“Bitcoin” has gained popularity in the past few years, its logo symbolizes the coin and is acceptable all over the globe. According to CCN reports, the BTC coin actually uses the trademark of a UK based company.
Bitcoin is assumed to be public domain, hence no action had been taken. When a small enterprise was selling Bitcoin-themed shirts on Esty, the UK based company to whom the Bitcoin trademark actually belongs to has filed a lawsuit against it for trademark infringement.
The small business who traded Bitcoin shirts received a letter from the UK based company who claims to have the trademark of Bitcoin filed under their name in the UK. While not many know this, anyone in the UK who puts the word “Bitcoin” on any type of clothing or even a drink can be sued by the owner of the trademark of Bitcoin.
Through research, it has been found that a company called A.B.C. IPHoldings South West LLC successfully obtained the trademark for “Bitcoin” in 2017. It is registered under their name and using their trademark without their permission can lead to trademark infringement lawsuit.
A.B.C. IPHoldings South West LLC has also applied for one other trademark, “Westworld,” due to its association with the HBO show “Westworld” of the same name. The application for this trademark has been published but has not been examined by the IP office.
The company was able to achieve the entitlement of the trademark and still stays unclear and mysterious as many companies have previously filed ownership of the trademark and have failed in different countries.
It is uncanny how the company managed to successfully trademark the term “Bitcoin”, despite the recognition BTC has gained over the past few years.
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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021
The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.
According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.
Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,
“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”
Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,
“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”
Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,
“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”
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