In “This was the NEWS” we take a look at the most important news of last week. What has happened in the crypto space over the last 7 days? News items that you may have missed and you really need to read. You will find it here!
- Bitcoin Might Be Worth $50,000 Soon – Here is Why
Ryan Selkis, CEO of Messari, believes that Bitcoin will reach $50,000 in the next few decades. In a tweet, he explains that in the next 20+ years there will be about $30 trillion being transferred to millennials from their parents. If just 1% of that goes to crypto, it will be a multi-trillion dollar asset class.
Read more about Ryan Selkis’s Bitcoin prediction here: https://www.altcoinbuzz.io/crypto-news/spotlight/btc-might-be-worth-50-k-here-is-why/
2. CFTC Chairman Defends Cryptocurrency Markets and Calls for the Cooperation of the US and European Regulators
At Eurofi CFTC Chairman Chris Giancarlo spoke on their decision to resist the calls to suppress crypto assets and their underlying technologies. He will be stepping down as the Chairman in April and it is important that he thought cryptocurrencies were important enough to speak about in one of his last speeches.
“And consider the CFTC’s approach to the development of new derivatives products on crypto-assets like Bitcoin. We have resisted calls to use our legal powers to suppress the development of crypto-assets and the underlying technologies that support them. Instead, we have favored close monitoring of market developments while not hindering the introduction of new products like bitcoin futures, which have proven invaluable in letting market forces determine the appropriate value of the bitcoin.” – Christopher Giancarlo
Read more about the CFTC’s speech here: https://www.altcoinbuzz.io/crypto-news/regulations/cftc-chairman-defends-cryptocurrency-markets-and-calls-for-the-cooperation-of-the-us-and-european-regulators/
- There are 3 Things Standing in Front of Mass Adoption, According to Brian Armstrong
According to the CEO of Coinbase, Brian Armstrong believes that the three main hurdles, volatility, scalability, and usability. The best way to tackle those hurdles is with stablecoins, the Lightning Network, and by making everything simpler.
“We need to get that usability simpler, and simpler, and simpler. Kind of like having that Netscape moment or that iPhone moment for crypto.” -Brian Armstrong
Read more about Brian Armstrong’s AMA here: https://www.altcoinbuzz.io/crypto-news/spotlight/there-are-3-things-standing-in-front-of-mass-adoption-according-to-brian-armstrong/
- Senior eToro Analyst: Bitcoin Could Easily Rally to $7,000
Senior Analyst at eToro, Mati Greenspan, believes that Bitcoin can easily reach $7,000 before it hits heavy resistance. By drawing a Fibonacci retracement from Bitcoin’s all-time high, the first level of resistance (23.6%) would be about the $7,000 mark.
Read more about Mati Greenspan’s chart here: https://www.altcoinbuzz.io/crypto-news/finance-and-funding/senior-etoro-analyst-bitcoin-could-easily-rally-to-7000/
- Trader Who Predicted Bitcoin’s 2018 Bear Market Now Sets a $50,000 Price Target
Peter Brandt, Founder of Factor Research and Trading, has set a price target for Bitcoin, $50,000 Bitcoin in the next two years. After the past two years of being bearish, he compares current charts to what had happened in the 2013-2015 bear market and believes history might be repeating itself.
Read more about Peter Brandt’s interview here: https://www.altcoinbuzz.io/crypto-news/finance-and-funding/trader-who-predicted-bitcoins-2018-bear-market-now-sets-a-50000-price-target/
“This was the NEWS” summary!
After the bear market since the highs of December 2017 and January 2018, the market seems to finally be making a turn for the better. While we might not be out of the dark yet, the past few months have been very green. Hopefully, this trend continues.
I agree with Brian Armstrong in what hurdles he thinks cryptocurrencies have until mass adoption happens. I would, however,r add one, custody. While many people in the crypto space always hold their own keys, there are many people who don’t want that responsibility and until there is a safe way to store users funds, that will always hold mass adoption back. Not to mention it will hold back institutions from being able to invest clients’ money. Why would they put millions of dollars into an asset that might not be there when they wake up?
Going back to his point where he talks about simplicity, we need to make cryptocurrencies no different than their current banking and debit/credit card situation. Once that happens, users will be more inclined to use cryptocurrencies because it is something they are used to and comfortable with.
To his point about usability, I think that is where stablecoins could also play a big role. If we can get people/businesses used to accepting any type of cryptocurrencies, it is a huge win for the space. It would be a win for everyone. We get people used to spending/receiving crypto and they don’t need to worry about volatility. This type of adoption is a no brainer, in my opinion, and needs to happen.