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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

Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Currency Market

How PayPal Sparked The Next Crypto Gold Rush

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The astounding thing about the world of cryptocurrencies is how fast things can move when there’s a catalyst for change. For Bitcoin, the world’s most famous cryptocurrency looked set to spend the final months of 2020 taking a back seat to the rapidly developing DeFi landscape. One PayPal announcement later and it’s closing in on its all-time high value

The 2020 crypto gold rush was sparked into life on October 21st when payment giant PayPal announced that they would be accommodating cryptocurrencies like Bitcoin, Ethereum, Litecoin and Bitcoin Cash – allowing its network of 286 million users to buy and sell cryptocurrency. The coins could then be used to make purchases from the 26 million sellers that accept PayPal, the organization announced. 

The notion of 286 million users suddenly gaining access to cryptocurrencies has prompted some enthusiasts and investors to believe that the world of crypto is on the precipice of arriving into mainstream usage. 

Bitcoin Price

(Image: CoinGecko)

As the chart above shows, in the 30 days that followed the PayPal announcement, the price of Bitcoin has climbed by an astonishing 53%. Continue Reading

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