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The Winklevoss Twins Made A Serious Wall Street Bitcoin Warning

The Winklevoss twins of Facebook-founding fame have long been strong advocates for bitcoin and cryptocurrencies, buying up huge amounts of bitcoin and founding the U.S. Gemini crypto exchange.

The bitcoin price, now back above $10,000 per bitcoin after dipping under the psychological mark earlier this month, has climbed around 200% so far this year, emboldening bitcoin bulls who had feared last year’s bear market could drag on through 2019.

Now, the Winklevoss twins have warned Wall Street banks have been “asleep at the wheel” on bitcoin and cryptocurrencies—something that’s helped bitcoin retail investors.

“Unlike the internet, which you couldn’t buy a piece of, you can actually buy a piece of this new internet of money,” Tyler and Cameron Winklevoss told CNN.

“It’s still a retail-driven market, from day one. And a lot of people have done really well. Wall Street has been asleep at the wheel,” the twins warned.

Bitcoin’s epic 2017 bull run, which saw the bitcoin price soar from under $1,000 per bitcoin at the beginning of the year to almost $20,000 in December, was largely thought to be due to Wall Street and institutional investment could be poised to flow into bitcoin and crypto.

When this investment failed to firmly materialise, the bitcoin price crashed to around $3,000 per bitcoin last year, only to rebound in 2019 as a result of technology companies taking an interest in bitcoin and crypto.

“We had to invest because we were afraid of missing out, we couldn’t miss out on this future,” the twins added.

Meanwhile, Tyler and Cameron Winklevoss earlier said they are open to partnering with Facebook chief executive Mark Zuckerberg on the social media giant’s libra cryptocurrency project after it was revealed they have been in talks about joining the Libra Association.

The newly-created, independent governance consortium for Facebook’s planned token currently counts 28 founding members but is expected to swell to around 100 by the time of libra’s launch next year.

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: The Winklevoss Twins Made A Serious Wall Street Bitcoin Warning

Cameron and Tyler Winklevoss talk with Ben Mezrich and Paul Vigna about Cryptocurrency and the Future of Money. Recorded July 9, 2019 at 92nd Street Y. What do bitcoin, ether, zcash, litecoin and other cryptocurrencies tell us about where capitalism is going next? And how did the Winklevoss twins see it coming? Cryptocurrency has emerged in the last decade as a powerful bellwether for what money might look like in the future—and Cameron and Tyler Winklevoss are leading the way in how it’s being used. Join them for a fascinating discussion along with author Ben Mezrich (Bitcoin Billionaires) and the Wall Street Journal’s Paul Vigna about the origins of Gemini, their cryptocurrency exchange and custodian, and the future of money. Subscribe for more videos like this: http://bit.ly/1GpwawV Your support helps us keep our content free for all. Donate now: http://www.92y.org/donatenow?utm_sour… Facebook: http://facebook.com/92ndStreetY Instagram: http://Instagram.com/92ndStreetY Twitter: https://twitter.com/92Y Tumblr: http://92y.tumblr.com/ On Demand: http://www.92yondemand.org

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A Stark Prediction For The Future Of Bitcoin, ETH, XRP, And LTC

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Bitcoin, ETH, XRP, and LTC prices, will be on a roller coaster for a long time. Traders and investors will make and lose fortunes in record time, betting on them. In the end, say some analysts, these cryptocurrencies will either die on their own, or be killed by the ‘establishment’ — big governments and big banks around the world that defend sovereign currencies.

Take the case for Bitcoin.

The “people’s currency” holds a great promise: to become the first true global currency, free of the control of central banks that print money and big banks that generate credit.  But to do that, Bitcoin must gain the trust of the “general public.“ This means it must be adopted as a medium of exchange, standard of value, and store of value, replacing national currencies.That isn’t easy, given the many obstacles Bitcoin has to overcome. Like lack of awareness, familiarity, and stability, etc. And that makes some experts bearish about the future of Bitcoin.

Bitcoin Price YTD

Bitcoin Price YTD

Lars Seier Christensen, Chairman of Concordium, the next-generation decentralized world computer, is one of them. “In the longer term, I am bearish on bitcoin as I believe it does not have the necessary characteristics of a longer-term valuable asset and, eventually, that reality will catch up” says Christensen.“But in the short term, price movements will likely be random as Bitcoin is affected by low liquidity and unpredictable bigger trades.”

Unpredictability will make it hard for Bitcoin to gain broad adoption as a medium of exchange. And without broad adoption, Bitcoin will remain a play for speculators and true believers, and eventually die on its own.

But even if Bitcoin overcomes all these obstacles and gains broad adoption by the general public, and was in a position to replace national currencies — ie, become the new currency — what would happen then?

Bears argue that the “establishment” cannot afford to let that happen.

For a couple of reasons, including  the loss of Seigniorage” — simply put, the profit made by the national governments by printing currency. Then there’s the profit made by banks helping circulate that money and create credit.

The establishment will do whatever it takes to defend these profits from Bitcoin and any other cryptocurrency that seeks to replace it.

Recent Congressional hearings on Libra attests to the determination of the establishment to protect the dollar from competing cryptocurrencies. In a rare display of unity, Democrats and Republicans opposed Libra, and had many unkind words for Bitcoin.

“Cryptocurrencies that are ONLY there as a currency substitute, however, have no real long-term future,” says Christensen.“They will be outlawed by governments wanting to control the money supply and taxation, and in any case, cryptocurrencies have no intrinsic long-term value of significance. Hence, Bitcoin will only survive as a fringe activity.”

Not everyone agrees with this gloomy assessment, however. Dave Hodgson, Director and Co-Founder of NEM Ventures, is one of them.

“In my opinion, Bitcoin will never die nor be killed by the establishment, despite some people’s efforts to the contrary,” says Hodgson. “The recent drop we have seen in Bitcoin is within the boundaries of what our analysts were expecting from technical analysis. However, the timescale has been slightly skewed in light of recent announcements, primarily from US government representatives.”

 Corentin Denoeud, CEO and Co-founder of Blockchain Studio, is another .

“The fact that governments around the world are even talking about crypto is a sign of progress for the blockchain industry in general,” says Denoeud. “While countries such as India have called for the outlawing of cryptocurrencies, representatives from Germany’s Central Bank have responded favourably and advanced the view that cryptocurrencies are not a threat to global monetary stability. Even China, who has previously banned ICOs and cryptocurrency trading, has called bitcoin a ‘safe-haven asset’ (via its state-run media agency) and is now reportedly stepping up its own efforts to create its own cryptocurrency, following Facebook’s unveiling of Libra.”

 While it’s still unclear which side is right, one thing is clear: Bitcoin (and ETH, XRP, LTC, etc) true believers who think that cryptocurrency will eventually replace national currencies, need a 101 lesson in Money and Banking.

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I’m Professor and Chair of the Department of Economics at LIU Post in New York. I also teach at Columbia University. I’ve published several articles in professional journals and magazines, including Barron’s, The New York Times, Japan Times, Newsday, Plain Dealer, Edge Singapore, European Management Review, Management International Review, and Journal of Risk and Insurance. I’ve have also published several books, including Collective Entrepreneurship, The Ten Golden Rules, WOM and Buzz Marketing, Business Strategy in a Semiglobal Economy, China’s Challenge: Imitation or Innovation in International Business, and New Emerging Japanese Economy: Opportunity and Strategy for World Business. I’ve traveled extensively throughout the world giving lectures and seminars for private and government organizations, including Beijing Academy of Social Science, Nagoya University, Tokyo Science University, Keimung University, University of Adelaide, Saint Gallen University, Duisburg University, University of Edinburgh, and Athens University of Economics and Business. Interests: Global markets, business, investment strategy, personal success.

Source: A Stark Prediction For The Future Of Bitcoin, ETH, XRP, And LTC

Blow To Bitcoin As Top Accountants Make Serious Facebook Warning

bitcoin, bitcoin price, Facebook, libra, image

Bitcoin and cryptocurrencies have been largely ignored by the world’s regulators over the last ten years, with only some small attempts to protect investors from wild bitcoin price swings and dodgy crypto exchanges.

The bitcoin price, up some 200% so far this year, has somewhat recovered after a terrible 2018 largely due to interest in bitcoin and cryptocurrencies from some of the world’s biggest tech companies, including social media giant Facebook which unveiled its planned libra cryptocurrency project last month and is scheduled for release some time in 2020—if the sandal-hit company can convince regulators of its merits.

Now, forensic accountancy firm BTVK has warned the bitcoin and crypto “wild west” could be coming to an end, with global regulators closing in on bitcoin and cryptocurrency exchanges as a result of the spotlight brought by Facebook’s libra project.

“Laws are in development as we speak,” Alex Hodgson, senior consultant at BTVK, told the Telegraph newspaper following the release of its report into bitcoin and cryptocurrencies. “Facebook has well-publicized issues in the past, and in response to that [regulators] are going above and beyond.”

“If cryptocurrency markets were like the ‘wild west’ in their early years, that period may be coming to a close as lawmakers look to toughen up the way in which markets are policed,” the report authors wrote. “In the meantime, it would be wrong to assume that investigators are powerless in the world of virtual currencies. They have many tools, old and new, at their disposal which mean that cryptocurrency markets should not be seen as a safe hiding place.”

Facebook is still reeling from a data-sharing scandal that saw many of its most senior executives hauled before governments around the world to answer questions on Facebook’s use of data and its work with third parties, such as Cambridge Analytica.

Earlier this month, U.S. president Donald Trump sent the bitcoin and cryptocurrency industry for a loop when he tweeted his opposition to bitcoin, cryptocurrencies, and Facebook’s libra, suggesting they are all “unregulated crypto assets” that can “facilitate unlawful behavior, including drug trade and other illegal activity.”

Following his comments, other senior U.S. officials echoed his comments, while U.S. senators called Facebook’s libra plans “unacceptable.”

Elsewhere, former International Monetary Fund managing director Christine Lagarde, who is set to replace Mario Draghi as president of the European Central Bank (ECB), earlier this year warned that bitcoin and cryptocurrencies are “shaking the system”—something that could signal a change in the ECB’s approach to bitcoin and crypto.

bitcoin, bitcoin price, Facebook, libra, chart

The bitcoin price has rallied hard this year but global regulators are “closing in.”

In the U.K. bitcoin and cryptocurrencies were placed under the oversight of the country’s banking regulator in January with it expected to issue final guidance sometime over the next couple of months.

Meanwhile, a government panel in India has recommended a ban on all “cryptocurrencies created by non-sovereigns” due to “serious concern [there is a] mushrooming of cryptocurrencies almost invariably issued abroad and numerous people in India investing in these cryptocurrencies.”

The report out of India does support the possibility of a state-issued digital currency in India, however.

Follow me on Twitter.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk

Source: Blow To Bitcoin As Top Accountants Make Serious Facebook Warning

If Bitcoin (BTC) Breaks 3700 USD, It Could Boost the Crypto Markets, CryptoSync Analyst Says – Ethereum World News

It seems that the prediction season has begun, with bullish and bearish opinions much more conservative than the ones from the last year. While it is difficult to provide a certain level of strength in the predictions of a market as volatile and young as the cryptomarket, this does not seem to stop analysts and fans from exposing their views to the world…….

Source: If Bitcoin (BTC) Breaks 3700 USD, It Could Boost the Crypto Markets, CryptoSync Analyst Says – Ethereum World News

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