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Bitcoin’s [BTC] trillion dollar evaluation would propel other cryptos to achieve Store of Value [SoV] status, claims Pascal Thellmann

Biraajmaan Tamuly



The cryptocurrency market underwent a minor bull run recently which collectively improved some of the major coins’ valuation. Bitcoin [BTC] was one of them, and the crypto community has been very optimistic about the coin’s forthcoming period in the industry.
Source: Pixabay

The cryptocurrency market underwent a minor bull run recently which collectively improved some of the major coins’ valuation. Bitcoin [BTC] was one of them, and the cryptosphere has been very optimistic about the coin’s future in the industry. In fact, one of the analysts even went on to say that Bitcoin could breach the market cap of one trillion dollars in the next major bull run.

Pascal Thellmann, the CMO of BountyOx and cryptocurrency speculator, believes that if Bitcoin [BTC] reached a multi-trillion dollar evaluation for a store of value [SoV], it would automatically lead to an improved valuation of at least two or three other cryptocurrencies, propelling them to the SoV status.

Pascal based his predictions on an event where investors would start hedging their risk with other altcoins.

A hedge is basically an investment which reduces the risk of adverse price movements in an asset. Pascal explained that for a coin to be a formidable hedge against the popular Bitcoin [BTC], it would need to outperform the largest cryptocurrency in at least one characteristic and also have one technological advantage.

He listed out the characteristics that a potential SoV crypto needs to keep in mind, including the cost of network, code quality, decentralization, and monetary policy.

Pascal also mentioned that the SoV candidates need to have at least one different outlook in terms of Consensus algorithm, governance, game theory assumptions or DLT type.

Additionally, Pascal said that a significant Bitcoin hedge was yet to surface, but identified Decred [DCR] crypto as a likely future store of value among virtual currencies. He solidified his argument for Decred by mentioning that it had a better of Cost of attack [20x more expensive to attach DCR than BTC], praising its Consensus protocol, which was a hybrid of the PoW and PoS algorithm.

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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.

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HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
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HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

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