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Five Experts Explain Why Bitcoin Won't Sky Rocket Again

Five Experts Explain Why Bitcoin Won't Sky Rocket Again
Bitcoin has a had an exciting year in 2018. Bitcoin prices began the year on a high and nearly reaching $20,000 in December last year. At the time of writing Bitcoin is currently trading at just over $7,400. Some experts believe that Bitcoin won’t skyrocket once again, speaking to CNBC, five experts give their opinion on the cryptocurrency. Jamie Dimon Jamie Dimon explains why he doesn’t trust Bitcoin. Speaking in September last year, Dimon says that Bitcoin could $100,000 worth before it goes down and the first thing Governments will do form a currency which they like to know where the currency is going and who has it. He continues to say that right now, Governments see Bitcoin and other cryptocurrencies as a kind of novelty but until it is used for fraudulent purposes or someone gets hurt they will close it down. He finishes by saying that Bitcoin (and cryptocurrency in general) isn’t a real thing so eventually it will be “an emperor without clothes.” Nicholas Colas The co-founder of Datatrek Research, Nicholas Colas believes that there are two fundamental reasons for now not being the right time to invest in Bitcoin. His initial reason was that there isn’t enough incremental engagement with individuals who are interested in buying Bitcoin for the first time.
“Like any new technology, you need to new adopters to come in to make it more valuable.”
Colas goes onto explain that if you look at the Google searches they are down from the peaks they had in December and January by 85% to 95% The second reason now isn’t the right time to buy is due to a lack of wallet growth. Many people aren’t opening up new Bitcoin wallets, which would make it foolish to invest at this point in time. Charlie Munger Charlie Munger, the vice chairman at Berkshire Hathaway believes that Bitcoin is pointless and that it is essentially “worthless artificial gold” He continues by saying that world doesn’t need something like Bitcoin right now (if ever) as if it were to succeed it would most likely “facilitate a lot of illicit activity.”
“The fact that its clever computer science doesn’t mean that it should be widely used and that respectable people should encourage other people to speculate on it.”
Munger, says that Bitcoin reminds him of the way Oscar Wilde’s defined fox hunting:
“The pursuit of the uneatable by the unspeakable.”
He finishes off his interview by saying that Bitcoin and other cryptocurrencies are a “scum ball activity” Gary Cohn The once economic adviser to the White House has said that he is also not a big believer in Bitcoin, but he does believe in blockchain technology. Cohn goes on to say that he thinks there will be a worldwide digital currency when the globe understands it and when it doesn’t rely on mining costs. What Cohn is saying is that when the world understands everything about it, how it moves, how it works and all the ins and outs then it will become more mainstream to the rest of the world aside from Bitcoin fanatics. Mohamed El-Erian The Chief Economic Advisor to Allianz has had his say on whether Bitcoin will bounce back. El-Erian believes that Bitcoin got to $20,000 in the past due to the people who truly believed in Bitcoin and others who followed them to just jump on the bandwagon which was just speculation. He continues by saying:
“I suspect that if you look 10 to 15 years down the road, we will have digital currencies, but the public sector will have involvement in them. It won’t be pure Bitcoin… but the Blockchain technology, take that seriously.”
El-Erian finishes by saying that the price he would buy would be around $5,000.

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SoftBank CEO believes bitcoin will be useful in the future but “not any time soon“

SoftBank CEO believes bitcoin will be useful in the future but “not any time soon“

Quick take

1 minute read

  • Crypto adoption is on the rise recently since the leading cryptocurrency of bitcoin has been doing the rounds when it comes to bullish momentum. 
  • But not everyone yet understands fully what bitcoin is or how it works. 

Crypto adoption is on the rise recently since the leading cryptocurrency of bitcoin has been doing the rounds when it comes to bullish momentum. But not everyone yet understands fully what bitcoin is or how it works. 

There are numerous videos and articles out there that explain it but some people will leave those articles and videos more confused than when they started!

This is a sentiment that is being shown in numerous institutional investors such as Masayoshi Son, who is the billionaire technology entrepreneur and the Chief Executive Officer of SoftBank, a conglomerate institution based in Japan. He has said that he doesn’t “understand“ bitcoin as it rises significantly in its value.

Son has said that bitcoin investment is seemingly pulling his attention away from his actual own business according to a report from business insider last week on the 19th of November.

He added that he would spend five minutes every day watching the price of bitcoin go up and down highlighting that he was told by a friend to invest 1% of his personal assets into the coin. Quick maths shows that this is around $200 million.

When discussing the future of digital currency, the CEO said that digital currencies will be useful in the future and are great for development but it will take time and they won’t go anywhere any time soon.

“I think digital currency will be useful [...] But I don't know what digital currency, what structure, and so on.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes

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As it grows, how much ground will XRP cover next year?

As it grows, how much ground will XRP cover next year?

Quick take

1 minute read

  • Is 2021 XRP’s year?
  • How adoption will result in the success of the token.

Timothy Peterson, the well-known advocate for bitcoin and manager of global macro, believes that the San Francisco-based XRP token will have its best year in 2021 since 2017. 

As previously reported earlier this week, Peterson has recently said:

“I know it doesn’t look like much but this is $XRP lowest price forward. I think people will be surprised at $Ripple’s performance in 2021. It will probably have its best year since 2017 and maybe outperform #Bitcoin.”

As many people will already be aware, the success for ripple and its token will all depend on adoption by financial institutions. They have developed numerous new products such as rippleX in order to help facilitate a seamless transaction on the decentralised ecosystem for the network. But for the tokens targeted market, only 2% of financial institutions are actually willing to use it.

The Chief Technical Officer of Ripple, David Schwartz has previously said that there are numerous obstacles that prevent adoption for the token some of which include problems with regulation. That being said, well-known traders and investors at Galaxy trading have said that the asset is proven to be resilient.

“Although it is perhaps one of the most disliked projects, it has more than once shown its aggressive nature at a time when no one is expecting it.”

They see that the coin is capable of sparking by 10 times its current price as they say:

“We believe that this moment is very close and since catching the exact bottom is something very unpredictable, our advice to all who want to invest is to start buying at these “golden” levels of support where 10X can become a reality.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

Quick take

1 minute read

  • Vitalik Buterin, has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. 
  • The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. 

Vitalik Buterin, the co-founder of one of the biggest crypto projects in the industry known as Ethereum has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. He further said:

“TLDR: merge happens faster, PoS happens faster, you get your juicy 100k TPS faster.”

Over the years, the network for Ethereum has experienced some significant rounds of high congestion. Three years ago in 2017, the popular CryptoKitties game slowed down the network massively but with the decentralised finance space growing rapidly, the network has been seriously clogged up.

As a result of this, it has led to high fees and longer than average confirmation times.

With Ethereum 2.0 very much just around the corner, there is a significant scaling upgrade solution that is supposedly going to speed up the network rapidly. This will increase the number of transactions per second and it will also move the blockchain to a different consensus algorithm known as a proof of stake. Phase 0 for the upgrade is set to occur on the 1st of December in two weeks!

The co-founder further went on to say that “all of these changes are designed to decrease the time until eth2 becomes useful to people.” 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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The second richest man in Mexico invest 10% of his portfolio into BTC

The second richest man in Mexico invest 10% of his portfolio into BTC

Quick take

1 minute read

  • Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. 
  • It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. 

Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. This came after he shared a video throwing huge amounts of paper money into the garbage. Not only does it show how worthless the government-issued cash is in today’s world but it also shows how important digital assets such as bitcoin could become.

Furthermore, the video indicates the hyperinflation and how bad it got in Venezuela.

Ricardo is worth more than $11 billion at the time of writing and is the only billionaire from Mexico who seems to have benefited from the coronavirus pandemic and the economic crisis that has come as a result.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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