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

Morgan Stanley Increases its Stake In BTC HOLDer MicroStrategy to 10.9%

Morgan Stanley Increases its Stake In BTC HOLDer MicroStrategy to 10.9%

Banking giant Morgan Stanley has jumped on the Bitcoin bandwagon via MicroStrategy Inc. by increasing its stake in the company to more than 10% late last year.

According to a filing with the US Securities and Exchange Commission (SEC) on Friday, the investment management arm of the bank held 792,627 shares of MicroStrategy by the end of December.

Back in Q3 2020, the company owned 142,908 shares, representing a 360% increase in position.

Morgan Stanley’s 10.9% stake had a value of about $420 million based on the day’s closing price of $531.64. MicroStrategy (MSTR) shares have surged 330% in value in the past five months, to a level last seen in April 2000.

This wild rally in MSTR share prices has been driven by the company’s chief executive officer Michael Saylor’s big bet on Bitcoin. As of Dec. 21, 2020, the company holds an aggregate of 70,470 bitcoins, worth $2.85 billion at a current BTC price of over $41,200.

Other top holders of MicroStrategy include First Trust Advisors, BlackRock Inc., and Vanguard Group.

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Author: AnTy

USDC Circulating Supply Increases by 3.14B; Stablecoin ‘Way Ahead of the Pack’ in Regulatory Compliance

USDC Circulating Supply Increases by 3.14B in 2020; CEO Says Stablecoin Is ‘Way Ahead of the Pack’ in Regulatory Compliance

USDC’s supply has surged 687% in less than ten months. Circle CEO Jeremy Allaire says the latest regulations “pave the way for stablecoins to become a major part of the payments and settlement infrastructure of the financial system.”

Stablecoin USD Coin, created by Center Consortium, a collaboration of Coinbase and Circle has surpassed 3.6 billion in circulation.

“USDC crossed 3.5B in circulation, newly 500m new in circulation in past couple of weeks,” tweeted Jeremy Allaire, co-founder, and CEO of Circle.

A few hours later the same day, Allaire took to Twitter again to state that the coins in circulation had crossed $3.6 billion.

In mid-March, the market cap of USDC was just around $457 million, representing an increase of 687% in less than ten months.

2020 has been a year of stablecoins as the combined supply of these coins surpassed 20 billion recently.

Another interesting metric is the on-chain volumes of these stablecoins which have crossed the $1 trillion mark, this year, for the first time ever, analyzed The Block. Last year, the volume was a mere $248 billion.

The dominant stablecoin in the market, Tether (USDT) remains the king here as well by accounting for 76% of all the stablecoin on-chain volume followed by USDC at 15% and then DAI at just 7% share of the market.

As for the blockchain, Ethereum is the obvious leader with 83.5% of stablecoin on-chain volume share followed by Tron and Omni at 14.5% and 2.1% respectively.

Regulators onto Stablecoins

This increased popularity and usage of fiat-backed cryptos have brought regulatory scrutiny on the stablecoins.

Just this week, President Trump’s Working Group on Financial Markets published a statement where it says stablecoins must meet the same regulatory standards as other financial systems. It requires the issuers to obtain and verify the information of the parties involved in the transaction of stablecoins across unhosted wallets.

“Nearly everything that is being proposed is highly aligned with how Centre operates and USDC is issued today. Broadly, this is a very significant development in terms of acknowledging USDC as emerging significant payment infrastructure in the US,” commented Allaire on these new proposed rules.

He further went on to say that all the regulators are asking for are already the “hallmarks” of the company and they are “way ahead of the pack.”

These regulations “pave the way for stablecoins to become a major part of the payments and settlement infrastructure of the financial system,” said Allaire.

However, the rules on transaction reporting for unhosted wallets, which cross-references the midnight rule-making by Treasury Secretary Steven Mnuchin, “will be vigorously fought.”

“We are looking forward to picking this conversation up with the Biden Administration, and the many many leaders and civil servants across the US Treasury, SEC, CFTC and others as we usher in the next major phase of the global financial system.”

Jeremy Allaire Co-founder and CEO of Circle

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Author: AnTy

Thailand Excise Dept to Adopt Blockchain In 2021; Boosting Collection Efficiency

Blockchain technology sees significant increases in adoption, particularly from companies looking to leverage it and streamline their operations. Beyond companies, there has also been an increase in government blockchain applications. In Thailand, the official tax agency is hopping on the trend.

Streamlined Operations to Benefit the Bottom Line

The Thai Excise Department plans to use the blockchain to improve its revenue collection capabilities, the Bangkok Post reports.

Per the report, the move became necessary following the agency’s resolve to work on its tax collection modalities rather than increase taxes in a downturn.

Lavaron Sangsnit, the agency’s Director-General, says the agency could use the technology to assess tax liability for imported products and assess other government agencies’ revenue collection. Like other countries in Asia, Thailand is expecting a drop in income due to the impact of COVID-19.

The government projects a drop in tax revenues for 2020, with 530billion baht ($17.5 billion) expected to come in for the fiscal year. This marks a 3.3 percent reduction from the 548 billion baht ($18 billion) that it got last year. Looking to streamline operations and improve collection efficiency, the Department will now move into blockchain.

This isn’t the agency’s first foray into blockchain. Last year, the department developed a new, blockchain-based tax refund method for oil exporters. At the time, former Director-General Patchara Anuntasilpa said the system was one of the three changes that the agency planned to incorporate in the near future.

Patchara highlighted that the future tax refund system would require oil exporters to pay excise taxes and only claim refunds after they had shipped their products. With blockchain, the Excise Department would be better suited to inspect tax payments and shipping processes.

The Director-General added at the time that the Department was also working on using blockchain for the distribution of playing card licenses and annual fee payments for liquor and tobacco.

Collaborating With Other Departments

Now, with countries looking to get back on their feet following the coronavirus, Thailand is also making changes to its entire tax system. Going into the 2021 fiscal year, the Revenue and Customs departments are also expected to incorporate blockchain for their operations. The Director-General added that the technology could help thoroughly assess each government department’s revenue collection, integrating all that data into a single database.

Thailand is one of the most blockchain-friendly countries globally, with the technology seeing rapid adoption in both the private and public sectors. With banks focusing on improving cross-border payments and the government using the technology to streamline revenue collection, the Southeast Asian country is taking payment efficiency more seriously.

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Author: Jimmy Aki

80% of Tezos (XTZ) in Baking Despite Fat Fees, Making it Susceptible to Manipulation?

  • Tezos price performance leaves other Ethereum killers in the dust
  • Tezos delegation increases exchanges’ voting power that results in low participation in voting making it susceptible to manipulation

The star altcoin of the crypto market, Tezos (XTZ) is up 485% in the past year. Even in the past month, XTZ has been up 32% against BTC. Against Ethereum as well, XTZ has been experiencing much growth.

In comparison to other Ethereum killers like Tron (TRX), EOS, Algorand (Algo), Cardano (ADA), and HBAR, Tezos price performance has been magnificent.

Source: Messari ETH Killers

Baking your Tezos

These gains recorded by XTZ have been for the most part propelled by the staking craze. And despite the ongoing bear market, it keeps on growing.

As per Messari, currently, 79.7% of XTZ’s circulating supply has been baked. The Liquid Proof of Stake network allows investors to participate via baking or delegating.

To earn staking rewards and passive income on Tezos investment, there are two options. If you bake XTZ yourself, you get to earn an annual reward of 6.30% with adj. reward of 1.33% for a lockup period of 14 days, as per Staking Rewards. Doing it independently requires 8,000 XTZ in collateral.

Also, for this, you need to run a Tezos Node as well as the endorser and baker client which must be constantly connected to the power and internet.

Delegating your Tezos has relatively low risk and the recommended minimum is just 1 XTZ. However, it offers an annual reward of 5.67% and adj. reward of 0.70% with a 10% default provider fee.

Leading cryptocurrency exchange Binance offers a yield of about 7% with zero fees unlike other exchanges like Coinbase that charges 25% fee or any other platform Kraken (7%), Coinone (10%), OKEx (18%), and Gate.io (28%), as per the data provided by MyTezosBaker.

The staking yield meanwhile on these exchanges is 4.78% on Coinbase, 4.58% on Gate.io, 5.51% on Coinone, and KuCoin offers 3.06% yield while charging a hefty 50% fee.

Exchanges Controlling Voting Power

Delegating your Tezos to exchanges for baking means, they now control a significant share of Tezos voting power.

Last week, XTZ holders voted in favor of implementing the Carthage upgrade that will increase the gas limit by 30% allowing developers to run more complex applications. The update further aims to improve the accuracy and security of calculating baking rewards.

However, the poll saw a considerable decrease in participation, which has been on a decline over the last 3 voting periods. One possible explanation for this is the rise in staking-as-a-service.

Low participation in voting makes it susceptible to manipulation by those with heavy bags.

Both the big players Coinbase and Binance did not participate in the Carthage vote on behalf of its users. With delegated XTZ baking on exchanges increasing, PoS participation could continue to decrease until a viable voting solution is developed by these exchanges.

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Author: AnTy

Ripple (XRP) Price Analysis (February 12)

Key Highlights

  • There have been notable sequential increases in the valuation of the XRP/USD trade.
  • Most indications support that the XRP/USD bulls are still relatively in the control of this crypto market.
  • The XRP/USD market’s upswing is facing a critical line around $0.30 mark.

  • Major supply zones: $0.32, $0.34, $0.36
  • Major demand zones: $0.26, $0.24, $0.22

Ripple (XRP) Price Analysis

XRP price has been significantly witnessing sequential increases in valuation against the US dollar trade stance in the crypto-market. The rises occurred while the fiat money lost its value after a light push downwards the bigger SMA trend-line a bit over the current immediate demand zone at $0.26 mark.

From a careful looking point of the current XRP/USD market situation, the cryptocurrency has been mustering up energy at the weakening line of the fiat currency.

Ripple Technical Indicators Reading

The two trading SMA trend-lines were almost conjoined, but they have slightly separated and bent a little towards the north. They are both underneath the present market trading point.

The SMA indicators now still show that the bulls; are to a degree capacity have control of the XRP/USD market. The Stochastic Oscillators have also begun to consolidate around range 80. That indicates a kind of small ups and downs to be experienced in no time.

Conclusion

XRP price has to now move further upwards above its present long-standing critical zone of $0.30 mark to affirm a sound bullish market continuation movement of this crypto-trade. Notably, safe bullish entries of this crypto-trade, are most of the time, lie in the reversal of low downward price movements.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

Facebook On Boards New Lobbyist Firms To Push Its Libra Crypto Motions In Senate

Facebook increases lobbyist power with two new firms pushing the crypto’s agenda in Senate pushing the total number to four.

The U.S Congress tough stance on Facebook’s Libra project will soon be changing as the social media giant hires two new lobbyists for the project. According to lobbying reports filed on Sept 5., the Calibra project welcomed William Hollier, president of Hollier Associates LLC and Michael Williams of the Williams Group to help win over the senators against the project.

According to a Bloomberg report, Holler started lobbying for Libra in August to push for its development and registration within the United States. He is a known lobbyist for Microsoft Corp and Independent Community Bankers of America and worked with Idaho representative Senator Mike Crapo. Mike currently heads the Senate banking committee, who called the CEO of Libra David Marcus for questioning earlier in the year.

Williams started lobbying for the cryptocurrency in July according to the disclosure. The former Credit Suisse Securities managing director joins the consortium to help regulators understand the blockchain. Williams also lobbies for Delta Airlines Inc. and American Financial Services Association.

A Wave of Doubt

Despite reports of three members in the 27-member Libra Association being on the verge of leaving due to the regulatory uncertainties, Facebook looks to have everything under control at the moment. The Libra token is expected to launch in early 2020 amidst a wave of doubts from various regulators across the globe.

On Sept 6. Jose Manuel Campa, chair of the European Banking Authority (EBA), called out Libra stating the digital asset is a big law gap. He called for more regulation on the token before its launch next year.

A fortnight ago, Facebook announced the onboarding of Washington lobbyist group, FS Vector, and former Coinbase employee, John Collins to push its blockchain policies.

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Author: Lujan Odera

Canadian Crypto Owner Duped Out Of $240,000 In An Employment Scam

Canadian Crypto Owner Duped Out Of $240,000 In An Employment Scam

Crypto scams again seem to be on the rise in 2019 as the currency its use cases and adaptability increases. There seems to be news of a new scam victim in Canada. Scammers stole over $240,000 from the residents of Edmonton.

748 people across Canada lost more than $17 million to online dating scams in 2016, up from $16.7 million in 2015. In Edmonton, city police investigated two high-profile cases in the past year. One of the local victims lost more than $50,000, the second more than $90,000.

Of all the frauds that use romance as a pawn, “catfishing” is the most common. In these cases, the con artist uses a fake identity to charm victims into an online relationship and soon after, begins asking for large sums of money. They use fake profiles and usually come up with elaborate excuses as to why they can never meet in person.

Linda Herczeg, an Edmonton police detective says:

“The use of the internet to do any type of frauds or scams is increasing exponentially because of the ease of it and because of the ability to social engineer.”

Cybercriminals thrive on the buzz. Bitcoin prices reaching new highs make the currency more tempting both for scammers and for their new potential victims. The scams tend to be fairly unsophisticated, either tricking users into installing malicious apps or promising free money in exchange for an initial payment. In the end Bitcoin, just like social media, depends on community-based trust. When certain members of these communities violate that trust, it can ruin a good thing for everyone.

[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