Bitcoin Moonshot: 5 Reasons Why BTC Price is Going to $10,000

Bitcoin Moonshot: 5 Reasons Why BTC Price is Going to $10,000

                               

After more than 440 days of a worsening bear market, BTC seems to be in better shape this year, aiming for $10K.

Bitcoin (BTC) is getting closer to the $10,000 range, possibly just a few days away. After the extended bear market that roughly continued from January 2018 to March 2019, BTC faced a series of challenges but seems to be in much better shape now. The trading remains risky and unregulated, but prices have moved away from their stagnation. BTC seems set to test the $10,000 range for these chief reasons:

Tether (USDT) Record Supply:

USDT-based trading remains instrumental for ensuring BTC sees enough liquidity. In the past weeks, new printings increased the Omni layer supply of USDT to above 3.54 billion, with another 900 million on the Ethereum (ETH) network. This additional liquidity allows exchanges to boost trading, and for traders to react quickly.

Self-Fulfilling Prophecy:

With BTC a few hundred dollars to the $10,000 tier, the bidding may lead in that direction. Even if a retreat from that range happens, touching $10,000 would be quite encouraging to the market. BTC has been capable of adding hundreds of dollars within an hour, and the proximity of the $10,000 range may be encouraging. Adding bot-trading activity to the mix may move the prices even faster.

Peak Mining:

Bitcoin’s network marks record hashing power, and mining remains as competitive and important as ever. With miners voting confidence for the asset, prices may receive a boost from the news of a record hashrate. Interest in mining and network usage at rather robust levels mean BTC gains legitimacy, also due to the higher network security.

Altcoin Season Delayed:

Currently, the bigger gains may be found with BTC growth, while altcoins remain fickle and offer only sporadic gains, highly unpredictable. Only a handful of altcoins are receiving investments from BTC, while smaller coins and tokens trade on niche markets powered by stablecoins.

Exchanges Limiting US Traders:

With less US-based trading for altcoins and tokens, speculation is redirected to the leading coin. At the same time, Asian markets are reawakening, also boosting the volumes for BTC speculation. US-based trading also reveals growing institutional interest, and the indication that regulators are willing to allow some form of BTC investment provided limits to volatility and higher transparency. With Bakkt futures coming up in July for testing, BTC continues with a baseline of optimism.

Article Produced By
Christine Masters

https://cryptovest.com/news/bitcoin-moonshot-5-reasons-why-btc-price-is-going-to-10000/

Bitcoin Price Analysis: BTC Price Hovers Around $11,000, Recording A 15 Month High

Bitcoin Price Analysis: BTC Price Hovers Around $11,000, Recording A 15 Month High

Bitcoin took the longest jump by crossing $10,000. ,

and now the price is moving at a steady speed to reach $12,000. The first leap of the day helped the coin to touch $10,000. Bitcoin started walking towards $10,000 from 16th June. On the same day, the coin touched $9300 twice in a row. On 17th June 2019, BTC reached $9400, and since then the marketers were eyeing for $10,000. Well, the significant digit has finally broken and valiantly moving towards $11,500 is the next significant milestone before touching $12,000. Bitcoin was found trading at $10,000 in March 2018, and it took over a year for the currency to fight its way out.

Current Statistics of BTC Price:

  • The price of Bitcoin is $10,719.0.
  • The return on investment (ROI) stands at 7,834.58%.
  • The circulating supply of Bitcoin is around 17,772,962 BTC.
  • The market capitalization is noted as $190,801,306,708.
  • The 24hr volume of bitcoin is $24,953,073,535.

Price analysis chart of Bitcoin (BTC):

As per the BTC chart of Trading View on 22nd June 2019, at 07:43:15 UTC price analysis, the BTC to USD price is reflecting an enormous movement in price in the last 24 hours. As soon as the coin opened in yesterday’s market, it jumped from $9568.7 to $9826, marking a progression of 2.6%. The coin continuously moved upwards since then. The only drop that took place yesterday was at 13:25 UTC where the coin slipped from $9914.9 to $9718.8. The long lost wish of the investors came true during the end of the day when the price took off from $9967 to $10,236. Today, the coin opened at $10,227 and climbed to $10,953, marking a progression of 7.10%. It is expected that Bitcoin will cross $11,500 soon.

Bitcoin Price Prediction and Conclusion:

The current scenario of Bitcoin is similar to what happened in 2018. After crossing $10,000, the coin only spends half a month to cross $20,000. The counter seems farfetched, but it won’t be unachievable if BTC crosses $12,000 soon.

Article Produced By
David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

https://www.cryptonewsz.com/bitcoin-price-analysis-btc-price-hovers-around-11000-recording-a-15-month-high/27420/

4 Interesting Notes Regarding Milestone Token Offerings

4 Interesting Notes Regarding Milestone Token Offerings

Token offerings come in many different shapes, forms, and sizes.

That is only par for the course, as the cryptocurrency industry continues to grow and evolve at all times. Milestone Token offerings are seemingly the new hot trend, although they are not as common as one might think. Another interesting business model, albeit one with a bit more merit compared to other types of token offerings.

The Milestone Token Offering Idea

Whereas most token offerings are based on selling a large number of tokens in advance prior to launching a project, the MTO takes a different approach. It is somewhat refreshing to see teams explore options which do not require investors to invest in hopium and hype, but rather look at a project and see what has been realized to date. Whether or not this will attract as much attention as Initial, Security, or Exchange Token offerings, is a very different matter altogether.

As the name somewhat suggests, the Milestone Token offering is very different. Teams will only offer tokens for sale once their development reaches a new milestone on the roadmap. As such, the initial development is very little upfront funding,  and it pushes the developers to effectively keep working on the project moving forward. It seems to be a more goal-driven token offering rather than a money-driven effort, but it remains to be seen if that will yield more successful blockchain projects in the years to come.

What about Regulation?

By the look of things, milestone token offerings will need to adhere to securities laws in the United States and beyond. It will fall into a few possible categories when it comes to securities, but it is advised any project exploring this option to get in touch with the proper authorities. After all, it is also possible to issue utility tokens through this model, but it seems more likely security-esque offerings will become the norm where this business model are concerned.

One also has to wonder who will be able to participate as an investor. Given how this business model seems to lean toward being regulatory compliant, it is not impossible to expect going through a thorough user verification process. After all, the goal of an MTO is to build a bigger community and attract additional funding based on the past and future developments. As such, accredited investors seem to be a very plausible target, especially for projects which are very serious about being regulatory compliant.

Multi-phase Funding is Possible

It would appear there are some interesting options for companies exploring a milestone token offering. One can organize multiple of these token sales to attract a few dozen new investors along the way. As such, they can split every token sale into different batches if they see fit to ensure as many people can get in on the action as possible. One project currently exploring this option is Storecoin, as they will offer multiple phased pricing rounds. A peculiar option to explore, albeit one that may have some merit.

Is it a Viable Business Model?

That is perhaps the most difficult question waiting to be answered. While milestone token offerings are not exactly the big hype as of yet, it would appear there may be a growing interest in this business model moving forward. Especially for legitimate companies, this is a good alternative to ICOs, STOs, and ETOs. Gaining traction with this token sale model may be very difficult at first, as these new models tend to get scrutinized quite a bit. That is to be expected, as token sales do not enjoy the best reputation in the cryptocurrency industry.

Article Produced By
JP Buntinx

https://themerkle.com/4-interesting-notes-regarding-milestone-token-offerings/

Blockchain Based Crowdfunding Bridges Gap Between Global Investors and Business

Blockchain Based Crowdfunding Bridges Gap Between Global Investors and Business

                                

The way in which global business owners and shareholders engage continues

to adapt to changing market forces, technologies and fiscal appetites, however, the need for strong, stable and transparent investment processes remains key to the success of any project. With counterparties often frustrated by a lack of transparency and accessibility, the need for a platform that bridges the gap between investor and investee is increasingly important.

Introducing the iOWN Platform – the Blockchain Powered Investment Platform

Whilst it is true that many investors favor a diversified risk portfolio with a range of industry assets, finding strong partners remains a problem – the solution for many lies in community crowdfunding. Developed in the UAE, iOWN is a blockchain based crowdfunding investment platform that has been specifically designed to bridge the gap between financier and businesses seeking funding. Whether you are an experienced funder or complete beginner, the iOWN global network means that there are accessible opportunities for all with measured risk. Registered users are able to use the iOWN Token to access the platform, where they will be able to invest into a range of industry sectors including Real Estate, IT, Industrials, Pharma & Healthcare and Energy to name a few.

Overcoming the Challenges of Traditional Investment Risk

iOWN addresses many of the issues currently faced by investors with existing on-the-market financial platforms by creating a secure, transparent and simple to use financial ecosystem that minimises risk through community funding. Prospective backers are able to select opportunities based on their own preferences including; location, domain and expected ROI with the advantage of having direct access to vetted business opportunities.

iOWN Provides Market Changing Solution for Business Owners & Investors

Both business owners and investors of today will know just how hard it is to find trusted partners and viable projects – iOWN offers just such accessibility and with qualified portfolios, business owners can minimise the risk of time-loss and fundraising fees whilst retaining control of the sale.

The iOWN Token – the Investment Ecosystem

With the iOWN IEO being launched on June 25th, 2019 users will be able to access and invest into the platform with some 60,000,000 tokens being sold on LATOKEN – with low fees and instant transactions, the token is also fully compliant to all international standards. With a bonus structure of up to 20% and valued at $0.01- tokens are offered for purchase with ETH, BTC, and ERC-20. As an added benefit, iOWN token holders will also be able to use tokens after the IEO to pay for services within the platform. Smart-Contracts and a cutting edge blockchain powered platform make the iOWN system a one-off – a unique investment platform that offers stability, accessibility and minimises risk.

Article Produced By
Rene Peters

Rene is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

https://captainaltcoin.com/blockchain-based-crowdfunding-bridges-gap-between-global-investors-and-business/

IBM Blockchain team reportedly spared worst of firm’s layoffs as it redoubles DLT efforts

IBM Blockchain team reportedly spared worst of firm’s layoffs as it redoubles DLT efforts

                             

Quick Take

  • Despite IBM dismissing nearly 2,000 employees earlier this month, sources say the firm’s blockchain division escaped any dramatic cuts
  • Those who were affected were reportedly confined to the consulting side of the blockchain business
  • Separately, the blockchain project last month saw the departure of one of its leads, Jesse Lund

For all the criticism IBM’s Blockchain project has faced over the years, its ability to grow – and maintain – its team may be one area where it excels. Although IBM laid off 1,700 employees earlier this month, only a “very tiny, tiny percentage” of them came from the blockchain operation, sources close to the team told The Block. “The product team had no layoffs, there was nothing out of development. It was very limited on the blockchain side,” one source who has direct contact with the Blockchain division said. 

While IBM declined to give specific details about the degree to which the layoffs had impacted its blockchain operation, Jerry Cuomo, VP of IBM Blockchain Technology, told The Block: “Blockchain skills are the priority…And we’re full-steam ahead of blockchain.” He added: “We plan to grow for a very long time.” Indeed, a quick search of online job-postings reveals blockchain jobs a-plenty at IBM across the world – from Australia to India. This corroborates with the firm saying it wanted to focus its hiring efforts in new businesses like “analytics, security and blockchain,” and that the layoffs elsewhere were part of a “realignment plan.“

That does not mean the blockchain division escaped any culling, however. Another source reported a handful of layoffs on the services (or consulting) side of the blockchain business, but confirmed the engineering side had been kept intact. The consulting arm is one of the blockchain team’s three pillars and reportedly its main “cash-cow.” It is, however, unrelated to the raw technological side of the business, which encompasses the IBM Blockchain Platform and the IBM Solutions products, which cover the Food Trust Network and the Stellar partnership.  

IBM’s $34 billion acquisition of software developer Red Hat is also set to close. Sources suggested this may lead to more changes in the blockchain team in the near future, as Red Hat’s 13,000-strong team joins IBM’s Hybrid Cloud unit. Red Hat developers are set to work alongside and to utilise IBM’s blockchain team.

Article Produced By
Isabel Woodford

Isabel is The Block’s London and European reporter. She previously reported for Reuters in Madrid and London, following on from her time as a freelance journalist for the Guardian and the New York Times. She has a Bachelors in War Studies from King’s College London and a Master of Philosophy from the University of Oxford. Conflict of Interest: Edward Woodford, the CEO of SeedCX, is Isabel’s brother. She does not report on any issues related to Seed or advise other authors in any regard.

https://www.theblockcrypto.com/2019/06/20/ibm-blockchain-team-reportedly-spared-worst-of-firms-layoffs-as-it-redoubles-dlt-efforts/

Bitcoin Price Approaches $10,000 as Total Market Cap Exceeds $300 Billion

Bitcoin Price Approaches $10,000 as Total Market Cap Exceeds $300 Billion

                                

Bitcoin price sets a new 2019 all-time high reaching $9,800.

Also, the majority of the top 100 altcoins are in the green zone as the total market cap exceeds $300 billion.The last time when Bitcoin was at $9,820 we were in a bear market. However, the last time before April 2018, was November 2016, and we were in a constantly rising bull market. When looking at 2017 levels, after $9,800, Bitcoin price reached $20,000 in less than a month. Can we expect a similar increase sometime soon?

Today Bitcoin price surges up with +6%. The overall cryptocurrency market is seeing only green with the total market cap going pass $300 billion. Back at the end of 2017, the start of 2018, the overall market cap had reached its peak when it almost touched $800 billion but failed to hold that level as it heavily dropped to $425 billion in less than a month. The cryptocurrency markets seem to be recovered as it looks like the bottom was reached on December 2018, when the price of Bitcoin was at its 2019 lowest – $3,200. Some speculate that this is in the shadow of the upcoming Bitcoin Halvening in 2020 when the daily Bitcoin supply will be cut in half. Usually, after every halvening, Bitcoin price has seen a significant increase.

Other Alts Follow Bitcoin

Since it is known that altcoins usually follow the price fluctuations of Bitcoin, this time is no exception. As Bitcoin rises +6% today, the majority of altcoins also sets new 2019 all-time highs. For example, Ethereum is the top gaining altcoin, going up almost +8% today. Ethereum also sets a new 2019 high, reaching $290. Additionally, Binance Coin still is sitting on an ever-growing price rise, reaching all-time highs of $37.80. This could be the impact of the recent BNB Elrond (ERD) token sale lottery where users have to accumulate an average BNB amount for 9 days in order to qualify for a lottery ticket in the Elrond token sale.

Moreover, Bitcoin Cash is also one of the top gainers out of the top 10 most popular cryptocurrencies, surging +7% today. Also, XRP finally rises almost +4%, even though it declined after the big news of a partnership with MoneyGram. However, on the biggest gainer and loser side of CoinMarketCap, we see many “dead” altcoins pumping as much as +400% and even more.

Gold Reaches Its Highest Levels Since 2013

While today we celebrate the rise of cryptocurrencies, the traditional commodity king – Gold, also touched new 5 year highs, reaching $1388. This happened after Wednesday’s FOMC meeting, where the US central bank

left interest rates unchanged.

“US Treasuries rallied on the heels of the Fed news, sending yields lower. Bond yields typically fall when investors expect a rate cut. On Thursday, yields on the 10-year US Treasury bond fell below 2% for the first time since late 2016,” writes FXStreet.

Some even say that this is tied to the geopolitical tensions in the Middle East. In an Iranian shooting, a U.S. drone got shot down on Thursday. This action boosted oil prices and supported safe-haven assets.

Article Produced By
Janis Rijnieks

https://www.coinspeaker.com/bitcoin-price-10k-market-cap-300b/

 

Binance Coin Price Analysis: BNB Records New ATH Following Binance’s Latest IEO Announcement

Binance Coin Price Analysis: BNB Records New ATH Following Binance’s Latest IEO Announcement    

    

Binance Coin continued its bull run today,

rising by 2.71% to reach a fresh all-time high (ATH) value of $36.91. In the past three months, BNB is up by more than 147%, and the cryptocurrency is up around 500% on the year. Its most recent rally followed the announcement of the latest initial exchange offering (IEO) to be held on Binance Launchpad. The project is called Elrond and the event will take place on July 1. Meanwhile, BNB remains the seventh-largest cryptocurrency by market capitalization, sitting on a market cap of around $5.1 billion.

Looking at the BNB/USD 1-day chart:

  • Since our previous BNB analysis, BNB/USD has continued to climb above the $34 level. The cryptocurrency surged past the $36.22 resistance level to reach an ATH at $36.42. The coin’s price is now back on its way to the $36.22 resistance level.
  • From above: The nearest level of resistance lies at $37. Above $37, further resistance is found at $38 and $38.53 (where the medium-term 1.618 Fib Extension lies). The next level of strong resistance above $39 is at $40. If the bulls push the price above $40, more resistance is at $42 and $42.66.
  • From below: The nearest level of support lies at $36.22. Beneath this, additional support is found at $35, $34.20, $32.41, $31.20, and $30. If the selling continues beneath $30, further support can be expected at $28, $26.60, and $25.18.
  • The trading volume has remained very high during May and June.
  • The RSI recently bounced from the 50 level, indicating that the bulls remain in control of the market momentum. The RSI has more room to go higher before becoming overbought, which suggests that the bull run can continue.

Looking at the BNB/BTC 1-day chart:

  • Against Bitcoin, BNB has also continued to climb above the 100-day EMA at around 0.003680 BTC. Binance Coin recently reached the 0.004 BTC level where it met resistance.
  • From above: The nearest level of resistance lies at 0.004 BTC. Above this, further resistance is found at 0.0042 BTC, 0.0044 BTC, 0.004615 BTC, and 0.0048 BTC. If the bulls continue north, additional resistance lies at 0.004920 BTC, 0.0050 BTC, and 0.0052 BTC.
  • From below: The nearest level of support now lies at 0.003785 BTC. Beneath this, support is found at 0.003680 BTC, 0.003555 BTC, and 0.003420 BTC. If the selling continues, more support stands at 0.0031880 BTC, 0.0031 BTC, and 0.0030 BTC.
  • The Stochastic RSI recently produced a bullish crossover signal in the oversold territory, indicating that the previous round of selling has run its course. Furthermore, the RSI itself is currently battling the 50 level as the bulls attempt to take control of the market momentum.

Article Produced By
Yaz Sheikh

Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potentials of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

https://cryptopotato.com/binance-coin-price-analysis-bnb-records-new-ath-following-binance-next-ieo-announcement/

Ripple Partners MoneyGram to Enhance Cross-border Payments with XRP

Ripple Partners MoneyGram to Enhance Cross-border Payments with XRP

                                 

 

Ripple has secured another major partnership with international money transfer company MoneyGram.

This will allow the company to use Ripple’s native token XRP to provide liquidity for international payments to MoneyGram customers. This is in a bid to enhance the speed and efficiency of the payment system that MoneyGram operates. In an interview with Fortune on the partnership, Ripple CEO Brad Garlinghouse said: “This will eliminate the need to deploy foreign bank accounts. That’s why MoneyGram has negative working capital. It will help customers and also smooth out their treasury operations.”  The partnership also gives Ripple an 8% to 10% stake in MoneyGram by paying $4.10 per share. This, however, does not give Ripple a voice in the dealings of MoneyGram for now as part of the agreement.

MoneyGram, on the other hand, will have the opportunity of reviving its financial standing from Ripple’s investment which it direly needs after its share price crashed significantly.  It will also increase the efficiency of the payment platform, the management said. “We are very pleased with the terms of the Ripple investment which supports the Company with permanent capital and additional liquidity,” Larry Angelilli, chief financial officer of MoneyGram, said in a statement. “This partnership also provides MoneyGram with the opportunity to improve operating efficiencies and increase earnings and free cash flow,” Larry Angelilli, the chief financial officer of MoneyGram said.

Ripple is the leader in remittance services as far as the blockchain industry is concerned. Its xRapid is second to none in terms of transaction efficiency and speed. With the new partnership, XRP which will be used for liquidity will be exposed to MoneyGram’s customers in over 200 countries globally. MoneyGram is the second largest provider of money transfer services in the world and while partnering with Ripple will ensure better service delivery to its customers, it is also a huge breakthrough for Ripple which has been looking to expand its reach further into the world. With hundreds of clients using Ripple’s payment platform, the company has grown significantly thus improving the international remittance settlement market by improving customer experience in conventional financial institutions.

Article Produced By
Ponvang Bulus

Ponvang is a cryptocurrency enthusiast, investor and writer. He's particularly interested in trending issues in the crypto space both technical and financial and lovOKes to write about same.

https://zycrypto.com/ripple-partners-moneygram-to-enhance-cross-border-payments-with-xrp/

Unstoppable Domains Set to Auction 60 Blockchain-based Domains

Unstoppable Domains Set to Auction 60 Blockchain-based Domains
                                 

Unstoppable Domains, a software firm that builds blockchain-based domains

which host uncensorable websites, has released a list of 60 .zil domains it plans to auction off on June 27, 2019, according to a press release on June 17, 2019.

The 60 Most Watched Domains

As stated in its press release, the San Francisco-based startup Unstoppable Domains has released a list of the “most wanted” domains it plans to auction off to the highest bidders on June 27, 2019. According to the firm, the 60 most watched .zil domains are: bitcoin, crypto, porn, blockchain, money, insurance, gold, cars, hotels, satoshi, bra, zil, usa, bank, wallet, beer, ethereum, carinsurance, lasvegas, pay, trump, weed, travel, toys, pizza, cannabis, xxx, litecoin, privatejet, music, xrp, fb, z, shop, 366, coffee, coin, cash, vacationrentals, porno, hotel, payme, booking, diamond, insure, game, exchange, 1, ripple, donaldtrump, abc, cardano, auction, shoes, ai, car, we, domain, elonmusk and israel. The firm claims the top bitcoin.zil domain has already attracted 505 potential buyers. Commenting on the matter, Matthew Gould, CEO of Unstoppable Domains, expressed his excitement over the growing enthusiasm people have shown towards its product so far.

He said:

“These domains provide two very essential benefits to users: they enable people to send cryptoto a single human readable name, and they offer a platform to create uncensorable websites. The concepts of free speech and growing the cryptosphere are really resonating with our customer base.”

Specifically, the team has made it clear that the auction will be divided into two broad phases. During phase one, the above listed 60 watchlisted domains will be auctioned for a “buy now” price of $10,000 each. Interested buyers can pay for the domains with either bitcoin (BTC), ether (ETH), litecoin (LTC) and bitcoin cash (BCH).

In phase two, zilliqa (ZIL) will be the only accepted mode of payment and bidding will start between $10 and $1,000 depending on the price of the particular domain in the pre-order phase. Participants cannot bid above $10,000. Each new bid must be at least five percent higher than the previous bid, and if a person is outbid, they will get their funds back immediately. The team says the auction event is open to participants from across the globe and anyone can watch the auctions live. In related news, in September 2018, BTCManager informed that the Ethereum Name Service (ENS) announced that users would be able to claim their unique .xyz domain names on the ENS platform. 

Article Produced By
Ogwu Osaemezu Emmanuel

https://btcmanager.com/unstoppable-domains-set-auction-60-blockchain-domains/?q=/unstoppable-domains-set-auction-60-blockchain-domains/&

Tom Lee Has a New Price Target for Bitcoin – USD 40,000

Tom Lee Has a New Price Target for Bitcoin – USD 40,000

                                

Bitcoin is just at the beginning of its bull run, and it will easily surpass its all-time-high,

said Fundstrat Global Advisors’ research chief Tom Lee. According to him, what could power the strong rise in Bitcoin’s price is FOMO (fear of missing out). On Monday, in the note to clients Lee wrote that Bitcoin can reach as high as USD 40,000, Bloomberg reported, noting that it might happen "within a few months". However, Lee later tweeted that Fundstrat is "not predicting USD 40k by Dec.", without elaborating. In either case, according to the note, the trigger for FOMO would be a breach of the USD 10,000 level, supported by better market transparency and integrity.

In January 2019, he said that USD 25,000 per Bitcoin forecast is a good value for the cryptocurrency. Now, Bitcoin is trading above the USD 9,000 level for the fourth day in a row. It has been at this level only 4% of its history, Lee stressed in an interview with CNBC. “We’re deep into a bull market, and people are pretty silent about it”, the bitcoin bull said. Facebook has just announced its Libra coin yesterday, but it’s not slowing down Bitcoin, which saw a rise of 146% this year alone. In regards to how it’ll progress from now on, as a guest on CNBC’s “Futures Now” on Tuesday, Lee said that Bitcoin will ultimately become a reserve currency in crypto. Furthermore, “I think bitcoin is easily going to take out its all-time highs” of USD 20,000 from December 2017.

Facebook’s announcement is “a complete validation that mainstream is now focused on cryptocurrencies”, Lee says, and it destroys the argument of believing in blockchain, but not in cryptocurrencies. Still, the main thrust of it revolves around the idea of decentralized finance, he said. “I think it is more targeted at stablecoin and creating a new kind of banking system, and it’s very complementary to bitcoin.” And while current developments are bullish for Bitcoin and bad for stablecoin and anyone who’s been trying to do decentralized finance, as Lee explains, the stablecoins will likely not drop in value. Those that grow are those that are widely used, “that’s why Tether’s done so well, and I think Libra’s ultimately going to be one of the dominant stablecoins”, though convertibility will be an issue, says Lee.

CNBC added that Lee wrote in his latest note to clients that he felt there was a lack of conviction in regards to bitcoin’s recent rally, based on his last week’s attendance at the CryptoCompare Digital Asset Summit in London. He wrote that many in the crypto sphere were hesitant to agree that the crypto winter was indeed over, saying that they are worried about persistent volatility in altcoins, fundraising issues in the digital currency market, general bearishness, and remaining concerns from crypto’s 2018 drop.

Meanwhile, Jehan Chu, co-founder and managing partner at Kenetic Capital, a blockchain investment and advisory firm, recently estimated that bitcoin will reach USD 30,000 by the end of the year. “We could go as low as the 6,000 level,” he said in an interview with Cryptonews.com, but finds that various developments, increasing number of institutions coming into the crypto space, and the announcements by major companies might potentially cause a massive rally.

Article Produced By
Sead Fadilpaši?

Sead is a staff journalist at Cryptonews.com who covers cryptocurrency and blockchain news daily, writes analysis pieces, tests blockchain and cryptocurrency products. He's based in Sarajevo, Bosnia and Herzegovina. Prior to joining Cryptonews.com he was a freelance, also was a journalist for Al Jazeera web. He spends his free time in music studios, recording songs for movies and cinema. Loves to break gadgets so he could fix them, enjoys exploring new music and loves tasty and equally unhealthy food.

https://cryptonews.com/news/tom-lee-has-a-new-price-target-for-bitcoin-usd-40-000-4069.htm