Amidst the recent numerous bitcoin price speculations, Peter Brandt’s price prediction that BTC will get to 50k has generated a lot of FOMO among traders and investors. This is because of his experience and similar past predictions that later came true.
The first price prediction was from Tom Lee which was prompted by the second prediction from Tim Draper which made us to have Tom Lee Bitcoin price prediction and Tim Draper Bitcoin price prediction respectively. Surprisingly, the predictions from these two Bitcoin price forecasters did not generate more FOMO than the recent bitcoin price prediction from the prominent veteran trader and investors, Peter Brandt.
As part of his reasons for a positive Bitcoin price prediction, Peter Brandt says that bitcoin is within the brink of a parabolic bull run and the target the target of this bull run will be far higher than the price of Bitcoin from the 2017 bull run which was almost $20,000.
“I believe that what’s happened from December of 2017 through December of 2018 is really an analogue to what happened in the 2013 to 2015 bear market, where we saw a sequential 10 up and down move in the bear market. And we’ve almost identically formed that same sort of pattern. After the 2015 low in Bitcoin, we saw the market then developed into a parabolic advance. And so, I think the analogues are holding remarkably well, and based on those analogue studies I think cryptos now will go back into a parabolic bull market. The only question I have is do we rally here some, and then sometime in late summer, check the late 2018 lows or not. I mean, there’s a chance it does and there’s a chance it doesn’t.” said Peter Brandt in an interview with Yahoo Finance.
This veteran trader and investor, Peter Brandt, is said to have been trending in the cryptocurrency market since he forecasted that the price of Bitcoin will hit $50k. His bitcoin price prediction is so important because he is reputed to be the first to predict that Bitcoin will fall by 85% during the cryptocurrency winter which indeed came true.
Interestingly, Peter doesn’t in an way make reference to the fact that this prediction will happen overnight. Rather, he claims that it is going to be over the next two to three years. Thus, if this happens, the cryptocurrency industry is going to produce hundreds of thousands of billionaires. Such a bull run isn’t just going to affect the price of Bitcoin (BTC) but would also affect other coins.
“What we know is, when Bitcoin starts moving, it moves. It doesn’t hold up for everybody to catch the stagecoach. And so, if we start developing some upside momentum, whether we come back down and have a break into the late summer and then start back up or whether we keep going from here, I think we’re going to see a similar parabolic advance. And I think it’s easy to look at that advance exceeding the $20,000 high, or near the $20,000 high we saw in late 2017. I would guess the target’s probably around $50,000.” He said.
Renowned Basketball Team Owner says that he Sees Bitcoin and Gold as the same.
A billionaire and owner and owner of the Dallas Mavericks professional basketball team Mark Cuban, had issued a statement saying that be dislikes hold as a form of investment and basically sees Bitcoin and Gold as the same thing.
Cuban had said this in an interview with Kitco News on August 9. He also made reference to the Bitcoins as having a definite supply which in his view was awesome and adds more to its value.
“They’re both collectables. The value is based off supply and demand. And the good news about Bitcoin is there’s a finite supply that’ll ever be created.”
He expressed his deeply rooted prejudice for the precious metal while and expressed totally, his view of it. He specifically said that:
“Hate with extreme prejudice is not enough. Hate with double-extreme prejudice with an ounce of hot sauce.”
Gold Vs digital gold
It is still unclear how the term “digital gold” which refers to Bitcoin had gained this much recognition in the space. However going back in time in a bid to retrace its origin, we could legitimately make reference to a time when The New York Times journalist Nathaniel Popper published his book “Digital Gold” back in 2015. And seeing that Bitcoin had successfully rivalled the precious metal, the name stuck.
We could see now that in 2019, the response has been seen by experts as to whether or not they should Bitcoin should be seen as Gold o the digital world. The head of communications at the Zcash Foundation, Sonya Mann, made reference to its finite supply as well as demand and supply factor, from her remark it had seemed that she happens to be more optimistic about the digital currency than Cuban:
“Bitcoin is deflationary by nature, due to the capped 21 million supply and the clever incentive structure that has reliably safeguarded its inviolability. The emergent order governing Bitcoin, as both a software product and a phenomenon, is undeniably path-dependent, attributable in large part to Satoshi Nakamoto’s design decisions. There is no guarantee that BTC will increase in value, but past trends and the underlying supply-demand dynamics suggest that it’s a reasonable long-term prediction.” She had said.
Did the Binance Breach Really Occur, And Who is to Blame if it Did?
On August 7, Binance is the world largest cryptocurrency exchange as at today (based on its 24hrs trade volume), was reported to have been hacked. This was said to have occurred when an unscrupulous person had gained access to a massive chunk of the Exchangers Know Your Customer (KYC) data. The hacker was reported to have demanded 300 Bitcoins (which is worth approximately $3.5 million as at the time of this report) after gaining access to about 10,000 personal photos from the Exchanger’s website, threatening to release all the data at his disposal.
It is noteworthy to state that the perpetrator of this hack had set up a couple of dedicated telegram groups where he was said to have allegedly released these sensitive materials. Although the group has since shut down permanently, the Exchanger had taken drastic measures to nail any further moves by other miscreants. However, seeing that there were no digital watermarks, there are no doubts regarding the authenticity of this material. The Binance security team had a follow up with an official statement:
“At the present time, no evidence has been supplied that indicates any KYC images have been obtained from Binance, as these images do not contain the digital watermark imprinted by our system.”
The CEO of Binance sent out a tweet:
yes, old news, different spin. https://t.co/2B1WdOxqdc
— CZ Binance (@cz_binance) August 7, 2019
The cryptocurrency Exchanger had claimed that all the images that have been released so far could be dated back to February and that this stunt was simply old news with a new spin, a time when the Exchanger was still making use of third party service to be able to provide KYC services. The Exchange had also tried to get the supposed perpetrator to disclose how he gained access to pull off the breach or give any irrefutable evidence to his claims, instead, he simply continued to demand 300BTC which further leads us to believe that this might have just been a bluff
Trump Expresses his opinion on Crypto, Libra; Binance to burn $2.4 billion worth of BNB
Trump via a tweet has posted hours ago expressed his opinion on cryptocurrency clearly defferentiating Bitcoin and other Cryptocurrency as well as on Libra the Facebook Global Cryptocurrency which it unveiled in June 2019 and to commence operations in January 2020.
According to Trump, he is not a Fan of Bitcoin and other cryptocurrencies which he describe as not money and highly volatile and basede on thin air. He went further to say unregulated Crypto Assets can facilitate unlawful behavior, including, drug trade and other illegal activities.
….Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National…
— Donald J. Trump (@realDonaldTrump) July 12, 2019
On Libra, the 45th President of the free world openly said Libra will have little standing and Facebook and other firms want to be come a bank they should and must seek a banking charter and be subject to all banking regulations both nationally and internationally.
As a true President and the first man in the country, he declared the US Dollars as the only currency in the USA and that it is stronger than ever, dependable and by far the most dominant currency worldwide.
As usual, the crypto enthusiast on Twitter had their own opinion to comment on the post by POTUS.
Bitcoin is a threat to Trump and his massively failing enterprises. How would he be able to launder money as he's done to keep his flailing businesses afloat ? His golf clubs are in need of immediate cash etc. This man was the only person to bankrupt a casino
— failingtrump (@failingtrump1) July 12, 2019
In another news, top exchange Binance has announced after burning their quarterly alloted BNB tokens that they will burn their Team allocated Binance Coin BNB which is a total of 80BNB currently worth $2.4 billion.
During one of the first IEOs on the Exchange, investors were unable to participate thus a public outcry with Binance coming to the rescue by instituting a Lottery system which saw users holding a certain number of BNB before being able to participate in IEOs on the exchange. This cause a rise in the value of the BNB.
This move by Binance amongst others will see Binance Coin hitting astronomical height in the next few months to years. We can’t wait to see what the chats will say in few five years time.
Facebook’s Libra Project White Paper Is Officially Out: Pushes for the Internet of Money
After months of speculation and a nonofficial statement from the Facebook team after the news break by Bloomberg reports on the rumoured cryptocurrency project secretly being worked, Facebook’s Libra Project White Paper is officially out.
Facebook clearly outlines its mission and vision for the Switzerland registered project.
It’s mission according to the whitepaper reads
“Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people.”
Facebook is clearly ready for another phase of its reign as a social media giant housing more than a quarter of the world’s population. It is home to more than 2 billion users with its aggregated user base for WhatsApp, Instagram, Facebook and Messenger.
With the Libra’s project cryptocurrency dubbed the Globalcoin, Facebook is going to have an impact in the cryptosphere coupled with the influence of the founding members such as Coinbase, Visa, Spotify, Mastercard, Uber, Paypal, and others who have invested about $10million each into the project.
Facebook wants to make Libra the evolution of Paypal with the wish that it will be simpler to establish, easier to use as a payment means with fewer transaction fees, more accessible to the unbanked, more flexible and durable through decentralisation.
In its Libra document, Facebook writes:
“Success will mean that a person working abroad has a fast and simple way to send money to family back home, and a college student can pay their rent as easily as they can buy a coffee.”
Alongside Libra network, Facebook is also launching Calibra, a subsidiary company that will handle the transactions and protect users privacy. The goal of Calibra is “to provide financial services that will let people access and participate in the Libra network,” and it will be readily available in Messenger and WhatsApp and also as a standalone app.
The control of the Libra network will not be solely Facebook’s duty since it is decentralized to include all the 28 founding members. It is the association’s duty commonly referred to as “Libra Association” to promote the open-sourced Libra blockchain and also sign up businesses to accept Libra for payment. It rests upon them to recruit more founding members as Facebook says it wants to reach 100 members before the official launch of Libra.
The unit of the Libra cryptocurrency is Libra just like the unit of a dollar is cent. Libra is represented by a three wavy horizontal line Unicode character ≋ like the dollar is represented by $ or the naira by #. The value of a Libra is meant to stay largely stable since it is a stable coin. Its stability will make it be a good medium of exchange, as merchants can be confident as they will be assured they won’t be paid a Libra today that will be lesser than the amount tomorrow.
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