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Coinbase CEO: Cryptocurrency Needs An iPhone Or Netscape Moment

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Coinbase CEO

The CEO and co-founder of one of the largest crypto exchanges out there named Coinbase, Brian Armstrong, is now featured on our DC Forecasts Bitcoin news site for a recent talk that he had during an Ask-Me-Anything (AMA) session on YouTube.

In the beginning of the session, Armstrong explained the three important aspects needed for mass adoption of Bitcoin (BTC) and other cryptocurrencies which according to him are:

  • volatility
  • scalability and
  • usability

Armstrong stated that it would be harder to use cryptocurrency as real medium of exchange if its price was subjected to high volatility. He also said that stablecoins are now solving this problem.

As he said:

“The other thing is going to help with that [volatility] is just more and more real use cases in the world happening so that these crazy bubbles that go up and down and all the speculation in crypto will kind of get dampened out if we drive the utility phase. “

This comment followed with Armstrong speaking about the second aspect which is the scalability of cryptocurrencies, for which he said:

“We need to get crypto to be not just you know [complete] 5 – 10 – 20 transactions a second but on the order of 500 a second to 5,000 a second to really be at like PayPal or visa levels. That would allow us to get say an app with a hundred million people using it in crypto so scalability is the second one.”

Then, he explained the third factor which is the usability through the following example:

”There are a lot of challenges which are still too complicated. It should work like WeChat – where when you go to the app, it already knows who you are and it has your payment method already attached and with one tap you can then complete an action or complete a payment and so we need to get that usability, just simpler and simpler and simpler, kind of like having the Netscape moment or the iPhone moment for crypto.”

Armstrong comments on all of the three aspects came with detailed descriptions about his thoughts which can be seen on this link.

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Analysis

New 2019 Bitcoin High Puts BTC At $8,939

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new 2019 bitcoin high
The latest cryptocurrency news today report signs of a good Monday, where we can see a new 2019 Bitcoin high which was established overnight. The new yearly high has placed BTC near the $9,000 mark within a couple of hours. The price of Bitcoin has climbed from $8,000 to $8,939 very shortly, surging by more than 11.7% against the US dollar. The abrupt movement of the Bitcoin price follows the 100% year-to-date gains against the US dollar. For those of you who are unfamiliar with this, the new 2019 Bitcoin high is a result of a 136% rise in 2019 alone, and the current volume of BTC hovers at around $1.6 billion. As many best cryptocurrency news sites report, the "real 10" volume, which calculates the real daily spot volume of Bitcoin by evaluating the volume on exchanges known to have verifiable volume (according to Bitwise Asset Management), is also rising and has multiplied by nearly seven-fold since March. This indicates that the new 2019 Bitcoin high is a result of massive interest in the asset class. When it comes to the actual factors behind the new Bitcoin surge, the technical indicators show that the dominant cryptocurrency entered a bull market territory. According to the analyst Alex Kruger:
" now in bull market territory after an intraday blow-off top. R: 7000, 8000 S: 6400, 6000 Old levels not as valuable, hence why above 6400 only looking at round numbers as major resistance. Hourly volume at Bitmex was the 2nd largest ever after Sep/5/18."
https://twitter.com/krugermacro/status/1127114577504874496 This has led the Bitcoin price to recover to $7,000 on May 11. Since then and in only three weeks, we are seeing a new 2019 Bitcoin high in which the price of BTC has added nearly $2,000 and rose by 27% during this period. As analysts show, the stunning recovery of Bitcoin can be mainly attributed to three factors which include:
  • The bull market territory made the price rise from $3,000 to $7,000 which also raised momentum
  • The volume on regulated platforms such as CME is surging, indicating a significant increase in institutional investors and their money
  • The volume on exchanges and Google Trends popularity for the keyword "Bitcoin" as another factor behind the new 2019 Bitcoin high
Right now, Bitcoin looks stable despite its recent correction which placed it at $8,721 with a market cap of $1154.6 billion. In the coming altcoin news, there is a lot of positive momentum, too.
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Bitcoin News

Bitcoin Trademark Has Its Origins From The Escobar Family

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bitcoin trademark
Bitcoin trademark was first registered to no other than the Escobar family according to the official documents acquired from the United States Patent and Trademark Office. The latest cryptocurrency news shows us that Pablo Escobar's brother, Roberto Escobar was the first person to sign next to the Bitcoin’s naming rights. The U.S trademark office document 88055293 details the bitcoin trademark origin as the former owners under the Coin Legal LTD which is an UK registered company. From the UK company database, Companies House, we can see that Coin Legal LTD was founded in 2018 in July by the director Olof Kyros Gustafsson who acts as the CEO of Escobar Inc. according to his Twitter profile: “Investor, Philanthropist. CEO of Escobar Inc.” The Coin Legal’s initial application for the naming rights for the current largest cryptocurrency was signed off by the founder by the company who is not listed on the UK database. The founder is Roberto de Jesus Escobar Gaviria or better known as El Osito (little bear)- who is the brother of the popular drug kingpin and Colombian drug lord Pablo Escobar. The application for the bitcoin trademark was filed in July 2018 which is one month after Coin Legal registered with the UK business authorities. During this time, as reported in the coming altcoin news, Craig Wright came along with his own trademark claims. He filed his own claim in November 2018 and started a silent ticking bomb that gave the former owners six months to contest. According to the document that was sent to Coin Legal:
 “To avoid abandonment of applicant’s trademark application, the USPTO must receive applicant’s complete response to this letter within 6 months of the issue/mailing date below.”
There was not a single reply so Craig Wright declared himself as the real Satoshi Nakamoto. Coin Legal Ltd’s original claim on bitcoin noted:
 “Financial services, namely, providing a virtual currency for use by members of an on-line community via a global computer network.”
Wright claim goes further:
 “Cryptocurrency, namely, providing a digital currency or digital token for use by members of an on-line community via a global computer network; Cryptocurrency, namely, a digital currency or digital token, incorporating cryptographic protocols, used to operate and build applications and blockchains on a decentralized computer platform and as a method of payment for goods and services.”
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Bitcoin News

Bitcoin Will Disappear: Craig Wright’s Hot New Manifesto

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bitcoin will disappear
Bitcoin will disappear according to the blistering manifesto that Craig Wright published in which he rants about ‘’his coin’’ being used for criminal activity. In today’s altcoin news we read more about his new manifesto. The Australian entrepreneur stated that the criminals perverted the official vision for the cryptocurrency and therefore it will continue to exist. Wright repeatedly claimed that he is the real creator of Bitcoin Satoshi Nakamoto but he has failed to provide definitive proof. Craig and his ally Calvin Ayre believe that BSV will replace all other fake assets that aim for the bitcoin throne and that it will crush its rivals including Bitcoin Cash and BTC. In the manifesto, you could also read that Wright claims he created bitcoin in order to operate within the law, not to stimulate criminal activities such as money laundering. He then trashed crypto evangelists who claim that Bitcoin is 100% decentralized and therefore doesn’t need to follow rules. However, he made clear that they are living in delusion and they need to be woken up instantly:
‘’I designed Bitcoin to be a system that worked within the rules. Bitcoin needs to act within the rules. If it doesn’t, then the exchange and systems that allow people to use bitcoin act to stop it being widely used and disseminated and criminalise all of those in the system.’’
He also noted that every other monetary system such as BTC seeks to operate outside the rules, it becomes an outlaw system. Wright wrote:
‘’The majority of people want rules. They don’t want to fight in a world of uncertainty, and want to know the contract that they have conducted will remain valid not just now, but throughout the term of the exchange-for which we need rules.’’
Also, as explained in the latest cryptocurrency news, Wright thinks that crypto exchanges are criminal enterprises and that they are the ones responsible for money laundering.  He says that they will go out of business since ‘’crime always fails.’’ He even accused Bitfinex and Binance of lying to their customers because they are not decentralized. Wright explained that this is one of the reasons why bitcoin will disappear since many people tend to use decentralized exchanges so they can hide or launder money.
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Analysis

Stock Market Outperformed By Bitcoin By 10 Times This Year

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Stock market was outperformed by the number one cryptocurrency by 10 times since the start of 2019. According to the coming altcoin news, bitcoin’s price is up by 111 percent this year while stocks have an increase by 12 only. Morgan Creek Digital CEO Anthony Pompliano made clear that bitcoin did amazingly since the start of the year. Between April and May alone, the price of BTC added $2,000 to its market price. As e-Toro’s Mati Greenspan put it:
‘’At this point, a $200 move in the price of Bitcoin could easily lead to a move of $2,000.’’
The billionaire venture capitalist Tim Draper, spoke to CNBC and pointed out that the newly established brands which go public such as Uber, aren’t going to experience huge price growths. Instead, he expects that the stock market and its value will increase by 10 to 20 percent. Bitcoin bulls, on the other hand, don’t get a headache for the top-ranked cryptocurrency since BTC has so far remained close to the $8,000 price point despite the recent downturns. Mary Yusko, the Managing Director of Morgan Creek Capital Management, stated in an interview with one of the best cryptocurrency news sites and described BTC as a great investment portfolio diversifier. Many other commentators have stated previously that BTC will constitute at least one percent of every investment portfolio. Yusko also expressed his opinions similar to Pompliano’s saying that BTC is always a better investment than stocks. Back in 2019, Yusko spoke about the potential of the cryptocurrency saying it was the greatest wealth opportunity of our time. Bitcoin’s stock would be a great investment portfolio diversifier that could come into more significant prominence during a market decline. According to Yusko, the Federal Reserve and their comments on slashing interest rates show the awakening of the economic weakness. Central banks across the world are also on considering adding similar monetary policies. The history of price precedence shows that the rate cuts can lead to market weakness as it was in 2001 or 2008. For some people such as the bitcoin bull Max Keiser and Travis Kling, Bitcoin is a hedge against the fallback from the ‘’irresponsible’’ central bank policies.
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