219 days ago • cryptodaily
SBF Pleads Not Guilty To New Charges, Complains About Jail Food
Disgraced FTX founder Sam Bankman-Fried has pleaded not guilty to seven new charges brought against him in a Manhattan federal court on Tuesday.
The FTX founder was making an appearance in court after spending ten days in jail and also raised complaints about the food being served in jail.
SBF Pleads Not Guilty To New Fraud And Conspiracy Charges
The new charges, all related to fraud and conspiracy, were handed down on the 14th of August after prosecutors alleged that Bankman-Fried had used over $100 million of stolen customer funds and assets to donate to electoral candidates and politicians. The court had revoked his earlier bail after the United States Department of Justice alleged that the former CEO had repeatedly tried to influence witnesses and interfere with a fair trial through public shaming and harassment. This was Bankman-Fried’s first court appearance since his bail was revoked on the 11th of August. Since then, SBF has been in custody at the Metropolitan Detention Centre in Brooklyn.
According to data from the Federal Election Commission, Bankman-Fried had reportedly given over $40 million in political donations in 2022. Other big donors from Bankman-Fried’s circle included Ryan Salame, former co-CEO, and Nishad Singh, the former director of engineering at FTX. Federal Election Commission data showed that Salame had donated over $23 million almost exclusively to Republican candidates and related PACs. Meanwhile, Nishad Singh had given around $8 million during the 2022 midterm election cycle.
Complaints About Jail Food
During his hearing, lawyers representing SBF informed the federal court that jail authorities had failed to provide him with a vegan diet as he had requested. Mark Cohen, the lawyer representing the former billionaire, stated that the lack of adequate food at the Brooklyn Metropolitan Detention Centre was hampering Bankman-Fried’s preparations for his trial, which is set to begin in October. Mr. Cohen also told the court that his client was not provided with the attention deficit hyperactive disorder (ADHD) drug Adderall. He also added that his client’s supply of Emsam, used to treat depression, was running low.
Judge Sarah Netburn assured Mr. Cohen that she would ask the United States Justice Department’s Bureau of Prisons, which is in charge of running the jail, to address concerns related to SBF’s medication. She added that while she was reasonably confident that the prison offered vegetarian food, she was unsure if vegan food was available. Meanwhile, the Bureau of Prisons released a statement saying all inmates had access to appropriate medicines, healthcare, and hot meals. It further added that the facility ensures the provision of nutritionally healthy meals and follows the requirements of a national menu that is analyzed to ensure all dietary requirements are met.
Following the hearing, Bankman-Fried sought support from his mother, speaking to her at length.
“After the hearing, Bankman-Fried spoke to his mother, Stanford Law School Professor Barbara Fried, across the low partition between the courtroom well and the galley.”
Preparations Underway For October Trial
Meanwhile, Sam Bankman-Fried and his legal team are working hard in preparation for his trial, set to begin in October. Lawyers representing SBF had even requested that he be allowed to stay out of jail on weekdays, arguing that this would allow them to focus on building a defense for the disgraced FTX founder. The judge refused to grant this request.
However, on the 22nd of August, Bankman-Fried was granted a short release from prison from 8:30 am to 3 pm. During his release, he was present in a supervised courtroom with his lawyers as they prepared for the upcoming trial. Meanwhile, the jury has also been issued guidelines by prosecutors on how to approach the trial. According to the guideline, the jury has to treat each of the seven charges differently. They were also requested not to let their verdict on one charge influence their decision on any of the other six charges.
FTX was the second-largest cryptocurrency exchange, valued at around $32 billion. However, its bankruptcy sent shockwaves through the crypto and financial world and impacted several projects.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
219 days ago • cryptodaily
SBF Pleads Not Guilty To New Charges, Complains About Jail Food
Disgraced FTX founder Sam Bankman-Fried has pleaded not guilty to seven new charges brought against him in a Manhattan federal court on Tuesday.
The FTX founder was making an appearance in court after spending ten days in jail and also raised complaints about the food being served in jail.
SBF Pleads Not Guilty To New Fraud And Conspiracy Charges
The new charges, all related to fraud and conspiracy, were handed down on the 14th of August after prosecutors alleged that Bankman-Fried had used over $100 million of stolen customer funds and assets to donate to electoral candidates and politicians. The court had revoked his earlier bail after the United States Department of Justice alleged that the former CEO had repeatedly tried to influence witnesses and interfere with a fair trial through public shaming and harassment. This was Bankman-Fried’s first court appearance since his bail was revoked on the 11th of August. Since then, SBF has been in custody at the Metropolitan Detention Centre in Brooklyn.
According to data from the Federal Election Commission, Bankman-Fried had reportedly given over $40 million in political donations in 2022. Other big donors from Bankman-Fried’s circle included Ryan Salame, former co-CEO, and Nishad Singh, the former director of engineering at FTX. Federal Election Commission data showed that Salame had donated over $23 million almost exclusively to Republican candidates and related PACs. Meanwhile, Nishad Singh had given around $8 million during the 2022 midterm election cycle.
Complaints About Jail Food
During his hearing, lawyers representing SBF informed the federal court that jail authorities had failed to provide him with a vegan diet as he had requested. Mark Cohen, the lawyer representing the former billionaire, stated that the lack of adequate food at the Brooklyn Metropolitan Detention Centre was hampering Bankman-Fried’s preparations for his trial, which is set to begin in October. Mr. Cohen also told the court that his client was not provided with the attention deficit hyperactive disorder (ADHD) drug Adderall. He also added that his client’s supply of Emsam, used to treat depression, was running low.
Judge Sarah Netburn assured Mr. Cohen that she would ask the United States Justice Department’s Bureau of Prisons, which is in charge of running the jail, to address concerns related to SBF’s medication. She added that while she was reasonably confident that the prison offered vegetarian food, she was unsure if vegan food was available. Meanwhile, the Bureau of Prisons released a statement saying all inmates had access to appropriate medicines, healthcare, and hot meals. It further added that the facility ensures the provision of nutritionally healthy meals and follows the requirements of a national menu that is analyzed to ensure all dietary requirements are met.
Following the hearing, Bankman-Fried sought support from his mother, speaking to her at length.
“After the hearing, Bankman-Fried spoke to his mother, Stanford Law School Professor Barbara Fried, across the low partition between the courtroom well and the galley.”
Preparations Underway For October Trial
Meanwhile, Sam Bankman-Fried and his legal team are working hard in preparation for his trial, set to begin in October. Lawyers representing SBF had even requested that he be allowed to stay out of jail on weekdays, arguing that this would allow them to focus on building a defense for the disgraced FTX founder. The judge refused to grant this request.
However, on the 22nd of August, Bankman-Fried was granted a short release from prison from 8:30 am to 3 pm. During his release, he was present in a supervised courtroom with his lawyers as they prepared for the upcoming trial. Meanwhile, the jury has also been issued guidelines by prosecutors on how to approach the trial. According to the guideline, the jury has to treat each of the seven charges differently. They were also requested not to let their verdict on one charge influence their decision on any of the other six charges.
FTX was the second-largest cryptocurrency exchange, valued at around $32 billion. However, its bankruptcy sent shockwaves through the crypto and financial world and impacted several projects.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
226 days ago • cryptodaily
Prime Trust Files for Chapter 11 Bankruptcy
Cryptocurrency custodian Prime Trust and some affiliates filed for Chapter 11 bankruptcy on Monday.
Las Vegas-based cryptocurrency custodian Prime Trust filed for Chapter 11 bankruptcy earlier this week after Nevada regulators placed it into receivership in June.
Prime Trust Records Significant Deficit on Its Books
Nevada’s Financial Institutions Division (NFID) placed crypto custodian Prime Trust into receivership, took control of the business, and froze its operations and businesses. Regulators decided to step in after it determined the company was insolvent and could not serve its customers.
Prime Trust said in a filing that it has between 25,000 to 50,000 creditors and estimates its liabilities to be between $100 million and $500 million. The firm added its assets are worth $50 million to $100 million.
The Chapter 11 filing indicates John Guedry, the former president of the Bank of Nevada, will act as a receiver and lead the restructuring committee. Judge Susan Johnson of the Eighth Judicial Court of the State of Nevada will oversee the bankruptcy proceedings. Prime Trust will continue in their role as “debtors-in-possession” under the court’s jurisdiction.
In a press release announcing its bankruptcy, Prime Trust said:
“The Company, under the supervision and direction of the Special Committee, continues to manage their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court.”
It added,
“The Company intends to file a number of motions with the Bankruptcy Court designed to facilitate the Company’s orderly evaluation of all strategic alternatives, including potentially a sale of the Company’s assets and operations as a going concern.”
Regulators claim Prime Trust misused customer funds to pay withdrawals since December 2021 after the firm lost access to several customer crypto wallets.
Prime’s voluntary bankruptcy filing comes as no surprise. In a press statement, the NFID commented on its decision to place the firm under receivership:
“The Nevada Financial Institutions Division (“NFID”) was actively monitoring the solvency of Prime Trust, LLC (“Prime”) in anticipation of a potential acquisition or merger.Ultimately, Prime failed to safeguard assets under its custody and cannot meet all client withdrawals. As such, Prime has breached its fiduciary duties to its clients, in violation of Nevada trust laws. NFID’s primary objective is to preserve any enterprise value remaining in Prime for the benefit of Prime’s clients.”
Several of the company’s affiliates, including Prime Core Technologies Inc., Prime Trust, LLC, Prime IRA LLC and Prime Digital LLC, also filed for bankruptcy relief.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
226 days ago • cryptodaily
Prime Trust Files for Chapter 11 Bankruptcy
Cryptocurrency custodian Prime Trust and some affiliates filed for Chapter 11 bankruptcy on Monday.
Las Vegas-based cryptocurrency custodian Prime Trust filed for Chapter 11 bankruptcy earlier this week after Nevada regulators placed it into receivership in June.
Prime Trust Records Significant Deficit on Its Books
Nevada’s Financial Institutions Division (NFID) placed crypto custodian Prime Trust into receivership, took control of the business, and froze its operations and businesses. Regulators decided to step in after it determined the company was insolvent and could not serve its customers.
Prime Trust said in a filing that it has between 25,000 to 50,000 creditors and estimates its liabilities to be between $100 million and $500 million. The firm added its assets are worth $50 million to $100 million.
The Chapter 11 filing indicates John Guedry, the former president of the Bank of Nevada, will act as a receiver and lead the restructuring committee. Judge Susan Johnson of the Eighth Judicial Court of the State of Nevada will oversee the bankruptcy proceedings. Prime Trust will continue in their role as “debtors-in-possession” under the court’s jurisdiction.
In a press release announcing its bankruptcy, Prime Trust said:
“The Company, under the supervision and direction of the Special Committee, continues to manage their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court.”
It added,
“The Company intends to file a number of motions with the Bankruptcy Court designed to facilitate the Company’s orderly evaluation of all strategic alternatives, including potentially a sale of the Company’s assets and operations as a going concern.”
Regulators claim Prime Trust misused customer funds to pay withdrawals since December 2021 after the firm lost access to several customer crypto wallets.
Prime’s voluntary bankruptcy filing comes as no surprise. In a press statement, the NFID commented on its decision to place the firm under receivership:
“The Nevada Financial Institutions Division (“NFID”) was actively monitoring the solvency of Prime Trust, LLC (“Prime”) in anticipation of a potential acquisition or merger.Ultimately, Prime failed to safeguard assets under its custody and cannot meet all client withdrawals. As such, Prime has breached its fiduciary duties to its clients, in violation of Nevada trust laws. NFID’s primary objective is to preserve any enterprise value remaining in Prime for the benefit of Prime’s clients.”
Several of the company’s affiliates, including Prime Core Technologies Inc., Prime Trust, LLC, Prime IRA LLC and Prime Digital LLC, also filed for bankruptcy relief.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
235 days ago • cryptodaily
Chancer Announces BitMart Exchange Listing as Presale Races Past $1m Mark
London, United Kingdom, August 7th, 2023, ChainwireChancer, one of the most exciting new crypto projects in 2023, has raced past the significant $1 million fundraising milestone. This coincides with the announcement that their first exchange listing will take place on BitMart – a hugely popular exchange with users in over 180 countries with a trading volume of over $500 million per day.Those interesting in getting involved at the current price can do so at $0.011 before it rises by 9% to $0.012 in Stage 3 of the presale.Chancer’s CEO, Adam Kelbie, commented: “We're thrilled to see our trajectory accelerating with each passing day. The support from our community fuels our enthusiasm to dive deeper into the development of our beta platform. We're actively pursuing various exchange partnerships and keeping a close eye on the performance of similar projects. BitMart is just the initial step on this promising journey for Chancer!”Chancer tokens are available to buy on the official website.Chancer: a disruptive force reshaping the traditional betting industryChancer is gaining an impressive following off the back of a simple but powerful premise, “Your Game, Your Rules, Your Odds.”Their product removes the potential for manipulation by a centralized betting house or bookmaker, and puts the power back into the hands of the bettors.The concept is simple; anyone can set up a bet on anything they want using the Chancer platform, set the odds they want, and other people can choose to bet against them via a live broadcast.From the small-time wagers with friends on who can hit bullseye 3 times in a row, to betting thousands of people worldwide on the Super Bowl outcome with your own odds – as long as there is a way to verify the outcome, then there can be a betting market on Chancer.All bets are made and paid out in CHANCER tokens, which gives the coin utility as it is the lifeblood of the entire platform.Chancer is also CertiK audited, the leading blockchain auditor that has reviewed other leading projects in the space including The Sandbox, Floki, and Blockchain Bets.What’s driving Chancer forwardsChancer offers its users multiple ways to potentially earn, through betting, market-making rewards, staking, and the innovative Share2Earn scheme. With a unique setup where betting engagement directly influences rewards, Chancer has quickly piqued the interest of the social-centric crypto world.Founders, Adam and Paul Kelbie, are active participants in shaping Chancer's lively community. They consistently engage with members on multiple platforms and take part in Chancer's various wagers between each other and directly with community members.With the online gambling industry estimated at $64 billion in 2022, Chancer's potential to cause a significant shift is enticing crypto investors. By delivering on its plan, Chancer could pose a challenge to industry heavyweights such as Playtech and Bet 365.To continue gaining traction and attracting new users, Chancer is currently hosting giveaways, including $100,000 in tokens and a $25,000 Las Vegas trip. As a testament to its fun-loving ethos and commitment to its community, anyone holding CHANCER tokens can participate via Gleam.About ChancerChancer is set to develop the world’s first decentralized social predictive markets platform. This will allow Chancer token holders to create, and participate in their very own predictive markets based on their interests, expertise and social opportunities.The project intends to disrupt the global gambling and betting market by ‘removing the house’ and taking a slice of the market share as it garners attention by challenging the traditional bookmaking and betting business model.For more information: Website | Whitepaper | SocialsContactCEOAdam [email protected]
247 days ago • cryptopotato
Xandeum, the L1 with Scalable Storage Layer, Announces Grand Launch on July 30
[PRESS RELEASE – Las Vegas, Nevada, July 25th, 2023] Xandeum, a trailblazing blockchain startup committed to accelerating humanity’s transition to decentralized control, announces its highly anticipated launch on July 30, 2023, at 11:00 am PT. Leveraging the power of blockchain technology, Xandeum’s mission is to empower collective self-determination by creating a scalable, blockchain-based storage layer […]
2339 days ago • cryptodaily
Cryptocurrency mining hardware sales tailing off
PC processor maker AMD reported a sizeable boost in profits in its most recent quarter, largely thanks to sales of Vega 56 and Vega 64 GPUs which are popular among Bitcoin miners. These chips' massive processing power allows miners to harvest coins faster, and we've seen news of couriers flying stock, as soon as they hit the shelves, around the world to help kit out the latest major Russian or Chinese mines.
However, AMD predicts that sales for the next quarter will be down by around 15% from the mining market, while in the longer term, blockchain processing demands could see a future rise in sales. The predicted downturn could come from miners looking to consolidate their current systems, fine-tuning them to run at maximum efficiency rather than investing in even more hardware.
The massive power and energy demands of mines
If you are thinking of investing in a bitcoin mine, consider one of the world's largest set up in an old factory in China. It uses 25,000 networked PCs, producing billions of calculations each second and chewing through a daily electricity bill approaching $40,000. Farms like this are why China and Russia are cornering the majority of new coins.
While chips like AMD's Vega range can produce a sizeable boost in processing power, at some point cost will become an issue, even for companies mining millions of dollars worth of bitcoin and other cryptocurrencies. These farms are also rapidly killing the market for novice miners who stand only a fractional chance, even with some powerful hardware, of mining coins.
This helps make the market more of a traditional investment one, as buyers look to convert existing currencies to invest in new coins that could experience high demand, as overall interest in cryptocurrencies continues to grow. Expect more drama from the mining factories in 2018 and beyond, perhaps as high-performance cloud becomes an option, removing the need for actual hardware-based mines.
2339 days ago • cryptodaily
Cryptocurrency mining hardware sales tailing off
PC processor maker AMD reported a sizeable boost in profits in its most recent quarter, largely thanks to sales of Vega 56 and Vega 64 GPUs which are popular among Bitcoin miners. These chips' massive processing power allows miners to harvest coins faster, and we've seen news of couriers flying stock, as soon as they hit the shelves, around the world to help kit out the latest major Russian or Chinese mines.
However, AMD predicts that sales for the next quarter will be down by around 15% from the mining market, while in the longer term, blockchain processing demands could see a future rise in sales. The predicted downturn could come from miners looking to consolidate their current systems, fine-tuning them to run at maximum efficiency rather than investing in even more hardware.
The massive power and energy demands of mines
If you are thinking of investing in a bitcoin mine, consider one of the world's largest set up in an old factory in China. It uses 25,000 networked PCs, producing billions of calculations each second and chewing through a daily electricity bill approaching $40,000. Farms like this are why China and Russia are cornering the majority of new coins.
While chips like AMD's Vega range can produce a sizeable boost in processing power, at some point cost will become an issue, even for companies mining millions of dollars worth of bitcoin and other cryptocurrencies. These farms are also rapidly killing the market for novice miners who stand only a fractional chance, even with some powerful hardware, of mining coins.
This helps make the market more of a traditional investment one, as buyers look to convert existing currencies to invest in new coins that could experience high demand, as overall interest in cryptocurrencies continues to grow. Expect more drama from the mining factories in 2018 and beyond, perhaps as high-performance cloud becomes an option, removing the need for actual hardware-based mines.
2345 days ago • cryptodaily
Steve Wozniak: Bitcoin ‘beats gold, US dollar’
Apple co-founder Steve Wozniak thinks Bitcoin is a better bet than the US dollar and gold because of its fixed future supply.
The American inventor, programmer and engineer, also known as the ‘Woz’, told an audience at the Money20/20 event in Las Vegas that he liked Bitcoin because it is based on mathematics and cannot be diluted, unlike other currencies.
In conversation with CNBC technology reporter Deirdre Bosa at the payments and financial technology event, Wozniak said the fact only 21 million Bitcoins can ever be mined - a number forecast to be hit by 2040 - makes it a more stable currency than so-called fiat currencies, or legal tender.
"There is a certain finite amount of Bitcoin that can ever exist," Wozniak told Bosa, adding that the US government would always be able to simply print more dollars - the same cannot be said of Bitcoin. This makes the US dollar “kind of phony”, whereas Bitcoin is more “genuine and real”.
While Bitcoin is often compared to gold in the sense both are ‘mined’ - digitally and physically - Wozniak argued gold does not necessarily have a fixed supply either, because we could always find better ways of getting more of it out of the earth.
"Gold gets mined and mined and mined," Wozniak said. "Maybe there's a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics."
Bitcoin, Wozniak told the Money20/20 audience, is a bit like owning a house. A house has value and, some decades from now, it will still be a house with value, even if the price goes up and down.
The Woz’s comments talking up Bitcoin’s potential come after the cryptocurrency hit an all-time high, with the price of one Bitcoin rising to $5,243, a 750% rise in the past year.
2367 days ago • cryptodaily
12 Month Forecast For Bitcoin, What Do We See
If you have invested in Bitcoins, you are likely to be keeping a close eye on the price. But, just what have the experts predicted for Bitcoin for the coming year, and overall long term? For the most part, experts are predicting big things for Bitcoin. Many believe that we are not even close to hitting the tip of the iceberg, and that great things are set to happen. So, are there any predicted troughs along the way? Read on to find out what the experts think.
The Good:
The majority of experts have predicted great things for Bitcoin. Anyone in the industry will agree that masterluc is something of a legend in the Bitcoin community, so when he has predicted that Bitcoin will reach $15,000 by the end of this year, people are listening. He has gained this reputation as being a Bitcoin oracle, after he called the top of the Bitcoin bubble in November 2013. He has since predicted that not only will Bitcoin reach $15,000 before the year is out, but it will also reach between $40,000-$110,000 by the end of the bull run – something that he feels will be by the end of 2019. Ronnie Moas, the founder of Standpoint Research has mirrored masterluc’s prediction of success.
Although, he looks further into the future, noting that despite Bitcoin being more than three times more valuable than gold, we are only at the very tip of the iceberg, and predicts the prices to soar to $15,000-$20,000 in the next three years. Kay Van-Petersen, a Saxo Bank analyst predicts that the market capitalisation of Bitcoin could grow to $1.75 trillion, making each Bitcoin worth $100,000.
Although this is longer term than other experts, as he is looking across a ten-year period, he has made successful predictions before. He is assuming that all cryptocurrencies will account for 10% of the ADV of fiat currency trade in 10 years, and this currently stands at over $5trillion. Ten percent of this is $500 billion, and he has predicted that Bitcoin will account for 35% of this share, which would bring Bitcoin total up to $175billion. So, when you consider that there will be approximately 17 million Bitcoin’s in circulation in ten years’ time, each Bitcoin will be worth over $100,000.
He is very quick to add that he feels that Bitcoin is here to stay, stating, “This is not a fad, cryptocurrencies are here to stay”.
Other experts, such as Alena Vranova and Vinny Linghm echo this, agreeing that the price of Bitcoin is set to rise. Vranova believe that the price could rise quicker than expected if more countries begin to legalise it. Linghm agrees with this statement, and suggests that there are three main reasons that the price will rise. These are; the rising venture capital investments in blockchain technology, a huge number of Bitcoin acceptance and finally, the limited supply of Bitcoin. He has also made a statement saying that he has a “strong belief” in Bitcoin, and does not consider Ethereum to be the biggest competitor.
The Bad:
Unfortunately, not all experts are predicting big things for Bitcoin, and some have predicted pit falls that the cryptocurrency could fall into. Obviously, Bitcoin suffered a small set back when China banned cryptocurrency, and although it quickly recovered, other milestones like this could have a negative impact on the currency as a whole.
Thomas Glucksmann, who is head of APAC business development ultimately believes that in a year, the price of Bitcoin is likely to have increased; however, he has warned investors that they should get themselves ready for volatility in November. He believes the cause of this will be because some investors in the Bitcoin community might move to reject SegWit2X, which could create another split in Bitcoin, and potentially create another cryptocurrency, thus affecting the current price of Bitcoin.
Alena Vranova, has predicted another possible outcome for Bitcoin, and unfortunately, it does not fare as well as the previous one. Vranova predicted that if there is any negativity within Bitcoin, such as volatility or restricted legislation, the price might crash to just $50 per Bitcoin. Obviously, this is a huge difference to earlier predictions, but goes to show how majorly something can affect the cryptocurrency.
The Ugly:
Finally, it is important to recognise that not everyone sees Bitcoin being as successful as others do.
Mark Cuban; founder of MicroSolutions and Broadcast.com has recently attacked Bitcoin on Twitter, making claims that it is not a currency, merely a bubble. His Tweets included; “I think it’s in a bubble. I just don’t know how much it corrects. When everyone is bragging about how east they are making $=bubble”. His main complaint comes with the fact that it is not Bitcoin that is successful, rather the blockchain that surrounds it. He backs up his opinion further by stating that currencies have to be stable in order to be reliable, which he does not believe Bitcoin to be, saying; “Just because Bitcoin’s exchange rate has reached thousands of dollars, this doesn’t mean that anyone would be willing to give you thousands of dollars for your Bitcoin.”. Peter Schiff, who is an investor who predicted the 2008 mortgage crisis, mirrors the opinion of Cuban, and has likened Bitcoin and other cryptocurrencies as a Ponzi scheme that has been built on “just plain greed”. He also feels that there is simply no way to predict what will happen to Bitcoin in the future as it is just so volatile.
Finally, Tony Robbins closely follows Bitcoin, but is not completely sold at all, comparing an investment in the popular cryptocurrency to a trip to Vegas. He says, “I think [Bitcoin] is very iffy…I don’t have a clue. I look at that as it’s like going to Vegas”. He agrees that whilst some investments could make you a lot of money, they simply are not predictable or steady, advising investors to only invest what they can afford to lose.
References And Further Reading:
Express; Bitcoin price forecast: Bitcoin will recover from China crackdown, predicts experts
Futurism; Expert Predicts Bitcoin Will Be Worth Up To $20,000 in the Next Three Years
Futurism; Get Ready. Renowned Bitcoin Trader Says The Currency Will Hit $15,000 in 2017
Futurism; Mark Cuban Asserts That Bitcoin Is Not Currency
The CoinTelegraph; Legendary Bitcoin Trader “masterluc” Predicts $15,000 Bitcoin This Year
CNBC; Bitcoin could hit $100,000 in 10 years, says the analyst who correctly called its $2,000 price
CNBC; Bitcoin could be heading to $6,000 by year-end but brace for volatility, experts say
CNBC; Tony Robbins says investing in Bitcoin is ‘like going to Vegas’
Steemit Bitcoin; Bitcoin price predictions from Experts
Bitcoinist; How far will Bitcoin go in 2017? Experts weigh in with predictions
2367 days ago • cryptodaily
12 Month Forecast For Bitcoin, What Do We See
If you have invested in Bitcoins, you are likely to be keeping a close eye on the price. But, just what have the experts predicted for Bitcoin for the coming year, and overall long term? For the most part, experts are predicting big things for Bitcoin. Many believe that we are not even close to hitting the tip of the iceberg, and that great things are set to happen. So, are there any predicted troughs along the way? Read on to find out what the experts think.
The Good:
The majority of experts have predicted great things for Bitcoin. Anyone in the industry will agree that masterluc is something of a legend in the Bitcoin community, so when he has predicted that Bitcoin will reach $15,000 by the end of this year, people are listening. He has gained this reputation as being a Bitcoin oracle, after he called the top of the Bitcoin bubble in November 2013. He has since predicted that not only will Bitcoin reach $15,000 before the year is out, but it will also reach between $40,000-$110,000 by the end of the bull run – something that he feels will be by the end of 2019. Ronnie Moas, the founder of Standpoint Research has mirrored masterluc’s prediction of success.
Although, he looks further into the future, noting that despite Bitcoin being more than three times more valuable than gold, we are only at the very tip of the iceberg, and predicts the prices to soar to $15,000-$20,000 in the next three years. Kay Van-Petersen, a Saxo Bank analyst predicts that the market capitalisation of Bitcoin could grow to $1.75 trillion, making each Bitcoin worth $100,000.
Although this is longer term than other experts, as he is looking across a ten-year period, he has made successful predictions before. He is assuming that all cryptocurrencies will account for 10% of the ADV of fiat currency trade in 10 years, and this currently stands at over $5trillion. Ten percent of this is $500 billion, and he has predicted that Bitcoin will account for 35% of this share, which would bring Bitcoin total up to $175billion. So, when you consider that there will be approximately 17 million Bitcoin’s in circulation in ten years’ time, each Bitcoin will be worth over $100,000.
He is very quick to add that he feels that Bitcoin is here to stay, stating, “This is not a fad, cryptocurrencies are here to stay”.
Other experts, such as Alena Vranova and Vinny Linghm echo this, agreeing that the price of Bitcoin is set to rise. Vranova believe that the price could rise quicker than expected if more countries begin to legalise it. Linghm agrees with this statement, and suggests that there are three main reasons that the price will rise. These are; the rising venture capital investments in blockchain technology, a huge number of Bitcoin acceptance and finally, the limited supply of Bitcoin. He has also made a statement saying that he has a “strong belief” in Bitcoin, and does not consider Ethereum to be the biggest competitor.
The Bad:
Unfortunately, not all experts are predicting big things for Bitcoin, and some have predicted pit falls that the cryptocurrency could fall into. Obviously, Bitcoin suffered a small set back when China banned cryptocurrency, and although it quickly recovered, other milestones like this could have a negative impact on the currency as a whole.
Thomas Glucksmann, who is head of APAC business development ultimately believes that in a year, the price of Bitcoin is likely to have increased; however, he has warned investors that they should get themselves ready for volatility in November. He believes the cause of this will be because some investors in the Bitcoin community might move to reject SegWit2X, which could create another split in Bitcoin, and potentially create another cryptocurrency, thus affecting the current price of Bitcoin.
Alena Vranova, has predicted another possible outcome for Bitcoin, and unfortunately, it does not fare as well as the previous one. Vranova predicted that if there is any negativity within Bitcoin, such as volatility or restricted legislation, the price might crash to just $50 per Bitcoin. Obviously, this is a huge difference to earlier predictions, but goes to show how majorly something can affect the cryptocurrency.
The Ugly:
Finally, it is important to recognise that not everyone sees Bitcoin being as successful as others do.
Mark Cuban; founder of MicroSolutions and Broadcast.com has recently attacked Bitcoin on Twitter, making claims that it is not a currency, merely a bubble. His Tweets included; “I think it’s in a bubble. I just don’t know how much it corrects. When everyone is bragging about how east they are making $=bubble”. His main complaint comes with the fact that it is not Bitcoin that is successful, rather the blockchain that surrounds it. He backs up his opinion further by stating that currencies have to be stable in order to be reliable, which he does not believe Bitcoin to be, saying; “Just because Bitcoin’s exchange rate has reached thousands of dollars, this doesn’t mean that anyone would be willing to give you thousands of dollars for your Bitcoin.”. Peter Schiff, who is an investor who predicted the 2008 mortgage crisis, mirrors the opinion of Cuban, and has likened Bitcoin and other cryptocurrencies as a Ponzi scheme that has been built on “just plain greed”. He also feels that there is simply no way to predict what will happen to Bitcoin in the future as it is just so volatile.
Finally, Tony Robbins closely follows Bitcoin, but is not completely sold at all, comparing an investment in the popular cryptocurrency to a trip to Vegas. He says, “I think [Bitcoin] is very iffy…I don’t have a clue. I look at that as it’s like going to Vegas”. He agrees that whilst some investments could make you a lot of money, they simply are not predictable or steady, advising investors to only invest what they can afford to lose.
References And Further Reading:
Express; Bitcoin price forecast: Bitcoin will recover from China crackdown, predicts experts
Futurism; Expert Predicts Bitcoin Will Be Worth Up To $20,000 in the Next Three Years
Futurism; Get Ready. Renowned Bitcoin Trader Says The Currency Will Hit $15,000 in 2017
Futurism; Mark Cuban Asserts That Bitcoin Is Not Currency
The CoinTelegraph; Legendary Bitcoin Trader “masterluc” Predicts $15,000 Bitcoin This Year
CNBC; Bitcoin could hit $100,000 in 10 years, says the analyst who correctly called its $2,000 price
CNBC; Bitcoin could be heading to $6,000 by year-end but brace for volatility, experts say
CNBC; Tony Robbins says investing in Bitcoin is ‘like going to Vegas’
Steemit Bitcoin; Bitcoin price predictions from Experts
Bitcoinist; How far will Bitcoin go in 2017? Experts weigh in with predictions