Royal Bank of Canada Joins List of Fearful Anti-Crypto Institutions as Customer Shares Horrible Experience

Royal Bank of Canada Joins List of Fearful Anti-Crypto Institutions as Customer Shares Horrible Experience

The advent of Bitcoin and cryptocurrencies along with all other uses of blockchain technology isn’t exactly sitting well with traditional institutions. Though unsurprising, some of these firms are publicly speaking against cryptocurrency and would do everything within their power, to tackle the sector.

This situation was again brought to the fore when Anthony Pompliano, a founder and partner at Morgan Creek Digital, posted a screenshot of an email sent to the CEO of the Royal Bank of Canada (RBC) from an unhappy client.

Notably, the email begins with an announcement that said customer would be severing ties with the bank.

“I am afraid things are just not working out between RBC and us. We have decided to take our business elsewhere…our recent experience with RBC has been nothing short of horrible, and we just can’t deal with all the nonsense anymore. We’ve been disappointed for a long time and this is the last straw.”

The sender then goes on to explain that the bank ‘s decision to consider him, his family and business as “suspicious” despite being customers for decades with huge amounts, is offensive.

“My wife…has been a customer of RBC her whole life, so are her parents, siblings and their…family business. I have personally been a RBC customer for 12 years. We were also customers of yours through our last venture…with about $50 million in the account at one point. Heck, we are even RBC shareholders. If the Bank doesn’t know us by now, I don’t know what else to do.”

According to the sender, it would make sense for someone with such a long history with the bank to be treated with a little more respect but apparently, that wasn’t the case. The sender adds:

“The fact that we are considered ‘suspicious’ customers because of our crypto holdings is nothing short of insulting. I am without words. There is absolutely no way we can continue doing business with an institution who believes [it] can dictate what we can and cannot do with our money. This is simply unacceptable and inexcusable to us.”

The sender then admits to have “a very significant amount of crypto holdings” which is held legally and is not used for anything illegal like money laundering or drug dealing and this is probably the major problem.

Before stating categorically that they would like to terminate their relationship with the RBC, the sender put in a paragraph about banks and their fear of crypto.

“It is clear that the banking industry is feeling threatened by Bitcoin and honestly, it should be. It is the competition it deserves. Banks have abused their power for way too long and treating customers like criminals because they hold crypto is just another example of this. I cannot wait to see The People taking that power back, because the current system is broken.”

This will probably not be the last time an event like this will occur. As long as there is still a cryptocurrency sector, the traditional financial institutions will still do everything they can to suppress. However, this is nothing to crypto proponents and will do next to nothing to deter adoption of digital assets.

Just like the sender ends his email “Long Bitcoin, Short The Bankers.”

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Author: Tolu

Coinbase Caught Red-Handed as Crypto Exchange Shuts Down Bundle Product Secretly

Coinbase Caught Red-Handed as Crypto Exchange Shuts Down Bundle Product Secretly

The Coinbase Bundle Product, which was initially launched as a basket of five cryptocurrencies (BTC, BCH, ETH, ETC, and LTC), has been shut down reports The Block.

Such move clearly didn’t go unmissed, as this piece of information went missing from the cryptocurrency exchange’s website. As seen on the Coinbase FAQ page,

“Coinbase Bundle purchases have been deprecated, as such all assets purchased in the Coinbase Bundle have been redistributed to their respective individual asset wallets.”

Upon the launch of a said bundle package, the Coinbase team advertised it as an easier way of trading as opposed to purchasing individual cryptocurrencies. Here’s what has since been referenced by the news outlet,

“The vision of an open financial system depends on people’s ability to understand, explore, and choose cryptocurrencies. We expect that millions of people will make their first cryptocurrency purchase in the coming years.”

The FAQ also notes that “users will no longer see a standalone wallet for their Coinbase Bundle purchases.”  This being said, this will not have an effect on,

“the amount of cryptocurrencies purchased as part of the package will not have changed as is thus ‘a cosmetic-only change’.”

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Nirmala Velupillai

2018’s Sharp Rise in Blockchain Venture Capital Declines 60% In 2019; Bitcoin Is The Smarter Bet

2018's Sharp Rise in Blockchain Venture Capital Declines 60% In 2019; Bitcoin Is The Smarter Bet

When the price of bitcoin and other cryptocurrencies fell sharply from their late-2017 peaks last year, venture capitalists and other investors switched their attention to the promise of their underlying technology, the ledger known as blockchain.

According to Bloomberg, investments in blockchain technology is set to drop by as much as 60% before the end of the year as Bitcoin continues to attract new investors.

For a while, blockchain was widely regarded as a smarter bet for investors, but that situation has reversed in the first half of 2019. Bitcoin’s price has rebounded since January, while the flow of cash into blockchain start-ups has fallen sharply.

According to data from CB Insights, a private market data and predictive analytics firm, traditional venture capital investments in blockchain companies since the start of 2019 have totaled US$784 million via 227 deals. If that slower pace is maintained, businesses focusing on that technology may only draw $1.6 billion this year, down by around 60% from a record $4.1 billion in 2018, the firm said.

A Sharp Decline

Money for blockchain projects coming from corporations is on an even sharper decline, despite interest from companies such as Facebook in creating their own digital coins, CB Insights said. Maturing start-ups are drawing less support, while young start-ups are faring better, it added.

“It took a little bit for the enthusiasm to wear off,” CB Insights’ CEO, Nicholas Pappageorge, observed on the state of the blockchain investment market.

The data also showed that over the five years to July 2019, 40% of blockchain investment was derived from the US, with China a distant second accounting for 15% of the total.

The trends have significant implications for Silicon Valley and Wall Street, because US blockchain start-ups have been the biggest recipients of venture capital since 2014, the firm reports.

A separate study, highlighted in a Reuters report, found that even blockchain projects that had gained funding, for example those spearheaded by banks, had less than optimal success rates. Out of 33 such projects, only 12 had made significant progress since their inception. A New York Times article commented that these were:

“bad signs for the blockchains not Bitcoin crowd”.

The data suggests a definitive shift in investor interest away from blockchain and towards Bitcoin itself as a source of returns for smart money. The price of bitcoin was down by more than 70% last year, but in H1 2019 it regained much of the lost ground, more than tripling to almost $13,000 by late June before retreating below $10,000.

In recent days, US president Donald Trump, members of his administration and Congress have criticized Facebook’s plans and for its own currency, Libra, and cryptocurrencies generally, expressing concern they may be used by criminals or terrorists.

Why do you think investors are slowing down on blockchain-based inceptions, is the recent crypto rebound making investors to rethink their investment decisions? Share your thoughts with us in the comments section.

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Author: Joseph Kibe

Treasury Steven Mnuchin Says US Will Police Crypto With ‘Very, Very Strong Regulations’

Treasury Steven Mnuchin Says US Will Police Crypto With 'Very, Very Strong Regulations'
  • Steve Mnuchin said that they want to regulate cryptocurrencies to avoid illegal actors using them
  • He said Bitcoin is being used to perform illegal activities

During a recent interview with CNBC, Steve Mnuchin, the secretary of the U.S. Department of the Treasury, said that it is important to establish strong regulations on Bitcoin (BTC) and virtual currencies. The intention is to avoid Bitcoin and digital assets becoming anonymous bank accounts located in Switzerland.

Steve Mnuchin Wants To Regulate Cryptos

Virtual currencies have been expanding all around the world and they are creating many challenges for regulatory agencies around the world.

The United States, the most powerful country in the world, informed that it is necessary to regulate virtual currencies. Steve Mnuchin said that there are billions of dollars of transactions that are taking place in Bitcoin for illegal transactions. During an interview with CNBC, Mnuchin commented:

“We’re going to make sure that bitcoin doesn’t become the equivalent of Swiss-numbered bank accounts, which were obviously a risk to the financial system.”

A few days ago, he has also mentioned that it is important for regulators to eliminate bad actors using virtual currencies and Bitcoin. He added that he wants to be careful that anybody who is using Bitcoin is using it for proper purposes and not illicit purposes.

Swiss bank accounts historically offered clients secrecy to clients through numbered accounts that were only known to clients and select bankers. There are several governments that criticized these accounts due to several individuals were using them to avoid paying taxes at their respective countries.

Mnuchin has also mentioned that they are combating ba actors in the United States every single day in order to protect the United States and its financial system.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Carl T

Grayscale Bitcoin Trust Continues Upward Performance Against Main Indexes In 2019

Grayscale-Bitcoin-Trust-Outperformed-Main-Indexes-of-the-Industry-In-2019

2019 has been a pretty great year for cryptocurrencies so far. As revealed by the Wall Street Journal recently, this meant that the Grayscale Investments’ Bitcoin Trust (GBTC) has outperformed most of the other indexes this year.

So far, the trust has grown in price almost 300%. When we take into account that the Standard and Poor (S&P) 500 index has only risen about 18.7% and that Global Dow is only 12.9% up during this time. This means that these two traditional funds were not able to grow even a tenth of what Grayscale did during the same timeframe.

Grayscale buys Bitcoin directly from over the counter markets using the money bought by its shares, so, as the price of BTC grown up, the fund is seeing some massive returns so far.

The Wall Street Journal has also highlighted the fact that this is not even the first time that Grayscale is doing so well. Obviously, the last time was in 2017 when the crypto mania started to go mainstream for the first time. At the time of that bull run, the price of GBTC was up by 1,391.44%, a number so big that even the current 300% pales in comparison to it.

Grayscale has told the WSJ that it has over $2.56 billion USD in assets invested in BTC right now. The company, which owned by the Digital Currency Group, is seeking only institutional investors, though. Only wealthy investors willing to spend at least $50,000 USD are being accepted, so you are off from the list if you do not have this kind of cash.

Apart from this flagship investment asset, the company has other assets which are based in popular cryptocurrencies such as Ethereum Classic, Litecoin and Zcash. Another option for investors is the Digital Large Cap Fund, which offers a more diversified portfolio.

Each share from the GBTC fund represents 0.00097876 BTC. According to the company, 66% of the new investors are institutions, which is being understood by the managers as the return of the “BTC maximalists”.

If the current trend continues, the GBTC fund will probably be a great investment. BTC still has a lot of space in order to grow from now, so it is obvious that the prices of the fund will go up together.

All of Today’s Bitcoin Price Analysis, Chart Forecasts and Industry News

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Author: Gabriel Machado

DeVere CEO: Friendly Crypto Regulations Can Help UK Deal With Post Brexit Financial Services Woes

DeVere CEO: Friendly Crypto Regulations Can Help UK Deal With Post Brexit Financial Services Woes

Cryptocurrencies such as Bitcoin can play a significant role in reshaping and reinvigorating the UK’s financial services sector post-Brexit, according to the founder and CEO of one of the world’s largest financial advisory organisations, Cointelegraph reports.

Nigel Green, CEO of deVere Group argued that Britain was at serious risk of a recession as Brexit loomed, with the financial services industry which is a vital part of the country’s economy facing a loss of investment.

With about $10 billion of assets under its advice, DeVere is cautious that the UK will end up in recession if the country opts for a no-deal Brexit that the politicians have said it could be inked as early as October.

Green warned that London is under the threat of losing its spot as the largest and most important financial hub in Europe and world as Brexit fears is keeping investors under uncertainty.

However, he said that cryptocurrencies could provide the solution to the country’s Brexit woes as a UK free from European legislation would be better placed to embrace the emerging industry than its European neighbours. He explained:

“The growing cryptocurrency market has already provided tangible economic benefits to other major economies. Post-Brexit Britain will be uniquely placed to go even further and by embracing it, it could reboot the UK’s financial services sector.”

Failure to Provide Definitive Crypto Regulatory Roadmap

The UK has been slow to come up with comprehensive regulatory framework for cryptos and government officials have been bearish about the industry floating ideas like total banning of crypto derivatives.

However, the dark cloud surrounding the crypto industry in the country has not slowed down business enthusiasm and at the start of the month, a firm in London launched the global first Bitcoin only bond.

In addition, as the pound keeps on slowing down, locals are preferring to store their assets in terms of cryptos such as Bitcoin as well as other tokens.

Future of Money

Green says that cryptocurrencies are the future of money and the UK can use its situation to position itself as the preferred crypto base. He said:

“Cryptocurrencies – which are digital, global and borderless – are unquestionably the future of money. This is noted by the growing amount of retail and institutional investment into the burgeoning sector.”

Green explained that after the UK leaves the EU she will free herself from the bloc’s famously known slow and burdensome bureaucratic protocols. This will allow authorities and lawmakers to come up with own rules and regulations that will enhance the establishment of an innovative, pro-business and well regulated financial market.

Through this the UK will be able to retain its position as a financial hub in the world joining other countries like Japan and Switzerland.

Green also noted the entry of financial institutions in the market like JP Morgan and Facebook as a major sign that cryptos are about to become mainstream and the UK should set its sights on the future to be ahead of other countries.

He also stated that the UK was at a better position to embrace Brexit cryptos since the country has its might in both fintech and blockchain.

“UK is already a thriving global fintech and blockchain hub. This should be capitalised on further,” He advised.

Can the UK capitalize on the popularity of cryptos to enhance the development of its financial sector post-Brexit? Let us know in the comments section.

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Author: Joseph Kibe

Bitcoin Price of $100K is Within Reach in 2019, Likely to See $20,000 Within Next Two Weeks: Senior Analyst

Bitcoin Price of $100K is Within Reach in 2019, Likely to See $20,000 Within Next Two Weeks: Senior Analyst

For investors in major cryptocurrencies, this month has seen some of the most febrile activity and best performance from the likes of Ethereum and Bitcoin for a long time. Just where will this ongoing bullish trend take Bitcoin in the near future?

For Simon Peters – who works as an analyst for the online trading platform eToro – it could easily match and break past its all-time high valuation of $20,000 within as short a window as two weeks.

After this, he is very much of the opinion that it could hit $50,000 and even $100,000 by the end of this year. This is according to a claim made by Peters this week.

According to him, having seen that BTC managed to reach the current stellar performance at $11,800 this week, it is very possible that Bitcoin could reach and even break its peak figure of $20,000.

While he was hawkish on the prospects ahead of Bitcoin, he did provide caution regarding the fact that his predictions are based more on the current assumption that Bitcoin will be able to continue on this current trajectory.

While some investors and crypto enthusiasts remain hesitant at the prospects of this rally going forward; having seen past surges rise and deflate. But Peters is very much of the opinion that this ongoing rally is wholly different when looking at it side by side with previous surges in the market.

One of the examples he provides is the fact that it hasn’t been accompanied by previous increases in consumer-base investment, as was the case with the bullish year of 2017. We can attest to this on account of the side-ways trending of google searches for ‘Buy Bitcoin’ – which gives the indication that investment isn’t coming from grassroots consumers, but far more from over the counter investment as well as institutional investors that have pulled their capital out of Stablecoins and right into BTC.

Going even further, when questioned on whether or not the ongoing surge is sustainable, Peters gave the following statement.

“With the number of sell positions building in the market it’s possible we could see a correction very soon. Even if that was the case though, bitcoin continues to remain on track to close out the first half of the year on a highly positive note. We could see bitcoin reaching $50,000 or even $100,000 this year.”

Going on from this, Peters went on to highlight that the current gains that BTC was experiencing were at the expense of Altcoins; the latter of which serves most commonly as a hedge during times of bad performance from major coins. These same altcoins are currently being “pummeled” as they continue to languish at respective low points.

In stark contrast, Bitcoin has been demonstrating an inspiring parabolic advance, pushing it past $12,000 as of June 26th – the first time that it has managed to do so over the course of a year.

Going even further, the most recent data taken from CoinMarketCap has shown that Bitcoin has successfully managed to pass beyond the 60 percent range in market dominance for the first time in over two years – featuring a total market capitalization of more than $226 billion.

All of Today’s Bitcoin Price Analysis, Chart Forecasts and Industry News

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Author: James Fox

Australian Central Bank Doesn’t Expect Bitcoin To Hit Mass Adoption Due to Payment Fees

Australian-Central-Bank-Doesnt-Expect-Bitcoin-To-Hit-Mass-Adoption

The Reserve Bank of Australia has ruled that Bitcoin and other cryptocurrencies don’t threaten Aussie dollars or other forms of fiat payment. After a review on cryptos, they think it’s “difficult to envisage” an outbreak of Bitcoin users in the country.

They think that if they have the fundamentals of the Australian dollar in place, they have nothing to worry about, as stated:

“As long as the Australian dollar continues to provide a reliable, low-inflation store of value, and the payments industry continues to work on the efficiency, functionality, and resilience of the Australian payments system, it is difficult to envisage cryptocurrencies presenting a compelling proposition that would lead to their widespread use in Australia.”

The article details out that there have been a lot of interesting innovations in terms of cryptocurrencies in recent times but ultimately concludes that, despite the various innovations and developments in cryptocurrencies, none are currently functioning as money in the economy.

They Join Blockchain Not Bitcoin Group

The recent evolution of cryptos to overcome the shortcomings has been acknowledged by them. However, they think that no cryptocurrencies currently function as money in Australia, or as widely used payment methods. They think that these developments and improvements in the crypto ecosystem have not added sufficiently to the overall reliability, functionality, and credibility of cryptocurrencies to make them an attractive alternative to established payment systems for everyday payments for the population at large.

They say:

“DLT is likely to continue to evolve, including in ways that are unrelated to cryptocurrency. For example, there are several private-sector initiatives focused on ‘private permissioned’ DLT systems, for example, Corda and Quorum, which – while not suitable for a widely used cryptocurrency – are being explored for use in financial market infrastructure and wholesale payments. Accordingly, the Reserve Bank will continue to study the implications of cryptocurrencies and DLT for the financial system, and the economy more broadly.”

The Reserve Bank of Australia and the government still consider crypto as high-risk assets and continue to inform the public of the risks affiliated with them in addition to driving for proactive taxation and data collection policy.

All of Today’s Bitcoin Price Analysis, Chart Forecasts and Industry News

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Sritanshu Sinha

Tim Draper: Facebook’s Entry Into the Crypto Industry Will Enhance Mainstream Adoption

Tim Draper: Facebook’s Entry Into the Crypto Industry Will Enhance Mainstream Adoption

Renowned American venture capitalist, Tim Draper, who has been steadfast in advocating for the adoption of cryptocurrencies as a viable investment alternatives, is now praising the entry of Facebook’s Libra into the market.

In an interview, Draper gave an insight of some of the developments in the crypto space. During the interview, the popular crypto investor welcomed Facebook’s entry into crypto space saying that it is a positive step towards endorsement of the cryptos.

He however, said that there are few aspects that the Libra Association needs to improve in its infrastructure. Draper explained that currently Bitcoin still remains in the pole position in the ecosystem due to its strong infrastructure. He said:

“They’re (Facebook) way late into the game. Eventually, they’ll fall into the same place as all the other cryptocurrencies where they say Bitcoin’s better!”

Draper said that Facebook’s Libra crypto is bound to revolutionize the industry if the few concerns in regards to the infrastructure are addressed. The popular venture capitalist said that the popularity of Facebook and its affiliates around the world will no doubt help in popularizing the new kid in the market.

During the interview, Draper said that Bitcoin was like buying virtual swords in a gaming version but in reality it holds value. He explained that people must be willing to take risks when it comes to investing in virtual currencies.

Draper supported his crypto investment in the last couple of years that have exhibited his belief in the ecosystem. He reminded his audience about his accurate forecast that Bitcoin would hit the $10,000 mark in terms of trading value which he made three years ago.

Enact Blockchain and Crypto Friendly Regulations

Draper noted that although the majority of political leaders may view the adoption of Bitcoin in mainstream as a positive progress in society, he claimed that some bureaucrats view it as a major threat to their existence. He explained:

“Governments can also benefit from the technology for keeping perfect records and collecting taxes. Also, people get wealthier if there’s less friction to trading.”

He explained that mass adoption of blockchain technology in government processes and procedures will enhance service delivery to the public. It will also help to cut the costs of running the government and that’s why government bureaucrats are wary of the technology as they risk being redundant.

Draper called on the US government to come up with friendly regulations to govern the technology. He explained that too many regulations will impede the development of blockchain technology and even drive the innovation away to countries that are blockchain and crypto friendly like Japan and Malta.

Draper also said that even though big sharks like Warren Buffet might be disinterested in investing in cryptos or outside the fiat markets, majority of the young individuals that are in debt of the fiat currency see cryptos as the alternative towards achievement of financial stability.

Will Facebook’s Libra be a game changer in the crypto industry? Share with us in the comments section below.

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Author: Joseph Kibe

Crypto-Linked Stocks In Asia Have Still To Follow Bitcoin’s Price Surge This Year

Crypto-Linked Stocks In Asia Have Still To Follow Bitcoin’s Price Surge This Year
  • Cryptocurrencies expanded this year but Asian stocks linked to the crypto space are not growing
  • Crypto-related stocks in other parts of the world are expanding

Bitcoin (BTC) experienced a very positive year, growing more than 100% and making investors have a positive sentiment about the crypto market.

As Bitcoin surged and other virtual currencies followed, investors in traditional stocks are thinking about where to invest to benefit from this new bull trend that seems to have started.

However, there are some stocks in Asia that are not following Bitcoin’s trend, even when they are linked to the digital currency.

Crypto Asian Stocks Should Follow Bitcoin’s Price

Some of the assets that have been positively affected by this price surge in Bitcoin include Grayscale Bitcoin Trust, growing 189% since January, Riot Blockchain Inc, with a price increase of 78%, Marathon Patent Group Inc. that climbed 50%, and many other assets that rose over 65%.

In Asia things are different. The Monex Group Inc., that owns Coincheck, a popular Japanese exchange that experienced a massive hack in 2018, is more than 2% down this year. According to a recent report released by Bloomberg, other companies such as Remixpoint Inc. lost 10% during 2019. This company is in charge of operating the crypto exchange BITPoint.

Furthermore, a shareholder of the South Korean crypto exchange Bithumb is also down 14% since the year started. Finally, BC Technology Group Ltd., is also down 35% even after launching a crypto exchange called ANXONE.

Vijay Ayyar, the head of business development at crypto exchange Luno, commented about this:

“Companies that have invested in exchanges, I do think they will lag price appreciation in terms of the stock. […] I do think that in crypto, the general consensus seems to be that you are basically better off owning crypto rather than trying to invest in the peripheral stocks. Owning crypto-linked stocks is a lesser risk and potentially lesser reward because it’s not going to directly be as lucrative.”

It is generally difficult to determine the exposure that a company has to the crypto market relative to other operations they conduct. There are some features that investors should have a look at if they want to understand whether a stock is closely linked to the crypto industry.

Ayyar mentioned that it is necessary to have a look at the ownership of digital assets, their investment in a crypto exchange and whether they invested in a blockchain project.

Bitcoin’s price is $9,282.91 BTC/USD exchange rate today. The real-time BTC market cap of $164.95 Billion currently ranks #1 with a chart dominance at 57.01%, daily trading volume of $4.99 Billion and live coin value change of BTC 2.23 in the last 24 hours.

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Author: Carl T