Tom Lee: Bitcoin Not Broken, Misery Index Indicates
Bitcoin bull and co-founder of Fundstrat, Tom Lee, is still optimistic about Bitcoin despite lowering his prediction of year–end price of Bitcoin from $25K to $20K.
Mr. Lee last Monday says that Bitcoin is not “broken” and it is well within volatility levels.
He cites the Bitcoin Misery Index being at 39% which means it is neither good or in the selling territory.
The Bitcoin Misery Index was launched the Bitcoin Misery Index, which is essentially a way for investors to know if holders of coin are miserable or not.
If the index falls below 27% which means the future returns are good.
If it goes a beyond 68% that is the time to sell.
Swiss Bank Embraces Crypto
A private bank based in Zurich, Switzerland, Maerki Baumann has recently announced that they will be offering its clients services that relates to managing their cryptocurrency assets.
With this announcement there will be a total of two Swiss banks who will be offering services related to cryptocurrency, the first one being Hypothekarbank Lenzburg (Hypi) when it announced that it will be offering business accounts for cryptocurrency companies last June.
Despite offering cryptocurrency services the bank, Maerki Baumann, does not recommend major investment in cryptocurrency due to uncertainties and volatility or crypto prices.
Moreover the company openly admits that their cryptocurrency knowledge is limited and asked interested investors to consult Bitcoin Suisse, a digital currency firm for guidance.
Blockchain Technology For Elections
Governments from around the world are testing out ways they can leverage blockchain technology for elections.
In the U.S., American troops serving overseas will be able to cast their vote using a blockchain-powered app called Voatz which will use facial recognition software to match with their government I.D.
That is if it will be approved to be used in the elections.
On the other side of the globe, Ukraine election officials launches voting trials using NEM’s Blockchain.
The test run began back in July when Oleksandr Stelmakh, who is working for Ukraine’s Central Election Commission, encourages his facebook friends to test a NEM blockchain-powered “Test-Vote.”
These are the latest attempts to apply blockchain technology for vaulting votes leveraging the idea that blockchain could be used to create an immutable record.
$60 Billion Art Market Prefers Bitcoin
Since the mid of 2017, the art market has grown to more than $60 billion and has found Bitcoin as prime choice as an alternative payment method to send payments.
This is despite the fact that Bitcoin has lost much of its value since its all-time-high last year.
Eleesa Dadiani, an owner of a major art gallery in London reveals that more distributors and brokerages are integrating Bitcoin and other cyprotocurrencies as payment methods due to their efficiency and ability to process transaction without the involvement of any intermediaries.
She also reveals that her main reason for allowing her art gallery to accept cryptocurrencies is her belief that sooner or later cryptocurrencies will be used like cash and credit cards in the near future.
On a side note Marcelo Garcia Casil, founder and CEO of Maecenas, an online art auctioning platform for artworks worth more than $1M USD, sees cryptocurrencies will lead to the emergence of independent art brokers and galleries that will be competing against major auction houses and distributors.
SEC Delays Decision For VanEck-SolidX Bitcoin ETF
The U.S. Securities and Exchange Commission (SEC) has delayed a decision on a proposed Bitcoin ETF from August moving back for about a month and a half in September, before they can pass their final judgment about the matter.
The SEC designated September 30, 2018 as the date by which the commission will decide an action to VanEck SolidX ETF, whether to disapprove or approve or even extend again and deliberate further on the matter.
The decision comes a couple of days after the agency rejected a Bitcoin ETF from investors Cameron and Tyler Winklevoss in which one of the commissioner, Hester Peirce, dissented from that decision calling it a disservice for both investors and innovators.
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