BITCOIN

Trace Mayer: Bitcoin Price to Hit $27,395 by February

Trace Mayer, an early cryptocurrency advocate, said in a tweet that he believes the price of bitcoin will reach $27,395 by February based on the rise of the 200-day moving average.

Mayer recommended that his blog following invest into bitcoin when the cryptocurrency was at $0.25.

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In addition, Mayer has invested in Kraken, BitPay, and Armory.

Mayer defines himself as:

Michael Novogratz, a former hedge fund manager and longtime crypto investor, says bitcoin will rise to $10,000 in the next six to 10 months.
Michael Novogratz, a former hedge fund manager and longtime crypto investor, says bitcoin will rise to $10,000 in the next six to 10 months.

“An entrepreneur, investor, journalist, monetary scientist and ardent defender of the freedom of speech. Trace Mayer holds degrees in accounting and law. He studied Austrian economics focusing on Murray Rothbard and Ludwig von Mises.”

Investopedia defines a moving average as:

“A simple technical analysis tool that smooths out price data by creating a constantly updated average price…A moving average can help cut down the amount of ‘noise’ on a price chart…or act as support or resistance.”

The average Mayer cites is the regular price of bitcoin over the last 200 days.

Mayer’s prediction is that prices will continue to rise and that bitcoin remains above the level of the previous 200 days.

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Putin Attacks Bitcoin, Russian Central Banks To Block Exchanges

Vladimir Putin denounced cryptocurrencies after citing that the technology “carries serious risk.”

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“cryptocurrencies are becoming and have already become more popular. They have already become or are turning into a full-fledged payment instrument and an investment asset in certain countries. At the same time, use of cryptocurrencies also carries serious risks,” said Putin.

The price of bitcoin continues to rise even after the attacks by Russian economic leaders. At press time, bitcoin has risen to $4,844.

The Russian Central Bank continued to criticize the technology by calling cryptocurrencies a “pyramid scheme.”

“We have seen how Bitcoin has transformed a payment unit into an asset, which is bought in order to obtain a high yield in a short period of time. This is the definition of a pyramid.”

Russian government-owned RT quotes Putin as saying cryptocurrencies produce:

“Opportunities to launder funds acquired through criminal activities, tax evasion, even terrorism financing, as well as the spread of fraud schemes.”

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BITCOIN, BLOCKCHAIN, ETHEREUM

Michael Novogratz: Bitcoin To $10,000 In ‘Six to 10 Months’

Michael Novogratz, a former hedge fund manager and longtime crypto investor, says bitcoin will rise to $10,000 in the next six to 10 months.

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Michael Novogratz
Michael Novogratz

“I can hear the herd coming… lots of funds are coming. I’m pretty confident in saying it’s going higher…it would not surprise me if in the next six to 10 months we’re over $10,000,” said Novogratz on CNBC’s “Fast Money” on Tuesday.

Novograts was then asked if he believed bitcoin was a bubble based on the dramatic growth of the cryptocurrency since its creation.

“Bubbles are funny because historically ‘manias’ or ‘bubbles’ happen around things that fundamentally change the way we live. If it’s the railroad bubble or the internet bubble, they really did change the way we live.”

“This blockchain revolution, this decentralized revolution, is going to change the way we live. We’ve gone from kind of an experiment and now we’re implementing. And I think, just like in ’97 when you thought about the internet, we could of never understand the ubiquity of the internet in 2017, even at the height of the bubble.”

“10 years, 15 years from now blockchain and decentralized systems will be everywhere. And so yes, it’s a bubble. It’s going to be one of the great ‘manias’ of all time. Bitcoin happens to be the bellwether of this entire decentralized revolution and so it’s the easiest way people can get exposure to it. So, I think bitcoin will probably runs the hardest, but things like Ethereum I think will be the public utility of this new space.”

“We’ve split our bets and we’re betting a lot on the other ICO’s as well.”

Novogratz is creating a $500 million fund to spend in cryptocurrencies, initial coin offerings (ICO’s) and related companies. He has personally put $150 million of his own money into Galaxy Digital Assets Fund and proposes to raise the rest from external sources by January.

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Mastercard CEO Denounces Bitcoin Calling It ‘Junk’

Ajay Banga, CEO of Mastercard, has publicly denounced cryptocurrencies like bitcoin, calling them “junk” if they lack government backing.

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“If the government creates digital currency, we will find a way to be in the game. We will provide rails for moving currency from customer to merchant. The government mandated digital currencies are interesting. Non-government mandated currency is junk,” Banga said.

Billionaire tech investor Mark Cuban has publically declared that he sees Bitcoin and Blockchain or distributed ledger technology as the way of the future.
Billionaire tech investor Mark Cuban has publically declared that he sees Bitcoin and Blockchain or distributed ledger technology as the way of the future.

Banga continued criticizing bitcoin for being volatile and for its use for illegal activities citing the recent ransomware attack, “wannacry” ransomware.

“If I pay for a bottle of water in Bitcoin, one day it is two bottles for a Bitcoin the other day it is 9,000 bottles. This does not work. Any currency needs stability and transparency, otherwise you will get all the illegal activities in the world. Why was the ransom for the virus (wannacry ransomware) collected in Bitcoin? Why has China cracked down on Bitcoin?”

Brock Pierce, Chairman of the Bitcoin Foundation, is taking these negative comments as good things.

Brock Pierce
Brock Pierce

“When the incumbent industry is making statements like this and acknowledging you…it’s a sign that what we’re doing is working…it’s a huge validation,” said Pierce.

Numerous prominent financial industry leaders have voiced their oppositional beliefs on bitcoin.

Jamie Dimon, CEO of JPMorgan, called bitcoin a “fraud” that is merely fitting for criminals.

Ray Dalio, head of the world’s largest hedge fund, Bridgewater Associates, claimed that cryptocurrency is a bubble.

And the “Wolf of Wall Street”, Jordan Belfort said, “Be very careful not to invest a lot of money into something that could vanish very quickly.”

Axel Weber, the former President of Bundesbank and Chairman UBS, said:

“I get often asked why I’M so skeptical about Bitcoin, it probably comes from my background as a central banker.”

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Hedge Fund Cofounder Compares Bitcoin To 1990s Internet

Matthew Goetz, Cryptocurrency hedge Fund co-founder, compared the technology to the Internet in the 1990’s.

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Matthew Goetz
Matthew Goetz

“You could be right on the thesis that cryptocurrencies are transformative and you could make what you think is the right bet at the time, but remember one time you had Yahoo and then this thing called Google came along.”

Experts predict that bitcoin could reach $6,000 before the end of this year.

The cryptocurrency market has seen massive gains in 2017.

More than 1,000 cryptocurrencies are in circulation, but bitcoin is still the technologies leading token at over $4600 each.

Goetz claims that bitcoin may lose its place as the number one cryptocurrency in the future as other cryptocurrencies jostle for superiority by constantly outdoing each other in regard to their underlying technologies.

“Bitcoin is the most entrenched, it has very stable protocol, it doesn’t change a lot, and it has a very strong developer base, but at the end of the day, it is still software. There is some chance that something an order of magnitude better than Bitcoin, technologically, could come along.”

“It’s something like Facebook. If someone creates a new Facebook that has slightly better features, say 10 percent better. That’s great, but network effects are strong. So, that new thing isn’t going to kill Facebook.”

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