JPMorgan: Corporate Demand for Bitcoin Is A Strong Vote of Confidence for its Future

The tables have turned.

As Bitcoin gets special attention from the publicly traded companies, the banking giant’s views are also changing about the leading digital asset.

According to JPMorgan, Jack Dorsey’s Payment company Square investing $50 million investment in Bitcoin is a “strong vote of confidence for the future of bitcoin.”

What started with MicroStrategy, the first publicly-traded company to put $475 million worth of Bitcoin in its Treasury, has gained strength with Square’s 1% bitcoin allocation. Yesterday, $10 billion asset manager Stone Ridge also announced that it had made BTC its primary treasury reserve asset.

According to the bank’s strategists, including Nikolaos Panigirtzoglou, this signals that Square sees a “lot of potential” for the cryptocurrency as an asset.

Not only it expects Square to make more BTC purchases in the future, but it also expects other payments companies to follow in its footsteps or risk being left out of a growing segment.

Square already has a deeper connection with Bitcoin; it allows people to buy the digital asset and even actively participates in its development through a special division of Square Crypto. Not to mention, its CEO is a vocal Bitcoin proponent who sees BTC becoming a currency of the internet.

JPMorgan also noted that millennials have been using Cash App to buy BTC; this demand, along with the purchases made by companies like MicroStrategy, indicates the demand for Bitcoin surpassed its supply at a greater level in Q3 than in Q2.

Amidst this source of corporate demand, Bitcoin’s price is trading around $11,400, down from above $11,700 it reached yesterday.

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While BTC has made a good head start this month, JPMorgan only sees a “modest headwind” for Bitcoin in the short term based on its intrinsic value. Although a drop in September eliminated much of the “froth,” it remains 13% higher than the intrinsic value estimate.

Futures show that “there still appears to be an overhang of net long positions.” Meanwhile, options contracts volume is rising, which strategists said is likely that retail traffic is driving this surge.

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Author: AnTy

Tron (TRX) Defies Market Trend & Gravity to Climb the Ranks Thanks to DeFi Hype

You can hate him, you can love him, but you can’t ignore him because this marketer gets it done.

That’s right, Justin Sun, known for making announcements of announcements of announcements and who once called his own token “shitcoin,” does everything to keep his crypto afloat.

On Thursday, there has been a bloodbath in the majority of the markets with crypto markets experiencing a deep correction.

Following Bitcoin, which went down to almost $10,000 level, altcoins shed 20% to 30% of their values.

But one coin that was decoupled from the king and the general trend in the markets was Tron.

The token started surging right from the beginning of this week but gained momentum yesterday when it spiked 60%.

Although TRX did crash, 32%, as well, along with the rest of the market, it started the day strong and in the green. Still, the digital asset is currently in the green, though barely, while trading around $0.0390.

“TRX defying gravity while everything else including traditional markets are crashing,” applauded trader CryptoSqueeze.

These gains had TRX going to the level last seen in mid-June 2018, and making its way back into the top 10 cryptocurrencies. However, this digital asset that has a market cap of $2.67 billion is still 86% down from its all-time high of $0.30 made in July 2018.

Tron-based decentralized lending platform JUST, Sun’s foray into the DeFi world, was also on the up and up at $0.068 yesterday before finally feeling the heat and falling 22% today.

JUST then ventured into DEX as well as its liquidity pool, JustSwap, which surpassed 80 million worth of USDT within 10 minutes of its launch. This AMM reached $600 million in trading volume today, in just 17 days of its launch and also records transactions “two times higher than Uniswap,” shared Justin.

Justin is wasting no opportunity, and with that earlier this week, he also announced the launch of SUN Genesis Mining. This new venture comes with features like venture capital investments, private equity investments, no pre-mining or reserves for the team, and wholly operated by the community through its open-source smart contracts. He tweeted,

“We hope to use SUN to promote the development and possibilities of TRON’s DeFi self-governance community. I hope the entire crypto community may judge its success, not by its price, but instead by the indomitable spirit that underpins the SUN: its community!”

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Author: AnTy

South Korean National Assembly Passing Of Two Amendments, Making Crypto Legal

  • Crypto trading and holding gets an official entry in the legal system of the South Korea
  • President Jae-in Moon to sign it into law that will take about 18 months
  • The law requires exchanges to be in full compliance, verify their customers with an approved Korean bank & obtain ISMS certification

First, it was India, now South Korea has taken a positive step towards cryptocurrencies. The recent amendment of the Act on Reporting and Use of Specific Financial Information passed today during a session of the National Assembly, which officially allows crypto trading and holding.

After 2-years of deliberations, trial and error, South Korean lawmakers officially passed this amendment, which provides crypto traders official entry into the legal system of the country, according to The News Asia. However, this new amendment requires crypto exchanges to comply with the legal requirements.

For the amendment to be enacted, it still needs an official sign-off by President Jae-in Moon. Once he signs the amendment, the enactment process will begin one year from then, including a 6 months grace period. It also means the crypto exchanges have to be in full compliance by Sept. 2021.

New AML Laws to Combat Financing of Terrorism

Up until now, crypto exchanges in South Korea have been self-governing. But now, exchanges, wallets, trusts, along with ICOs will be required by law to verify their customers with a Korean bank that has been endorsed to prevent money laundering. The verification system of real names went into effect in early 2018, by South Korea’s top financial regulator Financial Services Commission (FSC).

Information security management system (ISMS) certification will need to be acquired from the Korea Internet Security Agency (KISA) by all Crypto-related companies. Once crypto companies obtain these credentials, they will be legally allowed to operate within S.Korea. It’s a costly certification to obtain, however, with all exchanges now need to require one, or they will run the risk of shutting down.

While individuals like Hanbitco’s CEO, Sunga Kim, have applauded this new development, adding that,

“a foundation has been created to wash away the stigma of cryptocurrency exchanges, fraud, and debauchery and establish itself as a transparent and reliable industry. It will lead the development of the industry with the inflow of new capital.”

Others haven’t been so optimistic with the scrutiny and tighter regulations.

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Author: AnTy

Here’s Why Big Fund Managers Won’t Be Buying Bitcoin Until it Passes Trillions

Quick Look:

  • Institutions don’t come until it gets big enough
  • Just keep on HODling and you get to rake in huge gains

The best way to weather the crypto market and earn serious gains on Bitcoin is HODLling.

All that an individual Bitcoin investor can do is HODL and they know it well and they do it well. As we reported, 11,580,000 Bitcoin hasn’t been moved in more than a year. This has been despite an 85% increase in BTC price during that time.

As Bitcoin enthusiast Rhythm Trader said, “Hodlers of last resort are insane.”

But this insanity can pay off extremely well because “Professional fund managers literally can’t hodl,” points out analyst Ceteris Paribus.

This deduction was highlighted in the Wall Street article “How You Can Get Big Gains That Wall Street Can’t.”

It reveals the “dirty secret” of the investment business that fund managers just don’t hold stocks and not because they don’t want to but because they simply can’t.

It has been found that small investors actually ave a “big edge” over the giants of Wall Street when it comes to capturing the gains. The reason is,

“to earn such superior long-term results, you have to withstand bone-cracking short-term downdrafts along the way—something most fund managers can’t do.”

It’s all about HODLing

The insight emerged from the analysis between a little known Jack Henry & Associates company and Warren Buffett’s Berkshire Hathaway.

If you’d invested $1,000 in Jack Henry stock at its closing price on Sept. 1989, you would have had a whopping $2,763,000 on Sept. 30, 2019.

Now, the same $1,000 invested in Berkshire Hathaway would have only grown to $36,000 and $16,000 in the S&P 500.

However, this would have only been the result of the determination, in other words, HODLing.

Because HODLing means weathering through the brutal winter of price drops and crashes. In the case of Jack Henry, it was in June 2001 through Oct. 2002 when the company’s shares fell 67% and then the stock underperformed the S&P by 72% points between Oct. 1996 and August 1999.

Also Read: Bank of America Merrill Lynch Calls Bitcoin (BTC) The Best Asset Class In The Last 10 Years

But why can’t professional investors withstand this kind of pain?

David Salem, co-chairman of New Providence Asset Management, who has been behind this analysis says,

“It’s potentially career-ending for a manager to hold such big interim losers.”

As for small managers, they have to sell if the position gets too large and dominate their portfolios.

Small stocks actually earn their highest return when they migrate to large.

Institutions don’t Come Until it gets Big Enough

As we saw in Jack Henry’s case, the company first sold its shares to the public in 1985, 9 years after it was founded. But as of 1996, 41% of the stocks were owned by insiders and it wasn’t until 2006 did about 5% of the shares were owned by institutional investors.

It was in Nov. 2018 that the company grew to a size large enough to join S&P 500, where it currently ranks at 402nd. Now, 94% of its stocks are held by institutions.

This is yet another best-case scenario for buying and HODL.

As such, professional fund managers will “buy Bitcoin once it passes a couple Trillion” says Paribus. This means individual investors are in the best position to rake in gains by just keep on HODLing.

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Author: AnTy

Ethereum Replaces Tron at 2nd Spot in China’s Latest Crypto Ranking While Bitcoin Moves Up 2

  • Bitcoin climbs up from 11th to 9th position
  • Just like the first time it gets the highest score among all cryptos in creativity and the lowest in basic technology
  • EOS, Ethereum, and Tron leads the CCID Index

China’s Center for Information and Industry Development (CCID), a research institute that operates under the Ministry of Industry and Information Technology has released the 15th crypto ranking.

The institute started providing the Global Blockchain technology Assessment Index back in May 2018. The Index originally ranked 28 cryptocurrency projects that has now extended to 35 projects.

This latest index is released amidst the reports of the country preparing to launch its own central bank-issued digital currency. According to a new report, the People’s Bank of China may launch a pilot test of the digital currency in the cities of Suzhou and Shenzhen and onboard telecom giants like Huawei and commercial banks for the same.

Bitcoin Gradually Climbing up

The world’s leading cryptocurrency started at 13th place the same as Verge cryptocurrency on CCID’s list. At that time, it got the highest score (35.6) among all the listed cryptocurrencies in the creativity section and the lowest (39.4) in basic technology.

This time Bitcoin is at 9th spot and the same as the first time it got the best score (42.9) among all the ranked cryptos in creativity and the lowest (42.6) in basic technology. From the 14th Index, Bitcoin is 2 steps up.

Who else Gained and Lost?

For the past some time, EOS has been ranking at the top while the second position that belonged to Tron last time has now taken over by Ethereum. The second-largest cryptocurrency was the winner of the first Index.

Tron founder Justin Sun took to Twitter to share that “TRON was ranked top 3 in this list together with EOS and ETH” in the CCID’s 15th global public blockchain technology assessment index. He added,

“In addition, TRON also ranked No.1 among all Chinese Public Blockchain.”

The index puts Ripple at 18th position while Bitcoin Cash gets 27th place. Other top cryptos in the list include XLM at 10th spot, Monero at 22nd, Tezos 26th, Cardano 29th, Litecoin -32nd, and IOTA 35th.

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Author: AnTy

Facebook’s 6-Year Wait Comes to An End: Patent for Personal Finance Tracking Tool Gets Ratified

Facebook’s 2013 patent for a personal finance tracking tool gets approved reports BeInCrypto. As per the news outlet, the tracking tool compares a user’s financial spending to those based on relatable benchmarks. This will allow a user to have an idea of where they lie in terms of percentile.

Here’s an extract of the patent that has been shared:

“Allows its users to obtain reports of their spending compared to various benchmarks. The benchmarks may be for various demographic groups, networks to which the user belongs, groups of users connected to a user or any other suitable grouping of users.”

Given that the patent has been accepted several years later since filing for it, it becomes questionable whether this is still a goal in place for the social media outlet. With the concerns they currently face in relation to their Libra project and having been under the spotlight for breach of data privacy, taking on a finance tracking tool might not be considered.

Speaking of the Libra project, so far, leaders around the world seem to turn down the idea simply because of the social media’s scarring with data privacy and the fact that such a project would result in them having too much power. Given that Facebook has also been accused for having the ability to influence elections outcomes, adding more power can be too dangerous, especially in the financial world.

Facebook has since lost a number of partners including the likes of PayPal, Visa, Mastercard, eBay and Stripe – all early members of the Libra Association – and according to CEO, Mark Zuckerberg, whether they choose to pursue Libra or not rests in the U.S’ decision regarding regulatory approval.

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Author: Nirmala Velupillai

Craig Wright to Go Against Court Decision Using…Hurricane Dorian?

The Craig Wright vs Kleiman saga gets sweeter. Or not really. This time, the saga well known Australian businessman and computer scientist is appealing against a court ruling that puts half of his Bitcoin fortune at stake. Only this time he is appealing using the Hurricane Dorian as a plot to not pay the Bitcoins.

Mr. Wright aims to challenge a court decision in a ruling that went in favor of one Ira Kleiman. Ira Kleiman is a brother to the late Dave Kleiman who was a forensic computer expert until his death in 2013. Craig Wright who openly claims to have been part of the team that invented bitcoin is being sued for close to $10 billion on accounts of trying to illegally seize Dave Kleiman’s bitcoin holdings.

This was formalized by a magistrate ruling on the 26th of August last month. Magistrate Bruce Reinhart concluded on the ruling that Wright must give back 50% of the bitcoins he mined before 2014 to Kleiman estate.

Craig Wright, on the other hand, is not giving in that easily. The businessman is not just giving Kleiman estate bitcoins worth billions of shillings that easily. At the moment, the computer scientist has already filed a motion pleading for a time extension before he can challenge the court order by the judge. His complaint is that the approach of hurricane Dorian towards Florida has forced them to turn their attention towards preparing for the same.

This has, in turn, reduced their concentration and ability to work on the court matter within the given time. In a document he recently filed, he expresses his dissatisfaction towards magistrate Bruce Reinhart pointing out that he does not feel the ruling was done fairly with all matters considered.

Citing rule 72 from the Federal Rules of Civil Procedure, Wright suggests that he be given an extra 14 days in order to file his challenge against the ruling.

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Author: Lujan Odera

Binance CEO Changpeng Zhao Awarded With The “Dumbest Crypto Tweet” By Community

  • Changpeng Zhao gets trolled for having a conversation with a 14-year old refusing to “discuss numbers in USD” rather insisting on BNB numbers
  • Meanwhile, just a day before this, Binance jersey Twitter got hacked while KYC hacker is “warming up” to release new leaks.

On Aug 17, Changpeng Zhao, the CEO of the world’s largest cryptocurrency exchange Binance got trolled for his tweet that actually sounds “dumb.”

Zhao apparently had a conversation with a 14-year old who is a fan of BNB — Binance’s native digital currency, Binance Coin.

This didn’t go well with the crypto community and they simply refuse to believe anything of this sort actually took place.

Popular cryptocurrency podcaster Dr. Peter McCormack hoped that Zhao referred the “14-year old” to the Binance’ terms of service.

As per Binance terms of use, a user must be 18 years old or of legal age to form a binding contract under applicable law.

“That was a bit forced marketing tweet but hey… Your company, your shills,” said a crypto enthusiast David Miller, former Deloitte executive and currently at PricewaterhouseCoopers.

“I’ll take “things that never happened” for 50 BNB Alex,” trolled Mansa_Godson, Bitcoin accumulator and founder of Mutual Capital.

This has the Dumbest Tweet Hub, a Twitter page featuring the daily dumbest tweets from crypto Twitter nominating Zhao for the “Dumbest Tweet of Crypto Twitter,” that he finally won.

“Had an interesting chat with a 14yr old Today. He refused to discuss numbers in USD, and insisted on Pokémon monster values instead. The next generation will catch them all,” wrote the Dumbest Tweet Hub.

A Series of Hacks

A day before Zhao took to Twitter to share his experience of talking to a 14-year old about BNB, Binance Jersey’s Twitter account was hacked by an anonymous user called @LightningNetwo9.

Per the tweets posted by the hacker, the individual is a security researcher claiming to have done so with altruistic motives.

The Twitter hacks came about three months after the successful hacking of Binance’s exchange that cost them over 7,000 BTC and around 10 days after a hacker exposed KYC images of 10,000 Binance users on Telegram, demanding 300 BTC in exchange.

Binance said in a statement it was false KYC leak and that there was no evidence that confirms the images obtained are actually from Binance.

In the latest series of Tweets, the hacker is “warming up” for another set of KYC leaks.

The hacker with the Twitter account ‘Bnatov Platon’ is preparing to release further material that “will be released day by day” while asking people to “be aware of scammers” as he is not asking for BTC from them.

While no time frame has been provided for the KYC release, the hacker also shared records of Telegram chats, with a user described as a member of Binance’s customer service team.

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Author: AnTy