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BIS Report: Bitcoin Has Failed To Prove It’s A Store Of Value

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The latest BIS report announced that Bitcoin and other cryptocurrencies have failed to provide a reliable means of payment and store of value as we are about to read further in the Bitcoin latest news.

The BIS report along with the G7 regarded stablecoins as a material for mass adoption but Bitcoin didn’t get as much praise. The research claims that BTC and other cryptocurrencies didn’t manage to prove they are a store of value neither did they found an attractive means of payment way to become adopted in the mainstream. The report also elaborated by citing the exaggerated rhetoric of Bitcoin’s scalability issues and of course, the scope for illicit activity. For BTC, the report is relatively inconsequential since, in reality, it marks the 378th time that it has been pronounced ‘’ dead.’’ Of course, some other points are not entirely unjustified but the hyperbolic statements that Bitcoin has failed to be what it claims to are simply too much and here is why.

Looking at the basics, after a decade from its first minting, BTC gained a monumental 9,874,900% and from the very first known price of about $0.08 over a decade ago, the cryptocurrency managed to reach a current price of $7,900. Bitcoin has also exhibited more growth than any other asset including its counter-part, gold. This trend looks to that it will continue since looking at the Bitcoin’s year on year gains we can see that it has consistently grown regardless of the many burst bubbles. This is a pretty well-evidenced case by looking at the yearly lows of the cryptocurrency and after each parabolic movement and subsequent retrace, the price of bitcoin has stabilized well above the previous yearly low.

Furthermore, in spite of the BIS report, it appears that BTC is gaining traction as a macro hedge and it seems that Grayscale shows that the rising geopolitical tension is having a direct impact on the bitcoin’s price action. One of the clearest examples for this was seen after Trump’s tariff increase on the Chinese import back in May where BTC cited a significant gain over the contemporary safe-haven assets such as the Japanese yen and gold.

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Best Investable Asset For 2019 Is Officially Bitcoin: Report

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Bitcoin is officially the best investable asset for this year despite having its share of unnerving periods and managing to become of the best assets as we are reading more about the report in the upcoming BTC news.Acquiring more than $1 worth of Bitcoin in 2020 would mean more than $90,000 today even after the price corrections. To compare, after the extremely successful decade for the stocks, $1 invested in big indices of the US equities would have reached $3.46. Of course, not everyone can sell during peak time so the stock indexes are historically less volatile and more liquid. Bitcoin is considered a wild card for personal finance and helps to build wealth for smaller-scale investors facing both risky markets and low real income.Bitcoin investment is not limited to US-based persons and it caused a boom of investments in Korea and the stagnant stock returns caused buyers to adopt crypto assets which moved beyond BTC and into the zone of the riskier assets. It’s possible that some of the other asset classes reached a huge growth as well in nominal terms over the past ten years and they have now arrived with significant quantitative easing thus boosting their valuations.  The next decade could bring slower growth but most of the indicators point to a recession getting avoided in 2020. Bitcoin has not faced a recession so far and has existed on the market in an environment of investment exuberance.Since then, despite the correction, the bitcoin ecosystem increased and the presence of the asset was established. With the mainstream futures markets and exchange-traded products across Europe, Bitcoin is starting to look like a serious asset class that the mainstream markets will have to compete in which is why it is proclaimed as the best investable asset for this year. Despite the crashes, bitcoin has posted higher lows each year and gained a lot of liquidity and support from the futures markets that helped it go around the periods of relative stability.BTC also build businesses around the activity of mining and it used the spare hydroelectric power to essentially build a new type of value. This month has been considered the final stretch of the decade for the benchmark cryptocurrency at least since the beginning of the trading. Bitcoin now trades at about $7065 on the slower volumes before the holidays start.
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BTC App Bottle Pay Startup Shuts Down Due To New EU Laws

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BTC App Bottle Pay
BTC app bottle Pay startup has shut down on Friday because of the new AMLD5 European Union regulation that will come into effect on January 10, 2020, as per the latest bitcoin news.The BTC App Bottle Pay once allowed the users to sent small amounts of Bitcoin by only using social media texts and handles from Twitter to Telegram. There are more than 974 members in the project’s Telegram group. The startup managed to raise up to $2 million in September and back in December the entire team declined to name any of the investors but said that the startup already had 10,000 accounts. Bottle Pay released a public beta and a real bitcoin in late November but have just realized how the new European regulations will dramatically alter the roadmap of the company:
 “The amount and type of extra personal information we would be required to collect from our users would alter the current user experience so radically, and so negatively, that we are not willing to force this onto our community.’’
Bottle Pay will not be the only startup that was impacted by the regulations because they demand a stricter user verification process and the exchange BitPanda announced on Friday to be launching a new user registration process because of that. The chief economist at Canada’s Cypherpunk Holdings Inc, Jon Matonis, explained that these policies will apply to all custodial crypto wallets. The privacy-focused wallet Samourai Wallet which is not registered in any specific jurisdiction tweeted that the team believes the policy will apply to noncustodial wallets as well.Teana Baker-Taylor is a London-based expert and director of the crypto industry group Global Digital Finance, said that this policy could force the crypto wallet providers in the EU to collect the know-your-customer information from the users. The exchanges and wallets according to her, will become obliged entities:
"AMLD5 prohibits facilitated (non peer-to-peer) anonymous transactions. Custodian wallet providers and exchanges will be obligated to implement customer due diligence (including KYC) and transaction monitoring. They will also be required to maintain comprehensive records and report suspicious transactions."
Steven Maijoor from the European Securities and Market Authority said that it is important to have risk warnings and risk information for the consumers that go into these products including anti-money laundering procedures and arrangements.
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Top Movement For Bitcoin Is Imminent: Could BTC Visit $10k By 2020?

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A top movement for Bitcoin is something that could benefit everyone - starting from the altcoin investors on the market up to the day traders and cryptonews followers from all over the globe. This is something that is quite obvious - but does Bitcoin have the potential to rise soon?Well, according to one prominent cryptocurrency investor and commentator, the importance of the $10,000 mark is very big - especially in a nascent market like this. In other words, the analyst is confident that a top movement to $10,000 and then $20,000 is how the momentum should be set up and how the macro price scales should go.This would also mean that Bitcoin has the fuel to shoot higher, potentialy until it reaches another important round number. We are talking about the analyst Su Zhu of Three Arrows Capital, who spoke in a recent podcast along with Luke Martin and said that round numbers in the cryptocurrency market are extremely important. Zhu claimed that the “round numbers have even more meaning in crypto [than forex] because this is what everyone thinks.”https://www.youtube.com/watch?v=SrTHy57bkw4All of this shows that Zhu believes that a top movement for the leading cryptocurrency is the most important moment in terms of price action analysis. However, it is not only him that shares the same outlook in the latest Bitcoin news.Earlier this year, the famous Fundstrat Global Advisors analyst Tom Lee also shared his outlook and implied that $10,000 is the level to watch for the time being. Fundstrat wrote a full analysis and said that once BTC tops $10,000, "Level 10" FOMO will grace the market. This is how the cryptocurrency market can shoot even higher once $10,000 is reclaimed on a macro scale.As Lee took to Twitter earlier this year, he wrote that “[$10,000] will see FOMO from those who gloated about the 90% crash in BTC… and those who saw Bitcoin dead as forever.”We can also see reports from Bloomberg agreeing that a top movement to $10,000 is important and that the barrier between four digits and five is crucial.
“Bitcoin faces solid resistance at the $10,000 level, with investors having difficulty valuing it given continuous debate on whether or not it’s an asset or a currency. For many investors, BTC will need to break that barrier for confirmation that meaningful gains could continue,” the reports showed.
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Short Term Indicators Show BTC May Visit $7,400 During Weekend

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The price of the most dominant cryptocurrency, Bitcoin (BTC), is still in awe and trading in the $7,000 region for a couple of weeks now after it failed to breach through the $9,000 mark and was left in agony. And while the altcoin news and rumors show that an altseason may be close, short term indicators show that BTC could jump this weekend and trade at $7,400.At press time, the price of Bitcoin is $7,218 with a market cap of $130 billion. The total cryptocurrency market cap still suffers and is unable to visit the areas over $200 billion. However, the good thing is that the volume is growing and despite the recent losses of below one percent, the situation may be changing real soon.Well, this is at least what the short term indicators show for this weekend. The dominance that Bitcoin (BTC) has over the other altcoins lies at 66.6% in the cryptocurrency news today - a good sign but not something that surprises us.Despite a strong finish to the week, the price of Bitcoin is down 3.2% now from the opening of $7,520 on Monday morning, while the 50 and 100 week moving averages (WMA) crossed a lot of points showing that a market shifting to a more bullish trend is close. As it stands, Bitcoin remains below the 100-WMA and has been unable to break through the previous support that has now turned into resistance and is set at $7,600.It is critical that this level at $7,600 is reclaimed soon in order to be able to declare that there has been a fundamental shift in the market structure. The short term indicators for BTC show that an increase may come this weekend - but the big question is whether this increase could sustain and push Bitcoin towards $8,000 as the new year approaches.In today's updates, we can see that there are no big gainers or losers in the top 10, besides Tezos (XTZ) which is now in a minus of 2%. Tron (TRX) is safe at the 12th position and recorded an increase of 2.39% which propelled it to $0.014. Perhaps the biggest gainer today is the 20th positioned MINDOL (MIN) cryptocurrency which has blossomed and rose by 22.88% overnight.
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