 QUOTE OF THE DAY  |
| “Anyone who has never made a mistake has never tried anything new.” - Albert Einstein |
Happy Tuesday! Fun Fact: Hester M. Peirce (SEC Commissioner who defended Bitcoin after the SEC denied a Bitcoin ETF) gained 14,000 Twitter followers almost overnight. The crypto community support is amazing!
Cheers,
Blockchain Brew Team
| COIN | PRICE | 24H |
|
| BTC | $7,841.772154 | -3.66% |
|
| ETH | $434.928365 | -5.59% |
|
| XRP | $0.432977 | -3.49% |
|
| BCH | $784.782795 | -3.61% |
|
| EOS | $7.287324 | -10.41% |
|
*Information as of 9:30 AM EST
Bitmain Reports $1.1 Billion in Profit in Just a Quarter
PROFITS
- According to a report from Fortune, Bitmain generated $1.1 billion dollars in profit in just the first quarter of 2018 alone
- This is especially incredible, because Bitmain was able to make this crazy profit during a time period that most cryptocurrencies lost ~70% of their value
- The company's conservative estimates for profit in all of 2018 is $2 to $3 billion, and for comparison, Bitmain made $1.2 billion in profit in all of 2017
- Bitmain generated a similar amount of profit as the chipmaking behemoth Nvidia ($150 billion market cap), who made $1.2 billion in profit in Q1
EXPANDING OPERATIONS
- With all of this profit and the funding that Bitmain already has raised, the company is making moves to expand its operations
- Bitmain has made investments into Block.one, Circle, and Opera, and also has made investments into artificial intelligence
- It has also brought some of its operations to North America, opening a mining center in Quebec and an office in Silicon Valley
IPO INCOMING
- The company has been long rumored to be contemplating raising more capital through an initial public offering
- Fortune's report indicates that Bitmain is in the final stages of holding an IPO on the Hong Kong Stock Exchange and it will happen "very soon"
- Bitmain supposedly hopes to raise $1 billion at a $14 billion valuation
Another Hedge Fund Manager Extremely Bullish on Bitcoin
MARK YUSKO
- Mark Yusko is the founder of North Carolina-based Morgan Creek Capital Management
- Earlier this year, Yusko’s fund was able to raise $500 million in capital to create a cryptocurrency hedge fund
BTC BULL
- There has been a plethora of famous investors who have made predictions about where Bitcoin is headed, Yusko’s predictions may be the boldest
- At the end of last year, Yusko gave his opinion that Bitcoin would one day be $1 million per coin, but said this will take at least a decade
- Yusko took to Twitter to update his prediction on Bitcoin, calling $25,000 at the end of this year and $500,000 by the end of 2024
- The hedge fund investor downplays the crypto’s recent price movements, saying it’s all “just noise” and investors must think long term
PREDICTION FRENZY
- It seems nowadays everyone is giving their prediction on where Bitcoin’s price will go
- It’s a big competition to be the one to predict the next financial revolution
- However, for every bullish predictor there is a bearish one and because Bitcoin is a polarizing subject, everyone can’t agree on the same valuation
- Decades from now, it will be fun to look back on all these predictions, someone is surely going to be very right and someone will also be very wrong
Litecoin Confirmed to be in First Blockchain Phone
HTC EXODUS
- The Exodus by HTC will be the first phone dedicated to blockchain
- Each phone will act as a node to create a decentralized network that will enable to have ownership of the data on their phone
- Early access of the Exodus phone will be available in Q3 of this year
LTC IN EXODUS
- It has been thought that the Exodus will only support BTC and ETH, but Charlie Lee announced that the Exodus phone will support Litecoin
- Charlie Lee will also act as an advisor to the team working on the Exodus phone
- The phone will support the Lightning Network for both Bitcoin and Litecoin, which will help drive the adoption of the technology
Lee made the announcement on Twitter saying:
“Met the HTC Exodus team last week and was really excited to hear the phone will support LTC and Lightning Network on Litecoin natively! I will be an advisor as I see having a secure crypto phone that makes LN simple is needed for mass adoption. P.S. No, they will not remove BTC.”
Meet The Cryptocurrency Hedge Fund That Has a Lifetime Return of 10,136%
PANTERA CAPITAL
- Pantera Capital was the first cryptocurrency fund and is arguably the most notable
- The fund just celebrated its fifth year of investing in cryptocurrencies
CRAZY RETURNS
- When Bitcoin was around $100 in 2013, Pantera issued a letter to its investors predicting that Bitcoin will one day be $5,000 and people called them crazy
- Five years later, Bitcoin is still in a downtrend from $20,000, but still far above $5,000
- Being the first established crypto hedge fund has given Pantera an advantage, they were able to get in early and have made a 10,136% since inception
NEW PREDICTION
- Pantera got their $5,000 prediction right and now they have made another bullish price prediction for Bitcoin
- Dan Morehead, Pantera’s CEO and founder predicts that the Bitcoin price will end 2018 trading around $21,000 and surge to $67,500 in 2019
- Morehead has had a fantastic track record so far and it seems like other investors share a similar vision
- National Football League Union Partners With Blockchain Startup
- Coinbase Hires Pershing's Head of Compliance
- Bitcoin's Second-Ever Developer Is Back (With a Big Vision for Crypto)
Ethereum Classic (ETC)
Sidechains support in Emerald Project & Emerald SDK First Release
Cardano (ADA)
IELE VM, a register-based machine inspired by LLVM, will be released on testnet between June and July.
IOTA (MIOTA)
"On Expo Day taking place in July 2018 the partners and network of STARTUP AUTOBAHN will hear about many more joint projects "
Pundi X (NPXS)
"All the Pundi X token holders are eligible for this giveaway mechanism till January 2021. The unlock token happens every month."
Bitcoin Diamond (BCD)
Bitcoin Diamond version of Lightning Network is expected to be deployed on July 31st, after complete assessment by developers and testers.
Today in Crypto is powered by coinmarketcal.com
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