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!
- Everything Social Media Coins
Last year every company seemed to do an ICO, this year every company is seeming to do their own “cryptocurrency.” Facebook is planning to launch their “Globalcoin,” by 2020 and Twitter seems to be on their heels with a proprietary coin based on Square’s Cash App. While these coins will probably be no better than JPM Coin, it will get the average user to get used to using and storing digital assets. This can be a huge catalyst for the next wave of adoption.
Read more about these three articles about social media coins here: https://www.altcoinbuzz.io/crypto-news/finance-and-funding/zuckerberg-deliberates-with-the-winklevoss-brothers-over-new-cryptocurrency/
- Bitcoin Halving is Less Than One Year Away
One of the most important events in the entire cryptocurrency space is coming in less than a year. This isn’t about an ETF, Bakkt, or any social media coin, I am talking about the Bitcoin halving. Strictly looking at a supply and demand curve, when supply goes down but demand stays the same, price increases. While I am not saying this will guarantee a spark a crazy boost in Bitcoin’s price, the mining rewards will decrease by half, this could have a great reaction in its price.
Read more about the Bitcoin halving here: https://www.altcoinbuzz.io/crypto-news/finance-and-funding/bitcoin-halving-is-less-than-one-year-away/
- The State of Montana Recognizes Utility Tokens and Exempts Them From Certain Securities Laws
The world looks to the US for regulation advice. Having said that, the US needs to start issuing guidance on the space. Individual states are starting to issue guidance but there needs to be a bigger effort by the federal government.
Read more about Montana’s cryptocurrency laws here: https://www.altcoinbuzz.io/crypto-news/regulations/the-state-of-montana-recognizes-utility-tokens-and-exempts-them-from-certain-securities-laws/
- Morgan Creek Capital CEO Mark Yusko: “Every Investor Should Hold Some Bitcoin”
“Bitcoin is a great diversifying asset. It has a very low correlation. It should be in everybody’s investment portfolio.” -Mark Yusko
He goes on to talk about how Bitcoin is better than gold because it is easier to transport and store. He makes a very valid point too.
“Gold […] has been hard money for 5,000 years. […] It’s about 7.4 trillion dollars in value. The best thing about Bitcoin is its digital gold. It’s much easier to transport; it’s much easier to divide. […] It has all these essential qualities that I think are superior to gold. If we get the amount of value equal to gold, that would be about 7.4 trillion, divide that by 21 million coins, you get around $400,000 per coin, maybe $500,000 per coin. When does that happen? It might be a decade or more.” -Mark Yusko
Read more about Mark Yusko’s opinion on Bitcoin here: https://www.altcoinbuzz.io/crypto-news/finance-and-funding/morgan-creek-capital-ceo-mark-yusko-every-investor-should-hold-some-bitcoin/
- Samsung Could Soon Add Cryptocurrencies to Its Samsung Pay App
The largest phone manufacturer in the world is looking to add cryptocurrency to its Samsung Pay App. Companies like Samsung are going out of their way to add support for cryptocurrencies, this is important. In addition, besides the Galaxy S10, Samsung is going to add crypto wallets to their low-end devices.
Read more about Samsung entering the crypto space here: https://www.altcoinbuzz.io/crypto-news/product-release/samsung-could-soon-add-cryptocurrencies-to-its-samsung-pay-app/
- Enjin Launches The First Blockchain-Powered Minecraft Server
Enjin has celebrated Minecraft’s 10 year anniversary by releasing the first Blockchain-Powered Minecraft server that will allow trading in-game items, win items backed by ENJ, and use ENJ based items from their Multiverse games. Enjin has a bright future, they are just showing the many use cases for their platform.
Read more about ENJ launching a Minecraft Server here: https://www.altcoinbuzz.io/crypto-news/product-release/enjin-launches-the-first-blockchain-powered-minecraft-server/
“This was the NEWS” summary!
It seems that every week there is another announcement of some company looking to create their own cryptocurrency. I’ve said it many times but if we can get people used to using these “cryptocurrencies” then we have a direct route to people using actual cryptocurrencies like Bitcoin on a day to day basis. Companies are building the infrastructure for this to happen, it won’t happen overnight but over time with the right steps, we can get there.
I agree with Mark Yusko, I believe that most people should have at least some exposure to Bitcoin, especially the younger investors. By having a small allocation dedicated to this volatile asset, investors can obtain large returns with a very low-risk percentage.
I also agree with what he says about how Bitcoin has many aspects that make it superior to gold. This doesn’t mean that Bitcoin is better or worse than gold, but it is clearly easier to store and send. Users can store 1 Satoshi in the same space as 5,000 BTC where gold is extremely hard to store due to its weight. Also, Bitcoin can be sent across the world in a matter of minutes, gold takes days or longer and you have to trust many people along the journey. The last point is that Bitcoin can be split up into many equal parts where it is extremely hard to do the same with gold. They both serve their purposes but in many aspects of our digital world, Bitcoin seems to fit better.