“Crypto Is Not Dead” Says Allianz Chief Economic Adviser

“Crypto Is Not Dead” Says Allianz Chief Economic Adviser

Despite the fact that the cryptocurrency market has lost over $600 billion of its capitalization since January, the Chief Economic Adviser of Allianz maintains that it’s not even close to being dead. “Crypto Is Not Dead” 2018 has been rough for cryptocurrencies as the total market shrank from near $800 billion in January to $199 billion at the time of writing. Bitcoin (BTC) has lost around 60 percent of its total value, while Ether, the

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Survey: Millennial Women are Underrepresented in Crypto Investing

According to a recent study, almost twice as many millennial men invest in cryptocurrency as women.

A new study by crypto finance company Circle, published September 12, shows that millennial women invest in cryptocurrency at half the rate of men.

The survey collected answers from over 3,000 millennials, Gen Xers, and Baby Boomers in the U.S., covering such issues as investment, associated risks assessment, and attitudes toward emerging asset classes like crypto.

According to the poll, 25 percent of millennials said they are interested in purchasing digital currencies over the next 12 months, which sets them apart from the other generations by more than 10 percent. From a gender perspective, 17 percent of males across the three generations have plans to buy crypto, while only 8 percent of women share the same plans.

The survey found that 71 percent of millennials have invested less than $1,000 into digital currencies, of which 42 percent invested under $500 and 29 percent invested between $500–$1,000. 29 percent of millennials have invested over $1,001.

In regards to the risk associated with crypto investment, younger investors and males across the three generations turned out to be bolder, whereas Baby Boomers tend to be more cautious. 42 percent of millennial men reportedly called themselves “aggressive” investors, in comparison with 27 of millennial women, while among Gen Xers, 34 percent of men and 19 percent of women chose the same answer.

While women may still be underrepresented in the crypto space, market research from the London Block Exchange earlier this summer showed that the amount of women considering crypto investment had doubled since the start of the year. The poll also found that women are 50 percent less likely to suffer from “FOMO” (fear of missing out), and approach investing more strategically.

At the end of August, research service YouGov Omnibus conducted a crypto-related survey among millennials. The results of the study show that 79 percent of Americans are aware of at least one cryptocurrency. Millennials were almost equally split between being interested (48 percent) and not interested (50 percent) in cryptocurrencies.

34 percent of the respondents in the YouGov Omnibus survey do not think that crypto will become widely accepted, while millennials demonstrated the most positive approach to cryptocurrencies, with 44 percent of them predicting wider adoption.

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France Finalizes New ICO Framework to ‘Attract Innovators Globally’

The French government has approved a legal framework for ICOs made to protect contributors.

France’s Minister for the Economy and Finance has announced that the government has accepted an article of the Business Growth and Transformation bill (PACTE) dedicated to Initial Coin Offerings (ICO), according to a tweet posted Wednesday, September 12.

As finance Minister Bruno Le Maire states, the French stock markets regulator Autorité des marchés financiers (AMF) is now empowered to give licenses to companies that want to raise funds via an ICO, with the legislation aiming to help protect contributors’ interests.

Le Maire also hopes that the current legal framework for ICOs in France will “attract investors from all over the world.”

According to the PACTE project published by the National Assembly (lower party of the French parliament), prior to any token issuances, a company must apply for a license from the AMF providing detailed information on the offer and issuer. The measures will provide additional guarantees for ICOs, which AMF had previously considered risky.

France’s President Emmanuel Macron has historically been bullish on emerging innovative technologies, last year proposing to convert France into a “startup nation.” Later in 2018, in line with Macron’s words, Le Maire introduced his PACTE bill, which aims to transform and innovate the French economy, in March stating France was ready for a “blockchain revolution”.

This year, France has also seen changes in rules surrounding crypto taxation, though in a more stringent direction. As Cointelegraph reported in May, the French Council of State clarified the specifics of Bitcoin taxation in France to move the tax for Bitcoin trading from a progressive taxation (between 14 and 45 percent) to a fixed taxation of 19 percent.

In terms of the wider European context, as Cointelegraph reported earlier this month, European Parliament members held a meeting with blockchain experts on ICO regulation in early September.

Later Belgian think tank Bruegel released a report that called for unified legislation on cryptocurrencies in the EU and more scrutiny on how they were distributed to investors.

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ICOs ‘In a Lot of Trouble’ if Bitcoin Stays Under $10K, Says BitPay Exec

Controversial cryptocurrency payment provider BitPay appeared to back Bitcoin over altcoins this week as its CCO told mainstream media the ICO token market was “in a lot of trouble.” Singh: Market Bottom ‘Hard’ To Call Speaking to Bloomberg in an interview that also featured regular commentator Joe Weisenthal, Sonny Singh focused heavily on Bitcoin as the cryptoasset, which had a chance of upside while remaining silent on major altcoins such as Ether (ETH) . “It’s hard

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Overstock.com Lets Customers Buy Bitcoin via Its Crypto Wallet Portfolio Company

Overstock portfolio company Bitsy is starting to test is cryptocurrency wallet with Bitcoin-only functionality.

The blockchain investment arm of U.S. internet retailer Overstock announced that its investment choice Bitsy has begun a limited beta launch of its cryptocurrency wallet and exchange, the companies confirmed in a press release Friday, September 14.

Bitsy, which seeks to offer users custody of their holdings via private keys while facilitating password recovery using biometric security, will initially support Bitcoin (BTC) buying, with undisclosed altcoin assets to follow.

As a bonus, Overstock CEO Patrick Byrne confirmed, customers would now be able to purchase Bitcoin directly from its website via the integration with Bitsy.

“Bitsy sets a new standard for cryptocurrency wallets. It is a game-changer because it gives users the freedom that bitcoin has always promised,” he commented in the release:

“[I]ntegrating with Bitsy will allow Overstock to take the next step in its cryptocurrency journey by allowing the company to offer bitcoin for sale directly from the retail website.”

The move marks the latest commitment to Bitcoin from the retail giant, which first began accepting the cryptocurrency in January 2014.

Earlier this month, Byrne surprised many by selling 10 percent of his equity in the company in order to reinvest the proceeds in two investment projects and satisfy tax obligations.

Another Overstock subsidiary, tZERO, wrapped up its (Initial Coin Offering) ICO proceedings last month, with plans to build an ICO token trading platform.

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Is Bitcoin Still Profitable? Here Are the Numbers

Is Bitcoin Still Profitable? Here Are the Numbers

There are two types of Bitcoin investors out there. The optimistic ones who hold because they know that Bitcoin is not going to fail them in the end, and those against it. There’s no need for uncertainty anymore: the numbers are in. Bitcoin Annual Returns, 2011-2018: Bitcoin Annual Returns, 2011-2018… pic.twitter.com/eJcXU9MzSm — Charlie Bilello (@charliebilello) September 10, 2018 — Charlie Bilello (@charliebilello) September 10th, 2018. These numbers speak for themselves. Three conclusions may be drawn:

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European Central Bank: ‘No Plans’ for Digital Currency, Cash Demand Growing

The European Central Bank is not planning on issuing its own digital currency under current conditions, President Mario Draghi has confirmed.

The European Central Bank (ECB) has “no plans” to issue its own digital currency, President Mario Draghi told the European Parliament Wednesday, September 12.

Addressing a query by MEP Jonás Fernández, Draghi said “substantial development” was still needed in the underlying technology behind cryptocurrencies before the Central Bank would consider using them.

“The ECB and the Eurosystem currently have no plans to issue a central bank digital currency,” he summarized:

“Nonetheless, we are carefully analysing the potential consequences of issuing such a currency as a complement to cash.”

Explaining why no plans were afoot at the ECB, Draghi drew attention to those same factors.

“…The technologies which could potentially be used to issue a central bank digital currency […] have not yet been thoroughly tested and require substantial further development before they could be used in a central bank context,” he told Fernández, adding:

“With regard to the central bank administering individual accounts for households and companies, this would imply that the central bank would enter into competition for retail deposits with the banking sector and lead to potentially substantial operational costs and risks.”

He added there was at present “no concrete need” to issue an additional currency within the eurozone, saying demand for cash banknotes “continues to grow” in the EU28.

Draghi continues the wary stance the 28-member bloc has traditionally held on bank-issued cryptocurrency, in contrast to moves by countries such as Russia and China.

Earlier this year, a joint report from the ECB and Bank for International Settlements (BIS) highlighted “side effects” of a potential launch of such a currency, also considering the need for more research beforehand.

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Nailed It? Cryptocurrency Chart Exactly Follows ‘Bottom’ Call By Mike Novogratz

Serial investor and Bitcoin bull Mike Novogratz perfectly called the “bottom” in cryptocurrency, data reveals as markets trend upwards September 14. Novogratz: September 12 Was ‘Low’ As Bitcoinist reported Thursday, cryptocurrency market indices hit 80 percent versus all-time highs this week, outperforming the dotcom boom implosion of the early 2000s for the first time. At the time, Novogratz eyed the Bloomberg Galaxy Crypto Index chart, noting current levels mirrored those at which the ascent to

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Study: Hard Forks Constitute Threat to Cryptocurrency Stability

A recent study states that hard forks threaten the stability of cryptocurrencies, while suggesting the necessity of developing better governance.

A new study suggests that the stability of digital currencies is threatened by software updates, known as “hard forks,”according to a September 12 press release. The study states that clear guidelines on software updates could help stabilize cryptocurrencies.

The paper was prepared by a group of researchers, led by the Oak Ridge Institute for Science and Education fellow Benjamin Trump, who reviewed the state of cryptocurrency “forks” by investigating over 800 soft forks and hard forks from Bitcoin (BTC).

While the study says that digital currencies have the potential to significantly change commerce and information exchange on a global scale owing to the underlying blockchain technology, Trump argues that governance challenges threaten the stability of crypto. “Disruption of a cryptocurrency’s blockchain in this way might cause people to lose trust in it and its capacity to survive as a reliable vehicle of exchange,” Trump continues.

The analysis reportedly found that a fair amount of BTC forks and altcoins did not survive more than several months, though some of them have entrenched themselves and lasted for years. Per the researchers, hard forks will become more regular, with up to 50 possible in 2018 alone. Trump explained:

“Hard forks are a threat to maintaining a stable and predictable operating platform that is essential if cryptocurrencies are to be adopted for daily financial transactions.”

Regarding a possible future of BTC as a recognized medium of exchange on an international level, Trump argued that operators within the BTC network, such as crypto miners, wallet developers, exchanges and others, will need to develop better governance to provide stability.

Another study conducted by Initial Coin Offering (ICO) advisory firm Satis Group at the end of August, suggests that the BTC price could potentially reach $98,000 in the next five years. Per the report, the value of cryptoassets needed to support the economy will increase from approximately $500 billion next year to $3.6 trillion by 2028, while 90 percent of cryptoasset value will be extracted from penetration of offshore deposits in the next ten years.

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TrustNodes: ICOs Sold 160,000 Ethereum Over the Past 10 Days

A TrustNodes study says that ICO projects sold 160,000 ETH in the past 10 days – three times the amount sold by ICOs in the month of August.

In the past 10 days, Initial Coin Offering (ICO) projects have sold three times more Ethereum (ETH) than they did in August, according to research by TrustNodes published September 13.

The 160,000 Ethereum tokens sold over the past few days amount to $33 million, according to the price index at press time. Per TrustNodes, ICO projects sold 82,000 ETH on September 4, which was followed by a sharp decline in crypto markets.

Average daily ETH sales from ICOs varied from 1,000 to 5,000 coins in August, with occasional sales around 10,000 ETH. In contrast, the same amount of 10,000 ETH became a far more common daily sales volume in September.

According to TrustNodes, the total amount of Ethereum sold by ICOs over the past 30 days now amounts to 283,000 ETH, which is almost $60 million at press time.

Citing crypto data provider Santiment, TrustNodes states that the highest share of ETH sales from ICOs is attributable to the Digix ICO project. Digix’s paper value Ethereum holdings amounted to $150,000 million, which is significantly higher than the current total market capitalization of DigixDAO coin, which is $69 million at press time, according to CoinMarketCap.

Earlier this week, Cointelegraph reported that funding for ICOs have seen its hardest decline in 16 months. In August, ICO startups raised $326 million, the smallest amount since May 2017.

Ethereum-based ICOs have been outlined as the main factor for the recent ETH price decline, as some projects withdraw their funds in order to cover costs amid concerns over a bearish market. Today, Ethereum skyrocketed almost 20 percent with an intraday high of $214.18, after plunging below $170 earlier this week, its lowest point in 2018.

Also today, Sonny Singh, the CCO of global crypto payment processor Bitpay, argued that altcoins “will never come back” to their previous levels. Singh said that institutions adding financial products like crypto ETFs will be the main drivers of a bullish trend in the market and they are “not going to launch altcoin products, they’re going to launch Bitcoin products.”

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