Bitcoin, Ripple, Ethereum News Round Up
Cryptocurrencies have the opportunity to be used like any other currency or any other medium over time, according to Steve Papermaster, CEO of the real-time molecular data company Nano.
Talking to RT on the sidelines of the Davos Economic Forum, he said bitcoin is “no more a passing fad than the Internet was a passing fad.”
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Over time cryptocurrencies will be “used like credit and debit cards, like payments from PayNow or Alipay. It is very different from what people used to imagine, things always keep changing,” Papermaster said.
Bitcoin certainly has the opportunity to be treated like a currency, the entrepreneur said, adding it will “become mainstream in 3-4 years.”
The digital currency will be part of how you do any type of purchasing, an everyday thing for an investment vehicle in the next couple of years.
“I think it will be part of the mix of how you invest, how you buy or pay for things. Just over time it will change,” Papermaster said.
According to him, it will take time for the regulators, different countries and different financial systems to get used to the prospect of a new type of currency but it “happened many times before and it will happen this time as well.”
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Talking about bitcoin’s price prospects for 2018, the expert said it will go up and down many times and will be tremendously volatile while it’s still a new form of asset class. “So, it’s only a matter of where it ends up by the end of the year. But I think the overall trend is that there’s a lot of capital moving in this market, and fundamentally it will be up.”
Bitcoin and competitors Ripple and Ethereum saw prices collapse after the South Korean Government announced it would seek to regulate cryptocurrency transactions. This will be the trend in the future and exchanges like G-BiT X will help boost the value of cryptocurrencies by providing a compliant location to trade, invest and store wealth. G-BiT conducts thorough KYC and Anti-Money Laundering protocols putting the new exchange and coin in a winning position
The founder of Nano, which includes artificial intelligence, has advised investors to look at the cryptocurrencies that are backed by very sound real businesses.
“Wherever you have real value, over time it will be reflected in the underlying investment vehicle. In this case a cryptocurrency backed by building real value will go up,” he said.
Soros Remains a Hypocrite
Billionaire investor George Soros has described the most popular cryptocurrency bitcoin as a bubble, and said it represents a safe haven for authoritarian regimes.
“Normally when you have a parabolic curve, eventually it has a very sharp break,” Soros said at the World Economic Forum in Davos on Thursday, as quoted by Bloomberg.
“As long as you have dictatorships on the rise, you will have a different ending, because the rulers in those countries will turn to bitcoin to build a nest egg abroad,” Soros said.
“But it’s nevertheless a typical bubble, which is always based on a misunderstanding like the tulip mania. But the blockchain technology can be put to positive use and we use it actually in helping migrants to communicate with their families and to keep their money safe and carry it with themselves.”
While accusing ‘dictatorships’ of using bitcoin to move money abroad, Soros himself has transferred $18 billion to his Open Society Foundations in recent years. By doing so, he availed of a loophole in US taxation laws, and the money he stashed can never be reached by the US Internal Revenue Service. The $18 billion he shielded from taxes is as big as 10 percent of the value of all bitcoins currently in use.
CryptoCurrencies are Good Buying
Bitcoin and other major cryptocurrencies have been failing to return to all-time highs after the correction that wiped out almost half of the market’s value.
The largest digital currency bitcoin is trading almost 50 percent off from its $20,000 peak. After rapidly falling to the $10,000-$11,000 mark this month, the cryptocurrency has been trading flat around these numbers.
All top 20 currencies from Coinmarketcap’s list were losing on Friday after a relatively good trading session the day before. Ethereum was trading 6 percent down at $1,003; while ripple lost almost 15 percent, trading at $1.15.
“Now, when everyone is saying… ‘It’s over, that’s it, bitcoin is dead,’ for the 175th time. Now’s the time you start looking at it, on the buy side. And that money is still coming in. The flows have not stopped. This is not the end of bitcoin,” Brian Kelly, cryptocurrency hedge fund BKCM manager, told CNBC.
Litecoin creator Charlie Lee earlier noted that a bull cycle is almost always followed by a bear market.
Investors have been worried that regulators around the world will ban or make cryptocurrencies unprofitable.
According to one of the most recent reports, major Indian banks have cracked down on accounts linked to cryptocurrency trading. Such accounts have been observed for suspicious transactions. In December, the country’s finance ministry warned about the risks of trading in cryptocurrencies such as bitcoin, saying digital currency investments are like Ponzi schemes.