Bitcoin Is The Greatest Appreciating Value Asset Ever According To Economist
According to Beirut-based academic economist Dr. Saifedean Ammous, Bitcoin is the greatest and fastest rise ever witnessed in any asset type and this path of success might as well continue due to the ingenious code that was built into the bitcoin network.
He states that the new asset type has appreciated 200,000,000% of its value in just nine years and despite a prolonged bearish market which saw its value crash back to 30,000,000% which is still impressive by any standard.
He further went on to compare investing $100 USD in bitcoin versus an IPO of several successful companies such as Apple, Microsoft, General Electric and Google’s parent company Alphabet with the new asset type appreciating in value much faster than anything before it.
It was revealed by the Author of “The Bitcoin Standard” that the reason behind Bitcoin’s ability to rise further and rise faster than any other monetary asset before it is its mining difficulty adjustment that occurs several years.
This mechanism is called the Bitcoin halving which basically is the reduction of mining rewards by half, a mechanism that is designed to make the asset type more scarce and difficult to get raising its value almost instantly.
The next bitcoin halving is set for around May 23, 2020 and traders begins bitcoin accumulation phase around 18 months prior this events which essentially means that this phase has already begun.
Bitcoin Is The Greatest Appreciating Value Asset Ever According To Economist
A crypto analyst with the pseudo name of MagicPoopCanon has recently declared on a recent tweet that Bitcoin is entering a long bear to bull transition phase.
While most traders and analyst give importance to the 200 moving average (MA) of Bitcoin MagicPoopCanon draws attention to the 150 MA which he clams a level to watch.
According to the famous online analyst it has been a level to watch for upwards of two years which has acted as support in 2017’s rally wherein Bitcoin bounced off it four times during the rally to $20,000.
MagicPoopCanon believes that Bitcoin will brak the descending channel shortly to effectively kill the crypto bear and move towards a more bullish market.
However he states that it would probably not be a smooth sailing for Bitcoin that will trade between $3,200 and the low $4000s.
The recovery of bitcoin will be a slow grind towards $6,000 by the end of the year and perhaps retesting the $3,150 level sometime in October this year.
London Metal Exchange Supporting Plans To Track Metals Using Blockchain
It has been reported that the world’s largest market derivatives in the world, London Metal Exchange (LME) is supporting an initiative to track physical metal using blockchain technology.
The initiative is being led by a commodity trading firm called Mercuria that plans to build a blockchain-based system to track the trade of physical metals such as copper, zinc and aluminum.
It has been revealed by people familiar with the effort that the new initiative will be called Forcefield and will be backed by banks such as Macquarie and ING.
According to the chief executive of LME Matt Chamberlain a blockchain system will enable users to know where their metal is and have proof of their metal, if the industry can unite to create this system it will be huge for the metal community.
LME has 500 approved warehouses in 34 locations across the world however it has no approved warehouses in China which is incidentally the largest consumer of metals making it difficult for traders and consumers to know the general state of supply and demand.
A blockchain system could potentially help solve this problem.
Bitcoin Is Best Positioned To Become World’s Store Of Value According To Weiss Rating
The independent ratings agency, Weiss Crypto Ratings has recently released the names of the cryptocurrencies that would likely to succeed in 2019.
The report evaluates cryptocurrencies on the basis on its adoption rate and technology and assigns letter grades indicating the crypto asset’s likelihood to succeed and is long term sustainability.
According to the ratings agency the top three cryptocurrencies in terms of technology and adoption (without regard to investor risk and reward) is Ripple, EOS and Bitcoin with all of them getting the A grade.
If the investor and reward risk are factored in the top three rankings remained the same but with lower letter grades of B- with Binace coming in no. 4 with also a B- Rating.
The most notable increase in rating is Bitcoin which was rated B+, a significant improvement from a C- rating last year.
This improvement was a result of the launch of its second layer solution called Lightning Network which sought to address problems in transaction delays and high transaction cost on the Bitcoin Network.
In addition, the report reveals that Bitcoin is best positioned to become a popular store of value.
Louis Vuitton Wants To Track Luxury Goods Using Blockchain
According to news reports online the Luxury brand conglomerate LVMH, which owns the popular luxury goods label Louis Vuitton, is preparing its own blockchain that would enable them to track high-priced goods.
The new platform will be named AURA which has been being developed under the radar for over a year by its own in-house blockchain team working closely with ConsenSys and Microsoft Azure.
AURA is being built using a permissioned version of the Ethereum blockchain called Quorum which is primarily focused on data privacy and developed by JPMorgan.
It was revealed by the people who are familiar with the initiative that AURA will provide proof of authenticity of luxury items and trace their origins from raw materials to point of sale and beyond to used-goods markets.
The initiative is planned to go live in May or June with Louis Vuitton and Christian Dior as the first luxury brands by LVMH to use the platform.
AURA is intended to be a white label solution which LVMH intends to offer the service to other brands including its competitors.
Headlines for the world of Cryptocurrencies - March 27, 2019Duke University Wants To Boost Blockchain Education Through Its Partnership With Citizens Reserve / New Weiss Ratings Out With XRP, EOS and Bitcoin On The Top / Binance Is Partnering With IdentityMind For KYC and AML Compliance / Blockchain Advertising Consortium Welcomes Hershey Chocolate Company / Ripple One Step Closer To Amazon |
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