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Korean Lawmakers Hasten to Regulate Cryptocurrency, Legalize ICOs

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Lawmakers in South Korea, one of the world’s biggest cryptocurrency trading markets, are set to submit draft bills to legislate regulations for burgeoning sector.

According to a report by the Korea Times, a number of lawmakers across different political spectrums are seeking to fast-track cryptocurrency regulations that could plausibly lead to lifting the current ICO ban in the country. The drafts will be submitted during ‘an extraordinary session of the National Assembly from July 13 to 16’ to address the legal status of cryptocurrency and regulatory guidelines for crypto exchanges,

Notably, the report suggests that the submitted regulatory drafts are expected to play the role of a ‘catalyst’ in triggering discussions toward regulation and the subsequent the legislative process of turning bills into law.

Representative Park Yong-jin, a lawmaker and member of the country’s ruling Democratic Party, is perhaps the most prominent politician pushing for regulations, alongside Rep. Chung Tae-ok of the primary opposition Liberty Party Korea (LPK) and Rep. Choung Byoung-gug of the Bareun Mirae Party, a minor opposition camp.

As reported previously by CCN in July 2017, Park proposed at least three new bills to build a regulatory framework for cryptocurrencies despite previously comparing last year’s surging prices to Europe’s tulip mania in the 17th century.

Rep. Hong Eui-rak, also of the political camp in power, is notably pushing for the legalization of ICOsafter authorities enforced a ban on the radical new form of fundraising in September last year.

Further, Rep. Song Hee-kyung of the opposition LPK party is set to host a policy debate on the security framework at domestic cryptocurrency exchanges on July 19, in a year of noteworthy major security breaches and thefts at Korean exchanges. Last month, domestic exchange Coinrail was the victim of a hack with a reported 40 billion won ($37 million) in cryptocurrency stolen. A little over a week later, Seoul-based Bithumb – the country’s biggest crypto exchange – suspended transactionsafter losing $30 million in cryptocurrency following another hack.

The proposed draft regulations coincide with a previously-set deadline by G20 nations that aims to enact a uniform regulatory framework for the cryptocurrency sector among member nations.

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Morgan Creek CEO predicts bitcoin to touch $500,000 in ten years

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In an interview with Business Insider, CEO of Morgan Creek Capital Management, Mark Yusko said that bitcoin will reach $100,000 by the end of 2021 and $500,000 in the next ten years. He also said Bitcoin will soon overpower the gold’s market capitalization.

“Bitcoin network is becoming more invaluable as adoption increases.”

The CEO of the investment management firm, Morgan Creek, said, “The key to bitcoin is the network…It grows in proportion to the inverse of the sum of the squares of the number of participants.” He further opined that the Bitcoin network is becoming more invaluable as adoption increases. According to Mark Yusko, Bitcoin will reach $100,000 between now and 2021, and Bitcoin may touch $250,000 by 2025, and by 2030, the digital currency could touch $400,000 or $500,000.

Bitcoin struggles to break above $8,000

At the time of writing bitcoin is trading at just above the crucial mark of $7,000. From the last few weeks, the price of bitcoin has struggled to touch $8,000, and many analysts have predicted that it might go below $7,000 in the short term. The bitcoin halving is scheduled to take place in May next year, and crypto enthusiasts believe that the price of the cryptocurrency will go up and break its previous all-time high sometime after the halving event.

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Peter Schiff Says Bitcoin Is Running Out of Buyers to ‘Keep Ponzi Going’

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Peter Schiff thinks Bitcoin is a Ponzi scheme that struggles to find new buyers to inject fresh money into it Euro Pacific Capital CEO Peter Schiff is not getting tired of lambasting Bitcoin. This time around, he calls the biggest cryptocurrency a “Ponzi” that is running of buyers. 👉MUST READ

Schiff hurls new insults at Bitcoin

The prominent gold bug recently lashed out at Morgan Creek Digital founder Anthony Pompliano who claims that Bitcoin is intended to serve the people, unlike fiat money that only serves governments that create them. 

In his new Twitter tirade, Schiff pointed to the fact that Bitcoin is yet to reach mainstream adoption as a currency, which makes Pompliano’s “irrelevant and premature.”

When Pompliano replied that Bitcoin is now a more popular currency than gold, Schiff reiterated his earlier words that BTC can only be considered a speculative asset, not a real currency.

Moreover, the relentless Bitcoin hater said that the popularity of the top cryptocurrency was waining, and it was struggling to find new buyers “to keep the Ponzi going.”

As reported by U.Today, Schiff is certain that Bitcoin is “a pump-and-dump scheme”, and deep-pocketed whales are the ones who pull all the strings.        👉MUST READ

Bitcoin’s third decade

VanEck’s digital asset director Gabor Gurbacs confronted Schiff, saying that his argument would have been valid if Bitcoin had existed for thousands of years. However, according to Schiff, Bitcoin is unlikely to survive the next decade.      

Schiff’s view on the future of Bitcoin is diametrically opposite to that of Deutsche Bank analyst Jim Reid. In his “Imagine 2030” study, Reid opined that crypto was on the verge of its breakout decade as fiat currencies were becoming more “fragile.”

Schiff’s view on the future of Bitcoin is diametrically opposite to that of Deutsche Bank analyst Jim Reid. In his “Imagine 2030” study, Reid opined that crypto was on the verge of its breakout decade as fiat currencies were becoming more “fragile.”

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Bull Cycles Will Likely Propel BTC to $400,000: Morgan Creek CEO – Bitcoin, XRP, Ripple, Cardano Updates

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From a six-figure Bitcoin prediction to a potentially game-changing prototype for Cardano, here’s a look at some of the stories breaking in the world of crypto.

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The CEO of Morgan Creek Capital Management says he believes Bitcoin’s fundamentals will fuel explosive growth for the leading cryptocurrency over the next 10 years.

In a new interview with Business Insider, Mark Yusko says the number of users on the network and the rising number of Bitcoin wallets is key. According to Blockchain.com, the number of BTC wallets rose sharply in 2019, from 31,422,703 at the start of the year to 44,207,970 at time of publishing.

Yusko also says he believes Bitcoin is a viable alternative to fiat currency, comparing its total supply of 21 million coins to the seemingly endless printing of money by governments around the world.

In the long run, Yusko predicts a new parabolic rally for Bitcoin by 2021, and says that number could increase by a factor of four or five by 2030.

“Between now and 2021, we’re likely to see $100,000 Bitcoin.

By 2025, we’re likely to see $250,000 Bitcoin, and then sometime out 2030 we could see $400,000 or $500,000 Bitcoin as it reaches gold equivalence.”

Morgan Creek Capital currently has $1.5 billion in assets under management.

The company launched Morgan Creek Digital in 2018 to offer institutional investors a way to gain exposure to cryptocurrencies and invest in enterprises that are building on crypto and blockchain technology.

Ripple and XRP

The cryptocurrency trading platform Luno is exploring the addition of XRP in Malaysia.

The company’s general manager of Southeast Asia, David Low, says the third-largest cryptocurrency by market cap could debut on the exchange as early as next year, reports The Malaysian Reserve. He also cites Ripple’s efforts to use the crypto asset to power cross-border remittances.

It is definitely a possibility we are exploring. However, it is not yet listed on Luno…

Ripple also has a remittance use case which we are excited about. That’s why we want to introduce it to Malaysians, as it allows people on the platform to access and learn about it, and figure out new ways to use this technology for their benefits.”

Luno is one of three exchanges that has been approved to sell crypto assets in the country.

Cardano

Cardano creator Charles Hoskinson is promoting a new low-power prototype that he says could help power the network using a small amount of energy.

The Cardano Rock is designed to give people a way to run staking nodes on Cardano. It runs on the Linux operating system and uses about $30 of electricity per year.

Hoskinson says the device highlights the energy efficient nature of the Cardano blockchain.

“10 kilowatts of power to run a global social operating system with billions of users and transactions. That’s the power of Cardano.”

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