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Bitcoin [BTC] can be ‘resurrected’ back to its high of $20,000, claims Erik Finman

Biraajmaan Tamuly



Bitcoin [BTC] can be 'resurrected' back to its high of $20,000, claims Eric Finman
Source: Pixabay

The recent market sentiment towards cryptocurrency has been optimistic as virtual assets have collectively witnessed major surges since the start of 2019. The situation before the start of 2019 was considered the “longest crypto-winter” since the inception of Bitcoin, as the market suffered a devaluation of almost 90 percent in price.

However, the price soon rebounded, and Bitcoin was again one of the leading assets in 2019 and outperformed the likes of S&P 500 and traditional commodities like Gold.

Now, Erik Finman, the famous teenage crypto-millionaire, who previously had proclaimed that Bitcoin was “dead”, is in the news after he claimed that he and the crypto-community could collectively come together and “resurrect” Bitcoin’s prices back to its height of $20,000.

Erik Finman stated that one of the major reasons why crypto-assets were substantially pumping was the involvement of major organizations in the cryptospace. With the likes of Facebook launching their own Libra coin and U.S presidential candidates promoting Bitcoin, the market has witnessed consistent growth.

Erik Finman said,

“2019 is the new 2017 for bitcoin and cryptocurrency. Cryptocurrency is hitting its stride and all the things happening in the tech and finance industry right now are boosting bitcoin and crypto. Blockchain is the cutting edge.”

Finman suggested that to improve the adoption rate of Bitcoin among a wide range of users, the network needs to lower transaction fees and speed up transactions. He emphasized that it was important to remain “competitive in a crypto-crowded ecosystem.”

He added,

“People who live and breath bitcoin, working closely with others who are in the same positions as themselves, can sometimes forget that they need to on-ramp new people who aren’t yet into crypto.”

Finman also opined that WHEN token was the next big thing in the world of virtual assets. The cryptocurrency is based out of WhenHub, an organization that encourages content creators to grow in an ecosystem where experts and learners are able to pay each other through WHEN tokens, instead of actual cash.

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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.


ErisX goes all hands on deck to launch a Bitcoin Futures market




ErisX goes all-hands on deck to launch a Bitcoin Futures market
Source: Unsplash

ErisX’s CSO, Matt Trudeau, detailed the company’s four important plans for the future, which includes launching a spot market, to secure a Bit License, DCO, and to launch a futures market.

ErisX currently has a DCM contract, which is a Derivative Contract Market that allows ErisX to run a CFTC-regulated futures exchange. However, ErisX aims to get a DCO [Derivatives Organization], which will effectively allow it to run a CFTC-regulated clearinghouse. A clearinghouse would mean that ErisX can take control of the custody of the assets and clear and settled trades.

The CSO explained the benefit of this, stating,

“There is some efficiency for firms like producers [like mining companies]; if they need to hedge their inventory or need liquidity on a spot market, they could do that conveniently on a single platform. “

Trudeau added that from the “post-trade standpoint” and “the collateral management standpoint,” ErisX would have cash, crypto, and the futures, all stored in their clearinghouse. This would boost efficiency since it would be available for all customers under a single platform. The CSO added,

“… so there is some efficiency in terms of managing collateral, if you don’t have assets on  multiple platforms, it can all be in our clearinghouse.”

Apart from the aforementioned plans, Trudeau added that the crypto-industry needs to mature more and that ErisX plans to make a significant contribution to that. He added,

“The market is professionalizing and we think that in terms of what institutions are expecting from a trading/custody experience, we will bring some of the solutions to the market and that’s really the foundational pieces that they are looking in order to build their businesses on top of us.”

Apart from ErisX, LedgerX has also received a go-sign from the CFTC to settle Bitcoin Futures in Bitcoins. Other exchanges include Intercontinental Exchange’s Bakkt and Seed CX.

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