GOLDMAN SACHS: Bitcoin could get close to $8,000

GOLDMAN SACHS: #Bitcoin could get close to $8,000

  • The red-hot cryptocurrency, which has gained more than 600% this year and is currently trading near $7,200 a coin, could threaten the $8,000 mark, according to a note sent out to clients on Sunday from Goldman Sachs technical head Sheba Jafari.
  • The cryptocurrency put in an all-time high of $7,592 a coin early Monday as traders continue to pile in following the announcement that CME Group, one of the world’s largest exchange groups, was launching bitcoin futures trading by the end of the year.
  • The gains also come as traders await the implementation of a looming fork in bitcoin’s network.
  • Disagreements in the cryptocurrency community over an upgrade known as SegWit2x could split bitcoin into two more cryptocurrencies.
  • Trevor Koverko, the CEO of Polymath, a cryptocurrency technology company, told Business Insider that folks could be buying in before the fork to get that free cash.

Bitcoin touched a record high of $7,592 a coin on Monday. Goldman Sachs’ head of technical analysis says the chart points to a possible run at the $8,000 level. Goldman Sachs thinks bitcoin still has more room to run.
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Matchpool Continues Progress After Successful ICO

  • The company has recently partnered with Snip to provide Guppy tokens as reward for writers within the Snip platform.
  • The partnership allows Matchpool to utilize the QTum Proof-of-Stake blockchain technology, allowing Matchpool new access to technical capabilities that were previously outside of its capacity.
  • Matchpool CEO Shimon praised the partnership, saying, “We’re really excited to be launching the platform onto the QTum blockchain.
  • Finally, Matchpool has announced an upgrade to the payment platform within its Alpha version that allows users access to and functionality with the company’s Guppy tokens.
  • Taken together, the news amounts to a huge leap forward for the Matchpool platform, proving the validity of its strong ICO showing.

Matchpool, the Israel-based blockchain collaboration startup, continues to advance post-ICO. The company has recently partnered with Snip to provide Guppy tokens as reward for writers within the Snip platform.
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John McAfee challenges Jamie Dimon’s bitcoin skepticism

  • “You called bitcoin a fraud,” McAfee told CNBC’s “Fast Money” on Wednesday.
  • Miners invest “massive” amounts of supercomputing power and electricity in creating bitcoins, McAfee said.
  • “And the fact that bitcoin is consistently growing in its use and its value has to say something,” McAfee said.
  • McAfee made a lewd bet on Twitter earlier this summer that bitcoin would reach $500,000 within three years.
  • Plus, the long-term trend of bitcoin has been consistently up, McAfee added.

Dimon called bitcoin a “fraud” that will eventually blow up. McAfee disagreed.
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John McAfee challenges Jamie Dimon’s bitcoin skepticism

John McAfee challenges Jamie Dimon's bitcoin skepticism

  • “You called bitcoin a fraud,” McAfee told CNBC’s “Fast Money” on Wednesday.
  • Miners invest “massive” amounts of supercomputing power and electricity in creating bitcoins, McAfee said.
  • “And the fact that bitcoin is consistently growing in its use and its value has to say something,” McAfee said.
  • McAfee made a lewd bet on Twitter earlier this summer that bitcoin would reach $500,000 within three years.
  • Plus, the long-term trend of bitcoin has been consistently up, McAfee added.

Dimon called bitcoin a “fraud” that will eventually blow up. McAfee disagreed.
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The Summer of ICOs

The Summer of #ICOs 

 #fintech @bussgang #VC #ETHEREUM #blockchain

  • Instead I will make a few observations about how an investor might think about the impact of ICOs / token launches on the venture capital industry, in particular, and some of the downstream ramifications that need to wrestled with.
  • The ICO generates excitement and valuable incentives to contribute to the ecosystem which accelerates its growth and, as the ecosystem grows, the company has a cash flow formula that allows value to accrue to the equity holders of the corporation not just the tokens.
  • If a portfolio company can raise money in an ICO and retain tokens that then rise in value, it dramatically reduces the company’s incentive to seek an exit.
  • If the management team and employees receive tokens as part of their compensation plan and those tokens are highly liquid — as they should be after an ICO thanks to the meteoric rise of exchanges and crypto hedge funds — then the value of their compensation may be more through token value than equity value.
  • Are investors and management as aligned as they are in a company that does not raise money in an ICO or do token sales create more opportunities for misalignment—which gets back to the issue of governance.

Goldman Sachs and CB Insights recently reported that startups have raised over $1 billion in Initial Coin Offerings (ICOs) this summer — more than the to…
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Buoyant bitcoin stirs crypto-bubble fears

Buoyant #bitcoin stirs crypto-bubble fears

  • REUTERS/Illustration/Benoit Tessier/File Photo

    LONDON (Reuters) – Bitcoin and other “cryptocurrencies” are big money, virtually as big as Goldman Sachs and Royal Bank of Scotland combined.

  • At the start of 2017, the total value – or market cap – of all cryptocurrencies in existence was about $17.5 billion, with bitcoin making up almost 90 percent of that, according to industry data firm CoinMarketCap.
  • Whichever way cryptocurrencies move, they are likely to move together because their values are highly correlated, feeding off each other and magnifying the market effect.
  • That’s partly down to investor sentiment, but also because the start-ups issuing new coins in ICOs generally collect money in a more liquid cryptocurrency, such as bitcoin or, more commonly, Ethereum’s ether – the second-biggest cryptocurrency in total value.
  • Some other, smaller cryptocurrencies such as Dash, Monero and Z-cash are seen as having real value by some users because they offer an even higher level of anonymity than the likes of bitcoin.

Bitcoin and other “cryptocurrencies” are big money, virtually as big as Goldman Sachs and Royal Bank of Scotland combined. The price of a single bitcoin hit an all-time high of above $3,500 this week, dragging up the value of hundreds of newer, smaller digital rivals in its wake. It has been
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Buoyant bitcoin stirs crypto-bubble fears

Buoyant bitcoin stirs crypto-bubble fears - CNBC

  • Bitcoin and other “cryptocurrencies” are big money, virtually as big as Goldman Sachs and Royal Bank of Scotland combined.
  • The price of a single bitcoin hit an all-time high of above $3,500 this week, dragging up the value of hundreds of newer, smaller digital rivals in its wake.
  • At the start of 2017, the total value – or market cap – of all cryptocurrencies in existence was about $17.5 billion, with bitcoin making up almost 90 percent of that, according to industry data firm CoinMarketCap.
  • It is now around $120 billion – around the same value as Goldman and RBS together – and bitcoin makes up only 46 percent.
  • Bitcoin Cash, a clone of bitcoin that was split off from the original last week by a rival group of developers, was valued at more than $12 billion less than 24 hours after it had started trading.

Bitcoin and other “cryptocurrencies” are big money, virtually as big as Goldman Sachs and Royal Bank of Scotland combined.
Continue reading “Buoyant bitcoin stirs crypto-bubble fears”