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Guggenheim CIO Expects Bitcoin to Bottom Around $15,000

On Friday (June 25), Scott Minerd, Global Chief Investment Officer of Guggenheim Partners, the man who said last December that “Bitcoin should be worth about $400,000”, shared his latest thoughts on Bitcoin. Guggenheim Investments is “the global asset management and investment advisory division of Guggenheim Partners and has more than $233 billion in total assets across fixed income, […]

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On Friday (June 25), Scott Minerd, Global Chief Investment Officer of Guggenheim Partners, the man who said last December that “Bitcoin should be worth about $400,000”, shared his latest thoughts on Bitcoin.

Guggenheim Investments is “the global asset management and investment advisory division of Guggenheim Partners and has more than $233 billion in total assets across fixed income, equity and alternative strategies.” It focuses on “the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, wealth managers and high net worth investors.”

On 16 December 2020, after the Bitcoin price had finally broken through the $20,000 level on all crypto exchanges to set a new all-time high, Minerd, the Guggenheim CIO, talked about Bitcoin during an interview on Bloomberg TV.

The interview started by the Guggenheim CIO being asked by Scartlet Fu, Bloomberg TV’s Senior Editor of the Markets Desk, about the Guggenheim Macro Opportunities Fund and the decision by its managers to invest “up to 10% of its net asset value in Grayscale Bitcoin Trust.” In particular, he was asked if Guggenheim had started buying Bitcoin yet and how much this decision was “tied to the Fed’s extraordinary policy.”

Minerd replied:

To answer the second question, Scarlett, clearly Bitcoin and our interest in Bitcoin is tied to Fed policy and the rampant money printing that’s going on. In terms of our mutual fund, you know, we are not yet effective with the SEC. So, you know, we’re still waiting.

Of course, we made the decision to start allocating toward Bitcoin when Bitcoin was at $10,000. It’s a little more challenging with the current price closer to $20,000. Amazing, you know, over a very short period of time, how big run-up we’ve had, but having said that, our fundamental work shows that Bitcoin should be worth about $400,000. So even if we had the ability to do so today, we’re going to monitor the market and see how trading goes, what evaluation that ultimately we have to buy it.

He then explained how they came up with the $400K valuation for Bitcoin:

It’s based on the scarcity and relative valuation, such as things like gold as a percentage of GDP. So, you know, Bitcoin actually has a lot of the attributes of gold and at the same time has an unusual value in terms of transactions.

On June 22, Minerd tweeted that Bitcoin could fall as low as $20,000:

On June 25, however, the Guggenheim CIO seemed even more bearish on Bitcoin, at least in the short to medium term.

During an interview on CNBC, Minerd said that he expected the Bitcoin price to head lower and that investors need not be “anxious in putting money in Bitcoin now” since he believes that the Bitcoin price will be in consolidation mode for a couple of years before it heads higher.

This was his prediction for when Bitcoin would bottom:

The real bottom, when you look at the technicals, $10,000 would be the real bottom, you know, that’s probably a little extreme, so I would say $15,000.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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Source: https://www.cryptoglobe.com/latest/2021/06/guggenheim-cio-expects-bitcoin-to-bottom-around-15000/

Blockchain

BitPanda Hires Ex-JPMorgan Exec To Lead The Regulated Exchange

BitPanda hires former JPMorgan executive to lead the regulated Exchange while investors are increasingly treating crypto in the same way as they do with stocks and ETFs, accoridng to the new CEO of the platform. Following the latest developments, we are reading more about it in today’s cryptocurrency news. The crypto ecosystem picked another executive […]

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BitPanda hires former JPMorgan executive to lead the regulated Exchange while investors are increasingly treating crypto in the same way as they do with stocks and ETFs, accoridng to the new CEO of the platform. Following the latest developments, we are reading more about it in today’s cryptocurrency news.

The crypto ecosystem picked another executive from the traditional finance space and two months after raising $263 million, the Europe-based crypto trading platform Bitpanda announced that Joshua Barraclough, a former executive at JPMorgan will be the new CEO of the exchange Bitpanda Pro. Before transitioning into the crypto space, Barraclough worked as the head of the fintech team and then as the co-head of digital innovations at JPMorgan. He said that leaving JPMorgan to lead BitPanda was an easy decision:

“I have always been at the bleeding edge of innovation, and my job at JP Morgan was to launch new businesses to challenge and transform traditional finance. The crypto ecosystem is the most exciting part of that right now, with an incredible pace of change and growth in adoption. We want further to bridge the gap between digital assets and traditional finance, building on my prior experience.”

bitpanda

Barraclough also commented on the surging crypto adoption and the fresh institutional money by saying:

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 “This wave of institutional investment, unaffected by many of the regulatory worries of the last bull run, has proven the viability of Bitcoin (BTC) as a secure store of value and inflation hedge.”

He pointed to the increasing interest in the Layer 1 protocols like Avalanche and Solana and innovative DeFi applications:

“Far from being the meme-fueled gamble that many still view it as, investors are treating cryptocurrencies in the same way as stocks and ETFs. Bitcoin is a $1 trillion asset and has seen the world’s biggest investors allocate significant portions of their portfolios to the currency. When the likes of JPMorgan and Blackrock are taking an investment seriously, it’s a sure sign that it’s here to stay.”

bitpanda milestone

Speaking about crypto’s role as the gateway to traditional investments, Barraclough outlined that crypto is gaining even more traction as the first investment asset for the digital natives and poses as a gateway for further financial education. Bitpanda hires ex-JPMorgan executives as it is known to offer versions of the precious metals in digital form and its portfolio is only growing. The exchange secured $263 million in Valar Ventures Series C round and brought its market value to $4.1 billion.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

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Source: https://www.dcforecasts.com/altcoin-news/bitpanda-hires-ex-jpmorgan-exec-to-lead-the-regulated-exchange/

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Blockchain

Wharton Business School Starts Accepting BTC Tuition Payments

Wharton Business school started accepting Bitcoin payments for tuition and all students that will sign up for the online course can pay in both BTC and ETH as we can see more in our latest bitcoin news today. The payment option is first for a US university and the payment option relies on the Coinbase […]

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Wharton Business school started accepting Bitcoin payments for tuition and all students that will sign up for the online course can pay in both BTC and ETH as we can see more in our latest bitcoin news today.

The payment option is first for a US university and the payment option relies on the Coinbase commerce with it being limited for a single course. The Wharton Business School at the University of Pennsylvania is launching an executive education program in blockchain and will allow students to pay for it in crypto and with it to become the second American college to accept Bitcoin. Starting today, the students can choose crypto from a tuition payment menu that includes credit cards and PayPal, and those who choose this option can pay with Bitcoin Ethereum or USDC stablecoin.

btc payments

Wharton will rely on coinbase Commerce to process the payments and the platform will charge merchants a 1% fee to use this service but the school won’t pass the fee to the students. According to the Coinbase spokesperson, the payments can be made with any on-chain wallet. For now, the payment option is limited to those that will enroll in the six-week executive education course dubbed “Economics of Blockchain and Digital Assets” which is offered online and aimed at professionals from the finance world. Reed Cataldo, one of the course administrators noted:

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“It costs less than one Ethereum [token] at current prices.”

The broader Wharton Business school has yet to introduce the crypto tuition payments but according to Cataldo, the blockchain payment option will likely be adopted somewhere else at Wharton as well as the other schools in the future. In the meantime, the University of Pennsylvania is no stranger to BTC as the school already announced earlier this year that it had accepted a crypto gift from an anonymous donor that gave $5 million in BTC to support more innovation in finance. Penn requires crypto donations to be at least $10,000 started accepting crypto gifts for years as well as other American universities as well.

Until now, only one other college allowed students to pay tuition in crypto which was the King’s College in New York that started the practice in 2014. plenty of other overseas schools started accepting Bitcoin and they include the Lucerne University of Applied Science in Switzerland as well as the FPT University of Vietnam.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.dcforecasts.com/bitcoin-news/wharton-business-school-starts-accepting-btc-tuition-payments/

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Blockchain

Crypto Regulations Instead of a Ban in India by February 2022: Report

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The Indian government will reportedly implement a regulatory framework for operating with cryptocurrencies by February next year. Instead of a complete ban, this time, the authorities will debate whether to accept bitcoin and the altcoins as an asset class.

India’s U-Turn

The world’s second most populated nation is one of the fastest-growing markets for cryptocurrencies. However, the Indian government (with its controversial approach towards the matter) causes confusion on how locals can operate with digital assets.

Earlier in the year, the authorities planned to impose a total ban similar to the one in China and even criminalize the ownership and mining of cryptocurrencies.

The government started softening its stance ин the next few months, and the upcoming regulations might not be so harsh. According to a recent report, the legal framework on bitcoin and the altcoins will see the light of day by February 2022 to clarify the taxation of transactions and gains. Surprisingly, the authorities will even discuss the option of accepting cryptocurrencies as an asset class.

A spokesman at the Finance Ministry explained that enforcing certain laws on the industry is vital because the popularity of the digital assets in India attracts bad actors who could employ them in dubious activities. New rules could enable the authorities to stay on top of such operations:


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“What should not happen tomorrow is that if I start a personal digital currency, and after good marketing everybody buys it and once it has appreciated, I run away since I am a private player! Everybody has actually bought that currency by using other assets. The government needs to look at regulation in order to avoid the above.”

Listening to The Experts

If India decides to treat crypto as an asset class, the move could boost the country’s economy. At least, that is what the Indian billionaire Nandan Nilekani said a few months ago.

The entrepreneur agreed with many critics that digital assets are not suitable to be used as a payment method as their fiat currency value is quite volatile and some of them consume too much energy. He instead opined that investors should consider them as a gold substitute, for example:

“Just like you have some of your assets in gold or real estate, you can have some of your assets in crypto. I think there’s a role for crypto as a stored value but certainly not in a transactional sense.”

The interest in cryptocurrencies has indeed skyrocketed in India lately as locals increased their digital assets investments from $200 million last year to $40 billion this year.

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Source: https://cryptopotato.com/crypto-regulations-instead-of-a-ban-in-india-by-february-2022-report/

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Blockchain

Cartesi Integrates Chainlink Feeds for Delegated Staking System

Cartesi announced that the Noether sidechain’s Delegated Staking technology is now operational on the Ethereum network. The firm is also excited about the two Chainlink Price Feeds linked to enable the Delegated Staking system. The first is a decentralized Oracle price powered by Chainlink for the present ETH/CTSI price and is used to determine user …

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Cartesi announced that the Noether sidechain’s Delegated Staking technology is now operational on the Ethereum network. The firm is also excited about the two Chainlink Price Feeds linked to enable the Delegated Staking system. The first is a decentralized Oracle price powered by Chainlink for the present ETH/CTSI price and is used to determine user staking incentives. The second method includes using the Chainlink Fast Gas Oracle to reimburse investors for gas expenses appropriately.

Cartesi boosts the dependability and transparency of Delegated Staking systems by incorporating Chainlink decentralized oracles and protecting them against possible attack vectors such as flash failures, exchange outages, or data tampering. This Delegated Staking system carries more transparency and security, as it continues to follow worldwide markets and work as planned.

The firm decided to upgrade oracle ETH/CTSI through Uniswap V3 TWAP with the Chainlink Price Feeds as it provides optimizations like:

  • Price Precision

Chainlink Price Feeds gather data from various top data aggregators, resulting in price data compiled from exchanges and free of outliers. The data aggregation technique used by Chainlink creates more exact global market prices that are immune to difficulties with a single or limited number of data suppliers.

  • Secure Node Operators

Free and Sybil-resistant oracle nodes managed by top Blockchain DevOps teams and traditional organizations with a track record of uptime, amid high gas prices and significant network congestion, protect Chainlink Price Feeds.

  • Decentralized Networks

Chainlink Price Feeds are decentralized at the resource data, oracle node, and high oracle network levels, resulting in robust defenses against outage and tampering by the data providing firm or the oracle networking server.

  • Complete Transparency

Chainlink offers a sophisticated reputation system and a set of on-chain monitoring tools that allow users to independently evaluate the previous performance by node operators along with oracle networks. They can also examine the real-time pricing.

Importance of Chainlink

Oracles are critical components of each blockchain ecosystem. They allow smart contracts to view a step ahead of the blockchain on which they are running. Oracles are a vital bridge to unleash the full possibilities of smart contracts, connecting data from other blockchains to real-world occurrences.

Chainlink is the market leader in delivering safe oracle solutions for blockchain applications, assisting in the security of billions of dollars of on-chain assets across various leading blockchains and applications. Cartesi is also happy with the Chainlink serving as the Noether sidechain’s eyes, assisting Noether staking pool operators in receiving more secure and equitable rewards amid gas spikes and CTSI pricing variations.

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Source: https://www.cryptonewsz.com/cartesi-integrates-chainlink-feeds-for-delegated-staking-system/

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