Ark Invest has said bitcoin is a “contender for the first global digital money”—echoing comments made by Tesla’s chief executive Elon Musk… To get to a point where individuals are regularly accessing, consuming, and creating content on blockchain platforms, open apps must be willing to emulate the Microsoft business model. This means embracing platform monopolies and building open apps on top. Many of us have been wondering, including seasoned traders, what is the best cryptocurrency to Research conducted by the United Kingdom’s Financial Conduct Authority (FCA) has found that 1.9 million U.K. residents currently own cryptocurrencies, while 2.6 million are estimated … 1.9 Million U.K. Residents Own Cryptocurrencies, FCA Research Finds | CryptoGlobe Read More » Fauci’s response: ‘The only thing I can do is … give you the facts’ Full list of stories by category Cryptocurrencies – 2020-06-30
Bitcoin has attracted attention from some of the world’s biggest investors this year.
The bitcoin price, up just under 30% so far this year despite a coronavirus-induced crash in March, has been hovering around $10,000 per bitcoin since its supply squeeze in early May.
The bitcoin price has climbed so far this year as some high-profile investors indicate their … [+] interest in bitcoin and cryptocurrencies.
“While scarce and durable, bitcoin also is divisible, verifiable, portable, and transferable, a range of monetary characteristics that confer superior utility, potentially driving demand and deeming it suitable, if not superior, for the role of global digital money,” Ark Invest analyst Yassine Elmandjra wrote.
Ark, a bullish Tesla investor known for its massive $7,000 price target on Tesla stock, sees bitcoin potentially reaching 10% of gold’s market capitalization in just five years—up from around 1% now.
Ark originally bought into bitcoin back in 2015 when it was trading for just $230 per token, buying shares in Grayscale’s Bitcoin Investment Trust. Ark cashed out its Grayscale stake in 2018, telling CNBC it was a “complicated decision” driven more by regulatory and tax-related concerns than by the “merits” of bitcoin itself.
However, Ark continues to hold bitcoin in its “undisclosed, separately managed accounts,” Elmandjra said via email.
“We believe, as a suitable contender for the first global digital money, bitcoin should attract demand similar, at a minimum, to that for gold,” Elmandjra said, writing in response to Wall Street giant Goldman Sachs’ recent dismissal of bitcoin and warning “bitcoin’s complexity should not prevent financial institutions from analyzing it in depth.”
“Yet, contrary to claims that it is in a massive bubble, bitcoin’s network value—or market cap—is less than 2% that of gold’s,” Elmandjra said, adding that while bitcoin is “often called digital gold, we believe bitcoin not only shares many of gold’s characteristics but also improves upon them.”
Ark analysts have predicted bitcoin’s network value could reach 10% of gold’s total value by 2025.
Ark’s analysis chimes with recent research released by Bloomberg that bitcoin is increasingly acting as “digital gold.”
“Among the few assets up in this tumultuous year, gold and bitcoin are building foundations for further price appreciation, in our view,” Bloomberg researchers wrote in a June 2020 commodity report.
Bitcoin’s performance this year in the face of market turmoil sparked by the coronavirus pandemic has led to investors including the likes of Paul Tudor Jones, Dan Tapiero and Raoul Pal naming the cryptocurrency as a potential hedge against the inflation unprecedented central bank stimulus measures could bring.
“As the bitcoin network continues to mature, we believe that it will cement bitcoin’s role as an emerging monetary asset and that financial institutions will do well to consider it seriously,” Elmandjra said.
Author: Billy Bambrough
Open Apps Must Embrace, Extend, And Innovate On Platform Monopolies
In recent years, blockchain technology has grown and developed well beyond cryptocurrencies such as Bitcoin and Ether: distributed ledger technology has already seen viable use cases in finance, not just in the peer-to-peer crypto transactions, but also in data management and identity verification. Industries from mining to retail to shipping have embraced blockchain for its ability to generate smart contracts, create immutable yet transparent records of the passage of goods through the supply chain, and streamline document handling processes. To date, however, most of these use cases have remained in the enterprise sphere, and few crypto projects have seen mainstream consumer adoption.
In the end, of course, even though Microsoft did not always extinguish its rivals, the “embrace and extend” business model ultimately proved successful. Since then, the company has used its position as an industry leader, its ability to embrace competitor technology and extend use cases, to innovate in truly remarkable ways. This is what open apps should be aiming towards today.
Consider the common behaviors that consumers perform online. There’s online shopping, of course, as well as accessing media including movies, music, books, and video games. In addition, many consumers interact with their financial institutions online and are accustomed to providing and accessing personal financial information as a result. Finally, people are increasingly accessing government services online and using online portals to access their health care providers and manage their personal health information. All of these represent existing consumer behaviors that are ripe for disruption by open apps.
What’s holding open apps back? To gain mainstream adoption, to get to a point where individuals are regularly accessing, consuming, and creating content on blockchain platforms, open apps must be willing to emulate the Microsoft business model. This means embracing platform monopolies and building open apps on top. It means using the platforms first to extend their reach from the enterprise space into mainstream consumer usage, and then as the basis for further innovation. Only then will blockchain and crypto projects truly dominate their markets, as existing consumer habits are transformed so they work within the open app ecosystem.
Author: Matthew Spoke
Best Cryptocurrency To Buy Right Now
Many of us have been wondering, including seasoned traders, what is the best cryptocurrency to buy right now. Or whether anyone at all should invest in cryptocurrency in 2020. This year has been very different to all the previous years we can remember. Besides the pandemic, the market crash and various other challenges and “surprises” 2020 has gifted us thus far, Bitcoin prices are much lower than many crypto investors expected. On the other hand, the consolidation period is not going to last forever, and the current lower prices can work in favour for those who want to invest in crypto coins.
Depending on the source you choose to quote, the total number of available cryptocurrencies on the market exceeds 4,300. CoinMarketCap released a report on June, 10 according to which the total number of available cryptocurrencies is 5,563, while Coinlore lists 4,302 crypto coins.
Let’s not forget that different crypto platforms use different listing techniques, and some platforms may show coins that were abandoned or no longer exist. CoinGecko has 7,671 cryptocurrencies on record, which could potentially mean that one would have to sieve out obsolete altcoins.
Despite the plethora of available cryptocurrencies that provide solutions within particular industries, including some niche verticals you wouldn’t even dream of, the top 10 leaders of the crypto world have been pretty consistent over the last couple of years.
The all-time leader in the digital coin race, also being the best crypto to buy and hold, is Bitcoin. It would be practically impossible to imagine today’s world without the very first cryptocurrency that started it all. The title of the best cryptocurrency to mine will belong to this crypto giant for the remnant of the foreseeable future.
In the times of uncertainty and instability, investors tend to drive away from traditional assets, like stocks and bonds. Instead, they know they can always rely on the high demand for Bitcoin and its high value, making it an attractive investment.
Ethereum is one of the most talked about cryptocurrencies this year. When the news to launch Ethereum 2.0 hit the world wide web, the investors put a strong hold onto their ETH coins. As of today, Ethereum is not only among the best cryptos to buy and hold, but also is among the best crypto bets this year. Two reasons. One, this digital cryptocurrency makes a great altcoin investment due to its current price – just over $240 per coin at the time of writing. Second reason, it is estimated that with the release of version 2.0, the price of ETH will surge to a whopping $790 per crypto coin, making it one of the best crypto bets of 2020. Ethereum has already increased by 60% and there is a lot of good potential for further growth in the next 6 months.
Ripple is slow to recover from the crash on May 10 – the day when all the major crypto coins plunged due to a cascade liquidation of short BTC positions on derivative exchanges. However, as long as Bitcoin shows steady signs of recovery, so will XRP.
The strategic partnership between Ripple and MoneyGram was once again reinforced by the total of $11.3 million, reported in February 2020. Its revenue for Q4 was reported to be $323.7 million.
“[MoneyGram] is compensated by Ripple for developing and bringing liquidity to foreign exchange markets, facilitated by Ripple’s blockchain, and providing a reliable level of foreign exchange trading activity. The Company expects that this partnership, at scale, will reduce our working capital needs and generate additional earnings and cash flows.”
Litecoin is among the most sought after cryptos to buy and hold this year. LTC was released in 2011 and secured its place among the best cryptocurrencies as one of the fastest and most affordable. Right now, you can get one LTC coin for less than $40! In February this year, Litecoin announced that it will be integrated to regular ATMs in South Korea through a partnership with MeconCash. This is exciting news for all crypto investors.
Neo (NEO) – the project’s vision is to realise a “smart economy” by utilizing blockchain technology and smart contracts to issue and manage digitized assets.
Zcash (ZEC) – a cryptocurrency aimed at using cryptography to provide enhanced privacy for its users.
Stellar (XLM) – supported by a 5013 nonprofit, the Stellar Development Foundation.
Cardano (ADA) – a blockchain platform evolved out of a scientific philosophy and a research-first driven approach.
Tron (TRX) – The Tron Foundation’s 2017 initial coin offering (ICO) created 100 billion TRX and raised a total of $70 million.
Ontology (ONT) – a decentralized network environment that solves key issues of identity security and data integrity.
With the abundance of cryptocurrencies available in 2020 to mine, buy and hold, many altcoins present fantastic opportunities for long term investment.
Author: By lana
1.9 Million U.K. Residents Own Cryptocurrencies, FCA Research Finds | CryptoGlobe
Research conducted by the United Kingdom’s Financial Conduct Authority (FCA) has found that 1.9 million U.K. residents currently own cryptocurrencies, while 2.6 million are estimated to have bought crypto “at some point.”
The research report published by the FCA into how consumers interact with cryptocurrency markets in the U.K. found that 3.86% of the country’s general adult population owns cryptocurrencies, as its adult population is estimated to be of approximately 50 million people.
To the FCA, there was a “statistically significant increase” in cryptocurrency holders throughout the UK as last year roughly 3% of the country’s adult population owned crypto at some point, and is now up to 5.35%. The rise brings to the total number of U.K. residents who ever held crypto up to 2.6 million, up from 1.5 million.
While the amount of adults owning crypto is relatively small compared to the total adult population, industry awareness appears to have hit a new high, as 73% of polled adults revealed they have heard of cryptocurrencies, up from 42% last year.
According to the FCA’s research, however, 75% of the 1.9 million people that currently hold crypto in the U.K. have less than £1,000 (around $1,230) in the space, with 83% of them buying their assets via exchanges that are not based in the U.K. Those who do buy crypto are nevertheless aware of the risks, per the FCA.
The report notes most “seem to understand the risks associated with the lack of protections, the high volatility of the product and have some understanding of the underlying technology. The report adds this isn’t the case for all:
Nevertheless, the lack of such knowledge among some presents potential consumer harm to consumers. 11% of current and previous cryptocurrency owners thought they were protected. This amounts to approximately 300,000 adults.
The most common reason for U.K. consumers to purchase crypto, it adds, was as a “gamble that could make or lose money.”
The FCA’s report also found that 45% of current and former cryptocurrency holders had seen cryptocurrency-related ads. A total of 35%, around 400,000 people, said the crypto-related ads made them more likely to invest in the space.
Overall, 16% of those who have had or currently have cryptocurrencies revealed they have been influenced by crypto-related ads. The report, however, also claims the “media’s role in raising consumer awareness about cryptocurrencies has risen.”
As CryptoGlobe reported earlier this year, the FCA added nine new financial crypto companies to its warning list, as it has been ramping up efforts to keep consumers safe even if they are investing in the crypto space. Cryptocurrencies are not covered by consumer protections.
Featured image via Pixabay.
WATCH: Rand Paul boils Dr. Fauci’s coronavirus response down to ‘we can’t do this, we can’t do that’
A Senate hearing over the nation’s coronavirus response got pretty heated on Tuesday, with Sen. Rand Paul questioning whether the country’s top infectious disease experts have been doing more harm than good during the pandemic.
“It is a fatal conceit to believe any one person or small group of people has the knowledge necessary to direct an economy or dictate public health behavior,” the Republican and libertarian from Kentucky said during the Senate Health, Education, Labor and Pensions Committee hearing. “We shouldn’t presume that a group of experts somehow knows what’s best for everyone.”
His argument was that health experts and government “planners” are weighing in on subjects and expressing opinions that affect everyday public life before getting all of their facts straight. “It’s important to realize that if society meekly submits to an expert and that expert is wrong, a great deal of harm may occur when we allow one man’s policy or one group of small men and women to be foisted on an entire nation,” he said.
And Paul, who tested positive for the coronavirus in March, when he drew flak for not quarantining while he was awaiting his test results, directed some of his sharpest rebukes toward Anthony Fauci on Tuesday.
“Dr. Fauci, every day, virtually every day, we seem to hear from you things we can’t do,” he said. “But when you’re asked, ‘Can we go back to school?’ I don’t hear much certitude at all. ‘Well, maybe. It depends.’”
“We just need more optimism,” Paul said.
Fauci, the director of the National Institute of Allergy and Infectious Diseases, responded by noting he agrees with a lot of what Paul said, particularly with regards to people sharing opinions not backed by scientific data.
He also said that “we need to do whatever we can to get the children back in school.” But, Fauci continued, “Sometimes you have to make extrapolations because you’re in a position where you need to give some sort of recommendation.”
And he noted that his recommendations are often interpreted in ways that he did not intend.
“I never said we can’t play a certain sport,” he said. (Although it should be noted that he did recently warn that “football may not happen this year” on CNN.) “I agree with you. I am completely unqualified to tell you whether you can play a sport or not,” he continued. “The only thing that I can do is, to the best of my ability, give you the facts and the evidence associated with what I know about this outbreak. Thank you.”
Watch some of that exchange here
More than 2.5 million Americans have been infected with COVID-19, and 129,545 and counting have died as of Tuesday afternoon. And as cases continue to climb across many parts of the country, Fauci also warned on Tuesday that the number of confirmed coronavirus infections could go up to 100,000 a day.
Related:Fauci makes dire warning for America in the ongoing fight against coronavirus
Author: Nicole Lyn Pesce
Full list of stories by category Cryptocurrencies – 2020-06-30
*A Private Investor is a recipient of the information who meets all of the condition s set out below, the recipient: