Crypto News on 11/5/2018

We gladly bring you daily crypto news on May 11, 2018

  1. Fundstrat: Bitcoin to soar as high as $64,000 in 2019

A new analysis published by Bloomberg, predicts that Bitcoin prices may reach between $20,000 and $64,000 by the end of 2019. The study which has strengthened the future development of Bitcoin was conducted by Fundstrat Global Advisors – top market strategist on Wall Street to firstly share their views on Bitcoin

2. Ethereum Co-Founder: Ether Is Not a Security and Doesn’t Need to Be Regulated

Crypto News

With Ethereum concerned by the United States regulators, Etherium Co-founder Joseph Lubin shared his point that he at first worried that Etherium might be considered a security when he and Ethereum’s other founders were creating the platform and technology. His team also said to have “spent a tremendous amount of time with lawyers in the U.S. and in other countries, and are extremely comfortable that Ethereum is not a security; it never was a security“. Gary Gensler, a former Commodities Futures Trading Commission (CFTC) chairman, said that “there is a strong case that one or both of Ethereum and Ripple are non-compliant securities.” Currently, the CFTC considers Bitcoin to be a commodity, and thus not subject to rules set by the SEC.

  1. Warren Buffett ‘disciple’ says he is wrong about Bitcoin

Tech investor Chamath Palihapitiya, who served in various management roles during a four-year tenure at Facebook, does not think the investing icon Warren Buffet is a reliable source on the subject of bitcoin. He shared with CNBC that technology is outside of Buffett’s “circle of competence,” so he is not inclined to put much stock in his thoughts about a cutting-edge digital asset like bitcoin. Additionally, Palihapitiya sees the cryptocurrency as a replacement to gold. “Something like bitcoin is really important,” Palihapitiya said, “because it is not correlated to the rest of the market.

  1. Bloomberg partner with Novogratz to release a cryptocurrency benchmark index

Crypto News

Financial news Bloomberg has announced its partnership with Galaxy Digital Capital Management LP, founded by Michael Novogratz, to set up a standard price index called the Bloomberg Galaxy Crypto Index (BGCI) for its digital currency. The index is expected to track the biggest and most liquid virtual currencies, including Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Dash, Monero, Ethereum Classic, and Zcash. BCGI will be owned and administered by Bloomberg using rules-based methodology and data, gathered by both companies.

  1. Australian government is considering Blockchain for trade supply chain

Reporting from ZDNet, a spokesman for the Australian Department of Home Affairs (DHA) stated that Blockchain technology will have a significant impact on the Australian economy. In April Cointelegraph reported on Australia’s vast plans for the development of cryptocurrency and blockchain industries in the country. As part of this effort, the government has declared cryptocurrencies legal tender and is working on regulation and licensing for crypto exchanges.

Collected and edited by Remitano