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Traditional Investors Reveal Their Opinions on Bitcoin

Several traditional investors have issued their opinions about Bitcoin as it continues to soar to record highs. During morning trading on December 8, 2017, the currency traded above $16,000 per token and even reached more than $18,000 in one market.

Due to its phenomenal trading performance, several billionaire investors have voiced out their thoughts about the top-dog digital currency Bitcoin focusing on the idea that it lacks intrinsic value.

Skepticism on its intrinsic value

In his comment, legendary activist investor Carl Icahn says he cannot understand Bitcoin’s performance and he thinks that it is a bubble.

“I don’t understand it… If you read history books about all of these bubbles…this is what this is.”

Meanwhile, billionaire Warren Buffett, who is considered as the best value investor of all-time, has advised investors to stay away from the most popular virtual currency because it is just a ‘mirage’ and it is leading towards bubble territory.

”Stay away from it. It’s a mirage… the idea that it has some huge intrinsic value is a joke.  It’s a way of transmitting money.”

Prominent billionaire and founder of one of the biggest hedge funds in the world, Ray Dalio, is still taking a cautious stance:

“Bitcoin is a bubble… It’s speculative people, thinking they can sell it at a higher price…and so, it’s a bubble.”

Still undervalued at current price

However, former Wall Street and hedge fund manager Michael Novogratz claimed that Bitcoin and other cryptocurrencies are real and Bitcoin could be an alternative or replacement for gold. He added that the price of Bitcoin could go up to $40,000 before the year ends.

“The whole market cap of all of the cryptocurrencies is $300 billion. That’s nothing. This is global. I have a sense this can go a lot further.”

PayPal co-founder and investor in financial technology Peter Thiel, however, considers Bitcoin as having ‘great potentia.l. In his interview with CNBC, he explains that Bitcoin is more than just a cryptocurrency:

“I’m skeptical of most of them (cryptocurrencies), I do think people are a little bit … underestimating bitcoin especially because … it’s like a reserve form of money, it’s like gold, and it’s just a store of value. You don’t need to use it to make payments.”

The growing skepticism towards Bitcoin did not stop Russian oligarchs from investing in it either, as traditional Russian billionaires such as Roman Abramovich, Aleksandr Frolov and Aleksandr Abramov are reportedly investing large chunks of their money into cryptocurrencies, particularly Bitcoin, through a European fund called Blackmoon Crypto.

Finally, the Winklevoss twins, the classic Bitcoin poster boys who started investing in the digital currency in 2013, remain bullish about cryptocurrencies as their holdings made them the first ever Bitcoin billionaires.

Time will tell who among these investors are right. No matter which side you’re on, keeping yourself informed and exercising due diligence will allow you to form your own judgment and investment decisions.

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Former US Presidential Candidate Ron Paul Promotes Bitcoin-based Retirement Investments

Former Republican Congressman and US presidential candidate, Ron Paul, was hired as an endorser of Bitcoin-based retirement instruments. In his endorsement for the cryptocurrency firm, which is a subsidiary of Goldco, Paul touted to Americans the benefits of entrusting their savings to the Bitcoin-based retirement account provider.

In a video that accompanied an article titled “Ron Paul Is Shilling for a Bitcoin Retirement Fund Exactly Where You’d Expect” that was published by Mashable as of mid-November 2017, Paul urged Americans to contact cryptocurrency company to know more about the various investment options that are based on Bitcoin.

Paul also claimed that he is excited about the various options that Bitcoin opens up in the retirement sector.

“As a firm believer in currency competition, I’m excited to see the options that Bitcoin opens up.”

Other companies are offering Bitcoin-based retirement account services

Aside from the promoted company, other firms are providing full services for Bitcoin-based retirement accounts. The companies provide assistance to their customers in purchasing Bitcoin and other cryptocurrencies through their individual retirement accounts (IRA) or 401Ks. These firms claim that digital IRAs allow Americans to invest in virtual currencies such as Ethereum and Bitcoin.

“Digital IRAs are unique retirement accounts that allow you to invest in digital currencies (also known as cryptocurrencies) like Bitcoin and Ethereum, in addition to the conventional assets that you utilize already.”

Such solutions are not new. In fact, one company previously shared that has raised over $2 mln within six months of its launch. As millennials tend to shy away from traditional investment options, many investors in their twenties actually prefer to diversify their investments despite the supposed risks.

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Now More Than 120 Cryptocurrency Hedge Funds

The explosive growth of cryptocurrency values has drawn in some of the investment world’s biggest players – hedge fund managers. Over the past six months, the number of crypto-focused hedge funds has exploded, moving from around 70 in August to more than 120 at the end of October.

In the last year alone, according to CNBC, more than 90 cryptocurrency funds have launched, bringing the net total to 124. These funds have more than $2.3 bln under management, with a third of the total using venture-capital style investment strategies.

The most notable addition among these is the $500 mln fund launched by Galaxy Investment Partners founder Michael Novogratz. The famous investor has publicly shared his view that lots of money can be made with digital currencies, even as the market moves.

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Wall Street Driving Bitcoin Price Higher, Says Bloomberg

Wall Street is driving Bitcoin’s price rise this month according to Bloomberg, even as Goldman Sachs still picks gold over crypto.

In comments on Bloomberg TV, the publication’s analyst Edward Robinson said bank clients are “knocking on the door” after seeing charts showing Bitcoin’s 2017 growth. He commented:

Wall Street Driving Bitcoin Price Higher, Says Bloomberg

“I think Wall Street may actually be responsible for driving the price, because it’s with every announcement that Wall Street is thinking of embracing Bitcoin as a new asset class that we start to see this surge.”  <Continue Reading>

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Swiss University Accepts Cryptocurrency for Tuition

Bitcoin’s adoption keeps breaking boundaries as houses, expensive art, and now university tuition can be paid with the digital currency. As a sign of general acceptance, this must rank pretty high, as universities are places where the newly educated are learning.

Swiss Bitcoin haven

Switzerland has already shown itself to be a popular choice for Blockchain, digital currencies, and all things crypto as many individuals, as well as the government, embrace the technology.

Now, certain universities are adopting the payment method of Bitcoin for tuition, albeit with a few caveats. The Lucerne University of Applied Sciences and Arts in Switzerland announced the decision to accept Bitcoin payments.

The university has identified that Bitcoin is on the cutting edge of new technologies, and seemingly appreciates the direction in which cryptocurrency is heading.

“Its [Bitcoin’s] ability to disseminate knowledge on cutting-edge technologies such as Blockchain, as well as its desire to gain experience in the practical aspects of this novel area,” the University said.

Considering the type of university that Lucerne is, it makes sense that they would be one of the groundbreakers for Bitcoin. There’s a strong focus on financing and economics, as well as liberal subjects <Continue Reading>

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Cryptocurrency Hedge Fund Cofounder Matthew Goetz Compares Bitcoin to the Internet in the 1990s

Digital currency hedge fund BlockTower Capital cofounder Matthew Goetz claimed that Bitcoin and other cryptocurrencies are like the Internet in the 1990s. He said that bets during the early days of the Internet were risky just like the investments in the digital currency market as of October 2017.

Cryptocurrency Hedge Fund Cofounder Matthew Goetz Compares Bitcoin to the Internet in the 1990s

According to Goetz, the claims that the virtual currencies are one of the disruptive technologies of today are correct. He also compared the cryptocurrencies to the Internet in the 1990s.

“You could be right on the thesis that cryptocurrencies are transformative and you could make what you think is the right bet at the time, but remember one time you had Yahoo and then this thing called Google came along.”

Goetz’s other comments and predictions

The digital currency market worldwide has registered a meteoric rise in 2017, with more than 1,000 cryptocurrencies already in circulation. Bitcoin, the leading virtual currency, posted a significant price increase as it rose by over 450 percent to almost $4,400 per token.

Goetz, however, argued that Bitcoin will not remain as the top-dog digital currency forever despite its phenomenal rise. He added that Bitcoin and the other virtual currencies can be toppled by a cryptocurrency with superior technology.

“Bitcoin is the most entrenched, it has very stable protocol, it doesn’t change a lot, and it has a very strong developer base, but at the end of the day, it is still software. There is some chance that something an order of magnitude better than Bitcoin, technologically, could come along.”

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Goetz, however, claimed that in order for a rival cryptocurrency to replace Bitcoin, it should have significantly better capabilities than the crypto top dog. He cited as an example how Facebook has toppled MySpace as the favored social media site. <Continue Reading>

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Travel Agency Exclusively Accept Bitcoin

In efforts to embrace Bitcoin and other cryptocurrencies, Gozo, Malta-based travel agency Bitcoin Adventures has decided to offer its clients package holidays that are paid exclusively with Bitcoin.

The move has got its first two tourists as of early October, Lovin Malta reports.

In the agency’s promotional video, co-founder Leon Siegmund said that they intend to promote Bitcoin as a better form of payment.

Malta-Based Travel Agency Decides to Exclusively Accept Bitcoin Payments

“Bitcoin is better money because there is no central bank, no inflation, and no transaction fee involved, and sending money just involves two people and a smartphone. The problem is that nobody uses Bitcoin so nobody thinks it works, and because nobody thinks it works, nobody uses Bitcoin. We are trying to disrupt the status quo here. You can now book an amazing adventure holiday in Gozo and pay with Bitcoin, so the local merchants get more bookings and revenue, and start seeing Bitcoin as better and beautiful banking.”

Malta and Bitcoin

The agency has already signed up its first ever tourists under its promotion – Japanese citizen and infrastructural support engineer Takesho Koide and his wife. Koide claimed that he wanted to visit Malta the moment he saw online photographs of the Blue Lagoon and street cars.

Rather than booking with a regular travel agency, however, he and his wife have chosen to take the kayaking trip and three-night stay in Gozo offered by Bitcoin Adventures.

According to Koide, the use of Bitcoin as payment is increasingly becoming popular in Japan, as a growing number of retail stores are already accepting Bitcoin as a form of payment.

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“Bitcoin payment is becoming popular in Japan, because multiple retail outlets have started to accept Bitcoin payment. If this method is applicable for my future trips, I would like to make use of it as much as possible.” <Continue Reading>

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First Bitcoin Documentary

China is a Bitcoin powerhouse. An Article by Willie Tan in Cointelegraph recently concluded that 70 percent of Bitcoin mining is located in China. The Chinese have taken to Bitcoin like fish to water and there is no reason why they shouldn’t. China and Bitcoin are like a match made in heaven. Cheap computer hardware, ample hydroelectric power and cool environs all make China the right place for a Bitcoin mine to be located. Recently the 2017 Shape the Future Summit was held at the Hong Kong Grand Hyatt Hotel between Sep. 20, 2017 and Sep. 21, 2017. The event had invitees from 80 enterprises in the Bitcoin industry but the main highlight of the event was the release of the first ever Bitcoin Documentary in China.

First Bitcoin Documentary – Shape the Future

2017 – Shape the Future is a documentary that charts the course of the world’s first digital currency, Bitcoin. The documentary produced by BitKan is supported by Bitmain, Huobi, Bixin and ViaBTC. It begins the story with how Bitcoin came into being and discusses the mysterious inventor of Bitcoin Satoshi Nakamoto. Just who was this man? Was he even a man or was it a group of men?

Shape the Future takes a uniquely Chinese perspective on the creator and the creation of the digital asset. Still, the question of who is Satoshi Nakamoto will perhaps forever remain a mystery. The film does explore the various possibilities and comes up with the usual suspects including Craig Wright. Xiaoxiao Sun, Bixin Operations Manager alludes in the documentary that the decision of Wikileaks to accept Bitcoin was what prompted Satoshi to evaporate into thin air.

Perhaps the most interesting comment on Satoshi in the documentary comes from BTC123 Founder Bill Mo who says, “Only when he (Satoshi Nakamoto) erased himself can BTC achieve the full decentralization.”

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Following the evolution of Bitcoin

The film takes a course that follows the evolution of Bitcoin from its nascent era into becoming a mainstream tradable asset. The coming of the age of exchanges, <Continue Reading>

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Japan Becomes Largest Bitcoin Market as Traders Leave China

Japan has once again become the largest Bitcoin exchange market with 50.75 percent market share of the global Bitcoin exchange market. Analysts including BitFury Vice Chairman George Kikvadze attributed the surge in the trading volume of the Japanese Bitcoin exchange market to the exit of Bitcoin traders in China.

Earlier this week, the Chinese government, local authorities and financial regulators officially requested Chinese Bitcoin exchanges and trading platforms to halt their services by the end of September. OKCoin and Huobi, the two largest exchanges in China, were granted leeway to operate until Oct. 30, considering the fact that they have not been involved in any initial coin offerings (ICOs) in the past.

But, it seems as if traders are not willing to take any chances with the Chinese government and their unpredictable nature. The Chinese Bitcoin exchange market’s daily trading volume has halved within a period of three days, from 15 percent to less than seven percent.

According to various trusted Bitcoin market data providers such as CryptoCompare, China only accounts for 6.4 percent of global Bitcoin trades at the time of reporting.

Japan Becomes Largest Bitcoin Market as Traders Leave China

“This is a good thing. China can no longer play with the markets by banning Bitcoin. Cryptocurrency cannot be killed by any country. One solution to centralized exchanges is decentralized ones. I hear the Decred Project team has something cooking that helps with that.”

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US market benefits

Prior to the nationwide Bitcoin exchange ban by China, the US exchange market had consistently secured its position as the largest market in the world.

However, almost immediately after the announcement of the country’s three largest Bitcoin exchanges, BTCC, Huobi and OKCoin, were released, traders moved over to the Japanese Bitcoin exchange market. The abrupt migration of traders led to the short-term surge in the trading volume of Japan, allowing the market to overtake the US by over 20 percent in global Bitcoin exchange market share.

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More Attempts to Bring E-Commerce to World’s Two Billion Unbanked

Taking e-commerce to the unbanked seems to be getting easier as the number of merchants embracing cryptocurrencies is increasing. From Overstock to Steam, Newegg to Edeka, many merchants are changing buyers’ user experience globally by leveraging the ease-of-use of digital currency.

This is partially fueled by an increase in the number of vendors registering with BitPay. That service allows merchants to accept Bitcoin but immediately be credited with cash rather than having to deal with the volatile digital currency themselves.

Things are improving on the consumer side too, with the increasing number of crypto-based debit cards. These make it possible to spend digital currency in the virtual shops of merchants who don’t directly accept it, by automatically converting a user’s cryptocurrency balance to fiat and using that to pay vendors.

In this environment, there are startups seeking to make things even easier and cheaper, eliminating as many middlemen as possible from digital currency transactions. So far, the introduction of crypto-backed debit cards has been pioneered by companies such as TenX and Monaco and it has changed several new users’ perspective about how easy to access digital currencies for everyday use.

More Attempts to Bring E-Commerce to World’s Two Billion Unbanked

Both Monaco and TenX make crypto spending easier for customers by offering a multi-currency debit card. Instead of a Bitcoin debit card, a Dash debit card, and so forth, both Monaco and TenX allow users to deposit various cryptocurrencies and access them with one single debit card. When it comes time to make a purchase, the <Read More>