Yesterday, we talked about two economists from Yale who determined the best times to buy cryptocurrency after analyzing their price movements for more than five years. Today, Yale is again in the news – and the economist which determined the prices is again in the spotlight.
Aleh Tsyvinski is an economist who taught economics at the Yale University. According to his recent statement, every investor who believes Bitcoin can perform as well as it did in 2017 should invest at least 6% of their holdings in crypto.
As Tsyvinski said in an interview with the Yale Ph.D. candidate Yukun Liu:
“If you as an investor believe that bitcoin will perform as well as it has historically, then you should hold 6% of your portfolio in bitcoin. If you believe that it will do half as well, you should hold 4%. In all other circumstances, if you think it will do much worse, then you should still hold 1%,”
It seems like the billionaire approach to crypto is very similar to Tsyvinski’s beliefs. As Marc Lasry, one of the billionaire founders of Avenue Capital Group told CNBC last month:
“I wouldn’t say [bitcoin is] completely speculative but it is speculative. It is around 1 percent, and [I invested in bitcoin] a few years ago. I bought a lot more in the last year, when probably the average price of bitcoin was $5,000 to $7,500.”
Lasry’s net worth is estimated to be at around $1.68 billion – 1% of which is invested in crypto. Aside from him, other billionaire investors backing crypto include Galaxy Digital’s Mike Novogratz and PayPal founder Peter Thiel, both of which are said to have allocated a chunk of their net worth in crypto.
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Dmitry Medvedev: ‘’We Should Watch Closely What Happens To Cryptocurrency’’
‘’But this, of course, is not a reason to bury cryptocurrencies. There are both light sides and dark sides, as in any social phenomenon, in any economic institute. And we should just watch closely what happens to them.’’He continued to discuss social inequalities and how the global digital transformation is speeding up saying the cryptocurrency is a part of that fast-going phenomena. The news comes right after major media outlets published the story of Russia’s plan to purchase $10 billion worth of BTC. Turns out that the news was fake. The Russian economist from the Presidential Academy of National Economy and Public Administration Vladislav Ginko pointed out that he strongly believes that Russia might use Bitcoin to fight economic sanctions and this story swamped the media and got massively exaggerated. Russia is, however, preparing a crypto bill that will provide stable cryptocurrency regulation in the next two months. The Duma State will be drafting a regulatory framework in February to regulate ICOs and crypto crowdfunding.
Nearly 1.5 Million People Used dApps In 2018, More Than A Half Being On Ethereum
"TRON is the most ambitious in the dapp field, with a $2 billion Project Genesis launched in the second half of the year. In addition, it spends $100 million on TronArcade to promote its dapp ecosystem."TRON (TRX) launched 97 decentralized applications in 2018, while its ecosystem and community have been growing at an alarming rate. This week, TRX was added to OKCoin, which is one of the largest US exchanges, in order to be traded against fiat, Bitcoin and Ethereum. The report also showed that gambling accounted for $3 billion in transactions over the course of 2018 in dApps.
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