Novogratz Calls Bitcoin Record Highs In 2019

The CEO of Crypto investment firm Galaxy Digital, Mike Novogratz predicts that Bitcoin will soar to above $20,000 in 2019.

The catalyst that would make this happen will be a spike in institutional investments.

Novogratz who is a former Goldman Sachs investment banker states that institutional FOMO (Fear of missing out) will drive the price of the most popular and largest cryptocurrency in terms of market capitalization.

Wall street and traditional finance giants he says tend to copy each other, it is just a matter of time before the herd mentality take over and opening the floodgates for other institutional investors to jump into crypto.

He said that the price of Bitcoin should surpass the $6,800 price level in order for it to reach $8,800 and $9,000 price levels by the end of the year.

He also says that the price of Bitcoin will surpass $10,000 in the first quarter of 2019 which will lead to new highs of $20,000 or even more.

Despite the recent bear market that has gripped most part of 2018, Mike Novogatz who is a renowned Bitcoin bull believes that the long-term outlook for crypto is very positive.

He said that it is already a bull market in terms of institutional building the infrastructure needed for serious money entering the nascent sector.

Deloitte Developing Government-Level Blockchain Identity Management

One of the largest consulting firm in the world, Deloitte has partnered with a blockchain-startup, Attest Inc., to develop a blockchain-based digital identity system.

Attest is a Chicago-based company that is involved in identity management systems.

It enables government clients to provide identity services to citizens.

The partnership will develop a digital identity offering for government-compliant identifiers that can be used by customers of Deloitte which are a based on Attest’s existing products.

The first product dubbed as Attest Wallet is a cryptographically secured identity storage like a cryptocurrency wallet.

This will be used to store and secure digital version of government and business IDs.

The second product which is called Attest Enterprise is composed of Application programming Interfaces (APIs) which will allow users to verify their identity, authorize third parties and provide consent to others to manage their data on their behalf.

Blockchain-powered digital versions of government IDs have the potential to reduce cost and risk for businesses in all industries.

It will also enable citizens to have greater control over their data with better security and privacy.

This is not the first time Deloitte delve into blockchain project.

In September Deloitte will be responsible for creating the methodology, prioritization, and development of a variety of blockchain applications for the expansion of RIskBlock Alliance blockchain consortium in Canada.

Just last month the company outlined five basic areas of development for blockchain technology in order achieve widespread adoption.

These includes lack standardization, time-consuming operations, high cost, complexity, lack of regulations and lack of coordination among blockchain firms.

Loan Backed By Bitcoin Launched In Canada

Ledn has become the first and only lender in Canada to accept dollar loans with Bitcoin as collateral.

The said move will enable cryptocurrency holders, particularly bitcoin holders, to liquefy their assets without selling it.

The first of its kind transaction was given to Bylls, a Bitcoin payment processor.

According to Bylls CEO, Francis Pouliot, the loan solved important issues as it enable it to effectively leverage the Bitcoin capital that they had manage to store.

He also reveals that the service was able to make them maintain their policy of holding profits on Bitcoin.

Ledn might be leading the way in Canada in terms of crpto-backed loans it is certainly the only services provider in a global scale.

A startup which is in the process of its own ICO called Inlock is in the process of making this service available in a larger scale.

According to its CEO Csaba Csabai, this new form of lending offers tremendous opportunities which has not been realized by financial institutions.

Younger Germans Has Higher Affinity Towards Crypto Investments

According to a recent poll conducted by the German Consumer Centers of Hesse and Saxony, more than one fourth of younger Germans are ready and willing to buy cryptocurrencies.

Consumer Centers are non-profit, government-backed agencies organized at state level unions.

They mainly provide advisories to consumer and focuses on consumer protection.

The survey has a total sample size of 1000 German respondents with ages 18 to 39.

55 percent of the respondents reveals that they have heard of cryptocurrencies of which 77 percent reveals they are not yet ready to invest in cryptocurrencies.

The poll also showed a direct correlation between the age of respondents and their perceived risk of the asset class.

Older respondents demonstrate a higher risk perception on crypto with 54% of people from age 30-39 consider cryptocurrency dangerous and 28 percent of respondents ages 18-29 found purchasing cryptocurrencies to be conceivable.

The survey itself provides a wanting about the risk of investing in digital currencies.

The finance market team leader at the Consumer Center of Hesse writes that crypto are to be considered gray capital markets which does not have regulations and investor protection.

This is similar to the stance of the German Finance Minister Olaf Scholz which views cryptocurrencies as a bubble which has no economic significant importance.

Hollywood Star Gwyneth Paltrow Promotes Bitcoin Investing Guide On Twitter

Hollywood star, Gwyneth Paltrow is the latest celebrity that seem to be promoting cryptocurrencies although indirectly.

She was seen tweeting about an article in her site called Goop, a lifestyle brand site which she has ran for about ten years, which discusses about the basics of Bitcoins and Cryptocurrencies.

The Article that she shared on her twitter feed is about a Q&A with an exchange operator named Bill Barhydt, the founder of Abra, a mobile crypto exchange and wallet platform.

The Question and Answer article basically focuses on the basics about bitcoin and cryptocurrencies in general.

It discusses what bitcoin is, how it was created, how it hold value and shares the underlying technology that makes bitcoin what it is today, as a currency, store value or medium of exchange.

It also discusses where the sector is moving towards as well as the possible use cases of the new asset class.

The CEO also reveals some of the common mistakes and misconceptions about cryptocurrencies, citing similarities to the early days of the internet.

Celebrities and cryptocurrencies have storied and complex history together.

Some have gotten involved in controversy for promoting failed or fraudulent crypto projects and now facing litigation.

This emphasizes the importance of educating oneself about cryptocurrencies in order to be able to identify legitimate projects and avoid products that might turn into scam later on.

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