Today's Crypto Updates:
- Bitcoin Price ‘More Likely To Hit $100’ Without Illicit Uses, Says Harvard Economist
- South Korean Government Bans Officials From Crypto Holding And Trading
- Binance Revenue Jumped From $7.5 Million To $200 Million in Just One Quarter
- Twitter Pledges Action on Crypto Scams After Account Shadow Bans
Summary Of Today's News:
Idiot discusses Bitcoin. South Korea bans public officials from holding crypto. Binance is making a lot of money. Twitter finally dealing with crypto scams. Read all about it below!
1. Bitcoin Price ‘More Likely To Hit $100’ Without Illicit Uses, Says Harvard Economist
Key Highlights:
"A Harvard economist told CNBC Tuesday, March 6 that Bitcoin is “more likely to be worth $100 than $100,000” by 2028."
“Basically, if you take away the possibility of money laundering and tax evasion, [Bitcoin’s] actual uses as a transaction vehicle are very small.”
Crypto Phil's Take:
Another example of someone who doesn't really understand cryptocurrencies or blockchain technology making statements about Bitcoin's use in illegal activities. The truth of the matter is, Bitcoin and cryptocurrencies have never been more legitimate than right now. The amount of real world use cases for cryptocurrencies is growing by the day.
2. South Korean Government Bans Officials From Crypto Holding And Trading
Key Highlights:
"The South Korean government has banned its own officials from holding and trading cryptocurrency, which is considered to be ‘the first time the government has formulated a virtual currency ban for all public officials' "
“The government stance toward cryptocurrencies in South Korea, reportedly the world’s largest market for cryptocurrencies after the US and Japan as of February 2018, has at times been unclear.”
Crypto Phil's Take:
I was wondering when the next batch of South Korea FUD would hit us and it looks like it's finally here. That being said, this particular bit of news isn't nearly as bad as banning cryptocurrencies in all of South Korea.
3. Binance Revenue Jumped From $7.5 Million To $200 Million in Just One Quarter
Source: https://btcmanager.com/binance-revenue-jumped-7-5-million-200-million-just-one-quarter/
Key Highlights:
" 'Crypto businesses are lead by the sharpest minds on the planet,' says Zhao, positioning the phenomenon of digital coins as indicative of talent and essential human capital."
"Second quarter figures jumped to $200 million, a money flow not lost on Zhao, who sees the tax, incorporated welfare tools, and overall trading as enormous benefits for any economy."
Crypto Phil's Take:
I'm a little surprised the revenue amount is only $200 million but Binance is definitely still growing. This just shows that crypto markets are here to stay and will continue to grow for the foreseeable future.
4. Twitter Pledges Action on Crypto Scams After Account Shadow Bans
Source: https://www.coindesk.com/twitter-pledges-action-crypto-scams-account-shadow-bans/
"Social media giant Twitter appears to be cracking down on cryptocurrency scam accounts - but several members of the crypto Twitter community have been caught in the fray."
"Responding to a tweet by Cornell professor Emin Gün Sirer, Twitter CEO Jack Dorsey wrote that "we are on it." Yet the statement drew some swift critiques given that, in recent days, a number of accounts - including the support team for cryptocurrency exchange Kraken - reported that they had seen their accounts restricted..."
Crypto Phil's Take:
The amount of Twitter scams related to crypto is a joke. And it's even more of a joke that Twitter has taken this long to respond. Go to any official exchange's Twitter and look at one of their tweets. Guaranteed you will see at least a few scam accounts trying to scam people out of their hard earned money. I guess better late than never.
