Monday, December 17, 2018

Rewind a year exactly ⏪

December 17, 2018

One-Year Ago Today Bitcoin Touched $20,000

Rewind a year

On December 17, 2017, Bitcoin reached unreal heights. For a brief moment on the day, the almost 10-year old cryptocurrency nicked $20,000.

The move would mark over a 1900% increase for Bitcoin since the start of 2017.

Since then, however, Bitcoin’s glory has fallen alongside a grueling pullback that has left the price sitting at mid $3,000’s.

Where to next?

Pricewise? It’s unclear. We know that Bitcoin has gone through multiple boom and busts before but the recovery time period largely differs.

However, there are many events to look forward to in 2019. Here are the top contenders:

Bakkt’s physically-delivered Bitcoin futures
Approval of a Bitcoin ETF
Substantial Lightning Network growth

Remember…

Bitcoin is still in its infancy alongside the entirety of the crypto market. Most technological advances have seen their own version of a bubble - including railroads in the 1840s.

It may not be the masses that bring Bitcoin forward in 2019. Rather, it will be the ones quietly building the foundation during the bear market for the next steps towards mass adoption.

NEWS

President Trump's New Chief of Staff is a Bitcoin Supporter

President Donald Trump recently appointed Mick Mulvaney as his new Chief of Staff. Before being appointed to his new position, Mulvaney previously served as the Director of the Office of Management & Budget.

Long-time crypto supporter now in power

Mulvaney has a long history of supporting cryptocurrencies during his time as a politician.

When Mulvaney was a member of the U.S. House of Representatives, representing South Carolina's 5th district, he had a hand in creating the 'Blockchain Caucus'. This was a group of Congressmen that created new legislation related to blockchain technologies.

Around the time of creating this group of pro-crypto Congressmen, Mulvaney made a statement saying:

“Blockchain technology has the potential to revolutionize the financial services industry, the U.S. economy and the delivery of government services, and I am proud to be involved with this initiative.”

What this could mean

Donald Trump has never voiced his opinion on blockchain or cryptocurrencies, so it could be anyone's guess on his stance. However, what we do know is there is a new blockchain supporter in the White House.

As Trump's Chief of Staff, Mulvaney will have a meaningful say in how the President's operations are run. Mulvaney will have the opportunity to influence policy decisions, and who knows he may pitch Trump on his beloved blockchain.

NEWS

No One Took Morgan Creek's $1 Million Bet on Crypto

The bet

About a week ago, Morgan Creek founder Anthony Pompliano offered a bet of $1 million that cryptocurrencies would outperform the S&P 500 (an index of the 500 largest public companies) over the next ten years.

The bet was extended to anyone willing to take the otherside, thinking that stocks would out perform the crypto market.

Put your money where your mouth is

Pompliano recently took to Twitter to share with his followers that no one has accepted the other side of his bet. He told his followers, "Don’t listen to the naysayers. They don’t even believe what they say."

The Morgan Creek founder has always been one of the biggest cryptocurrency proponents and is well respected in the space. He is quick to point out that although most of the crypto market is down as much as 90%, you don't have to go much further than a year back to find a time period that the cryptocurrency market has outpaced the traditional financial market.

As far as we know, the bet remains open, but it seems no one is eager to bet against cryptocurrencies.

REPORT

Hong Kong Stock Exchange Worries for the Bitmain IPO

Yes or no

According to CoinDesk, the Hong Kong Stock Exchange (HKEX) is having trouble deciding whether or not to approve mining giant Bitmain for its upcoming IPO.

To be approved, Bitmain will have to make it through a series of approvals from not only HKEX but also the Securities and Futures Commission (SFC) to see if it can move forward with the listing.

And it only has 6 months to do so. So far, Bitmain is about halfway through the process with no approvals yet.

The reason why

Volatility in the market has made financial authorities iffy on whether or not to proceed with the listing.

An anonymous CoinDesk source commented on the matter:

“The exchange is very hesitant to actually approve these bitcoin mining companies because the industry is so volatile. There’s a real risk that they could just not exist anymore in a year or two.”

To be fair, it’s totally possible. Mining profits have gone down the drain and Bitmain is expected to report major losses for its third quarter - mostly stemming from crypto holdings and equipment sales.

BITS

But wait, there's more...

🏛 Switzerland is looking to accomodate blockchain into its exisiting financial framework.
🧐 TD Ameritrade is exploring the potential of XRP for its platform.
☹️ Experts believe Hong Kong's new regulation could hurt innovation in the crypto industry.

MEME