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Bitcoin Rockets Over $8,000 As Ripples XRP, Ethereum, Bitcoin Cash, And Litecoin Suddenly Soar [Updated] – Forbes

Ripple's XRP, currently the world's third-biggest cryptocurrency by market value behind bitcoin and ethereum, has suddenly soaredjumping by around 10% and prompting an uptick in most other major cryptocurrencies.

Ripple's XRP led the market higher today, up around 10%, while bitcoin cash added some 5% and ethereum was up 3%. Bitcoin, usually the main crypto market mover was relatively unchanged, up by some 1% along with its rival litecoinperhaps due to a famous bitcoin bet being revealed as a "ruse."

[Update: 1.34am EST 01/07/2020] Bitcoin joined the rally late in the day, with the bitcoin price rocketing more than $400 in just a few hours to over $8,000, according to prices from the Luxembourg-based Bitstamp exchange, before falling back to trade around $7,850up some 5% over the last 24-hour trading period.

Ripple chief executive Brad Garlinghouse has faced accusations the company is selling off large ... [+] amounts of the XRP token, driving the price lower and upsetting XRP holders.

XRP's sudden surge higher comes after Malta-based bitcoin and cryptocurrency exchange Binance, the world's largest crypto exchange by volume, announced it will be adding Ripple's XRP and the stablecoin tether as a futures trading pair.

The XRP tether contract offers leverage of up to 75 times, according to Binance, and is the exchange's fourth tether-tied futures trading pair, along with bitcoin, bitcoin cash, and ethereum.

Ripple has said it expects to grow its customer base by 30% to 40% this year, from 300 currently, and boasted transaction volume on the Ripple network will rise more than 600%.

The sharp rise in the XRP price comes on the back of comments made by Ripple chief executive Brad Garlinghouse late last year playing down suggestions Ripple is selling off large amounts of XRP and claiming Ripple "cant control XRP price."

"Ripple owns a lot of XRP, were very interested in the success of XRP, but the accusations of us dumping, thats not in our best interests to do that," Garlinghouse told U.S. television network CNN last month, adding "we would never do that and in fact, weve taken steps to lock up most of the XRP we own in escrows so we cant touch it."

Garlinghouse also denied that Ripple, which owns some 60% of XRP tokens, could move the XRP price.

"Ripple cant control the price of XRP any more than the whales can control the price of bitcoin."

The price of Ripple's XRP has been on a long-term downward trend as the company works to sign up ... [+] banks and other financial service companies to its technology.

The price of Ripple's XRP is down some 45% over the last 12 months, with many in the Ripple community decrying the company's practice of selling XRP tokens to boost its financial performance.

Bitcoin has outperformed almost all of its peers over the last year or so. The bitcoin price is around double where it began 2019 while most other major cryptocurrencies, including Ripple's XRP, ethereum, bitcoin cash, and litecoin have struggled to break out of their now two-year long bear market.

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Bitcoin Rockets Over $8,000 As Ripples XRP, Ethereum, Bitcoin Cash, And Litecoin Suddenly Soar [Updated] - Forbes

Bitcoin Price Analysis: BTC/USD struggles to sustain the $8,100 level – FXStreet

Bitcoin faced increased selling pressure on Saturday but saw a slight recovery on Sunday. Prior to that, BTC bullshad retraced the steps above $8,000 on Friday. However, it retested the $8,000 level but failed to sustain the upward trajectory.

Meanwhile, Bitcoin is teetering at $8,133 although the digital asset opened the session on Monday at $8.179. Asian trading hours have been characterized by increasing bearish and expanding volatility. For now, Bitcoin is holding ground above $8,100; the immediate upside is limited at $8,200.

The price is above the moving averages where the 50 SMA on the 4-hour chart will provide support at $7,903 while the 100 SMA is in line to prevent further losses at $7,574. Moreover, more support is expected at the 61.8% Fib retracement level taken between the laws swing high at $8,464 and a swing low at $6,852.

According to the Relative Strength Index (RSI) isinclined to towards the bares. The trend follows a recovery that failed at 65. As long as the indicator sustains the position above 50, it will be a doable task to sustain Bitcoin the $8,000 support.

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Bitcoin Price Analysis: BTC/USD struggles to sustain the $8,100 level - FXStreet

Bitfinex Premium Goes Negative; Last Time it Did, Bitcoin Fell 30% in 3 Months – newsBTC

The premium of bitcoin on Bitfinex has dissolved in recent months. It is trading at a similar price range as spot exchanges and the last time it did, which was in August 2019, a brutal correction followed.

There are many factors at play when bitcoin often enters a short-term bear market. Hence, it is premature to claim that the drop of premium rates on Bitfinex can solely contribute to a big pullback.

But, it is an indicator investors can observe in the coming weeks as it may show a glimpse of the trend of BTC throughout the first quarter of 2020.

Often times, Tether (USDT), a stablecoin whose value is pegged to that of the U.S. dollar, trades at slightly below $1. As such, it causes the price of bitcoin to be higher on Tether-based exchanges in comparison to spot exchanges with fiat trading pairs.

The lack of premium on Bitfinex, despite its long history of having a high premium over other exchanges, may indicate that there is a lack of buying demand on the exchange.

It is also possible that the Tether market has simply stabilized and there are no lingering fears about the operations of Bitfinex by its users.

For that reason, the absence of premium rates on Bitfinex in itself is not enough to determine the short-term outlook of bitcoin.

In August 2019, when premiums dropped, bitcoin was ranging in an overbought area with the price peaking tat $13,000. It increased by nearly three-fold within merely three months prior to that.

The bitcoin price dropped by more than 30 percent after August 2019 (Source: TradingView)

The bitcoin price abruptly rising by around 200 percent within three months and technical indicators showing oversold conditions among other factor all contributed to BTCs correction in the following months.

The current situation with premiums on Bitfinex demonstrates three key elements:

Throughout the past week, the bitcoin price saw two attempts to break out of $8,400, which has acted as a heavy resistance level for the dominant cryptocurrency since last November.

After a traditional inverse head and shoulders formation was printed on the daily chart of bitcoin, traders generally expected BTC to move past crucial resistance levels in the short-term.

The struggle of BTC to break out of $8,400 along with relatively low volumes across the board and the absence of a premium on Bitfinex indicate that an extended rally at this point could be difficult to materialize.

In the medium to long-term, technical analysts and research firms remain optimistic on the price trend of BTC, especially heading towards the end of 2020.

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Bitfinex Premium Goes Negative; Last Time it Did, Bitcoin Fell 30% in 3 Months - newsBTC

Analyst: Bitcoin to Target $9,500 Due to A Few Key Factors – Ethereum World News

Bitcoin has been hovering within the $8,100 region for the past couple of days, with each attempt to break above and below this region quickly resulting in sharp rejections that lead BTC back into this consolidatory range.

Analysts are noting, however, that they anticipate this bout of sideways trading to result in a major bull favoring movement, which could lead it to surge up towards the coveted five figure price region in the coming several days and weeks.

Currently, Bitcoin is trading sideways at its current price of $8,150, struggling to garner any momentum in one direction or another.

It is important to note that bulls did attempt to spark a rally yesterday, which ultimately resulted in a strong and swift rejection at $8,300 that sent the cryptocurrency reeling down to below $8,000.

It does appear that this level has become strong support, as the brief dip to lows of $7,950 was quickly reversed by buyers, who were able to push it back up to its current price levels.

In the near-term, UB a popular cryptocurrency analyst on Twitter believes that Bitcoin will soon incur a massive amount of momentum that allows it to surge past all its key resistance levels, which could lead it as high as $9,500 before it finds enough resistance to halt the rally.

$BTC I believe its more than likely we see continuation to the upside over the next few weeks with a target of ~$9.5k. *A Weekly Close below $7,460 would completely invalidate this argument* Dips are for buying, he explained, pointing to the chart seen below.

As for what technical factors could help catalyze and sustain this rally, it appears that the crypto recently broke above a key multi-year resistance level.

FlibFlib, another prominent crypto analyst, discussed Bitcoins break above this level in a tweet, telling his followers that it makes him feel overall bullish on the cryptocurrency in the near-to-mid-term.

In my humble opinion, Bitcoin has already broken out on the CME and on Spot exchanges with confirmation on the OBV & now just waiting on a higher high on Macro TFs. Maybe some chop sideways and a bit of a backtest but everything is there to make me overall bullish, he explained.

If this trendline break is sustained by bulls, it could mean that the cryptos recent lows will mark a long-term bottom.

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Analyst: Bitcoin to Target $9,500 Due to A Few Key Factors - Ethereum World News

Bitcoin Equivalent of $4.7 Trillion Added to US Debt is $260k per BTC – Bitcoinist

Bitcoin equivalent of the $4.7 trillion US debt that was signed into federal law by President Trump would put the price of a single BTC at $260,000.

In a drive for expansion, US President Donald Trump has signed $4.7 trillion into law, since his inauguration in 2017. Those debt levels have been prepared to serve the US economy until 2029, with matching tax and spending policy changes.

The US President was faced with several debt ceiling situations, leading to eventual new agreements to borrow more. The US debt to GDP ratio has kept growing, with more borrowing scheduled in the coming years.

The $4.7 trillion of debt signed into law by President Trump is on top of the current $17.2 trillion debt held by the public and the $9.2 trillion we were already expected to borrow over the next decade absent these proposals. Debt is projected to be about 97 percent of Gross Domestic Product (GDP) in 2029, compared to 82 percent if none of this debt-increasing legislation had been passed, showed analysis from the US Committee for a responsible budget.

The growth in US debt has sparked a discussion on what would happen in an event of hyperbitcoinization. Bitcoin (BTC) could hypothetically map any economy, and at current prices, its valuation matches the size of a small countrys money supply.

But if all BTC in circulation, which is a bit above 18 million, were mapped to the current US debt figure which was added to the next budget, the fair price for BTC would be above $200,000. To be more exact, the price could reach well above $260,000 if debt reached all its targets. This level is relatively small in comparison to prices that could match the global economy, and are far from the $1 million valuations.

The $200,000 hypothetical price range is rather close to the predictions of BTC reaching $100,000 within the coming few years. BTC has no way to predict prices exactly, but may have the potential to spike to higher levels.

BTC is moving around 00, finding new powers to expand from Decembers lows, and move into the new year. But for now, institutions are more cautious, with hedge funds shedding crypto assets for now, due to periods of extremely bad performance. Still, BTC adoption has grown over the last decade, sparking expectations the leading coin will be much more than a fad.

What do you think about the chances of bitcoin jumping to higher valuations? Share your thoughts in the comments section below!

Image via Shutterstock

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Bitcoin Equivalent of $4.7 Trillion Added to US Debt is $260k per BTC - Bitcoinist

Bitcoin Price Primed For Fresh Rally And Only 1 Thing Is Holding It Back – newsBTC

Bitcoin is trading back in an uptrend above the $7,800 and $7,700 support levels against the US Dollar. BTC could start another strong uptrend if it settles above $8,200.

This past week, bitcoin started a downside correction from the $8,473 high against the US Dollar. BTC price declined below the $8,200 and $8,000 support levels.

However, the $7,700 and $7,600 levels acted as a strong support. Moreover, the price stayed well above $8,500 and the 100 simple moving average (4-hours). A swing low is formed near $7,659 and bitcoin price is currently trading higher.

There was a break above the 50% Fib retracement level of the downward move from the $8,473 high to $7,659 low. The current wave is facing hurdles near the $8,200 resistance area.

Bitcoin Price

Besides, there is a key breakout pattern forming with resistance near $8,160 on the 4-hours chart of the BTC/USD pair. Finally, the 76.4% Fib retracement level of the downward move from the $8,473 high to $7,659 low is also near the $8,280 level.

Therefore, a clear break above the $8,200 and $8,280 levels could set the pace for a fresh rally. In the mentioned bullish case, bitcoin price could surge towards $8,500 and $8,800.

Conversely, there are chances of a downside break below the triangle support near $7,900 and $7,850. The main supports and buy zones are near $7,700 and $7,600.

A successful close below the $7,600 support could start a substantial decline in the coming sessions. The next major support is near the 100 simple moving average (4-hours) at $7,530, below which the price is likely to drop towards the $7,000 level.

Looking at the chart, bitcoin price is showing signs of a bullish break above the $8,200 resistance. The only thing holding it back is $8,280. A successful close above $8,280 could set the pace for a strong rise towards $8,500 and $8,800.

Technical indicators

4 hours MACD The MACD for BTC/USD is likely to gain bullish momentum.

4 hours RSI (Relative Strength Index) The RSI for BTC/USD is still above the 50 level.

Major Support Level $7,600

Major Resistance Level $8,280

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Bitcoin Price Primed For Fresh Rally And Only 1 Thing Is Holding It Back - newsBTC

60% of Bitcoins havent moved for more than a year – Yahoo Finance

With its drastic price swings over the last year, it may come as a surprise to learn that almost 60% of Bitcoins havent moved in the last 12 months.

According to findings by Digital Assets Data, a fintech company building cryptocurrency data feeds, as many as 10.7m Bitcoins have stayed put for more than a year. This amounts to 59% of the current supply of BTC (or approximately $84.5bn).

This indicates widespread HODLing of BTC, which could be an extremely bullish sign for the market. Rather than trading or transferring their Bitcoins, the majority of users are holding their digital assets, confident that higher prices are on the horizon.

Founder of blockchain PR agency EAK Digital and organiser of Istanbul Blockchain Week Erhan Korhaliller enthuses: The fact that 60% of Bitcoin hasnt moved from wallets in a year is confirmation that Bitcoin is seen as digital gold.

Not only does this mark a major milestone for Bitcoins being held, but it also represents the highest percentage of BTC lying dormant for so long since the beginning of 2017. Nicholas Pelecanos, advisor to NEM Ventures, comments:

An increase in the number of dormant BTC wallets simply means less BTC holders are willing to sell their BTC.

This comes down to two core reasons: 1) The owner of the Bitcoin believes that the price will continue to appreciate and by holding now and selling later they stand a chance to make a profit. 2) The owner of the Bitcoin believes in the core principles that Bitcoin was built around and will hold onto their BTC because of their fundamental beliefs.

In either scenario, this is bullish for the price of BTC as less supply on the markets will help create higher prices, particularly if public interest in the asset reaches late 2017 levels.

The fact that so many investors are not considering selling BTC right now shows optimism in the assets future value. After all, there would be more Bitcoins changing hands if its holders believed that its value would go down.

Korhaliller comments: This also indicates that many of the weak hands left the market in 2018. This has left a large wall of HODLers that can provide an ever-higher bottom Bitcoin price.

Many BTC holders believe that its price will rise after the upcoming Bitcoin halving in May 2020. This four-yearly event that slashes block rewards for miners in half has historically had a positive impact on BTC price.

The widespread amount of Bitcoins HODLed is in line with the fact that the Bitcoin hash rate is at an all-time high. This shows that miners are also confident in the growth of the network. And it also means that looking back at the price action of 2019, just 40% of all Bitcoins in existence participated in its swings.

Bitcoin has seen several major price swings over the last year. The worlds largest cryptocurrency began 2019 at a price of $3,693 and rose to a high of $13,879 in July, only to sink back as low as $7,280 by the end of December.

Euphoric unsustainable highs of the summer aside, BTC still managed to almost double its value in 2019 even with 60% of its supply lying dormant.

The Bitcoin community currently seems to be firmly comprised of HODLers rather than traders and speculators.

The fact that investors are holding indicates that they believe in Bitcoins long-term growth potential, and that can only be a good thing for the market.

The post 60% of Bitcoins havent moved for more than a year appeared first on Coin Rivet.

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60% of Bitcoins havent moved for more than a year - Yahoo Finance

Libra Association Exec: World Needs Us Because Bitcoin Is ‘Not a Means of Payment’ – CoinDesk

LAS VEGAS "Bitcoin as an asset class has proven that mathematical scarcity can support an incredibly exciting asset," Dante Disparte, vice chairman of the Libra Association, said Tuesday. "It's not a means of payment. It just isn't."

Disparte spoke at the Digital Money Forum at the Consumer Electronics Show (CES) in Las Vegas, making his argument to gadget fans and technology's early adopters.

"The bottom rung of the ladder of economic mobility is payment access," Disparte said. And so far, he said, crypto just isn't cutting it on payments. Disparte said that's why he became interested in what Facebook was building with Libra.

The Libra Association is a consortium of large companies that aims to eventually launch the Libra stablecoin, a federated cryptocurrency designed by Facebook for the millions of people who don't have access to banking services. Each company involved would run a node, but only those approved by existing members can join. Though it is more decentralized than existing finance, it is not permissionless, like bitcoin or ethereum.

Libra is trying to solve a complex problem. "How do you drive mass adoption?" Disparte said. "How do you remove insidious levels of friction that basically make it cost-prohibitive to give people access to payments?"

"I'm not convinced that a council of self-interested companies can do money better than a decentralized system," Akin Sawyerr, a strategy lead on the Decred project, said on the Tuesday panel. "The only way to really get there is to empower the individuals to have some base-level sovereignty."

By sovereignty, Sawyerr meant a level on which a person has uncensorable control of their money. In bitcoin terms, as long as a person controls their keys, no one can take away their bitcoin. He expressed doubt that a permissioned system run by dozens of large organizations would be very censorship-resistant. Notably, the payments companies initially involved in the Libra Association including PayPal, Visa, Mastercard and others departed en masse in October.

But Disparte countered that until permissionless crypto projects deliver a payments system that people in the developing world actually use and that shows it can scale, it's not fair to subject Libra to what he called, "a crypto purity test."

"It's not one or the other. The world is not zero sum," Disparte said.

Disclosure: CoinDesk is a media partner of the Digital Money Forum.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Libra Association Exec: World Needs Us Because Bitcoin Is 'Not a Means of Payment' - CoinDesk

Ethereum could be undervalued compared to Bitcoin: analyst – AMBCrypto

On the most recent episode of Laura Shins Unconfirmed podcast, senior research analyst for CoinMetrics, Nate Maddrey, spoke about Bitcoin, as well as other altcoins, and how they performed over 2019. Maddrey noted that while Bitcoin was up around 90% over 2019, Ethereum was nearly 5% down on the year.

This is one of the first years where weve really seen that sort of separation between Bitcoin and Ethereum.

When asked why Bitcoin outperformed most altcoins, he explained that it was mostly due to the bear market, when people tend to consolidate and sell some of the smaller coins. Maddrey also stated that theyre seeing more evidence that Bitcoin is really being used as a store of value. I think were actually starting to see some real compelling data, he said.

The CoinMetrics senior research analyst also spoke about realized cap, a metric created by CoinMetrics which aggregates the value of every Bitcoin at the price during its last movement. He also mentioned the market value to realized value, or MVRV ratio, which can provide insights into how healthy the average investor portfolio is.

An MVRV above one means that the market cap is greater than the realized cap, he said. That means the average investor, if they were to sell, would be selling at a profit. Conversely, if the MVRV is below one, the average investor would be selling at a loss.

Maddrey brought attention to how Bitcoins realized cap grew by 27% in 2019, while Ethereum, XRP and Bitcoin Cash saw a drop between 15 and 20%. He also mentioned how Bitcoins MVRV ratio was around 1.3 by the end of the year, contrasting with Ethereums 0.61.

There are a lot of ways to interpret it, but the way we usually look at it is whether investors are in profit or at a loss, he said. However, Maddrey also noted that an alternative interpretation could be that Ethereum is a little bit undervalued compared to Bitcoin.

He also spoke about how Tether on Ethereum blew past its Omni counterpart last year, and how the usage on Ethereum has gone up. He said, its probably being used more, maybe in DeFi, but to be honest we havent really seen any hard evidence for that.

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Ethereum could be undervalued compared to Bitcoin: analyst - AMBCrypto

New Bitcoin Addresses Averaged At 124 Million Since 2017: Data – Bitcoinist

Bitcoin has shown growth in one metric that suggests positive views about adoption and the potential to reach new users. Active addresses and new addresses have grown, with a special uptick since 2017.

After BTC entered its most active bull market in December 2017, ownership expanded, with 124 million addresses created in total. Even during the bear market, and a rather tame 2019, address growth continued, at above 300,000 new addresses per day, shows analysis by Decentralized.

The last decade also showed that hodling is much more than a meme, and is, in fact, one of the most prominent patterns in BTC ownership.

For a sense of scale, the number of people holding more than 0 bitcoin in Jan 2011 was a mere 70,0000. Today that number is north of 28 million a 400x growth over the decade, revealed the analysis.

Of course, over that time, more than 18 million BTC were minted, allowing a wider audience to access the coins. But factors such as a larger number of exchanges, as well as added retail adoption, have driven the growth in bitcoin addresses.

Not all bitcoin addresses have been mapped out, and it is possible the growth may be due to a smaller pool of entities. Additionally, there is no limit to new bitcoin address creation, and it is possible to move coins and switch wallets to avoid easy identification. Address growth has also gone through anomalies due to dusting attacks, or other approaches to splitting, then reuniting BTC. But overall, both small-scale and whale wallets have grown significantly after BTC went mainstream in 2017.

The bitcoin on-chain activity has also grown substantially. From a few hundred transactions per day in 2011, BTC now easily handles above 300,000 transactions per day. A peak has reached this December, with activity slacking off for now.

While the BTC network remains slower and carries fewer transactions in comparison to altcoins, it is also highly capable of large-scale value transfers. Peak value transferred happened in early 2018 when BTC prices were near a peak. Fees have also grown gradually, though they remain efficient, and have topped $1 billion in total.

But the biggest growth was seen in the mining ecosystem, which saw several expansions with new generations of ASIC rigs. Now, a new expansion may be possible with high-capacity machines, as well as established links to hydroelectric power in China, Russia, and the US.

What do you think about bitcoins latest metrics concerning address growth? Share your thoughts in the comments section below!

Images via Shutterstock, Decentralized

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New Bitcoin Addresses Averaged At 124 Million Since 2017: Data - Bitcoinist

US and European Regulators Say Crypto a Priority This Year – Bitcoin News

Several regulators in the U.S. and Europe have made cryptocurrency among their top priorities this year. The Securities and Exchange Commissions compliance office and the European Securities and Markets Authority, in collaboration with other regulators, have outlined their plans to focus on crypto oversight. Further, Chinas central bank has made digital currency a priority.

Also read: Regs Roundup: SEC Actions, Crypto Tax-Free in Korea, New Chinese Laws

The Securities and Exchange Commission (SEC)s Office of Compliance Inspections and Examinations (OCIE) announced its 2020 priorities on Tuesday. The office conducts the SECs national exam program, with a mission to protect investors, ensure market integrity, and support responsible capital formation. The exam results are used by the Commission to inform rule-making initiatives, identify and monitor risks, improve industry practices and pursue misconduct.

The OCIE stated that advancements in financial technologies, including digital assets, warrant ongoing attention and review. Noting that The digital assets market has grown rapidly and presents various risks, including for retail investors who may not adequately understand the differences between these assets and more traditional products, the document confirms:

OCIE also will continue to identify and examine SEC-registered firms engaged in the digital asset space.

The examinations will assess six key areas: investment suitability, portfolio management and trading practices, safety of client funds and assets, pricing and valuation, effectiveness of compliance programs and controls, and supervision of employees outside of business activities.

The OCIE oversight also covers robo-advisors, which are registered investment advisors that provide services to clients through automated investment tools and platforms. The compliance office will also focus examinations on the Financial Industry Regulatory Authority (FINRA), its operations, regulatory programs, and the quality of FINRAs examinations of broker-dealers and municipal advisors. FINRA has approved several crypto investments. In October, it approved shares of Grayscale Digital Large Cap Fund for public quotation.

Over in Europe, the European Securities and Markets Authority (ESMA) released its Strategic Orientation 2020-22 on Thursday, highlighting its priorities for the year. Located in Paris, ESMA is a European Union financial regulatory agency and European Supervisory Authority.

According to the document, ESMA requires the EU market participants to acknowledge the risks that may stem from digitalization by ensuring business continuity and the use of adequate and up-to-date technology, as well as adequate protection against cyberthreats, and through proper data protection and data quality management. The regulator described:

The dangers of cyberthreats to the financial system as a whole and a sound legal framework for crypto assets are increasingly becoming areas of focus for ESMA together with the other European Supervisory Authorities, the European Systemic Risk Board, the European Central Bank and the European Commission.

Emphasizing that fintech can contribute to well-functioning financial markets and investor protection, ESMA says it will therefore actively examine the new opportunities technology might bring especially for investor protection and share expertise and know-how with national authorities. The regulator will collaborate with national regulators to achieve its goals.

In Asia, the Peoples Bank of China (PBOC) announced its seven key policy priorities for 2020 on Jan. 5, following an annual conference it held last week in Beijing.

Chinas central bank will strengthen research and development and application of financial technology, the announcement details. The PBOC specifically stated that it will continue to steadily advance research and development of a legal digital currency.

While cracking down on crypto and initial coin offering activities in the country, the PBOC has been working on issuing its own digital yuan. Local media reported on Friday that the bank has completed the digital currencys top-level design and preliminary testing.

What do you think of the U.S. and European regulators making cryptocurrency a priority this year? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock, SEC, ESMA, and PBOC.

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A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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US and European Regulators Say Crypto a Priority This Year - Bitcoin News

What good is Bitcoin if the Internet fails? – Decrypt

The Internet isnt invincible. Governments the world over are restricting access to the world wide web; Russia is erecting a China-style firewall, Iran switched off the Internet during recent protests and India makes a habit of it. Intentional shutdowns have more than doubled since 2016, according to Access Now, a non-profit advocating for Internet access.

Then there are man made disasters (missile strikes) and natural onessuch as wildfires in California and Australia, or other scenarios that limit access to electricityas well as the prohibitive cost of Internet use in many parts of the world, lack of security and, of course, Internet surveillance.

The Internets vulnerability isnt great for advocates of cryptocurrency. A single day without access to the Internet can cost crypto exchanges, miners and traders millions. You cant buy, send or steal bitcoin if the Internet is down. Or can you?

Neil Woodfine, director of marketing at Bitcoin development firm Blockstream, took to Twitter on Monday to deliver a blistering riposte to those who believe Bitcoin is reliant on the Internet, based on a presentation he delivered in Zurich, Switzerland last October.

Woodfine admitted that delivering transaction data to miners requires an Internet-connected device. Therefore, any offline solution is really only Internet-minimized, but the scope is still huge.

"Bitcoin endures because the engineers that build it expect the unexpected. Money is a dangerous game, and any weaknesses, no matter how small, will be exploited, he wrote.

His first bit of advice is that people should get into the habit of going offline, and that means looking after their own private keys instead of entrusting them to an exchange or other custodian.

But the first step to really using bitcoin offline is to have your own full node. At first, it seems counter-intuitive; running a Bitcoin node requires serious bandwidthwhich requires a connection to the Internet, which is linked to an IP address, which in turn can be linked to a physical address.

Thats where Blockstream Satellite comes into play. The startup uses teleports around the world to beam bitcoin blockchain data to four geostationary satellites around the Earth. These satellites then broadcast the data to almost all populated regions in the world, said Woodfine.

Currently, Blockstreams satellites transmit only one way, for download only, so its not possible to use the network to transmit transaction datayet.

But its free, theres no bandwidth limit, and to pick up the signal you need less than $100 of equipment, said Woodfine. That consists of a standard TV satellite dish, an SDR (software defined radioavailable for $24 on Amazon), and a basic computer, such as a Raspberry Pi.

This is where things gets really interesting. Because a single node connected to a satellite can provide bitcoin blockchain data to a whole area via Wi-Fi rebroadcasts using simple, low-cost, equipment.

For sharing transactions, mesh networksa network of nodes that are not centrally-owned or controlled, connected directly to each otherare the best known option. They relay transactions data from and to other nodes in transmission range. Only one node needs to be connected to the Internet in order to relay the data to the rest of the mesh.

To hook up to a mesh network, a popular option is an inexpensive, low-powered messaging system called goTenna. It has a range of approximately four miles, which can be extended via a relay method. But mesh networks are not infallible, the technology is still nascent and its impractical in confrontational situations, say protestors.

One option thats quickly catching on is the so-called Low Range Wide Area Network (LoRaWAN). Widely used for IoT applications, LoRaWAN chips work in extremely low-power devices, and offer a four mile range. However, bandwidth is tiny, and transactions need to be broken up and sent slowly, said Woodfine.

Another alternative is relaying transactions via mobile text messages to Internet-connected devices. Tools to enable this include Samurai Wallets Pony Direct, txTenna, a collaboration between goTenna and Samurai Wallet, and SMSPushTX.

Using these various methods, one satnode and one Internet connected device can produce an entire network, said Woodfine.

There are other methods for getting transactions data through, he said.

Using amateur radio, users can transmit low-bandwidth transaction data around the world on very little power.

Satellite phones, such as Iridium Go, allow users to send and receive low bandwidth data anywhere in the world.

And, if all else fails, theres Opendime, a small USB stick that allows you to physically spend Bitcoin, just like a dollar bill, and pass it along multiple times.

But hang on a minute. Isnt that going back to where we all started?

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What good is Bitcoin if the Internet fails? - Decrypt

Bitcoin Could Take Centre Stage at the 2020 NBA All Star Game, With Your Help – newsBTC

Voting has opened for the 2020 NBA All-Star game. With fans able to decide the players they wish to see take the court, there is an opportunity for the leagues biggest Bitcoin proponent to take to the court during the prestigious weekend.

Spencer Dinwiddie plays point guard for the Brooklyn Nets and is hopeful of selection for the All-Star Game. The 26-year-old basketball star has also been investing in Bitcoin since 2017 and has been a vocal advocate of blockchain technology since.

Over the years multiple sports stars and franchises have professed an interest in Bitcoin and cryptocurrency. As NewsBTC previously reported, Russel Okung, the offensive tackle for the LA Chargers, has hosted his own Bitcoin conference. Meanwhile, the NBAs Sacramento Kings started a cryptocurrency mining initiative from within its high tech stadium.

Another big name from American sports is also a fan of Bitcoin. Describing himself as a tech guy with a jumper, Spencer Dinwiddie of the Brooklyn Nets, is currently in the process of organising the tokenisation of his own contract. Forbes reported on the NBA first earlier today.

In a video promoting the investment opportunity, posted to Dinwiddies Twitter today, the basketball star stated that, despite previous objections from the league, he was going ahead with the launch of security tokens representing his current contract. The sale will begin on January 13.

The date is significant not only because of the launch of the so-called Spencer Dinwiddie bond but also because it marks just one week left of voting for who will represent each team during the much-hyped NBA All-Star Game. As something of an incentive to both vote for him and for accredited investors to buy shares in his contract, the Brooklyn Nets player has stated that he will gift all of his teammates Bitcoin if the sale is successful and hes voted into the game.

Spotting an opportunity to get Bitcoin exposure during the celebrated NBA All-Star Weekend was Anthony Pomp Pompliano. The podcaster and founder of Morgan Creek Digital Assets has encouraged his followers to head over to the NBA website and vote for Dinwiddie to be the Eastern Conferences starting point guard.

If the Bitcoiner is to take to the court during the NBA All-Star Game, held during the weekend of February 14 -16, he is going to need a fair bit more support. According to a tweet posted yesterday by basketball journalist Howard Beck, Dinwiddie is outside of the top ten Eastern Conference guards. However, the support of Bitcoin Twitter going into the last week of voting could well change that.

Related Reading: Why Analysts Think Bitcoin Price On Verge of Crash to $6,000

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Bitcoin Could Take Centre Stage at the 2020 NBA All Star Game, With Your Help - newsBTC

Bitcoin And Everything It Has Done For The World So Far – CryptoPotato

Bitcoin had a quiet start 11 years ago but since then has implemented serious innovations within the financial world and has managed to leave a definitive mark. While some people debate over the incredible investment returns it has delivered over the past decade, the largest cryptocurrency also managed to disrupt the whole financial sector.

Lets dive into some of the changes that Bitcoin presented during its relatively short existence.

Bitcoins price is one of the most discussed topics within the community, but its a necessary one to showcase the full potential it has. Briefly put, it went from an almost non-existing price to over $20,000 in less than ten years.

Even though it has severely retraced since its all-time high, Bitcoin was still crowned as the best performing investment asset in the last decade. While Netflix, for example, delivered an impressive return of over $4,100%, the largest cryptocurrencys ROI was at 8,900,000.

The topic was initially brought by the popular Bitcoin proponent, Charlie Shrem. In a Tweet thread, he started by indicating that the largest crypto has managed to wake up the fintech sector, aside from being an amazing innovation and magic internet money.

He continues by pointing out the massive improvements which the fintech sector experienced during the last decade. Shrem points out the notably slow speed of how payments were processed, and at the same time the high fees such transfers contained. In his words, the banking sectors idea of innovation for decades was scheming to create new fees.

So what did Bitcoin do to impact both of these? For starters, its a peer-to-peer electronic payment system, meaning that you dont need an actual third-party to execute the transfer. This ultimately helped for faster and cheaper transactions. By having a real competition, the fintech sector has made great improvements as well, making the process easier and more affordable.

Nowadays, the need for physical cash is declining daily, which could be regarded as another Bitcoin initiative. This report shows that the volume of non-cash payments is continuously growing over the last decade. During 2016-2017, the growth is at 12%, and the report estimates that from 2017 to 2022, it will increase to over 14%.

Shrem also adds another compelling point to his idea financial literacy. He indicates that people are much more aware now or trying to be in terms of financial education. He also believes that this could change the whole course of humanity by making people freer if they continue to learn about the potential of the largest cryptocurrency.

The 2017 parabolic price increase is arguably the point in Bitcoins history that had the largest number of people talking about it. For a few consecutive months, BTCs price was recording astonishing double-digit daily increases before it ultimately reached the coveted $20,000. The following severe decline to less than $4,000 in a year may have proven once again its extraordinary volatility, but a lot of people decided to stick with it and actually learn more.

YouTube videos, Udemy courses, and famous online influencers started educating people on Bitcoins potential, how to trade, how to profit, etc. Even though a significant amount of scams exist, the cryptocurrency community also consists of many prominent educators that can help people gain real knowledge on the matter and actually make a difference.

Bitcoin may have other roles in the world, rather than a successful investing tool. Looking at the data above, one can safely assume that it has impacted other aspects of our livelihoods, such as the whole fintech sector and peoples financial education. Both of these might be added to the already long list of accolades.

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Forget gold and Bitcoin! I’d invest regularly in FTSE 100 shares in an ISA to make a million – Yahoo Finance UK

The stunning capital returns recorded by gold and Bitcoin in 2019 could make them increasingly popular among investors. After all, they appear to have momentum that could realistically continue in the short run.

However, investors may be better off taking a long-term view of their finances through regularly purchasing undervalued FTSE 100 shares. They may not match the returns on gold and Bitcoin in the short term. But their risk/reward ratio and track record of performance suggest that they could offer a better chance of making a million compared to buying the precious metal and virtual currency.

The valuation of the FTSE 100 suggests that it offers investment appeal at the present time. Numerous sectors such as industrials, defence, retail and banking contain stocks that trade on lower valuations than their historic averages. This suggests that risks such as Brexit and the trade war between the US and China have weighed on investor sentiment, thereby providing investors with the chance to buy high-quality stocks while they trade at appealing prices.

While investing a lump sum in FTSE 100 shares could be a good long-term move, so too could regular investing. As mentioned, risks face the world economy at the present time. This could mean that the index experiences periods of volatility over the coming months that cause share prices to decline on a temporary basis.

Through regular investing, investors may be able to capitalise on the opportunities that this situation presents. And with the FTSE 100 having always recovered from its downturns to post new record highs, in the long run, the returns available from such a strategy could be high.

Investing regularly in the FTSE 100 is easier than ever. It can be undertaken via most online share-dealing providers for a minimal fee that is sometimes as low as 1.50 per trade. As such, it is very accessible to all investors.

Furthermore, investing in a tax-efficient way is a simple and cost-effective process. Opening a SIPP or a Stocks and Shares ISA is relatively uncomplicated and inexpensive. In the long run, it could lead to reduced tax being paid, which may boost your overall returns.

Clearly, investing regularly in FTSE 100 shares is unlikely to generate a seven-figure portfolio in a short space of time. However, when undertaken over the long run, it could lead to a large portfolio especially since the FTSE 100 seems to offer excellent value for money at the present time.

Although Bitcoin and gold have enjoyed strong periods of growth, their long-term return profiles may not be as enticing as FTSE 100 stocks. Golds price level could be negatively impacted once investor confidence returns due to its defensive appeal, while a lack of fundamentals means that valuing Bitcoin following its recent surge is highly challenging. Therefore, investing in FTSE 100 shares could be a better means of making a million.

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Peter Stephens has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

Motley Fool UK 2020

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Forget gold and Bitcoin! I'd invest regularly in FTSE 100 shares in an ISA to make a million - Yahoo Finance UK

Independent Report Declares News.Bitcoin.com the Top Crypto News Site – Bitcoin News

A new research report from BTC Peers has ranked 145 crypto news websites for quality. It analyzes scores of benchmarks including average visit duration, bounce rate, and number of backlinks. The report features the usual suspects in its top 10, including Coindesk at number three and Cointelegraph at two. Top of the list, however, is news.Bitcoin.com.

Also read: Court Gives Craig Wright More Time to Await the Mysterious Bonded Courier

The cryptosphere is filled with news sites that cover multiple cryptocurrencies, ecosystems, and angles. From the unquestioningly fawning to the unrelentingly skeptical, theres a crypto news outlet to suit all dispositions. Best is a highly subjective term, therefore, whose declaration largely depends on the needs of the reader. Nevertheless, when BTC Peers published its methodical analysis of the top 145 crypto sites and placed news.Bitcoin.com top, our publication was duty bound to report on the matter.

News.bitcoin.com won first place with 978 points, notes the report, adding: It was interesting to compare it with Cointelegraph. On the one hand, CT has a higher Alexa Rank, with more than twice the audience and more backlinks. But news.Bitcoin.com has less of a bounce rate and a twice higher avg. visit duration, which suggests that although they have a smaller audience, their readers interact with the content better and longer.

In other words, news.Bitcoin.com may not attract the highest readership, but the increased time readers spend on the site is indicative of quality long form content. Other sites may be good for grazing, but for deep analysis, news.Bitcoin.com has got it locked down. Thats the long and short of the BTC Peers report. Naturally there are a few caveats to consider.

The thorough analysis of 145 crypto news sites was commissioned with a particular audience in mind. Specifically, it was published for the benefit of Marketers and PR managers, in order to assess the quality of resources to get better results, as well as Journalists, editors, and owners of content platforms looking for quality news, and to evaluate competitors and investors and traders, to assess the quality of information sources to make better decisions.

Of these groups, marketers in particular are seeking reliable data with which to plan media campaigns. The ability to compare key metrics, such as bounce rate and Alexa ranking, across all leading crypto publications, is extremely valuable. This data enables advertisers to optimize their campaigns and to submit press releases to sites that can deliver a return on investment. Low bounce rate i.e. the amount of time a reader will spend on a page before clicking the back button is one of the leading determinants of quality.

Commenting on the report, news.Bitcoin.com Editor-in-Chief Nanok Bie said: Im grateful for this recognition, particularly the fact that BTC Peers looked closely at metrics like bounce rate and time on page, to find which site readers engage with the most. The high numbers awarded to news.Bitcoin.com are due to our consistent high quality, relevant and in-depth reporting.

He added: If youre only going to read one news source to keep up with crypto, it should be news.Bitcoin.com, as we deliver balanced, well-researched and neutral news that covers everything bitcoiners need to know about the industry.

The BTC Peers report is sure to spark debate about how media quality is measured and which benchmarks matter the most. At news.Bitcoin.com, were grateful to all our readers for their time spent reading and passionate debates in the comments section, which have helped make this site what it is namely, the best crypto news website of 2019.

What are your thoughts on the findings of the BTC Peers report? Let us know in the comments section below.

Images courtesy of Shutterstock and Dapp Review.

Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see whats happening in the industry.

Kai's been manipulating words for a living since 2009 and bought his first bitcoin at $12. It's long gone. He's previously written whitepapers for blockchain startups and is especially interested in P2P exchanges and DNMs.

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Independent Report Declares News.Bitcoin.com the Top Crypto News Site - Bitcoin News

Why Proof of Reserves Is Important to Bitcoin – Bitcoin Magazine

Bitcoin is a movement founded on individual monetary sovereignty, transparency and peer-to-peer auditability enabled by a breakthrough in technology. It launched at a time when trust in the worlds financial institutions was at an all-time low and struck a chord. Bitcoins success has led to profits, which has, in turn, led to complacency. Today, people are once again placing their trust in new crypto institutions, some of which have done very little to earn that privilege. Over $4.4 billion was lost as a result of crypto exit scams and thefts in 2019 alone and billions more are likely at risk right now.

The technology to provide auditability and transparency for bitcoin held in custody has been inherent to the protocol from its inception. However, the industry has been slow to incorporate these features for end customers. As once-siloed companies bid to broaden their offerings (exchanges adding custody, lending, etc.), complexity will increase and transparency on proof of reserves (allowing customers to confirm that the service they are using does in fact hold their bitcoin, on-chain) will become even more important. The ability to offer proof of reserves will become a tool to earn and retain customer trust.

While the idea of proving that bitcoin sent to a particular service or company is still held by such company might seem trivial to some, there are about as many ways to structure custody and interaction with customers as there are altcoins in the crypto universe.

Some services like cold-storage vaulting allow for relatively straightforward implementations while others, like trading on exchanges, can be more complex. Beyond the technical challenges, it is important to highlight some of the business reasons.

Many exchanges are structured in a hot-warm-cold wallet security framework. In this setup, the hot wallet manages a limited balance and is used for inbound and outbound transactions. The warm wallet is a whitelisted bridge between the cold and hot, and the cold, as the safest, holds the majority of the assets. This setup allows for quick withdrawals, improving customer experience as well as operational efficiencies through transaction batching, and at the same time, be able to benefit from the safety of cold storage.

Some services offer periodic audits of their cold, warm and hot wallet balances. They have used increasingly clever ways for customers to verify that their balances were indeed included in the audit. (This has to be done openly while at the same maintaining customer privacy). Although the audit verification methods to date are still somewhat cumbersome for customers (given they are not real-time), they are a step in the right direction.

Contrary to what some may think, there is an enormous supply of bitcoin looking to be lent to earn a yield. In fact, the rates to lend and borrow bitcoin are lower than those to lend and borrow cash and equivalents (USD), meaning that (currently) there is an oversupply of bitcoin in the market (in comparison to the demand for borrowing bitcoin).

While this phenomenon has been primarily led by the increasing popularity of bitcoin interest accounts, competition is bringing new players into the space looking to monetize bitcoin that is in their custody. Presently the market is becoming flush with digital assets looking for yield and it shows no sign of stopping. As the allure of holding fractional reserves of assets increases, proof of reserves can act as a way for end customers to keep the platforms levels of fractional lending in check or verify whether their funds are there or not.

Irrespective of the type of asset or industry, aggressive lending practices eventually leads to trouble. In order to prevent a credit bubble from occurring, transparency on funds is paramount. Lets try to build the right tools and educate the Bitcoin community on the importance of transparency before another QuadrigaCX or Mt. Gox happens.

And it can be profitable! In an industry with such low switching costs and a growing user base, transparency can be the winning differentiator for people looking for a new service provider for their digital asset needs and a good reason to remain there.

Bitcoin has given us the tools to build a new financial system that is transparent and open to the world an opt-out of an existing system full of unknowns as Satoshi described. Let's keep the ethos of Bitcoin alive as we build financial services for it lets not recreate the world we had to escape. Services that give customers the information they need to make good decisions will win in the long run.

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Why Proof of Reserves Is Important to Bitcoin - Bitcoin Magazine

Bitcoins transaction fee 426x more than Litecoin in 2019 – AMBCrypto

On the latest episode of the Unconfirmed podcast, host Laura Shin spoke to Nate Maddrey, senior research analyst at CoinMetrics, a Bitcoin and crypto-asset data analytics firm. During their conversation, Maddrey mentioned how 2019 had been a big year for stablecoins overall, and that Tether is still, by far, the most dominant stablecoin in terms of market capitalization.

However, Maddrey drew attention to USDC, stating that it had grown a lot over the year, and that a lot of that growth had been driven by decentralized finance (DeFi). He also noted how transfer value for the Ethereum version of Tether overtook the transfer value on Ethereum in 2019, which shows that people really are using stablecoins as kind of a method of payment, or medium of exchange at least.

The analyst also mentioned how active addresses increased across the board, except for XRP, Stellar and Zcash, which dropped by nearly 50%. Ethereums active addresses remained relatively flat, dropping by only 1% over the year. Additionally, he explained how the four assets where the active address decreased all registered a dip in market cap and price. He said,

Im kind of hopefully optimistic that this means that valuation is being driven a little bit more by usage, but who knows if its correlation or causation?

Maddrey also noted how transaction fees is one of the best metrics to analyze when youre looking into real usage. If fees are going up, it basically means the space in individuals blocks on the blockchain is at a premium, he said, and people are willing to pay more and more to use that blockchain.

He also pointed out that there were only two blockchains with any sort of significant fees Bitcoin and Ethereum. Bitcoin fees were the highest, with its average total daily fees over 2019 reported to be around $426,000. Ethereum came in second place, collecting average daily fees of around $95,000. The next closest blockchain after that was Litecoin, he said, which had about $1,000 worth of daily fees on average.

When asked about 2020, the CoinMetrics analyst said that it would be interesting to watch whether Bitcoin and Ethereum stay separated in terms of price and market cap, especially as Ethereum transitions toward Ethereum 2.0. I think were starting to get it to a good place for crypto where were starting to converge on some of these important metrics like fees, he said, and thats going to be healthy for the industry.

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Bitcoins transaction fee 426x more than Litecoin in 2019 - AMBCrypto

Bitcoin Price To Rise Above $20,000 In 2020, Says Bitpays Singh – Forbes

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Its the season of Bitcoin price predictions.

Only days after Nexo co-founder Antoni Trenchev made the case for a $50,000 Bitcoin price in 2020, Bitpay Chief Commercial Officer Sonny Singh has also shared his belief that the crypto asset will hit new all-time highs this year.

Notably, Singh shared what turned out to be a correct prediction that Bitcoin would get close to $15,000 in 2019 with Bloomberg a little more than a year ago.

This year, Im going to make a prediction, Singh told Bloombergs Taylor Riggs on Wednesday. I think Bitcoin passes the all-time high and goes passed $20,000 this year.

While most other Bitcoin pundits have pointed to the upcoming halving as the main catalyst for a Bitcoin price pump in 2020, Singh offered an alternative theory. The halving event is expected to occur in May, and it will cut the number of new Bitcoin that are created roughly every ten minutes in half.

The technical and high-frequency trading is what drives this market in Bitcoin, said Singh. Any time you have an unforeseen circumstance like the Iran incident that happened a couple of days ago that adds new buyers to the market, they werent expecting that and that bumps it up. And that little bump actually in buying pressure really drives it to be up, next thing you know, 20% in two days.

In Signhs view, the Bitcoin market is largely driven by traders who follow technical indicators, which is why unforeseen events where new buyers enter the market have had such a large impact on the cryptocurrencys past price movements. Singh pointed to last years surprise announcement from Facebook about their Libra project as an example of this phenomenon.

This year, again, things like China, Russia, or India could legalize Bitcoin, added Singh. Some new companies competitive to Facebook could get involved. The American government could do something. Something unforeseen that could happen will really move it faster.

Singh also pointed out that fundamental building blocks for a stronger Bitcoin ecosystem are already here through developments like the launch of Fidelitys crypto services and Squares hiring engineers to focus on Bitcoin. However, he reiterated that it will be the unforeseen events that trigger big Bitcoin price moves in 2020.

In terms of the crypto asset market more generally, its unclear if other coins would rise as quickly as Bitcoin in a bull market, as 2019 was a historically bad year for altcoins. The development of secondary protocol layers, such as sidechains, on top of the base Bitcoin blockchain, could spell doom for many of the alternative assets in the crypto market. Even a member of the United States House of Representatives has singled out Bitcoin as the real innovation in the crypto asset space.

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Bitcoin Price To Rise Above $20,000 In 2020, Says Bitpays Singh - Forbes

Why The Bitcoin Price Could Hit $50,000 In 2020 – Forbes

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While the Bitcoin price was on the decline for the second half of 2019, the reality is the crypto asset still roughly doubled in value over the course of the entire year. In fact, there were only two major cryptocurrencies that outperformed Bitcoin in 2019.

On Friday morning, Nexo co-founder Antoni Trenchev told Bloombergs Matt Miller why he thinks the Bitcoin price could continue to rise to the $50,000 mark in 2020.

I think that, very easily, we could see Bitcoin going up to $50,000 by the end of this year, said Trenchev.

Trenchevs Nexo platform allows users to borrow fiat currency against their cryptocurrency holdings. According to Nexos researchers and analysts, a massive rise in the Bitcoin price could occur due to the upcoming halving event. A halving event in Bitcoin is when the amount of Bitcoin generated by the network roughly every ten minutes is cut in half. This event takes place about every four years.

The last time this happened, Bitcoin rallied 4,000%, noted Trenchev.

Trenchev also pointed out that Bitcoin is mostly uncorrelated to the rest of the market, providing asymmetric returns for holders of the cryptocurrency.

Miller pointed out that Bitcoin hasnt grown much as a payment option since he tried to live on the digital currency for a Bloomberg investigative report back in 2012, but Trenchev claimed the main selling point of Bitcoin has evolved over the years.

The initial idea was: Were going to pay for coffees with Bitcoin, said Trenchev. But, obviously, that has failed to materialize. The narrative, now, that is much more persuasive is that Bitcoin is the new gold, and we see confirmation with the turmoil that we have this morning Bitcoin is rallying on par with gold.

Trenchev added that the Bitcoin price would reach the $50,000 level if the crypto asset is able to take hold of 10% of the current gold market. The Nexo co-founder claimed that, eventually, people will only be able to afford to buy satoshis rather than whole Bitcoins for their portfolios.

Members of the cryptocurrency industry are not the only ones who are aware of Bitcoins potential, as members of the United States Congress also envision a world where this technology could have a major impact on society. Congressman Patrick McHenry (R-NC) has said Bitcoin has enormous long term value, while Congressman Brad Sherman (D-CA) is worried about the cryptocurrencys potential impact on the U.S. dollar as the major reserve currency in the world.

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Why The Bitcoin Price Could Hit $50,000 In 2020 - Forbes


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