Surveys: 1 in 4 Millennials Want to Invest in Crypto, 3% of China Already Has

Survey Round-Up: 3% of China Has Invested in Crypto, 1 in 4 Millennials Want to

In recent cryptocurrency surveys, a poll of 100,000 Chinese citizens has found that 3% have invested in cryptocurrencies, and a survey conducted by Circle has found that a quarter of millennials would like to invest in crypto assets in the next 12 months. In addition, a survey by UK-based Rathbone Investment Management has found that Londoners are more than twice as bullish on crypto as the rest of their UK counterparts.

Also Read: Markets Update: Cryptocurrencies Dip Again Forming Consolidated SupportM

3% of Chinese Citizens Have Invested in Crypto

Wu Xiaobo Channel has published the findings of a recent survey of 100,000 Chinese that shows 3% of Chinese citizens to have invested in cryptocurrencies. The survey also notes that half of Chinese cryptocurrency investors have allocated more than 10% of their household wealth in crypto assets.

The survey also found 3% of respondents purporting to be from China’s middle-class have made investments in cryptocurrencies – despite the demographic being profiled as financially conservative with regards to investments.

Circle Finds One in Four Millennials Want to Buy Crypto in Next 12 months

Survey Round-Up: 3% of China Has Invested in Crypto, 1 in 4 Millennials Want toA survey conducted by Circle has found that 25% of millennials would like to make investments in crypto assets in the next 12 months. By contrast, 10% of Gen X-ers, and 2% of boomers expressed an interest in purchasing crypto in the next year.

Of all respondents, the survey found men to be twice as bullish on crypto as women, with 17% of males and 8% of females expressing an interesting in purchasing cryptocurrencies in the next 12 months.

Londoners Twice as Likely to Invest in Crypto as Other UK Citizens

Survey Round-Up: 3% of China Has Invested in Crypto, 1 in 4 Millennials Want toA study conducted by Rathbone Investment Management has found that 13% of UK citizens plan to invest in cryptocurrencies in the near future.

The study also found that Londoners are more than twice as bullish on cryptocurrency than other UK residents to express an interest in speculating on virtual currencies soon, with 30% confessing to eyeing the cryptocurrency markets.

Robert Hughes-Penney, investment director at Rathbone, stated: “Lucrative returns made by the early adopters of bitcoin and other cryptocurrencies have been widely publicized. These early investors have been followed by others looking to make similar gains. These figures suggest there are a number of investors in London with shorter investment goals who have been more susceptible to the so-called bitcoin craze, while outside of the capital investors have mostly stayed clear of what is a high-risk asset class.”

Why do you think men are more likely to invest in crypto than women? Share your thoughts in the comments section below!


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Satis Predicts Market Cap of Cryptocurrencies Exceeds $1 Trillion in 2021

Satis Predicts Market Cap of Cryptocurrencies Exceeds $1 Trillion in 2021

Initial coin offering (ICO) advisory firm, Satis Group, has published a report detailing a number of predictions for the cryptocurrency industry – estimating that the total market capitalization of all combined virtual currency markets will reach nearly $3.6 trillion USD by 2028.

Also Read: August Markets Report: Heavy Selling Across Leading Crypto Markets 

Satis Predicts $500 Billion Market Cap for Cryptoassets in 2019

Satis Predicts Market Cap of Cryptocurrencies Exceeds $1 Trillion in 2021In a report titled “Cryptoasset Market Coverage Initiation: Valuation,” Satis Group, a cryptocurrency advisory firm, has outlined a number of predictions for the coming future of the virtual currency markets.

The report asserts that more than 90 percent of “cryptoasset value will be derived from penetration of offshore deposits in the next decade,” anticipating that such will propel the market capitalization of all cryptocurrency markets, from nearly $236 billion today, to $3.57 trillion in 2028.

Satis Group predicts a total market capitalization of $509 billion for next year and estimates that the market cap will break above $1 trillion in 2021. The report also estimates that BTC will be trading at $32,914 during next year, $96,378 in five years time, and $143,900 in 2028.

Satis Predicts Utility Tokens Will Sink in Value

Satis Predicts Market Cap of Cryptocurrencies Exceeds $1 Trillion in 2021Satis Group predicts a poor outlook for “cryptoassets which attempt to inherit brand recognition and provide minimal technological advantage to incumbents” in addition to “cryptoassets which are misleadingly marketed, not needed within their own network, and have centralized ownership/validation.”

The report adds that most “Utility application-specific networks hold very little value, in their current construct,” asserting that “the high velocity of these applications combined with a lack of value-retaining construct” will result in such failing to garner significant use and “sinking in value.”

Satis Group also asserts that “The largest upside we see in the entire crypto asset market is in the privacy sector.” The report asserts that “The use cases within the privacy markets are incredibly sticky and feed on adoption, especial when regulators and law enforcement are making efforts to increase forensic penetration into public networks like BTC.”

What do you make of predictions for the cryptocurrency markets published by Satis Group? Share your thoughts in the comments section below!


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At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

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Bitgo Snaps Up Kingdom Trust, Paving the Way for Custodial Cryptocurrency Offerings

Bitgo Snaps Up Kingdom Trust, Paving the Way for Custodial Cryptocurrency Offerings

Bitcoin payment specialists Bitgo have announced the acquisition of Kingdom Trust, an investment firm with custody of over $12 billion in assets. The move will enable the South Dakota-based Kingdom Trust Company to offer custodial cryptocurrencies such as bitcoin, ripple, and ethereum to its investors. This will make it easier for traditional investors to enter the lucrative crypto markets without needing to assume responsibility for safeguarding their holdings.

Also read: Dr. Doom (Professor Nouriel Roubini) Calls Stablecoin Tether a Scam

Bitgo Expands Its Kingdom

Bitgo is the web’s best known cryptocurrency payment processor, responsible for over $10 billion of transactions a month, much of which comes from major bitcoin exchanges. Its purchase of Kingdom Trust is an interesting one for a number of reasons. Two years ago, it would have been hard to envisage a day when a bitcoin company would be acquiring a firm from the world of traditional finance, not least one with 100,000 customers and $12 billion of assets in its care.

Bitgo Snaps Up Kingdom Trust, Paving the Way for Custodial Cryptocurrency Offerings

Announcing the news, Bitgo CEO Mike Belshe said: “Global financial markets have longed for an end-to-end solution offering both the technology to secure digital currencies as well as the legal and compliance controls necessary to integrate into mainstream financial portfolios…Kingdom Trust has served as a 40 Act qualified custodian for almost a decade and has developed the expertise required by institutional investors necessary for compliance with the Act.”

Double Digit Gains for the 1%?

The move, subject to approval, will suit both parties, enabling Bitgo to grow its brand and tap into a previously inaccessible market, and giving Kingdom Trust a means to ease into the burgeoning world of bitcoin, ethereum and all the rest. As an independent qualified custodian, Kingdom Trust enables registered investment advisors (RIAs) to manage the assets of high-net worth individuals – the 1% in other words. These are the sort of people who have neither the time or inclination to open a Coinbase account, but who are happy for RIAs to make astute investments on their behalf, and right now, crypto is where the money’s at.

Kingdom Trust provides custody solutions for “individual investors, investment sponsors, family offices, advisory firms, broker-dealers and various other investment platforms”. In addition to stocks, bonds, and commodities, those monied individuals now have another item to add to their basket in the form of cryptocurrency.

Do you think bitcoin companies buying up traditional finance companies is likely to become a trend? Let us know in the comments section below.


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New Research: Laundering of Illicit Funds Less than 1% of Bitcoin Transactions

Research Concludes that Laundering of Illicit Funds Constitutes Less than 1% of Bitcoin Transactions

The Foundation for Defense of Democracies’ Center of Sanctions and Illicit Finance in conjunction with blockchain analytics company, Elliptic, has published a study seeking to track the circulations of illicit funds within the bitcoin economy from 2013 to 2016. The research concludes that the share of funds of illicit origin comprises less than one percent of all bitcoin flows, and has exponentially declined as the cryptocurrency has gained increasing adoption and popularity.

Also Read: Autopsy of the Bitconnect Implosion: Ponzi, Centralization, Governance

Study Seeks to Track Illicit Bitcoin Flows From 2013 to 2016

Research Concludes that Laundering of Illicit Funds Constitutes Less than 1% of Bitcoin TransactionsThe report states that “Criminals – often early adopters of new technologies – quickly appreciated that bitcoin has unique properties that could potentially serve their interest in evading law enforcement.” The research asserts that “bitcoin’s illicit use is mainly based on anecdotal evidence, usually without supporting data analysis of how it is used across geographical regions, or trends over time.” Although the report concedes that “it is impossible to quantify exactly how much bitcoin is used illicitly,” the research seeks to utilize Elliptic’s “forensic” blockchain network analysis to estimate the methods employed and scale of money laundering that is conducted using bitcoin.

“The research intends to provide insights for policymakers and financial industry leaders who want to better understand illicit finance risks arising from bitcoin,” in order to greater inform the development of legislation addressing the “Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)” concerns pertaining to bitcoin – which largely stem from “Users of bitcoin employ[ing] pseudonyms rather than names,” and cryptocurrency being “transferred without intermediaries and across international borders as easily as sending an email.”

Study Methodology

Research Concludes that Laundering of Illicit Funds Constitutes Less than 1% of Bitcoin TransactionsThe report draws off “extensive analysis of a narrow data sample of bitcoin transactions between 2013 and 2016,” however, states that “The parameters of the study were purposefully narrow to keep the data manageable, which likely minimized the volume of illicit bitcoins considered for analysis.” The research employs “Elliptic’s forensic analysis tool, which combines public blockchain data with a proprietary dataset of bitcoin addresses associated with known entities, to provide visibility into who is transacting with whom in bitcoin.”

The study examines 214 conversion services, “including virtual currency exchanges, gambling sites, and mixers,” in addition to bitcoin circulations originating from 102 illicit entities. The illicit entities considered include 30 darknet marketplaces, 6 darknet services, 16 darknet vendors, 5 identified Ponzi schemes, 19 ransomware schemes, and 26 entities engaged in fraudulent activities

Money Laundering Comprises Less Than One Percent of Bitcoin Circulations

Research Concludes that Laundering of Illicit Funds Constitutes Less than 1% of Bitcoin TransactionsThe findings state that “The amount of observed bitcoin laundering [is] small,” with “darknet marketplaces such as Silk Road and, later, AlphaBay,” comprising “the source of almost all of the illicit bitcoins laundered through conversion services” identified in the study.

The research states that “Bitcoin exchanges received the greatest amount of identified illicit bitcoins out of all conversion services” – likely owing to the fact that exchanges “process the majority of bitcoin transactions overall.” Of the 120 exchanges included in the study, 50% of illicit volume is attributed to just two European Union (EU)-based exchanges.

Online gambling sites and mixers, however, are identified as processing “the highest proportion of bitcoin laundering with their platforms.” The findings state that 97 percent of incoming transfers to gambling and mixer websites can be attributed to just three services – which in turn account for almost half of the illicit volume analyzed.

The Majority of Illicit Bitcoin Transactions Were Processed in Europe

Research Concludes that Laundering of Illicit Funds Constitutes Less than 1% of Bitcoin TransactionsThe research concludes that “conversion services based in Europe received the greatest share of illicit bitcoins out of identifiable regions,” receiving “more than five times as much as North American services.”

The report also identifies that whilst “Asian conversion services processed the highest share of all incoming bitcoin transactions in 2015 and 2016,” such “accounted for a disproportionately small share of bitcoin laundering during those years.” Despite the findings, it is recognized that “a large percentage of conversion services that receive illicit bitcoins appear to conceal their country of operations.”

Darknet Markets Account for Vast Majority of Illicit Funds Transferred Using Bitcoin

Research Concludes that Laundering of Illicit Funds Constitutes Less than 1% of Bitcoin TransactionsThe research states that darknet marketplaces account for more than 97% of illicit funds circulated throughout the bitcoin economy between 2013 and 2016. The only year examined in which darknet markets were found to have accounted for less than 97% of illicit funds was 2016, during which 80.42% of illicit funds were attributed to anonymous free markets – owing to the rise of ransomware which was estimated to have been the origin of 15.75% of the bitcoins associated with illegal activities entering into conversion services that year.

The research indicates that the flow of bitcoins via darknet marketplaces is highly centralized – with over 50% of illicit funds originating from no more than two anonymous marketplaces during each year. During 2013 it was estimated that almost 90% of illicit funds came from The Silk Road, whilst in 2014 Agora and Silk Road 2.0 accounted for over 40% of illicit bitcoin flows respectively. In 2015 the share of illicit funds across individual darknet markets became more pluralized, with four sites accounting for between approximately 9 and 14 percent of black market bitcoins, although Agora’s share increased to almost 48% during that year. Following the collapse of numerous darknet markets in 2016, more than 75% of illicit funds identified in the study were deemed to have originated from either Alphabay or Nucleus Market.

Policy Recommendations

Research Concludes that Laundering of Illicit Funds Constitutes Less than 1% of Bitcoin TransactionsThe foundation concludes that in order to effectively combat money laundering through bitcoin mixers and online gambling services, “Financial authorities in all jurisdictions must increase AML enforcement” of said websites. The report also advocates that law enforcement “not only target darknet websites,” but expose “their vulnerabilities publicly” in order to “increase customer skepticism” regarding the integrity and perceived security of said platforms.

Emphasis is placed on the need for regulatory institutions to mandate that “European virtual currency exchanges […] improve AML practices.” The report states that the absence of clear legislation pertaining to cryptocurrency-to-cryptocurrency exchanges results in EU-based exchanges adopting robust AML policies out of choice, rather than obligation. It is noted that the European Union has begun to take steps designed to tackle such, as evidenced by the updating of the EU’s “2015 Anti-Money Laundering Directive so that its regulations cover virtual currency exchanges and custodian wallet services.” However, the research concludes that “even the updated language has loopholes that could permit significant cryptocurrency laundering.”

Lastly, the researchers advocate that “The U.S Congress should mandate a National Commission for Digital Currency Preparedness and help develop a national blockchain technology innovation strategy” in order to “counter state actors aiming to use cryptocurrencies to circumvent U.S., EU, and UN sanctions.”

What is your response to the study’s conclusions regarding money laundering in the bitcoin economy? Share your thoughts in the comments section below!


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