Industry Experts Believe Bitcoin Headed to $6,000
There’s an old saying, “Don’t let the fox watch the henhouse.” This may well be true when it comes to crypto-industry insiders and their opinions about the price of Bitcoin. But whether anti-Bitcoin fanatics like it or not, the price is steadily climbing toward the $6,000 mark.
With the price of Bitcoin climbing toward the elusive $6,000, the reasons behind this rise are a point of contention. With the industry in an uproar, some market leaders link the rise in price to the increase in Bitcoin liquidity. For example, Luis Cuende, cofounder of Aragon said:
Not everyone thinks that Bitcoin is a good choice for currency, especially since prices fluctuate so rapidly and massively. Nevertheless, in countries like Argentina, where the fiat currency is effectively valueless, Bitcoin may well be the only option. According to David Henderson, Founder of Sweetbridge:
Full story at http://bit.ly/2kPizdX
Source: CoinTelegraph
At It Again: Dimon Breaks Vow, Says Bitcoin Buyers Will 'Pay the Price'
Jamie Dimon is back on the bitcoin commentary bandwagon.
Just a day after declaring on a third-quarter earnings call that he would refrain commenting on the cryptocurrency, the JPMorgan Chase CEO offered a critical take on those investing in bitcoin.
"If you're stupid enough to buy it, you'll pay the price for it one day," he said today at an event hosted by the Institute of International Finance, according to a report from CNBC. During the event, he reportedly voiced support for the cryptocurrency's underlying technology – an area in which the Wall Street bank has undertaken a number of notable efforts, including the Enterprise Ethereum Alliance.
Per CNBC, Dimon also reportedly said that he "could care less about what [price] bitcoin trades at."
Full story at http://bit.ly/2kPix5P
Source: CoinDesk
Big Name Investors Voicing Bitcoin Optimism Are Louder Than Negative Colleagues
Big name investors and billionaires are talking about bitcoin a lot these days. However, the JP Morgan CEO, Jamie Dimon, has decided to stop talking about bitcoin, for now saying, “I wouldn’t put this high on the category of important things in the world, but I’m not going to talk about bitcoin anymore.” Even though Dimon is supposedly done talking about bitcoin, many well-known billionaires and financial executives have great things to say about the currency’s future.
This week the former fund manager for the firm, Fortress, Michael Novogratz, told CNBCthat he thinks bitcoin can capture a value of $10,000 per BTC within six to ten months. Novogratz is excited about cryptocurrencies and explains the tech space is thrilling right now. The former Fortress executive does believe the currency is in a bubble right now but illustrates the demand for a decentralized financial system exists.
“I never thought I’d come out of retirement, but the space is so exciting right now I decided to build a business, hire a whole bunch of smart guys, and we’re gonna to raise a fund,” explains Novogratz.
Full story at http://bit.ly/2z7nWaM
Source: Bitcoin News
The Higher Bitcoin Gets, the Faster Bitcoin Goes: Chart
Bitcoin’s rally has picked up speed throughout this year, with the world’s largest cryptocurrency breaching new levels at an ever greater pace as it increases sixfold. Bitcoin first crested at $1,000 in 2013 and didn’t even breach $2,000 until this May, but the currency since cracked the $3,000, $4,000 and now $5,000 levels in quick succession, according to data compiled by Bloomberg. The only slowdown came amid China’s crackdownon cryptocurrencies in September, which seems a distant memory as bitcoin rockets toward $6,000.
Full story at https://bloom.bg/2gjey02
Source: Bloomberg
Bitcoin Has Barely Reached 1% of its Potential: Expert Blog
Will there ever be such an exchange or is this just science fiction? In this hypothetical world, 1 Bitcoin is worth $1,000,000 and 1 Satoshi (1 millionth of a Bitcoin) is worth $1.00. There is no consensus on what the value of one Bitcoin is or should be. The spectrum of opinions ranges from Jamie Dimon, CEO of JP Morgan, who thinks it is a fraud and therefore worthless, (although he seems to have recently changed his mind about cryptocurrencies) to Bitcoin maximalists who believe that the sky's the limit. Somewhere in the middle of that, Mohamed El-Erian recently saidthat “The current prices [of Bitcoin] assume massive adoption, which is not going to happen." He went on to say that Bitcoin should only be worth “a third” of its value at the time - $4,000. Mohamed El-Erian is a smart guy, he is the former billionaire CEO of PIMCO and former IMF economist, could he be right? Has Bitcoin already peaked?
Unlike other cryptocurrencies that may have more sophisticated uses, like smart contracts for Ethereum, Bitcoin’s main uses are being a store of value and a medium of exchange. Its competitors are therefore the established main fiat currencies (US Dollar, Euro, Yen) and Gold. If the Bitcoin price already assumed massive adoption, the market capitalization of all Bitcoins should be close to that of the US Dollar and Gold, right? It turns out that nothing could be further from reality. While the market capitalization of Bitcoin is currently $90 bln, the money supply of the US Dollar, i.e. M2, cash, deposits and money market funds, is $12,500 bln while the value of all the gold ever mined is close to $8,000 bln. This means that Bitcoin is only worth around 1% of the value of its two main competitors. I am not sure this would qualify as “massive adoption”, so I guess I have to respectfully disagree with Mr El-Erian on this one.
For the Bitcoin price to assume massive adoption, its price should increase... a lot! The following charts illustrates what it would mean for Bitcoin to reach a market capitalization of $1 trillion ($1,000 bln) and for the price of a single Bitcoin to reach $1,000,000.
Full story at http://bit.ly/2kPiyqp
Source: CoinTelegraph
Ethereum Developers Find Geth Bug as Hard Fork Nears
The discovery of a denial-of-service (DoS) attack vulnerability led the developers of ethereum's Geth software to release a new version just days before the Byzantium hard fork.
On finding the bug, the team behind ethereum's most popular client published a new software release, yet data from blockchain analytics site Ether Nodes shows a relatively low rate – only 1.9 percent of Geth nodes – of adoption at press time.
With Geth comprising about 75 percent of all ethereum nodes, the vulnerability could leave nodes running the previous Byzantium-compatible release more susceptible to DoS attacks after the hard fork.
Explained by ethereum developer Casey Detrio on Reddit, the vulnerability stems from an oversight in one of the new Byzantium features. The risk is that this bug could be exploited by an attacker who wants to take ethereum nodes offline – a form of attack that the ethereum community has dealt with in the past.
Full story at http://bit.ly/2kSJ96a
Source: CoinDesk
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