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The cumbersome process of bulding laws for Bitcoin

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The cumbersome process of bulding laws for Bitcoin

The cumbersome process of bulding laws for Bitcoin

Crypto is in a precarious legal state, with slow-moving regulation struggling to keep up with technological innovations.

In a press release with News.Bitcoin, two lawyers working on a crypto money laundering case highlight how murky the legal framework for crypto really is. The lawyers in question, Matt Kohen and Justin Wales, are involved in a case in which a man named Michell Espinoza sold Bitcoin to undercover officers. The man was charged with money laundering, which eventually was dropped by a judge who decreed Bitcoin as a legally distinct from ‘money.’ This decision itself has since been overturned by a separate judge. Furthermore, in a separate jurisdiction involving a seperate money laundering case, Bitcoin was declared ‘unambiguously money’ by US District Court for the Eastern District of Michigan.

Kohen and Wales describe the legal framework which Bitcoin and other cryptocurrencies exist in as ‘patchwork.’ Furthermore, the legal or criminal implications of crypto are separate from its place in securities law, and how it is overseen by the CFTC and SEC.

In a recently published speech by Hester Pierce, the so-called ‘crypto mom,’ the SEC commissioner attempted to make more clear the opaque process by which the SEC is to decide whether Bitcoin is a security, and the exact specifications involved with regulating a BTC ETF. Pierce paints her (and the rest of the SEC’s role) as a gatekeeper to innovation.

The SEC, as well as the criminal and civil courts, are attempting to decide not only exactly what crypto is, but what limitations and barriers their should be on its use. In the meantime, blockchain and crypto are not going to slow down, and the necessarily bulky legal system is likely just beginning to turn its gaze towards the asset class. The process of Bitcoin and other crypto becoming truly legally recognized entities may not have even started yet in earnest, and 2019 will be an interesting year for crypto in court.

 

12 FEB, 2019 BY ARTHUR SILLERS

Alan Zibluk Markethive Founding Member

Markethive

Bitcoin BTC Price Analysis – Finally Some Signs of Life

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Bitcoin (BTC) Price Analysis – Finally, Some Signs of Life!

 

Bitcoin enjoyed a sharp pop higher, enough to lead to a break above the descending trend line on its 4-hour chart. Price made a strong rally but is encountering resistance at the top of the falling channel seen on the same time frame.

The 100 SMA is still below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the downtrend is more likely to resume than to reverse. Then again, price is trading above both moving averages to signal that bullish momentum is picking up. The gap between the moving averages is narrowing also, so a bullish crossover might follow.

If so, price could break past the channel top around the $3,700 mark and carry on with its climb. The current consolidation appears as a flag pattern, which is often seen as a continuation signal.

However, RSI is turning lower from the overbought zone to indicate that buyers are tired and letting sellers take over. This could lead to a pullback to the broken short-term trend line resistance or all the way down to the bottom of the channel at $3,300. Stochastic is also turning lower so price might follow suit as sellers take the upper hand.

Bitcoin’s strong rally is seen to have been spurred by a combination of low volumes and a few positive updates. This has prompted several analysts to renew their bullish forecasts and some even to switch from a bearish to a slightly more upbeat view.

Tom Lee of Fundstrat cites that technical analysts that were bearish in early-2019 are becoming “incrementally bullish” on BTC. This follows a claim by another analyst who said that he wouldn’t be surprised if Bitcoin surged to $5,000 in the next ten days. Mitoshi Kaku, a popular cryptocurrency trader on Twitter, posted:

“I wouldn’t be surprise at ALL, if the price goes straight to $5K in the next 10 days. The conditions are present TA-wise. Obviously that sort of move would need a strong catalyzer, but anything is possible when it comes to price action.”

 

Rachel Lee by Rachel Lee February 11, 2019

Bitcoin (BTC) Price Analysis - Finally, Some Signs of Life!

Alan Zibluk Markethive Founding Member

Markethive

Report: Philippines-Based Banking Giant Launching Two-Way Crypto ATMs

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Report: Philippines-Based Banking Giant Launching Two-Way Crypto ATMs

Report: Philippines-Based Banking Giant Launching Two-Way Crypto ATMs

When you think of nations with a notable Bitcoin ecosystem, many crypto investors would immediately think of the U.S., Malta, Singapore, Japan, and South Korea. Yet, many draw little attention to the Philippines, a nation that is seemingly filled to the brim with cryptocurrency users.

A large financial institution based in the Philippines made a notable pro-crypto move last week — one that could potentially spark widespread adoption within the Asian nation.

Meet Union Bank’s Crypto ATMs

According to reports from Filipino media, Union Bank of the Philippines, a banking giant that is the seventh largest in the country, is launching crypto asset automated teller machines (ATM). The Philippine Star, who broke the news on the matter, cited a Union Bank press statement.

Per the statement, the company launched its first two-way cryptocurrency ATM earlier this week, allowing customers to purchase and sell assets like Bitcoin for pesos. Union Bank has purportedly collaborated with the Bangko Sentral ng Pilipinas (BSP), the nation’s central bank, to ensure that this newfangled offering is compliant. The Manila-headquartered institution, which has over 300 branches smattered across metropolises and the countryside, remarked:

“In the bank’s continued quest to cater to the evolving needs and tastes of customers, including clients who use virtual currency, the ATM will provide these clients an alternative channel to convert their pesos to virtual currency and vice versa.”

In a comment on Twitter, NewsBTC’s Joseph Young remarked that Union Bank’s proactivity in the crypto space is not only good for regulation, but for awareness and adoption too.

No reports indicate that Union Bank has plans to inaugurate more than a few Bitcoin-friendly ATMs at the moment. Regardless, this move only underscores the growing industry theme of ATMs that cast aside the shackles of the traditional financial system, which include fiat and payments processors like Visa and Mastercard.

Per previous reports from NewsBTC, Bitcoin Depot, a subsidiary of Lux Vending, is looking to prop up 30 ATMs in Chicago that support Bitcoin, Ethereum, and other digital assets in the coming months. While these efforts are centered around Chicago, a little-known crypto hotspot that hosts ErisX, hype regarding brick and mortar crypto purchases is a global trend, as there are now over 4,323 of these machines worldwide. And according to data from CoinATMRadar, this number is swelling by 5.6 each and every day.

Fiat To Crypto On-Ramps To Boost Bitcoin Over 2019

This venture in the Philippines comes as Fundstrat’s research team, which includes Rob Sluymer and Tom Lee, claimed that the rise in the fiat-to-crypto on-ramp sector will be a positive catalyst for Bitcoin in the coming year. According to a sneak peek of a Fundstrat report, the New York investment advisory outfit noted that influx of consumer interest in Bitcoin may be catalyzed by Binance’s recent addition of credit card crypto purchasing capabilities, along with other fiat-supported infrastructure from other upstarts.

 

NICK CHONG | FEBRUARY 10, 2019 | 6:03 AM

Alan Zibluk Markethive Founding Member

Markethive

What happens the moment after you die?

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Every day thousands of people will take their final breath and slip into eternity, either into heaven or into hell. Although we may never know their names, the reality of death happens every day.

What happens the moment after you die?

The moment after you die, your soul temporarily departs from your body to await the Resurrection.

https://youtu.be/YqHAio_Wf4E
Those who place their faith in Christ will be carried by the angels into the presence of the Lord. They are now comforted. Absent from the body and present with the Lord.

Meanwhile, unbelievers await in Hades for the final Judgment.

“And in hell he lift up his eyes, being in torments… And he cried and said, Father Abraham, have mercy on me, and send Lazarus, that he may dip the tip of his finger in water, and cool my tongue; for I am tormented in this flame.” ~ Luke 16:23a-24

“Then shall the dust return to the earth as it was: and the spirit shall return unto God who gave it.” ~ Ecclesiastes 12:7

Although, we grieve over the loss of our loved ones, we sorrow, but not as those who have no hope. “For if we believe that Jesus died and rose again, even so them also which sleep in Jesus will God bring with him. Then we which are alive and remain shall be caught up together with them in the clouds, to meet the Lord in the air: so shall we ever be with the Lord. Wherefore comfort one another with these words.” ~ 1 Thessalonians 4:14, 17-18

While the unbeliever’s body remains resting, who can fathom the torments he is experiencing?! His spirit screams! “Hell from beneath is moved for thee to meet thee at thy coming…” ~ Isaiah 14:9a

Unprepared is he to meet God!

 

Although he cries in his torment, his prayer offers no comfort whatsoever, for a great gulf is fixed where no one can pass to the other side. Alone he is left in his misery. Alone in his memories. The flame of hope forever extinguished of seeing his loved ones again.

On the contrary, precious in the sight of the Lord is the death of His saints. Escorted by the angels into the presence of the Lord, they are now comforted. Their trials and suffering are past. Although their presence will be deeply missed, they have hope of seeing their loved ones again.

***

Dear Soul,

Do you have the assurance that if you were to die today, you’ll be in the presence of the Lord in heaven? Death for a believer is but a doorway that opens into eternal life. Those who fall asleep in Jesus will be reunited with their loved ones in heaven.

Those you’ve laid in the grave in tears, you shall meet them again with joy! Oh, to see their smile and feel their touch… never to part again!

Yet, if you don’t believe in the Lord, you’re going to hell. There is no pleasant way to say it.

The Scripture says, “For all have sinned, and come short of the glory of God.” ~ Romans 3:23

Soul, that includes you and me.

Only when we realize the awfulness of our sin against God and feel its deep sorrow in our hearts can we turn from the sin we once loved and accept the Lord Jesus as our Savior. “That if thou shalt confess with thy mouth the Lord Jesus and shalt believe in thine heart that God hath raised him from the dead, thou shalt be saved.” ~ Romans 10:9

Don’t fall asleep without Jesus until you are assured of a place in heaven.

Tonight, if you would like to receive the gift of eternal life, first you must believe in the Lord. You have to ask for your sins to be forgiven and put your trust in the Lord. To be a believer in the Lord, ask for eternal life. There’s only one way to heaven, and that’s through the Lord Jesus. That’s God’s wonderful plan of salvation.

You can begin a personal relationship with Him by praying from your heart a prayer such as the following:

“Oh God, I’m a sinner. I’ve been a sinner all of my life. Forgive me, Lord. I receive Jesus as my Savior. I trust Him as my Lord. Thank you for saving me. In Jesus’ name, Amen.”

Alan Zibluk Markethive Founding Member

Markethive

Does Prayer Make a Difference?

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Prayer makes a difference, and it’s best if you use both channels: talking and listening.

Written by Colin Millar on 05/02/2019

Series: Weekly Devotional

Tags: Confidence, God, Prayer

Then the king said to me, “What are you requesting?” So I prayed to the God of heaven. …. And the king granted me what I asked, for the good hand of my God was upon me.

Nehemiah 2:4, 8

By Colin Milar

If you look at the verses above, one of the shortest prayers mentioned in the Bible made a huge difference, and Nehemiah received everything he needed to rebuild the walls of Jerusalem in just 53 days! In Nehemiah’s case, his short prayer for help in mid-sentence of answering King Artaxerxes’ question: “What is your request?” is a beautiful picture of what God calls us to do in 1 Thessalonians 5:17: “Pray without ceasing.” Nehemiah prayed in the midst of a conversation because he knew, by faith, that his heart cry would make a difference.

God talks to us!

We were visiting some dear friends a number of years ago who had twin daughters, and we were building a ropes course amongst some large trees. I was balancing on the first rope six feet up, twisting and tightening the rope above me with a screwdriver. Suddenly, it sprung out of my hand and spun through the air, landing somewhere buried in the thick leaves. At the same time, I lost my balance and fell on my back safely in the blanket of leaves. 

I stood up saying, “Children, let’s look for the screwdriver!” After 5 minutes of fruitless searching, 3-year-old Christopher tapped me on the knee saying: “Daddy we need to pray!” I responded: “Let’s just find the screwdriver, son!” Another 3 minutes, no screwdriver, and a much more insistent: “Daddy we need to pray!” 

The Holy Spirit zapped my heart. I dropped to my knees beside my son, saying: “I’m so sorry son! Yes, of course we need to pray! Come, children, let’s join hands.” 

Christopher simply said, “Jesus, You know where our screwdriver is. Please show us, in Jesus’ name we pray, amen.”
  
I stood up, stepped back, and under my foot was the screwdriver. 

Is there a project, a problem, or a promise you are working on without success? And without prayer? There is nothing too small nor too large about which our Father is longing for you to ask His help. God had to send my son twice in order for me to listen and then hear, but I assure you, He is ever standing at the door of your heart, knocking and waiting for you to hear and invite Him in. (Revelation 3:20)

Just sit back, be still, and bring that situation before Him right now and remember: “Daddy we need to pray!” 

Pray this week:

Oh Lord, will You make me obedient to your Great Commission?

One of God’s best ways through which He teaches us to pray is when we “go and make disciples.” (Matthew 28:19) God has used my growing friendship with Curtis Sergeant to thrust me into the high adventure of obediently living out the Great Commission. You could share this with your online friends with our Facebook sharing button below. God can take your little bit of obedience to His Word and bring life-transforming impact to hundreds of other people’s lives.

 If you, like me, have or do struggle with being obedient to God’s Great Commission, watch Curtis’s 30 minute message on immediate, radical and costly obedience. I confess that my obedience to making multiplying disciples only came after a six-year delay from when I first attended the Steve Smith Training for Trainers to make multiplying disciples.
 

Will you ask this question to someone every day this week?: "If there was one thing we could pray now for you personally, what would it be?"

Commit to ask this question of one person a day, then pray for them out loud right on the spot and you will see how prayer makes a difference!

Alan Zibluk Markethive Founding Member

Markethive

What’s Next For The Bitcoin Price? Crypto Analysts Weigh In

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What's Next For The Bitcoin Price? Crypto Analysts Weigh In

What’s Next For The Bitcoin Price? Crypto Analysts Weigh In

 

What’s Was Behind Friday’s Crypto Boom?

Your eyes aren’t kidding themselves. On Friday, the Bitcoin price truly did boom, with BTC moving higher than $3,700 for the first time in seemingly forever, seemingly on the back of zero catalysts. As normal, altcoins followed, with Litecoin (LTC) posting a 30% gain, as a majority of other cryptocurrencies posted daily returns that ranged between BTC’s 8% and LTC’s 30%.

This move, which was the first bout of notable crypto volatility in weeks, pushed the aggregate value of all cryptocurrencies beyond $121 billion, which comes after the figure traded in and around $110 billion, as the Bitcoin price stalled at $3,400 — inches above its ever-important yearly low price point.

But what caused the surge in the Bitcoin price?

Some have argued that this was single-handedly catalysed by the bump in Litecoin, as the hype regarding the project’s block reward reduction, coupled with its potential integration of Grin-esque MimbleWimble technology and/or more traditional confidential transactions in the near future. Yet, some say it has more to do with the broader fundamentals in the cryptosphere, especially regarding the flagship asset and its not-so walled garden ecosystem.

Some notable fundamental news, which has been deemed catalysts by some, include Abra’s launch of crypto-to-stock capabilities, rumors regarding the approval of a Bitcoin ETF application, the incessant stream of Wall Street-centric products, and funny enough, somewhat bearish comments from Fundstrat.

Bitcoin Price: Where To Next?

While this all is well and good, what’s next for the Bitcoin price?

Well, most notable analysts on Twitter, who sport tens of thousands of followers, claim that upside for cryptocurrencies, especially BTC, is inbound due to technical analysis. Benjamin Blunts, a markets analyst enamored with volatility, claimed that a declining diagonal that he’d been tracking for the past four weeks had concluded with this move.

Thus, he subsequently remarked that upside is inbound, drawing a somewhat nebulous arrow to the $4,300 price level.

Benjamin even noted that it is rest in pieces for all the $1,800 bears, likely referencing a comment from his peer, the Crypto Dog, in which the analyst stated that he wouldn’t be all too surprised to see $1,800 for BTC in the near future.

DonAlt was seemingly just as bullish. The pre eminent trader noted that BTC and Ethereum (ETH) are nearing the top of their short-term trading ranges, meaning profit-taking would be optimal. Yet, considering the “violence” that has occurred in these markets in recent weeks, Don remarked that he wouldn’t be surprised to see $4,000 for the Bitcoin price, which is around two levels of importance as depicted in the image below.

Galaxy, a leading crypto bull and self-proclaimed “accumulation machine,” drew an optimistic “Adam and Eve” chart outlining the Bitcoin price. In the analysis, which was optimistic first and foremost, Galaxy noted that BTC could trend slightly lower, for the time being, potentially retesting its yearly lows, before breaking above $4,000 (which would confirm a recovery) and moving back above $5,000, $6,000 and beyond by year’s end.

 

Nick Chong by Nick Chong February 9, 2019

Alan Zibluk Markethive Founding Member

Markethive

BITCOIN NOT GOLD REMAINS BEST BET AGAINST DEBT-BASED FIAT PONZI SCHEME

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BITCOIN (NOT GOLD) REMAINS BEST BET AGAINST DEBT-BASED FIAT PONZI SCHEME

The price of gold has been on a bit of a tear recently as investors begin scaling into precious metals amid stock-market uncertainty — but some investment professionals believe there’s a better hedge out there. Of course, that hedge is Bitcoin.

At the moment, Bitcoin (BTC) might not look like a more attractive investment option to the impartial eye. Gold appears to have bottomed at just above $1150 per ounce as stock markets begin to show signals of being overbought and signs on an impending financial recession have put smart money on alert.

f you really want to hedge against the debt-based Ponzi scheme central banks run with printed fiat currencies, however, there’s an alternative currency created for that very reason — Bitcoin (BTC).

‘BETTER THAN GOLD’

According to some investment professionals with skin in the game, the first and foremost cryptocurrency is more attractive than precious metals. Travis Kling, Ikigai Asset Management’s founder and Chief Investment Officer, reportedly stated at the Cayman Alternative Investment Summit in Grand Cayman:

There is a really good chance we have something better than gold. It’s like a CDS against fiscal and monetary policy irresponsibility.

As noted by CNN, Kling takes issue with the current global debt situation and the way central banks have propped up growth. The United State’s national debt is currently approaching 22 trillion USD and the Federal Reserve can no longer feasibly lower interest rates — a recipe many see as leading to another global financial recession.

‘BEYOND ANY OF OUR IMAGINATIONS’

With fiat inflation and a loss of trust in the government’s fiscal policies comes the mass adoption of viable alternatives. With this view, Morgan Creek founder and CEO Mark Yusko has gone on record to state:

We believe bitcoin will be one of, if not the, largest network on the planet. We are in the middle of the greatest wealth opportunity … It’s beyond any of our imaginations.

 

ELSA SAIKKONEN | FEB 08, 2019 | 00:00

Alan Zibluk Markethive Founding Member

Markethive

Jesus Has Saved Me

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How can you be sure you are saved?

Series: Look to Jesus

If you have had feelings of doubt following your decision to receive Christ, you are not alone. How can you be sure you are saved? How do Christians find confidence they will remain in their relationship with Jesus?

What must I do to be saved?

First, look to see what God says you must do to be saved. The Bible says salvation is simple. “Believe on the Lord Jesus, and you will be saved.” (Acts 16:31) Salvation begins with “repentance” – turning from sin and depending only on Jesus, instead of yourself or someone else. When people asked Jesus what kind of human work God likes, He said, “This is the only work God wants from you: Believe in the one he has sent.” (John 6:29).

Second, what did God promise? “And this is what He promised us—eternal life” (1 John 2:25). It cost Jesus His own blood, giving up His life, to give you eternal life. But it was a free gift to you (Ephesians 2:8-9).

What the Bible says about being saved:

  • Jesus is the Good Shepherd, who has given His life for His sheep (John 10:11). No one can snatch them from His grip (John 10:28-29).
  • Those who come to Him will never be driven away (John 6:37).
  • Since God knows everything from the very beginning of time, His acceptance of you could not be a mistake. He does not take back His gifts. He does not take back His calling (Romans 11:29).
  • God's children are sealed with the Holy Spirit–God’s own Spirit, living inside you. God sees you as His own child, and you can look at Him as your Father (2 Corinthians 1:22, Ephesians 1:13, 4:30, Romans 8:15).
  • You are kept in His grace, not by your good works, but by God Himself: "You are being kept by the power of God because you put your trust in Him and you will be saved from the punishment of sin at the end of the world" (1 Peter 1:5).
  • God is able to keep you from leaving your faith. He will present you clean and blameless when you meet Him in a joyful celebration of His glory (Jude 24).

As I look to Jesus, God's power and promise make me sure of my salvation.

Feelings come and go. Our mistakes sometimes make us wonder whether we are even saved. Jesus is faithful, even when we are not. God knows our struggles and gently reminds us to look to Jesus. If you are trusting only in Jesus — His sinless life, His death for you, His return from the dead, and His faithful promises — you can know that you have eternal life (1 John 5:13).

Alan Zibluk Markethive Founding Member

Markethive

BETTER LATE THAN NEVER – COINBASE WALLET FINALLY ADDS SUPPORT FOR BITCOIN

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BETTER LATE THAN NEVER - COINBASE WALLET FINALLY ADDS SUPPORT FOR BITCOIN

BETTER LATE THAN NEVER – COINBASE WALLET FINALLY ADDS SUPPORT FOR BITCOIN

Coinbase has officially announced support for Bitcoin (BTC) on its Coinbase Wallet app.

Previously known as Toshi, the newly-rebranded Coinbase Wallet has long supported Ethereum (ETH), Ethereum Classic (ETC), more than 100,000 ERC20 tokens and ERC721 collectibles. Now, users can finally use the wallet app for Bitcoin storage and transactions. (Why it took so long for the first and foremost cryptocurrency to be added to the Wallet is over our head — but it probably has ‘something to do with SegWit.’)

Speaking of Segregated Witness, Coinbase Wallet supports both the soft-forked wallet formats (which you should probably use) and old-school Bitcoin wallets — meaning everything is backward compatible. As an added bonus, Coinbase Wallet also supports the Bitcoin Testnet.

NOT YOUR KEYS, NOT YOUR BITCOIN

Unlike the standard Coinbase web-based platform or mobile app, storing Bitcoin (BTC) in Coinbase Wallet is private — meaning the San Francisco-based company doesn’t have access to your private keys. In fact, users private keys are encrypted using Secure Enclave technology.

The move from Coinbase positions its Wallet as a direct competitor to the likes of BRD, a popular and user-friendly iOS and Android app that allows users to privately store their digital assets without submitting know-your-customer (KYC) requirements. Furthermore, the move is almost certainly a move to provide Coinbase users with something they have been lacking for years — a proper wallet that actually puts users in control of their cryptocurrencies and cryptoassets.

For those still interested in Bitcoin Cash (BCH) and Litecoin (LTC), Coinbase is looking to add support for both of the altcoins in the near future.

In other news, Coinbase also just added support for PayPal in European Union (EU) and European Free Trade Association (EFTA) countries.

What do you think about Coinbase Wallet and the better-late-than-never addition of Bitcoin (BTC)? Do you plan on using it? Let us know your thoughts in the comments below!

 

ELSA SAIKKONEN | FEB 07, 2019 | 00:00

Alan Zibluk Markethive Founding Member

Markethive

Bitcoin BTC Transaction Count Has Crypto Community Bullish

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Bitcoin (BTC) Transaction Count Has Crypto Community Bullish

Bitcoin (BTC) Transaction Count Has Crypto Community Bullish

Bitcoin Transaction Counts On The Up-And-Up

Although Bitcoin (BTC) has continued to struggle in recent weeks, posting harrowing losses day-in, day-out, there are some optimists that are adamant that investors shouldn’t be alarmed.

Case in point, Ramen Lee, a crypto designer, recently took to Twitter to note that the number of BTC transactions per day has risen to the same levels seen in November 2017, when the digital asset boom was posting new all-time highs day-over-day.

As put by Ramen, the “price may be ‘s*it’, but the activity is going upwards.” This only underscores the ever-swelling fundamentals of the Bitcoin network.

Per previous reports from Ethereum World News, data compiled by Jameson Lopp, the chief technology officer of Casa, accentuated that from a fundamental perspective, 2018 was Bitcoin’s best year yet. Hashrate doubled, while a cumulative $410 billion in value was transacted on the “world’s most secure transactional settlement layer.” Bitcoin’s scaling solutions also saw notable levels of adoption. SegWit, a short-term, ‘bandaid-esque’ solution that squeezes more transactions into blocks, saw use swell from 10% to 40% over 2018. The Lightning Network, a long-term scaling solution that takes advantage of off-chain ledgers to facilitate effectively free, low cost, scalable, immutable, and private transactions, swelled to 500+ BTC capacity.

The Other Side Of The Coin

Although the swelling transaction count is evidently a sign that should spark optimism, there are other indicators that accentuate that the crypto community should be concerned. Murad Mahmudov, a leading Bitcoin trader with hopes of launching a crypto hedge fund, recently took to Twitter to touch on social metrics, and how they show that interest in the flagship cryptocurrency just isn’t present.

Mahmudov, who is a long-term believer in the potency of this asset class, divulged that as per BitInfo, tweets regarding the flagship cryptocurrency have reached 2014 levels, lower than any point in 2016.

Explaining the importance of this statistic, Mahmudov remarked that it’s almost as if “nothing has changed,” adding that this is an “absolute disaster for the price in the medium-term.” He noted that this accentuates how there are “far fewer people who care about decentralized, sovereign, uninflatable currency” than it may seem from the surface, and how little effect 2017’s parabolic run-up had on this community’s size.

In fact, Mahmudov quipped that more than 99% of all humans on Earth, whether poor, rich or from any other socioeconomic background, don’t care about the values that Bitcoin’s raison d’etre exemplifies. And as such, Bitcoin’s popularity boils down to its potential as a speculative asset, rather than libertarian, anarcho-capitalist, or cypherpunk ideologies. And as such, he concluded that this bear market could last longer than many may expect, with BTC potentially even falling to $1,700 apiece.
 

Chris Burniske, a partner at the blockchain-focused Placeholder Ventures and the co-author of “Cryptoassets,” noted that the mainstream “has almost entirely forgotten about Bitcoin again.” Gone are the days that “Bitcoin” was a popular word at the dinner table, as mainstream media outlets, the CNBC Fast Money segment, in particular, have slowed their coverage to a near-halt. Burniske touched on this, noting that via “conversations with people from home,” the crypto boom is still tangible in their minds, but the subsequent bust wasn’t observed.

But, while there seem to be few active industry participants quipping about Bitcoin on Twitter, some would argue that the cryptocurrency has reached mainstream adoption. Alistair Milne, the chief investment officer of the Digital Currency Fund, recently explained that millions, if not billions across the globe has heard the word “Bitcoin” in some context. And as such, when FOMO kicks in, for both institutions and retail investors alike, buying pressure is likely going to be stronger than ever.

 

Nick Chong February 5, 2019 in Bitcoin News, Crypto Analysis

Alan Zibluk Markethive Founding Member