Friday, February 16, 2018

Beautiful week for cryptocurrency, Bitcoin erases 10,000 $ :


The 'cryptos' rebounded sharply over a week, with Bitcoin gaining 20% ​​over seven days and rising to the psychological barrier of $ 10,000. The BTC takes 3% over 24 hours and now appears at $ 10,090 according to Coinmarketcap. The Ethereum, steady on one day, still regains 10% over seven days, to return to $ 933. The Ripple grabs 1% over 24 hours and agrees more than 30% over a week. As for Bitcoin Cash, it is catching up and is now flying 12% to $ 1,518, bringing its gains to 16% over seven days.

The most dynamic altcoin of the week is undoubtedly Litecoin, with 48% growth over a period of seven days.

Interest of US lawmakers
Several US states consider the possibility of authorizing the payment of taxes in cryptocurrency. Arizona has just passed a bill to this effect. The legislation would allow residents to pay their income tax by using Bitcoin or other digital currencies. Nevertheless, it is stipulated in the bill that the 'cryptos' possibly used as a method of payment will have to be converted within 24 hours into 'traditional' currency ... Legislators from Colorado and Wyoming have also expressed interest in a such alternative payment solution ...

New study ... more favorable on crypto-currencies
After pessimistic and even catastrophic studies by Goldman Sachs and Deutsche Bank on Bitcoin and cryptocurrencies, JP Morgan Chase delivered a more positive report on the subject. This is a surprise, since the boss of the bank, Jamie Dimon, has never been a great defender of 'cryptos', quite the contrary.

ETFs as reinforcement?
JP Morgan finds that ten Bitcoin-linked Exchange Traded Funds (ETFs) await market approval in the United States. These 'tracker' funds, tracing the performance of the crypto-currency, could completely change the situation for Bitcoin, which is currently difficult for large investors to access.

JP Morgan recalls that the 'SPDR Gold Shares' ETF launched in 2004 was the first ETF on gold approved by the SEC, the US market authority. After this launch, access to gold was opened to new investors, allowing them to easily diversify their portfolios. Between 2004 and 2011, the price of gold had risen from $ 440 to $ 1,900! To date, JP Morgan notes, the ETF SPDR Gold Shares has become one of the largest in the market, with over $ 35 billion under management!

The arrival of ETFs would greatly simplify things by providing much better accessibility and greatly increased liquidity. Better yet, ETFs would allow operators to avoid certain pitfalls, such as potential hacking or fraud. Recent cases (Coincheck and BitGrail platforms) have thus demonstrated the strong exposure of current cryptocurrency investors to certain unexpected adverse events.

Cryptos should last
While Goldman Sachs is considering the ultimate disappearance of most of the current digital currencies, JP Morgan believes that they should last. Crypto-currencies "probably should not disappear completely, and could easily survive in different forms and different aspects, among actors wishing for greater decentralization, peer-to-peer networks and anonymity, even if the last is threatened, "said JP Morgan.

Potential of the blockchain
The technology on which the 'cryptos' are based, namely the blockchain, is also considered convincing. Thus, JP Morgan sees the power of the blockchain and its vast potential. It offers particularly sought-after security, according to JP Morgan, who believes blockchain can help banks in terms of transparency, market finance, or as a payment system.

'Bullish' expert opinion
Some experts also display unshakable confidence in the future of cryptocurrency. Jamie Burke, CEO of Outlier Ventures, is one of the most aggressive investors on cryptocurrencies. According to comments reported by CNBC, Burke estimates that digital currencies should display this year a rally even more powerful than that of the year 2017. According to him, the capitalization of cryptocurrencies could even exceed the $ 1,000 billion in 2018!
Bitcoin, meanwhile, could reach $ 50,000 this year, Judge Thomas Glucksmann of the Gatecoin platform, also interviewed by CNBC. This specialist discusses technological advances and new investment products, which should be catalysts. "There is no reason not to see Bitcoin grow to $ 50,000 by December," says Glucksmann, who believes cryptos should benefit from increased regulatory recognition, investor input institutions in the market, and technological developments. According to this professional, the BTC, which has just touched up the $ 10,000, could be multiplied by more than five this year.

The Cameron and Tyler Winklevoss twins, who are major investors in Bitcoin and cryptocurrency, are also optimistic. The twins, previously known for their trial against Mark Zuckerberg (they accused the leader of Facebook of having diverted their idea), were among the first to invest heavily on Bitcoin, from 2012 and 2013. They are considered since last year as billionaires in Bitcoin. In addition, their specialized Gemini Trust platform now claims $ 300 million worth of daily trading.

Cameron, interviewed by CNBC, estimated that Bitcoin would one day be worth 40 times more, or more than $ 300,000 - but without setting a time horizon. "We think Bitcoin disrupts gold," Cameron Winklevoss also said, highlighting the scarcity and practicality of the BTC in comparison to the "barbarian relic" ...

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