GOLDMAN SACHS: Bitcoin is going to test $3,000 and could get as high as $3,700

  • Bitcoin has held strong support and has its sights set on a test of the $3,000 level, according to Goldman Sachs.
  • The $1,856 to $1,790 area “has the potential to act as strong support,” Jafari wrote.
  • Jafari’s latest note comes two weeks after she predicted the cryptocurrency was setting up for a big drop.
  • Bitcoin has gained more than 20% from its July 17 low, and currently trades near $2,285.
  • As to how far bitcoin can go from here, Jafari expects another run at record highs.

Bitcoin has held strong support and has its sights set on a test of the $3,000 level, according…
Continue reading “GOLDMAN SACHS: Bitcoin is going to test $3,000 and could get as high as $3,700”

The Daily Economist: Will the future of crypto-currencies be fiat like Bitcoin, or gold backed like the CME is creating?

  • And on May 11 the Chicago Mercantile Exchange has now joined in the movement to put gold and silver on the Blockchain when they signed an agreement with the British Royal Mint to create their own gold backed currency that is expected to also be tied directly to physical gold.
  • But now CME Group,
    one of the world’s largest providers of gold futures contracts, wants to bring
    real, physical gold to a blockchain-based asset, and it has landed a big
    partnership with the U.K.’s Royal Mint.
  • According to a blog
    post by Sandra Ro, CME Group’s head of digitization, the new asset will be a
    token known as RMG (Royal Mint Gold), and backed by physical gold in the Royal
    Mint vaults.
  • And, Ro insists, it
    will bring a new era of accountability and gold-trading standards, saying,
    “There is no rehypothecation, there is no lending on that gold, and there
    will be enough physical gold to represent all the RMGs that are issued.”
  • With an initial launch planned for summer of this year, The Royal Mint plans to
    back the token with up to $1 billion in physical gold bullion.

Continue reading “The Daily Economist: Will the future of crypto-currencies be fiat like Bitcoin, or gold backed like the CME is creating?”