Pompliano: Bitcoin Will Be In Every Institutional Investor’s Portfolio
August 21, 2019 9:17 am

American investor and Morgan Creek Digital Assets co-founder Anthony Pompliano says that Bitcoin will end up in every institutional investor’s portfolio.

American investor and Morgan Creek Digital Assets co-founder Anthony Pompliano says that Bitcoin will end up in every institutional investor’s portfolio.

In an interview with CNBC on Aug. 20, Pompliano said that every single week more infrastructure is being built around Bitcoin (BTC) and the crypto markets more broadly.

“We’re at a tipping point”

In making the case for Bitcoin’s bullish prospects, Pompliano highlighted recent developments, such as the coin’s serial record-breaking hash rate this summer, which points to continual improvements in the network’s security and support.

He also took stock of regulators’ recent approval of the much-anticipated platform for physically-settled Bitcoin futures from New York Stock Exchange operator Intercontinental Exchange. In light of all this, Pompliano argued:

"The more infrastructure that's built around this, the more likely it is to never go away [...] we're at a tipping point now where Bitcoin is here to stay. It’s going to end up being in every institutional investor’s portfolio.”

Possible short-term setbacks for Bitcoin price

Pompliano has recently predicted that Bitcoin will hit $100,000 by the end of 2021. 

When CNBC host Joe Kernen challenged the investor on his bullish outlook, Pompliano identified several factors that could — in the short term — temporarily suppress the asset’s price. 

These include overweening regulation which, he acknowledged, could initially scare investors away. 

Second — notwithstanding the health of the network’s fundamentals — the number of people who own Bitcoin still represent a very small percentage of the global population, with many yet to understand what it is or how it works.

Pompliano further noted that the asset remains relatively tricky to buy and that this friction must be overcome for the coin to fulfil its true potential.

As reported at the time, Pompliano’s $100,000 prediction was based on his anticipation of the impact of Bitcoin’s halving — when mining rewards will be reduced by half, thus increasing scarcity — in May 2020. 

He also cited the growing legitimization of the crypto space, inflows of institutional capital, record trading volumes, and a climate of global instability that promotes recognition of Bitcoin as a safe haven asset.

Pompliano also recently said he does not consider investing 50% of his wealth in Bitcoin to be an excessively risky move.

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Saudi Arabia Warns of Crypto Scammers Posing as Gov’t Projects
August 21, 2019 8:27 am

Saudi Arabia’s Finance Ministry has warned against crypto tricksters using the kingdom’s official emblem to promote tokens that purport to be tied to government projects.

Saudi Arabia’s Finance Ministry has warned against crypto tricksters using the kingdom’s official emblem to promote tokens that purport to be tied to government projects.

Arab News reported on Aug. 21 that the ministry has identified a Singapore-based company promoting two fraudulent cryptocurrencies, dubbed “CryptoRiyal” and “SmartRiyal." 

Fraud alert: hype and pump

CryptoRiyal and SmartRiyal’s promoters are reportedly claiming that their cryptocurrency project’s ultimate goal is to finance NEOM — a smart city and tourism hub currently under construction in the north of Saudi Arabia. 

The report cites an official statement issued yesterday from the ministry, which indicated that any use of the Kingdom’s name, national fiat currency or emblem for cryptocurrencies will be subject to legal action from the authorities.

In an interview with Arab News, cryptocurrency expert Dr. Assad Rizq said that many trickster firms are unregulated, have no assets and even copy their white paper from other projects. He added:

“They hype and pump their project so the price goes up. Inexpert investors, afraid of missing out, jump in, which spikes the price even higher. Then the owners sell up and make tons of money.

Dr. Rizq also underscored that investors should thoroughly research the technology and sector before investing and familiarize themselves with their country’s rules and regulations.

Bona fide state initiatives

While scammers may be falsely representing their alleged government ties, Saudi Arabia is in fact involved in a project to develop a cryptocurrency together with the United Arab Emirates (UAE). 

The bilaterally issued digital asset will be an interbank asset dubbed Aber with restricted circulation. The two countries have said the project aims to explore the practical application of cryptocurrencies to reduce remittance costs and facilitate cross-border payments.

Bitcoin Price Drops by $700 in Minutes After Failing to Crack $11K
August 21, 2019 8:13 am

Investors are in panic mode as losses extend to almost $700 in a matter of hours.

Bitcoin (BTC) price faced fresh bearish sentiment Aug. 21 after a rejection of $11,000 sent markets tumbling hundreds of dollars in minutes.

Market visualization

Market visualization. Source: Coin360

$9K Levels on horizon for Bitcoin price

Data from Coin360 shows BTC/USD topping out at just under $10,900 before reversing. Hours later, a sudden loss of support saw the pair dip to below $10,100 before bouncing slightly higher.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

The move counters previous theories that Bitcoin price could grow to reclaim $11,000 support, something reported by Cointelegraph on Tuesday. 

The $10,200 level is meanwhile significant, having formed the previous week’s closing price. 

“Currently bouncing off long term trend line and wanting to watch a close above $10,200,” regular trader and analyst Josh Rager summarized in fresh analysis on Wednesday. 

Despite trading at at least $9,300 since mid June, sentiment around has dramatically changed in recent days, according to some metrics. 

Among this is the so-called Fear & Greed Index, which tracks price moves based on whether investors are too eager to buy or sell.

Right now, on a scale of 1 to 100, the index is at 11, constituting extreme fear and suggesting markets are oversold. 

As anticipation builds for Bitcoin to drop to four figures once more, longer term predictions increasingly diverge in their optimism. Fresh figures from crypto research firm Digital Asset Research this week suggested that come May 2020, the date of the Bitcoin block reward halving, BTC/USD will have mushroomed to over $60,000. 

Altcoins continue downward spiral

For the time being, however, it was altcoin investors who were also feeling pain once again on Wednesday. All but one of the top twenty cryptocurrencies by market cap posted similar losses to Bitcoin over the past 24 hours. 

Ether (ETH), the largest altcoin, shed 6.2% to trade at $187, while the worst performance belonged to Bitcoin SV (BSV), trading 7.2% down. 

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

A noticeable exception was Ethereum Classic (ETC), which produced daily gains which at one point topped 12%. 

The overall cryptocurrency market cap was $266 billion at press time, with Bitcoin’s share at just under 69%.

Keep track of top crypto markets in real time here
Bitcoin Price ‘Will Struggle’ in Big Financial Crisis, Says Investor
August 21, 2019 7:21 am

A partner at venture capital firm Blockchain Capital says Bitcoin is a safe haven in the long run but it might not withstand severe crises.

Spencer Bogart, a general partner at venture capital firm Blockchain Capital, thinks that Bitcoin (BTC) will be a safe haven in the long term. However, he has a nuanced view of how BTC price will play out with respect to various economic events.

Bogart shared his views during an interview with Bloomberg on Aug. 20. According to him, risks of monetary devaluation can drive Bitcoin’s price up. Bogart commented:

“I think longer term Bitcoin will absolutely be a safe haven [...] I think that when you have looming risks of monetary devaluation, things like this, Bitcoin certainly looks very attractive. And I think that was a large driver of the recent run-up in price.”

However, Bogart continued to say that he doesn’t believe BTC will perform well in terms of price in the event of a severe economic crisis. He conjectured:

“When you think about really severe crises taking place, a liquidity crunch, another global financial crisis, I think that Bitcoin will struggle to do very well from a price perspective.”

Bogart also noted that, in his opinion, this is not the current state of affairs, adding that he is “not convinced that we have full economic crises on the horizon now.”

Devaluing fiat money bodes well for BTC

As previously reported by Cointelegraph, Galaxy Digital CEO Mike Novogratz appears to agree with Bogart in regard to his view that risks of monetary devaluation bode well for BTC price. In the beginning of August, Novogratz commented:

“With the yuan over 7.0, an FX war, instability in HKG and the beginnings of capital flight, $Btc rally could have real legs.”

Morgan Creek Digital Assets’ Anthony Pompliano also made the following remark on Twitter: “UPDATE: Bitcoin is performing as designed during times of global instability.”

This week, Cointelegraph reported that crypto financial services company Circle CEO Jeremy Allaire also thinks that Bitcoin is particularly attractive to people who want to have control over their funds.

Bitcoin Lightning Network Implementation C-Lightning Gets an Upgrade
August 21, 2019 7:15 am

Blockchain company Blockstream rolled out a new open-source version of c-lightning, its Bitcoin Lightning Network implementation.

Blockchain development company Blockstream announced the release of version 0.7.2 of its scalability software c-lightning.

On Aug. 20, Christian Decker, a blockchain researcher at Blockstream, announced the new release on Twitter. According to the post, the latest version of c-lightning supports dynamic plugin management as well as “the upcoming signet.” This version is also named "Nakamoto's Pre-approval by US Congress,” and is available via GitHub.

C-Lightning and the Lightning Network

As previously reported by Cointelegraph, c-lightning is one of the implementations of the Lightning Network, which is an additional layer on the Bitcoin (BTC) blockchain that lets users set up temporary channels to perform transactions. This mechanism apparently lets users conduct transactions extremely quickly and at a low cost.

Additionally, the Lightning Network has three major developers: Blockstream, Lightning Labs and ACINQ. Blockstream’s c-lightning is written in the programming language C, while Lightning Labs and ACINQ are written in Golang and Scala, respectively.

Blockstream’s co-founder joins Square Crypto

This week, Square Crypto, the crypto development branch of mobile payments provider Square, hired Blockstream co-founder Matt Corallo for its small team. In addition to co-founding Blockstream, Corallo worked there for about two and a half years. He commented:

“So excited to be joining the @sqcrypto team over the coming weeks. Experimenting with different models to accelerate Bitcoin OSS is awesome!”

Vitalik Buterin: Increasing Transaction Costs Risk Limiting Ethereum Adoption
August 21, 2019 5:00 am
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Blockchain Firm TZero Adds Ravencoin to Supported Cryptocurrencies
August 21, 2019 3:05 am

Ravencoin is the newest token supported by tZero Crypto’s cryptocurrency wallet and trading apps.

Blockchain company tZero added Ravencoin (RVN) to the list of cryptocurrencies supported by its tZero Crypto cryptocurrency wallet and trading app.

Ravencoin now supported on the tZero app

TZero announced in a press release published on Aug. 20 that Ravencoin will be joining Bitcoin (BTC) and Ether (ETH) among the cryptocurrencies supported by its trading and wallet tZero Crypto app, available for iOS and Android devices. Per the release, the company submitted the updated iOS app supporting the crypto asset to the store yesterday, while the update for the Android app will be published today.

The app in question — launched in June — allows users to buy, sell and hold crypto assets. TZero CEO Saum Noursalehi commented on the development by explaining the reasoning behind choosing to add Ravencoin support:

“In addition to being one of the fastest growing cryptocurrencies, Ravencoin is philosophically aligned with tZERO in making it easy to digitize assets and make them freely tradable. [...] Ravencoin allows for straightforward issuance and on-chain transfer of any digital asset, including security tokens, making support for RVN a natural fit for tZERO Crypto.”

The players

According to the release, Ravencoin is an open source cryptocurrency aiming to enable instant payments, build and support security tokens, digital collectibles, utility tokens, gift cards, fiat currency or other user-defined assets. TZero is a majority-owned subsidiary of retail giant Overstock focused on the development of blockchain applications.

As Cointelegraph reported in March, Ravencoin has been thrust into the limelight with CEO Patrick Byrne mentioning that his company had invested millions of dollars into the “use case specific Blockchain focusing on the transfer of assets.”

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