What Is The Future Of Cryptocurrency Going To Look Like?

It all started in 2009 with the release of bitcoin, which at the time was something new and unknown to most. But now almost everyone has heard of bitcoin and interest in investing in cryptocurrency or starting a career as a trader has grown. Although they do not have a long history, cryptocurrencies have caused a stir and have been attractive to many people.

Teeka Tiwari, a former Wall Street trader turned cryptocurrency expert, recently discussed investing in cryptocurrency, explaining why now is the time to buy bitcoin. For the last six months, Tiwari has been on a world tour investigating a rare cryptocurrency market phenomenon. As an experienced trader, he talks about some exciting aspects of cryptocurrency and has some future predictions that we haven’t heard before.

Bitcoin after the Coronavirus Pandemic

We witnessed bitcoin going down to almost $3,000 during the coronavirus pandemic. However, it didn’t last too long, and it climbed back up, hitting $10,000. There have been different opinions by crypto enthusiasts about whether it is smart to invest in bitcoin after the pandemic, with many saying that this is like a new start.

Tiwari is very optimistic, saying that Coronavirus will send bitcoin price to $100,000 in 2020. Recently he spoke for The Keiser Report, the latest edition of his RT news magazine explaining that global panic will have a profound impact on Bitcoin uptake this year.

Is this actually the right time to invest in bitcoin?
Predicting what will happen with cryptocurrency is not easy. But, what most investors want to know about is finding the right time to invest in crypto. Well, is this the right time to invest in bitcoin? There are different opinions, and some have been skeptical. However, with bitcoin halving happening this year and bitcoin bouncing back to $10,000, it does not seem like you will get into a huge risk if you invest now.

Related to this aspect, Tiwari has a totally different view. He believes that we are in a unique time of history because of a rare phenomenon that is about to hit the crypto market. He says there is a triggering event that is programmed into the actual code that powers bitcoin. And it will ignite a bull market in cryptocurrency. Something that we have not seen since 2017.

What coins have the brightest future?
Bitcoin has been the king of cryptocurrencies since the beginning. In many cases, it is used as a synonym for cryptocurrencies. We can surely say that bitcoin is here to stay and that it is not going anywhere. However, there are a lot of talks about what will be the best coins in the future? According to Yahoo, there are four cryptocurrencies to invest in 2020: Bitcoin, Etherium, NEO, and EOS.

In this case, Tiwari says that there are five coins that will be great to invest in. Moreover, he believes that these coins could turn $500 into as much as $5 million. He stresses that people have a fear that prevents them from investing but suggests that fear should not stop anyone from investing.

Speaking for London Real, a show hosted by Brian Rose, Tiwari tries to motivate people to invest in cryptocurrency to make profits.

“If you just take well-chosen crypto and let’s say you buy 5 of them. You put $500 into each, which is $2,500. It’s not going to kill anybody if you lose $2,500. It might pinch a little, but it’s not going to kill you,” he stresses.

Tiwari is hosting an event where he will release “the final 5.” These are the last five coins he believes could turn $500 into as much as $5 million. If you want to learn more about this event, check it out here at 5coinsto5million.io.

Source: https://aboutmanchester.co.uk/what-is-the-future-of-cryptocurrency-going-to-look-like/

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Goldman Sachs: Cryptocurrencies ‘Are Not an Asset Class’

Goldman Sachs held an investor call Wednesday to discuss current policies for bitcoin, gold and inflation in the context of the COVID-19 crisis. The big takeaway? The stalwart investment bank is still no fan of bitcoin or other cryptocurrencies.

A slideshow released before the call cited hacks and other losses related to cryptocurrencies as well as their use to “abet illicit activities” as some potential liabilities.

Seven of Goldman’s 35 slides mention bitcoin, but the people on the call only discussed bitcoin for roughly five minutes at the end, with no questions taken after.

In the call materials, Goldman notes that while cryptocurrencies like bitcoin “have received enormous attention,” they “are not an asset class.”

Why? The reasons include bitcoin’s inherent lack of cash flow, unlike bonds, and its inability to generate earnings through exposure to global economic growth, according to the presentation. Goldman also notes bitcoin’s volatility, citing the recent drop to 12-month lows in early March. The price spiked nearly 5% to $9,200 a few hours before the call.

Some professional cryptocurrency analysts were less than impressed by Goldman’s analysis. “The criticisms were very cookie cutter, the type you’d expect if someone just read mainstream headlines,” said Ryan Watkins, bitcoin analyst at Messari and former investment banking analyst at Moelis & Company. “It’s like they didn’t fully diligence the asset.”

Goldman’s cash flow argument was particularly odd to Tom Masojada, co-founder of OVEX Digital Asset Exchange.

“Many investments that Goldman labels as ‘suitable for clients’ do not generate cash flows and are primarily dependent on whether someone is willing to pay a higher price at a later date,” he said on Twitter.

“One could argue bitcoin isn’t backed by anything, but to liken it to a game of hot potato ignores the subjective value such a novel asset provides,” said Kevin Kelly, former equity analyst at Bloomberg and co-founder of Delphi Digital, a cryptocurrency research firm that recently published a comprehensive report on bitcoin.

Bitcoin’s current value, according to Kelly, is backed by “the demand for an apolitical speculative asset that may or may not turn out to be one of the world’s most valuable safe havens.”

The two Goldman speakers on the call, its head of research and a Harvard economics professor, said several bitcoin forks, which they refer to as “nearly identical clones,” occupy three of the six largest cryptocurrencies by market value. With this, Goldman inferred that cryptocurrencies as a whole “are not a scarce resource,” according to the presentation.

This critique is “particularly eye roll worthy,” Watkins told CoinDesk. “Forks are their own assets and have nothing to do with bitcoin.”

In its conclusion, Goldman does not recommend investing in bitcoin “on a strategic or tactical basis for clients’ investment portfolios even though its volatility might lend itself to momentum-oriented traders.”

“I was hoping for a more constructive call,” said Kyle Davies, co-founder of cryptocurrency trading firm Three Arrows Capital. Still, he added, “The fact that they are having this call, period, means there’s a lot of interest.”

Source: https://www.coindesk.com/goldman-sachs-cryptocurrencies-are-not-an-asset-class

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Nigerians’ love for cryptocurrencies on the rise, as it offers cheaper ways to transfer funds

Nigerians do have a high passion for digital currencies and are among the greatest users of cryptocurrencies in the world.

In 2019 Google Trends, Lagos, Nigeria was the number one city based on online search volumes for Bitcoin worldwide. While recently, in May 2020, Arcade Research ranked Nigeria fifth globally with its 11% of connected Nigerians owning or using cryptocurrencies.

In addition, data obtained from Coinmarketcap recently revealed the  largest cryptocurrency users around the world, with Nigeria surging by 46% among its youth users. As a country, it gains stood Nigeria Up 211%.

These trends have shown that Nigerians do have a high passion for digital currencies and are among the greatest users of cryptocurrencies in the world. This is based on a major fact that Nigerians are using cryptos to avoid expensive and heavily bureaucratic money transfer systems currently available. Many Nigerians rely on remittances for their daily activities and any way of making the process effective cheaper would be of great benefit to them, this is where Bitcoin comes in

What you need to know: Cryptocurrency is basically, a digital currency based on an innovative technology called the blockchain. Its users range from small businesses to process payments, financial tech-based startups, and retail consumers that use it to send money across the border and as an investment asset.

Consequently, Asia’s arguably most popular cryptocurrency exchange listed Nigeria’s Naira to be first African currency supported on its Binance P2P platform, The Binance CEO said:

“We no longer need to bank the unbanked. We can empower them with cryptocurrency financial services directly. Nigeria is a vibrant innovation hub with a great passion for cryptocurrencies. We strive to provide the easiest cryptocurrency access and best trading service for the African community, and P2P trading is a more flexible approach, giving users the freedom to choose their payment methods and counterparty in a trade.”

However Nigeria’s central bank issued a statement about three years ago banning the use of bitcoin for transaction purposes, this statement was sent to all banks in Nigeria warning them against facilitating the trading of cryptocurrencies but that seems not to pause Nigerians growing love for cryptocurrencies.

Source of information: https://nairametrics.com/2020/05/24/nigerians-love-for-cryptocurrencies-on-the-rise-as-it-offers-cheaper-ways-to-transfer-funds/

Bitcoin Is an Irreversible Trend

By Moris Beracha.-

In a case study on the use of crypto-currencies, presented by TV Liberal in Brazil, it was highlighted that Bitcoin is a trend that has no regression. Several personalities of the Brazilian crypto-currency ecosystem addressed the issue of crypto-currency and its possible uses as a means of investment, payment or reserve of value.

The program highlighted the existence of approximately 3,000 other cryptocurrencies besides Bitcoin (BTC), such as Ethereum (ETH), Litecoin (LTC), ripple (XRP), and ZCash privacy currency (ZEC). Although they all have monetary value, it points out the need for investors to educate themselves before investing their money, due to the instability in the price.

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Bitcoin Price Increases and Forecasts Are Shattered

By Moris Beracha.-

Some cryptocurrency research analysts predicted that in 2019 these crypto assets would keep a downfall trend and in the best of cases would hold a steady price.

However, April 2 marked a major rise in bitcoin’s Price, which seems to represent new capital injection to the rest of the altcoin market.

Just 24 hours before the aforementioned day, bitcoin was traded towards the USD 4.150; then, in less than one hour, it reached USD 4,850 and dropped to USD 4,750, but at the moment of writing this article BTC is traded at USD 7,924.10.

As most cryptocurrencies, there is still a high correlation between the traditional assets market and bitcoin and this token is the most liquid cryptocurrency in the market. The crypto market is benefiting from this rise.

So far, there are unclear reasons for this sudden increase of bitcoin’s price. Some media have related this increase to fool jokes and fake news on the approval of a BTC EFT in the US market, but it seems that this rise is caused by market dynamics.

Bitcoin’s price has been on a steady rise for three months, but in comparison to this same date last year, those who could afford to buy at that time are still losing over 30%.

A report, authored by Adamant Capital founders Tuur Demeester and Michiel Lescrauwaet, argues several reasons for optimism on the future of bitcoin.

The report highlights that bitcoin is in a heavy accumulation phase with a volatility drop, after showing a major decline in December last year.

Likewise, Adamant states that bitcoin is very likely to head lower in a cycle that seemed auspicious.

“We think bitcoin has entered the accumulation phase of the bear market and has recovered from capitulation; bockchain data show holders are looking at long-term horizons again, according to our drawdown and volatility analyses,” suggested the report by Adamant Capital.

These results suggest that bitcoin is the strongest cryptocurrency and is here to stay for many years.

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Venezuela expands its cryptocurrency portfolio

By Moris Beracha.-

The Venezuelan government has carried out a massive advertisement campaign nationally and internationally, to promote its crypto asset called “Petro”, which has taken center stage, since it is used and anchored to the local currency and accounting unit in the finances of the South American nation.

Not only is the referred token commercialized in the country, which is backed by the huge oil reserves, but also digital entrepreneurs have decided to develop new cryptocurrencies that allow Venezuelans to protect their money in the face of a serious economic crisis that could not be controlled by the administration of President Nicolás Maduro.

In this sense, the head of the Venezuelan Association of Cryptocurrency (Asonacrip), José Álvarez, has stated in different media “there is a modest number of successful developments beyond the petro in Venezuela.”

It should be noted that in addition to bitcoin, dash and the bolivar, Venezuelans have other alternatives at their disposal, and some of them already work, with cases of their use in real life.

Here is a list of private cryptocurrencies that will give people something to talk about in 2019:

Bolivarcoin: It is a Venezuelan virtual currency created by Satoshisimon Bolivarmoto. It was born in 2015 and is based on the Bitcoin culture, aimed at maintaining anonymity, speed of transactions and financial freedom. The philosophy of Bolivarcoin is to follow the ideals established by other altcoins and adapt them and make it more user-friendly by creating a campaign on social networks to inform about its benefits and uses.

ArepaCoin: According to its developers, this cryptocurrency has as its main objective the recognition of Venezuelan bread: the arepa. Arepacoin is algorithm (SCRYPT), hybrid, PoW / PoS / PoS is 3% per year offering a currency of low inflation and organic growth.

OnixCoin: “It’s a digital currency focused on privacy, with instant transactions and an open source. It allows you to keep your finances private, similar to cash,” it says on their website. This crypto that “anyone can extract or buy” currently costs 0.002914 USD. It has a market capitalization of $ 312,048 and is ranked 957 on the Coinmarketcap platform.

PerlaCoin: Although there is not much information about the development of this cryptocurrency, on twitter we could find that it is a project that was established in Margarita Island and it is a token for tourism in Venezuela. “We want to use the advantages of blockchain technology and the legalization of crypto-assets to boost tourism and associated trade, mainly in Nueva Esparta and the Insular Territory of Miranda.”

Undoubtedly, all these cryptocurrencies can be used as a method for inflation protection, since several of them offer very low commissions when compared to bitcoin and people can have access to buying and selling in local currency.

In addition, the Venezuelan crypto can be used for sending and receiving remittances, buying and selling goods and services, covering a wide spectrum both nationally and internationally.

Article published in: https://medium.com/@morisberachawuani/venezuela-expands-its-cryptocurrency-portfolio-deae2bc19450

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