Značka: Predictions

Institutional investment will boost Bitcoin to $75,000, says SEBA CEO

The CEO of Swiss-based financial institution SEBA Bank shared his predictions for Bitcoin in 2022. A boon for BTC bulls, Guido Buehler was optimistic about institutional adoption and a price increase to $75,000 per coin.He explained in an interview that, at SEBA, asset pools are looking for the right time to invest. However, they need the right counterparties and the necessary regulation in order to deploy capital. When pressed on whether Bitcoin (BTC) would hit new highs this year, Buehler thinks it’s possible, “the question is always time.” He noted that with BTC dominance bottoming out at 40%, it’s a pivotal moment for investors looking for a directional play. The interview took place at the Crypto Finance Conference in St. Moritz, Switzerland, where “sophisticated” players across the crypto space came together to discuss potential business deals. The reasons behind price increases clash with the CEO of Ledger’s musings. At the same conference, Pascal Gauthier agrees on BTC hitting new highs but it’ll be retail leading the charge. Related: Fidelity exec says Bitcoin is ‘technically oversold,’ making $40K a ‘pivotal support’SEBA bank is building a reputation as a crypto-friendly banking institution. The bank recently completed a Series C funding round of 110 million Swiss francs ($119 million) in which FTX and Alameda Research were investors. In October last year, the bank said that customers would soon be able to earn yields on their crypto holdings. A crypto enthusiast himself, in Buehler’s words, the technology behind Bitcoin will “redefine finance.”

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A third of Americans to buy Bitcoin by end of 2022, says Ric Edelman

Bitcoin bull and founder of Edelman Financial Engines Ric Edelman has made some promising predictions about the future of the seminal cryptocurrency.In an interview on CNBC program ETF Edge on Jan. 10, Edelman said:“We’re already at a quarter of that number with 24% of Americans owning Bitcoin. It won’t be that much of a stretch for it to get to one-third. Bitcoin is becoming more and more mainstream. People are hearing about it everywhere–it isn’t going away.”While 2022 got off to a rocky start, In his view, governments corporations, foundations, pension funds are investing in BTC: “there is major institutional involvement.”As the author of soon-to-be-released “The Truth about Crypto,” Edelman is a long-standing crypto proponent. In 2019, he described Bitcoin as the first “genuinely new asset class” in 150 years, and back in December 2018, he recommended that investors load up on the orange coin. In a follow-up interview with CNBC yesterday, he lamented that while he has predicted a Bitcoin spot exchange-traded fund (ETF) for the past seven years, he’s convinced that by 2023, there will be spot ETF approval. Similar to U.S. Securities and Exchange Commissioner Hester Peirce’s thoughts on the matter, Edelman articulates that the SEC is running out of excuses to say no:“A lot of the concerns the SEC has have been resolved by the industry through their own maturity, innovation and development. I am confident that we will see the SEC say yes because there is no legitimate reason for them not to.”Matthew Hougan, chief investment officer at Bitwise Asset Management agreed with him in the second interview. Related: Crypto mainstream adoption: Is it here already? Experts answer, Part 1Hougan stated that there would be even more investor protections and a better product thanks to the “cumulative weight of the evidence that will force them to move forward with approval.” Consumer protection provided by an SEC-run ETF is the cherry on top of a slick product. ETF speculation aside, Edelman is clairvoyant about the banality of Nakomoto’s invention in the future. He summed it up succinctly; Bitcoin is “going to be as common in the next couple of years as any other portion of a portfolio.”

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Nexo co-founder targets Bitcoin at $100K by mid-2022

Another promising price prediction has appeared for Bitcoin bulls in 2022. Antoni Trenchev, co-founder and managing partner of Nexo said that Bitcoin could hit the $100,000 milestone as soon as the summer in an interview with CNBC.Despite BTC opening the year with bearish price action, while the fear and greed index shows “extreme fear,” the Bulgarian business mogul set the record straight: “Every time that investors and the broader community write off Bitcoin, it outperforms significantly. This has been the case in 2020–when it rallied close to 1,000%, and in 2021 where it rallied 63%. I’m quite bullish on Bitcoin.”As one of the world’s largest lending institutions in the digital finance industry, Nexo is privy to insights from serving 2.5 million users across 200 jurisdictions. As a competitor to platforms like BlockFi and Celsius, it recently became one of the first crypto lenders to allow customers to borrow stablecoins, Ether (ETH) and other cryptocurrencies using NFTs as collateral. Related: Brock Pierce and Tom Lee tip $200K BTC in 2022, despite missing the mark in 2021While Nexo was forged in the bear market of 2018, Trenchev says that access to “cheap money,” and institutions filling their bags with cryptocurrencies will propel Bitcoin over the $100,000 wall.There’s plenty of evidence that institutional adoption is brewing. Last month, Fidelity Investments partnered with Nexo to offer crypto custodial services, products and lending services for institutional investors. Yesterday, Sam Bankman-Fried, the founder of FTX (which just listed NEXO token on his exchange), said that regulatory clarity would “help a ton on institutional adoption.” In a nod to further Bitcoin adoption in developing countries, Trenchev concluded that “Latin America is the poster child” for cryptocurrency use cases. He joked that “all of them (countries) could be potential candidates for adopting cryptocurrencies as legal tender.”

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Ethereum white paper predicted DeFi but missed NFTs: Vitalik Buterin

Rounding up the last decade, Ethereum co-founder Vitalik Buterin revisited his predictions made over the years, showcasing a knack for being right about abstract ideas than on-production software development issues. Buterin started the Twitter thread by addressing his article dated Jul. 23, 2013 in which he highlighted Bitcoin’s (BTC) key benefits — internationality and censorship resistance. Buterin foresaw Bitcoin’s potential in protecting the citizens’ buying power in countries such as Iran, Argentina, China and Africa. However, Buterin also noticed a rise in stablecoin adoption as he saw Argentinian businesses operating in Tether (USDT). He backed up his decade-old ideas around the negative impacts of Bitcoin regulation.My views today: sure, Bitcoin’s decentralization would let it still *survive* under a super-hostile regulatory climate, but it could not *thrive*. Successful censorship resistance strategy requires a combination of technological robustness and public legitimacy.— vitalik.eth (@VitalikButerin) January 1, 2022The entrepreneur still believes that “the internet of money should not cost more than 5 cents per transaction” and highlighted Ethereum’s continued efforts to improve the blockchain’s scalability capabilities.5. I should also add that the core *idea* of sharding has survived unscathed.Blockchain 1.0: each node downloads everything, have consensusBitTorrent: each node downloads only a few things, but no consensusIdeal: BitTorrent-like efficiency but with blockchain-like consensus— vitalik.eth (@VitalikButerin) January 1, 2022

“I liked altcoins before altcoins were cool,” added Buterin citing an article where he based this claim via three arguments: different chains optimize for different goals, costs of having many chains are low and need of an alternative in case the core development team is wrong. On the flipside, Buterin backtracked on his support for Bitcoin Cash (BCH), stating that communities formed around a rebellion, even if they have a good cause, often have a hard time long term, adding that “they value bravery over competence and are united around resistance rather than a coherent way forward.”11. Applications envisioned in the Ethereum whitepaper:https://t.co/6HCoO2CSW8* ERC20-style tokens* Algorithmic stablecoins* Domain name systems (like ENS)* Decentralized file storage and computing* DAOs* Wallets with withdrawal limits* Oracles* Prediction markets— vitalik.eth (@VitalikButerin) January 1, 2022

“A lot correct (basically predicted “DeFi”), though incentivized file storage + compute hasn’t taken off that much (yet?), and of course I completely missed NFTs.”Concluding the findings, Buterin supported the instincts that helped him correct mistakes early on, stating: “On tech, I was more often right on abstract ideas than on production software dev issues. Had to learn to understand the latter over time.”Related: Vitalik Buterin outlines ‘endgame’ roadmap for ETH 2.0In early December, Buterin shared his vision for a “plausible roadmap” for ETH 2.0, suggesting “a second tier of staking, with low resource requirements” for distributed block validation. Additionally, he proposed the introduction of fraud-proof or ZK-SNARKS that can serve as a cheaper alternative for users to check block validity. According to Buterin:“[With these updates] We get a chain where block production is still centralized, but block validation is trustless and highly decentralized, and specialized anti-censorship magic prevents the block producers from censoring.”

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Kraken CEO reverses $100K BTC 2021 forecast: Crypto winter now possible

As Bitcoin (BTC) continues to trade sideways around $48,000, Kraken CEO Jesse Powell is not counting out a potential crash on cryptocurrency markets in the short term.A crypto winter is now “possible,” Powell said in a Dec. 14 interview with Bloomberg Technology, noting that Bitcoin and the crypto ecosystem have historically evolved around cycles based “sort of around the Bitcoin halving.”But despite a potentially looming crypto winter, Powell is confident that the market will bounce back from a bear market once investors start buying should BTC drop below $40,000:“I think a lot of people see anything under $40,000 as a buying opportunity. I was personally buying when we dipped back close to $30,000 a few months ago and I think a lot of people are just waiting to come back in at rock bottom prices.”In the interview, Powell mentioned some of his previous Bitcoin predictions, including his $100,000 Bitcoin forecast for late 2021. The CEO made this prediction in August, stating, “I think we could see $100,000 plus a coin late this year-early next year.” He also predicted that Bitcoin price is going to ‘infinity’ in March.“It’s hard to know where it goes,” Kraken CEO said in the latest interview, noting that he is still bullish on Bitcoin in the long term. “When you look at a long-term trendline of Bitcoin and it’s just up consistently. I always tell people ‘If you think about buying Bitcoin, think about it as a five-year plus investment.’”Related: Bitcoin sheds ‘dumb money’ as retail buys most BTC since March 2020 crashMany prominent figures in the crypto community predicted BTC to hit $100,000 by the end of 2021, including stock-to-flow model creator PlanB, Morgan Creek Digital Assets co-founder Anthony Pompliano, SkyBridge Capital CEO Anthony Scaramucci and others.Last week, Bitwise chief investment officer Matt Hougan claimed that $100,000 by the end of the year was a “difficult prediction to make,” suggesting that the price level could come in 2022.

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Bitwise CIO ‘not so sure’ about Bitcoin hitting $100K in 2021

As 2022 draws closer, some cryptocurrency investment experts are doubtful about whether Bitcoin (BTC) has enough time to hit $100,000 in 2021.Following a major flash crash in the cryptocurrency market, Bitcoin is unlikely to break new all-time highs in the next three weeks and go all the way up to $100,000, according to Bitwise chief investment officer Matt Hougan.“$100,000 by the end of the year is a difficult prediction to make […] I think $100,000 could be in target in 2022 but this year, I’m not so sure,” Hougan said in a Monday interview.He noted that a potential cryptocurrency rally in 2022 will be largely thanks to growing institutional support. “I think as we look into 2022, we still have these fundamental drivers, the institutions we speak to every day at Bitwise,” Hougan said, adding that many institutions are still moving into the market for the first time.The CIO also predicted that 2022 will see an “explosion of activity built on Ethereum” and layer-one solutions, or those aiming to improve the base protocol itself to scale the overall system rather than creating a different protocol.“Investors are going to be looking at Ethereum, Solana, or Polygon. Investors are starting to realize there’s more to crypto than just Bitcoin. If there’s one bigger story for next year, it’s going to be everything else: crypto as DeFi, NFTs, Web3, or metaverse,” Hougan predicted.While Hougan noted the growing potential of altcoins — or coins other than Bitcoin — some prominent figures in the crypto community are still sticking with BTC.Bobby Lee, founder and CEO of crypto hardware wallet Ballet, argued on Monday that Bitcoin is “more valuable” than altcoins because i is not backed by “any sort of project, or a promise that can fail.”The crypto community has been watching Bitcoin’s price closely this year, with notable figures in the industry predicting BTC will ha hit $100,000 by the end of 2021, including Standard Chartered’s cryptocurrency research unit, stock-to-flow model creator PlanB, Morgan Creek Digital Assets co-founder Anthony Pompliano, SkyBridge Capital CEO Anthony Scaramucci and others.Related: Bitcoin to hit $250K in January 2022 but ‘invalidate’ S2FX BTC price model — New predictionOthers in the crypto community have taken a more skeptical view.The year is 2050: “One more shakeout for #Bitcoin  and then it’s moon time! 100k EOY” Ok Grandma let’s get you to bed. pic.twitter.com/F9RoBF8qdo— Lunch Money (@LunchMoneyMitch) November 10, 2021At the time of writing, Bitcoin is trading at $51,290, notably recovering after dropping below $47,000 on Saturday, according to data from CoinGecko. After starting 2021 at around $30,000, Bitcoin hit its all-time high above $67,000 in mid-November.Bitcoin one-year price chart. Source: CoinGecko

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NFT music platforms to disrupt Spotify in 2022, Saxo Bank predicts

As popular music streaming services like Spotify cut much of musicians’ revenues, new technologies like nonfungible tokens (NFTs) are likely to help artists grab back their fair share, Saxo Bank predicted.According to one of Saxo Bank’s Outrageous Predictions 2022: Revolution, music creators would benefit from NFT-based streaming platforms as they allow distributing music directly to listeners without centralized middlemen charging a fee. Saxo Bank’s cryptocurrency analyst Mads Eberhardt argued that mainstream music streaming platforms like Spotify and Apple Music take a substantial cut, which together with the cut paid to labels is some 75% or more of the total revenue.“These models don’t guide individual subscribers’ fees to the actual music an individual subscriber listens to,” Eberhardt stated, adding:“The use case for NFTs could prove particularly compelling in the next step for the technology for content generators in the music industry as musicians feel unfairly treated by the revenue sharing models of the current streaming platforms like Spotify and Apple Music.”The analyst noted that NFT-based music streaming projects are likely to start kicking off in 2022, including initiatives like Audius, a blockchain music platform backed by Katy Perry, The Chainsmokers and Jason Derulo. Based on blockchain, the Audius platform is a decentralized music-sharing and streaming protocol designed to cut out the middleman from the music industry and allow fans and creators to interact with each other directly.In contrast, the future of traditional streaming platforms like Spotify is “bleak,” according to Saxo Bank. The company predicted that Spotify shares would tumble 33% in 2022. SPOT has already been dropping in 2021: starting the year around $300, Spotify shares dropped to as low as $204 in August, according to data from TradingView. At the time of writing, SPOT is trading at $229.In the meantime, Spotify’s revenues have been steadily growing over time, reflecting much potential for NFT-based music platforms to disrupt. According to Spotify’s official 2020 financial results, the company generated 7.85 billion euro ($9.5 billion) revenue last year, a 16% increase from 2019. Spotify’s financials continued growing in 2021, with the total amount of monthly active users surging 19% year-on-year to 381 million in Q3 2021.Source: Business of AppsRelated: NFT music marketplace Royal raises $55M in Series A roundAs previously reported, Spotify has been paying attention to the cryptocurrency industry, looking for talent with a crypto background in late 2020. The firm is also well aware of the rise of NFTs as it mentioned NFTs in its Spotify Wrapped 2021 compiled for users on Dec. 1, 2021.I will say I was not expecting to see an NFT reference in my Spotify Wrapped today but here we are pic.twitter.com/KnpwrR90Y4— Meghan Bobrowsky (@MeghanBobrowsky) December 1, 2021Spotify did not immediately respond to Cointelegraph’s request for comment.

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