Tag: Cryptocurrency markets

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An Economist Recognizes Massive Crypto Opportunity

There is no doubt that there are many economists that have dismissed the cryptocurrency markets for years. There are those that believed that Bitcoin was going to be nothing more than a fad, and that it would never reach the prices that it has reached, even if it currently is continuing to consolidate under $4,000.

Of course, there is something to be said for perspectives and biases. Our own experiences might account for our own attitudes, which is something that an economist has recently highlighted. Specifically, Anya Nova is a crypto economist with Perth-based Power Ledger, and points out that her own childhood is what helps her truly believe in the potential of the cryptocurrency markets.

Childhood Woes

Nova grew up in 1990s Russia, which experienced hyperinflation, so one might see why she gravitated towards cryptocurrency. She recalls the extreme volatility that occurred during this time period, and the direct effect that it had on her family. She stated: “I remember my mom sent me to buy a loaf of bread from a local store. The day before, one loaf was the equivalent of 60 cents, today it was $3.40. This was not an immaterial change for my single mother and me.”

While others might be hesitant about Bitcoin because it is a digital asset and isn’t used for everyday purchases – Nova views things a little differently. She points out that just because you can physically hold money, it doesn’t guarantee anything, and references her childhood as proof of this. She elaborated: “If you’ve ever held a large bundle of worthless cash in your hand, you’d know the feeling.”

Massive Opportunity

Nova isn’t shy about the potential of blockchain and cryptocurrency, and she believes that there is simply so many sectors that can benefit from tokenization. She specifically mentions these sectors: “$217 trillion dollars in real estate, $55 trillion dollars in equities, $6 trillion dollars in gold.”

She also stressed that she was very optimistic about security tokens, as well. Nova works for Power Ledger, a blockchain energy project, which wants to power communities with reliable and low-cost electricity.

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Crypto Winter Hasn’t Hit Zug Yet

There is one undeniable fact about markets and business – there are ups and downs, and times of growth and prosperity, and times where companies have to figure out how to cut costs as quickly as possible. While more people than ever are aware of blockchain and cryptocurrency, the markets still aren’t off to the best start, as it appears as though Bitcoin still cannot break past the $4000 resistance level (as of press time).

However, that isn’t stopping one area of the world from betting on blockchain in the long-term. That area is none other than Zug, Switzerland, which has been described as the “Silicon Valley” of crypto, and also as “Crypto Valley”. Interestingly enough, there are more companies than ever in the cryptocurrency space, even if their valuations have been adjusted, thanks to the markets.

About Zug

For those who have never heard of Zug – it is a city of about 30,000 residents an hour outside of Zurich, which is the largest city in Switzerland. One of the reasons that it has been able to attract so many blockchain and crypto companies is because it boasts a low corporate tax rate.

Interestingly enough, the city is an affluent one, but is so small that it doesn’t even have its own airport. However, that hasn’t stopped many companies from clustering in the area, eager to come up with the next innovative company as it relates to blockchain technology.

About The Study

While many have called this period of time a “crypto winter”, where cryptocurrency companies are either experiencing layoffs or actually folding – Zug has actually experienced an uptick in terms of entrepreneurs creating cryptocurrency-related companies. Specifically, just in the last quarter (Q4 2018), the region has expanded by 20%, rising from 629 business entities in the sector to 750.

This certainly is curious, considering that the markets still haven’t recovered from 2017, which featured some incredibly bearish price action. For some context, the average cryptocurrency business has a valuation of 27 million. For those wondering about the larger businesses; the average valuation of the top 50 companies hovered at around $400 million.

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NASDAQ CEO Praises Crypto

One of the most positive trends with regards to cryptocurrency recently is the fact that more high-profile individuals in the finance world seem to have no problem acknowledging that there is massive potential in the sector. That trend appears to be strengthening, as none other than the CEO of NASDAQ has now openly praised cryptocurrency.

Adena Friedman, the President and CEO of NASDAQ Inc., which owns the Nasdaq stock exchange, made the comments at none other than the World Economic Forum in Davos, Switzerland, one of the most high-profile economic forums in the world.

Specific Comments

Friedman has published an article that outlines some of the main economic issues that she expects will be discussed at the forum. One section is entitled, “Crypto Currencies Could Still Be a Global Currency Of The Future”, where she states plainly that the amount of interest in the sector was “difficult to ignore.”

The most praise can be found within one specific sentence where she stated:  
“The invention itself is a tremendous demonstration of genius and creativity, and it deserves an opportunity to find a sustainable future in our economy.” The statement is quite significant for two reasons – one, because of how high-profile Friedman is in terms of global finance, and two, because it acknowledges creativity where other influential global finance players never have.

Additional Thoughts

Friedman, of course, did not limit her thoughts to just cryptocurrency, as she also elaborated on advancements in artificial intelligence (AI), and space travel, for example. She predicts that AI will be increasingly adopted in 2019 more than it ever has before.

She ended on a positive note, stating that she believes one of the goals at Davos was for economists to find ways to “build a more inclusive world.” Friedman concluded the article by stating that the future holds the potential for “an inclusive, innovative, growing global economy.”

 

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Malta Is The Crypto Trading Leader

We all know that there are all sorts of different perspectives that different countries have with regards to cryptocurrency. There are some governments that are embracing cryptocurrency exchanges and blockchain startups with open arms, and others that are cracking down hard on the entire sector.

However, Malta has now become the country with the largest crypto trading volume in the world. While Malta has often been touted as “Blockchain Island” – its new position as the leader in trading volume has been subtle and unexpected by many.

About The Numbers

For those wondering just how much Malta has traded in 2018, the answer might surprise you. Specifically, the country traded $40 billion in cryptocurrency during that year. To put this in perspective, it traded over twice the volume of the United States, which is the largest economy in the world currently.

Following behind Malta was China, which processed $32.5 billion in cryptocurrency transactions. This achievement is even more remarkable when one considers that New York and London are considered traditional finance hubs of the world. Malta is clearly bucking that trend.

Embracing Blockchain

Of course, there is a reason for this. The government of Malta is extremely pro-blockchain, to the point where the prime minister of Malta, Joseph Muscat, told the United Nations that crypto was the “future of money”. Since the government is so welcoming to blockchain business, two of the largest exchanges in the world, Binance and Okex, have signed agreements with the Maltese Stock Exchange (MSX) to launch security token platforms, as well.

Changpeng Zhao has praised Malta for embracing blockchain and cryptocurrency, calling the local regulators “very welcoming and reasonable”. He also stated in early 2018 that “Malta will be the next hotbed for innovative blockchain companies, and a centre of the blockchain ecosystem in Europe.” It is also believed that the entrepreneur is also planning on creating the world’s first decentralized bank in the country, as well.

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Seven Crypto Criminals Indicted In Taiwan, Ran Bitcoin (BTC) Fraud Scheme

It’s well known that there are countries in Asia that are not exactly embracing the cryptocurrency markets. For example, China has cracked down on cryptocurrency and initial coin offerings (ICOs), and India is still undecided about a regulatory framework regarding the sector. It appears as though there is now more negative publicity surrounding cryptocurrency and Asia.

This time, the country is Taiwan, which often gets overshadowed, considering it is the seventh largest economy in Asia. Seven individuals have been indicted for allegedly operating a fraudulent Bitcoin (BTC) investment scheme.

Background Information

The individuals were focused on attracting investors from Taiwan and China in particular, even focusing on specific provinces. The way that they lured many investors in is by promising to deliver yearly returns of 355%, meaning that those who invested would be able to more than triple their investment in a year’s time.

While there are many individuals and crime rings around the world that have been able to swindle thousands of dollars out of potential investors – this particular group of individuals was operating on a larger scale. Specifically, the seven were able to defraud over 1,000 investors out of over $50 million. The group may have had more success due to the strict regulatory conditions in China with regards to cryptocurrency.

Context/Indictments

While some investors were allegedly receiving returns at some point, others were not. The group began attracting investors since October 2016, but by April of 2018, all returns had stopped altogether. One of the main individuals involved was a man only identified by Lin, a 47 year-old who actually established an office in Taichung’s West District specifically to defraud potential investors.

There was a whole range of evidence brought forward for the indictments, including witness testimonies, bank accounts, and “more evidence”. The individuals are charged with violating Taiwan’s Banking and Multi-Level Marketing Supervision acts.

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Binance Launches Binance Jersey In European Expansion

When it comes to cryptocurrency exchanges that have been able to expand despite the bearish markets of 2018, many point to Binance as an example. The exchange, which is the world’s largest by daily volume, is continuing its expansion plans in the Europe launching a “fiat-to-crypto” trading platform entitled “Binance Jersey”.

The platform will not only allow for traders and investors to invest in Bitcoin (BTC) and Ethereum (ETH) using the euro, but will also allow them to invest using the British pound (GBP). This is interesting timing, considering that many UK politicians are uncertain about “Brexit” and the prime minister, Theresa May, is facing more resistance than ever.

About The Area

For those that are unaware, Jersey is an island in the English channel that is a British self-governing dependency, and is often utilized as an offshore tax haven. It also displayed a remarkable amount of foresight with regards to cryptocurrency markets, as it was the first jurisdiction in the world to greenlight a fully regulated Bitcoin fund five years ago.

It is clear that Binance is viewing the economic controversy around Brexit as an opportunity for more UK citizens to begin adopting and using cryptocurrency instead of the British pound or euro. The CFO (Chief Financial Officer) of Binance, Wei Zhao, also believes in the way that Jersey seems to embrace cryptocurrency, stating: “Jersey is an undisputed pioneer in blockchain development leveraged by this strong framework and talent pool.”

Uncertainty and Context

Zhao was not shy about the fact that there was an opportunity with cryptocurrency, considering that there is so much controversy about fiat currency in the area as of right now. He mentioned “economic opportunities for Europeans as well as freedom from looming Brexit uncertainty where the pound and euro are also in concern.”

Interestingly enough, Binance Jersey will operate independently of its parent company, Binance.com. Binance Jersey is working directly with the government to create jobs for locals, and partnered with its economic development agency back in June 2018.

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First Canada Crypto Law Firm Launched

Canada flag done in red and white begonia flower against a backdrop of the Rocky mountains.

One aspect about the cryptocurrency markets is certain: there are many different countries who feel a different way about regulation, and there will be all sorts of legal work for many lawyers in the years to come. However, there is one lawyer that is actually planning on specializing in the crypto industry.

For those that don’t know, one of the most recognized lawyers in the space is a man by the name of Addison Cameron-Huff. He has now apparently launched Canada’s first all-crypto legal firm, catering specifically to clients with cryptocurrency-related needs.

About Huff

Addison Cameron-Huff is no stranger to the cryptocurrency space, as he has been resolving legal matters in the sector since 2014, before many were even thinking about blockchain technology. He is easily one of the most accomplished lawyers in the industry, and has represented high-profile clients that include “Ethereum cofounders, a Bitcoin code contributor, and exchanges in three countries”, according to his website. For example, Peter Todd, a Bitcoin Core Developer, has nothing but positive things to say about Huff, stating: “I’ve relied on Addison Cameron-Huff’s legal advice since I starting consulting in applied cryptography and Bitcoin full time.”

Huff is not only a lawyer, but an entrepreneur, as well. He is the president of Decentral Inc., which went on to develop the Jaxx crypto-wallet. Additionally, he actually helped shape Canadian cryptocurrency legislation, and taught a cryptocurrency law course at University of Toronto law school.

About The Firm

44519101 – judge gavel and scale in court. library with lot of books in background

The firm will be based in Canada, but that doesn’t mean that it will be focused or partial to the country at all. It plans on developing a global clientele, and Huff believes that there is a real talent gap with regards to blockchain-related lawyers currently. He states that it is an “export opportunity for Canada’s blockchain lawyers.”

There are many law firms that utilize an hourly billing model, with some of the world’s top lawyers charging well over $1,000 an hour. Many have criticized the model, and felt that it has allowed lawyers to charge for unnecessary work, bill hours where they aren’t actually working, or game the system in other ways. Instead, Huff’s firm will rely on a fixed monthly rate for unlimited legal services, which is very rare in the legal industry.

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J.M. Bullion Accepts Bitcoin (BTC)

Silver ingot and gold bullion. Finance illustration

One of the leading bullion companies in the United States, J.M. Bullion, a leading authorized bullion dealer based in Dallas, now accepts Bitcoin (BTC) as a form of payment. For those who are unfamiliar with the sector, bullion is gold, silver, or other precious metals in the form of “bars” that are typically used for market trading.

The value of a particular bullion is typically determined by the purity and mass of the material. Some of the base metals that are often traded are metals such as aluminum, copper, nickel, and more. There are various regulatory bodies that determine what is fair in terms of “purity”.

Accepting Crypto

J.M. Bullion’s own website proudly states that the company now accepts BTC. For those interested in the amount of BTC that the company accepts, it can range from a $100 order all the way up to a $250,000 order.

Payments made in Bitcoin might take up to one day to be received, and will immediately be converted to U.S. dollars, as well. For those interested in how the company processes payments, or what exchange rate the company will be using for BTC – they are using Bitpay as a Bitcoin payment processor.

Bigger Trend?

14664946 – the arrow of the diagram shows growth and success 3d render illustration

J.M Bullion acknowledges that the popularity of cryptocurrencies is growing, but emphasizes that at the time, they are only accepting BTC. They mention that they are already exploring adding other cryptocurrencies.

The company also emphasizes that orders cannot be cancelled, and that refunds can be made through Bitpay, which (of course) would depend on the price of BTC at the time that the refund was made.

Interestingly enough, the Winklevoss Twins compared Bitcoin to gold recently, stating that they believe that the market capitalization of the digital asset would eventually surpass the $7 trillion market capitalization of the global gold sector.

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Bitcoin (BTC) ATMs On The Rise

The cryptocurrency community has grown tremendously over the years, and one of the goals for 2019 is for it to grow even more. The more that people use cryptocurrency, and are aware of it, the more valuable these cryptocurrencies can become. One metric that the community has been using to gauge interest has been to keep track of how many Bitcoin ATMs are being installed globally.

Breaking Down The Numbers

2019 is already off to a great start, as 34 Bitcoin ATM’s were installed in the first week. A website that records these installations, Coin ATM Radar, has apparently seen an uptick with regards to installations. The website allows users to find where Bitcoin ATMs are located around the world, which is obviously extremely useful to cryptocurrency investors and traders who travel across the world.

This brings the total number of Bitcoin ATMs to 4155. There are 75 separate countries that have the machines, which means that about 60% of the countries in the world have a BItcoin ATM of some sort. Coin ATM Radar also allows users to search for ATMs by cryptocurrency, as well.

About The Info

It’s also important to note that this Bitcoin ATM growth is occurring at a time where many consider the cryptocurrency markets to be quite bearish. For context, Bitcoin is far from its highs over $19,000, and is currently hovering at around ⅕ of that price – below $4,000. However, the fact that Bitcoin ATMs are on the rise show some promise with respect to mass adoption.

Despite the fact that the markets have been bearish in 2018; it didn’t stop Bitcoin ATM from growing literally 100%, doubling in 2018 to 4,000, from 2,000 in 2017. Cryptocoinspy also reported in December that the Bitcoin subreddit reached 1 million subscribers, as well, indicating more interest than ever in the digital asset.

 

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Equity Fund CEO Says Focus On “Biscuits, Not Bitcoins (BTC)”

It’s not some big secret that the cryptocurrency markets are volatile, which is a main criticism from those in the traditional finance sector. However, there are many in the cryptocurrency community that point out that these figures in finance are bashing cryptocurrency and blockchain because of the potential threat that they pose to the sector.

Regardless, since the price of Bitcoin has been beaten down to below $4,000 – there appears to be much less bashing. It appears as though one equity fund CEO is still warning against cryptocurrency.

About The Company

Gateway Partners is a company that is focused specifically on investment opportunities in Africa, the Middle East and Asia. Its CEO, Viswanathan Shankar, is highly respected in financial circles, and his warnings last year were interesting.

Specifically, Shankar told investors to stay away from Bitcoin, Argentina, and Tesla. Shankar believes these predictions were spot on, as do many others. He stated: “I think I have been proven right on all three. “Bitcoin began its plunge at the beginning of 2018, Argentine bond yields have shot up amid a brewing financial crisis and Tesla is struggling with governance issues.”

Crypto Warnings

While others are suggesting that the cryptocurrency markets may have found a bottom, the CEO of investment house Gateway Partners, Viswanathan Shankar, is urging investors to “steer clear” of crypto. In an interview, he stated that he was focusing on basic goods and services, stating: “We are for biscuits, not bitcoins.”

It should be noted that Shankar did not single out cryptocurrency. He also pointed out that investments in the acronym “BAT” – which stands for Baidu, Alibaba Group Holdings, and Tencent Holdings (three of the most well-known Chinese conglomerates) were not wise at this time.

Mr. Shankar was also recently announced as a Goodwill Ambassador for the Intra-African Trade Fair. The announcement was made in a tweet, which can be seen below: