Pantera Capital CEO: In a Decade Billions of People Will be Using Bitcoin
In the words of the CEO of bitcoin investment firm Pantera Capital, Dan Morehead, disruptive technologies usually earn the title ‘category killers’ but in the case of bitcoin it is a ‘serial killer’. According to Morehead, this is because it will disrupt ‘dozens’ of sectors with the cryptocurrency already having demonstrated the capacity to potentially turn the tables in some sub-sectors in the financial industry. “It’s great at cross-border money movement… it’s great at storing your wealth especially if you live in a country with depreciating currency or capital controls…” Morehead said in an interview with Bloomberg.
Per Morehead, bitcoin’s best days lie ahead as it will be possible to use it for making everyday transactions such as coffee purchases “over the next decades”. Additionally, Morehead noted that while the popularization of the internet decades ago disrupted various sectors, the financial sector was largely left untouched. Bitcoin will, however, allow users to render banks, credit card and remittance firms obsolete by enabling peer-to-peer transactions.
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This market will hit when no one is expecting.
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Bitcoin had been coasting in recent months on fairly low volatility until "things exploded" Wednesday and prices tanked more than 10 percent, BKCM founder and CEO Brian Kelly told CNBC.
Kelly, a cryptocurrency fund manager, said the sharp downturn had to do with bitcoin cash , which splintered off in August 2017 from regular bitcoin with the goal of being able to process more transactions.
Bitcoin cash is doing a "hard fork" or "effectively a software upgrade," Kelly said on " Fast Money ." "When you do a software upgrade, everybody usually agrees. But in this particular case, everybody is not agreeing." "So, we've got ourselves a 'crypto civil war,'" he said, adding that some traders are concerned the bitcoin and bitcoin cash markets would run into a slowdown or "chaos" after the software upgrade. "People started selling. That triggered stops. Everybody got concerned," Kelly explained. "And that's what happened today — the entire market sell-down." Kelly expects it to be a "very short-term" event. "I think it's probably an opportunity," he added. "In fact, we did some buying at my fund today [Wednesday]." However, Kelly also had a warning for interested buyers: "If you don't understand what a 'hard fork' is, do not jump into that pool right now. It is the deep end." A number of events "piled up" and led to some funds "taking some money off the table," said Meltem Demirors, chief strategy officer at CoinShares, which provides cryptocurrency investment products and research.
A great majority of assets are "very thinly traded" with monthly volumes, she explained, appearing Wednesday alongside Kelly on "Fast Money." "I think all other assets that are not bitcoin are in the midst of a liquidity crisis," she said. "What we're seeing across the board is asset prices are down 75 percent or more, in some cases 95 percent." _______________________
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Singapore-based KuCoin, a major crypto exchange with an active and loyal user base, has secured $20 million in a funding round led by $20 billion venture capital firm IDG.
Michael Gan, the CEO of KuCoin, wrote, “Today, we are thrilled to announce that we have closed our Series A Round of Funding, raising $20 million (USD) from IDG Capital, Matrix Partners and Neo Global Capital,” adding that the investment will allow KuCoin to continue to grow rapidly in the years to come. “We are extremely excited and appreciative for the opportunity to be partnered with such highly respected investors. It is not only an endorsement of our achievements so far, but also a chance for KuCoin to achieve further success in the future.” In August, Jackson Wong, a journalist based in Hong Kong, reported that the Hong Kong offices of KuCoin are empty and that the listed company address on the official website of KuCoin had not been occupied by the exchange for at least two years.
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