryptocurrencies.


Images courtesy of Shutterstock

Share
Pro 14

To The Moon! Bitcoin Space Travel Gets Closer As Virgin Galactic Takes Flight

Billionaire Richard Branson appeared to cry tears of joy when his ‘Bitcoin-friendly’ Virgin Galactic reached the edge of space for the first time December 13.


World Sees First Commercial Space Flight

Branson, who revealed himself as a Bitcoin believer and investor in 2013, watched as SpaceShipTwo, the latest vehicle from the Virgin Galactic and The Spaceship Company, broke free of Earth to mark a “momentous achievement” for crewed space travel.

“SpaceShipTwo is now the first crewed vehicle built for commercial service to reach space. (With due credit of course to the amazing SpaceShipOne prototype for paving the way),” he wrote in a dedicated blog post.

Virgin Galactic aims to make both space tourism and long-distance point-to-point travel using rocket power a viable commercial enterprise.

In 2013, Branson announced the project would accept Bitcoin for flights, calling the cryptocurrency a “brilliantly conceived idea.”

“Sometime in the future, innovative payment models such as… Bitcoin will become serious challengers to traditional banks, which will spur more competition and give customers even more options,” he forecast at the time.

Galactic is a company looking into the future, so is Bitcoin. So it makes sense we would offer Bitcoin as a way to pay for your journey to space.

Bitcoin To The Moon

Like the Bitcoin ecosystem, the project has had its ups and downs. In 2014, a crash during the fourth test flight of SpaceShipTwo resulted in the death of its copilot, while its pilot sustained serious injuries.

In the intervening years, Blockchain technology has meanwhile become the focus of a more general push to advance space exploration.

As Bitcoinist reported, NASA is among the entities looking to enhance their operations using both Blockchain and artificial intelligence (AI), specifically within the field of communications.

Blockstream satellite

Bitcoin transactions can also be broadcasted via satellite. Four have been launched by Blockstream to date, covering a large part of the earth to protect against network interruptions and providing anyone in the world with the opportunity to use Bitcoin.

Virgin Galactic, meanwhile, will now continue to conduct tests on SpaceShipTwo with aim of creating longer fights and “creating thousands of private astronauts.”

What do you think about Virgin Galactic? Let us know in the comments below!


Images courtesy of Shutterstock

Share
Pro 13

Cambridge Study: ID-Verified Crypto Users More Than Doubled in 2018

The University of Cambridge Center for Alternative Finance says the number of verified cryptocurrency users has increased in 2018 despite the year-long bear market that has seen prices tumble more than 80 percent.


Retail Cryptocurrency Adoption is on the Rise

According to a study by the Cambridge Center for Alternative Finance, the number of verified cryptocurrency users has more than doubled in the first three-quarters of the year from 2017 figures. The study shows that there were 35 million authenticated cryptocurrency users as at the end of September 2018.

Cambridge University

This increase comes despite the bear market conditions that have characterized much of the year. According to Bloomberg, the study found that the majority of users are individuals and not business clients meaning that institutional adoption is still playing catch up.

Meanwhile, in places experiencing economic turmoil like Venezuela, citizens have been forced to switch to cryptocurrencies. For many of these people, borderless virtual currencies like Bitcoin can provide access to international payments and the global economy. The study notes:

Individuals can be hobbyists, retail investors, consumers, or users seeking a better investment or payment alternative.

The research also found a significant increase in the total number of cryptocurrency user accounts. However, it is important to note that a single user can control multiple addresses (i.e. digital wallets).

 Less than $100 in Bitcoin

In another report by Delphi, a Digital asset research company, only a few BTC wallets hold any significant amount of the digital currency, which supports the idea that retail investors are stocking up on small amounts – buying fractions of a bitcoin.

Of the 22.9 million addresses that contain BTC, 90 percent own less than a tenth of a bitcoin (~$340). The study also showed that 80 percent of those accounts contain less than $100 in BTC. At the same time, accounts with between 10 and 100 BTC own about 25 percent of the total bitcoins in circulation.

The growing number of verified users and number of active addresses, particularly with relatively small amounts, indicate the growing adoption of cryptocurrencies among the general population. Nevertheless, it’s not surprising that early adopters will reap the biggest rewards as Bitcoin and cryptocurrencies now seem to be going mainstream.

Do you think the increase in verified cryptocurrency users signals public confidence? Let us know your thoughts!


Image courtesy of Bloomberg, Shutterstock, Pymnts.com

Share
Pro 12

Coinbase Slammed For Venezuela ZCash Airdrop Being an ‘Advertising Strategy’

US cryptocurrency exchange Coinbase has received intense criticism for giving Venezuelan families a grand total of $1 per day – in altcoin ZCash, which it added to its books days previously.


Scroogebase?

In a blog post December 11, executives claimed that the initiative dubbed the “12 Days of Coinbase,” was meant to “empower those who don’t have enough.”

Coinbase completed a rollout of ZCash 00 to its own traders December 5, the price of which currently sits at its lowest since April 2017.

“Recipients can purchase food and basic supplies at a local store that accepts payments in crypto, subsidizing everyday expenses — this $1 USD equivalent per day can buy 1–2 kilos of protein or 2-kilos of starches and vegetables,” the post reads.

The initiative will award 100 families $1 daily for three months via GiveCrypto, a spin-off enterprise from Coinbase CEO Brian Armstrong.

As soon as the plans went public, however, both Coinbase and Armstrong himself faced a barrage of negative publicity ranging from skepticism over their efficacy to outright disgust.

Starving Venezuelans Turn to Bitcoin Mining in Desperation

On Twitter, commentators, including those living in poverty-stricken Venezuela, said the priority of schemes such as this and that of fellow altcoin Dash 00 was not to help those in need but rather to market altcoins.

Venezuela, they suggested, was being used by $8 billion Coinbase as a guinea pig to serve its own aims.

“I do not see how donations from # cryptocurrencies help individuals in (Venezuela),” José Rafael Peña, editor of Spanish-language cryptocurrency news outlet CryptoNoticias wrote.

I have seen so many campaigns to give away crypts to individuals, that I only see it as an advertising strategy for those who plan to donate them.

‘You Piece Of Sh*t’

Others were much more damning.

Addressing Armstrong, software developer Udi Wertheimer lambasted what he viewed as a display of miserliness.

“The ‘Venezuela meme’ has been overused by ‘crypto’ scammers for years now, but I’m shocked to see Brian do the same,” he tweeted.

“Giving $1-worth of Zcash to Venezuelan families? (Get the f*ck out). Give them USD cash you piece of shit. Unbelievable[.]”

Coinbase’s publicity woes had continued from last week. Publishing an article about the exchange’s plans to introduce 30 new altcoins to its books, TechCrunch – perhaps inadvertently – gave it a URL describing Coinbase as “dabbling in shitcoins.”

The move became an incongruous hit on social media, seeing comments from some of the cryptocurrency industry’s best-known names.

What do you think about Coinbase’s charity giveaway? Let us know in the comments below!


Images courtesy of Shutterstock

Share
Pro 10

Venezuela and Argentina Are Buying the Dip, New Data Shows

If you look at the latest activity on Localbitcoins, there has been a large spike in recent days from both Argentina and Venezuela buying bitcoins. Both these troubled Latin American countries have displayed a steady increase in buying cryptocurrency due to rising inflation and troubled economies. But is the sudden uptick evidence of the two countries buying the dip?


What’s Happening in Venezuela?

Looking at the charts, one of the first things you notice is that bitcoin purchases in Venezuela didn’t really begin in earnest until the second quarter of this year. Since April of 2018, the volume has increased from around 17 million to over 3 billion for the second week of December 2018, where it rises astronomically.

coin-dance-localbitcoins-VES-volume

This likely indicates a lack of knowledge, trust or means to purchase virtual currency. But as the economic situation has worsened and the government devalued the national currency by 95 percent from one day to the next, more and more Venezuelans are looking to shield their wealth.

Bitcoinist spoke to Eugenia Alcalá Sucre who founded Dash Venezuela earlier this year and she explained the many problems in Venezuela that prohibit them using their national currency. Not only is its value almost entirely wiped out from one day to the next but there is a limit to the amount you can take out of machines and a scarcity of notes. She said:

Bills are really, really scarce. You go to the bank and they only give you a little amount. They have limits. Even though you have the money in the bank you can’t take it out.

Venezuela is one of the most important countries for Dash cryptocurrency acceptance, with more than 2,500 merchants taking it including KFC.

While the western world is in panic at the crashing crypto market, for Venezuelans, it’s still a better option than their national coin. They’ve been using bitcoin (BTC) 00 to shield their wealth despite the value going down.

Volume Keeps Rising

However, the recent spike on Localbitcoins could indicate that more people are getting in as a lower price makes buying bitcoins more accessible.

Bitcoinist spoke to Rodrigo Marques CEO of Latin America’s largest crypto company and bitcoin investing platform Atlas Quantum. He said:

Look at the countries in Latin America, especially Venezuela and Argentina. It’s very hard for people to move money outside of these countries and people see bitcoin as a way to protect their investments. So it’s not just a matter of it’s faster and more stable, but making it possible for some people in some place to actually hold on to what they own, protecting their wealth.

A Look at Argentina

Argentina is in a similar situation, and Bitcoinist has been reporting on how Argentinians are using cryptocurrency to protect their wealth from inflation.

Reports of easing regulation could also see as many as 4,000 bitcoin ATMs in Argentina go online in the near future. However, the number currently still stands at two. According to Reuters, though, this is expected to rise to 30 by the end of the year.

Argentina is not undergoing a humanitarian crisis the likes of Venezuela. However, it is no stranger to inflation, which can almost be defined as hyperinflation since it is expected to reach 40 percent by the end of the year.

Moreover, the Argentine peso has lost more than 50 percent of its value against the dollar in 2018 alone. This makes it extremely hard for Argentinians to buy outside goods, to leave the country, or to protect their wealth.

Unlike Venezuela that is relatively new to cryptocurrencies, Argentina has demonstrated a longer history of buying bitcoins. Like Venezuela, though, it looks as if the dip of the week of November 24 when bitcoin was over $4,000 and the psychological barrier to it falling well under $4,000 now has encouraged more to jump on the bandwagon.

coin-dance-localbitcoins-ARS-volume

Are Argentina and Venezuela Buying the Dip?

Are Argentina and Venezuela buying the dip? It’s possible. However, the uptick also appears to coincide with the most influential Bitcoin and Blockchain conference in Latin America held on December 6 in Santiago Chile, LA Bit Conf. As we’ve seen, trading volumes of bitcoin tend to rally upon an event or announcement.

Moreover, Chile despite a much lower volume of trading in the first week of December, also saw a huge uptick that coincides with the event.

Are Venezuela and Argentina buying the Bitcoin dip? Share your thoughts!


Images courtesy of Shutterstock

Share
Pro 09

Bitcoin Price Analysis: BTC Bounces But Bears Still in Control

Bitcoin price just pulled off a nice 10% bounce with the next level of resistance at $3,700. Let’s take a look at what can happen next?


Bitcoin Price: Market Overview

Bitcoin price 00 dropped to a new yearly low at $3,210 and the overall market cap now rests at $110.6 Billion. Clearly, bears are still running the show for BTC and the SEC’s  final postponement of a Bitcoin exchange-traded fund decision didn’t seem to help.

Crypto-fanatics will now need to wait until January 24th for the launch of Bakkt and February 26th for a final approval or denial of a Bitcoin ETF from the SEC. If the cryptocurrency markets’ trend reversal is dependent upon either of these events then we’ve got a long way to drop waiting on the unpredictable outcomes of each of these events.

4-HR Chart

Bitcoin 00 broke below the $3,550 and $3,400 supports and the cryptocurrency will likely mean that $3,700 will post a stiff resistance to overcome. However, at press time, BTC price has managed to break above the $3,600 mark and now looks poised to test $3,700.

The bounce from $3,210 to $3,615 was pleasant and seems to have caused shorts to cover, but bulls couldn’t muster enough follow through to maintain the move and BTC’s failure to cross above any of the overhead exponential moving averages show bears are still running the show.

This is also backed up by the extremely high number of shorts on BTC/USD and the fact that they snapped right back into place after yesterday’s bounce.

BTC Shorts

After taking a glance at the daily and weekly RSI, Stoch, and MACD there’s not much positive to say about BTC short-term future. Perhaps the silver lining of all this will be that the bears are uber-confident right now and an all-time high amount of shorts can be forced to cover (like yesterday) when Bitcoin pulls off a 10% bounce.

In the past, Bitcoin has shown a propensity for weighty 20%+ rallies. A strong upside move would force shorts to cover and provide rapid gains for those trading BTC at the current range.

Daily RSI / Stoch / MACD

Weekly RSI / Stoch / MACD

Monthly Chart

Now for a dose of reality. If bears don’t let up, BTC can drop to 3,000, $2,545, and $1,400.

Safe trading friends and please remember to always use a stop loss. More cautious traders might want to wait until Q2 and Q3 of 2019 in hopes of a trend reversal.

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for analysis are provided by TradingView.]

Where do you think Bitcoin will go over the short-term? Share your thoughts in the comments below!


Images courtesy of Shutterstock, Trading View. Market data sourced from Coinbase.

Share
Pro 07

‘Buffett Bet 2.0’ – Investment Fund Puts $1M on Bitcoin to Outperform S&P 500

Asset manager, Morgan Creek Digital, is offering an interesting wager if anyone is willing to take it. It’s willing to bet $1 million, that its Bitcoin-focused Digital Asset Index Fund outperforms the S&P500 over the next ten years.


Buffett Bet 2.0

The fund tracks ten major cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin, although the bulk (78%) is Bitcoin. Morgan Creek is so sure of their success, that the partners are putting up the stake themselves.

The wager has been dubbed ‘Buffett Bet 2.0’, after a similar bet made by Warren Buffett, that the S&P500 would outperform a selection of hedge funds over a ten year period. Buffett won that bet, collecting his prize just last year.

Morgan Creek partner, Anthony Pompliano, says the plan is to donate the proceeds to charity, win or lose.

Cold Winter

The bet comes at an interesting time, as Bitcoin (BTC) 00 and other cryptocurrencies are enduring a prolonged crypto-winter. However, US stocks have also fallen recently, due to a number of concerns over global outlook.

Pompliano explained that the company was not just being bullish on crypto, but that its competition was also not exactly at an all-time high.

This is a combination of our outlook not only for the upside of cryptocurrencies but also the outlook on public equities.

Bad Form

Morgan Creek had better cling to the mantra of ‘past performance is not indicative of future results,’ however. The last big bet on Bitcoin is just weeks away from losing.

A call option costing $1 million was placed on a bitcoin price of $50,000 at the end of last year. Following a year which saw the price move from $1000 to $20,000, that may have seemed like a safe bet. However, for the contract to be worth anything now, Bitcoin must see an increase of almost the same magnitude in just three weeks.

Let’s hope that Morgan Creek Digital has stocked up on rabbit’s feet, horseshoes, and four-leaved clovers.

Earlier this year, an Australian investor tried to make a $6.3 million bet with Berkshire Hathaway, that Bitcoin would top its share price by 2023. It’s not thought that the famously crypto-skeptic company took him up on the offer.

Who will win the bet? Share your prediction below!


 Images courtesy of Shutterstock

Share
Pro 06

Where Will Bitcoin Price Go as It Nears November Lows?

The Bitcoin price was hovering near its lowest levels in 14 months December 6 a fresh downturn continued to take its toll on investors.


Another Grim Day For Bitcoin Traders

Having lost support at $4000 Tuesday, 00 slipped further towards lows set last month around $3500, reaching $3680 before appearing to claim new support at $3700.

In common with behavior which has prevailed since the Bitcoin Cash contentious hard fork November 15, altcoin suffered similar and often worse losses, led by Bitcoin Cash itself.

The troubled asset, which split into two rival chains following the forking event, was trading at its lowest price ever Thursday at just $118.

BCH00, which has come to refer to the BCH ABC chain of Bitcoin Cash favored by Bitcoin.com owner Roger Ver and Bitmain co-founder Jihan Wu, has consistently performed the worst out of the top twenty cryptocurrencies by market cap.

Rival chain Bitcoin SV00, by contrast, was showing rare strength at press time, extending its inverse correlation with BTC.

ABC’s woes have increased this week after rumors Wu’s Bitmain had sustained Q3 losses amounting to around $740 million – the company’s worst ever result.

Eyeing ‘Final Capitulation’

For Bitcoin itself meanwhile, commentators appeared displeased yet undisturbed by the latest dip.

In an analysis on December 2, technical guru Willy Woo produced his latest mid-term forecast for BTC, which forecast a “final capitulation” followed by a decisive end to the 2018 bear market should Bitcoin hit its current levels.

“…We can expect more range bound sideways action, followed by final capitulation, and an end of the bear market earlier, around Q1 2019,” he wrote on Twitter, adding in a subsequent comment:

If capitulation has indeed happened then we would be in an accumulation phase right now. But the key signs of this have not happened.

What do you think about the Bitcoin price? Let us know in the comments below!


Images courtesy of

Share
Pro 03

Bitcoin, Blockchain Jobs Openings Are Booming Hitting 18-Month High

The Bitcoin and Blockchain jobs industry is booming despite price deflation, a new survey from Glassdoor has revealed.


1775 Bitcoin, Blockchain Jobs In August

The findings, which originally appeared in mid-October, covered an 18-month period from April 2017 through August 2018.

In that time, the number of job openings “related” to both Bitcoin and Blockchain grew almost every month – even as the Bitcoin price began to fall after December last year.

Most came from cryptocurrency names, with Ethereum cofounder Joseph Lubin’s ConsenSys and exchange Coinbase among the top players.

Contrary to expectations, as of August 2018, there were more vacancies in the two sectors than ever before, even as BTC/USD 00 fell lower and lower.

“As more employers become interested and invest in the technology, the professionalization of the space has accelerated as well,” Glassdoor researchers wrote expounding the data.

Cryptocurrency prices began rising across the board around May 2017. In that month, just 234 jobs were on offer in the US.

Fast forward a year and a half and the Bitcoin price was circling $6500 – around three times higher – yet the number of jobs had multiplied well beyond that figure, reaching 1775 this August.

Glassdoor also lists the top markets for the job openings with New York City and Silicon Valley (unsurprisingly) in the top three.

Rapid Growth ‘Set To Continue’

“The surge in open jobs has well outpaced the 200 percent increase in value that cryptocurrencies have undergone since August 2017,” Glassdoor noted.

Despite the price volatility over the last year, continued growth in job openings suggests that blockchain employers remain confident in the market opportunity and continue to make long-term investments in their teams.

The survey was not the only one to identify the increasing trend. In September, analysts found the number of Asian opportunities had increased 50 percent since 2017.

Going forward, despite the blockchain industry, in particular, attracting mixed publicity recently, its longer-term growth seems somewhat more assured, says Glassdoor, adding:

While the ultimate staying power of cryptocurrencies and blockchain technologies remains to be seen, the blockchain job market seems primed to continue its rapid growth into the near future.

What do you think about the rise in Bitcoin and Blockchain jobs? Let us know in the comments below!


Images courtesy of Shutterstock, Glassdoor

Share