BTC Could Hit $98 Million (Yes… 98M USD) in 10-20 Years, Analyst Says

The crypto market has remained bullish on the last weeks, prompting a recent wave of optimism and euphoria among traders, analysts and enthusiasts in general. The 5k zone has supported the BTC, allowing the token to remain stable, reversing some indicators.

Having successfully held above 5k, analysts believe that the strength of the bearish market is losing influence and, with the halving on the horizon, many think that the cryptomarket is starting the next bull run.

Unlike the sentiment of 2017, most analysts today speak of conservative numbers. High forecasts such as Tim Draper’s or John McAfee’s are seen as exaggerated or unbelievable. Recently, however, an analyst did not hold back his mood by publishing a hyper-bullish prediction for the next few decades.

In a thread of 27 tweets, Twitter account Moon Capital explained that in approximately 10 to 20 years, BTC would become the first currency to reach a value of about 98 million dollars per unit.

BTC Could Substitute Fiat.. And Gold

The unusual prediction explains that to achieve this figure, the BTC had to maintain its traditional cyclical behavior but with the technological and financial developments typical of this industry.

This combination of circumstances could trigger the perfect scenario for BTC to become the world’s currency, replacing the global money supply. If this happens, the capitalization already increases by about 90.4 trillion dollars.

Also, investors could stop buying gold in the face of the possibility of using the BTC as a safer means. If the Bitcoin market takes 90% of the total capitalization of gold, it would account for about 6.9 trillion dollars.

This streak would give the BTC the necessary level of influence to allocate the capitalization of other financial markets such as bonds, stocks, equities, real estate and even public investments close to 5% of GDP.

Under this hyperoptimistic scenario, the BTC would gain around 294 trillion dollars in capitalization, becoming the “new global unit of account.” This price would total about 98 million dollars for each available token.

So far, it is still very early, and it is indeed impossible to predict the future, especially when it is such an optimistic scenario. Most banks are developing financial solutions based on blockchain technologies, precisely to compete against BTC, not to adopt this token.

To read the full analysis without having to sort through each tweet, here is a post containing all the Tweets. This is possible thanks to Thread Reader App

Original article written by Jose Antonio Lanz and posted on the EthereumWorldNews.com site.

Article posted on Markethive by Jeffrey Sloe

Japan’s Largest Bank Will Issue a Proprietary Cryptocurrency This Year

Cryptocurrencies are here to stay. Their advantages over traditional remittances are so extensive that more and more financial institutions are accepting reality, using these technologies to evolve and adapt their products to the needs of modern society.

The most important announcement in this area happened this week when Mitsubishi UFJ said it would launch its own cryptocurrency at the end of this year.

For the Western population, this may not represent much of a hype, but just to put things in perspective, MUFJ is the fifth largest bank in the world by total assets and the most influential private bank if the Chinese institutions are excluded. Its total capitalization is approximately 2.78 trillion dollars, 300% more than the total assets of Goldman Sachs, and 169 billion more than JPMorgan Chase.

According to the Japan Times, Kanetsugu Mike, president of the bank, commented that this initiative is part of a policy of technological improvement aimed at increasing confidence, security, and efficiency in the organization:

“We aim to build an organization that is relied on and trusted globally, and represents innovation,”

After an internal test conducted in September 2018, the positive results allowed the Mitsubishi UFJ team to feel confident enough to move on to a massive implementation stage.

The use of a cryptocurrency allowed instant transfers to be carried out at almost no cost, something essential for a bank with such a high volume of transactions.

Blockchain is Slowly Becoming More Attractive to Banks

Mitsubishi UFJ is not the first bank determined to use blockchain technology. Already the IMF and the BIS have issued official pronouncements assessing the risks and benefits of issuing CBDCs.

Also, JPMorgan recently announced the development of its own token to facilitate transactions processed by its infrastructure. The development of this tech is as important as the MUFJ initiative since this bank is the sixth most important in the world, and the most influential for the “western world.”

The Bank has a strong relationship with cryptocurrencies and blockchain technology. It already uses Ripple technology to process transactions and the partnership seems to be yielding positive results.

Apparently, the cryptocurrency would simply be called “coin.” The bank did not share more details about its development.

Original article written by Jose Antonio Lanz and posted on the EthereumWorldNews.com site.

Article posted on Markethive by Jeffrey Sloe

Bitcoin (BTC) Could Skyrocket To $8.4k In The Coming Weeks, Analyst Suggests

Last week was absolutely monumental for the cryptocurrency market. As this outlet covered extensively, Bitcoin rapidly surmounted key resistance levels on the back of a record-setting influx of buying pressure, with BTC finding itself above $5,000 for the first time since November.

As the crypto asset has stabilized since then, discovering a consolidation range at and around $5,100, analysts have done their best to gauge what comes next for BTC. And according to prominent trader Crypto Thies, a move drastically higher could very well be in store for the leading digital asset.

Thies recently took to Twitter to lay out his reasoning for this call. He explains that as it stands, Bitcoin could find support at $4,300, where it initially broke out, and $4,700, where the asset’s 200-day moving average currently sits. On the other hand, BTC will have trouble breaking past $5,500, $5,700 (the de-facto floor late last year), $6,600, and $8,400 (a top in a mid-2018 bear market rally), as these levels will act as resistances.

But, the trader makes it clear that in the coming weeks, BTC could start to test those resistances in an act of breaking out.

Thies writes that while he is confident that BTC will eventually return to $4,700, he expects for a Bitcoin to head higher in the coming weeks. He looks to the fact that the Bollinger Bands (BB), a measure used to depict trading ranges, have begun to squeeze on the one-week chart, along with BTC’s two-week candle breaking above its middle BB could suggest a move to the high BB, currently sitting at $8,400, in the near future.

Thies’ pseudo-price prediction comes in lower than some, but higher than most, interestingly enough.

Brian Kelly, for example, recently took to CNBC to claim that this ongoing move is likely to bring Bitcoin to $6,000 at the max. Per previous reports, Kelly claims that “high net-worth individuals, family offices, are starting to take a serious interest” in Bitcoin, all as custody solutions have propped up, volumes have spiked, and short sellers looking to cover their rear ends — presenting a strong case for a 20% rally from here.

Filb Filb, too, has kept his bullishness constricted to $6,000 for now. The analyst recently drew attention to two charts which showed similarities both in the structure and timing of their respective moves, specifically in a bid to show that Bitcoin could see a massive wick to the upside. If the move plays out as Filb expects, BTC could rally to $6,000 in the coming weeks.

On the other hand, others have been way more bullish than the aforementioned two. Fundstrat’s in-house Bitcoin optimist, Tom Lee, recently told Bloomberg that he adamantly believes that the cryptocurrency market can now be classified as a bull market, looking to the 200-day moving average for BTC to back his point. He added that a fair value for the asset is currently $14,000.

Is Bitcoin In A Bull Market?

No matter where BTC heads in the short-term, Thies’ Market God indicator, a proprietary measure created to predict trends both in the short- and long-term, has signaled that a bull run could be on the horizon. As reported by Ethereum World News previously, the indicator, which somewhat called the 2018 top, recently issued a “buy” signal for the first time in over two years.

Original article written by Nick Chong and posted on the EthereumWorldNews.com site.

Article posted on Markethive by Jeffrey Sloe

Blockchain Investor Claims Bitcoin (BTC) Will Plunge To $0

Economists Bash Bitcoin In The Swiss Alps

Bashing Bitcoin (BTC) has apparently become a popular trend at Davos’ recent World Economic Forum event. More specifically, the cryptocurrency has become a punching bag. Just yesterday, per previous reports from Ethereum World News, Huw Van Steenis, the senior advisor to Bank of England’s governor, Mark Carney, bashed this nascent asset class.

Speaking to Bloomberg in a candid interview, Steenis, who purportedly is compiling a report about the future of finance, surprisingly claimed that cryptocurrencies, like Bitcoin aren’t on his radar, or list of concerns for that matter. The former Morgan Stanley economist then remarked that blockchain-based assets “fail” the basic tests that financial services are de-facto run through. Steenis explained that BTC, along with other digital assets, is slow, fail to hold their value over time, and aren’t a viable, bonafide Medium of Exchange (MoE).

Tech Investor Claims BTC Will Fall To $0

Just one day later, BTC fell victim to another attack, as a technology investor and entrepreneur took to a CNBC-hosted panel to bash the blockchain-based digital asset. According to CNBC post-mortem on the manner, Jeff Schumacher, the founder of BCG Digital Ventures, a corporate investment and tech incubator group, claimed that the flagship cryptocurrency could capitulate to a value of zilch eventually.

Speaking to a crowd of economists, global leaders, notable investors, and corporate C-suiters, Schumacher explained that he “believes it will go to zero,” adding that he thinks that it (or the technology underlying Bitcoin) is a “great technology.” However, the BCG founder made it clear that he doesn’t think that blockchain technologies should be applied to currencies, accentuating that its underlying value isn’t based on anything. Like many traditionalists with a vested interest in the centralized system, Schumacher fails to see the value of a decentralized, immutable, cross-border, rapid, uncensorable current that transcends the boundaries imposed by financial incumbents.

Instead of lauding blockchain technologies for their potential revolutionary use cases in finance, Schumacher instead touched on the innovation’s ability to facilitate “open decentralized ecosystems,” which would be the global protocols and infrastructure that businesses could run on.

Yet, some weren’t in agreement with Schumacher’s inflammatory quip. Glenn Hutchins, the chairman of Virtu-affiliated North Island, a financial technology services company, claimed that BTC will likely grow to have a notable role as a Store of Value (SoV). Hutchins noted that BTC’s role “in the system” could be as pseudo-gold in a digital economy, rife with arrays of tokens that serve every use case imaginable.

Hutchins isn’t the only notable investor to think of Bitcoin as a digital semblance of the orange-esque precious metal. As reported by Ethereum World News multiple times previously, a number of pundits have overtly claimed that BTC’s foremost use case is as digital gold.

Alistair Milne, the CIO of Digital Currency Fund, claimed that Bitcoin has seen its Store of Value (SoV) proposition become more apparent. More specifically, he noted that Bitcoin’s investors are now “very aware that BTC is like trading gold with 100x leverage,” along with the fact that the flagship cryptocurrency’s inflation rate will be lower than that of the precious metal. And, as “no one appears to doubt the usefulness of gold,”

The Winklevoss Twins, the co-founders of the Gemini Exchange, recently claimed that Bitcoin “better at being gold than gold itself.” Twin Tyler noted that as this industry continues to develop, BTC will continue eating up bits of gold’s market capitalization, until the newfangled cryptocurrency passes its (arguably worse) physical counterpart.

Lou Kerner has also recently chimed in on the matter. Kerner, the founding partner at CryptoOracle, divulged that the cryptocurrency’s portability, ease-of-use, divisibility, and scarcity, make it a viable alternative to precious metals, and will allow BTC to eventually surmount its quintuple-digit cell.

Original article written by Nick Chong and posted on the EthereumWorldNews.com site.

Article posted on Markethive by Jeffrey Sloe

Marshall Island Hires Malta’s Strategic Advisor to Assist in the Issue of an Official Cryptocurrency

The government of the Marshall Islands, headed by Hilda Heine, stands firm in its efforts to issue an official cryptocurrency as a mechanism for optimizing financial services and avoiding an exclusive dependence on US Dollars to ensure the proper functioning of banking operations.

“Sovereign” (SOV) is the token that the government of the island created by presidential decree and will circulate together with the U.S Dollar as the official currency of the nation.

After the presidential decree was approved, continued pressure from the United States and the International Monetary Fund led a group of congressmen to issue a no-confidence motion against the president in an attempt to make the U.S. currency the only legal tender accepted in the country.

However, the project is still underway, and to ensure fulfillment of the objectives, the government has contracted the services of none other than Mr. Steve Tendon, Managing Director of TameFlow Consulting / ChainStrategies, a firm that provides technical advice and development strategies designed to promote the use of blockchain technologies.

The Marshall Islands Rely on Tendon’s Successful Experience With Malta

According to a Press Release, Dr. Peter Dittus, former Secretary General of the Bank for International Settlements (BIS), Mr. Tendon’s support may be crucial for the Marshall Islands to meet the goal of having an official crypto that meets all the requirements needed for massive adoption:

“With Steve working alongside Neema, we are growing closer every day to support the Marshall Islands with issuing the first digital legal tender and launching a financial services economy around it."

Steve Tendon’s participation and experience were crucial for the Maltese government to become a Blockchain Island. In 2016 he was a strategic adviser for the Ministry of Economy, Investment and Small Business (MEIB) of the Maltese Government, developing Malta’s National Blockchain Strategy which would then be approved by the cabinet of ministers the following year. He then advised the Financial Services, Digital Economy and Innovation (FSDEI) Office of the Prime Minister on matters related to the implementation of Malta’s Blockchain Strategy.

The government of the Marshall Islands, aware of the results obtained from Malta’s experience, gave Tendon some critical responsibilities:

“Steve is one of the foremost experts in blockchain technology and regulations … (He) will assist with the drafting and designing of regulations to develop a blockchain financial services economy out of the Marshall Islands."

Original article posted on Ethereum World News and written by Jose Antonio Lanz

Posted on Markethive by Jeffrey Sloe