Welcome to the Daily Cryptocurrency News Roundup 30th Oct, 2017.
Here, we cover the most important news of the day in brief. We also provide insights on their probable effect on the cryptocurrency market and its future. Subscribe us to stay informed.
- #1 Ron Paul: “If people want to use it, the government should stay out of it.”
- #2 Bitcoin Price Headed for $6500?
- #3 7 trends in the cryptocurrency sphere
- #4 Bill Miller is successfully investing a 3rd of his hedge fund’s capital in Bitcoin.
- #5 Bitcoin Price Going From $4,000 to $400,000 is Easy: Hedge Fund Manager Mark Yusko
- #6 SEC compliant ICOs
- #7 Happy Birthday Bitcoin! October 31 Sees $6k as Crypto Turn 9 Years Old
- #8 Ethereum Price Close to Breaking $300 Resistance
#1 Ron Paul: “If people want to use it, the government should stay out of it.”
- Paul believes there is too much surveillance on existing currencies and how they are used.
- Notes that U.S. government’s involvement in the oversight of the technology should be limited.
- Notably, Paul’s son, Rand, began accepting bitcoin for campaign donations this year, following the practice’s approval by election oversight groups.
Political support for Bitcoin would cement the adoption of Bitcoin as a medium of currency.
#2 Bitcoin Price Headed for $6500?
- So far, the bulk of Bitcoin’s share price activity happened in the $5600-$5800 range.
- Loads of support for it coming from investors, analysts, and enthusiasts and the public.
- As a result, Bitcoin could reach a new support level of $6000 with the recent bullish run.
- Long-term outlook stays strong and highly in favor of Bitcoin, maybe $6500 by year end.
Bitcoin has never been more visible in the public eye, with business leaders and investment luminaries now discussing bitcoin on an almost daily basis. Hence more people are bound to join.
#3 7 trends in the cryptocurrency sphere
- Pay attention to the new players – Ethereum, Litecoin, and Ripple.
- The governments are planning to get involved in cryptocurrencies.
- Cryptocurrencies implies No more taxes, no more declarations, no more hassle.
- Bitcoin and Ethereum will remain popular.
- Exchanges will be replaced by wallets?
- Traditional banks are catching up.
Cryptocurrencies are here to stay, and they’ll play a huge role in changing today’s economy. The right investment strategy can fetch you rich returns.
#4 Bill Miller is successfully investing a 3rd of his hedge fund’s capital in Bitcoin.
- Among its $2.3 billion in assets is a $154 million hedge fund, MVP 1. The fund is up 72.5% so far this year, Mr. Miller said in an interview. It has about 30% of its assets in bitcoin, he said, up from about 5% in 2016.
- Miller expressed his optimistic views about Bitcoin, saying: “I believe there is still a nontrivial chance bitcoin goes to zero, but each day it does not, that chance declines as more venture capital flows into the bitcoin ecosystem and more people become familiar with bitcoin and buy it.”
- Bill Gates, co-founder of Microsoft, is excited about Bitcoin. In 2014, Gates declared, “Bitcoin is better currency.”
Perception about the cryptocurrency is rapidly evolving, as reflected by Bitcoin’s soaring value in the financial markets. And, as education in cryptocurrency reaches multi-billionaires and their inner circles, their resistance to Bitcoin will decrease. Consequently, many of them, such as Bill Miller, will start to see and profit from Bitcoin’s amazing potential.
#5 Bitcoin Price Going From $4,000 to $400,000 is Easy: Hedge Fund Manager Mark Yusko
- Mark Yusko, the founder & CEO of Morgan Creek Capital Management, the $3.7 billion North Carolina-based investment firm, has stated that the bitcoin price is expected to reach $400,000 in the long-term.
- “Only gamble was whether bItcoin would make if from $0 to $100, that was the real miracle. Going from $4,000 to $40,000 or $400,000 is easy,” said Yusko.
With more mainstream institutions participation in Bitcoin, bitcoin price is expected to uptrend.
#6 SEC compliant ICOs
- Most ICOs to date have operated under the presumption that the instrument being offered is a “utility token,” not a security, to which SEC rules would not be applicable.
- But, Most companies do not have a usable version of their product available for tokenholders at the time of their ICO. It’s difficult to claim that a token currently has utility when it cannot be used for several months or more.
- Also, Most ICO tokens are being purchased by investors seeking profit, not users of the underlying platform. ICOs also seem to fundamentally be a capital-raising activity, which would likely be under the SEC’s jurisdiction.
- Jaron Lukasiewicz has come up with a model to bring out SEC Compliant ICOs, check it out here.
#7 Happy Birthday Bitcoin! October 31 Sees $6k as Crypto Turn 9 Years Old
- Tuesday marks nine years since Satoshi Nakamoto announced the creation of the Bitcoin “Peer-to-Peer Electronic Cash System.”
Bitcoin has come a long way and still has a lot to achieve, truly a revolution.
#8 Ethereum Price Close to Breaking $300 Resistance
- Bitcoin has reached a new all-time high of US$6,306, while Ether surpassed the US$300 threshold and is currently trading at US$309.39 on GDAX.
- Following the Byzantium hard fork affecting the Ethereum network, miners have received a difficulty adjustment, but have also lost part of their block reward, which is now 3 ETH rather than 5 ETH.
- Reports indicate that the adjustments were needed to help combat the inflationary curve associated with the network, while also preparing the Proof-of-Stake protocol that will be adopted in the future.
With Ethereum breaking the $300 resistance, it is slowly showing signs as a mature currency that is to be taken seriously.
Disclaimer: Our views are only in good faith and should not be regarded as “investment advice” and Coin Frog cannot be subjected to any kind of liability.