New Study Claiming $98,000 Bitcoin Price Possible

Satis Group, Initial Coin Offering (ICO) advisory firm states that the price of the number one cryptocurrency, Bitcoin (BTC) could potentially reach $98,000 in the next five years.

The report also states that the price of Monero (XMR) could also reach $18,000 and Decred (DCR) will hit $535.

On the other hand the forecast for Bitcoin cash (BCH) is forecasted to slump to $268 which is seen to have minimal technological advantage and the Ripple (XRP) price to $0.01 for cryptoassets which have centralized ownership will supposedly represent little value.

The research team also forecast that the Ethereum platform network will lose half of its share in 2028.

This is due to minor flaws in design and relatively low switching cost of overlying network build on top of it.

Binance’s Q1 Profit Surpasses Deutsche Bank

The first quarter earnings of one of the largest cryptocurrency exchanges in the world, Binance has surpassed Deutsche Bank.

Binance is said to have pulled in about $200M while Deutsche Bank brought in about $146M.

Dovey Wan, managing director of DanHua Capital and cryptocurrency investor posted in twitter to provide an interesting point of insight into cryptocurrency industry putting a side-by-side comparison of the two showing that the 8 month old crypto exchange outperforming the 148 year old financial institution by a margin of 35% after giving salary to 100,000 employees and fulfilling its operations costs.

However her comments quickly spared some conflict within the twitter thread as some says that both firms operate with an entirely different structure and separate industries.

She later on made a comparison between Nasdaq and Binance saying that the only a $9M USD difference in the net profits of between the two.

EU Officials Sets Fresh New Rounds Of Talks For Cryptocurrency Regulations

The European Union (EU) is said to be preparing for fresh new rounds of talks concerning cryptocurrency regulations.

This move comes after the EU parliament in July advised not to ban cryptocurrencies.

The EU members are said to be planning to meet in September to discuss the region’s cryptocurrency market.

Top on its agenda is the apparent need for stricter regulations.

This stems from the persistent issues that continue to plague the nascent cryptocurrency industry that usually revolve around transparency issues, money laundering concerns and tax evasion rhetoric.

Other issues concerns the price volatility of cryptocurrency which is known for wild price swings that potentially may result to massive losses or gains for investors.

Authorities in the region believe that there are not sufficient laws to protect investors from this wild price swings.

Chinese Raid Hailing App To Use Blockchain To Increase Passenger Safety

Andy Chen Weixing, one of the pioneers of the Chinese ride sharing industry, is said to be launching a blockchain-based application called VV Go that will help improve safety to passengers and also increase the income of their drivers.

It will be built through a non-profit organization called VV Share and will run on a blockchain going by the same name.

He is looking to create a similar user experience provided by offerings by uber and Didi (Chinese Uber) with the added benefits of increase efficiency and transparency provided by blockchain technology.

The application will be using digital tokens VV share (VVS) with at total supply of 100 billion.

80% of the VVS tokens will be distributed to users and the rest will be used as part of the founder’s rewards scheme.

It must be noted that China forbids distribution of tokens via ICO, so it is not expected that the tokens will be discursed following the format of a typical ICO.

Korean Province To Replace Local Currency With Cryptocurrency

According to local media an eastern South Korean province, Gyeongsangbuk-do has plans to issue its own cryptocurrency to replace the local currencies of its nine cities.

In line with this initiative a new cryptocurrency exchange will be established for the new crypto.

The crypto can be used for payments within the province and merchants can accept them using smartphones QR codes.

These local currencies are gift certificates that can be used in selected areas of the province that is aimed at revitalizing local economies and preventing capital flight.

The initial name for the new cryptocurrency is Gyeongbuk Coin with an initial annual issuance of about 100 billion Won which is estimated to be around $90 million USD equivalent.

This initial issuance is expected for the first half of next year.

As part of this effort the province has sent a benchmarking team to the canton of Zug in Switzerland, which is home to many cryptocurrency startups in the hopes to learn from other cryptocurrency projects there and utilized experienced gained for their own projects.

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