Bitcoins price may be evaporating, but Wall Street players are embracing it like never before. The owner of the New York Stock Exchange has begun Bitcoin futures trading, Fidelity is expanding its Bitcoin custody business, PricewaterhouseCoopers is auditing crypto funds, Davis Polk & Wardwell is giving them legal advice, and Marsh & McLennan is helping companies get insurance. All the boldfaced names are on board.

Those developments would seem to be bullish for the digital currency. And yet, Bitcoin has been languishing, and not just in terms of its price, which is down 16% over the past month, to $7,700. The digital currency simply isnt useful, and there is no clear path to it getting there.

There needs to be greater utility, said Adam White, the chief operating officer of Bakkt, the cryptocurrency custodian launched by NYSE-owner Intercontinental Exchange (ticker: ICE). White was speaking at a conference put on by a New York company called BlockWorks Group that aims to educate investors about cryptocurrencies.

Theres an argument that Bitcoin is a store of value, and acts like digital gold, and that is its use case, White said. That may be true. Its our thesis that the size of that pie will never be big enough to justify the aspirations and the opportunities that this technology brings.

A recent survey of crypto and blockchain CEOs and founders connected to venture-capital firm Digital Currency Group came to a similar conclusion about Bitcoins use cases. Of those leaders, 71% expect Bitcoin will mainly be used as a store of value over the next five years, and another 7.6% say it wont be useful for anything.

Bakkt is trying to push Bitcoin into the real world, working with Starbucks (SBUX) to let people pay with it at the register. But even that experiment shows Bitcoins limitations. When the service launches next year, Starbucks wont actually be accepting Bitcoinsoftware will turn it into cash before it hits the companys balance sheet.

Others have similar hopes for larger adoption. Konstantin Richter, CEO of blockchain company Blockdaemon, said at the BlockWorks conference that the biggest impact for all of us would be somebody like Square accepting Bitcoin for payments. That would probably double the price of everything. But Square (SQ) already tried to allow merchants to accept Bitcoin in 2014, before pulling the plug because of a lack of interest. Despite now allowing users of its Cash app to invest in Bitcoin, it hasnt brought Bitcoin back for merchants.

Wall Street has built a robust structure around cryptocurrency. The walls, electricity, and pipes are secure, but the building remains a shell where few want to live. In part, this is simply a matter of timing. The infrastructure had not been there in 2017, when Bitcoin was having its moment, doubling monthly and drawing millions of new retail investors. The washout that followed drove many of those investors out.

There may be no way to convince those investors to crawl back in given the rout they experienced in 2018, when Bitcoin lost 70% of its value. But some fund managers think there is another demographic that will soon get comfortable with crypto.

If you think about the wealth of this country, its in the hands of 50- to 80-year-olds, not 20- to 30-year-olds, said Mike Novogratz, CEO of Galaxy Digital Holdings, a crypto-focused merchant bank. We havent had this group participate in a big way yet.

A Galaxy affiliate introduced two new funds aimed at that crowd in November, with one demanding a minimum investment of $25,000. Fidelity, Bloomberg, Deloitte & Touche, Ernst & Young, and Davis Polk are all on board to track and provide custody for the products. For the first time we can actually create a fund that has institutional service providers, institutional feel, Novogratz said.

Still, one challenge to getting those 50-to-80-year-olds involved is that Bitcoin remains subject to remarkable volatility, with price moves that can be difficult to explain. Optimists say the idiosyncratic moves show that Bitcoin is uncorrelated to the rest of the market. But its one thing to invest in an uncorrelated asset, and quite another to invest in an irrational one.

Despite the pedigree of the firms now backing crypto, Bitcoins drastic price moves continue to rattle the market, including an 18% plunge in a matter of hours on Sept. 24. Explanations for the moves often seem pasted-on after the fact. People do try to reverse engineer it to link it back to an event thats perhaps caused it, says Simon Peters, an analyst with brokerage eToro. He adds that Bitcoins recent weakness has been caused by a lack of demand. Miners are looking to offload Bitcoin on exchanges, but they arent finding enough buyers, he says. Investors may be rattled by Chinas decision to ban many cryptocurrency exchanges.

Even with the recent drop, Bitcoin nears the end of 2019 in stronger shape, its price having doubled since January. In its 10th year of trading, the digital currency hit several significant milestones and drew in major new playersmost prominently, Facebook (FB) announced its Libra project to create a new digital currency that would make payments cheap and easy around the world.

Going forward, it will need a new narrative. Bitcoins most distinctive attribute is that it allows money to be transferred over the internet by people who wish to remain anonymous. Proponents call this censorship-resistance, but it also means that Bitcoin is used to fund things like child pornography rings, blackmail schemes against local governments, and subverting elections. Its no surprise that Bitcoin made several cameos in the Mueller report.

Bitcoin remains an elegant technology, with real potential. But to catch the eye of those 50-to-80-year-olds who havent yet invested, it will need a clearer purpose beyond just Wall Streets approval.

Write to Avi Salzman at avi.salzman@barrons.com

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Bitcoin Has Wall Streets Love. But a Lack of Utility Means It Doesnt Have Investors. - Barron's

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A primal societal fear can cause a public panic beyond reason. Its not bad. It can motivate.

In 1938, American audiences were fearful of falling victim to Japanese militarism, Bolshevism, or Nazism.

When they heard a radio adaptation of the 19th century novel War of the Worlds, public panic that a Martian invasion was real shut down phone switches and electrical grids even thousands of miles away from the apparent New York City invasion.

War of the Worlds

Though it was probably impossible to gauge public reaction in Stalinist Russia, Alexander Nevsky a 1938 propaganda masterpiece describing, allegedly, a 13th century Teutonic invasion is chilling to this day.

Bitcoin is one of the most positive developments of the millennium and will, I believe, continue to foster trade and human relations. However, the genesis of its popularity is a fear of societal collapse.

Per Wikipedia, October 2008, Satoshi Nakamoto published a paper on the cryptography mailing list at metzdowd.com. Would 99.99% of humanity understand his discussion of fractional reserve banking, or for that matter, what a cryptography mailing list is?

Today, Bitcoin (BTC) is a $166 billion market phenomenon, and the whole cryptocurrency market is worth $248 billion. As technically remarkable as BTC is, it still must have touched some deep societal nerve to grow so quickly before greed took over in 2016.

Peoples fear in 2008 was not so irrational. Weve had many historic examples and two contemporary examples of how terribly things end when the government resorts to money printing to paper over its problems.

At the darkest end of the spectrum was Weimar Germanys hyperinflation which heralded Nazism, the Holocaust, and the slaughter of 50 million people in Europe.

However, you dont have to go a century back. You have now, in 2019, the starvation of Venezuela the country with the largest petroleum reserves in the world.

Also, the Zimbabwe I saw as a very young person in 1985 was harmonious and rich in nature. Now, it is unrecognisable due to dictatorship and hyperinflation.

This might all explain an irrational spike in BTC when it first launched, but the truth is this bubble has gone on for 12 years. Currently, the government executives who are supposed to be the most responsible are not.

In Europe, September 12 2019, the Governing Council of the ECB took the following monetary policy decisions:

In the USA, the worlds reserve currency is run by the federal reserve, whose increased role in the US economy and financial system is more than disturbing.

Japan, whom people might have justifiably feared taking over the world in the 1980s, seems to have transformed itself into a banana republic of capitalism. While the economy and culture is still shockingly impressive, its debt is 223% of its economy.

Which brings us back to Bitcoin

If phases of death psychology include anger, denial, and acceptance, BTC has its own path: fear, greed, and discovery.

People were justifiably scared a decade ago of complete financial collapse. Lingering fears about the major economic zones and liberal democracies in Japan, the USA, and the EU are rational.

Of course, everybody loves to gamble, and the 2017 price spike proved irresistible to droves of investors and speculators. It was also a goldmine for fraud artists.

Now, all sorts of wonderful things are happening.

Bitcoin is facilitating international trade for small companies, for instance, who can now pay foreign contractors without the usual hang-ups. African entrepreneurs are making money trading electronic and other goods. There are opportunities for 20-year-olds that their seniors would never have experienced.

Looking at hash rates and cryptography would bore most people to death. However, a healthy dose of fear, greed, and eventual mistrust gave birth to something wonderful.

Keep your eyes on Bitcoin. Its emotional birth led to a global transformation that is only in its infancy.

Nicholas Levenstein has been a classical musician, IT and strategy consultant, and financier. He has a BA (cum laude) from Yale University and an MBA from University of California, Los Angeles. Recently bitten by the Bitcoin bug, he is contemplating various arbitrage and financial strategies. See more at http://www.levenstein.net.

The post Zeitgeist and Bitcoin appeared first on Coin Rivet.

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Zeitgeist and Bitcoin - Yahoo Finance

Despite the strong recovery of bitcoin from its dip to $6,516 on November 25, low prices could leave the cryptocurrency market vulnerable to declining sentiment by the years end.

Unlike other markets, bitcoins trading activity does not significantly decline during holiday seasons, creating an environment for traders and investors that is different to existing markets.

As said by Arca chief investment officer Jeff Dorman, bitcoin and the cryptocurrency market, in general, tend to be swayed by sentiment and emotion more than traditional markets.

As such, when a rally begins, the price of bitcoin often increases by two to three-fold and when a correction occurs, bitcoin tends to contract by 50 to 80 percent.

Since achieving $10,600 on October 26, the bitcoin price has fallen to below $6,600, by almost 40 percent against the U.S. dollar.

For bitcoins short to medium term price trend, momentum is key. If the bitcoin price starts to show signs that it will end 2019 below important resistance levels, the sentiment is likely to carry over to December.

Price and emotions tend to work together so when prices are at all-time highs, everyone is euphoric and probably way over their skis with regard to how fast this industry is going to grow. And when things are in contraction, prices are down, everyone is depressed and acting like the world is ending, Dorman said.

A similar scenario played out in December 2018, when the bitcoin price crashed sub-$4,000 during a month that historically has seen large gains like in 2017.

In November, as the bitcoin price stabilized above $6,000, investors anticipated the price of bitcoin to begin recovering gradually, targeting its record high at $20,000 in 2019.

However, bitcoin crashed by 50 percent instead, and that sentiment was carried across 2019 and the first quarter of this year.

Although bitcoin has recovered from $6,600 with strength and is likely to see more upside movement in the short term due to oversold conditions shown by technical indicators, low volumes show that there may not be enough buying demand at the current price range.

Technical analysts have been targeting a rebound to the $8,000 region following the dip to $6,600 by the dominant cryptocurrency, but analysts remain cautious on whether the recovery can extend to the $9,000s and $10,000s.

I'm always hesitant to predict prices in the short term [as opposed to the medium term] as I think the shorter the TM the more random/ less probable the prediction becomes. Nevertheless, wouldn't surprise me to see price move sideways and volatile in the short term, a prominent trader known as Dave the Wave said.

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Will Bitcoin Hit Peak Exhaustion in 2019 End? What Indicators Show - U.Today

Bitcoins price has corrected by as much as 53% from the 2019 high of $13,880. Investor sentiment has turned extremely bearish. A few weeks ago, the idea of bitcoin trading at $5,000 was unthinkable. Today, many are calling for $5,000 to be the bottom of this downtrend.

Regardless of whether the bottom is at $7,000 or $5,000, it shouldnt make any difference to hardcore HODLers. We talked to prominent traders and they agree: Its very likely that bitcoin will continue to rise in the long-term. Dont get shaken out.

Bitcoin is the most scarce currency on this planet. According to Mati Greenspan, founder of Quantum Economics, this reason should give you confidence that the dominant cryptocurrency will likely rise in the long-term. He told CCN,

There will only ever be 21 million BTCs. Many have already been permanently lost, and many more are being HODLed. Given the number of people who consistently stack sats and the extremely limited supply, demand should be sufficient to drive prices up in the long-term.

From the perspective of an investor, bitcoin offers a value proposition that no other asset can. The digital gold is largely not influenced by other assets such as stocks or commodities. According to trader Max, this unique property gives this crypto its edge.

In capital management, you will sooner or later realize Bitcoin is the least correlated asset in the world. Portfolios across the world dont differ that much, but bitcoin is not adopted in these portfolios in a widespread way. That is the reason why its the most uncorrelated asset in the world, meaning its a strong hedge against economic volatility.

The trader added,

Because Bitcoin is sound money and sovereign, it will provide a way to be sovereign to those who need it if tension rises to a point of crisis. Bitcoin will become a necessity and those who learn about Bitcoin, can see that. The demand for bitcoin is programmed to rise.

As a true HODLer, you will see the pullback as an opportunity to buy more bitcoin. Youll stack more satoshis if bitcoin traded at $5,000 or $3,000. Andy Cheung, head of operations at OKEx, echoes this view. He told CCN,

I am aware of the fears in the market, especially when the bearish death cross appears on traders charts, but I believe this selling pressure is a gift to long-term HODLers.

The crypto exchange executive added,

Looking at drawdowns over time, as a bitcoin drawdown deepens in magnitude, there is an increasing probability for a forward return. It is possible you could see $10,000 by year-end.

Is Andy Cheung giving us false hope? I dont think so. If theres an asset that can pull off a massive rally before the end of the year, its bitcoin. Robert Beadles, president of Monarch, agrees. He said,

Historically, bitcoin has surged in price towards the end of the year, and this year may be no different.

Jesse Cohen, analyst at financial markets platform Investing.com shares this sentiment. He told CCN,

The bearish sentiment on Bitcoin is reaching extreme levels and that should bode well for the cryptocurrency as we head into what is seasonably its best time of the year. Santa rally isnt just for stocks.

Bitcoin may dump more or it may resurrect like a phoenix. Whatever happens, forget the noise.

Disclaimer: The above should not be considered trading advice from CCN. The writer owns bitcoin and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.

This article was edited by Sam Bourgi.

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Forget the Noise; Traders Explain Why You Should Be Long-Term Bullish on Bitcoin - CCN.com

Bitcoin values are slowly gaining pace after last week falling to their lowest levels since May.

The price of the virtual currency had risen steadily during the first six months of this year, after a tumultuous 2018 that saw prices plummeting from the record high of $20,000 (15,500) recorded at the end of 2017.

But after nearing a value of $13,000 (10,080) this June, values gradually slipped towards the $10,000 (7,750) mark in September and then fell to a six-month low of $6,630 (5,140) on Sunday, figures from ranking siteCoinMarketCapreveal.

However, prices are creeping up again, withbitcointrading at $7,530 (5,840) as of 9:00am UK time today.

Bitcoins rivals are also fairing better. Over the past five days, Ethereum has risen from from a low of $134 to $154 today, while banking-focused coin Ripple has climbed to $0.23 (0.18) from Sundays price of $0.21 (0.16).

Chinas crackdown on illegal cryptocurrency trading was blamed for last weeks plummeting prices. But while the Asian superpower is still in the processes of closing down illicit trading platforms, investors seem to be regaining confidence in the market.

Bloombergsaysbitcoin has risen by about 95% in 2019, which investors are taking as a sign cryptocurrencies are maturing.

Although the declines will probably cause short-term investors a few headaches, many experts believe this is the perfect time to buy into bitcoin, The Independent reports.

Once again the value of bitcoin has plummeted due to the nature of cryptocurrency, this is not the first, nor will it be the last time this occurs, Peter Wood, head of trading platform CoinBurp, told the news site.

However, new-time investors can be comforted by the fact that its value will most likely rise again, and newcomers to cryptocurrency should see no better opportunity that to invest now, he added.

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Bitcoin price: values show signing of recovery following slump - The Week UK

In June and October, this area was a significant support that now may become serious resistance. Nevertheless, we are witnessing a decline in trading volumes to $20bn on the way to growth against $45bn at the beginning of the week, which calls into question the short-term outlook for the benchmark cryptocurrency, pointing to the wait-and-see approach of investors.

Judging by the record statistics from Bakkts platform on Wednesday, institutional investors show much higher determination. It became known that the daily volume of the company reached a maximum of $42.5mln. With the extremely disappointing start, the current events may indicate a gradual increase in demand from institutional investors. Even more positive is the fact that a sharp rise in the volume of Bakkt coincided with the rebound of Bitcoin price from $7K to $7.5K.

Everyone knows that the crypto market is relatively small compared to the traditional sector. Therefore, it is much easier victim for manipulations. The collapse at the beginning of the working week may be since hedge funds on CME have $50 mln in short positions for Bitcoin. Quite enough to strengthen the adverse reaction of the market, already affected by the actions of the Chinese authorities. In addition, the situation with the miners exodus also helped to form a perfect storm.

Some analysts call the current crypto market bounce dead cat bounce, treating everything as a bounce in the downstream channel. Some media also expressed an opinion that crypto-winter did not end at all, which caused a fierce reaction of crypto-community, which is not famous for its tolerance to the opposite position and supports only the growth theory.

Nevertheless, there is a relatively large camp of experts who still believe that the value of Bitcoin is zero. Regulators effectively stopped off all massive projects based on blockchain or any other monetary surrogate. There is growing confidence that the cryptocurrency will not be allowed to become the mainstream unless it is the right state-owned cryptocurrency.

Ceteris Paribus has estimated that the current cost of producing one bitcoin is $7,100. Past average values of around $4,300 named incorrect, as they do not take into account equipment depreciation. A lousy situation for small miners, who may gradually leave the market, strengthening consolidation in the industry.

This article was written by FxPro

This article was originally posted on FX Empire

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Bitcoins Bounce Bumped Into The Resistance - Yahoo Finance

Money printing should be big business at a time where many central banks are in the process of affecting quantitative easing. But, the fact that money printing is still a necessary act proves how dated fiat currencies really are. Bitcoin could be an alternative to this.

It has been seen that the US Federal Reserve is not shy toprintbillions of dollars in a day. Still, the current economy and the business of money printing is actually showing just how outdated this is as a form of payment.

UK banknote printer De La Rue has recently become a potential target for a takeover after the companys share priceplummeted. The company announced there was material uncertainty surrounding its future, triggering its shares to plunge almost a quarter.

If there was a better indicator that the future of money might not be tangible, it is that money printers despite being in high demand are unsure of their own future.

Cash, although a staple of money and payment for hundreds of years, was never going to be the final solution. The world has witnessed the evolution of money in the past few hundred years, and it appears as if the next revolution is upon us.

Bitcoin has yet to quite prove itself as the answer to the evolution of money, but it would be fair to say it has helped catalyze the digital drive towards a cashless society. In fact,Swedenhas already started its move away from cash in pursuit of being a society that only uses digital cash.

Now, with De La Rue as another indicator of this global movement away from printed money, a new era is being reached where the old way of doing things is starting to appear obsolete.

According to theTelegraph, CEO Clive Vacher said De La Rue has gone through an unprecedented period of change in which many senior executives have jumped ship.

The fact that this money printing business is embattled also shows the exorbitant parts of the current traditional financial system. Many are quick to point out that Bitcoin uses large amounts ofelectricity to run, but the system is probably far less damaging than the entire financial ecosystem, which includes mints, money printers, banks, and other financial institutions.

More so, Bitcoin operates intangibly, meaning there is no need for resources like in the printing of paper money, or the minting of coins. Also, the energy usage in the accumulation of those materials, as well as the production of the money, should also be taken into consideration. The worlds first cryptocurrency does have a few issues to work out, but it is on a path to try and fix those concerns.

On the other hand, the legacy system of fiat currency is starting to grind to a halt and struggle in the modern era. If those who are creating the money are starting to struggle, what does that say about the money itself?

Images are courtesy of Shutterstock.

Originally posted here:

Bitcoin Could Be an Alternative to Endless Money Printing - BeInCrypto

Bitcoin's epic 2017 bull run was at least partly inspired by interest in bitcoin, cryptocurrency and blockchain from the world's biggest banks and financial institutions.

This year it was the turn of tech companies to boost bitcoin. After falling sharply in 2018, the bitcoin price rallied hard in the first half of 2019 due to tech companies from social media giant Facebook to iPhone-maker Apple eyeing bitcoin and crypto.

Now, with the likes of Tesla's Elon Musk and Twitter's Jack Dorsey talking up bitcoin, PayPal chief executive Dan Schulman has revealed he's a bitcoin believer.

PayPal's CEO Dan Schulman said he holds bitcoin and only bitcoin.

"Yes, only [bitcoin]," Schulman told Fortune magazine in response to being asked whether he holds any cryptocurrencies.

Schulman's attitude to bitcoin and crypto reflects the wider market, with many increasingly confident bitcoin will remain the largest and most popular cryptocurrency.

Bitcoin's dominance, its value compared to the whole cryptocurrency market, has risen this year as so-called altcoins are sold off. Bitcoin dominance now sits at around 65%, up from around 50% at the beginning of the year, according to CoinMarketCap data.

Schulman, who was speaking to the magazine after he pulled PayPal out of Facebook's troubled libra cryptocurrency project, also confirmed earlier reports the company has teams working on blockchain and cryptocurrency.

"We think theres a lot of promise to blockchain technology," Schulman said. "Its intriguing to us, but it really needs to do something that the traditional rails cant do."

"On the crypto side, its still very volatile, and therefore, we dont have much demand for it by merchants because merchants operate on very small margins.

"That doesnt mean that I dont think crypto is an interesting idea ... more commodity-like than it is cash-like right now. But you can think of use cases in different countries and different places where it can be more stable than the alternatives."

Many in the bitcoin and cryptocurrency industry were excited by Schulman's revelation, taking it as an endorsement of bitcoin and its potential.

"PayPal CEO owns bitcoin. Thats it. No other crypto. Only bitcoin," said crypto investor and co-founder of Morgan Creek Digital Assets, Anthony Pompliano, via Twitter, adding a fire emoji.

The bitcoin price was sent sharply higher this year as some of the world's biggest technology ... [+] companies began to develop their own bitcoin rivals.

In June, PayPal was revealed to be one of Facebook's 28 founding members of the Libra Association but the company backed out in October along with payments rivals Visa, Mastercard, and Stripe.

Facebook, the world's largest social media network that includes messaging app WhatsApp and image-based Instagram,is scrambling to make its June 2020 launch date for its bitcoin rival libraagainstmounting regulatory scrutiny and internal strife.

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Move Over Jack Dorsey And Elon Musk, Theres A New Bitcoin Believer In Silicon Valley - Forbes

Reports of bitcoin's demise may have been exaggerated but everyone who's currently holding bitcoin is going to die one day (probably).

What happens to our digital remnants when we die has been a problem the likes of Facebook and Google have already had to grapple withbut digital currency like bitcoin makes the problem far more pressing.

Now, U.K.-based Coincover, founded just last year, has teamed up with Palo Alto-headquartered bitcoin storage company BitGo to offer bitcoin and cryptocurrency willshoping to solve the problem of what happens to your bitcoin when you die.

Bitcoin has only been around for just over 10 years but it will likely still be around long after ... [+] we're gone.

When access to a bitcoin wallet is gone, the bitcoin is gone forever. Coincover reckons around 4 million bitcoin (worth some $30 billion at current prices) has been lost as a result of people dying without letting their next of kin know how to access it.

And as bitcoin and crypto become more mainstream (eventually), the number of bitcoin being lost forever into the ether is only like to rise.

"As bitcoin becomes more mainstream and its value continues to increase, considering how to manage it as part of an estate planning exercise is becoming increasingly difficult," said David Janczewski, Coincover's cofounder and chief executive, adding that, with bitcoin, "theres no bank manager to ask, and no one can break in for you."

Earlier this year, in perhaps the worst case of posthumously lost bitcoin, the chief executive of Canadian bitcoin and crypto exchange Quadriga, Gerald Cotten, died suddenly while on vacation in India, leaving hundreds of millions of dollars in bitcoin and other cryptocurrencies apparently unrecoverable.

Bitcoin's epic 2017 rally meant many bitcoin holders became overnight millionaires, with many ... [+] worried about what will happen to their bitcoin when they died.

Though Coincover's service does little more than hand out pseudo-wallet keys to people's next of kin, bitcoin and cryptocurrency remains so clunky and tricky to use that most spouses, children, or parents of bitcoin holders would be unable to recover it on their own.

It may be that as crypto and digital asset services improve there won't be a need for this kind of service, but for now those with extensive bitcoin and crypto holdings are understandably worried.

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Bitcoin Isnt Dead But One Day You Will Be - Forbes