Instead of overreacting to the recent Bitcoin ETF decision, investors should focus on more bullish news in crypto markets, Pantera Capital CEO claims
During a recent interview with CNBC Crypto Trader’s Ran Neu-Ner, Michael Arrington of Arrington XRP Capital revealed that his fund owns more BTC than XRP, and discussed the company’s decision to denominate in XRP.
Arrington XRP Capital’s Exposure to XRP is “3 – 4%”
In an interview with CNBC Crypto Trader during their coverage of Korea Blockchain Week, Mr. Arrington discussed some of the cryptocurrencies that his fund is invested in. Despite denominating the fund in XRP, Mr. Arrington indicated that the percentage of the fund currently invested in XRP is “3 – 4 percent,” adding “we hold a few million dollars worth of XRP.”
When asked of the company’s ‘cash position’, Mr. Arrington stated: “We hold a lot of [BTC] – we hold more [BTC] than anything else, we hold a lot of Ether, we hold a lot of U.S. dollars, occasionally we hold Tether overnight,” adding “I don’t know which one[s] are the ‘cash positions’ – they’re all either currencies or have different utilities, so I don’t know how to answer that question.”
Arrington Discusses Denomination in XRP
When asked of the motivations behind launching a fund denominated in XRP, Mr. Arrington stated: “XRP […] is a really, really good way to move money. So we denominate our fund in XRP because it’s a fantastic way to move money cross-border, very quickly, at almost zero cost.”
Addressing the stigma associated with Ripple by many in the cryptocurrency community, Mr. Arrington stated: “There is a lot of tribalism in cryptocurrency, and a lot of bitcoin maximalists, etc., and the one thing they all agree on, is they all hate XRP because its centralized, they think its corporate managed, etc.,” adding, “none of that is really true.”
Mr. Arrington concluded: “while the other more decentralized cryptocurrencies […] find their way toward becoming more efficient, in the meantime, XRP is fantastic – and so from a hedge fund point of view, it’s great to denominate ourselves in XRP.”
Arrington Predicts $25,000 BTC by 2019
Regarding whether denominating the fund in XRP makes the its vulnerable to fluctuations in the price of Ripple’s token, Mr. Arrington stated: “The key thing is the underlying asset, […] only a small percentage of our fund holds XRP, we’re vastly diversified. Those underlying assets, whatever their value is, that’s what really matters at the end of the day.”
When asked of his outlook for the bitcoin and cryptocurrency markets, Mr. Arrington stated: “My entire life has been cryptocurrency – we’re all bullish on it,” adding “I’m always an optimist, […] I think that we’re going to hit $25,000 USD this year easy.”
Are you surprised that Arrington XRP Capital holds more BTC than XRP? Share your response in the comments section below!
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Augur, which its co-founder Joey Krug previously described as the most complex decentralized application (dApp) on the Ethereum blockchain, has surpassed a million dollars at stake and demonstrated a rapid growth rate over the past few weeks. Future of Decentralized Betting In essence, Augur is a decentralized betting platform that exists on the Ethereum network.
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The cryptocurrency industry has been highly anticipating the debut of a bitcoin exchange-traded fund (ETF) by the end of 2018. But, some analysts believe it will not arrive until next year. Potential Impact of a Bitcoin ETF As a publicly-traded instrument, a bitcoin ETF has the ability to open a floodgate of capital from retail … Continued
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ETF giant BlackRock establishes working group to examine Bitcoin futures, Financial News reports
Arthur Hayes, the Co-Founder and CEO of BitMEX, a Peer-to-Peer Trading Platform that offers leveraged contracts that are bought and sold in Bitcoin predicts that the pioneer cryptocurrency will sell for at least $50,000 by the end of 2018. Hayes made his prediction while speaking on the CNBC Fast Money show on June 29 2018. … Continued
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Bitcoin analyst Brian Kelly points out three major reasons why the current bear market is not a reason to hold a funeral for the cryptocurrency
On June 23, CNBC Fast Trader hosted a show dedicated to presenting the “Bitcoin Funeral,” a witty introduction to BKCM founder and cryptocurrency investor Brian Kelly’s discussion on the recent bitcoin correction and its future price trend. Three Reasons why Bitcoin Isn’t Dead On CNBC Fast Trader, Kelly outlined three major reasons bitcoin will recover
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Tom Lee explains why he believes Bitcoin will reach $25,000, even though the leading cryptocurrency is down 41 percent this year
The founder of Onchain Capital, and host of CNBC Africa’s ‘Crypto Trader’ show, Ran Neu-Ner, recently discussed his outlook for cryptocurrency regulation, initial coin offering (ICOs), and shared his outlook for several top cryptocurrencies markets. Mr. Neu-Ner described Bitcoin Cash and Ethereum as markets that he intends to ‘HODL’, adding that right now, he is passing on BTC in favor of more “exciting” virtual currency markets.
Onchain Capital Founder Warns That Lack of Regulations May Stifle Entire Cryptocurrency Industry
In an interview with CNBC‘s Fast Money, Mr. Neu-Ner described the United States Securities and Exchange Commission (SEC) as having taken an appropriate position in cautiously monitoring the cryptocurrency markets up until now, however, warned that a failure to introduce clear regulatory apparatus pertaining to virtual currencies may be to the severe detriment of the United States’ burgeoning cryptocurrency industry.
“I think the initiative by the SEC was a great one, but I think the joke is on the SEC now because they need to come up with regulation now, if they don’t come up with regulation, they may stifle an entire industry,” he said.
Mr. Neu-Ner added: “Now I know they are balancing investor protection with the need to grow an industry, but if you look to places like Japan and Singapore, they’ve got thriving ICOs, and they’ve got a thriving new industry, and my fear, having travelled extensively to that region, and spoken to all the founders and the legislators there, is that the US actually may be falling behind, and that we may not get a silicon valley here in the USA, because it may all fall into the legislations that are favourable towards these ICOs, and have got some kind of regulation in place.”
Mr. Neu-Ner Warns of Potential “Brains Drain” if Regulators Fail to Act
When questioned as to whether he believed that continual innovation in the cryptocurrency sector was contingent on the legitimation of the ICO industry, the Onchain Capital Founder stated “Well you can get the innovation without the ICOs, and that’s what the U.S. people are doing, they are establishing companies in places like Malta and Gibraltar, and Singapore, and place where there are favourable tax incentives, and places where the regulation speaks well towards ICOs.”
Mr. Neu-Ner also warned that ”the U.S may get a brains drain towards those areas – if you go to Singapore [or] Japan, you’re speaking to Americans, and they’re there because they want to launch their ICOs.”
“I think the SEC did adopt a responsible approach by taking their time to see what is happening with the industry, but now we know that crypto is real, we know [that] crypto, and the blockchain, is not going anywhere anytime soon. And now they’ve got to come to the party, and give us some kind of regulation, so we know where we stand,” he concluded.
Onchain Capital Founder Passes on BTC
Mr. Neu-Ner also participated in Fast Money’s “HODL or FODL?” segment, in which he gave his assessment of the outlook for several major cryptocurrencies.
Regarding BTC, he stated “I like bitcoin a lot, but I’m going to FODL. Mr. Neu-Ner stated that although he believes that the price of bitcoin is currently “low,” and that the price “is going to continue to go up […] slowly and in a stable way,” Mr. Neu-Ner emphasized that ”there are more exciting cryptocurrencies out there, and if you’re going to ask me whether I’m going to put my money in bitcoin, or something more exciting, I’m going to go with something more exciting.”
When asked of if his ‘FODL’ response to bitcoin was due to greater institutional investment dampening down the volatility of the BTC markets, Mr. Neu-Ner stated “a little bit of that, but, a lot of the money is going from bitcoin, and even Ethereum and the more established coins, into this ICO frenzy.”
Mr. Neu-Ner continued: “There’s this frenzy happening which is not on the markets, […] where hundreds of millions of dollars are going into ICOs – where’s that money coming from? It’s not coming from fiat, it’s people cashing in their bitcoin and their Ethereum, and when they cash in the markets are going to go down.” Despite such, Mr. Neu-Ner does hold a bullish outlook for BTC and ETH, adding “That said, I do think the institutions are going to come in towards the end of this year – they’re going to go to bitcoin and Ethereum first, and then the market is going to go up.”
Mr. Neu-Ner Bullish on BCH and ETH
When asked of his outlook for Bitcoin Cash, Mr. Neu-Ner resolutely stated that he’s “HODLing,” adding “I think there’s a lot of potential for Bitcoin Cash, I like the team […] that are driving it – it’s all the old bitcoin people.”
Mr. Neu-Ner jokingly predicted that his stance would lead him to be “murdered on Twitter” by “the trolls and the bitcoin maximalists,” adding that “I love both Bitcoin Cash and [bitcoin] equally, but if you ask me where I put my money right now, Bitcoin Cash has more potential.”
Regarding Ethereum, Mr. Neu-Ner states “HODL for sure,” adding ”they’ve got the biggest community in the industry – thousands of people, the smartest people in the room. They’ve got use cases, [and] they’re solving their scaling issues […] so I’m holding Ethereum.”
Mr. Neu-Ner Throws XRP in the Garbage
When of XRP, the Onchain Capital founder stated: “Ripple I’m throwing in the garbage.” Mr. Neu-Ner elaborated, seeking to distinguish between “Ripple, the company – one of the best companies [he] know[s],” and “XRP, the token – [of which he] can’t work out what it’s used for.”
Mr. Neu-Ner stated that “Ripple, the company, does the banking systems, it ’replaces’ bank to bank transfers, primarily international money transfers” – adding that “you don’t need the XRP token to do that.”
Mr. Neu-Ner concluded that “So as far as I know, I can’t find a use for the token, so I’m out.” Adding “it’s centralized, and that defeats the whole purpose of blockchain.”
Do you agree with Mr. Neu-Ner’s predictions for markets? Share your thoughts in the comments section below!
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William Mougayar, advisor to the Ethereum Foundation, claims that the SEC is “trying to fit a square peg into a round hole” regarding crypto regulation
CoinShares CEO says custody solutions, performance measures and ICO improvements are needed for Bitcoin to hit previous highs
St. Louis Federal Reserve President, James Bullard, was recently interviewed at this year’s Consensus conference in New York City. That a top US economic policy maker was in attendance is victory enough; however, he was asked his opinions on cryptocurrency going forward by CNBC Global Markets Reporter Seema Mody. He explained he found the phenomenon “interesting,” and how more cryptos being issued all time necessitates keeping an “eye” on them. Mr. Bullard also compared the use case for cryptocurrencies with that of the dollar, and whether the former posed a threat to the latter.
Federal Reserve President Attends Crypto Conference
Federal Reserve President, James Bullard, gave a presentation at this year’s giant Consensus conference in New York City. Reread that sentence. A sitting Fed policy maker thought it important enough to attend a crypto soiree. That’s news enough. But more importantly, President Bullard gave a presentation on the government’s current thinking about cryptocurrency.
In his talk, he acknowledged crypto is facilitating trade that might otherwise not occur. He couldn’t help himself by mentioning illegal activity (and we all know fiat currencies are never used in illegal activity), but he did describe decentralized money’s lean toward frictionless transactions (especially with regard to costs/fees) as being an advancement.
The Fed policy maker reserved the bulk of his comments, both in the presentation and during a post-game interview with CNBC, to talk about the problems in crypto as he sees them. One issue is simply the number of currencies being offered. The 12th St. Louis Fed President feels this over complicates matters, especially with regard to exchange rates and volatility.
Asked if cryptocurrencies pose a threat to the dollar, Mr. Bullard, 56, answered he didn’t think so. Global Markets Reporter Seema Mody, who is covering Consensus for CNBC this year, quickly followed up with a “but it could be?” The Fed President was noncommittal, choosing instead to shrug and give the pat answer about no one really knowing what the future holds. He emphasized how since its creation the US dollar has vanquished nearly all currency competition due to its being backed by the world’s strongest economy. It’s abundantly clear, Mr. Bullard suggested, people want the dollar and not crypto … at least at the moment.
Fed Coin on the Horizon?
Ms. Mody pressed Mr. Bullard about his presence at the conference, asking if this was a hint of things to come with regard to a future coin birthed by the Fed, a Fed Coin? Interestingly he didn’t dismiss the idea outwardly, and instead said they’d for sure look at the possibility, as the Fed does with many different types of financial innovations. He also assured there wasn’t any plan being hatched at the moment, no imminent Fed Coin coming. Mr. Bullard also wondered aloud what the gains would be by creating such a coin. He smiled subtly, assuring he’s keeping an “open mind.”
His comments seem to be less strident than statements issued by the St. Louis Fed on the very subject not even one month ago. “The St. Louis Federal Reserve has published an essay critically evaluating the notion of cryptocurrencies that are issued by central banks,” we detailed. “The article is highly dismissive in presenting what it describes as ‘the non-case for central bank cryptocurrencies,’ concluding that ‘a central bank will not issue cryptocurrencies in the sense of a truly decentralized and permissionless asset that allows users to remain anonymous.’”
A rather curious fact about the St. Louis Fed, one of twelve jurisdictions in the Federal Reserve system (the 8th district serves Indiana, Kentucky, Missouri, Illinois, Tennessee, Louisiana, Mississippi, Arkansas), is how it has recently become very chatty about crypto. As these pages reported back at the beginning of this year, “Aleksander Berentsen and Fabian Schär of the Federal Reserve Bank of St. Louis have recently published an article that emphasizes many of the benefits of cryptocurrencies. The article states that ‘cryptoassets are well suited to become an important asset class,’ in addition to offering praise regarding a number of the major applications associated with cryptocurrencies.”
Do you think a Fed president attending a crypto conference is meaningful? Let us know your thoughts in the comments below.
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AMD CEO Lisa Su has claimed that Blockchain is not the key focus of the company’s growth strategy at the moment, calling the technology “a bit of a distraction.” #NEWS
Investor Tom Lee champions Bitcoin investment over Bitcoin Cash as altcoin hits big volatility. #NEWS
Hedge Fund Manager John Pfeffer says BTC is better than gold “on every front,” predicts its value could rise to “no less than $90k” and “as high as $700k.” #NEWS
Bitcoin in Brief for Wednesday is a potpourri of quickies to get your day going: Pornhub, a website we’ve never heard of, has joined the crypto revolution (well, Verge at least); South Korea’s loss is Switzerland’s gain; bitcoin blamed for every crime under the sun; Ethereum’s Vitalik Buterin is accused of favoritism; and bitcoin cash (BCH) is getting a ton of love from CNBC’s Brian Kelly.
Also read: Bitcoin in Brief Tuesday: The Tax Man Effect
We’ve Never Heard of Pornhub, What’s Pornhub?
“The adult entertainment titan has announced it will now accept payments in anonymous cryptocurrency Verge (XVG),” according to Hard Fork. “This means now you now have the option to pay for your premium subscription without leaving any trails.”
Pornhub’s VP explained, “Here at Pornhub, we’re all about convenience and security, which makes cryptocurrency an attractive form of payment for us. We’ve been looking at crypto for quite some time and, while overall adoption is relatively low, we think it has gained enough steam for us to penetrate the market.” Dirty birds.
As South Korea Clamps Down, Foreign Markets Pick up Slack
The funny thing about cryptocurrency is, a government arrogant enough to believe it can regulate mathematics probably also won’t understand how they’re essentially robbing themselves of commerce. If the people want crypto, there’s going to be a steady supply to meet that demand.
Reuters reports, “Six months after South Korea banned the issuance of new cryptocurrencies, they are starting to creep back into the country by using overseas listings for local trading,” as initial coin offerings (ICO), which the country banned outright, have been popping up geared at the South Korean investor. Switzerland is there to help.
Of Course, Before Crypto, Crimes Were Never Committed With Fiat
Since its inception, cryptocurrency has been a target of mainstream media outlets. They constantly, maybe unknowingly, undermine it by linking all ills to bitcoin (usually). In Taiwan, it appears gangsters looking for a fast buck in crypto won’t take any excuses, even if your home country (China) bans the practice outright. They’ll shoot you, and then turn themselves in later.
“Vitalik on Brink of Second Bailout for Friends”
Accusations abound on the Twittersphere about how Ethereum’s guru has taken to a kind of bailout, citing a Tweet claiming, “And.. EIP867 titled ‘Standardized #Ethereum Recovery Proposals’ is now merged in. The frozen parity funds from 2017 are 1 step closer to being bailed out,” leading to charges of centralization and favoritism.
Defenders chimed in, “To call it a bailout is intellectually dishonest. There was a bug, funds got stuck. A software engineer will find a way to resolve the problem, rather than claim it’s a feature and ignore the people the code is supposed to serve. Choose to be an engineer first, not a politician.”
Mr. Buterin himself shot back, “To say that Vitalik is on the brink of being okay with it is also incredibly intellectually dishonest.”
Ripple in Peace
A sad, curious statement was released, detailing how “Billionaire Matthew Mellon, 53, died suddenly in Cancun, Mexico, where he was attending a drug rehabilitation facility. Mellon made his fortune in cryptocurrency, turning a $2 million investment into $1 billion. He is survived by his three children, Force, Olympia and Minty. The family asks that their privacy be respected at this very painful time.”
Fox News is reporting Mr. Mellon, an early Ripple booster, explained two years ago “‘OxyContin is like legal heroin. And it needs to be addressed,’ while at a Malibu treatment center kicking a habit of $100,000 a month.”
Now That is a Great Point
Regarding the ongoing Facebook privacy problem, Leo Weese has put it best: “Amazing how people suddenly realize they don’t own their data on Facebook. Let’s see how they react when they find out they don’t own the money in their bank accounts either!”
And in related news, New York Times’ Nathaniel Popper is reporting Cambridge Analytica was looking into their own crypto coin along with an initial coin offering (ICO) prior to the Facebook-related scandal breaking.
Bitcoin Cash Getting Love from CNBC, Zimbabwe, and Free Stickers!
Fast Money’s Brian Kelly is signalling a strong buy for bitcoin cash (BCH). He’s claiming to rely on “technical indicators” that show BCH poised for a potential breakout and increasing volume. With increasing volumes, traders are keen to see “something” happen in a positive direction for the digital asset.
We reported Zimbabwe’s latest crypto acquisition, an ATM, and it appears now the owner has activated bitcoin cash to go along with bitcoin core. Hopefully, these alternatives serve as a currency oasis in a pretty dry market.
Finally, bitcoin cash enthusiast Bittburger announced BCH stickers for those who’d like to help spread the word about the best form of money ever devised. Free!
Do you think bitcoin cash is poised for a price breakout? Let us know in the comments section below.
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Bitcoin is neither a company, nor a stock, but a technology in its early stages comparable to the Internet in the 1980s, says CNBC’s Brian Kelly #NEWS
While Bitcoin may be a “bubble,” it may not “burst” and be gone “forever,” says Nobel Prize winning economist Robert Shiller. #NEWS