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Goldman Sachs: Bitcoin Not an 'Investable Asset Class', Dogecoin Ideal for 'Speculation'

In brief　　Goldman Sachs has shown more interest in Bitcoin recently.　　But a new report by the investment bank says that it is still too risky to invest in Bitcoin and other cryptocurrencies.　　Investment bank Goldman Sachs has said in a report issued earlier this week that cryptocurrencies are not a “viable investment”—despite showing interest in Bitcoin and Ethereum recently.　　Many cryptocurrency enthusiasts argue that Bitcoin can work as a hedge against inflation because it is scarce: there is a finite supply of Bitcoin while there is a seemingly infinite supply of fiat money like the US dollar.　　But Goldman Sachs thinks differently. The bank said in its report, “Digital Assets: Beauty Is Not in the Eye of the Beholder,” that while some market analysts and investors may consider Bitcoin to be “digital gold,” that itself means next to nothing to Goldman:　　“The argument that Bitcoin and cryptocurrencies are a digital version of gold does not confer any value to Bitcoin and other cryptocurrencies, because gold itself is not a consistent or reliable store of value,” the report said, adding that US equities are a far better bet as a hedge against inflation.　　What‘s more, the bank isn’t buying the “digital gold” narrative to begin with: “This

2021-06-18Deep Dive

Kenapa ETH Bakal Mengganas ???

Pada masa ini, pesaing terbesar Ethereum adalah Bitcoin. Oleh kerana China telah mengetatkan undang-undang cryptocurrencynya, dan Ketua Eksekutif Tesla Elon Musk mengubah pendiriannya terhadap Bitcoin, ia menyaksikan kejatuhan nilainya pada bulan Mei, meletakkan Ethereum sebagai tumpuan.　　Beberapa pelabur dan pengkritik meramalkan bahawa Ethereum berpotensi mengambil alih Bitcoin pada masa akan datang. Menurut laporan, pada 6 Jun; minggu lalu, Bitcoin meningkat 0.48%, manakala Ethereum meningkat 13.54%. Pada tahun 2020, kira-kira AS $ 231 juta Ethereum diperdagangkan di bursa spot harian. Sepanjang tahun lalu, Ethereum meningkat lebih dari 900%, sedangkan Bitcoin hanya menyaksikan kenaikan 275%. Mungkin ada banyak sebab di sebalik lonjakan Ethereum.　　Harga BTC Matang Lebih Awal　　Pandemi itu menyebabkan penurunan harga saham tahun lalu, tetapi harga Bitcoin terus meningkat. Harga saham untuk beberapa syarikat mula turun pada tahun 2020 kerana penguncian dan rantaian bekalan terancam.　　Beberapa pemimpin perniagaan dan pelabur mula membeli cryptocurrency; sejak laporan menunjukkan nilai pasaran kripto global mulai meningkat dari Mac 2020. Oleh kerana Bitcoin adalah cryptocurrency yang paling terkenal dan terbesar di dunia, kebanyakan pembeli melabur di dalamnya. Kira-kira setahun selepas itu, sejak harga Bitcoin sudah matang, mencapai kapitalisasi pasaran lebih dari satu trilion dolar, para pelabur mencari perkara terbaik berikutnya, iaitu Ethereum.　　Penerimaan Oleh Tech Giants　　Organisasi berskala besar seperti Tesla

2021-06-18Deep Dive

Cardano Founder Charles Hoskinson Makes Compelling Case For Tesla Adopting ADA Instead of Bitcoin

According to IOHK CEO Charles Hoskinson, Tesla should ditch bitcoin en masse and instead turn to the worlds fifth most valuable token, Cardano (ADA). During a podcast by MIT researcher Lex Fridman, Hoskinson explained why he believes Cardano is far superior to bitcoin.　　Tesla Should Choose Cardano If It Truly Cares About Sustainability: Hoskinson　　Massive carbon footprint concerns regarding the energy-hungry, Proof-of-Work consensus algorithm that BTC relies on have been going on for years. Debates revolving around the top crypto‘s energy consumption ballooned after Tesla CEO Elon Musk announced in May that the electric maker would stop accepting bitcoin for payments owing to the network’s high energy usage.　　Musk revealed that he would look at BTC alternatives that consume less than 1% of its energy per transaction and most people suggested Ripples XRP and Cardano (ADA) as they are more sustainable than bitcoin due to their less-intensive mining and transactions systems. Interestingly, Hoskinson even invited Musk to his farm in Longmont to “finally have the Cardano conversation”.　　In his five-hour-long interview with Fridman on June 16, Hoskinson argued that Cardano should be the first choice for Tesla if they truly cared about sustainability and carbon reduction.　　“Well, if they truly care about alternative energy, sustainability,

2021-06-18Deep Dive

How this crypto project is bringing all things DeFi under one roof

An all-in-one DeFi portfolio management platform aims to streamline trading and analysis on decentralized platforms.　　A crypto project says it is changing the game of decentralized portfolio management — and delivers an all-in-one platform that brings everything users need under one roof.　　DEXKIT has been built to provide a genuinely user-friendly way of managing and trading digital assets. The application features a DEX aggregator, professional exchange, NFT marketplace, and dashboard where users can monitor asset performance.　　The DSwap aggregator continually monitors more than 30 decentralized exchanges on the Binance Smart Chain and Ethereum networks, delivering up-to-the-minute crypto data. Swaps can be filled by multiple protocols at once which can result in more tokens for trades. This is complemented by a full-suite, professional trading platform that unlocks the best prices and liquidity from top DeFi protocols and decentralized exchanges.　　Features that help DEXKIT stand head and shoulders above the competition include the ability to place limit orders on the ETH network without gas fees. Given how transaction costs have been spiraling out of control on this blockchain, this will be music to the ears of those who have been struggling to contend with how expensive trades have become.　　DEXKITs infrastructure will also support stop limits and

2021-06-18Deep Dive

Bitcoin Bubble Has Not Popped Despite Huge Move to the Downside: Bank of America Survey

The majority of fund managers surveyed by Bank of America Corp. think that Bitcoin (BTC) still has plenty of gas in the tank, despite its recent crash from an all-time high of $64,800 to a low of about $33,450.　　The poll, which ran from June 4th to June 10th and involved 224 investors with $667 billion under management, reveals how professional managers currently see Bitcoin as a viable asset class amid regulatory uncertainties and given the volatile nature of cryptocurrencies.　　According to Bloomberg, about 80% of the respondents think the crypto markets will continue to be frothy and speculative in the months to come.　　The poll shows the most popular trade of the moment is commodities, followed by “long Bitcoin.”　　Institutional Investor Hall of Famer Rich Bernstein shares the sentiment of the majority of fund managers. In an interview with CNBCs Trading Nation this week, he describes the rush to buy Bitcoin and other crypto assets as dangerously parabolic.　　“Bubbles differ from speculation in that bubbles pervade society. They go outside the financial markets.”　　“Certainly with cryptocurrencies now, and most likely with most technology stocks, youre starting to see that happen where people are talking about them at cocktail parties.”　　Veteran hedge fund manager Paul Tudor Jones

2021-06-18Deep Dive

Thinkium Integrates Commerce to Curb Financial Risks in the DeFi World

Thinkium, a popular public chain project for community autonomy, considers it necessary to prevent financial risks in the DeFi Sector.　　DeFi, being a very essential financial instrument in the recent economy, is being faced with certain challenges that have the tendency of putting the wealth of many individuals at stake.　　This has geared concerns among institutions within the ecosystem, such that they are seeking possible ways to curtail certain loopholes that are causing setbacks in the industry.　　While soughting for possible measures to curtail the inherent risks faced with the digital financial market, Thinkium has decided to combine with commerce in order remediate the issue.　　Thinkium has gained massive attention and has become very popular in the industry as it is considered as a new star omnipotent public chain.　　 Thinkiums Approach to Commerce　　According to a recent press release Thinkium in its design to act as an underlying infrastructure for the blockchain industry, believes that its decision of combining with businesses can solve the inherent problems of DeFi.　　The project believes physical businesses are quite isolated from the digital finance system. Thus, it aims to fill in the gap between the physical business world and the digital world, thereby initiating a new business world of Web

2021-06-18Deep Dive

iTrustCapital Gains Security Boost with Coinbase Custody Integration

Cryptocurrency retirement savings platform iTrustCapital has announced it is integrating Coinbase Custody services to provide its clients with an additional layer of security. iTrustCapital provides IRAs (individual retirement accounts) and other qualified retirement funds with 24/7 access to digital cryptocurrency assets and precious metals through its tax-advantaged, IRS compliant, trading platform. The new integration helps the company to scale amid a period of significant growth, as US consumers seek new ways to diversify their retirement portfolio into crypto as a burgeoning asset class.　　Like many other businesses in the cryptocurrency sector, iTrustCapital has been undergoing substantial growth as interest in the markets has heated up over recent months. According to a press release published by the firm, the company now has over $1 billion of assets under management and has exceeded $1.5 billion in total trade volume this year, while offering the lowest Crypto IRA trading and monthly account fees available.　　Therefore, the company has sought out the services of Coinbase Custody to further strengthen the security of client funds against attacks.　　Staying Ahead of the Security Game　　Digital asset fund security remains a critical issue for the industry as a whole. In 2020, hackers stole a total of $3.78 billion from exchanges, wallets,

2021-06-18Deep Dive

Top South Korean Crypto Exchanges Purging Altcoins in Late-night Culls

Multiple South Korean crypto exchanges have gone on token purges, culling a wide range of altcoins from their platforms – and following in the wake of the market-leading exchange Upbit, which has earmarked 30 coins for the ax.　　As previously reported, Upbits unexpected move saw five coins removed and 25 others given a one-month period in which to prove their worth or face removal. The move saw the top financial regulator respond by ordering all major exchanges to inform it about their delisting policies.　　But the cull appears to have already gathered pace. Per KBS and Etoday, 11 out of the 20 exchanges that have obtained the required information security management system (ISMS) certification required in order to register with the regulator have begun “trimming” their token offerings.　　Upbits delisting news broke on Friday last week, but this week Coinbit has followed up by “abruptly” removing eight tokens, with another 28 shortlisted for removal in an announcement made “in the middle of the night,” according to EToday. Rival APRObit is set to remove 11 tokens from its platform, with Flybit also removing trading pairs. Huobi Korea and GDAC have followed up by delisting exchange-issued tokens.　　The delisting spree is causing mayhem for investors, with

2021-06-18Deep Dive

Paraguay Official Plans to Legislate Bitcoin Next Month

Carlitos Antonio Rejala Helman, a Deputy of the Nation and Member of Congress in Paraguay, plans to present a Bitcoin bill next month.　　Official Suggests Legislation In July　　Today, Rejala Helman stated on Twitter that he plans to introduce new Bitcoin and cryptocurrency legislation within the next month. “This is Paraguay,” he wrote. “July we legislate!”　　Rejala Helman previously hinted at the introduction of new Bitcoin legislation in early June, when he suggested that the country would work on a project involving Bitcoin and PayPal.　　Few other details have been revealed so far. However, El Salvador, which is introducing legislation that will make Bitcoin a form of legal tender, will likely influence Rejala Helmans plans.　　This type of legislation could make Bitcoin transactions more commonplace between individuals and in commerce.　　Other Developments In Paraguay　　The news comes after another related development. Grupo Cinco, one of Paraguays largest entertainment companies, is planning to accept cryptocurrency next month. The group will accept Bitcoin (BTC), Ethereum (ETH), Shiba Token (SHIB), and Chiliz (CHZ).　　Grupo Cinco works with companies in the nightlife industry. That means it will help 24 companies—including nightclubs, restaurants, and pubs—accept the cryptocurrencies listed above.　　Rejala Helman acknowledged Grupo Cinco‘s plans to adopt cryptocurrency, stating that Paraguay’s youth is the

2021-06-18Deep Dive

Bitcoin Energy ‘Shortcomings’ Will Not Deter Digital Currency Research: Bank of England

The Bank of England today criticized the “energy inefficiency” of Bitcoin while adding that a central bank digital currency (CBDC) could help with a net zero economy.　　A CBDC is a digital version of a fiat currency (like the British pound or US dollar), backed by a central bank. Some, but not all, CBDCs employ a blockchain, the technology that underpins cryptocurrencies such as Bitcoin. The difference, however, is that CBDCs are permissioned (i.e. private) and centralized, unlike crypto assets like Bitcoin and Ethereum. Countries around the world are currently researching the benefits of developing their own CBDCs.　　But despite talking about them today, the UK lags behind other countries in the development of such a technology. In a speech today, the Bank of Englands director of fintech, Tom Mutton, said that the central bank had “not yet made a decision on whether or not one is needed.”　　Mutton said that a CBDC‘s tech would be different to Bitcoin’s, “given its performance shortcomings and energy inefficiency.” He added that “the energy consumption of Bitcoin is not typical of all blockchain and distributed ledger based approaches.”　　“Rather, we should focus on identifying how CBDC might play its part in the transition to a net zero

2021-06-18Deep Dive
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