Cryptocurrency News Now!: 4 in 5 executives on board with blockchain

Tuesday, August 28, 2018

4 in 5 executives on board with blockchain

BROUGHT TO YOU BY

QUOTE OF THE DAY

“Cryptocurrency is such a powerful concept that it can almost overturn governments.”

- Charles Lee

Happy Tuesday! So bearish sentiment in Bitcoin futures hasn't been this low since December of 2017. It's always a good day when you hear that.

Cheers,
Blockchain Brew Team

MARKET

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*Information as of 9:30 AM EST

RESEARCH

4 in 5 executives on board with blockchain

Four in Five Executives Have a Blockchain Initiative in Progress, PwC Reports

84% OF EXECUTIVES

In a new study conducted by PricewaterhouseCoopers (PwC), 600 executives were examined in 15 different countries around the world about blockchain development
Most notably, four in five executives in the study responded that they have blockchain initiatives in progress
Of those respondents, 25% have launched pilot projects or have live blockchain implementations already

WHAT'S STOPPING GROWTH

PwC found that the top three barriers that are inhibiting full blockchain adoption are:

Regulatory uncertainty
Lack of trust among users
Ability to bring a network together

In response to this finding, PwC blockchain leader Steve Davies commented:

“Businesses tell us that they don’t want to be left behind by blockchain, even if at this early stage of its development, concerns on trust and regulation remain. Blockchain by its very definition should engender trust. But in reality, companies confront trust issues at nearly every turn.”

MORE HIGHLIGHTS

Not surprisingly, PwC identified that 46% of respondents believe the financial sector is the leader in pioneering blockchain development
In addition, PwC found that the U.S. was the leader with 29% of companies engaging in blockchain development and China was the runner-up with 18% of companies engaging in blockchain development
However, researchers forecast that China will overtake the U.S. as the leader in blockchain development within the next 3-5 years

OPINION

'Wolf of Wall Street' Bashes Crypto Investors

TAKES ONE TO KNOW ONE

Jordan Belfort, an infamous Wall Street scam artist, was portrayed in the movie "The Wolf of Wall Street"
Belfort spent almost two years in prison and was forced to return more than $110 million for pumping and dumping penny stocks
According to Belfort, his history scamming investors makes him a credible analyst of what is happening in cryptocurrencies

BUST HEARD AROUND THE WORLD

Belfort is a major crypto bear and says that Bitcoin will inevitably crash in the "bust heard around the world"
He claims that early investors have accumulated massive amounts of Bitcoin and are now dumping these bags on retail investors who are getting caught in all of the hype surrounding crypto

Belfort gave his warning to investors saying:

“For the average person who’s really — you know, with a good heart, who walks in saying, ‘I just — I want — I do because I believe in it, in the long term thing,’ just f—— run. This thing is going to evaporate like a mirage. There’s a lot of really honest people who are going to get slaughtered.”

NOT THE FIRST TIME

This is not the first time that Belfort has publically shamed Bitcoin and cryptocurrencies
Last September he called cryptocurrency a "fraud" and initial coin offerings the "biggest scam ever"

RUMOR

Gossip Magazine Claims that Bill Cosby is Hiding His Fortune in Bitcoin

BUSTED

Earlier this year, famous actor Bill Cosby was convicted on multiple accounts of sexual assault
Cosby's sentence date is coming up next month

CHECK HIS BTC WALLET

The celebrity gossip site, Radar Online, has alleged that Cosby has purchased $5 million of Bitcoin in an attempt to hide his fortune
Radar Online is citing an unnamed "insider" close to Cosby who knows this information

The source claims:

“He moved close to $5 million in Bitcoin after an expert told him it’s practically untraceable and impossible for anyone but him to retrieve. The expert said it couldn’t be taken in a divorce, bankruptcy or by the government in any liens!”

MOST LIKELY NOT TRUE

It is very hard to believe that the source is telling the truth since celebrity gossip magazines do not vet their sources nearly as thoroughly as real news sites
If Cosby were to have purchased $5 million in Bitcoin, there would be $5 million missing from his bank account which the government and creditors could see
We have learned in the past that Bitcoin is not very anonymous (actually pseudonymous) and the government has shown their ability to track criminals trying to use the cryptocurrency to hide and launder money

TRADING

Bearish Positions in Bitcoin Futures are on the Decline, CFTC Reports

BEARS WALK OUT

According to the most recent Commitments of Traders report released by the Commodity Futures Trading Commission (CFTC), bearish positions in Bitcoin futures have hit a new low
As of the week ended August 21st, non-commercial Bitcoin futures contracts totaled a net short position -1266 contracts
The report shows that in the week leading up to the release, short positions declined by 210 contracts and long positions saw an uptick of 56 contracts
Though the Bitcoin futures market is still net short, this is the least bearish speculators have been on the cryptocurrency since the futures were first listed in December last year

MATURING MARKET

Last week in a CNBC interview, Brian Kelly recognized that the Bitcoin futures market is "not mature enough" according to the U.S. Securities and Exchange Commission (SEC)
However, Kelly explains that the Bitcoin futures market has seen impressive growth in the open interest of large holders
Forecasting growth rates, Kelly believes that the futures market will see enough growth to become "mature enough" in the eyes of the SEC by February 2019

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BREW BITS

Charlie Lee, Litecoin's founder, told CNBC Fast Money that he is not going to buy back the Litecoin he sold in mid-December.
JP Morgan CIO Lori Beer told her audience at a press conference in Buenos Aires that blockchain will "replace existing technology" in a few years.
Mark Zuckerberg's older sister Randi joined the advisory board of popular crypto exchange Huobi.

TODAY IN CRYPTO

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LEARN THE LINGO

Proof of Stake (POS)

noun

Proof-of-Stake algorithms achieve consensus by requiring users to stake an amount of their tokens so as to have a chance of being selected to validate blocks of transactions, and get rewarded for doing so.

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