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Winklevoss Twins on Bitcoin: ‘Wall Street Has Been Asleep at the Wheel’

The Winklevoss twins — Bitcoin (BTC) bulls and founders of the Gemini crypto exchange — say its retail investors who are still largely reaping the benefits of the crypto market.

In an interview with CNN Business on Aug. 22, Tyler and Cameron Winklevoss gave their perspective on Bitcoin as an investment, industry risks and the traditional financial sector’s approach to the new asset class.

Buying a piece of the new internet of money

While many still regard Bitcoin as too risky a bet for the average investor, Tyler argued that on the contrary, the retail sector remains one step ahead of financial institutions when it comes to crypto. He argued that:

“Unlike the internet, which you couldn’t buy a piece of, you can actually buy a piece of this new internet of money. It’s still a retail-driven market, from day one […] and a lot of people have done really well. Wall Street has been asleep at the wheel.”

Of all traditional investments, Cameron added, Bitcoin is most similar to gold — a new store of value for the digital era. And while it may be volatile, it’s the future, he said, underscoring: “We had to invest because we were afraid of missing out, we couldn’t miss out on this future.”

Over-hyped risks

While the twins were, as ever, keen to demonstrate their readiness to liaise with regulators — “compliance is the DNA of our business” (Cameron) — they nonetheless called out a degree of alarmism that continues to cloud perceptions of the risks associated with crypto.

Facebook’s Libra, Tyler argued, hasn’t even been launched — no one’s using it for anything illicit — and yet there’s a regulatory din surrounding it already.

And while Bitcoin may have been used by bad actors — think Silk Road and the Kremlin’s Internet Research Agency during the 2016 U.S. elections —  many of those are now in jail, he emphasized. 

“Smart criminals,” Tyler noted, “aren’t using Bitcoin, because it’s actually very traceable” — with ever more sophisticated blockchain forensics tools being developed. 

The bottom line: “more criminals have used the dollar than anything else.”

As recently reported, the Winklevoss Twins have revealed they are open to partnering with archrival Mark Zuckerberg on Libra, with the caveat that they still need to learn more about the full details of the project.

Source:cointelegraph

Bitcoin

Bitcoin (BTC/USD) forecast and analysis on February 22, 2020

Cryptocurrency Bitcoin (BTC/USD) is trading at 9746. 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 middle border of the Bollinger Bands indicator stripes.

Bitcoin (BTC/USD) forecast and analysis on February 22, 2020

As part of the Bitcoin exchange rate forecast, a test of the level of 9910 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 9180. The conservative area for Bitcoin sales is located near the upper border of the Bollinger Bands indicator strip at the level of 10300.

Bitcoin (BTC/USD) forecast and analysis on February 22, 2020

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 ​​10320. This will indicate a change in the current trend in favor of the bullish for BTC/USD. In the event of a breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Bitcoin (BTC/USD) forecast and analysis on February 22, 2020 implies a test level of 9910. Further, it is expected to continue falling to the area below the level of 9180. The conservative sales area is near the area of ​​10300. The breakdown of the cryptocurrency fall option will be the breakdown of the level of 10320. In this case, we should expect further growth.

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Analyst Claims Whales Are Driving BTC Price Swings

Bitcoin has been experiencing heightened volatility over the past few weeks, and it’s likely due to the reemergence of whales according to one source.

The Whales Are Back in the Picture

Bitcoin whales are individuals who house several million dollars-worth of cryptocurrencies in their digital wallets. Often, they possess so much in a single account that the slightest maneuver of money could potentially cause the entire industry to suffer a shift of some kind. Usually, the cryptocurrency industry experiences heavy dips or meteoric rises. It all depends greatly on what gets moved and where.

Bitcoin, for the most part, has been relatively volatile since early January. The currency initially started out below the $7,000 mark, but ultimately spiked thanks to rising geopolitical tension between the United States and Iran, CME Group’s introduction of bitcoin futures options, and rising fears of the coronavirus in China.

However, bitcoin’s primary moments of volatility for 2020 have been mostly noticeable during the past week. The currency rose beyond the $10,000 mark, eventually hitting the $10,400 figure. It has since fallen by more than $900, with a few heavy spikes and drops interspersed in the middle (i.e. it was trading at $10,100 again roughly two days ago).

Some analysts are blaming whales yet again, and say they’ve increased their activity over the last seven days to ultimately cause bitcoin to move about like a vast ship during stormy weather.

Right now, we’ve witnessed a repeat of what allegedly occurred during the final four months of last year. Between September and December of 2019, the number of active whales in the crypto space rose from approximately 2,000 to about 2,030.

This was during what Ashish Singhal – co-founder and CEO of CRUX Pay and CoinSwitch.co – calls an accumulation phase, in which whales are no longer sitting around watching the crypto space with eagle eyes, but rather taking an active part in the industry and getting their hands on digital funds.

Singhal explains:

During the accumulation phase, whales eat into market liquidity. That affects the supply-demand ratio and causes volatility to re-enter the market.

The accumulation phase isn’t necessarily a problem all by itself. Analysts like Connor Abendschein – a crypto researcher at Digital Assets Data – claim the main issue is that it’s very hard to predict how long such a period will last, which tends to lead to heavy uncertainty within the industry.

How Long Is This Going to Last?

He explains:Th

e problem is that it is difficult to predict how long these periods of accumulation for HODLers will last… If the whales shift to accumulating bitcoin while HODLers are still within their current phase, it suggests an additional increase in demand for BTC at near the same as the mining supply is scheduled to be cut in half in early May.

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Early Tesla and Bitcoin Investor Placing Huge Bet on Cryptocurrency That Surged 154% So Far This Year

A venture capitalist and early investor in Tesla, SpaceX, Twitter and Bitcoin (BTC) just invested $1 million in a crypto project designed to give anyone the ability to create and manage a decentralized organization.

Tim Draper says he’s purchased 1 million ANT tokens – the currency powering the Ethereum-based platform Aragon.

The team at Aragon says its goal is to simplify the process of running an organization on the blockchain.

The platform includes Aragon court, a borderless and secure dispute resolution protocol for the Internet era. According to Aragon, the platform is designed to handle subjective disputes that can’t be resolved by smart contracts. Human jurors, motivated by financial rewards, are drafted to review disputes. The system also issues penalties if the jurors do not perform and allows people to rule on proposal agreements that affect the future of an organization. No intermediaries are involved.

In a statement, Draper says he thinks Aragon could one day have a significant impact on the way organizations handle disputes and issues of governance.

“You don’t get to create a new jurisdiction every day. After Aragon, the governing of the world will never be the same.”

Draper’s purchase of 1 million ANT tokens gives him control of 2.52% of the total supply. ANT has surged 154% this year, rising from $0.4003 to $1.02, according to the latest data from CoinMarketCap. The crypto asset remains a far cry from its all-time high of $7.76 on January 7, 2018 – which happened during the height of the previous crypto market bull run.

So far, Aragan has attracted over 1,000 organizations that have registered to use its technology. In the long run, Aragon plans to break away from the Ethereum network and launch its own chain

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