Fundstrat: Bitcoin (BTC) Will Easily Surpass $20,000 Eventually

Fundstrat’s Lee Extremely Bullish on Bitcoin

As news of Facebook’s Libra broke, every mainstream outlet began to cover it and Bitcoin (BTC) in general. So, it comes as no surprise that this morning, CNBC “Futures Now” called on Tom Lee, the head of research at Fundstrat Global Advisors, to talk cryptocurrency in his latest appearance of dozens on the segment.

After discussing how Facebook’s latest venture is complementary to Bitcoin, in that BTC will continue to act as a reserve cryptocurrency, he was asked to give a price target. Staying true to his promise not to give any concrete, time-constrained targets, Lee claimed that Bitcoin could “easily” surpass its previous all-time highs of $20,000, but was hesitant to give an exact date.

This comes briefly after Lee and his peers at Fundstrat claimed that $10,000 is the level to watch for Bitcoin. They claim that once Bitcoin reaches $10,000, “Level 10” FOMO will grace this market, which last occurred when BTC blipped above $4,500 in late-2017. If history is any guide, the cryptocurrency market will shoot even higher once $10,000 is breached. As the analyst wrote on Twitter earlier this month, “[$10,000] will see FOMO from those who gloated about the 90% crash in BTC… and those who saw Bitcoin dead as forever.”

bitcoin fomo

Per CCN, which reported on this first, the Wall Street analyst stated on a podcast with Binance’s CFO that once $10,000 is breached, there will be a “fast and furious” move to $20,000. And from there, Bitcoin will double in the next five months, reaching $40,000 in a jaw-dropping move.

Catalysts for Further Crypto Run

Lee wasn’t the only bull on this segment. The two other guests to the CNBC show, traditional markets traders Anthony Grisanti and Brian Stutland, were also bullish. Grisanti claimed that as long as BTC doesn’t fall below $9,100, he’s long on the asset until $10,200. Stutland agreed, claiming that he would make a similar trade if he had to. And here’s why.

The CME trader claimed that Bitcoin has and continues to see use as a hedge “against fiat”, which many believe is conducive to the cryptocurrency’s long-term value proposition. This is seemingly true, believe it or not. As reported by Ethereum World News previously, a Hong Kong-based exchange TideBit traded Bitcoin for $9,340 while the asset traded for $9,180 on Coinbase, implying a 2% premium. This small trend, per eToro’s Mati Greenspan, is a sign that Bitcoin is becoming used more and more as a safe haven, validating reports that Hong Kong residents have begun to move their assets out of the region in a bid to mitigate any financial surveillance or government seizure of their wealth.

With the geopolitical and macroeconomic stage continuing to look more tumultuous than ever — with the US-China trade war, proposed capital controls in Italy, expected rate cuts by central banks, and more — some are sure that Bitcoin will only continue to see an increase in capital inflows in the months and years to come.

Photo by André François McKenzie on Unsplash

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Analysts: Bitcoin Likely to Continue Surging Higher as Bull Case Strengthens

Bitcoin BTC

It has been a very positive past few months for Bitcoin and the aggregated crypto markets, with BTC surging from lows of $4,000 in early-April to highs of $9,400 just this past week.

This overwhelmingly bullish price action is certainly emblematic of a bull market, and BTC is now rapidly approaching the five-figure price region, signaling that the crypto’s bulls are still in full control despite facing some selling pressure yesterday.

Bitcoin Stabilizes in Lower-$9,000 Region

At the time of writing, Bitcoin is trading down 1.7% at its current price of $9,130, down slightly from its 24-hour highs of $9,400.

Over the past week, Bitcoin has surged from lows of $7,900 to highs of $9,400 yesterday, which was a fresh year-to-date high. It appears that BTC has been slowly ratcheting higher on a weekly basis, forming fresh legs up before consolidating for a short period of time, and then continuing to climb higher.

If this pattern continues to repeat, it is likely that Bitcoin will consolidate for a short period of time around the lower-$9,000 price region, before it subsequently continues its upwards ascent and moves into the five-figure price region.

The Crypto Dog, a popular cryptocurrency analyst on Twitter, recently noted that he believes the cryptocurrency is posed for a continuation of its upwards momentum, concisely saying:

“Looks ready for trend continuation to me.”

Assuming BTC does extend its upwards momentum, it is likely that it will face some levels of resistance around $10k, as this will be a critical psychological price level that could determine whether or not the crypto revisits its all-time-highs any time soon.

Could BTC Reach $62k in the Coming Months?

One interesting possibility that some analysts are currently discussing is based on a historical trend analysis, which signals that Bitcoin my surge as high as $62k in the coming few months.

Galaxy, an extremely popular cryptocurrency analyst on Twitter, discussed this incredibly bullish possibility in a recent tweet to his over 50k followers, pointing to one of Bitcoin’s recent technical formations, which is strikingly similar to those formed just prior to massive bull runs in years past.

“Year 2017 had a similar weekly candle set-up as the one today, which was followed by a 570% price increase over the next 147 days. Another similar price increase puts BTC price at ≈$62K by the end of October 2019,” he explained.

As Bitcoin’s price action continue to unfold, traders and analysts will likely garner a better understanding of whether or not it is prudent to assume that BTC will soon make any massive parabolic movements.

Featured image from Shutterstock.

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Bitcoin to Benefit From Libra? Crypto Pundits Double-Down on Optimism

bitcoin

After months of anticipation, which seemingly coincided with a Bitcoin (BTC) rally, Facebook’s crypto asset has finally come to the public stage. Launched Tuesday morning as reported by Ethereum World News, Libra will be a stablecoin

While many have remained agnostic towards the venture, claiming that it won’t involve “real” cryptocurrencies in any material manner, some have come out to comment on Libra. Some see it as a threat to society at large; others view the project as the trigger that will kickstart the next megalithic BTC rally. Today, this outlet will discuss the latter group, and why they believe Libra will be beneficial for Bitcoin and its altcoin brethren.

Boon for Bitcoin

A new narrative that has recently come to light is the idea that Facebook’s crypto asset, slated to allow for low-cost, rapid value transfers, will threaten the U.S. Dollar and traditional banking system.

In a recent Youtube video, prominent Bitcoin educator Andreas Antonopoulos claimed that banks like JP Morgan, Citi, and its ilk are likely to feel threatened by Libra, as it removes friction in money, and thus the profits of these institutions.

Prominent investor Rhythm, also known as Alec Ziupsnys, took this a step further. Responding to Antonopoulos’ impassioned tweet on the subject matter, Rhythm explained that by virtue of being a good technology, Libra will cause people, presumably millions or billion across the globe, to “question the properties of the U.S. dollar and how the banking system works.”

From there, he expects for Bitcoin to see a capital flow. Because the proper alternative to fiat currencies, in the eyes of many decentralists, is an asset like BTC, which is decentralized, trustless, permissionless, borderless, and programmable, among many things that make cryptocurrencies valuable.

bitcoin

This isn’t the only reason why people expect for the launch of Libra to aid Bitcoin, specifically in terms of price and network effects. Bank of America analysts believe that Libra will boost cryptocurrency to heights unknown. They argue that Facebook’s cryptocurrency simply validates the idea of crypto, giving users a further reason to allocate money to this growing digital economy:

“With more than 2.5 billion users, Facebook and its partners could be a significant endorsement of cryptocurrency and a notable addition to the Facebook app ecosystem.”

This is seemingly the case. As reported by Ethereum World News previously, Blockchain Capital’s Spencer Bogart believes that this recent venture will be absolutely bullish for BTC. He explains that it is “among the most bullish external tailwinds for Bitcoin in 2019/2020″, adding that it joins quantitative easing (an inflationary fiscal policy), which he calls a “reinvigorated push among central banks for easy-money globally”, as a positive catalyst. Bogart claims that this project will boost cryptocurrency’s viability, catalyze the creation of related infrastructure in this sector, and create an on-ramp for BTC inflows.

Photo by Glenn Carstens-Peters on Unsplash

The post Bitcoin to Benefit From Libra? Crypto Pundits Double-Down on Optimism appeared first on Ethereum World News.

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Irbis Network Gears up For the Privacy-Oriented Telecom Era to Take Over the $3 Trln Global Market

Irbis Network Reveals the Safecalls Distributed Telecom Network, Intents Two IEO Pre-Rounds And a Top-Tier Initial Exchange Offering in July

Irbis Network, a decentralized telco network founded by SafeCalls Telecom, today announced its plans to perform two IEO pre-rounds, as well as a top-tier initial exchange offering, all scheduled for July-2019. Irbis Network ultimate goal is to marry the cutting-edge telecom, messengers, IoT and 5G technologies to the breakthrough routing and encrypting decentralized infrastructure. Irbis blockchain eliminates a large number of vulnerabilities, to which the current SS7/GSM protocol is exposed.

The first ecosystem Dapps will be launched on the basis of SafeCalls, a GSM mobile network for secure calls protection offering a wide range of anonymity and security telco features. Dapps will become available for public use right after the 3-rd IEO round completion and Irbis Network launch.

SafeCalls now has three of its core products up and running: a mobile network for secure phone calls with “Fake Caller ID” and “Change Voice” functionality, a Telegram bot allowing GSM-to-Telegram calls, and a secure VoIP featuring quick online billing and low-cost international calls. The company will empower the SC Telecom ecosystem with an own decentralized VPN-based blockchain network, a Telegram-enabled SIM for mobile internet and calls, as well as an IoT-backed SIM to deploy IoT solutions.
Launch of the own secure SafeCalls-based smartphone is now scheduled for Q3-2019.

Irbis Network, a decentralized telco network
founded by SafeCalls Telecom, today announced its plans to perform two IEO
pre-rounds, as well as a top-tier initial exchange offering, all scheduled for
July-2019. Irbis Network ultimate goal is to marry the cutting-edge telecom,
messengers, IoT and 5G technologies to the breakthrough routing and encrypting
decentralized infrastructure. Irbis blockchain eliminates a large number of
vulnerabilities, to which the current SS7/GSM protocol is exposed.

The first ecosystem Dapps will be launched on
the basis of SafeCalls, a GSM mobile network for
secure calls protection offering a wide range of anonymity and security telco
features. Dapps will become available for public use right after the 3-rd IEO
round completion and Irbis Network launch.

SafeCalls now has three of its core products up
and running: a mobile network for secure phone calls
with “Fake Caller ID” and “Change
Voice” functionality, a Telegram bot allowing GSM-to-Telegram calls, and a secure VoIP
featuring quick online billing and low-cost international calls. The company
will empower the SC Telecom ecosystem with an own decentralized VPN-based
blockchain network, a Telegram-enabled SIM for mobile internet and calls, as
well as an IoT-backed SIM to deploy IoT solutions.
Launch of the own secure SafeCalls-based
smartphone is now scheduled for Q3-2019.

The post Irbis Network Gears up For the Privacy-Oriented Telecom Era to Take Over the $3 Trln Global Market appeared first on Ethereum World News.

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Facebook’s Crypto Already Embroiled in Political Turmoil

Facebook Goes Crypto

For the longest time, social media giant Facebook has been rumored to be involved in the crypto and blockchain industry. But on Tuesday, these rumors were confirmed to be true with an announcement and flashy website published in the wee hours of the morning revealing that the Silicon Valley darling will be launching Libra. This, for those who are unaware, is the company’s long-awaited digital asset.

Libra, a Brief Breakdown

So, what is Libra?

Well, Libra is a stable cryptocurrency backed by a basket of assets deemed to be “stable”. Per documents on the new asset, it will be integrated into Facebook’s expansive social media ecosystem and potentially into mainstream applications, like with Spotify and Uber, in the future. Libra will be run on a blockchain that is, like many other chains, Byzantine-Fault-Tolerant (BFT). The algorithm/consensus mechanism being used is, according to Binance, a variant of the “HotStuff Framework”.

Facebook intends to allow the crypto asset to be used to empower billions across the globe, ensure that money isn’t left behind in the digital revolution, and to push blockchain adoption through smart contracts and “custom transactions”.

Under Fire Already

Interestingly, this venture has already come under fire from a central bank. Reported first by Bloomberg not hours after Facebook’s latest venture went live, French Finance Minister Bruno Le Maire has already expressed his distaste for Libra. In a comment given on Europe 1 radio, the regulatory explained that Libra, nor other cryptocurrencies, should become a replacement for fiat. Accentuating his skepticism, he noted that it is “out of the question” for “Libra” to “become a sovereign currency.” “It can’t and it must not happen,” Le Maire concluded.

The thing is, this is kind of what David Marcus, the Vice President of Blockchain at Facebook, has called for. In a number of interviews, with everyone from trade publication Decrypt to Bloomberg and CNBC, Marcus states that he hopes that Libra, slated to become permissionless, will be around for hundreds of years.

Despite the fact that Libra has just launched, Le Maire has already called on “the Group of Seven central bank governors, guardians of the global monetary system” to look into how the asset can be used in money laundering, terrorism financing, and to exploit online privacy, both of data and of financial transactions. He explains:

This money will allow this company to assemble even more data, which only increases our determination to regulate the internet giants.

There will seemingly be no immediate action, but Le Maire and his peers seem worried. European Parliament member Markus Ferber, for instance, believes that Facebook, with its new crypto asset in tow, could become a “shadow bank”, and thus urged regulators to keep their heads on a swivel about this subject matter.

The United States government or governments in Asia have yet to comment publicly on this news.

Title Image Courtesy of Facebook

The post Facebook’s Crypto Already Embroiled in Political Turmoil appeared first on Ethereum World News.

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Bitcoin Fundamentals Boom Amid Push to $9,000: Buyers in Control

Bitcoin Blockchain on the Rise

Just last week, a number of analysts were calling for a pullback in the Bitcoin price, citing the fact that per their analysis, BTC was well “overbought” and poised for a correction.

But, in a surprising turn of events, bulls have managed to keep control of the cryptocurrency market. Since last week’s low of $7,450, BTC has shot back up to $9,300, where it sits now. This move higher has been accompanied by a surge in growth of the Bitcoin blockchain, boding well for the industry as a whole.

As explained by eToro’s Mati Greenspan in a recent edition of “Crypto Markets” by CoinTelegraph, the hash rate of Bitcoin, meaning how much computational power is backing the network, has recently hit a new all-time high. This comes in spite of the fact that BTC is still more than 50% lower than its $20,000 peak in 2017, and that public awareness of the industry is still minimal. Sure, the massive uptick in hash rate, and thus security, is a presumed byproduct of improved mining machines, but this is a bullish sign nonetheless. Greenspan expands:

This tells us that Bitcoin miners, who are providing the very foundation for the network, are extremely bullish right now and adding to the computing processing power.

This isn’t the only key sign. According to a recent tweet from crypto researcher Kevin Rooke, the number of daily active addresses on the Bitcoin network recently surpassed one million for the first time since early-2018, after trending higher since the start of the year. In fact, on January 1st, there were around 600,000 active addresses. Per Rooke, this decimates the narrative that Bitcoin isn’t seeing use as an asset.

It isn’t clear what has resulted in this increase, but it likely has much to do with speculative activity (exchange-to-exchange transfers), the adoption of BTC (AT&T, Whole Foods, etc.), and the rise of coin mixing services, which necessitate the need for many addresses to sufficiently obfuscate identities in transactions.

This isn’t the only positive sign. The first time Bitcoin broke the aforementioned milestone in November 2017, the median transaction fee was a hefty $3.23.

On the latest day that this milestone, the median transaction fee was a relatively measly $1.33 — brought down as a result of better fee algorithms in wallets, growth in the adoption of SegWit, and the use of other methods by service providers and individuals to bring down fees across the board.

While these fundamentals shouldn’t have a direct impact on the value of Bitcoin, they are important in signaling public interest in and the viability of BTC.

This growth in the Bitcoin blockchain has coincided with a boost in the fundamentals of the broader cryptocurrency industry.

For instance, Bakkt has recently revealed that it is on the verge of launching its physically-backed Bitcoin futures contract. This comes after Bakkt enlisted months of discussions with the U.S. Commodity Futures Trading Commission to iron out any kinks in its cryptocurrency product, which analysts say is slated to entice institutions to throw dozens of millions at Bitcoin.

Title Image Courtesy of Pixabay

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ICO craze birthed 1,000 millionaires but cryptoasset code often failed to include promised investor protections

ICOs Investment Fewer To Invest or Not To Invest, That is The Question!

The computer code of the majority of cryptoassets that raised the most funds through initial coin offering (ICO) token sales failed to deliver on whitepaper promises to protect investors.

That’s the finding of two academics, David Hoffman, a law professor at the University of Pennsylvania and David Wishnick a fellow at the same institution, who together conducted a survey of the 50 ICOs that raised the most amount in the 2017 fundraising frenzy.

According to the pair “ICOs birthed a thousand millionaires” before the bubble burst.

The crypto code is not law – token sale contractual promises not coded

Hoffman says the central innovation of ICOs rested on the “possibility
of using computer code to deliver on contractual promises.

The researchers compared the promises in the whitepaper to
the actual computer code of the project to see to what extent promises had been
hard-coded in.

Professor Hoffman found that the majority of projects failed
to deliver on promised investor protection.

Things as fundamental as token supply were not coded into
20% of the cryptoasset surveyed which means that there was no protection
against an ICO promoter simply minting more coins, thereby diluting the value
of the tokens held by ICO investors.

Protection against team exits not in code of ICO smart contracts

Another key consideration for any investor doing their due diligence
was the team lock-in to prevent them selling up and leaving investors high and
dry.

Alarmingly, the University of Pennsylvania survey discovered
that 25 of the 36 projects with explicit restrictions on team divestment had
not included the parameter in their code.

Even worse, the academics found 12 cryptoassets that allowed
a centralised entity to modify smart contract code, flying in the face of what is
meant to be the essence of blockchain architecture where no trusted third party
of centralised gatekeeper is present.

Of those 12 offending projects just four of them shared this
information with investors.

Additionally, Hoffman says he “found no evidence that investors punished firms for failing to put investor protections into code”, and that crypto rating agencies focused on the security risks around smart contracts and neglected to consider whether the code conformed with the promised investor protections.

With such lax practices in the industry, the individual private investor is burdened with having to audit the code themselves, an onerous task, if not impossible, for the average individual.

Bitmex Research published a report in January this year showing that ICO teams gave themselves $24.2 billion in tokens,

More crypto regulations for the SEC to consider

The solution proposed by Hoffman is for projects to be required to match promises in the whitepaper with deployed code or to force cryptoasset promoters to provide plain English walkthroughs of what the code does.

As is so often the case in the crypto industry, the crypto
projects can be their own worst enemy.

“Such market integrity measures won’t just protect investors, they will also build trust in the asset class itself and enable it to move from a curiosity to something of real economic worth,” Hoffman concludes in an article published in the print edition of the Financial Times.  


Did you invest in an ICO? Do you know whether the project smart contract had investor protection hard-coded in? Share your experiences in the comments below and help to inform other investors.

The post ICO craze birthed 1,000 millionaires but cryptoasset code often failed to include promised investor protections appeared first on Ethereum World News.

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Storecoin’s Third Milestone Token Offering Launching, Ari Paul and BlockTower Capital are Early Backers

Storecoin’s Third Milestone Token Offering Launching, Ari Paul and BlockTower Capital are Early Backers

This Regulation D and
Regulation S securities offering sets out to bring in over 500 new wallets, and
up to $4.97 Million of Treasury into the project. Storecoin is a zero-fee payments and p2p cloud computing platform with early
backing from Ari Paul of BlockTower, Matt Ocko, AlphaBit Fund, Ari Nazir of
Neural Capital, and more — is launching its long-awaited Milestone Token
Offering on Thursday, June 20th at 12pm PT. Apply for the sale at: http://sale.storecoin.com.

Storecoin forecasts 1-3 additional MTO’s as it continues to execute on its mission before the mainnet launches.

Storecoin’s Third Milestone Token Offering Launching, Ari Paul and BlockTower Capital are Early Backers

Storecoin
has taken a strong anti-ICO stance since the inception of the project.
Storecoin has committed to growing Treasury on the basis of achieving key
project milestones. These global MTOs align Storecoin with transparency and
trust for it’s growing community and eager
participants. 

Here’s a link to see key Storecoin
milestones achieved since its last MTO in January 2018.

About
this Milestone Token Offering (MTO)

Storecoin will sell up to $4.97 Million in STORE during this Security Token Offering. The global Regulation D and Regulation S offering aims to bring 500 new wallets to the project, with the purchase minimum at $2,500 and a maximum at $1.79 Million. This milestone sale ends once one of the following occurs: the $4.97 Million maximum cap is reached or by August 30, 2019. United States purchasers must qualify as accredited investors. Sales to purchasers who are not U.S. Persons will be made only in accordance with applicable laws.

The
sale will be offered as a sequence of three phased pricing rounds. Each sale
phase will be offered on a first-registered and first-funded basis. Once a
phase is fully registered and funded, the next phase will open up and be
offered to the next registered buyer.

The
proceeds from this sale will be used for a number of vital project building
activities, including:

  • Releasing the alpha network for BlockFin, our parallel and pipelined
    consensus engine
  • Multiple security audits for our BlockFin BFT consensus algorithm
  • Begin hosting STORE meet-ups around the world
  • Releasing our Governance, Economics, and Security Papers for public peer
    review
  • Hosting the first-ever Storecoin Conference, a research and governance
    global gathering

Register
for the Milestone Token Offering at: http://sale.storecoin.com

About
Storecoin

Storecoin
is a zero-fee payments and p2p cloud computing platform. The public blockchain
will enable data to be tokenized, open, and globally tradable. Storecoin will
transform data into p2p money (into datacoins). Governance will be coordinated by checks and
balances, separation of powers, and shared security (decentralized federalism).

Storecoin
is a verified Messari Registry project: https://messari.io/asset/storecoin

To
learn more, visit http://storecoin.com. Download a one-pager
at http://storecoin.com/summary (PDF).

Links

E-mail: team@storecoin.com

Website:
http://storecoin.com

Telegram Group: http://t.me/storecoin

Twitter: http://twitter.com/storecoin

This is a paid-for submitted press release. EWN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. EWN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

The post Storecoin’s Third Milestone Token Offering Launching, Ari Paul and BlockTower Capital are Early Backers appeared first on Ethereum World News.

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Breaking: Ripple Partners With Moneygram for XRP Utilization

Ripple Enters Massive Partnership; XRP Spikes

According to a post published to the blog of Ripple Labs, the San Francisco-headquartered fintech company has joined in a partnership with MoneyGram, one of the world’s most prominent money transfer firms. As a result, the value of the XRP crypto asset has spiked, rallying by 7% in the past 24 hours while Bitcoin has posted a relatively skimpy 1.5% performance.

This partnership, which is currently contracted to last for two years (which can be extended), Ripple will be MoneyGram’s primary partner for cross-border payment and forex settlement through the medium of digital assets. In other words, MoneyGram will be utilizing XRP in its primary business line — money transfer. For those that are fans of Ripple and its go-to cryptocurrency, this news is monumental.

According to a Wall Street Journal report, this partnership was triggered by Ripple investing $50 million in MoneyGram, which has an $80 million market capitalization according to Google Finance. The firm has purchased 10% of the firm for $30 million (implying a private valuation of $300 million, down from $1.2 billion) and gives MoneyGram the right to ask for $20 million from its financier any time in the next two years.

Due to this news, shares in the money transfer firm have jumped by 114%, rallying from around $1.5 to $3.10 in the after hours trading session.

This partnership will take a big focus on xRapid, Ripple’s solution for liquidity that utilizes XRP directly as a “real-time bridge between the sending and receiving currencies.” Alex Holmes, the chief executive of MoneyGram, claims that this partnership will allow for his firm to ” instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.”

This arguably marks the biggest case of real-world XRP adoption to date, making it no surprise that the cryptocurrency continues to rally as Ethereum World News writes this.

Photo by Armando Arauz on Unsplash

The post Breaking: Ripple Partners With Moneygram for XRP Utilization appeared first on Ethereum World News.

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Bullish: Bitcoin (BTC) Trading at 2% Premium in Hong Kong Amid Unrest

Bitcoin Sees Seeming Uptick in Adoption in Hong Kong

Throughout its short history, Bitcoin (BTC) has been seen as anything but centralized, sovereign, and censorable. The crypto asset was created by a pseudonymous individual, is secured by a global group of miners, and is backed by no government, traditional finance system, or common entity.

And as a result, many have looked to Bitcoin and its brethren — other digital assets — as a much-needed escape hatch from fiat and government overreach. Indeed, the cryptocurrency was released in the wake (and seemingly as a result) of the 2008 Great Depression, and many that have since flocked to the cryptocurrency are staunch anti-establishment proponents.

Most recently, it seems that goes against the government of Hong Kong’s recent actions to impose a bill, which some deem predatory towards political dissidents and their brethren, have turned to BTC.

First spotted by Mati Greenspan of eToro, Bitcoin has begun to trade at a small but noticeable premium on Hong Kong-based exchanges, like one named “TideBit”. Greenspan notes that on the exchange, BTC is trading for a number of Hong Kong Dollars worth around $9,340, while the asset traded for $9,180 on platforms like Coinbase. This represents a 2% premium.

This small trend, per Greenspan, is a sign that Bitcoin is becoming used more and more as a safe haven, validating reports that Hong Kong residents have begun to move their assets out of the region in a bid to mitigate any financial surveillance or government seizure of their wealth.

It is important to note that this isn’t the only sign that this political trend is taking place. As spotted by a Brave New Coin analyst, the weekly volume on LocalBitcoins, a peer-to-peer Bitcoin trading service, in Hong Kong has spiked — moving from ~HK$3 million to ~HK$6 million (US$380,000 to $US760,000) — within a few weeks’ time.

This bodes well for Bitcoin’s long-term value, as two statistical trends validates the cryptocurrency’s value proposition.

What is Going on in Hong Kong?

Some might be left wondering — what is going on in Hong Kong to cause this massive inflow into cryptocurrency?

Well, let Ethereum World News explain.

Over recent weeks, Hong Kong has been a hotbed of political controversy. Carrie Lam, the so-called “chief executive” of the island city, brought forward a controversial bill that, if implemented, would allow for those deemed criminals to be seized and then extradited to Taiwan, Macau, and mainland China.

This was purportedly done in response to a criminal case, in which a man murdered his girlfriend, fled to Hong Kong, and was caught by authorities. While this legislature has an innocent premise, as there are so-called “loopholes” in the law, many in Hong Kong aren’t too sure that this amendment to the city’s extradition treaties is what it seems to be.

Those against this bill claim that if the new rule is put in place, Chinese authorities will be able to silence any political dissident, outspoken journalist, or “corrupt” businessman/woman as they please, without any regard for the judicial process or human rights. Also importantly, China would be able to seize the assets of any “criminal” in Hong Kong.

These fears have triggered a mass upheaval in the Hong Kong society in a short period of time, sparking talk between companies and individuals like of moving themselves, their operations, and assets to other Asian cities en-masse.

Photo by Paco Wong on Unsplash

The post Bullish: Bitcoin (BTC) Trading at 2% Premium in Hong Kong Amid Unrest appeared first on Ethereum World News.

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