Crypto News: Deciding Bitcoin's Fate May 2018! JPMorgan Yes, The Register No!
Scanning the news it seems that Bitcoin is getting to make a move. I say that due to the sheer number of articles both for and against the original cryptocurrency. There is a saying 'any attention is good attention' it is true in a sense and it results in interest and attention either way. This is why I believe a move is coming in the first place.
On the shill side a big article was just published in May claiming that a prominent JPMorgan trader is calling for BTC to trade above $20,000 this year. Bitcoin is sitting more than 58 percent below the all-time high it set in December.
There is a lot to gain by pushing markets upwards and we may see that happen very soon. On the flip side there are many critics who feel the move upwards will take more time as Bitcoin is really going to need to prove itself before a move like that can be justified.
Danny Masters, the chairman of investment firm CoinShares, recently told CNBC, the cryptocurrency is still largely lacking the tools that institutional investors need to operate effectively in the nascent markets. Basically he is saying... 'Hodl your horses folks, we just aren't ready to go yet!'
“We need to see the custody solutions come and be provided. We need indices and we need performance measures where we can actually start to understand what we’re talking about and measure our performance.” Danny still isn't convinced it is ready to pop.
A more bullish view comes from Square CEO Jack Dorsey who wants Square to be at the head of the pack when it comes to getting cryptocurrencies in shape to become a global means of payment.
"The internet is going to have a native currency so let's not wait for it to happen, let's help it happen," says Dorsey, who also runs Twitter.
If bitcoin did become a global currency would, it would lower the barrier for Dorsey's payments company to enter new markets, according to the man himself.
On the other hand are the media outlets that represent the bears... I mean some of them may have unbiased genuine opinions but I'm a bit untrusting of that in general.
In an article entitled 'Great Scott! Bitcoin to consume half a per cent of the world's electricity by end of year' recently published by The Register in the U.K. had some harsh things to say about the environmental impact of Bitcoin, specifically the high energy demands it requires to keep building blocks.
According to the article the Bitcoin network has been estimated to already be consuming 2.55 gigawatts of electricity. To put things in perspective, this is enough to power most of Ireland (or enough to send a couple of time-machines back to the future). Furthermore, the research forecasts that consumption could hit 7.67 gigwatts before the end of year.
Today's generic search for bitcoin found 5 articles just like it being run by crypto news sources...
But again I propose any attention is good attention and with this much news being written about the king of cryptocurrencies, Bitcoin, fireworks are soon to come and pressure is mounting in the meantime!
Am I right about this stuff or off base? Please leave comments below. Thanks for reading.
Source:
The internet 'needs a native currency' and Jack Dorsey wants to help it be bitcoin - CNBC
Bears Beware! Bitcoin Price Will Reach Record Highs This Year: Fmr. JPMorgan Trader - CCN
Great Scott! Bitcoin to consume half a per cent of the world's electricity by end of year - The Register
Image Source:
CCN
The Register
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