The latest edition of the show “Fast Money” that airs on CNBC included one cryptocurrency advocate as a guest. Meltem Demirors has been active in the crypto world and now acts as a chief strategy officer at the digital asset manager Coinshares.
What is really interesting in Demirors’ stance is the fact that aside from being optimistic about Bitcoin and crypto in general, the advocate is also realistic about the past activity (which saw many cryptocurrencies climb to high numbers in a quick period of time).
As Demirors noted:
“New technologies that shift the paradigm take a long time to really understand.”
Even with the stumble of the Turkish lira recently, Bitcoin did not manage to hit a bullish run. The Turkish fiat currency, on the other hand, hit a fresh all-time low against the dollar this Monday.
According to crypto bulls, this is a step where Bitcoin needs to shine. However, Demirors is one of the ‘realists’ in the entire picture about crypto. As he said:
“The narrative around bitcoin is still really hard to grasp.
Really… The only metric we have for most cryptocurrencies is the price, and price is such an imperfect metric. What does actual utilization look like? That’s really the struggle for crypto right now.”
He also suggested that both institutional and retail investors should ignore the price and think of cryptocurrency in a similar way as ‘a type of early internet stock’ such as Amazon, Intel or Microsoft. Even though they are successful now, Demirors pointed that the stocks of these companies were finding it hard to recover from the initial highs after the dotcom bubble burst.
“What we saw in crypto was this massive run-up, where everyone got ‘FOMO,’ or fear of missing out, as we like to say. What it caused is a speculative bubble.”
Demirors also said that he does not know when Bitcoin might begin to regain its (lost) value or what would this look like. He only noted that there is some real traction right now, and it is very dependent on “finding the data points and metrics that are going to drive the growth story.”
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Cameron And Tyler Winklevoss: It’s Bitcoin’s Bottom Of The First Inning
"We still think it’s the bottom of the first inning."The Winklevoss twins first invested in bitcoin back in 2013 and they said that at first bitcoin didn’t sound like a good idea but after a few tequila shots it started making sense. Now, they have about 1 percent of all bitcoin outstanding. The twins reportedly plowed millions from their settlement with Facebook into bitcoin of course. After they saw that the investment balloon will be estimated for billions of dollars, they claim to have taken away the sting from having Facebook kidnapped from them. The Wall Street Journal apparently asked them what happens when the twins meet with Zuckerberg at a crypto conference and the twins answered:
“Welcome to the party, what took you so long?”Regarding Libra, Facebook’s cryptocurrency is looking less as a cryptocurrency. David Marcus who works at the development center for Libra reportedly wrote to the lawmakers:
"We want, and need, governments, central banks, regulators, non-profits, and other stakeholders at the table and value all of the feedback we have received.”Meanwhile, the policymakers have a hard time to understand and to find a way how to handle Libra but they can’t stop bitcoin at least not anymore. Cameron and Tyler Winklevoss noted:
"To shut down bitcoin you have to shut down the internet...like North Korea. Countries will have to play with it."As per the coming altcoin news, the twins see future where Zcash and Ethereum will have a very important role mainly because of their privacy features. As for Gemini, the competitive landscape is only warming up. Poloniex, for example, allowed purchasing cryptocurrency by using credit and debit cards, Binance is coming to the United States and CEX.io also opened a new US office.
ECB Official Warns: Libra Could Be Very Dangerous Without Rules
‘’It’s out of the question to allow them to develop in a regulatory void for their financial service activities, because it’s just too dangerous. We have to move more quickly than we’ve been able to do up until now.’’The entire ECB executive board believes that digital currencies will represent the ‘’wake-up call’’ for regulators around the world. He believes that this could result in regulatory entities making improvements in their operations. Facebook’s plan is to launch a digital currency which will trigger central banks and all policymakers across the world. The U.S. congressional committee asked the social media giant to stop the operations regarding Libra. Also, the House Financial Services Committee noted issues that touch the security nature of the cryptocurrency and Facebook’s troubled past regarding data privacy:
‘’Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action.’’The House Financial Services Committee also warned that if Facebook decides and launches Libra prior to the legislative solutions, the result will be a new ‘’Swiss-based financial system that is too big to fail.’’ The committee also stated that it will further hold public hearings on crypto-related matters next week. As noted in the latest cryptocurrency news, the Reserve Bank Of Australia Governor Philip Lowe indicated there are a lot of regulatory issues regarding Libra. In Asia, the Bank of Japan also warned that Libra poses a huge threat to the current financial systems.
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