Crypto 2019: The Oracles Have Spoken and it Might Be a Better Year
2019 is en route to being a great year for cryptocurrencies, at least according to some bullish Bitcoin experts. Lou Kerner, the founding partner of Crypto Oracle Strategic Advisory says that Bitcoin’s price will hit $100,000 in less than five years. Maxwell Keiser, a TV host also kicked off the year by tipping Bitcoin to be the reserve currency of the world. Overstock.com, a U.S retailer and pioneer in blockchain technology will start to pay its commercial taxes in Bitcoin in the crypto-friendly state of Ohio in February.
Another red day is upon the crypto market after the majority of the top 10 assets registered losses ranging from 1 percent to 4 percent. Bitcoin is trading at $3,853, down 1.4 percent in the last 24 hours. Ether and Bitcoin Cash are both down between 2 percent and 3 percent. EOS saw the biggest loss of the day in the top 10 list after declining 6.55 percent. Tether and Tron are both slightly up in a day in which the market lost almost $3 billion.
It was another good day for the crypto space after Erik Voorhees, the CEO of ShapeShift tweeted positively about the blockchain-based Brave Browser. “Brave is awesome! I use it on laptop and iPhone. I don’t dare [to visit] Zero Hedge or any MSM site without it due to the ads and scrips those sites throw at you,” he said in a tweet.
Bitcoin is enjoying the longest buying streak in six months
2018 was a bad year that many cryptocurrency enthusiasts and traders would like to forget quickly and 2019 is already promising better things to come, at least in the short term.
According to the GTI Vera Convergence Divergence indicator, Bitcoin is enjoying its longest buying streak in six months. The measure predicts that if the buying pressure continues as it has done in the past 13 days, the price of the number one digital asset could significantly rise and take a major step towards canceling the 74 percent price decline of 2018.
Mati Greenspan, senior market analyst at eToro in Tel Aviv said, “Usually the best thing to do is to buy low and sell high. So, if we are going by technical analysis, we can very easily see on the chart that we are much closer to the bottom than we are to the top.”
He further added that “I’m seeing an industry that is growing at a very rapid pace right now where we see companies that are involved in Bitcoin and blockchain hiring at a rapid rate.”
The Bloomberg Galaxy Cryptocurrency Index which tracks a few select major cryptocurrencies indicates that the crypto space is in its longest buying streak since September and Ether is leading the gains. Ether has gained more than 80 percent since mid-December when it reached its all-time low.
Bitcoin will easily be over $100,000 in three to four years – Lou Kerner
In a recent interview with Bloomberg, Lou Kerner, the founding partner of Crypto Oracle Strategic Advisory is bullish on Bitcoin and thinks that the digital asset is on its way to being a better store of value than gold.
He highlighted that gold is currently the main store of value as it is worth trillions while Bitcoin is worth $60 billion (at the time). He added that Bitcoin has the potential to grow a hundred-fold from where it is today and this will give it the opportunity to replace gold as the dominant store of value.
“This [Bitcoin] is a better store of value if the world is coming around to share that view – and I think we are on that path,” he said. He further added that the price of Bitcoin can easily reach $100,000 in three to four years’ time.
“The impact of all great technology changes is overestimated in the short run and overestimated in the short run,” he explained when he was asked about the recent fall of Bitcoin.
He called Bitcoin the early leader in crypto and compared to Yahoo. “It’s a massive thing but no the thing,” he said.
Bitcoin will be around for 20 years and the path to getting there will be characterized by ups and downs similar to the trend experienced in 2017 and 2018.
He did not have kind words for fiat currencies as he pointed out they degrade and get to zero. He went as far as calling the American dollar a Ponzi Scheme because the government will not pay back its debt, but will, in fact, incur more debt.
“It [Bitcoin] is going up,” he said when asked about Bitcoin in 2019.
Bitcoin has the potential to become the world’s reserve currency
Maxwell Keiser, a popular TV host and fervent Bitcoin host began the year by saying that the bear run of 2018 will have not much impact on the price of Bitcoin this year. Keiser said that Bitcoin has the potential to become the world’s reserve currency.
He based his opinion on the fundamental value of Bitcoin and the important role it can play in leveling the financial system of the modern world.
Kaiser’s show discussed the efforts made by Germany to counter the U.S dominance of the financial system by building an alternative to SWIFT. Through SWIFT, the U.S has the ability to manipulate the global economy by sanctioning any country from using SWIFT. Iran is the latest case in point after it was excluded from the financial world.
“Well, the three prices or numbers that you should associate with Bitcoin: There’s price, then there is [the] hash rate, then there’s the difficulty adjustment. Those are the three numbers that kind control the protocol in a lot of ways and price is the least significant of those three,” said Keiser.
He added that, “Hash rate and difficulty adjustments are also part of the protocol, but the one number that is never changing and never varies is that every 10 minutes new coins are created and that emission schedule of coins coming on every 10 minutes makes Bitcoin the Central Bank of the World with the most rock-solid monetary policy there is in the world.”
Overstock.com to pay taxes in taxes in Ohio
America’s leading online retailer and blockchain technology pioneer Overstock.com announced on Jan. 3 that it will become the first major U.S. company to pay part of its commercial activity taxes (CAT) in the State of Ohio using cryptocurrencies.
The retailer is planning to start paying taxes with Bitcoin in February using the recently launched OhioCrypto.com platform. In November, Ohio became the first U.S state that allows business to pay their taxes in Bitcoin and the state is also planning to allow all taxpayers to settle their taxes in Bitcoin by 2020.
Josh Mandel, the Treasurer of Ohio state applauded Overstock.com for becoming the first business to pay its taxes in Bitcoin.
“Their embrace of blockchain technology was ahead of its time and we’re proud to have them join OhioCrypto.com,” said Mandel.
Patrick M. Byrne, the founder and CEO of Overstock.com said, “We have long thought that thoughtful governmental adoption of emerging technologies such as cryptocurrencies (when accompanied by non-restrictive legislation over these technologies) is the best way to ensure the U.S. does not lose our place at the forefront of the ever-advancing global economy.”
He added that “We are proud to partner with forward-thinking governments and officials like Ohio and Treasurer Mandel to help usher in an era of trust through technology for our nation’s essential financial systems.”
BitTorrent launches its own BTT cryptocurrency
The world’s largest peer-to-peer file sharing system BitTorrent announced on Jan. 3 that it is launching its own cryptocurrency called BitTorrent (BTT) using the Tron network. The token will have several uses including paying for faster downloads.
Tron acquired BitTorrent in July for a reported fee of $126 million. Barely six months after the acquisition of BitTorrent, the company’s former CEO, Rogelio Choy has left the file-sharing company – sparking rumors that he disagreed with BitTorrent’s new focus on blockchain technology.
Justin Sun, the founder and CEO of Tron said, “BitTorrent token is the first in a series of steps to support a decentralized internet. In one giant leap, the BitTorrent client can introduce blockchain to hundreds of millions of users around the world and empower a new generation of content creators with the tools to distribute their content directly to others on the web.”
The TR-10 compatible BTT token will only be available to non-U. S accounts on Binance Launchpad.
“We created Launchpad to help entrepreneurs launch their best projects and bring more use cases to the industry. BitTorrent is a decentralized project by nature, with a large user base, that is now adding a new token economy to their use case. Through Launchpad, BitTorrent will have greater access to resources across the Binance ecosystem. This will be a case study for existing projects,” said Binance founder and CEO, Changpeng Zhao (CZ).