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Bitcoin Is Controlled by China: Ripple CEO Tears Into Bitcoin

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For as long as we’ve known him, Brad Garlinghouse has not been one to mince words when talking about the world’s biggest cryptocurrency. He has continuously branded it as the Napster of cryptos, a pioneering platform whose technology and approach made it impossible to achieve success in the face of new and better technologies such as Spotify and Pandora. In his latest attack, the Ripple CEO claimed that Bitcoin will never become the primary cryptocurrency and that no major economy would allow that to happen. He further claimed that Bitcoin is controlled by China, making it even more unsuitable as a primary crypto for the future.

An Underreported Story

Garlinghouse was speaking at the 2018 Stifel Cross Sector Insight Conference and talked about various issues regarding the crypto industry’s current state and what the future holds. However, what stood out were his strong views on Bitcoin. He was adamant that Bitcoin can’t be the primary global currency, stating that no major economy would allow that to happen.I’LL TELL YOU ANOTHER STORY THAT IS UNDERREPORTED, BUT WORTH PAYING ATTENTION TO. BITCOIN IS REALLY CONTROLLED BY CHINA. THERE ARE FOUR MINERS IN CHINA THAT CONTROL OVER 50 PERCENT OF BITCOIN. HOW DO WE KNOW THAT CHINA WON’T INTERVENE? HOW MANY COUNTRIES WANT TO USE A CHINESE-CONTROLLED CURRENCY? IT’S JUST NOT GOING TO HAPPEN.

Garlinghouse revealed he owns Bitcoin but was quick to urge the audience not to take his opinions as investment advice. Unsurprisingly, he expressed his confidence in Ripple’s native asset, XRP, which he described as superior to Bitcoin. While Bitcoin can take up to 45 minutes to settle a transaction, XRP transactions are settled in 2-4 seconds.BANKS WILL USE WHAT IS EFFICIENT AND CHEAPER. AND IF YOU DELIVER A BETTER PRODUCT AT A BETTER PRICE… THEY WILL USE IT.

Garlinghouse doesn’t value Ripple and XRP through the usual metric of market price. Rather, the value that Ripple unlocks is what’s most important to him. Ripple is changing the lives of the many unbanked or underbanked people across the world by giving them access to finance.

WHEN I THINK ABOUT THE TRANSFORMATION, IT IS FUNDAMENTALLY CHANGING THE WAY MILLIONS PARTICIPATE IN BANKING. WE CAN FUNDAMENTALLY CHANGE THE WAY THIS WORKS, TO BRING AN ENTIRE POPULATION UP A STEP IN THE SYSTEM.

Ripple has come under scrutiny, with allegations that its XRP currency should be classified as a security. The company’s chief strategist, Cory Johnson, has refuted those claims, as have other senior executives at the San Francisco-based company. This has done little to quell the rumors that the SEC will ultimately categorize it as a security. This would force most of the crypto exchanges that currently list it to delist it or apply for additional licenses.

Bitcoin and Ether, in contrast, have both been deemed to not be securities by the U.S. Securities and Exchange Commission. The SEC chairman was the first to clear Bitcoin before the regulator’s Director of Corporate Finance later came forward to clear Ether. XRP is still not cleared, and the XRP community is eagerly awaiting word from the regulator.

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Bitcoin (BTC/USD) forecast and analysis on October 18, 2019

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Cryptocurrency Bitcoin (BTC/USD) is trading at 7991. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Bitcoin. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator stripes.

Bitcoin (BTC/USD) forecast and analysis on October 18, 2019

As part of the Bitcoin exchange rate forecast, a test level of 8200 is expected. Where can we expect an attempt to continue the fall of BTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 7260. The conservative area for Bitcoin sales is located near the upper border of the Bollinger Bands indicator strip at 8420.

Bitcoin (BTC/USD) forecast and analysis on October 18, 2019

Cancellation of the option to continue the depreciation of Bitcoin will be a breakdown of the upper border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair above the area of ​​8540. This will indicate a change in the current trend in favor of the bullish for BTC/USD. In case of breakdown of the lower border of the Bollinger Bands indicator bands, one should expect acceleration of the fall of the cryptocurrency.

Bitcoin (BTC/USD) forecast and analysis on October 18, 2019 implies a test level of 8200. Further, it is expected to continue falling to the area below the level of 7260. The conservative area for selling Bitcoin is located area of 8420. Canceling the option of falling cryptocurrency will be a breakdown of the level of 8540. In this case, we can expect continuation growth.


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Bitcoin re-enters $8,000-zone, but what is its upside potential? – Confluence Detector

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  • BTC/USD went up from $7,998.50 to $8,077.50 this Thursday.
  • The daily confluence detector shows two healthy resistance levels to overcome on the upside.

Following two straight bearish days, which took the price below the $8,000-zone, BTC/USD is on the course to recovery. Bitcoin had gone up from $7,998.50 to $8,077.50 this Thursday before it improved further to $8,087.40 this Friday. The hourly BTC/USD chart shows us that the market found intra-day resistance at $7,943.15 before it bounced up to $8,075. Since then, the price trended horizontally for a bit, negotiating with the $8,090 resistance line. The bulls managed to rally together to break past it and go up to $8,110, before correcting itself to $8,087.40.

BTC/USD daily confluence detector

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The daily confluence detector has two healthy resistance levels at $8,190 and $8,260. $8,190 has the five-day Simple Moving Average (SMA 5) and one-week Fibonacci 61.8% retracement level. $8,260 has the SMA 100, one-day Pivot Point resistance two and one-day Bollinger Band middle curve.

On the downside, there is a support level of note at $8,065, which has the SMA 5, SMA 50, SMA 200, one-hour Bollinger band middle curve, one-day Fibonacci 38.2% retracement level and one-hour previous low.


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Bitcoin could become store of value, as institutional interest increases

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Institutional interest in Bitcoin has seen a significant rise in 2019, as several derivative financial products on top of Bitcoin have flooded the market. Active exposure of these investors to the digital asset realm has brought back the debate about whether Bitcoin is the new “store of value.” According to Grayscale’s managing director Michael Sonnenshein, there has been a certain shift in perception for sure.

Sonnenshein appeared on ‘The Scoop‘ recently to discuss the impact of institutional investor’s exposure to the digital asset class. The managing director of the firm believed that although Gold has been the standard store of value for centuries, and it made sense in the physical age, but given the rapid growth of the digital monetary age, Bitcoin for sure is challenging to become the new store of value. He explained,

“It is now nearly 2020 and we’re starting to ask investors with this question which is, what constitutes a store of value? It historically has been gold but that may have made more sense for a physical age. As we are in fully immersing ourselves now in this digital age perhaps gold doesn’t hold up as much as it once did as that store of value and perhaps investors need to think about a digital store of value such as Bitcoin.”

Institutional investors hold the key for Bitcoin and any other digital asset to gain mainstream adoption, and as of today they are more aware and learned about Bitcoin and its potential as an investment than ever before. More importantly, these investors are using Bitcoin as a hedge fund and store of value to diversify their investment portfolio as well as make quick capital gains on their investment.

The increasing interest of institutional investors is evident from the fact that GrayScale registered its highest gain in the last quarter with over $250 million raised from the investors, Binance has registered the highest daily volumes of over $700 million from its Binance futures platforms. Bakkt has launched its futures contracts recently while CME’s futures contracts year-to-date volumes have seen a significant rise over the past year.

Source:ambcrypto

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