One of the biggest Bitcoin bulls of all time, and the co-founder of Fundstrat Global Advisors, Tom Lee, has once again reaffirmed his stance on Bitcoin and it’s massive potential this year. For those of you who don’t know, Lee first made the prediction about Bitcoin reaching (at least) $30,000 in 2018 – to later modify the number to $25,000 and now reaffirm his decision but stick to the $20,000 price margin.
Lee also said that with this, he is “trying to change the calendar year” with respect to his prediction but still remains bullish about it. He is confident that hedge funds are playing a bigger role in the Bitcoin market, which he thinks that has an impact on its price.
As he said on the “Fast Money” show aired on CNBC this Friday:
“I do think in 2018, trading has shifted,” Lee said. There is now more bitcoin trading in the U.S. as certain exchanges have attracted hedge funds. “I do think hedge funds are playing a role right now,”
Another factor that he pointed out was the impact of traditional stocks on Bitcoin’s price. After presenting a chart where he showed the link between Bitcoin and the S&P 500 index, Lee said that there are two factors that connect the two indicators – the hedge funds which “rent” emerging market stocks and the “wealth effect” which is basically the impact of stock activity on Bitcoin buying.
“That affects the network effect because you can’t buy bitcoin,” Lee said.
However, even Lee recognized some challenges that are facing the mainstream Bitcoin trading. As he said in the end:
“There’s still this complication about how you store the bitcoins.”
Nonetheless, Lee remains bullish about Bitcoin’s price.
Criminals Are Threatening Business Owners In Amsterdam Demanding 50,000 Euros Worth Of Bitcoin
“You probably noticed how many entrepreneurs have had to close their doors recently by order of the municipality. To prevent you from being the next one, you must immediately take action.’’In order to pay the extortion fee, the business owners are instructed to open a new account on two crypto exchanges and them being Coinbase and Coinmama. Next up they have to buy bitcoins on either one of the exchanges and then transfer them to a required address. At least three coffee shops have already received a threat like this in Amsterdam and also a few nightclubs. The criminals even said that the extortion fee will be doubled if the owners don’t make the payment in five days. The email recipients must keep the threat confidential and they are warned for informing the police or any other law enforcement body. If they don’t maintain the confidentiality, the extortion fee will reach a stunning 200,000 euros. However, there is no single business registered to have paid the said amount.
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Venture Capital Firm Owner Announced That He Will No Longer Invest In Crypto Projects
“From this day on, Li Xiaolai personally will not invest in any projects (whether it is blockchain or early stage). So, if you see ‘Li Xiaolai’ associated with any project (I have been associated with countless projects without my knowledge, 99% is not an exaggeration), just ignore it. I plan to spend several years to contemplate on my career change. As for what I’m doing next, I’m not sure just yet.”There might be a few reasons why Li decided to move away from the crypto sector mostly because of the crackdown on ICOs by the Chinese government and also because of the rise in scams in the crypto space. A Chinese national TV released a documentary about the technology claiming that blockchain has the potential to surpass the success of the Internet. However, just after the release of the documentary, the government of China tightened the ban saying that ICOs are considered as illegal fundraising tools. The government stated:
“Such activities are not really based on blockchain technology, but rather the practice of speculative blockchain concepts for illegal fundraising, pyramid schemes and fraud. The main features are as follows:
Risk of illegal activities, unregulated overseas markets and inability to track or monitor transactions made in ICOs.
Illegal operations like profit-generating pyramid schemes and creating Ponzi schemes by describing them as ‘financial innovations.’’
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