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Bitcoin [BTC] shines as digital gold and Ethereum [ETH] may work as DeFi platform, says former Coinbase CTO

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Balaji S. Srinivasan, former CTO of Coinbase, spoke about the bet that was placed between Jimmy Song, a well-known Bitcoin proponent and Joseph Lubin, Co-founder of Ethereum. In a short Twitter thread, the Co-founder of Earn stated that Bitcoin “shined as a digital gold,” instead of a payment rail, and that Etheruem “may work” as a DeFi platform in the future. He said,

“At the end it makes the same point I would have made. The Horowitz/Salmon bet was on Bitcoin as a payment rail, but it really shined as digital gold. The Song/Lubin bet is on Ethereum for social/mobile-ish DApps, but it may work primarily as a defi platform.”

The bet that was initially placed during Consensus between the two well-known influencers, involving over $500k in BTC and ETH. A report by CoinDesk stated that Song would be required to pay 810.8 ETH to Joseph Lubin, if Ethereum stood tall over the next four years and if it went the other way, then Lubin would have to pay 69.74 BTC to Song.

Additionally, for Lubin to win 810.8 ETH, Ethereum would be required to fulfill certain terms and conditions over the next four years, up to and including May 23, 2023. The three critical conditions are: First, there should be 15 unique developer applications built on Ethereum; Second, there should be atleast 10,000 active daily users and third, there should be atleast 100,000 active monthly users for six consecutive months.

In a later tweet, Balaji explained,“That is, Bitcoin wasn’t primarily about Paypal-style payment volume. It was about market cap & store of value, concepts outside PayPal. Ethereum similarly may not be about Facebook-style DAUs, but concepts like “ETH locked in defi” for decentralized interest, loans, derivatives.”

Source/ambcrypto

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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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