Published
4 years ago on
May 17, 2019
Welcome back to the weekly roundup where we talk about three of the most interesting news stories of the week. We recently saw Bitcoin reach the $8k key resistance level so the community is buzzing on what the future holds for the crypto space and the leading currency.
So today we’re going to look at the co-founder of Ethereum who recently spoke about the project’s scalability increasing over the next few years, Max Keiser giving an extremely bullish estimate on BTC, and the continuation of the Satoshi/Craig Wright debate as Calvin Ayre teases new ‘evidence’ on the matter.
The Satoshi Debate
Let’s start with the latter.
We all know of the mysterious figure that is Satoshi Nakamoto who created Bitcoin back in the day of 2009.
Well, you may also know that Craig Wright - who’s been under a bit of fire over the past few months - is a self-proclaimed Satoshi Nakamoto and claims that he, among a team of others, created the leading cryptocurrency as we know it today.
Of course, with such a claim, there are a lot of people who don’t believe him and it seems that those people are religiously against the idea of Wright being the Bitcoin creator.
A close friend to Wright, Calvin Ayre is not one of these people. In fact, Ayre also claims that Wright is Satoshi and uses the hashtag #CraigisSatoshi constantly on Twitter.
Recently, Ayre tweeted:
“I will be releasing more evidence that #CraigisSatoshi prior to #CoinGeek scaling conference on May 29-30 in Toronto. Thousands of people globally already know the truth.”
We’ll have to wait until the end of the month until we find out what Ayre’s ‘evidence’ is but it’s worth keeping an eye on this story to see how it unfolds.
Ethereum Scalability
Joe Lubin, co-founder of Ethereum and founder of ConsenSys has recently made a claim that Ethereum will start making some serious gains when it comes to scalability over the next few years.
Speaking in an interview with CoinTelegraph earlier this week, Lubin stated that the scalability of Ethereum will be improved by a thousand times to what it is today over just two years.
The main focus for the improvement of scalability is the Ethereum 2.0 update, dubbed as Serenity.
And so as cryptocurrency increases in popularity (slowly but surely), projects like Ethereum and Bitcoin will start to lack and won’t be able to scale to the levels that are needed for mainstream adoption.
“ETH, in particular, is facing an issue of handling the load of mercantile transactions, in addition to other network features such as smart contracts and dApp developments. Ethereum 2.0 seeks to solve the issue of scalability–among a number of proposed solutions–by switching the currency from its historic Proof of Work algorithm to Proof of Stake.”
Via staking, the currency will make use of the resources pledged by users’ ‘staked’ coins in order to improve the user experience and efficiency of the overall Ethereum network
Lubin believes that the testnet will be fully operational possibly by the end of the year but the CEO of Messari thinks different.
Ryan Selkis thinks that this update will take a lot longer than a few months until everything is up and running saying:
“I don’t expect Proof of Stake and Ethereum 2.0 to happen before the end of 2021 at the earliest.”
$100k Bitcoin
You will probably have heard of Max Keiser. He is the face of the Keiser Report TV show and one of the biggest Bitcoin bulls out there who predicts that BTC will one day reach $100k.
Yes, you heard that right!
As a guest of Kitco News, Keiser spoke on the fact that Bitcoin is a choice as a store of value for investors.
Keiser said:
“To capture a piece of the gold market, you’re talking $60-, $70-, $80-, $100,000 a Bitcoin. I have not sold any Bitcoin because my price target is $100,000 and beyond.”
Now, Bitcoin is something that is commonly classed as ‘digital gold’ because it does have similar qualities to actual gold, along with a few extra benefits.
On top of this, Keiser added that he thinks the bottom for Bitcoin is sat around the $3,200 mark:
Investment Disclaimer“When the Federal Reserve bank signalled that they were going to permanent quantitative easing, I said look, that’s the bottom for bitcoin, that was about $3,200 on Bitcoin because they’re making it clear now that there’s going to be no accountability by the Feds.”
