Just More FUD: Citadel CEO Wary of Bitcoin Bubble

Citadel CEO warns that confusion between Bitcoin and its Blockchain could burst the bubble.

With the $11,000 milestone newly etched onto its belt, Bitcoin continues its rise in value while a chorus of voices sings contrasting melodies. For some, the Bitcoin price surge over the past two weeks has been nothing short of miraculous, vindicating “outlandish” predictions made months ago. The more-wary pundits are staying at an arm’s length, watching nervously as what they describe as a bubble continues to grow.

Speaking to CNBC's Leslie Picker earlier this week, Citadel hedge fund founder and CEO Ken Griffin echoed the sentiments of JPMorgan CEO Jamie Dimon, likening Bitcoin to the historical ‘Dutch tulip bulb mania’ in the 1600s. Griffin’s main concern is that people enticed by the hype of the Bitcoin bull run don’t have an understanding of the intrinsic value of the Blockchain technology it is based on.

"Blockchain's a very interesting technology that will have some very profound applications for society over the years to come.”

The billionaire is concerned that the average person on the street is simply trying to ride the wave, without understanding the applications of Blockchain technology. He suggests that the hype could end badly for some:

"I get very worried that people that are buying Bitcoins don't really understand what they're participating in other than the headline stories that it keeps going higher and I want to make sure I don't miss this opportunity to make some money.”

"So is it a fraud? No. But these bubbles tend to end in tears. And I worry about how this bubble might end."

When does the run end

There is no telling if and when Bitcoin’s rise in value will come to an end. The likes American broadcaster Max Keiser have suggested a $100,000 high in the coming years, while slightly more conservative estimates of a $40,000 high from fund manager Mike Novogratz still boggle the mind.

Conventional markets, in their simplest form, are dictated by supply and demand. While Bitcoin’s cap is 21 mln, analysts predict that its downfall could be further forks in the Blockchain in the future.

However, as the suspended SegWit2x fork proved, the community of developers, miners and traders have to reach a consensus before hard, telling changes are made to the Blockchain.

Source: Coin Telegraph




My current recommendations:

HashFlare for automated Bitcoin cloud mining - Currently ROI in around 60 days only

Bitclub Network allows you to buy mining shares with daily payouts

CCG Mining now offers open end contracts. Bitcoin, Ethereum, Zcash, Litecoin and others

Cointracking keeps track of all your coins automatically. Many exchanges and wallets supported

 

Ronnie Moas Raises Bitcoin Target Again: $20,000 By Start Of 2018

Ronnie Moas, quite happily, keeps changing his mind on where Bitcoin will be in the new year.

November has been a busy week for famed stock picker Ronnie Moas who, on Nov. 4, predicted that by the beginning of 2018 Bitcoin would hit $11,000. That was recently blown out the water, but before the target was hit, he adjusted to $14,000.

Now, Bitcoin is on its way to smashing that new target causing Moas to readjust for the third time in a month as the digital currency revels in a new era of adoption and acceptance.

Moas looks at Bitcoin as a whole, incorporating all the chain splits in his split-adjusted price is and considering the price of the forked Bitcoin chains alongside the original was $12,740 when Moas made his new prediction, $14,000 looked undervalued again.

$20,000 is a month away

Moas now puts the line in the sand at $20,000 for the split-adjusted price when the new year hits. Looking at how things have gone so far for Moas, a month is a long time, and perhaps $20,000 will be broken before that time.

Many pickers, investors and money movers have thrown their hats into the ring trying to hit the sweet spot of this volatile asset when it comes to prediction.

Tom Lee, rather conservatively, set a Bitcoin growth of 40 percent to happen by the middle of 2018. His prediction put him at $11,500. That prediction was made a week ago, and in that time Bitcoin topped at around $11,300.

Max Keiser has a much more bullish view, but over a longer time frame as the host of Russia Today’s Keiser Report believes that $100,000 Bitcoin is an eventuality.

Why split-adjusted?

Moas, as one of the most well-regarded stock pickers, is clearly in the Bitcoin game for its investment potential rather than the technology side which has seen different factions at war with each other. Some people are vehemently Bitcoin Cash supporters, and others true fans of the original chain.

Moas, however, with his investor’s hat on, sees that by buying Bitcoin he not only received free Bitcoin Cash, but also free Bitcoin Gold, and thus counts them together in his portfolio, urging others to d the same as a diversification strategy.

Bitcoin Diamond and the real gold

“I am raising my 2018 fork- and split-adjusted price target on Bitcoin from $14,000 to $20,000,” Moas explained. “The current price is $10,720 and the split-adjusted price is now $12,740 when factoring in Bitcoin Cash, Bitcoin Gold and Bitcoin Diamond.”

Bitcoin Diamond is another fork of the Bitcoin chain that went largely unnoticed. Its aim is to switch from proof-of-work to proof-of-stake after mining is completed – after just 10,000 blocks.

“Bitcoin is now up split-adjusted by 394 percent since my July 3 recommendation,” Moas went on. “There is no way to justify Gold $7 tln at 40X Bitcoin ($180 bln). An argument can be made that Bitcoin will be equal to Gold within 10-15 years. I do not know how much Gold there is in the ground … I do not know how much Bitcoin there is.”

Source: Coin Telegraph




My current recommendations:

HashFlare for automated Bitcoin cloud mining - Currently ROI in around 60 days only

Bitclub Network allows you to buy mining shares with daily payouts

CCG Mining now offers open end contracts. Bitcoin, Ethereum, Zcash, Litecoin and others

Cointracking keeps track of all your coins automatically. Many exchanges and wallets supported

 

Keiser: Dollar Collapsing Against Bitcoin

Max Keiser believes that fiat currencies like the dollar are collapsing against Bitcoin.

With every passing week, Bitcoin seems to surge to new heights amid growing anticipation of widespread mainstream acceptance.

As the price of the founding cryptocurrency continues to soar, influential financial analysts, stock pickers, forecasters and pundits wax lyrical over it’s growing value.

Just a week ago, Russia Today show host Max Keiser speculated that Bitcoin would surge to $100,000 high in the future and now the American has hit out at conventional fiat currencies, which are the current lifeblood of the global economy.

According to RT, Keiser believes that the likes of the dollar will not be able to compete with the rising Bitcoin price.

“I think we are seeing fiat currencies in a hyperinflationary collapse against Bitcoin.”

“Bitcoin is a perfect currency, something that is utterly changing the global finance and market and is putting banksters and the central banks out of business. It should be applauded because they’ve been horribly bad actors. We need to get rid of them and let Bitcoin transform our world.”

His statements are nothing short of revolutionary as investors pile into multiple cryptocurrencies. While the likes of renowned stock picker Ronnie Moas advocates diversification of investments in multiple virtual currencies, Keiser believes Bitcoin will have no rival in the foreseeable future.

As the cryptocurrency market capitalization hits the $300 bln mark, Keiser suggested that major financial institutions will step away from conventional markets which could lead to an economic crash.

“That’s something that no central bank or country will be able to stop, and it’s becoming a real scenario, a real threat.”

Price correction at $25,000

As the Bitcoin train continues to hurtle down the tracks, the major question is when will it slow down?

Pundits have thrown around a number of predictions, but Keiser believes Bitcoin will only see a major price correction around the $25,000 mark. He also cautioned investors not to lose their heads and panic buy or sell.

“Don’t just buy a Bitcoin without knowing about it first. That way, when a correction does come and it inevitably will, you have some intellectual foundation to keep you in the game and to not panic sell. If you panic buy, you could just as easily panic sell.”

Secret symbol № 10: 3 What is this?

Source: Coin Telegraph




My current recommendations:

HashFlare for automated Bitcoin cloud mining - Currently ROI in around 60 days only

Bitclub Network allows you to buy mining shares with daily payouts

CCG Mining now offers open end contracts. Bitcoin, Ethereum, Zcash, Litecoin and others

Cointracking keeps track of all your coins automatically. Many exchanges and wallets supported

 

Bitcoin Will Be Safe Haven During Next Stock Market Crash, Says Expert

eToro analyst says financial institutions will turn to Bitcoin during a crisis.

As Bitcoin powered ahead to a new high for a second week in a row, some have speculated that institutional investors could seek safe haven in the virtual currency in the future. The prevailing rhetoric over the past month has been more affirming than damning of cryptocurrencies, with the likes of Ronnie Moas and Max Keiser predicting new highs in 2018. Speaking to RT, eToro analyst Mikhail Mashchenko says financial institutions could look to Bitcoin if a major financial crash hits global markets.

“The demand for Bitcoin is growing as the crypto market has become less volatile, and an increasing number of professional investors see it as insurance.”

Second-oldest bull market

The current bull market in stocks is the second-longest in history, according to Fortune, having lasted 104 months so far. The longest bull market in history ended in 2000 after an impressive 113 month run. With the current rally getting a bit long in the tooth, many on Wall Street are making contingency plans for the stock market’s inevitable turn. If Mashchenko is right, Bitcoin will have a role in some of these plans.

Shifting opinions

Mashchenko’s statements come on the back of changing sentiment in the mainstream financial sector. Last week, JP Morgan Chase announced plans to offer Bitcoin futures on the Chicago Mercantile Exchange – an important move by one of the biggest banking and financial services providers in America. Even more satisfying, this moves comes only months after Chase CEO Jamie Dimon condemned Bitcoin as a scam.

Online banking service providers and exchange operators LedgerX and Revolut are also adopting Bitcoin support. The former was recently cleared to offer Bitcoin derivatives as people look to do more than just trade the cryptocurrency.

“LedgerX launched its first long-term options for Bitcoin, with an expiration date of December 28, 2018. In the coming months, we will continue to see the ‘domestication’ of Bitcoin: the Chicago Board Options Exchange and the Chicago Mercantile Exchange are planning to launch tools based on the cryptocurrency in the near future.”

Big money

If and when a stream of institutional investors start investing large amounts of capital into cryptocurrencies, some of the stunning predictions made by Bitcoin bulls could well be realised. However, Mashchenko’s prediction was quite conservative, suggesting that Bitcoin reaching a $10,000 high by the end of 2017 would be driven by emotion rather than fundamentals:

“We could see a Bitcoin at $10,000 in a month or so. However, such a surge will be based on emotions, not on fundamental factors. So, further growth of the cryptocurrency will require something more than euphoria.”

Having hit the $8,000 mark last week, Bitcoin surged another $1,000 dollars in just a few days, breaching the $9,000 level during the Thanksgiving weekend. At press time, the price of Bitcoin sits at $9,500, just $500 below Mashcenko’s predicted level.

Source: Coin Telegraph




My current recommendations:

HashFlare for automated Bitcoin cloud mining - Currently ROI in around 60 days only

Bitclub Network allows you to buy mining shares with daily payouts

CCG Mining now offers open end contracts. Bitcoin, Ethereum, Zcash, Litecoin and others

Cointracking keeps track of all your coins automatically. Many exchanges and wallets supported