October 30th, 2017
In my humble opinion...
Wall Street in crypto is a guarantee It's a matter of when.
1/ it’s official. Wall Street has begun to hit crypto. There is simply no other explanation for the bitcoin rally of the last 90 days.
— Kyle Samani (@kylesamani) October 29, 2017
3/ this secular trend to continue for 6-12 months. I am quite surprised that Wall Street doesn’t appear to be hitting ether though
— Kyle Samani (@kylesamani) October 29, 2017
Coin of the Day
Good for the wallet
and the environment.
Hydrominer is exactly what it sounds like: cryptocurrency mining that uses hydro power stations to generate electricity. Based in the mountains of Austria, Hydrominer utilizes a specific cooling technology that uses 90% less space and 20% less energy than traditional electricity. If you've ever mined crypto on your home computer, you know how expensive it is (as this Dutch bank recently found out), as well as the requirement to now purchase specific expensive mining equipment that occasionally breaks down. Water is a cost effective natural source of energy, and allows the company to have a mining cost that's an average of 85% lower than the European price for mining. Hydrominer checks all of the boxes: located in a crypto-friendly city, environmentally friendly, and sustainable, it seems that this company is set up for long-term success.
Bitcoin is up 550% YTD, and the price predictions keep rolling in. But one thing's for sure: crypto is changing money forever.
The echoes of cryptocurrency's impact on the world was felt everywhere over the weekend, as Bitcoin hit a new record high of $6,300. Bitcoin Cash (BCH/BCC) has also been increasing in tandem, briefly making it over the $500 hump. Confidence in the cryptocurrency industry is pretty high right now, and the predictions of where the price rise came from are rampant. According to media sources, it could be China's potential ban reversal, Catalonia's declaration of independence, or Japan's exchanges. We stopped reporting price predictions a while back because they're not only incredibly erratic, ranging from $500,000 to over $5 million, but also because they're often based on the beliefs of "Previously Accurate Analyst[s]."
The bottom line is that the ceiling for Bitcoin's price will be incredibly high and could even be dozens of times the current number. While prices are highly indicative of market confidence, Bitcoin's price usually drags along the price of altcoins with it, whether up or down.
Get 'em while they're hot. The market is scrambling to deliver crypto products that (actually) have good user interface. And we're really excited.
Even though cryptocurrency is decentralized by nature, people are gathering together to make a viable product out of the Crypto Wild West. There are currently more than 120 crypto hedge funds – nearly double the number from August. If that doesn't scream demand, we don't know what does. You could also go down the more...extreme route that Bill Miller took, putting a whopping 30% of his hedge fund (valued at $154 million) into Bitcoin. Miller made a great point, saying that as each day passes and Bitcoin's price climbs, more people become more familiar with the digital currency. CoinAgenda's theme last week definitely centered around educating the general population and creating more fiscally viable crypto companies, which will seriously help in mass adoption.
Traditional brokerage apps that integrate crypto are also on the rise, a potentially lucrative business, as many traders have to buy and sell on the go, depending on the volatility of the markets. A massive issue here is that these mobile applications don't have the street-cred in the crypto community that other established apps have, such as Coinbase or Kraken. At least they're putting the right foot forward.
Please stop telling us Bitcoin is worse than the tulip bubble, because you're just plain wrong. Here's why.
Catalonia's declaration of independence may have had an impact in Bitcoin's price – or not, depending on who you ask. But crypto will probably have a role in their economic future.
Mark Cuban gave Vanity Fair advice on "getting rich", and suggested putting 10% in crypto. Mainstream love is always good.
Coin to Watch
Bitcoin Cash (BCH/BCC) is having a pretty great week, and confidence in China's return to crypto is rapidly rising. Keep an eye out.
— Erik Finman (@erikfinman) October 24, 2017