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Bitcoin [BTC] is better at being gold than gold; will surpass the $7 trillion market cap, say Winklevoss twins

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Bitcoin [BTC] is better at being gold than gold; will surpass the $7 trillion market cap, say Winklevoss twins
Source: Pixabay

Tyler and Cameron Winklevoss conducted an AMA on Reddit on r/IAmA subreddit, where they spoke about a plethora of topics and mostly about Bitcoin and its future. The topic even included questions from users regarding Gemini’s fee structures.

A Reddit user, YRuafraid referred to Winklevoss’ AMA of 2014 when the brothers predicted that Bitcoin price would hit $40,000 per BTC. The user asked if the same was still true.

Winklevoss replied to this question:

“Our thesis around bitcoin’s upside remains unchanged. We believe bitcoin is better at being gold than gold. If we’re right, then over time the market cap of bitcoin will surpass the ~7 trillion dollar market cap of gold.”

The Reddit users quickly calculated that if this were to happen [assuming the circulating supply of BTC at 21 million] it would put the price of Bitcoin at $333,3333 per BTC.

A user, Noeel asked:

“Do you think Bitcoin will allways be Crypto #1?”

To the above, Winklevoss replied:

“Bitcoin is certainly the OG crypto! It’s hard to defeat network effects — so in terms of ‘hard money’ (i.e., store of value) Bitcoin is most likely the winner in the long term.”

The users moved from price predictions to a much more intense question regarding Gemini exchange. A user Vinyl_Steelworks asked:

“If you’re so committed to Bitcoin, why hasn’t your exchange implemented the latest Bitcoin technology yet? Things like implementing Segwit and transaction batching would not only benefit both your exchange and your customers but also the network as a whole.”

Winklevoss replied that their hot wallet was developed before SegWit was up and running and that trying to “retrofit” SegWit into existing wallets would be a tedious job. He continued that there was a new hot wallet in development which would support “SegWit”, “transaction batching”, “bech32 addresses”.

Winklevoss even added that there would more features available for the users which are still in the development stage. Moreover, Winklevoss confirmed that the SegWit implementation was already tested on Litecoin, Zcash, Bitcoin Cash. As for Bitcoin’s SegWit implementation, Winklevoss confirmed that it will be by Q1 of 2019.

The AMA took a serious turn when a user asked about their views on the future of crypto ETFs and Security Token Offerings [STOs]. The user RealOzSultan asked:

“What’s your short term plan to gain approval on Crypto ETFs and longer term where do you see STOs?”

Bitcoin ETF is one of the most discussed and awaited product that is yet to be launched or even approved by the authorities. Bakkt, which was supposed to launch the ETF on January 24, 2019, has postponed the launch date to an unspecified time in the future.



Winklevoss appreciate the question and replied:

“We understand the Commission’s concerns and are working hard to address them (i.e., increased marketplace surveillance) w/ the following steps:
1. Marketplace Conduct Rules – we implemented this to foster a rules-based marketplace.
2. Marketplace Surveillance – we have partnered with Nasdaq to implement Nasdaq’s SMARTS Market Surveillance technology to monitor the Gemini marketplace.
3. Market Surveillance Team – we have built an in-house team to monitor out marketplace for manipulative and deceptive practices.
4.Virtual Commodities Association – we are helping stand up an industry-sponsored self-regulatory organization for virtual commodity exchanges.
We are committed as ever to making an ETF a reality!”

Winklevoss twins have pushed the ETF twice for approval by the U.S.’ Securities and Exchange Commission [SEC], once in July 2018 and the other in March 2017.



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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Ripple

76467|Ripple partner SBI Holdings announces foray into mining space; will compete with giants Nvidia and Bitmain

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Ripple partner SBI Holdings announces foray into mining space; will compete with giants Nvidia and Bitmain
Source: Pixabay

SBI Holdings, Inc. announced the establishment of its chip mining arm, the SBI Mining Chip Co., Ltd or SBIMC. With this development, the Tokyo-based firm will foray into the manufacturing of mining chips, a strategic move to enhance its existing digital asset business.

The official notice issued by the financial giant stated that the SBI Group practiced its digital asset mining business overseas, and now planned to diversify its potential business scope.

SBI group partnered with a US-based semiconductor firm to roll out the new manufacturing unit. The group, which is a strong advocate of a wide range of businesses based on blockchain elucidated,

“The SBI Group will promote efficient, reliable and sustainable mining operations to develop a sound and solid cryptocurrency market.”

SBIMC will be led by Adam Traidman, who was an investor in the company and also served at NASA previously. Among his many accomplishments, Traiman formerly served as the CEO in Chip Estimate and WearSens.



SBIMC will be leading chip manufacturer, Nvidia’s latest competitor. The Taiwan-based firm sustained losses during the crypto-winter, but it recovered after the recent acquisition of Mellanox, a semiconductor player. The Bitcoin mining giant, Nvidia, had predicted a bullish crypto market was confident of clearing its stockpiled mining equipment. The chipmaker was also reported as the worst performer in the S&P 500 list, at the end of 2018.

Another big rival in the mining ecosystem is Bitmain. The Beijing-based mining giant has also been operating poorly after registering a loss amounting to $500 million, owing to the massive crashes in cryptocurrency prices.

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Bitcoin

76216|Anthony Pompliano’s Morgan Creek Digital Capital makes strategic investment propagating mass crypto adoption

Akash Anand

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Bitcoin [BTC] proponent Anthony Pomplaino's Morgan Creek Digital Capital makes new strategic investment to propagate mass crypto adoption
Source:Pixabay

The cryptocurrency market was helped along in its pursuit of mass adoption, with many proponents of the space lending a helping hand. The latest news about the bigger players in the cryptoverse included the tie-up between Morgan Creek Digital Capital and Ikigai Asset Management.

The official release stated,

“Morgan Creek Digital announced today that it will be the lead anchor investor in Ikigai Asset Management’s flagship fund focused on executing systematic and fundamental liquid hedge fund strategies as well as opportunistic venture-stage crypto asset investments. Ikigai is a crypto asset management firm launched in December 2018 by former Point72 Portfolio Manager Travis Kling and partners Timothy Lewis, and Anthony Emtman.”

Morgan Creek Digital partner, Anthony Pompliano, is a voracious supporter of Bitcoin, and has held a bullish viewpoint about the world’s largest cryptocurrency. Post the partnership with Ikigai, Pompliano talked about the company’s  positive devleopments, and claimed that they were well-positioned to capture the outstanding returns brought by cryptocurrencies in the coming future.



Ikigai Chief Investment Officer Travis Kling said,

“DLT and crypto assets are fundamentally changing our world. We are honored to receive this investment from Morgan Creek Digital and look forward to working closely together with Mark, Jason, and Pomp in this exciting arena.”

Pompliano recently sat down with Galaxy Digital’s Mike Novogratz to discuss elements like liquidity, trust and custody that need to be given a boost. Novogratz stated that the cryptocurrency market was presently a booming place of business, especially with the entry of companies like JP Morgan, Telegram and Facebook. He further claimed that it was a big opportunity to invest, with Wall Street sentiments changing. The Galaxy Digital CEO added,

“Wall street earlier thought that you shouldn’t take risks on something small like cryptocurrencies. They are getting close though, not doing anything but are getting really ready. We are anyway working hard on the security token business and I promise you this, the upcoming tokens and ICOs will be a lot bigger but less sexy.”

 

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