Bitcoin to be 6th largest reserve currency by 2030: Research

  • Bitcoin industry insiders have issued an optimistic prediction for the cryptocurrency over the next few decades, suggesting it could be as widely used as the Swiss franc or the Australian dollar.
  • U.K.-based Magister Advisors, which advises the technology industry on mergers and acquisitions, interviewed thirty of the leading bitcoin companies from across the globe.
  • It found a consensus view that bitcoin will become the sixth largest global reserve currency within 15 years.

Bitcoin industry insiders have issued an optimistic prediction for the cryptocurrency over the next few decades.
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Could a blockchain-based electricity network change the energy market?

Could a #blockchain-based electricity network change the energy market?

  • The intense data processing required by blockchain pulls in an extraordinary amount of electricity, and widespread use of it would drag global energy markets into the abyss – and bring the world’s carbon emissions budget down with it.
  • They range from the big, such as the 10 major utility companies joining the Energy Web Foundation’s efforts to identify and roll out blockchain energy solutions, to the small, such as US startup LO3 Energy’s launch of a blockchain-enabled green energy microgrid in Brooklyn later this year.
  • Similar to LO3 Energy’s offering is that of Australian company Power Ledger, which has developed a peer-to-peer energy trading model that works around utilities companies using blockchain in much the same way that bitcoin traders dance past the banks.
  • By making rooftop solar even more economical and maximising use of the power it generates, Martin hopes blockchain-enabled peer-to-peer energy trading will help lower carbon emissions while raising energy capacity.
  • In Australia, Power Ledger also predicts legislative changes will be needed to pave the way for blockchain, or any kind of peer-to-peer energy trading for that matter.

Blockchain-enabled energy trading could help lower carbon emissions but efficiency and privacy issues must first be overcome
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‘Bitcoin cash’ surges 40% in single day as investors bet on its faster processing speeds

Article:

  • The bitcoin offshoot, bitcoin cash, soared Friday after indications the alternative digital currency could achieve its goal of speeding up transactions.
  • Bitcoin cash rose 40 percent from Thursday’s close of $460.53 to briefly hit $655 Friday afternoon, according to CoinMarketCap.
  • On Wednesday morning, bitcoin cash “miners” successfully demonstrated that the digital currency could support an eight megabyte block, versus the original bitcoin’s one megabyte.
  • The eight megabyte block “has proven that bitcoin cash is working,” said Charlie Hayter, CEO of digital currency information website CryptoCompare.
  • With Friday’s gains, bitcoin cash ranked third by market value at around $10 billion, according to CoinMarketCap.

The bitcoin offshoot, bitcoin cash, soared Friday after indications it could achieve its goal of speeding up transactions.
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Carl Icahn drops out of presidential advisory role

  • Carl Icahn announced Friday that he is stepping down from his role as special advisor to President Donald Trump on regulation.
  • Icahn also took the opportunity to again insist that he “never had a formal position with your administration nor a policymaking role.”
  • As I discussed with you, I’ve received a number of inquiries over the last month regarding the recent appointment of Neomi Rao as Administrator of the Office of Information and Regulatory Affairs (or “regulatory czar,” as the press has dubbed her) – specifically questions about whether there was any overlap between her formal position and my unofficial role.
  • And contrary to the insinuations of a handful of your Democratic critics, I never had access to nonpublic information or profited from my position, nor do I believe that my role presented conflicts of interest.
  • Nevertheless, I chose to end this arrangement (with your blessing) because I did not want partisan bickering about my role to in any way cloud your administration or Ms. Rao’s important work.

Billionaire investor Carl Icahn stepped away from his role as special advisor to President Donald Trump on regulation.
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One of Wall Street’s Biggest Stock Bears Ratchets Up His Bitcoin Forecast to $6,000

One of Wall Street's biggest stock bears ratchets up his bitcoin forecast to $6,000

  • Mike Caldwell, of Casascius, displays Bitcoins that were just made for a photograph in Sandy, Utah, U.S., on Friday, April 12, 2013.
  • Created four years ago by a person or group using the name Satoshi Nakamoto, Bitcoin is a virtual currency that can be used to buy and sell a broad range of items — from cupcakes to electronics to illegal narcotics.
  • Photographer: George Frey/Bloomberg *** Local Caption *** Mike Caldwell

    Thomas J. Lee, one of the most bearish stock strategists on Wall Street, is feeling a lot more optimistic about the prospects for bitcoin.

  • The cryptocurrency could reach $6,000 by the middle of 2018, according to a note Friday from Lee, the Fundstrat Global Advisors co-founder and former chief U.S. equity strategist at JPMorgan Chase & Co.
  • Read One of Wall Street’s Biggest Stock Bears Ratchets Up His Bitcoin Forecast to $6,000 on bloomberg.com

Thomas J. Lee, one of the most bearish stock strategists on Wall Street, is feeling a lot more optimistic about the prospects for bitcoin.
Continue reading “One of Wall Street’s Biggest Stock Bears Ratchets Up His Bitcoin Forecast to $6,000”

‘Bitcoin cash’ surges 40% in single day as investors bet on its faster processing speeds

  • The bitcoin offshoot, bitcoin cash, soared Friday after indications the alternative digital currency could achieve its goal of speeding up transactions.
  • Bitcoin cash rose 40 percent from Thursday’s close of $460.53 to briefly hit $655 Friday afternoon, according to CoinMarketCap.
  • On Wednesday morning, bitcoin cash “miners” successfully demonstrated that the digital currency could support an eight megabyte block, versus the original bitcoin’s one megabyte.
  • The eight megabyte block “has proven that bitcoin cash is working,” said Charlie Hayter, CEO of digital currency information website CryptoCompare.
  • With Friday’s gains, bitcoin cash ranked third by market value at around $10 billion, according to CoinMarketCap.

The bitcoin offshoot, bitcoin cash, soared Friday after indications it could achieve its goal of speeding up transactions.
Continue reading “‘Bitcoin cash’ surges 40% in single day as investors bet on its faster processing speeds”

Citigroup Chief Economist on Bitcoin: Equilibrium Value Is Zero

@Citi chief economist Willem Buiter not a fan of #Bitcoin, do his arguments have any merit?

  • There is an equilibrium value for bitcoin which is zero, like all fiat currencies,” he said.
  • Buiter thinks bitcoin is purely speculative and “not something that ordinary mortals should get anywhere near” and contrasted it to fiat money and gold, which he previously said he would own as part of a diversified portfolio.
  • “Gold has some intrinsic uses, fiat currencies issued by the government have at least a central bank that attempts to stabilize their value in terms of goods and services,” he said.
  • And despite his opposition to bitcoin, Buiter is a fan of blockchain technology and thinks it may be used by central banks in the future to settle cross-border transactions.
  • “We don’t know how well it will scale, but it could be very useful for transactions between central banks, for cross border transactions, for entities that currently use centralized ledgers to make such transactions,” he said, calling bitcoin an “unfortunate start” to the whole blockchain revolution.

  Despite working for the biggest bank in the world, Willem Buiter is not a fan of money. He called gold a 6,000-year bubble and thinks fiat currencie
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