Bitwise Asset Management, a leading provider of crypto-index funds and ETF trends, is in the news today after it published a survey revealing how financial advisors around the United States feel about crypto.
In the eyes of many, the survey’s findings validate the contention that cryptocurrencies have gone mainstream. The survey in question found that there has been a 50% increase in the number of advisors allocating to crypto, when compared to the figures from last year.
While on the surface that might sound huge, the reality is that with only 6.3% of surveyed advisors making crypto-allocations last year, out of 1000 respondents, only 94 have been making crypto-allocations this year. This was well highlighted by Matt Hougan, Chief Investment Officer at Bitwise, who said,
“The survey shows it’s still early days for crypto, with less than 10% of advisors allocating today. At the same time, adoption and interest are growing: The survey suggests the number of advisors allocating could double or more in the year ahead.”
Further, the survey also found that over 81% of all financial advisors reported receiving questions from their clients on crypto in 2020, up from 76% in 2019.
As far as the advisors currently allocating to crypto were concerned, 54% of them did so because of crypto’s position as an asset offering ‘uncorrelated returns.’ On the contrary, 25% of these advisors did so for reasons related to inflation hedging.
What does this mean? Well, this represents a considerable shift in financial advisors’ mindset about crypto. In fact, back in 2019, 14% of the surveyed advisors thought the price of Bitcoin would fall to zero. On the contrary, today 15% expect the price of Bitcoin to exceed $100,000 within five years.
Bitcoin has had a volatile week, with the cryptocurrency climbing to highs of $41,914 before falling to local lows of $30,305, all in just a few days. While the survey suggests that retail interest has been growing, a few trends that have remained unchanged over the years include the average retail investors’ need for better regulations and lower volatility in order to comfortably make sizeable allocations towards crypto.
Source: twise-survey
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A survey compiled by the multinational investment giant Deutsche Bank concluded that more than half of investors believe bitcoin and US tech stocks to be the biggest market bubbles.
Consequently, the participants, most of whom are professional investors, predicted subsequent corrections.
The primary cryptocurrency has been on a tear since early October 2020. BTC more than quadrupled its value since then to a new all-time high of $42,000. Despite retracing with a few thousand dollars in the following weeks, BTC is still about 10% up since the start of 2020.
This rapid price appreciation has caused numerous prominent financial experts to assert that bitcoin is in bubble territory. This belief received a confirmation from a survey conducted by Deutsche Bank.
After asking 627 market professionals, the study found out that the vast majority consider bitcoin as the “most extreme” bubble case. More than half of the participants gave a rating of ten on a 1-10 bubble scale.
The second highest-rated asset class in this ranking was US-based tech stocks. More specifically, the respondents outlined the shares of Elon Musk’s Tesla.
TSLA’s price has also exploded since mid-2020 from about $280 in August to $845 today. This 200% surge made the company the 7th most valuable firm by market cap and helped Musk in becoming the world’s richest person.
After naming BTC and TSLA as the biggest market bubbles right now, the survey participants offered predictions on their potential price performance. Somewhat expectedly, the majority envisioned impending corrections instead of further increases.
“When asked specifically about the 12-month fate of Bitcoin and Tesla – a stock emblematic of a potential tech bubble – a majority of readers think that they are more likely to halve than double from these levels with Tesla more vulnerable, according to readers.” – Deutsche Bank commented.
Although naming BTC and tech stocks as bubbles that are prone to price corrections, the market professionals failed to provide a reason that could pop them.
In fact, most attributed the US Federal Reserve’s “loose” monetary policy as a supporter of the bubbles and said that the institution is unlikely to tighten its strategy before the end of the year.
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Source: bbles-according-to-a-deutsche-bank-survey/
The January 15th deadline passed, and, as somewhat expected, the parties in the NYAG v iFinex case are yet to conclude the production and submission of the requested documentation.
Source: ntinues-with-a-court-meeting-in-30-days/
Built as a next-gen blockchain based on Bitcoin fork, the BTCU team aims to create a new mining algorithm – UPoS (Ultimatum PoS)-, provision of smart contract, implementation of atomic swaps, and integration of Ethereum virtual machine (EVM). As blockchain developers, they believe insufficient development and integration of key aspects of blockchain technologies is the missing piece on the issue of mass adoption.
The leadership team is formed by industry leaders with extensive experience in the blockchain and crypto space. The BTCU project is led by CEO Eric Ma and Nikolai Udianskiy. Eric Ma is a former core member of CoinMarketCap. He is an exceptional leader with strong experience in building groundwork as well as in the expansion of a company. He understands the importance of community as the foundational layer of a successful project and looks to position BTCU as an industry leader.
“As the CEO of BTCU, I see technological innovation as the key driver. With the demand for blockchain technology continuing to grow, together with our talented team, I will help lead BTCU to become one of the top cryptocurrencies in the world!”, says Eric.
On the other hand, CEO Nikolai Udianskiy has 7+ years of experience in creating, developing, and investing in crypto projects. Nikolay is one of the top ten crypto experts at the world level. He took part in the creation and launch of five of the 50 leading crypto exchanges including Coinsbit, which has entered the list of top 10 exchanges of the world in just two years. The company recently reported a million users and continues to grow. He is also the founder of the EVO country club project — the Silicon Valley for companies and blockchain development projects. Nikolai Udianskiy is also the founder and CEO of a marketing agency specializing in promoting crypto projects – PRMR.com; Founder of ASSUR, a cybersecurity company. The company is a leader in its industry and offers the most reliable solutions.
The rest of the leadership team are:
Bohdan Prilepa – Chief Operating Officer
Bohdan Prilepa has 7+ years of experience in Internet marketing, IT and web development. He is an expert in business development, financial model creation, and monetization models. Likewise, Bohdan has experience in launching business start-ups, attracting investments and forming investment portfolios. He is also the Co-founder, CMO in MLCI Inc. — a crowd-investment platform to attract investment into innovative projects and startups. Since 2016, he is the Co-founder, CMO of Prof-it — working with the design and development of web and mobile apps.
Juliet Su – Business Development Officer
Сo-founder of Digital Week Online. She is the Co-founder and CEO of Eurasian Center of Innovation and Digital Economy – under the initiative “One Belt One Road” and strategic advisor to the World Blockchain Invest Alliance
Andriy Saranenko – Chief Technology Officer
Andriy Saranenko has 3+ years of experience with the project. He is the top manager with extensive experience Blockchain and IT development industry including product launch and technical support. Andriy is experienced in the planning and managing of software development.
Vadim Yarmak – Chief Marketing Officer
Vadim Yarmak has 7+ years of experience in digital marketing, brand strategies and tactical plans, market research & analysis. He is also the СOO at PRMR.
Dinis Guarda – Global Advisor for Strategic Development
Dinis Guarda is currently the chairman and co-founder of ztudium, techabc and open business platform. He created the platforms openbusinesscouncil.org, citiesabc.com and fashionabc.org along with multiple blockchain and AI tech like idna. Dinis is an author, speaker, entrepreneur, advisor, and CEO. Dinis authored, “4IR – How to Reinvent a Nation”, ‘How Businesses and Governments can prosper with Fintech, Blockchain, and AI’ and ‘Blockchain, AI, and Crypto Economics – The Next Tsunami’, among others. Dinis runs a fast-growing Youtube Podcast series where he surpassed 4 million views in the first 6 months and has interviewed 100+ personalities so far including leading AI personalities, a Minister from Japan, Leading CEOs, Fintech, AI, Smart cities, Crypto, Blockchain personalities and Bollywood stars. Dinis is a globally renowned thought leader listed continuously as number 1, 5 and 10 positions as a global influencer in fintech, blockchain, AI, and social media industries.
The team is working to make sure every Bitcoin holder can claim their BTCU coins.
In order to protect users who store their BTC on exchanges that will not support the AirDrop from losing their BTCU during the launch of the network, the accrual will only occur on wallets of exchanges that publicly announce their support for the fork and confirm participation in the AirDrop for further distribution of the received coins among their users.
This measure is being taken because of the large number of centralized exchanges that can ignore the AirDrop, which will lead to the inability of users of these exchanges to receive BTCU and lead to the loss of coins, as a result of users storing their BTC in the wallets of these exchanges!
The BTCU team will credit these coins to a special wallet for storing, which will be publicly published on the official website of the project. Users of any exchanges that did not support the AirDrop, will be able to reclaim it by providing proof of BTC balance in their account at the time of the fork. An exchange that wants to participate and distribute BTCU coins it did not receive at the time of the fork will be able to claim them by filling out an application and contacting the BTCU team.
Bitcoin is forecast to become the future of finance. However, Bitcoin carries over legacy issues that might endanger that stellar progression. The BTC Ultimatum (BTCU) leadership team spotted those and have set out to solve what was dragging Bitcoin behind: the excessive energy consumption associated with mining, scalability, and transaction anonymity, all these while maintaining Bitcoin’s useful characteristics.
BTCU next-gen blockchain, based on Bitcoin fork has the potential to cover millions of hours of paperwork every year, hold public officials accountable through smart contracts, and provide transparency by recording public records of all activities. Blockchain-based voting could improve civic commitment by providing high levels of security and incorruptibility that can allow voting to be done on mobile devices.
For more information, please contact us on [email protected] or visit the BTCU website at https://btcu.io/
Source: c-ultimatum-project-and-their-new-ceo-eric-ma/