Institutions are the largest buyer in Bitcoin at the same time that they are talking down Bitcoin itself to allow them to buy it up at a lower price. Today is also the first day that the Bakket will begin user testing for bitcoin futures owned by the New York Stock Exchange. As anyone really understands the technology of Bitcoin knows that is undervalued.
Bitcoin in the news
Mitch Steves from RBC Capital Markets gives a great comparison between Libra and Bitcoin. The biggest difference is crypto being centralized and decentralized. If you already don’t trust Facebook with our personal data why give them more power over our money as well. Libra being centralized will have full power to stop a transaction and also they will need to approve new users to join their platform and in some countries, they are already banning Libra in India so the people of India will not be able to participate in these transactions. Now Bitcoin being decentralized transaction cannot be stopped by no one or government anyone can join the platform and regulations do not hinder anyone country to hold bitcoin.
These are the list of countries that have unstable currency and may drive up the Bitcoin price, in the long run, trying to hedge there own currencies like Turkish, Mexico, Iran, Venezuela with an astonishing 80,000% hyperinflation a year fiat currencies are failing. The people in these countries are hedging their own country currency with cryptocurrency and Bitcoin.
Disney may own one of the oldest Bitcoin exchanges. If Disney Purchases Nexon South Korea larges game development company and the sound larges game publisher in the world. Through the ownership of Nexon, they would be the majority owner of Bitstampa and Korbit both cryptocurrency exchanges.
see both videos below
Twitter CEO Jack Dorsey buys $10K Bitcoin a week, predicts a ‘massive’ bitcoin boom and maxes out the 10k limit in buying bitcoin square cash app. That has been about a 20% increase in address wallets created for bitcoin. Institutions interest Fidelity coming out with custody this week. Jack as said it only a matter a time not when Bitcoin will take off when they integrate the lighting network more on that below. Mass adoption is coming with the new Samsung S10 integrated the first phones with a hardware wallet to secure Bitcoin and cryptocurrency.
ErisX which trades cryptocurrencies and related derivatives is being back by two large trading companies TD Ameritrade and Virtu Financial Inc.
ErisX will be providing regulated futures and spot trading exchange for digital assets as Bitcoin (BTC), Bitcoin cash (BCH), Litecoin (LTC), Ethereum (ETH) will be adding additional assets at a later date.
- Erisx brings stability to the digital currency market at the same time being regulated front to back.
- This will also be a centralized exchange with reliability and trusted infrastructure.
The most import thing they said is that the spot contracts and the futures contracts will be delivered and will settle in the cryptocurrency they are trading.
Their goal is to open to the intermediaries and the retail market and their success will be determined on the volume they handle
Department of Justice just released an indictment of 12 aligned Russian spies paying for computers around the world with crypto this is how law enforcement is using the blockchain to track and arrest criminals. It would be better to use cash at this point for criminals as they flee Bitcoin.
Because the Blockchain is a public ledger anyone can view anyone’s transaction or balance. As long you know the bitcoin address or specific amount and date and all you need to do is look at the blockchain.info and search there wallet try 1HiMoMgBaAikFHgAt3M4YJtetp4HrnsiXu in the search field and you will see all there transaction.
This is one way another way would have your computer connect to the bitcoin network and this is called a node when it’s on the network this will allow you to see every transaction ever created from day 1.
Melissa Lee outstanding CNBC news anchor on Fast Money is not afraid to step out of the studio into a third world country to do some investigative journalism. Melissa travels to Khayelitsha, South Africa the biggest and poorest in South Africa. As Ran Neu-Ner explains that the US have all the financial product we can ask for as sophisticated as we are the US uses the blockchain as a fun technology game, but it is not a necessity, but in Africa you need it because it is impossible to send money they have No infrastructure no ATM how do they get their money is the question.
Just transferring money through a bank takes days or even weeks at an astonishing rate of 10%, so they have to resort to another way to send their money faster and cheaper. They go down to the bus station and give their money to the bus driver and hoping they deliver the money to their family and they don’t get robbed.
Kuda Kwashe the Uber driver said ” I wish there was another option that is safe and cheap to send money”
There is and its coming.
Bitcoin Brakingout coming soon
Tom explains that mining bitcoin and network effect is what is driving the price of bitcoin. If you are not familiar with the network affect Metcalfe’s law I will post another blog below explaining. He has determined that the Merging markets are impacting bitcoin’s price with hedge funds risk off this impacts the price of bitcoin and wealth effect also impacts purchasing power of Bitcoin when other countries are seeing a sharp declined in there markets they have less buying power to buy bitcoin.
We are now seeing more trading in the United States in 2018 for the first time. Bitmix has attracted hedge funds to the market place. This also shouldn’t be to no surprise that all the new analyst they are hiring are just out of college and this is the generation that is very comfortable with crypto and Bitcoin and will be the driving forces to having this implemented. The custody issue should be resolved by November when the NYSE brings online BAKKT.
SEC has rejected 9 ETF and their reason was for fraud and manipulation of the currency. There is another EFT that was submitted in July from Bitwise that would track multiple currently not just Bitcoin with a $200,000 price tag and rule for this ETF will be on Sept 30, but everyone thinks that the SEC will delay it till February 2019 and I think this is when we will hear. The SEC has set a very high standard and may be impossible for them even get it approved.
Sinc April Bitcoin futures have grown 85% and will keep growing in 2019 also when BAKKT backed by the NYSE comes online in November these will help the SEC make a discussion on Bitcoin ETF as well.
The demand for Bitcoin is in the retail markets and the approval of the ETF will fill that void and will increase demand and supply will drop and the price will increase just a matter of time.
Jeffrey Wernick An Early Investor in Airbnb And Uber Bought Bitcoin In 2009 Explains what people are getting Wrong about Bitcoin. I agree with Jeffrey it is a good store value, but Bitcoin was created because of the financial crisis and to create a new payment system for micros transactions bypassing the banks. AS Jeffrey is discussing we found out that early investments in Bitcoin were seeing rapidly increasing value and people saw better returns then the market and Bitcoin started to turn into a store of value to shelter money from the market and the worst tax of all inflation tax when governments print more money to support there socialist agenda and steal it from your bank accounts from people that save. The inflation tax on the people that save is about 2% a year and governments always gets paid no matter if you invest or save. Even as other governments around the world try to regulate it Bitcoin has outperformed every currency in the world.