Pompliano 75% Confident Bitcoin Price is $100,000 by End of 2021

Pompliano 75% Confident Bitcoin Price is $100,000 by End of 2021

Anthony “Pomp” Pompliano — co-founder of crypto asset management firm Morgan Creek Digital Assets — predicts bitcoin (BTC) will hit $100,000 by the end of 2021.  In an interview with BloxLive.tv on July 2, he said the basic principle behind his forecast was classic supply-demand economics — still valid for the innovative digital asset class.  One of the largest drivers of continued price appreciation will be bitcoin’s halving — when mining rewards will be reduced by half — in May 2020, he said. Meanwhile, most institutional investors aren’t even aware of this looming reduction in supply, he noted, suggesting that what will continue to drive the market from the perspective of sentiment will be a “continuation of trends we’re already seeing.”  These include increasing legitimization of the space, inflows of institutional capital, record trading volumes, and a climate of global instability that promotes recognition of bitcoin as a safe haven asset. “Time is bitcoin’s greatest advocate,” Pomp added, and as these trends continue, he said his current 70-75% confidence level in $100,000 by 2021 will hit 90%: “In August of last year I predicted bitcoin would go down to $3,000 before returning to $10,000. It essentially did that […] Now I think it’s going to $100,000, but […] there will be more volatility: there will be parabolic runs like we saw in June and then there will be 20-30% drawdowns from that. Along the way a lot of people will call the top at these local highs — they’ll be incorrect.” Elaborating on the question of legitimization, Pomp agreed with the notion that Facebook’s entry into the space with Libra is a bullish sign. “People may not like Zuckerberg, but no one thinks he’s dumb,” he quipped, proposing that: “Bitcoin will benefit from libra being a “gateway drug” for cryptocurrencies.” It’s not so much a question of the token itself, he noted, but the digital wallet that will be rolled out alongside it, which will be a fantastic on-ramp not only for Libra, but potentially in future also other cryptocurrencies, tokenized securities, and even data. Just yesterday, crypto merchant bank pioneer Mike Novogratz said he won’t be selling the next time bitcoin hits $14,000, anticipating its spectacular rally will see its value going much higher.

Binance Funds Blockchain-Based Customer Relationship Management Network

Binance Funds Blockchain-Based Customer Relationship Management Network

Binance Labs, the blockchain incubation initiative run by Binance, has provided the blockchain-based customer relationship management (CRM) Cere Network with strategic funding, according to a press release shared with Cointelegraph on July 3. Binance Labs announced that Cere Network would be graduating from the Season II cohort of its incubation program on June 5. On July 3, Cere Network announced that it is receiving funding from Binance Labs, Arrington XRP Capital, and NEO Global Capital. The Cere Network purportedly uses a “decentralized system” integrated with a blockchain to store customer data. Businesses and vendors are then granted permissioned proxy keys from Cere that allow them to access this data.  According to Cere, this allows such entities to share customer data securely, and also more easily. It is purportedly more easy to share data on this blockchain network because at present, CRM and CDP systems are isolated, which makes it hard to aggregate data for insights. Cere is also reportedly issuing an incentive token (CERE) to motivate people to run blockchain nodes, as well as for users to pay for network services. According to the recent press release, Cere Network is the first CRM and Customer Data Platform (CDP) network based on blockchain technology; additional, it says research firm Gartner has claimed that “CRM remains the largest and fastest growing software category.” Ella Zhang, Head of Binance Labs, also said that it will continue to work with Cere and integrate it into Binance Chain: “[…] Cere Network is proving to become one of the first major on-ramps for brands, apps, and other enterprise assets onto the blockchain. We look forward to working closely with Cere to build this ecosystem and will have more news to share about its integration with Binance Chain soon.” Binance Labs announced its first cohort of graduates in December 2018. This included eight projects that were granted $500,000, along with other resources and mentors to guide development. The program lasts 10 weeks, and seven of the eight projects were completed during the first cohort.

Hong Kong Extends Migrant Policy to Facilitate DLT and FinTech Professionals

Hong Kong Extends Migrant Policy to Facilitate DLT and FinTech Professionals

A new Hong Kong government initiative seeks to attract professionals in Distributed Ledger Technology (DLT) by simplifying the immigration policy, according to a press release published August 28. On Thursday, the government of Hong Kong published its first Talent List aimed at attracting “highly skilled” experts in 11 different fields, including fintech, DLT, and cyber security, from around the world. The move designates the government’s intention to “support Hong Kong’s development as a high value-added and diversified economy.” According to the press release, Hong Kong will facilitate successful applicants under the Talent List through the Quality Migrant Admission Scheme (QMAS). The QMAS has an annual quota of 1,000 people. The Chief Secretary for Administration and Chairman of the Human Resources Planning Commission, Matthew Cheung Kin-chung, said: “The promulgation of the Talent List is one of our major initiatives to enhance our competitive advantages in attracting international talents, creating cluster effects, stimulating the development of local talents and propelling Hong Kong forward.” While Hong Kong continues taking regulatory actions towards digital currencies and Initial Coin Offerings (ICOs), stating that the new technology “comes with risks,” it seems to have set sights on becoming an international blockchain hub. Last month, the Hong Kong Monetary Authority (HKMA) announced the launch its own blockchain trade finance solution with 21 banks in August, aiming to substantially reduce paperwork, costs, and security risks for participants. In June, the HKMA signed a fintech collaboration agreement with the Financial Services Regulatory Authority of the Abu Dhabi Global Market “to start a dialogue on the opportunity to build a cross-border trade finance network using [DLT].” That month, Alibaba subsidiary Ant Financial trialled its first blockchain remittances, sending a transaction in three seconds between its AliPayHK app in Hong Kong and Filipino payment app GCash. The Hong Kong University of Science and Technology Business School (HKUST) recently received a $20 million research grant to improve the security capabilities of electronic payment systems earlier this month. Additionally, the HKUST in partnership with the University of Hong Kong are planning to explore blockchain technology applications, and discuss the possibility of Hong Kong’s transformation into a global fintech hub.

Weekly Price Overview: VeChain, May 3

Weekly Price Overview: VeChain, May 3

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. VeChain is the fifteenth-best token in terms of market capitalization. The smart recovery from its recent lows has been on the back of the strong fundamental news. The market participants are excited about the VeChainThor Blockchain whose Mainnet Launch is expected in end-June. So, can it move further or has it run its course? Let’s see its charts. Weekly Chart VEN remained in a tight range from mid-November to mid-December of last year. It started an uptrend in end-December, which took it from the lows of 0.00002184 on November 30 to an intraday high of 0.00081678 on January 22 of this year. That’s a 3639 percent return within two months. The subsequent correction took support close to the 61.8 percent Fibonacci retracement levels of 0.00032752. The digital currency bottomed out on March 30, at 0.00031748. After a strong break out from the downtrend line, VeChain can reach 0.00062102 levels where it might face some resistance. Once this level is crossed, a retest of the highs will be on the cards. Daily Chart On the daily chart, the VEN/BTC pair has broken out of an inverted head and shoulders (H&S) pattern, which has a minimum target objective of 0.00063 levels. This is close to the overhead resistance at 0.00062102, therefore, we can expect a dip or a consolidation at this level. On the downside, support exists at the 0.00047 levels, below which the neckline of the inverse H&S pattern will provide support. How to trade the VENBTC pair now? Traders who already own the cryptocurrency should hold their positions because a move to 0.00062 is possible. There is a high probability of a dip from the overhead resistance or a consolidation. Therefore, traders can book a small percentage of their position and attempt to buy it at lower levels. Long-term holders can trail their stops higher instead of getting in and out of the position because above 0.00062102, we can expect a straight dash towards the lifetime highs. Others,…

Weekly Price Overview: NEO, April 26

Weekly Price Overview: NEO, April 26

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. NEO has been an underperformer in the ongoing recovery from the lows. It has dropped to the tenth spot in terms of market capitalization. Many believe that NEO’s potential will be fully realized only in about 3-5 years from now, so it seems to be a good idea to ‘hodl’ the cryptocurrency through the dips. Let’s look at the charts and try to analyze its long-term and short-term potential. Weekly chart Post listing, NEO exchanged hands below $1 for a long time. Then, at the end of May 2017, the price started to rise and hit a high of about $58 levels in August of last year.    After such a sharp rally, it was logical to expect some profit booking, and that is what happened. Prices corrected to the 20-week EMA but managed to stay above it until early December. The cryptocurrency again broke out of the range in mid-December, and the up move topped out around the $200 mark in mid-January 2018. The ensuing correction reached a low of just about $44 levels in early April of this year. If history is an example, the digital currency rallies hard, follows it up with a deep correction and after a period of consolidation the up move resumes. In the current bear phase, NEO has completed a sharp correction, we can now expect it to consolidate for a few weeks and then resume its uptrend once again. Currently, the 50-week SMA is providing support, while the 20-week EMA is acting as a resistance. Let’s identify the important levels on the daily chart. Daily chart The NEO/USD pair recovered smartly from the lows but is facing a stiff resistance at the downtrend line and the horizontal line around the $80 mark. Though the bulls succeeded in breaking out of $80 on April 24, they could not sustain the highs, and the price dipped back below the trendline on the very next day. Currently, we find a rounding bottom pattern,…

Weekly Price Overview: Cardano, April 24

Weekly Price Overview: Cardano, April 24

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. Cardano is the seventh largest cryptocurrency in terms of market capitalization. It has made a stellar comeback in the past few days on the back of its listing on the Huobi exchange and introduction of additional trading pairs on Binance exchange. #Binance Adds ADA/BNB and ADA/USDT Trading Pairshttps://t.co/GmTUh2TsN1 pic.twitter.com/HDy7JxezGV — Binance (@binance) April 17, 2018 Traders also seem to be bullish on the fundamental front as many believe that it can become a major competitor to Ethereum. So, what does the future look like? Weekly chart The ADA/BTC pair has a short but volatile history. From the lows of 0.00000254 on November 02 of last year, it skyrocketed to an intraday high of 0.00009180 on January 04 of this year. That’s a staggering return of 3514 percent within a span of about two months. Thereafter, from there, it entered into a downtrend, which saw it plunge 81 percent from the highs to 0.00001673 on March 18. What can the investors expect from here on? For the past five weeks, the digital currency is in a pullback, which has reached close to 23.6 percent retracement of the fall from 0.00009180 to 0.00001673. After such a sharp decline, a ‘V’ shaped recovery is unlikely because traders who had purchased at higher levels and were watching their portfolio sink to a huge loss would bail out once their buy levels are reached. Similarly, short-term traders, who have purchased near the lows will also book profits on rallies. The important levels to watch out on the upside are 38.2 percent Fibonacci retracement level of 0.00004541 and the 50 percent retracement levels of 0.00005427. The start of a new uptrend can be confirmed only after the next decline towards the recent lows. A range bound action for a few weeks is also possible, which will be a positive sign. Longer the time spent in forming a base, larger will be the ensuing rally. Let’s see how to use the levels above for trading.…

Culture at Coinbase

Culture at Coinbase

“A culture is not a set of beliefs, it’s a set of actions.” — Bushido Raise the bar with every hire We over invest in finding top talent, knowing that recruiting and developing top talent is the root cause of all our success. We prefer to occasionally miss out on a good hire rather than make a bad hire (in other words we intentionally have a conservative hiring process). When deciding on a candidate, we coach interviewers to ask themselves questions like: Will this person raise the average on my team? Did I leave my interview more inspired and engaged than when I went in? Is this person much better than me in at least one area? Could this person start adding value right away? (e.g. would they take work off my plate or create more work for me) If the answer to any one of those questions is “no” or even “maybe,” then we ask interviewers to round down to “no.” We never treat an absence of red flags as a reason to hire someone. We ask every interviewer to only vote yes if they are a “hell yes”, otherwise we vote no. To implement the above, we don’t let managers make unilateral hiring decisions at Coinbase. However, we also don’t require 100% of interviewers to be a “hell yes” for a candidate to be hired (some of our best hires have been polarizing in interviews). Instead, we choose a middle ground: we include a “bar raiser” in every hiring panel, and both the hiring manager and bar raiser need to be a hell yes for a candidate to be hired, incorporating the input from everyone on the hiring panel. Hiring is everyone’s responsibility Hiring and developing top talent in every seat is how people advance at Coinbase. This is true across the org: managers are promoted based on their ability to attract and develop top talent, and all employees are asked to make referrals, prioritize interviews, and help sell candidates. Be inclusive We have a goal to put top talent in every seat, and we work hard to fight the bias that might lead us to miss out on hiring and developing great people. Finding top talent requires us to cast the widest…

Facebook’s David Marcus Addresses Libra Trust Issues

Facebook’s David Marcus Addresses Libra Trust Issues

David Marcus, the head of Calibra at Facebook, emphasized that Libra users will not have to put their trust in Facebook, in a post on July 3. Marcus reiterated that Facebook is not the only member of the Libra Network, and that they are relinquishing control of the network. In the post, he says: “Facebook will not control the network, the currency, or the reserve backing it. Facebook will only be one among over a hundred members of the Libra Association by launch. We will not have any special rights or privileges.” Relinquishing control over the infrastructure behind Libra is precisely what Polychain CEO Carlson-Wee said would be the best strategy for Facebook. At the Consensus 2019 blockchain conference in May, Carlson-Wee said: “I think that the strategic move for Facebook would actually be to build public infrastructure. And that public infrastructure could be incorporated onto all the Facebook platforms, which of course are proprietary. But that public infrastructure, if they don’t try to own it, I think that’s where they will have the most success.” Marcus also said that, while Facebook does own the crypto wallet company Calibra as a subsidiary, no financial data will be available to Facebook. Moreover, he says that users are free to use a range of custodial and non-custodial wallets from different companies to store and make transactions with Libra. One non-custodial wallet recently announced is ZenGo, which has provided a proof-of-concept demonstration for Libra support. This wallet reportedly eliminates the need for storing private keys by using a key-like solution that is distributed among multiple parties, rather than existing as one string of characters. Marcus says that ultimately, users do not have to put their trust in Facebook just to use Libra: “Bottom line: You won’t have to trust Facebook to get the benefit of Libra. And Facebook won’t have any special responsibility over the Libra Network…. We’ve been clear about our approach to financial data separation and we will live up to our commitments and work hard to deliver real utility.” The announcement comes just one day after members of the United States Congress requested that Facebook impose a moratorium on Libra’s development until it can be further examined. Hearings in the Senate and House of Representatives…

Advocacy Groups Call on Congress to Stop Libra Development Until July Hearings

Advocacy Groups Call on Congress to Stop Libra Development Until July Hearings

Over 30 advocacy groups have appeared as signatories on a request that Congress and regulators implement an official moratorium on Libra development, as per the letter published on July 2. The letter was also addressed to Facebook, with Mark Zuckerberg himself cc’d, and asked that the social media giant wait until Congress and regulators have scrutinized a detailed presentation of the proposed stablecoin-esque virtual currency. The letter includes a number of questions that the signatories say need answers before Libra can proceed, including the following: “The plan for Libra makes explicit and implicit promises to consumers – such as the claim that value will remain stable – but what is to stop the Libra Association from changing policy in order to, for example, degrade the value of Libra or to impose a microtax on every Libra transaction?” Facebook’s congressional hearings on Libra are currently scheduled for July 16 and July 17.  Chairwoman Maxine Waters, who announced the Libra hearing on July 17 by The United States House Financial Services Committee, called for a moratorium on Libra development as far back as June 18, saying:  “Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action.” As previously reported by Cointelegraph, Polychain Capital CEO Olaf Carlson-Wee commented on Facebook’s issues with content policing at the Consensus 2019 conference in May. To avoid any problems in this area, Carlson-Wee recommended that the social media giant relinquish control of the blockchain hosting its virtual currency, saying: “I think given all the problems that Facebook has had with policing their platform and things like that, I think that the strategic move for Facebook would actually be to build public infrastructure. […] The people that made the internet aren’t responsible for everything that’s said on the internet.”

Binance to Switch Tether Addresses from Omni to ERC-20

Binance to Switch Tether Addresses from Omni to ERC-20

Major cryptocurrency exchange Binance has announced that it is switching from Omni-based addresses to ERC-20-based addresses in customer wallets for the stablecoin tether (USDT), according to an official announcement on July 3. In order to make the switch, Binance says that there is a 30-minute downtime planned for USDT withdrawals and deposits on July 4, beginning at 08:00 a.m. (UTC). The announcement notes that Ethereum’s ERC-20 based addresses will be the standard from now on, and exchange users will not be able to withdraw Omni-based USDT; however, Omni-based USDT can still be deposited by sending tether to old Omni-based USDT addresses on Binance. The crypto exchange Poloniex also announced support for ERC-20-based USDT deposits on July 3. Poloniex will also offer deposit and withdrawal options for Omni addresses, alongside Ethereum and Tron.  According to Poloniex, using Ethereum addresses for withdrawals and deposits is faster and cheaper than relying on the Omni network.  As previously reported by Cointelegraph, the Huobi added support for ERC-20 USDT addresses in February. Huobi opted to retain support for the original bitcoin (BTC)-based Omni Layer Protocol addresses for USDT. Huobi’s press release also claimed that Ethereum-based Tether “has a much smoother and faster deposit/withdrawal process.”