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Galaxy Digital CEO Sees Bitcoin Returning To Glory In 2019

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Crypto investment firm, Galaxy Digital CEO, Mike Novogratz, expects the most valuable digital coin, Bitcoin to return to glory in 2019.

Crypto investment firm, Galaxy Digital CEO, Mike Novogratz, expects the most valuable digital coin, Bitcoin to return to glory in 2019. He is not worried as to what is the current situation in respect of the virtual asset that is witnessing subdued and sluggish sentiments. His comments should be a boost to those who are expecting a turnaround of fortunes in the cryptocurrency and that should also lead other virtual assets to follow suit.

 

Bullish Sentiments

Novogratz thinks that bitcoin will break the doldrums that is currently seen with the cryptocurrency. This could happen next year, i.e., 2019 and predicts a price of $20,000 driven by institutional investments. The former Goldman Sachs’ investment banker thinks that fear of missing out would fuel the market in the upcoming months. His confidence stems out from his belief that the virtual asset will gain more mainstream traction. Additionally, conventional finance players’ entry will also boost the overall crypto sector.

Galaxy Digital CEO stated that bitcoin price should first break out the levels of $6,800. Once this is achieved, the digital coin price could hit between $8,800 and $9,000 before the current year ends. According to him, he sees the price reaching $10,000 mark by the end of the first quarter of next year. Once the digital coin has reached the five-digit mark, it will reverse to fresh highs with potentials to hit $20,000 and more. The overall cryptocurrency market has taken a strong hit in the current year after peaking to life-time highs in December 2017.

 

Matter of Time

Though the digital currency market is going through a challenging period, the industry witnessed multi-billion dollar announcements from Universities such as Harvard, Yale, and Stanford while North Carolina, MIT and Dartmouth Universities joined the bandwagon. Until now, the combined endowments reached $108 billion for the crypto segment. Though analysts term the universities’ allocation as a small one, their action could trigger a chain of reaction on other institutional investments like pension funds.

Novogratz and other crypto experts bet it is only a question of time before the floodgates are opened for institutional investors as Wall Street, and conventional financial service providers have the habit of copying each other. Galaxy Digital CEO thinks that the crypto market will gain from formal regulation despite the existing ecosystem taking pride in being a decentralized and unregulated platform.

 

Legitimize Industry

Currently, most of the digital coins are unregulated in most of the countries in the world. Therefore, any regulation will only help to legitimize the industry and push the prices up. At the same time, the regulation could remove the scamsters from the environment. One of the biggest asset managers, BlackRock is slowly embracing the virtual asset. Its CEO Larry Fink indicated that it would launch a bitcoin ETF if the industry becomes a legitimate one.

Fink indicated that “It will ultimately have to be backed by a government. I don’t sense that any government will allow that unless they have a sense of where that money’s going.” This is a clear indication that financial institutions are waiting in the wings to enter the crypto markets and this is where Novogratz places his long-term outlook for the digital coin sectors.

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Bitcoin is Halal? Will crypto rise with mass Muslim adoption?

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Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a 'HARAM' while others calling it a 'HALAL'.

Erol Yarar, the chairman of the international business forum has suggested all Islamic nations to adopt the cryptocurrency system for transactions with each other rather than adopting the US Dollar as according to him the US Dollar is used as a weapon by the United States to wreak economic havoc.

 

Calling US Dollar a ‘Punishing Tool’

Yarar expressed his concerns by stating that the US dollar is used by the United States Government to punish a specific country that the United States is not willing to be in peace with. He also stated that the United States Government uses the US Dollar to lower down the money transactions, for imposing sanctions and for making nations bowing down in front of the United States.

 

Yarar said that the US Dollar is not just a common currency but also a sanctioning tool. Also saying that at the International Business Forum this year, they will discuss the term monetary pluralism for implementing a democratic trading environment and the top features to be discussed at the next International Business Forum meeting would be the usage of Blockchain Technology and Cryptocurrency for the financial sector in the Muslim countries especially the middle east.

 

Yarar said:

“We will make a cryptocurrency system, that will be used for international trade among Islamic countries, a current issue.”

 

Bitcoin Halal?

Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a ‘HARAM SYSTEM’ or ‘ILLEGAL SYSTEM’ while others calling it a ‘HALAL SYSTEM’ or ‘LEGAL SYSTEM’ according to the Islamic principals with some Mosques such as the Shacklewell Lane Mosque in London have also started to accept cryptocurrencies as donations.

 

What do you think about bitcoin and other cryptocurrencies being termed as Halal? Tell us in the comments section below.

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Bitcoin ETF: Worlds first Cryptocurrency ETF approved

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ETF: The world's first Cryptocurrency ETF has been approved by the Switzerland authorities which will start trading on SIX, 4th largest exchange in whole Europe.

The world’s first Cryptocurrency ETF has been approved by the Switzerland authorities which will start trading on SIX, the 4th largest exchange in whole Europe which has a market capitalization of over $1.6 trillion.

 

ETF offered by Amun AG

Amun AG, a cryptocurrency startup is offering the fund that will allow the institutional investors to invest in the major cryptocurrencies such as bitcoin, ethereum, ripple, litecoin, and bitcoin cash.

Hany Rashwan, the CEO and Co-founder of the company said that the following ETP will provide an opportunity to the institutional investors that are restricted to investing in just securities and also give the same opportunity to retail investors that are unable to access cryptocurrency exchanges to due regulatory pressure. The CEO also said that before choosing Switzerland, the company had explored 23 other destinations around the world but found Swiss the most suitable.

 

The ETF will allow investors in buying the market and investing in crypto market as a whole. When investors will be investing in a fund, an amount equal to their purchase value will be held on their behalf by the custodian.

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Bitcoin Cash BCH Hash Wars: Who is winning?

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The Bitcoin Cash hash war is still on with close to 300 blocks mined on the BCHABC side using the new ruleset, which has also given the BCH network the most accumulated proof of work. Cryptocompare has given the BCH ticker to BCHABC chain followed by Bittrex also appointing the ABC chain with the BCH ticker. The ABC chain has gained more support and also mined more blocks since the split of the BCH chain into BCHABC and BCHSV. The SV chain has performed less work till now.

 

Faketoshi “Satoshi’s Shotgun”

Craig Wright had earlier threatened that he will destroy the BCH ABC chain by mining empty blocks using his huge hash power, which is being called “Satoshi’s Shotgun”. BCH ABC has apparently survived the Shotgun. Peter Rizun from Bitcoin Unlimited said:

“The difference in network effect stark: BSV has few users, no OSX or Windows clients, no block explorer, perhaps one mobile wallet, and a shotgun that doesn’t shoot so straight,”

According to cash.coin.dance, BCH ABC is currently 51.9% ahead on proof of work and is 15 blocks ahead, meaning miners will to secure the BCH ABC side and that exchanges ca resume deposits and get everything back to normal. Many supports believe that the ABC side has already won the battle.
Bittrex has listed the ABC chain as BCH and the SV chain as BSV.

While many BCH supports are claiming that the war is over and the ABC side is close to winning it, SV supporters still believe that the hash war will continue for weeks and Craig Wright continues to claim that he will destroy the ABC chain by mining empty blocks.

What do you think about the hash war? Comment below

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