Bitwise Survey: Financial Advisors Expecting Bitcoin To Hit $100k By 2025 Increases By 275%

Bitwise Survey: Financial Advisors Expecting Bitcoin To Hit $100,000 By 2025 Increases By 275%

Over 17% of financial advisors with no crypto investments say their clients will definitely (2%) or probably (15%) invest in digital coins in the coming year.

According to a Bitwise Invest and ETF Trends report, “Benchmark Survey of Financial Advisor Attitudes Toward Crypto assets 2021,” there is a rising interest in cryptocurrencies this year from financial advisors and their clients. In December 2020, the survey was completed by nearly 1000 eligible respondents ranging from independent registered investment advisors (RIAs), broker-dealer representatives, financial planners, and wirehouse representatives.

The 300%+ spike in Bitcoin price to new all-time highs caused a spike in the number of retail and institutional investors willing to take up crypto in their portfolio. The current number of advisors allocating their clients’ funds in crypto rose over 49% in 2020, from 6.3% to 9.8% this year.

17% of financial advisors who have never invested in crypto before are looking at getting into digital assets – 15% of them “probably” and 2% “definitely” allocating funds to crypto in 2021.

The biggest motivation for financial advisors to add cryptocurrencies in their portfolio is the low correlation these digital assets have to other assets – helping in diversification. Over 54% of the advisors stated this as the main reason to invest in cryptocurrency. A further 25% chose hedging of inflation as their reason to invest in cryptocurrencies in 2021, up from 9% in 2020.

The surveyed financial advisors also said they were facing a significant uptick in client questions on the crypto space. Over 80% of the financial advisors stated they had received a question from clients on the crypto space in the past year, increasing from 76% last year.

According to the survey, nearly 75% of the financial advisors thought their clients could be investing in crypto outside of their relationship – 36% stating some or all of their clients were investing in crypto alone and 38% reporting they didn’t know if they were investing or not. Only 26% of the surveyed financial advisors stated they were confident that their clients were not investing in crypto, dropping from 28% in 2020 and 35% in 2019.

The financial advisors are also increasingly getting massively bullish on Bitcoin’s price in the coming year as 15% of them expect BTC to hit $100,000 in the next five years. This represents a 275% increase from the 4% recorded last year. Notwithstanding, the number of advisors that expect the price of Bitcoin to plummet to zero in the same timeframe has significantly dropped from 8% to 4% in the past year.

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Author: Lujan Odera

Gab CEO Banned by Traditional & Crypto Payment Processors; Bitcoin is a ‘Free Speech Money’

Thanks to Bitcoin, Gab has achieved its first $100,000 revenue in a month, said Andrew Torba, the social networking service CEO.

For the first time in its four year history, Gab saw a six-figure revenue that too without a “single credit or debit card transaction.”

In his post on Tuesday, Torba shared how Gab has been banned from not only dozens of payment processors like PayPal, Square, and Stripe but also many crypto payment platforms like Coinbase and Bitpay.

Besides the business, Torba said he and his family have also been “blacklisted by VISA for merchant processing.”

Calling Bitcoin “free speech money,” he said the digital asset has been crucial for their future, helping not only businesses like Gab and individuals like him but all those firms and people who are being cut off from the banks traditional payment processing methods.

Bitcoin solves this problem, and as such, they are spending “a lot of time at Gab working to educate our community about the importance of understanding and using bitcoin,” said Torba.

The platform accepts eCheck and checks by mail besides bitcoin as payment options.

“We are excited to continue building the home of free speech online funded by the biggest community of free speech warriors on the planet and with bitcoin, free speech money.”

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Author: AnTy

UK’s HMRC Looks To Track Top Crypto’s, Including Privacy Coins With Blockchain Analytics Tool

Her Majesty’s Revenue and Customs (HMRC) in the UK has just opened a £100,000 ($130,000) for procuring a software that traces when cryptocurrency is being used and taxes don’t get paid.

In other words, the HMRC wants to have the ability to monitor crypto transactions and to identify the people who are using gambling and mixing service providers, or are operating on the dark market. Published on January 17, the contract notes that the software has to trace Bitcoin (BTC), Bitcoin Cash (BTH), Ethereum (ETH), Tether (USDT), Ripple (XRP), Litecoin (LTC) and Ethereum Classic. Those who can deliver a program that can trace Zcash (ZEC), Dash (DASH) and Monero (XMR) will be given preferential treatment. This is what it reads exactly:

“Crypto assets, such as Bitcoin and Ethereum, provide a means to transfer value between interacting parties. These services are increasingly used for a range of purposes, from international money transfers, sales of digital services, paying staff, and tax evasion and money laundering.”

If the HMRC succeeds in implementing this tracing system, it can close the gaps when it comes to the use of cryptocurrency and illegal activities against the tax agency.

Tax Offices All Over the World Struggling with Cryptocurrency

It has been reported that in 2019, British authorities have demanded a list of customers and transactions from all crypto exchanges operating in the country. Their intention was to recoup unpaid taxes. In the same time period, the Internal Revenue Service (IRS) in the US sent over 10,000 letters to crypto users that have done transactions of $20,000 or more in cryptocurrency, from 2013 till 2015. The letters contained warnings of the penalties they will suffer if their income is not correctly reported or the crypto transactions’ taxes aren’t being paid. People who received these letters had to sign statements in which they were saying that they have reported their income correctly, the charge for not doing so being perjury.

When it comes to the HMRC, tracing XMR and other cryptocurrencies that are rather anonymous may prove to be very difficult. Back in 2019, a strategy analyst from Europol noted that authorities all over the world are still struggling to trace crypto transactions.

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Author: Oana Ularu

Peter Brandt Considers Bitcoin Could Reach $100k During The Next Bull Run

Bitcoin could eventually reach $100,000, the main question is when and how. This is according to Peter Brandt, one of the most respected cryptocurrency analysts in the crypto market. He spoke on this in a recent video released a few days ago.

Peter Brandt Explains How Bitcoin Could Reach $100k

In this explanatory video, he said that Bitcoin is moving towards the $100,000 mark or even further in the long-term. He shared a chart in which Bitcoin is close to the bottom of a multi-year channel and the current bear channel in which Bitcoin is since June 2019 will eventually help the market gather enough strength to move higher.

At the same time, he explained he is not trying to get new signals every single day or week considering he based his analysis on possibilities rather than certainties. If Bitcoin is able to break out from the current bear channel, the next bull phase could start and help the leading digital currency reach a new all-time high.

However, things could not go as planned if Bitcoin continues the current bear trend and if it breaks the multi-year trend. Bitcoin could move down to as low as $5,324 in July 2020. That would mean a price decrease of around 30% from current values.

Nevertheless, he considers that Bitcoin will never go to zero because there will always be interest from the community at any price level. Indeed, the digital currency is currently being traded around $7,615 and it has a valuation of $137.79 billion.

In order to reach these price predictions, he explained that chart analysis is based on fractals. The main advantage of these analysis in the fact that it is possible to identify few opportunities each year with asymmetrical reward-to-risk ratio and in Bitcoin, it is possible to find these opportunities around four to five times a year.

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Author: Carl T

Phineas Fisher Hacker Puts $100,000 Reward to Attack Oil Companies and Banks

One of the most notorious hackers in the world, Phineas Fisher, has offered a bounty of $100,000 USD to any hacker who is able to break into banks or oil firms to leak information that can be considered beneficial to the public’s interest.

In his newest manifesto, called Hacktivist Bug Hunting Program, the hacker offered to pay other professionals who could hack organizations such as Halliburton, a South African oil company, which was cited in the project. Fisher says that hacktivism can be a very powerful tool when it comes to fighting inequality and capitalism. He stated,

 “Hacking to obtain and leak documents with public interest is one of the best ways for hackers to use their abilities to benefit society.”

He also claimed that he was not trying to “make anyone rich”, but that the bounty was just to help hackers to be well-paid for helping society, something that often does not happen.

His “bounty program” was in hopes of inspiring hackers and many institutions have bug bounty programs that are popular everywhere, and often pay hackers to find bugs and threats in systems. He is paying people for finding threats in large private companies.

Attacks to large oil companies are far from rare. In fact, Pemex, an oil firm based in Mexico, was recently hit by ransomware, which halted all activities of the company. The problem was dealt with soon enough and no ransom was ever paid. Most of the attacks have a financial motivation, though, and are not part of hacktivism. Phineas Fisher certainly wants to change that.

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Author: Gabriel Machado

Bitcoin Is on Its Way to $100,000 By 2021’s End, Says Leading Crypto Voice Anthony Pompliano

Bitcoin Is on Its Way to $100,000 By 2021’s End, Says Leading Crypto Voice Anthony Pompliano
  • The Morgan Creek founder thinks that Bitcoin is on its way to $100,000 in the next 30 months.
  • Presently, Bitcoin is sitting between $10,000 and $11,000.

Bitcoin has gone through some drastic rises and falls through the last decade that it has been in the world. Nearly reaching $20,000 at the end of 2017, many people abandoned the token when it fell the following year.

However, Morgan Creek founder Anthony Pompliano still has faith in the asset, even stating that it would soon reach $100,000 in value.

Pompliano’s prediction is fairly conservative for this Bitcoin proponent, since he believes that the Bitcoin halving next year will coincide with the Federal Reserve’s decision to print new money.

When the halving happens, the reward will drop from 12.5 BTC to 6.25. In the past, the halving has often correlated with the start of a bull run, rather than the end.

Bitcoin halving extrapolation

Bitcoin halving extrapolation

Sourced from CCN

While this projection isn’t guaranteed, it suggests that the big fans of Bitcoin may want to lay low before they fully invest. CCN states that the biggest moves from Bitcoin often occur when few are watching, which Pompliano states will make for a smooth transition from one order of magnitude to the next.

He added,

“Well look, in 2017 Bitcoin went up 20x right so it’s a hyper-volatile asset. We’ve seen it go up 20, 30, 50x at times. We’ve also seen it draw down over 80% now three times.”

Many analysts seem to agree with Pompliano’s predictions. PlanB, a quantitative analyst, created a stock-to-flow model, reflecting information about Bitcoin that is dated from 2009 to 2012. This model correlates with the predicted prices from 2013 to 2019 with accuracy of up to 99.5%.

Anyone in the cryptocurrency industry, or even the traditional stock market, knows that nothing is certain until it happens. However, if this model maintains the same level of accuracy, it is realistically possible for Bitcoin to reach $100,000 before the end of 2021. Anyone that is willing to hold on for the ride until 2025 may even see a reward of $1 million a coin.

Pompliano brought up the fact that the stock-to-flow for Bitcoin is much like gold’s but with more to gain.

Explaining, he said,

“[T]here’s existing supply and you go ahead and just continue to add it. The difference is with Bitcoin we know exactly how many are getting created. 1 800 Bitcoin are going to be created today. The second thing is we know the total supply available.” After all there’s a finite supply of 21 million BTC, so there’s no question of how much is available.

Presently, Bitcoin is priced at $10,459.86, gaining 1.19% in value through the last 24 hours.

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Author: Krystle M