In today’s bitcoin in Brief we’re talking about big money and big expectations. While the ratio between bulls and bears is constantly changing in the crypto market arena, experts working with venture capital investments and large crypto trades report positive trends and share optimistic sentiments. On that backdrop, “Why is our digital society still using a yellow metal to store value?” is a good question.
bitcoin to Reach $90k in Two Years, Potentially $700k
The future of bitcoin was one of the hot topics at this year’s Sohn Investment Conference. The leading cryptocurrency is the first viable candidate to replace according to John Pfeffer, hedge fund manager at Pfeffer Capital. bitcoin could rise to no less than $90,000 in the next couple of years, and potentially as high as $700,000, Pfeffer predicted during the annual event.
“We should think of crypto assets as a venture capital investment. They can go to 0, but there is a chance that they could be worth much more. In the case of bitcoin, it would be worth $90,000 if it became equal to private gold bullion holdings, about $1.6 trillion of total value compared to $150 billion or thereabouts today. It’s a bet, it’s a risk that I’ll be willing to take”, the investor told CNBC.
Using a Yellow Metal in a Spacefaring Society
“On the higher end – you could get to higher values, if bitcoin becomes a major reserve currency, i.e. if countries begin to take bitcoin in their reserves. In that case, it can reach several hundred thousand dollars,” John Pfeffer added. In order for that to happen, bitcoin will have to replace about 25% of foreign reserves. Currently they are at $12.7 trillion in total, 11% of which is gold, and about 60% of the rest is the US dollar. Other currencies, like the euro, the British pound, the Swiss franc, and the yen make up the rest.
“When I think about the displacement argument, I start with gold. It’s kind of silly – we are a spacefaring, digital society and we’re still using a yellow metal as our non-sovereign store of value. At some point we’re going to come up with a better technology for that and bitcoin is the first candidate. We’ll see if it works,” Pfeffer said. In his opinion, there are some advantages to having a non-fiat-based reserve currency for many countries that would see other countries as strategic rivals.
Circle Doubles Minimum bitcoin Trade Size
One of the largest liquidity providers of digital assets and cryptocurrency has reported a rising activity, despite the decline in crypto trading volumes across retail exchanges. Circle Trade, the trading operation of Goldman Sachs-backed , has increased its minimum ticket size on bitcoin trades.
Jeremy Allaire, Circle’s chief executive, told Business Insider that the size of block trades made by Circle Trade has grown significantly since the start of this year. He also said that the company has doubled the size of its minimum crypto trades from $250,000 to $500,000 USD.
“The minimum ticket size has moved up to $500,000 with an average of $1 million dollars,” Allaire said noting that some transactions are even larger than $100 million. “That watermark will continue to rise,” he predicted.
Circle, which has recently expanded its operations in Asia, according to Bloomberg, trades more than $2 billion in cryptocurrency a month. It also intends to bring its business to other new markets. Circle has acquired the crypto exchange and is also planning to add a number of coins and enable fiat-to-crypto transactions.
OTC Trading Helping Growth
Platforms like Circle provide high-net-worth crypto-holders and institutions with an opportunity to make large transactions. They are an alternative to crypto exchanges like and , boasting better liquidity to support such trades. OTC (over-the-counter) trading has helped the growth of many trading platforms without impacting the broader market.
The average trade size of another cryptocurrency trading shop, Genesis, has also increased – to about $300,000 dollars, Business Insider reported, quoting an unnamed source familiar with its operations. Genesis trades $1billion-2 billion USD a month. DRW’s Cumberland and Kraken are also operating similar trading desks.
CBOE Lowers bitcoin Futures Prices
Aiming to achieve a positive impact on the XBT futures market, the Chicago Board Options Exchange wants to lower the minimum increment on its futures contracts – from 10 points to 5 points, where 1 point is worth 1 US dollar. In a letter to the Commodity Futures Trading Commission (), the managing director of Future Exchange, Matthew McFarland, wrote about an amendment that would allow the change.
McFarland believes that this would be beneficial to the public and market participants in general. The amendment would affect only transactions involving one contract, and not spread trades which have a minimum increment of 0.01 points, or $0.01. The executive also said the decision to make the change, likely to come into effect in May, was supported by data collected since the launch of CBOE bitcoin futures contracts in December.
Do you think the expectations of serious investors are indicative of a positive future for bitcoin? Let us know in the comments section below.
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A decentralized marketplace for sensor data, , has just kicked off its main token sale, enabling backers from across the globe full access to their native DTX token. The platform allows owners of devices with different sensors to monetize their personal data, giving opportunities to different businesses and research organizations to acquire accurate and relevant data in an ethical and easy manner.
The event has started today and is open for the public to acquire its DTX tokens at discounted rates. As a decentralized marketplace, taps into the efficiency and low trading expenses of blockchain, allowing more profit to sellers and lower costs to buyers.
DTX Token Sale Details
The public event is running for a full month, ending on 26th May, 2018. The event gives buyers a chance to claim 4000 DTX tokens at the exchange rate of 1 ETH. Their generous referral system gives a 5% bonus on all tokens sold through references, and there is a 10% discount available to DTX purchasers today, April 26th. There is a KYC procedure to go through to participate in the sale to avoid any future regulation issues.
Backers wishing to buy the coins can . On the website there is a host of information such as the Ethereum e-wallet address where the DTX tokens will be transferred. Once the KYC procedure is complete and a confirmation email arrives, buyers can send their ETH to the listed address and claim their DTX tokens. has already signed up with digital exchange Chankura to list their tokens a week after the sale ends, allowing public trading.
How is DataBroker DAO Going to Change the Market?
Devices we take for granted today generate a lot of user specific data that we might not see much of a value in, but is gold for data researchers. The platform offers a unique place to:
Trade sensor data in an ethical manner.
Eliminate middlemen, reducing intermediary cost.
Conduct transparent, open transactions.
Exercise complete control of data by owners, letting them sell only what is desired.
Gain easy access to accurate and relevant data for organizations and researchers.
Take advantage of fast, secure and instant transfer of money.
Global Outreach
In order to let the public know what and how exactly is the platform going to be beneficial, the team is currently on a roadshow, connecting with public and notable blockchain figures through a host of summits and conferences. Future stops include:
May 2nd-3rd: Future Blockchain Summit, Dubai.
May 3rd: FPA Connects, Dubai.
May 2nd-5th: AND& Festival, Louvain, Belgium.
May 3rd-4th: Arch Blockchain Summit, Luxembourg,
May 3rd-4th: Blockchain in Health, London, UK.
May 12th-13th: World Satoshi Summit, New Delhi, India.
June 6th: IOT Smart Cities Convention Europe, Antwerp, Belgium.
June 11th-14th: MoneyConf, Dublin, Ireland.
July 9th-13th: Rise Conference, Hong Kong, China.
October 22nd-25th: SIBOS, Sydney, Australia.
gives a first of its kind trading place for data generated by ordinary people from their devices, such as mobiles and IoT gadgets, helping organizations ethically acquire data, and the public take back the power from their incumbent data.
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