Bitcoin News

Teen Bitcoin Millionaire: BTC Will Die If 4 Major Issues Are Not Solved

Published

3 months ago

May 21, 2019

Stefan

Teen Bitcoin millionaire Erik Finman predicts once again that the number one cryptocurrency could ‘’ die’’ if four major issues are not resolved. According to the latest cryptocurrency news, Finman stated that the problems are ‘’sticky’’ and must be solved immediately.

While speaking to Yahoo Finance, Finman explained the issues: the complexity of use, high transactions fees, fights among the developer teams and slow-processing speeds. He pointed out:

‘’It’s facing four big problems. One, its high transaction fees. Two, it takes a long time you know to kind of send anything. And then three, the people that are trying to solve those problems… it’s fragmented, it’s cultish, it’s really kind of a lot of group in-fighting. And I think the fourth one is it’s really hard to get into bitcoin. It’s really not easy.’’

Even before the interview, the teen bitcoin millionaire outlined the problems of the currency on social media. He first purchased bitcoin at the age of 12 after his grandmother gave him $1,000. Over the years, he was trading cryptocurrencies and now has about 457 bitcoins which is nearly $3.6 million.

Finman also pointed out that the future for bitcoin as a leading cryptocurrency is not guaranteed. Bitcoin is ‘’facing a lot of stiff competition and I think it really has to respond to that.’’ Erik also revisited his statement which was deemed as extremely controversial in 2018 when he pointed out that the ‘’long-term bitcoin is dead.’’ He defended the statement saying that the cryptocurrency needs to have one or two more bull runs in order to be set for the better future.

As reported in the altcoin news last week during the MarketWatch, Finman raised his concerns about Bitcoin. He even stated that Litecoin was also afflicted since the altcoin decreased over 95 percent since its record high. Despite his pessimistic view, Finman is bullish on blockchain technology as well. He added that anyone who failed to become a billionaire by investing in crypto or in blockchain, in ten years from now they would have themselves to blame.

Among the top cryptocurrencies that Finman believes have the best chances of success include ZCash and Ethereum. He praised Bitcoin Cash’s technology but he says the altcoin is poorly marketed.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Stefan

Stefan has been a Bitcoin Specialist for over 5 years. Providing daily news and updates for DC Forecasts.

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Bitcoin News

Ghana’s Government Wipes Out Billions-Bitcoin Is The Solution

Published

2 hours ago

August 20, 2019

Stefan

Ghana’s government is yet another example how governments and banks are in full control of the people’s money and bitcoin could be the solution for the problem and we are reading more about it today in the coming altcoin news today. Bitcoin as a decentralized asset would be immune from the monetary madness since according to the reports a huge cleanup of Ghana’s banking system has left hundreds of people where their savings have gone. Ghana’s government crackdown has reduced the number of lenders by a third and resulted in closing down more than 23 savings and loans companies and it has also triggered a run of fund managers which caused a huge selling spree and liquidation of the holdings. About $1.6 billion has been wiped out and most of the assets that the private fund managers supervise for the retail and institutional investors. Ghana’s financial regulator increased the pressure on more than 20 fund managers that they suspected they violated the rules. The SEC has blocked the asset managers from receiving investments because they could be used to pay the existing investors. The run on holdings has left more than 70,000 people seeking answers as to where their savings have gone. The senior finance lecturer Lord Mensah at the University of Ghana commented:

‘’It’s cutting across all the finance houses and when it happens like that the government needs to step in to build confidence again. There’s nothing we can do apart from making sure that we create that necessary environment to regain investors’ confidence again.’’

Ghana’s government bailed out on the investors and the central bank targeted the savings companies that serviced them and many are already blaming that the government is at fault for not having adequate provisions to prevent such problems from happening. The financial crime and governance and regulatory expert Kwadwa Kusi Frimpong wrote:

‘’The issue Ghana faces is more about having adequate system and controls in place to ensure that there is no room for such things to happen.’’

As noted in the latest cryptocurrency news, financial management should not be conducted through middlemen and bitcoin because the savings of hundreds of people could be wiped out in a matter of moments.

Bitcoin News

Overnight Pump Leads Bitcoin To Gains: Will They Sustain?

Published

12 hours ago

August 20, 2019

Stefan

The strong recovery for Bitcoin has been crucial lately, especially when it comes to BTC strengthening its position and lowering its volatility lately. After posting strong recoveries from the recent lows of $9,500, it seems like Bitcoin (BTC) is further extending its upwards momentum and now nears the next key price hurdle that could determine in which direction it will trend in the near term. An overnight pump has suggested that a new green wave is here - but will it sustain? At the time of writing, Bitcoin is trading up by less than 1%. The overnight pump added 2% to the current price of BTC but also took some in the past hour. Bitcoin is now at $10,736 with a $192 billion market cap. As such, the most dominant cryptocurrency is now nearing the next key price hurdle which could determine in which direction it will continue to trade in the near term. Many best cryptocurrency news sites spoke about the overnight pump and the recovery that followed BTC's drop to the $9,500 level - after being rejected that $12,000. From all of this, we can conclude that the $11,000 and $12,000 levels are very important and difficult for the dominant cryptocurrency to regain. We saw that bulls were not ready to allow bears to push the cryptocurrency into a new macro downtrend. As it stands, Bitcoin has a next key hurdle at $11,000. A decisive movement above this price level will likely lead it to climb significantly higher and the next level of resistance is put at $12,000 - an insurmountable level of resistance for Bitcoin over the past few weeks. The overnight pump also made analysts in the Bitcoin and altcoin news to take notes. One of them is the Cryptomist, a popular Twitter analyst who said:

“$BTC: Feel this move may be short lived. Rising wedge on multiple time frames including 3hr RSI.”

https://twitter.com/TheCryptomist/status/1163386603538173953 DonAlt also voiced his opinion in the latest cryptocurrency news and spoke about the overnight pump. As he said, he believes the current price region marks a "do or die" level for BTC which could set the tone for which direction it trends in the coming days and weeks.

“$BTC update: Somehow a mixture of well-respected level and chop. The daily and the 4h are at resistance. If those break I’d expect another leg up. It’s a bit of a do or die situation. I very much doubt any supports are going to hold another test,” he explained while referring to the charts below.

https://twitter.com/CryptoDonAlt/status/1163417215435235328

Altcoin News

Crypto Custodian BitGo Hires Xapo Vice President As New CRO

Published

12 hours ago

August 20, 2019

Stefan

The digital asset trust and security company named BitGo has recently appointed the wallet provider Xapo's former senior vice president as its new chief revenue officer (CRO). The crypto custodian BitGo made the new hire recently, naming the former Xapo official Pete Najarian as its new CRO. The finance media outlet Finance Magnates reported the news on August 19 - which later spread to many best cryptocurrency news sites. According to the reports, Najarian will not serve as BitGo's CRO and will report to the chief executive officer (CEO) of the company, Mike Belshe. When commenting on the appointment, the CEO Belshe said:

“Pete has a deep understanding of capital markets and an exceptional breadth of experience in financial services. This makes him a perfect partner for institutional investors who are entering the cryptocurrency market. We’re building the financial infrastructure of the future and Pete’s experience in both traditional financial markets and cryptocurrency will be critical.”

The crypto custodian BitGo is one of the more stable companies out there - and Najarian's knowledge and skill set will definitely help the company. According to his LinkedIn profile, we can see that Pete Najarian has previously served as the global head of emerging markets sales at the Royal Bank of Scotland and has also been head of institutional client coverage - APAC at the financial services firm UBS (as well as other positions). Before this, the latest cryptocurrency news also showed that the crypto custodian BitGo has been expanding its presence to Japan this month - and is planning to substantially grow its Japan-based team. The expansion follows hiring a sales director for the Tokyo office of the firm. In May this year, the crypto custodian BitGo appointed a veteran Wall Street trader named Nick Carmi as its head of financial services - a hire which ostensibly intends to forge stronger connections between digital assets as well as the traditional financial sphere. Meanwhile, the latest Bitcoin and coming altcoin news show that there is a mix of greens and reds in the market, with the reds being more dominant as the crypto market suffered from another dump this Tuesday.

Bitcoin News

Bitcoin Skeptic Claims BTC Is “Not A Hedge For Anything”

Published

12 hours ago

August 20, 2019

Stefan

A new Bitcoin skeptic is featured in the latest cryptocurrency news - providing analysis that is contrary to the arguments of the Bitcoin bulls. As the skeptic believes, Bitcoin is not a hedge against anything - much less the stock market. But before we dive in his analysis, let's explore the term hedge. A "hedge" is basically an investment made to offset some form of risk. As such, it can take many forms. For example, an investor may purchase put options on the stock market which will increase if the market falls. Therefore, the key to a hedge is that as an investment, it offsets risk in another investment. The Bitcoin skeptic claims that as such, BTC is not a hedge for anything. He has been featured on many best cryptocurrency news sites, talking about risk and volatility. It is obvious that Bitcoin is more volatile and riskier than other securities. According to analysis, Bitcoin is about 60% more volatile than even a 3x leveraged version of the most volatile security on the market. Therefore, the Bitcoin skeptic claims that there is no chance that BTC could be a hedge against anything - let alone other popular altcoins in the altcoin news. According to Ed Butowsky who is the BTC skeptic and Managing Partner at Chapwood Capital Investment Management:

“Bitcoin is literally the riskiest tradeable asset right now, and I wouldn’t even call it an asset. It is literally backed by nothing and based entirely on speculation. That’s why it is so volatile. It's a sucker's bet, not a hedge.”

Butowsky also pointed out that no other chart could correlate (positively or negatively) to any other asset. Any expert who says otherwise, is "dead wrong" the Bitcoin skeptic claims. He even went on to point a video of an analyst saying that Bitcoin can be a good hedge, which can be seen on this YouTube link. And for those of you who think that Bitcoin is a perfect non-correlated asset to the stock market, the idea of the hedge is to offset risk. Bitcoin, with its current performance, only increases the overall risk in a portfolio.