| June 16, 2018 | Read in Browser |
 QUOTE OF THE DAY  |
| "Someone asked me once if I could condense into five words the most important qualities needed for a good investor, and I replied: 'Motivation, humility, hard work, discipline.'" - Mark Mobius |
Happy Saturday!
Cheers,
Blockchain Brew Team
| MARKETS |
| COIN | PRICE | 24H |
| | ||
| BTC | $6,446.14 | -1.53% |
| | ||
| ETH | $492.692 | -0.15% |
| | ||
| XRP | $0.527879 | -3.3% |
| | ||
| BCH | $849.531 | -1.34% |
| | ||
| EOS | $10.3927 | -3.36% |
| | ||
*Information as of 9:30 AM EST
| ADOPTION |
Overstock Reveals it Generates Between $68,000 to $120,000 of Crypto Weekly
CRYPTO PIONEER
- Overstock.com has been a cryptocurrency pioneer as it has welcomed crypto payment in the early years of Bitcoin
- Since then, the cryptocurrency market has flourished, and thus, Overstock.com has expanded its offerings to other altcoins as well
- Now, according to Jonathan Johnson, a former chairman of Overstock.com, the ecommerce giant pulls in anywhere from "$68,000 to $120,000" of crypto weekly that is spent on a variety of items
ADVANTAGES OF CRYPTO
- After revealing Overstock.com crypto numbers, Mr. Johnson went on to convince listeners that accepting crypto has advantages
- One point he made was that credit cards have processing fees and credit cards cost Overstock.com because it pays around 40 employees to work in the fraud department
Mr. Johnson did point out that Coinbase charges fees but reiterated that accepting credit cards is much more costly:
"When we take cryptocurrency, we have a very small transaction fee with Coinbase, much smaller than our credit card processing fee, and we have no fraud prevention department. It's like a cash transaction. For us, that is a much cheaper way of doing business."
DEMOCRATIZING FORCE
In addition to the ease of payments that cryptocurrencies offer, Mr. Johnson was sure to speak on the democratizing effect of crypto:
"Today, so many of us can't participate in the capital markets the way accredited investors or well-connected investors can. And those of us that are trying to raise money have a hard time crowdfunding or raising money in a democratized way."
| PREDICTION |
Why Bitcoin Will Hit $250,000 by 2022, According to Tim Draper
TIM DRAPER
- Tim Draper is a renowned American venture capital investor and long time vocal proponent of cryptocurrencies
- Draper is most famous in the crypto space for buying 30,000 BTC fro $650 each from the US Marshals Service in the infamous Silk Road auction
QUARTER MILLI
- In the past, Draper has been extremely bullish about Bitcoin and has urged other investors to buy Bitcoin
- In the midst of this downturn, Draper recently spoke to TheStreet and said his confidence about Bitcoin remains unchanged and reaffirmed his prediction of $250,000 by 2022
- Draper also stated that regardless of where the Bitcoin price goes, he will never sell his coins back to fiat
Draper’s direct prediction quote:
“Price-wise, we’ll continue to see Bitcoin move higher. I’ve revised my estimate up to $250,000 four years out, so we’ll see Bitcoin trade around the $250,000 mark in 2022.”
He also explained his thought process in pricing cryptocurrencies:
“I expect that since cryptocurrencies will increase the velocity of money, the current $86 trillion global market for currency will grow to be about $140 trillion in the next 10 years, and that growth will be in crypto. In fact, I estimate that fiat currencies will actually decrease in use, and that crypto will become as much as $100 trillion of that market. I expect Bitcoin to be about 10% of that market, or $10 trillion. There is a lot of room to grow there.”
| NEWS |
Crypto Mining Startup Holding IPO on London Stock Exchange
ARGO
- Argo Blockchain is a cryptocurrency mining platform service that was founded last year, but officially went live on June 11 of this year
- Currently, Argo offers Bitcoin Gold, Ethereum, Ethereum Classic, and ZCash mining but is planning on adding additional altcoins to its service
- Argo has initiated its operations in Canada and China, but also plans on expanding into more countries
‘NETFLIX OF CRYPTO MINING’
- Argo has been dubbed the ‘Netflix of cryptocurrency mining’ because of its subscription service model and emphasis on simple usability
Founder Jonathan Bixby explained the company’s goal:
“We have launched this service to take the pain and heartache out of participating in the biggest new technology breakthrough since the launch of the internet.”
GOING PUBLIC
- On Friday, Argo announced that it is taking the necessary steps to become the first crypto company to be listed on the London Stock Exchange
- The company plans to sell 20 million Euro in common stock and expects to end up at a valuation of 40 million Euro
| NEWS |
Robinhood CEO, Baiju Bhatt, Says Bitcoin Won't Go Away
ROBINHOOD AND CRYPTO
- Earlier this year, Robinhood announced it would offer zero-fee crypto trading options and had over 1 million investors signed up for the service within a few days
- Yesterday, CEO of Robinhood Baiju Bhatt explained that cryptocurrencies will be around for a long time
- Bhatt noted that he and his partner, Vladimir Tenev, were mining Bitcoin as early as 2011 and the fact that it hasn't gone away has prompted the pair to add cryptocurrencies to their trading app
Bhatt spoke on the resiliency of Bitcoin:
"It has this tenacity to it which it just keeps coming back. There are times when there are big run ups in the price, and the price goes down and its relevance in society seems to fade back. And it keeps coming back."
BHATT'S OUTLOOK
- In regards to crypto's outlook, Bhatt believes that regulation needs to become more clear
- More importantly, Bhatt predicts that at some point "sovereign nations are going to have cryptocurrencies as their default currencies"
Bhatt also explained that cryptocurrencies need to live up to the hype as there is currently a lack of real world use:
"When is the last time you’ve ever had a day, when you've been like man, I gotta use that Bitcoin right now. It doesn’t happen, right?"
| TODAY IN CRYPTO |
Today in Crypto is powered by coinmarketcal.com
| MORE BREWING |
- Report: CIA Neither Confirms nor Denies Knowledge of True Identity of Satoshi Nakamoto
- Bitcoin Transactions Help Police Track Down Dark Web Drug Dealer
- Electric Bicycle Allows Users to Earn Cryptocurrency by Riding
| COIN OF THE DAY |
 |
| THEKEY (TKY) |
|---|
| THEKEY Project Team is now developing an identification verification (IDV) tool with blockchain based dynamic multi-dimension identification (BDMI) by using Personally Identifiable Information (PII) which is exclusively authorized by government authorities. THEKEY is a Decentralized Ecosystem of Identity Verification Tool Using National Big-data and Blockchain. |
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