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John McAfee, whose fame exists rather heavily due to the software company he founded in the late 1980s, took to Twitter yet again on February 2, 2018, to reaffirm that he was indeed bullish on bitcoin. In an attempt to predict bitcoin’s price at the end of this decade, McAfee had previously stated that it would reach “$500,000 by the end of 2020”. In November 2017, he tweeted that the cryptocurrency had accelerated much faster than expected, causing him to raise his prediction to $1 million instead.
McAfee’s bitcoin prediction is not all that he has stated in his tweets though. He has claimed that if bitcoin does not reach his price target by the end of 2020, he will proceed to “eat his d**k on national television.” While it is obviously near impossible that any televised network will allow such a demonstration on air, McAfee is perhaps trying to instill greater confidence in his prediction. That said, most people, including some diehard cryptocurrency enthusiasts, have derided his bold claims.
According to McAfee, his “prediction model” had only forecast bitcoin reaching $5000 by the end of 2017. The reality, however, panned out to be quite deviant from his model, with the digital currency finding itself at an all-time high peak of close to $20,000 in December 2017. Bitcoin, along with the entire cryptocurrency market, has been on a steady decline since reaching that peak, with the cumulative market cap at least 40% lower than what it was a month ago, at least as of the time of writing this article two months later. Naturally, this has prompted people to question McAfee’s prophecy for the future. If bitcoin were to hit $1 million by 2020, it would have to appreciate a hundred times from its current valuation.
John McAfee recently ended his role as the chief cybersecurity visionary at MGT Capital Investments. The company not only has a significant stake in hydro-powered bitcoin mining, but has also been working with blockchain technology to develop security-related products.
Interestingly, McAfee has been a rather strong proponent of the bitcoin fork, Bitcoin Cash (BCH). He even alluded to the two cryptocurrencies potentially battling it out for the top position sometime in the future. Most Bitcoin Cash supporters believe that the original bitcoin is too bloated and unusable as a currency or substitute for cash, thus necessitating the fork. McAfee not only believes that BCH is a possible cash-based payment system, but also that it may dethrone bitcoin as the de facto cryptocurrency. That said, his BCH vision surprisingly does not jeopardize the one in which bitcoin reaches $1 million within the next couple of years.
It remains to be seen whether bitcoin will once again retrace its steps back to the all-time high established back in December 2017. While past performance is no indicator of the future, it is very likely that the entire digital currency market will recover sooner or later as it always has. Once that happens though, one can only speculate whether McAfee’s audacious price target is attainable or not.
Cryptocurrency-fueled scams seem to keep Litecoin founder Charlie Lee up at night, based on a report in Business Insider. Lee, who is an alum of both Google and Coinbase, spoke about the speculative nature of bitcoin and other cryptocurrency investing, saying that it’s not “bad” but instead a “natural progression,” adding that he sees nothing wrong with it.
But Lee, who himself has had to fight off rumors of manipulating the price of Litecoin, pointed to pervasive scams in which participants are just in it for a quick buck. Lee is quoted as saying:
Shipping and logistics behemoth FedEx is firmly turning to decentralized technology by implementing blockchain solutions into its core processes.
Global delivery giant FedEx is working with the Blockchain in Transport Alliance (BiTA) – a working group of leading freight, shipping and logistics companies coming together to develop and implement blockchain technology among everyday operations. First reported by industry publication FreightWaves, FedEx is specifically delving into creating uniform logistics standards for blockchain applications across the industry.
BiTA, which sees members such as UPS and SAP, is the blockchain consortium of choice for the trillion-dollar shipping and logistics industry.
Among BiTA’s founding members, FedEx is already undertaking several blockchain pilots with a focus on dispute resolution, according to FedEx Freight vice president for strategic planning Dale Chrystie. Blockchain tech could prove a key resource to enhance customer experience by providing secure and transparent data, he added.
Speaking to the publication, the executive went on to state:
An analyst at the investment firm behind the Bitcoin Investment Trust (OTC: GBTC) predicted that the Zcash price could reach $60,000 by 2025 if investors begin to use it in place of traditional offshore banking services.
Last week, Grayscale Investments published the investment thesis for the Zcash Trust, the latest fund in its lineup of cryptocurrency-based investment products that includes the wildly-popular Bitcoin Investment Trust and the Ethereum Classic Trust.
In the 20-page thesis, Grayscale analyst Matthew Beck writes that that Grayscale believes Zcash could prove to be the “first globally accessible ‘offshore’ investment opportunity” — the proverbial Swiss bank account in one’s pocket.
Advertisements, infographics, articles and more – all included in Hong Kong’s latest effort to educate the public on initial coin offerings (ICOs) and cryptocurrencies.
According to a recent press release, Hong Kong’s Financial Services and Treasury Bureau (FSTB), and Investor Education Center (IEC) have launched a public campaign to both educate and warn investors about the “risks” associated with both initial coin offerings and cryptocurrencies.
Included in the campaign are advertisements to be placed throughout Hong Kong’s public transit system, television and radio advertisements, and even government-sponsored educational videos to be posted on social media.
According to Under Secretary for the FSTB, Joseph Chan, the aim of the program is to provide a “correct and comprehensive understanding of ICOs and cryptocurrencies” so that the public has a better idea of what they’re investing in.
This wouldn’t be the first time that a country has pushed for a government-sponsored educational program on cryptocurrencies and ICOs. Just a few months ago, the Russian government announced a suggestion to include cryptocurrency in their financial literacy improvement strategy in order to educate the public on associated risks.
One of the main drivers behind the educational push is due to the dangerous volatility of the cryptocurrency markets that many traditional investors are not prepared for. As the media hype-cycle continues, more investors are becoming interested in joining these markets without doing their own due diligence beforehand.
“ICOs and ‘cryptocurrencies’ are high-risk products that are not suitable for everyone,” said Dr. Kelvin Wong, Chairman of the IEC. “Cryptocurrencies are highly speculative and are associated with various kinds of risks. Their prices may be susceptible to significant fluctuations due to speculative activities.”
Also included in the campaign will be articles and infographics on ICOs and cryptocurrencies provided by Hong Kong’s “Chin Family” website – the public financial education arm of the IEC. Information on the topic is already live on the website, and already covers a multiplicity of topics including scams and wallet security.
Hong Kong has generally been a bit more open toward cryptocurrencies unlike the hostilities faced in mainland China. One of the larger cryptocurrency exchanges, Gatecoin, operates in Hong Kong, and regulators have generally held a cautious but open approach. Their concern is mainly focused on protecting and informing investors rather than completely shutting the door on this emerging asset class.
This month, I spoke about bitcoin’s first bottleneck, the price and the second bottleneck, exchanges. I feel the series needs a brief interruption so that we can discuss, yet again, the price; before we move onto different subjects, more technology related.
Some are calling this correction a complete bloodbath. I’ve read in many places how this has to be connected with regulatory scrutiny in eastern Asia: due to heavier restrictions being applied to crypto exchanges and mining companies, people are fleeing the markets.
How many times have you read news about China or South Korea or Russia (and so on), imposing heavy restrictions on cryptocurrency?
How many times has China banned cryptocurrency trading?
And how often have do you read about the ‘impending bitcoin bubble‘.
I really don’t see that much of a connection between such news and what’s really happening in the market. We can conclude that, by looking into what’s been happening to volume over the last month or so.
The Korea Customs Service (KCS) has revealed an investigation into illicit Forex trading practices, and uncovered $600 million (637.5 billion won) worth cryptocurrencies that were exchanged illegally in South Korea.
The statement further disclosed four instances of illegal tradings. In the first case, money was transferred from Japan to an unknown country whereby 53.7 billion won were sent to another person/entity using cryptocurrencies. In the second case, funds worth 472.3 billion Korean won were exchanged between Australia and South Korea. KCS explained that transferring funds between countries with the sole purpose of avoiding bank and remittance fees is considered illegal.
In the third case, foreign currency was sent to an overseas organization (as cryptocurrencies) which were then converted and remitted to the recipient. In the fourth case, funds worth 164.7 billion won were received by a paper company, citing ‘purchase of software’ as a coverup. KCS mentioned that it will start investigating cryptocurrency agents and forex operators for money laundering and illegal trading charges. Other areas that will undergo critical inspection include smuggling of drugs using virtual currencies. The names of the suspects were not revealed in the press release.
The announcement came on the same day the finance minister, Kim Dong-yeon, said that cryptocurrency market and exchanges will not be banned in the country. Instead, South Korea will be focusing on regulating cryptocurrency exchanges. The country has been working on adopting cryptocurrencies, after the ministry of justice initially banned ICOs last year. The ministry also stated that it would be banning cryptocurrency trading earlier in January. However, this move was not supported by the Ministry of Finance, as reported in their official statement, “We do not share the same views as the Ministry of Justice on a potential cryptocurrency exchange ban.”
While the majority of the ministries continue to support cryptocurrency activities, the South Korean government is doing its best to prevent illegal trading proceedings.
Two British Bitcoin traders became the victims of what local media outlets are calling the “UK’s first Bitcoin heist” after they were robbed at gunpoint by masked men and forced to transfer an undisclosed amount of cryptocurrency to the criminals’ accounts.
The incident — which took place on Jan. 22 — occurred in the tiny village of Moulsford, Oxfordshire, where cryptocurrency trader Danny Aston and his girlfriend, Amy Jay, lived with their infant.
According to a report in The Mail on Sunday, four men wearing balaclavas kicked down the couple’s door and took the couple’s baby outside while they forced Aston and Jay to transfer their cryptocurrency holdings.
Aston, 30, had reportedly executed more than 100,000 trades under the pseudonym “Goldiath,” and he and Jay, 31, jointly owned Aston Digital Currencies, a company they operated out of their home.
“No one was seriously injured during the incident,” the publication cites a Thames Valley Police spokesman as saying.
Many investors, especially traders outside of the South Korean cryptocurrency exchange market, remain curious as to why local cryptocurrency exchanges like Bithumb and Korbit only list a few cryptocurrencies at a time.
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