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3 reasons why Bitcoin will reach $50,000 before the year closes, Anthony Pompliano

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There have been lots of predictions that Bitcoin would reach the $50,000 price mark before 2018 comes to an end. The latest one on the list is from a notable investment manager, Anthony Pampliano – he is quite certain that Bitcoin (BTC) would reach $50,000.

Pampliano is a well-known personality. He is notably the partner and co-founder at Morgan Creek Digital Assets. A firm that takes care of institutional hedge funds and talking about the latest from it, it recently managed to score a strategic partnership with an established VC firm, CityBlock Capital. Pampliano in an interview on Skype with Cheddar stated that the surge will be based on three essential factors: Human psychology, Bitcoin ETF speculations, and the entry of institutional money.

Pampliano stated this to Cheddar:

I’ve got a high degree of confidence that at some point in the future, it’s going to hit $50,000. And I’ve got some degree of confidence that it will be by the end of this year.

Anthony also stated that there probably are 30 to 40 percent chances that the price will hit the $50,000 mark before the year closes. Pampliano further twitted this on his Twitter profile:

It is important to note that the pullback in the price of Bitcoin in the last 48 hours or so was as a result of SEC’s disapproval of the Winklevoss BTC ETF application – but at the time of writing, Bitcoin has backed-up a bit and currently trading at $8,141 per coin (went below $8,000 right after the ETF rejection news). Pampliano noted that Bitcoin would be extremely bullish and surge higher.

His number one factor was the human psychology, and Pampliano has stated that his projected price mark was the next mega round number that lots of BTC traders would love and would drive the value to the $50,000 price mark. When Bitcoin’s price broke above the $8000 price mark, it moved above three resistance levels without being overbought.

Pompliano stated,

There’s a lot of speculation on the new ETF decision, [but] I don’t think it’ll get approved in the next 30 days or so. There’s a lot of people excited about that.

SEC’s approval on Bitcoin’s ETF is improbable, and the speculation about future approval is Pompliano’s second factor that would maintain Bitcoin bullish sentiment.

It is important to note ever since this month, the market has brought some bullish sentiments which have matched unexpected happenings such as the China and U.S trade-off.

Pompliano’s third factor or reason is on the institutional money. He said that the institutional money entry can surge Bitcoin’s price to $50,000. Pampliano is familiar with the activities of institutional investors since he is a partner at Morgan Creek Digital Assets. Pompliano states:

You can see institutional money coming into funds and future contracts so you’re starting to see really big volume in some of these products. I think that’s going to drive the asset.”

He also stated that cryptos are pleasing to hedge funds too, and there are looking for the chance to make big gains.

Finally, on Pompliano’s prediction, all we need to do is to keep our fingers crossed and see how the market turns out before the year closes.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Maxpixel.net

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Why Blockchain Projects Keep Failing

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If you’ve been keeping up with news coming out of the blockchain community over the past year, you’ve probably heard countless projects hyped as the next best thing—only for them to fall off completely off the map a few months later. While some of these projects offered no practical solutions and seemed destined to fail, others creatively used blockchain technology to enhance the way we perform day-to-day tasks.

So, What’s the Problem?

For starters, many of these founders have no real experience running a business or managing finances. Instead, teams are usually comprised of programmers and tech geeks with the ability to develop blockchain-driven apps, but have no clue about project management, allocating resources, effective team building or marketing.

What’s more, when you look at the average blockchain start-up’s website, you’ll probably find a list of team members with accolades a mile long. And many of these “achievements” are in similar blockchain projects that have yet to take off. This makes it hard to distinguish between what is hype and what is credible information, which scares off all but the high-risk investor.

Project Success Starts at the Team Level

The sudden interest in cryptocurrency and blockchain technology can be compared to the California Gold Rush. Everyone wants to get in on the ground floor so that they can make as much money as possible.

Unfortunately, this mentality isn’t just…

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Altcoins

STEEMIT Running Out Of STEAM?

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Has Steemit seen its glory days run dry? There have been many rumors that the CEO Ned Scott has pushed the company to the blockchain focus that he forgot about Steem being a social media platform. Now, these are just things some of the former employees have been heard saying, but it is a rather interesting take as to what is going on. Give the following video a watch where I break down what is happening with Steem. I also give my thoughts on what may happen to other large ICOs and how we may see this trend continue as we have seen with ConsenSys laying off 10% of their workforce.

If the big name projects are starting to do this will it also have a trickle-down effect on other ICO’s which have no products and are running out of cash? I definitely think so, and I also see this negatively affecting Ethereum for the mid-term. The question many have been asking is just how long can the bottom 1800 projects last with the current market conditions? How many ICOs did not liquidate their Ethereum and now are stuck with 1/10th the cash flow or more in some cases, how will they pay to continue operations? What about the growing number of projects laying off employees like…

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The Three Biggest Problems with Crypto

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In this bear market, everybody’s asking the same questions. Why is Bitcoin falling? When will the market turn around? Is this the end of the crypto boom?

However, before we can answer questions like these, we need to step back and do an honest appraisal of where our industry stands and what is really holding it back. Despite its growing popularity, cryptocurrency still struggles to gain mainstream appeal. While crypto has managed to distance itself from the early days, when it was used to buy illegal goods online, the currency still conjures up negative feelings for a lot of people unfamiliar with the technology — and all too often, for good reasons.

Cryptocurrency is still relatively new, which means that many casual users are still exploring different ways to use crypto in their day-to-day lives. Unfortunately, this lack of knowledge leaves a lot of users vulnerable to scammers seeking to take advantage of their ignorance and inexperience.

We’ve contacted various types of people within the crypto community, surveying newbies, traders, investors, and professionals, asking what the biggest problems in crypto are. We found there to be three major problems holding the industry back:

Scammers

Failed projects

Immature technology

Who hasn’t been scammed at least once?

The crypto community is overrun with scammers taking advantage of inexperienced and naive users. What’s more, scams don’t only occur on an individual level.…

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