Connect with us

Bitcoin

Thomas Lee Sticks To His Guns With $25,000 Bitcoin (BTC) Price Prediction

Published

on

Bitcoin

The market might be in the red, but if you have been in this crypto-verse since December, you know it will go back to being green in a matter of a few days. Perhaps this is why Fundstrat’s CEO, Thomas Lee, is still sticking to his guns with his prediction of seeing a $25,000 Bitcoin (BTC) by the end of the year.

Mr. Lee highlighted the attendance of the Consensus event back in May as an indicator of increased interest in blockchain technology as well as cryptocurrencies. Mr. Lee was quoted as saying:

“The notion of blockchain as a way to solve trust in the digital world has gained a lot of traction, especially out of Consensus. And what investors aren’t connecting is that you can’t necessarily just say ‘I believe in the blockchain.’ Bitcoin and cryptocurrencies are essential to how blockchains operate in the security.”

Mr. Lee went on to give 3 reasons as to why Bitcoin will reach the $25,000 mark. The reasons were:

  1. The cost of producing and replicating Bitcoin is almost equivalent to the current trading levels of the coin. This means that it will not deviate lower than the levels we are seeing now
  2. Institutional investors are keen on the industry and are possibly waiting to make an entry every day, albeit with uncertainty due to the lack of direction by regulators. Once this is cleared up, they will buy in quick
  3. Fundstrat, the firm he runs, has collected and compiled historical data about the prices and trends of Bitcoin that back his bold statements of a $25,000 price by the end of the year

However, the crypto-verse is currently experiencing some uncertainty after a flash crash left many traders baffled early Sunday morning. Even the price prediction by Mr. Lee might sound a bit skeptical this week.

Several theories have emerged with respect to the flash crash that occurred early Sunday morning in the crypto markets. One theory that has turned out to be true, is that popular South Korean exchange, CoinRail, was hacked. Estimates of the cost of the cyber ‘looting’ have been put at $40 Million worth of crypto. But the major blow came when the crypto-markets responded to the news. What then proceeded is a massive sell-off that managed to wipe out close to $20 Billion in the total crypto-market value in a time frame that was a few hours.

A second theory to the current market turmoil has been well elaborated by John McAfee via twitter when he said:

“Do not panic about the drop in Bitcoin’s price. It is an overreaction to the news that Bitstamp, Coinbase, itBit, and Kraken are being investigated for price manipulation. This will delay the bull market by no more than 30 days. Don’t buy into the fear. Buy the coins.”

In conclusion, there is only one thing to do: and that is to remain calm as the markets find a footing once again.

HODL!

For the latest cryptocurrency news, join our Telegram!

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 Pexels

Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

Published

on

As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

Continue Reading

Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

Published

on

Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

Continue Reading

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

Published

on

Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

Continue Reading

Press Release