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Big Firms Predict BTC To Reach $150k To $300k In Longer Term

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The Bitcoin price predictions are all over the cryptocurrency news today and are seen as hot topics all the time, even more when they are made by industry heavyweights and huge firms. Still, there have been a few of them over the past week or so and the figures are not small. Big firms predict Bitcoin to reach anywhere from $150,000 to $300,000 in the longer term, and the optimism is seen all over the space.

First of them is Tom Lee, the head of Fundstrat Global Advisors LLC – and he has the opinion that the crypto market is too small to support an exchange-traded fund (ETF). The US Securities and Exchange Commission  has so far denied several attempts to get a crypto ETF launched but that may not be a bad thing if you ask the Bitcoin bull Tom Lee.

Lee spoke to Bloomberg and added that big fund launches can have around $13 billion of the first-year demand. For Bitcoin to be able to cope with this demand, Lee suggested that it should be price around $150,000.

While big firms predict the same things, Lee spoke at the Block Show Asia conference on Friday and said:

“The SEC needs to punt the ETF until crypto becomes bigger, but demand for an ETF is monstrous.”

He also added that they are doing a good job by protecting individuals which is how mainstream will eventually get involved in cryptocurrency.

“Institutions aren’t going to touch crypto if they think the SEC isn’t doing a good job,” Lee noted.

While big firms are setting new price targets for BTC all the time, the $150,000 price valuation is not too sky high. Others even think that it could be even higher. One of them is the Pantera Capital founder Dan Morehead who was in the Bitcoin news and took predictions about the BTC price during the ‘Unchained’ podcast earlier this year and said that BTC could reach $42,000 by the end of 2019.

“Graph the price of Bitcoin logarithmically, its trend is going to grow at 235% compound annual growth rate … And if you just extrapolate that line out for another year it’s $122,000 per Bitcoin and then one more year, $356,000,” Morehead noted.

The CEO of the Bitcoin wallet provider Xapo, Wences Casares, is also among the big firms that predict a lot for the future of Bitcoin. As he said, everyone should own some Bitcoin and that even with the 20% chance of failure (which BTC has according to him), the cryptocurrency also has a 50% chance of success.

“After 10 years of working well without interruption, with more than 60 million holders, adding more than 1 million new holders per month and moving more than $1 billion per day worldwide, it has a good chance of succeeding,” Casares stated.

 

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Bitcoin Needs PR From People Like Peter Schiff: Binance CEO

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Peter Schiff is known as one of the strongest skeptics in the world and a gold bug who is unwittingly advertising the cryptocurrency's virtues over other investments. However, according to the CEO of the exchange Binance, Changpeng Zhao, Bitcoin needs PR exactly from people like Schiff.As the popular 'CZ' summarized in a tweet on January 25, Schiff was falling in sewing distrust of Bitcoin among social media followers and beyond. 
“I think Peter is doing great to promote bitcoin. He probably does not realize that given his illogical reasoning, most people will do exactly opposite of what he says,” he wrote.
https://twitter.com/cz_binance/status/1220978020686548992In the Binance news, CZ concluded saying that “We need more of these types of ‘negative’ voices.”Bitcoin needs PR from people like Schiff and as CZ said, the gold bug was already notorious for his posts attacking Bitcoin which claim that gold is superior to the cryptocurrency. Last week, however, Schiff was undermining his credentials after he blamed the wallet provider blockchain for "losing" his Bitcoin holdings worth 0.21 BTC ($1,750) that he received in the form of donations in 2019. In the event, Schiff had simply confused his pin with his password - something that went viral in the cryptonews all over the world.However, Schiff continued to allege that Bitcoin investors were the true ignorant party for choosing cryptocurrency over the precious metal.
“Bitcoin bugs are saying I'm not qualified to give advice about Bitcoin because I don't know the difference between a pin and a password. I know the difference now and my advice hasn't changed,” the tweet which inspired CZ read.
Schiff also added that "Those bitcoin bugs still don't know the difference between #Bitcoin and #gold."Binance CEO thinks that Bitcoin needs PR from people like Schiff and it is clear why he resonated with this. On the other hand, many experts believe that Schiff failed to react to market movements and lost people money.As to what the gold bug claims, the precious metal has failed to deliver for investors in 2020 already, firmly decreasing while Bitcoin boomed this year. Meanwhile, the crypto market is very stable today and Bitcoin seems to have stabilized, potentially leading the market to a new rally. 
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Peter Schiff Will Help Bitcoin With His Negativism: Binance CZ

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The CEO of Binance Changpeng Zhao, claims that Peter Schiff will only help bitcoin with his negativism as he will push more people into doing the opposite since he lost all bitcoins as we reported previously in our Bitcoin news now.Even though Peter Schiff lost all of his bitcoins, the saga continues to attract the attention of the wider crypto community. Binance’s CEO Changpeng Zhao noted that Peter Schiff will help the benchmark cryptocurrency since his stances will turn people pro-Bitcoin. The recent issues he had with his lost coins became viral in social media where most of the crypto community reacted quickly by implying that he was incompetent to hold on to his coins which might have been the real issue.Aside from making the entire community angry, the situation had another effect and the controversies surrounding Schiff losing his coins are bringing a lot of global attention to Bitcoin. According to Changpeng Zhao, Bitcoin actually needs his negative stance after he said that the ‘’illogical reasoning most people will do exactly opposite of what he says.’’ Peter Schiff is a popular economist and a true defender of Gold while at the same time uses every chance he has to trash the ‘’new gold’’ known as Bitcoin. He also wrote on Twitter that he has lost all access to his bitcoin holdings saying that his wallet ‘’got corrupted somehow’’ and his password is ‘’no longer valid.’’Schiff blamed bitcoin and the wallet claimed that it simply stopped functioning. While the community pointed out ironically that he didn’t create a proper backup as everyone else does, Schiff repeatedly said that he had lost his password. The drama resolved soon after and the popular economist explained that his real problem came because he ‘’ mistook my PIN for my password.’’ He then blamed the CEO of ShapeShift’s Eric Voorhees because he was initially the one who helped him set up the wallet and he never explained how it works. Schiff’s situation attracted serious attention to himself but also to the rest of the crypto market since he is well known for his negative views against the largest digital asset, but somehow he ended up promoting it.
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Bitcoin’s GitHub Community Reaches More Than 3000 Members

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According to the latest data, Bitcoin’s GitHub community not has more than 3000 members so let’s read more about it in bitcoin latest news.Github is extremely well known for being the best online develop hub where experts and amateurs can work together and review codes, build software together or manage projects. This is a place where any code can be taken into pieces, investigated and studied and then improved if there’s a need for that. With a platform such as GitHub, it would be very hard to imagine the concept of digital currencies as money since there’s nothing but code underneath the surface would not get the attention of the developers. Bitcoin stands in high regard because of its unique nature and promises to change the entire financial world.Now, according to the recent data from GitGitRun.com, it seems that Bitcoin’s Github community managed to reach about 2,800 members yesterday but as the Bitcoin community member of Reddit u/THE_ReD_Truck noted, not all repos are tracked after he concluded that the real number of Bitcoin developers on GitHub could easily be over 3,000. It’s not that easy to find the correct number of contributors to any community since many of them is not tracked and others are counted twice so these problems make it complicated to determine the true size of the community despite the data showing that the number of tracked contributors will continue to rise.Regardless of the number, the fact that Bitcoin is getting much more developers that are willing to improve its technology, is good news. Inspecting the codes and trying to improve it, by coming up with new patches and improvements, thinking up ways to solve the problems that Bitcoin always had, it’s not an easy task. Bitcoin adoption is spreading across the world and the same is true for the developers which can benefit the rest of the community along the way.The GitHub community is working on blockchain technology but they are facing a lot of difficulties especially in 2 019 when the platform started identifying and banning Iranian accounts because of the US trade restrictions. This prevented the developers from Iran from participating in software projects that required private repositories or paid services which brought serious consequences for the entire community but also for the personal lives of the developers.
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WEF2020 Announces Global Consortium For Regulating Bitcoin

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At the WEF2020 in Davos, Switzerland, there was a significant mark on the crypto market and the World Economic Forum announced the first global consortium focusing on creating a regulatory framework for the governance digital currencies including bitcoin and stablecoins. In our latest bitcoin news today, we find out more about their ideas.The World Economic Forum for 2020 happened the past week in Davos and cryptocurrencies were the center of attention. Yesterday during the last day of the consortium, the forum announced the creating of the first Global consortium for Digital Currency Governance. It will mainly consist of financial institutions, government representatives, international organizations, leading companies, academics, NGOs, technical experts and other members of the Forum’s communities.The report showed that if digital currencies receive proper financial inclusion, they will have to get paired with good governance. Therefore at the WEF2020, the forum discussed whether it is needed to establish a framework of regulations by implementing innovative approaches. In order to do that, the participants will have to use ‘’efficiency, speed, inter-operability, inclusivity, and transparency.’’ The Consortium will work with both the private and public sectors to explore the presented opportunities.According to the founder and Executive Chairman of the WEF, Klaus Schwab, ‘’ digital currency, a cross-cutting topic that requires input across sectors, functions, and geographies, is a key area of interest for the Forum.’’ The Governor of the Bank of England also commented:
 “Governance is the core pillar of any form of digital currency. It is critical that any framework on digital currencies ensures security, efficiency, and legitimacy of payments while ensuring fair and open competition. We welcome the WEF’s platform to help develop a robust governance framework for inclusion through digital currencies.”
As per the recent reports, the efforts of creating a regulatory framework on cryptocurrencies are getting more serious. As of this month, the European Union introduced an updated version of the 5th anti-money laundering directive and had increased regulatory focus. All of the crypto-related businesses are operating from Europe and they have to follow the rules which include a more in-depth know your customer process, filling suspicious activity reports and conduct transaction monitoring with law enforcement.  After the WEF2020, the world watchdogs will try to establish a framework of regulations for crypto so it will be extremely interesting to see whether this will be beneficial for the market.
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