Wednesday, June 26, 2019

📌 BTC to $100K, Bitmain IPO Returns, and the U.S. Senate Talks Libra

MUST READS

Bitcoin Likely to Hit $100,000 by 2022?

On August 24, 2018 Anthony Pompliano "Pomp" – Founder & Partner of Morgan Creek Digital Assets – called for Bitcoin to drop by 50% to $3k before rallying back over $10k.

That call was deadly accurate and allowed Morgan Creek Digital to buy the dip. Here's his next price target.

The Bitmain IPO is BACK

Bitmain Technologies Ltd., the world's largest producer of cryptocurrency mining chips, is reviving plans for it's previously cancelled IPO as Bitcoin climbs to a one-year high.

After failing to go public in Hong Kong, the company is working with advisers on preparations for a U.S. share sale that could take place as soon as the second half of this year.

In less than 1 hour...

We're less than 1 hour away from Teeka Tiwari's big cannabis announcement.

You can see him sitting in the radio booth, under the lights, in this photo.

He has been on the road for months tracking down the best opportunities in the legal cannabis -- CBD -- market.

If you want to discover his TOP cannabis investments... just click this link to add your email to the event list and receive the link 15 minutes before Teeka goes live...

(FINAL NOTICE: Teeka goes live at 8PM EST tonight!)

DEEP DIVE

Was Bitcoin the Greatest Asset Bubble of All Time? Not Even Close...

Which asset bubble was the greatest in history? The flower that once sold for the price of a house? The DotCom Boom? 2017's crypto mania? Or was it something else entirely?

This debate has raged on for far too long, and Nick Maggiulli decided to thoroughly analyze the data to answer this question once and for all.

🇨🇳 China Leading the Way?

As the global economy shows signs of faltering due to the China & US trade war, the people of the People's Republic seem to be waking up to the fact that they may need to stash some wealth in a sovereign digital currency.

Are we seeing Bitcoin cement itself as a safe haven asset right in front of our eyes? We think so.

Ethereum's Transaction Volume is Down 40% in a Year

Bitcoin's price reached the $12,000+ mark today, but the overall cryptocurrency market is looking quite different from the first time this price milestone was reached. For example, there was a somewhat widely-held belief that Ethereum's ETH token would overtake bitcoin back in 2017. Union Square Ventures's Fred Wilson even shared this belief publicly during a Bloomberg interview in May 2017.

Since that time though, Ethereum's transaction volume has declined roughly 40%. Additionally, ETH is down 60% against bitcoin over the past year.

REGULATORY FRONT

US Traders Beware: IRS Exam Teams Beginning to Work Cryptocurrency Tax Cases

U.S. citizens who have failed to report their income from crypto transactions or underreported such income now have every reason to worry.

According to Bloomberg, the Internal Revenue Service has identified a couple of taxpayers who underreported their earnings from crypto income or completely failed to report such earnings. Taxpayers who have been identified can now expect to receive notices in the near future.

The Senate Banking Committee Will Hold a Hearing Next Month on Facebook's Libra Currency

Last week the Senate Banking Committee announced it will be holding a hearing next month to question witnesses over Facebook's new cryptocurrency initiative, Libra.

The hearing, entitled "Examining Facebook's Proposed Digital Currency and Data Privacy Considerations," is set for July 16th at 10AM ET. Facebook's plan was met with harsh criticism from lawmakers... and calls for investigation into the potential consumer risks.

Chairwoman Maxine Waters (D-CA) even asked that the company halt the development of the currency until Congress and regulators could investigate the potential privacy and financial risks.

"Given the company's troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action," she said.