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Fundstrat: Bitcoin Fall to 10000 Healthy 20000 EOY Possible

Fundstrat: Bitcoin Fall to $10,000 Healthy, $20,000 EOY Possible

Bitcoin Correction to $10,000 is “Healthy”?

Bitcoin (BTC) has been absolutely slammed over the past five days. Since passing above $13,000 for the second time this year on Wednesday, the cryptocurrency has been on a clearly downward-sloping trend. As of the time of writing this, Bitcoin sits at $10,600 — down by around 25% from its year-to-date high of $13,900.

Despite this harrowing price action, which has resulted in a sentiment of “extreme fear” according to the Bitcoin Fear and Greed Index, Fundstrat’s Tom Lee is still quite bullish.

In a recent response to Morgan Creek’s Jason Williams, the Wall Street’s resident staunch cryptocurrency optimist, explained that it is “healthy” to see Bitcoin pullback here.

Backing his claim, Lee suggests that as Bitcoin’s search traffic, as calculated by Google Trends, is still low, the recent drawdown makes sense and could be deemed a “good sign”. You see, the fact that search interest for the “Bitcoin” and “crypto” keywords haven’t rallied to 2017 levels suggests that there isn’t “massive hype” gracing this budding market, which means that BTC has room to run and is only in the early stages of its next cycle.

And as The Crypto Monk, a popular trader, remarked in a tweet, in previous bull runs, BTC established a pattern of entering parabolic uptrends, breaking them, consolidating, before embarking on more parabolic uptrends. Barring that Bitcoin currently isn’t in a bull market, this same series of events could easily play out now.

$20,000, Maybe $40,000 by the End of 2019?

Lee’s persistent optimism comes as he has continued to eye $20,000, even $40,000 as price targets for Bitcoin to reach by the end of 2019. Here’s why he’s bullish.

In the interview, Lee said that all things considered, Donald Trump’s tweets regarding this industry are “positive” because they cement the idea that cryptocurrencies are a relevant topic on the global geopolitical and macroeconomic stage. Indeed, over the past few weeks, the words “Bitcoin”, “Libra”, and “Crypto” have begun to grace mainstream outlets and government hearings time and time again.

Lee expounded: Trump’s comments “makes the other 99% [of the world] more aware [of cryptocurrency].” And if 1% of this new audience somehow finds value in the cryptocurrency market, the size of the community surrounding this asset class would de-facto double instantly.

In previous interviews, the Fundstrat co-founder also looked to the launch of Libra; a growth in cases of dovish fiscal policy, which some say will increase the chances of a recession and large inflationary events; and geopolitical tension that could only bolster the fundamental need for decentralized money as other bullish catalysts.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Today’s Teens Don’t Like Bitcoin amp Crypto: What?

Today’s Teens Don’t Like Bitcoin & Crypto: What?

Gen Z Not in Love With Crypto Like Some Thought

You’ve heard what the talking heads say, Millennials, Generation Xers, and Generation Zers will be the first crypto-adopting demographic. You see, unlike baby boomers and those in and above that age range, those in recent generations grew up with technology in their hands, including video games that involved some form of digital money or digital item system, be that gold in Clash of Clans, skins in Counter-Strike or Team Fortress, EVE’s ISK, or what have you.

And, it has been a common trend that some of Bitcoin’s most staunch critics would be deemed “senior”. Just look to Warren Buffett, Peter Schiff, and Kevin O’Leary. These three investors have all bashed the leading crypto asset within the past few months.

Thus, many have drawn conclusions that the logical step will be for these technology adopters to find their way into the cryptocurrency industry to instantly fall in love with Bitcoin and its ilk.

According to a recent Business Insider report, a majority of those aged 13 to 21 surveyed by the outlet are not entirely bullish on Bitcoin. In fact, 52% of the 1,884 American respondents claimed that they are likely not going to invest in digital assets within the next six months.

It is important to note that this doesn’t mean Generation Z is bearish on Bitcoin per se. Instead, the harrowing figure may suggest that there is a lack of fiat onramps into the ecosystem for younguns, made clear by the fact that if you are legally considered a minor, it is very difficult for one to obtain Bitcoin or other digital assets with a debit card or PayPal. Also, this statistic could also be a sign that there aren’t enough proper educational portals for American teens about the value proposition of Bitcoin and cryptocurrency.

Still, with a mere 5% of Americans between 13 and 21 years of age claiming that they are most likely going to purchase cryptocurrency within the next half-year, it is apparent that there’s a copious amount of upside to be had. How can the upside be captured though? This writer has a few ideas

More likely than not, Bitcoin and crypto adoption via this demographic will not be had through inundating social media feeds with macroeconomic trends and why BTC is fiscally better than fiat currencies. Instead, adoption of this budding asset class could be achieved by showing how crypto and related technologies can improve the efficiency of transactions and digital processes.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Facebook Looks to Bolster Crypto Team Even After Libra’s Launch

Facebook Looks to Bolster Crypto Team, Even After Libra’s Launch

Facebook’s Growing Crypto Squad

As first spotted by CoinDesk, Facebook’s crypto division is embarking on yet another hiring spree. This comes just weeks after reports suggested that the Silicon Valley darling’s so-called “Blockchain” division has already 100 staffers, led by PayPal Mafia member David Marcus and former Instagram executives.

Per a search for “Blockchain” on Facebook’s careers portal, the firm still has 26 openings for this branch. While the listings cover a wide array of roles, including designers and software engineers, one interesting posting mentions Facebook’s need for a blockchain finance program manager.

This position will best be filled by someone with eight years of project management experience, coupled with some knowledge of blockchain technologies. Responsibilities include managing Facebook’s relationships with Libra partners (Uber, Spotify, Booking Holdings, Visa, PayPal, etc.), risk analysis, and leading teams within Facebook.

Interestingly, one responsibility mentions compliance with tax laws, the U.S. Sarbanes-Oxley Act, and other pertinent regulations. This confirms that unlike its fully decentralized counterparts like Bitcoin, Libra will abide by all relevant rules and regulations.

As mentioned earlier, this is the latest of many of Facebook’s attempts to secure talent. Earlier this year, for instance, the firm revealed that it was looking for an individual with knowledge of the Securities and Exchange Commission (SEC). This single listing seemingly confirmed the then-rumors that the social media giant was hard at work on a crypto asset and blockchain.

By now, it may be fair to suggest that Facebook Blockchain is one of the biggest employers of industry professionals, despite the fact that it has yet to launch its first consumer-facing product.

Fears Grow About Libra

While Facebook has continued to trudge ahead, going against a U.S. politician’s call to stop the development of the project immediately, some government representatives, crypto executives, and technologists have begun to overtly question Libra.

Mark Carney, the Governor of the Bank of England, has pledged that Libra will be heavily scrutinized and regulated, citing the cryptocurrency’s potential to be widely adopted from the get-go.

French Finance Minister Bruno Le Maire followed suit with a similar comment, claiming that under no circumstances should Libra “become a sovereign currency.” Le Maire elaborated that he is worried about how this new digital asset can be used to harvest data, launder money, and finance terrorism:

“This money will allow this company to assemble even more data, which only increases our determination to regulate the internet giants.”

Indeed, in the aforementioned report, Coindesk claimed that its sources revealed that privacy concerns led Stellar, Tendermint, and Mobilecoin to decline to work with Facebook on this project. Even Joseph Lubin of Ethereum and ConsenSys fame has claimed that he is worried about Libra’s centralized nature, dubbing the project a “centralized wolf in a decentralized sheep’s clothing”.

If so-called “crypto natives” are concerned about the project’s conformity to morals and laws, is there much hope for Libra to be decentralized and not susceptible to exploitation?

Original article written by Nick Chong and posted on the EthereumWorldNews.com site.

Article posted on Markethive by Jeffrey Sloe

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If Bitcoin BTC Closes Week Above 8800 Crypto Set for Move Even Higher

If Bitcoin (BTC) Closes Week Above $8,800, Crypto Set for Move Even Higher

Bitcoin Rallies Hard Past $9,300

And just like that, Bitcoin (BTC) is right back above $9,000. The past 72 hours have been absolutely stellar for the crypto market, as it saw all digital assets gain notably across the board. BTC, most notably, moved from the low-$8,000s, where analysts expected heavy resistance, to $9,150 where it stands right now.

With this, the bullish cries of traders all across the industry have returned, despite the fact that they were calling for a massive pullback just weeks earlier. And more importantly, some have begun to claim that a massive move higher is still on the horizon.

In a recent tweet, prominent analyst Josh Rager, who has risen to prominence amid the crypto bear market of 2018, remarked that Bitcoin’s weekly chart is currently experiencing a massive “bullish engulfing candle”. This means that last week’s losses, which saw BTC fall from $8,800 to briefly tap $7,450, have been reversed, barring that we don’t close under $8,800 at 0:00 UTC on June 17th.

Rager claims that this pattern, which includes a strong pullback (black candle) and a subsequent bullish reversal (engulfing white candle), is what “led to continued uptrend last bull cycle.” Thus, he notes that if Bitcoin manages to finish this week strong, and not scale back by the 3% or 4% to $8,750, he will be convinced that BTC will continue on to post new yearly highs in the coming weeks and months. Analyst Nunya Bizniz pointed out this pattern exact too.

But where is that exactly? According to analyst Credible Crypto, BTC’s next stop would be in the high-$9,000s and low-$10,000s, which is where the next line of heavy resistance lies.

$10,000 is where BTC topped in last years’ bear market rallies, and where the asset found heavy resistance on its way up during the legendary 2017 boom.

Bulls on Parade

Regardless of what exactly plays out over the next few days, many are sure that a bull run is surely on. Rager recently noted that the Super Guppy, an indicator that singles out overarching trends, has flipped from red to grey on Bitcoin’s one-week chart after it flipped from grey to green on Bitcoin’s three-day chart. This occurred when BTC pushed past $7,000 just weeks ago. While the one-week Super Guppy isn’t green yet, signaling a clear uptrend, Rager notes that Guppys are “lagging indicator”, meaning that the change from red to interim grey makes for a “strong confirmation” of a bull trend.

This isn’t the only confirmation of a bull trend that BTC has recently seen. Per Josh Olszewicz, an analyst at Brave New Coin, the 100 exponential moving average (EMA) and 100 daily moving average (SMA) on Bitcoin’s daily resolution has only crossed six times in BTC’s history as a liquid asset. Most recently, BTC’s 100 EMA has crossed above its 100 SMA, a “bull cross” according to Olszewicz. The last time this technical signal came to fruition (late-2015, pre bull run), BTC rallied parabolically in the months that followed, peaking at $20,000 as we know well know.

And most importantly, Bitcoin recently closed its fourth consecutive weekly candle above its 50-week moving average, a series of events that have never failed to mark a bull run in the past.

Original article written by Nick Chong and posted on the EthereumWorldNews.com site.

Article posted on Markethive by Jeffrey Sloe

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Wealthy look to increase cryptocurrency exposure

Wealthy look to increase cryptocurrency exposure

BY PAUL SKELDON ON 3 MAY 2019

More than two-thirds of high-net-worth individuals will be invested in cryptocurrencies in the next three years, reveals a new global poll.

Carried out by deVere Group, one of the world’s largest independent financial advisory organisations, the survey shows that 68 per cent of poll participants are now already invested in or will make investments in cryptocurrencies, such as Bitcoin, Ethereum and XRP, before the end of 2022.

The 700-plus respondents are clients who currently reside in the U.S., the UK, Australia, the UAE, Japan, Qatar, Switzerland, Mexico, Hong Kong, Spain, France, Germany and South Africa.

High net worth is classified in this context as having more than £1m (or equivalent) in investable assets.

Nigel Green, founder and CEO of deVere Group comments: “The research shows that wealthy individuals are increasingly seeking exposure to cryptocurrencies.

“There is growing, universal acceptance that cryptocurrencies are the future of money – and the future is now. High net worth individuals are not prepared to miss out on this and are rebalancing their investment portfolios towards these digital assets.

“Crypto is to money what Amazon was to retail. Those surveyed clearly will not want to be the last one on the boat.”

Besides FOMO – the Fear Of Missing Out – Mr Green believes there are five main drivers for high-net-worth individuals’ surging interest in cryptocurrencies.

He explains: “First, cryptocurrencies are borderless, making them perfectly suited to an ever globalised world of commerce, trade, and people. Second, they are digital, making them perfectly suited for the increasing digitalization of our world, which is often called the fourth industrial revolution.

“Third, they provide solutions for real-life issues, including making international remittances more efficient, and help bank the world’s estimated two billion ‘unbanked’ population.

“Fourth, demographics are on the side of cryptocurrencies as younger people are more likely to embrace them than older generations.

“And fifth, institutional investors are coming off the sidelines and moving into cryptocurrencies, bringing their institutional capital and institutional expertise to the crypto market.”

The deVere CEO’s optimism comes as Bitcoin, the world’s dominant cryptocurrency, has registered a five-month high on Friday, reinforcing the view put forward by its recent upswing towards bullish territory.

Green recently told the media that he believes that Bitcoin will imminently test the crucial $6,000 price support, building confidence on the wider cryptocurrency market.

He added: “Once this confidence is in place, the sky is the limit for cryptocurrencies, which are increasingly accepted by both retail and institutional investors as the future of money.”

Of the latest HNW survey on cryptocurrency exposure, Nigel Green concluded: “The global poll underscores a justified international surge in crypto-optimism.”

Original article written by Paul Skeldon and posted on the telemediaonline.co.uk site.

Article posted on Markethive by Jeffrey Sloe

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This is Why Colorado Signed the Pro-Blockchain Digital Token Act

This is Why Colorado Signed the Pro-Blockchain Digital Token Act

That the crypto wave is sweeping across the US is true. From presidential candidates from both sides of the divide supporting cryptocurrencies and accepting Bitcoin or ETH donations, tthe once demonized coin now stands to be in held in the same breath as the USD. Well, after a disastrous Non-Farm Payment Roll came in at just 20,000 crashing expectations of 180,000, something has to be done—quickly. A slowdown in job creation points to a weakness in the overall economy but there is an open window where blockchain and crypto provide endless opportunities.

To that end, Colorado is following the Wyoming route and with the ever vibrant, pro-blockchain Governor Jared Polis signing the Digital Token Act on the Friday of Mar 8, he heralded a new era where blockchains are free to roll their products aware that they are except from the state’s security laws unless otherwise.

Similarly, liquidity creators as crypto broker dealers and salespersons need not to be licensed under limited circumstances. The question now is, why is the state taking such a drastic and news grabbing decision? Is Jared seeing an unexploited opportunity that places his state ahead of the pack? From what we can glean, the decision was taken after the state’s general assembly determination.

Reason for Signing the Digital Token Act

After extensive commenting and deliberation, the state find that:

  • Crypto-economic systems operating off decentralized platforms form an important component of the blockchain technology. In turn, blockchain as a technology has the potential to create the web 3.0 which obviously has several advantages over existing internet systems.
  • Because of the advantages of blockchain and crypto-economic systems, Colorado is increasingly becoming a hub for blockchain companies. As a result, there is need to open up funding channels for these projects and the fastest way of doing that is to reduce consumptive regulatory requirement under Article 51.

Since the advantages of restricted market investment are many and outweighs the “costs and complexities of state securities registration”, there is need to eliminate regulatory uncertainty especially for Colorado businesses keen on utilizing blockchain and issue utility tokens.

“hereby promoting the formation and growth of local companies and the accompanying job creation and helping make Colorado a hub for companies that are building new forms of decentralized “web 3.0″platforms and applications.”

Applicable Rules for Exemption

However, there are rules for exemption, clear for token issuers. They include:

  1. The issuer must file a notice of intent with the SEC
  2. Token must be a utility, used for consumptive purposes
  3. The token must not be marketed in any way or used for speculation
  4. The token must be rolled out and find use within six months after initial sale or transfer
  5. Buyers must provide proof that they are buying the tokens for use and not for speculation
  6. Initial buyers must not transfer the token until after 180 days have elapsed

The act will be enforceable beginning August 2 and it is clear that not only is the Governor keen on creating new jobs but wants to create a blockchain hub out of Colorado where investors can legally invest in crypto projects. It also came as a surprise because not long ago, the SEC filed 12 cases against blockchain projects after the ICO Task Force determined that they fraudulently raised funds.

Original article written by Dalmas Ngetich and posted on the EthereumWorldNews.com site.

Article posted on Markethive by Jeffrey Sloe

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Ripple CEO Brad Garlinghouse Questions JPM Coin Usability

Ripple CEO Brad Garlinghouse Questions JPM Coin Usability

Brad Garlinghouse, CEO of blockchain-based startup Ripple, has once again called into question the purpose of the JPM Coin.

In mid-February, Wall Street giant J.P. Morgan Chase announced plans to create the JPM Coin, a pseudo-stablecoin that would function to improve its internal payment network. Following the announcement, some analysts were quick to say that the JPM Coin would be a death sentence for payment protocol competitor Ripple. However, Garlinghouse fired back at his detractors, making the claim that banking coins “still aren’t the answer,” and that JPM Coin “misses the point.” Garlinghouse went on to compare the announcement by J.P. Morgan as similar to that of AOL and Netscape, with the bank predictably reneging its stance on cryptocurrency, albeit in a clumsy way.

On Mar. 6, speaking in an interview at the 4th Annual Washington D.C. Blockchain Summit, Ripple’s CEO continued to share more of his thoughts on J.P. Morgan’s stablecoin project. Specifically, Garlinghouse honed in on the lack of interoperability in a JPM Coin, i.e. that a rival bank such as Morgan Stanley or Citigroup would be unable to benefit from the internal payment network created by J.P. Morgan, thereby limiting its appeal,

“This guy from Morgan Stanley was interviewing me last week, and I asked him, so is Morgan Stanley going to use the JPM Coin? Probably not. Will Citi use it? […] Will PNC? And the answer is no. So we’re going to have all these different coins, and we’re back to where we are: there’s a lack of interoperability.”

Given the lack of reach that an internal payment stablecoin would have beyond J.P. Morgan clients, Garlinghouse questioned the purpose of developing the project at all. According to Garlinghouse, the bank would be better of just using the U.S. Dollar, and implied that JPM Coin fails to provide any real-world solution,

“Let’s think about this. [JPM] announced the JPM Coin for institutional customers. If you give them a dollar as deposit, they’ll give you a JPM Coin, that you then can move in the JPM ledger. Wait a minute, just use the dollar! I really don’t understand […] what problem that solves.”

Last week, Binance Research published a new report contending that J.P. Morgan’s stablecoin would be unlikely to compete with Ripple or XRP, and cited the lack of interoperability between institutions as a serious drawback to the coin’s adoption. While Garlinghouse’s comments echoed much of the same as Binance’s researchers, the CEO did concede that JPM Coin could boost the popularity of cryptocurrency. Despite J.P. Morgan’s Chief Executive Jamie Dimon having a negative stance towards Bitcoin and cryptocurrency over the years, Garlinghouse pointed out that JPM Coin represents a shifting landscape for banks,

”for the blockchain and crypto industry to have players such as JPM leaning in…That’s the one good thing I’ll say about this.”

As previously reported by EWN, the last two weeks have been a roller coaster ride for both Ripple and the XRP coin. While XRP was able to make its way onto popular U.S.-based exchange Coinbase, the price movement aftermath left investors disappointed. In addition, the parent company Ripple was accused by some community members of paying for the coin listing. However, on Monday, the San Francisco-based blockchain company was named a Top 20 place to work in the Bay Area, and represented the only blockchain or crypto-based company to make the cut.

Original article written by Michael Lavere and posted on the EthereumWorldNews.com site.

Article posted on Markethive by Jeffrey Sloe

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Crypto Mixed Elon Musk Endorses Bitcoin

Crypto Mixed; Elon Musk Endorses Bitcoin

Investing.com Feb 19, 2019 11:24PM ET


Image © Reuters

Investing.com – Prices of major digital coins were mixed in Asia on Wednesday without a directional mover, but Tesla (NASDAQ:TSLA) CEO Elon Musk saying Bitcoin is “brilliant” and “paper money is going away” created some buzz in the crypto space.

On Tuesday in an interview on advisory services firm ARK Invest’s podcast, Musk said “Bitcoin’s structure is quite brilliant” and digital currency is “a far better way to transfer value than pieces of paper.”

But he also noted that “one of the downsides of crypto is that computationally it is quite energy intensive.”

Musk tweeted about Bitcoin last year, prompting many to wonder if his electric car company would have crypto-related plans. But Musk clarified that it would not be a good use of the resources of his company to get into this area.

The crypto space remained fairly quiet on Wednesday morning. Bitcoin was only up 0.79% to $3,916.9 by 11:02 PM ET (04:02?GMT).

Ethereum slid 2.47% to $142.85, while XRP slightly added 0.82% to $0.32542 and Litecoin gained 0.38% to $47.525.

The market capitalization of all cryptocurrencies rose further to $133.4 billion from $120 billion last Friday.

Meanwhile, JPMorgan’s launch of its own digital token JPM coin could change the banks’ approach to blockchain and crypto, according to CNN. Param Vir Singh, a professor of business technologies at Carnegie Mellon University, told CNN that “more banks will take [crypto] seriously” as JPMorgan’s move could force other banks to follow suit.

Last week, the news of JPM coin shook the crypto industry as the investment bank’s CEO Jamie Dimon once called Bitcoin a “fraud”. The move signified a shift in the U.K. bank’s approach to crypto.

Article written by and posted on the Investing.com website.

Article reposted on Markethive by Jeffrey Sloe

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Is JPM Coin A Serious Threat To Ripple?

Is JPM Coin A Serious Threat To Ripple?

Frances Coppola, Senior Contributor
Banking & Insurance
I write about banking, finance and economics.

On February 14, the giant bank J.P. Morgan announced plans to issue its own digital “coin," to run on its in-house Quorum blockchain. The coin will be pegged 1:1 to the U.S. dollar, with J.P. Morgan using the considerable heft of its balance sheet to guarantee the peg, so will not suffer the wild fluctuations in value that can make cryptocurrencies unreliable for payments. It is thus what in the crypto world is known as a “stablecoin”, not a cryptocurrency – a digital token that represents a fiat currency.

Exactly what impact “JPMCoin” will have on the cryptocurrency landscape is unclear. Opinion is divided between those who think that JPMCoin is a serious threat to Ripple and, to a lesser extent, Bitcoin and Ethereum, and those who think it is a non-event. Who is right?

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JP Morgan logo is seen on an android mobile phone. Photo credit: LightRocket via Getty Images GETTY

Well, it all depends how the coin is used, and who uses it. In a useful Q&A, Umar Farooq, J.P. Morgan’s head of Digital Treasury Services and Blockchain, explains how J.P. Morgan’s customers would use the coin:

"When one client sends money to another over the blockchain, JPM Coins are transferred and instantaneously redeemed for the equivalent amount of U.S. dollars, reducing the typical settlement time."

This sounds much like Ripple’s xRapid, which uses the cryptocurrency XRP as a bridging currency. To send money using xRapid, a customer exchanges fiat currency for XRP, the XRP is transferred, then the recipient redeems the XRP for fiat currency. The difference is, of course, that XRP is not a stablecoin. It is a traded instrument whose price can – and does – fluctuate widely. In today’s fast FX markets, the price can change even in the 3-4 seconds that it takes to execute the payment. J.P. Morgan is clearly promoting its coin as having exchange rate stability that XRP, like other traded coins such as Bitcoin and Ethereum, does not have. So is J.P.Morgan trying to kill xRapid?

It’s not immediately apparent that this is its goal. Firstly, JPMCoin will – at least to start with – only be used for payments entirely in U.S. dollars, unlike xRapid which can handle multiple currencies and cross-currency payments. Secondly, JPMCoin is – again to start with – only available to J.P. Morgan’s institutional clients. They can use the coin to send money between themselves, but not to retail customers or to non-customers. It’s thus a very limited enhancement to J.P. Morgan’s in-house payment rails.

This tends to support the argument that JPMCoin is merely marketing hype. After all, payments between J.P. Morgan’s customers are really only transfers across its own books. It seems a bit sad that cash-strapped IT departments have to say "look, it's blockchain" to persuade board directors to throw some money at settlement plumbing, always a pariah compared to fancy front-office systems. But from the point of view of J.P. Morgan’s customers, this is simply a long overdue improvement to the bank’s extremely expensive and very clunky cross-border payments systems. As Farooq observes (quoted in CoinTelegraph), this could be particularly beneficial for a large institutional client with overseas subsidiaries, which at present can only move money around its organization using external payment rails:

"Money sloshes back and forth all over the world in a large enterprise. Is there a way to ensure that a subsidiary can represent cash on the balance sheet without having to actually wire it to the unit? That way, they can consolidate their money and probably get better rates for it."

It's completely ridiculous that customers of J.P. Morgan have to use SWIFT and Fedwire to move money around within their own organizations. J.P.Morgan should have sorted this out long ago. As should other major banks.

Nevertheless, JPMCoin is a slap in the face for Ripple. Brad Garlinghouse, Ripple’s CEO, is on record as saying he expects “major banks” to adopt xRapid, along with the XRP token, in 2019. Now, J.P. Morgan – unquestionably a major bank – has told Ripple “no way are we using xRapid or XRP.” And it doesn’t mean only for internal transfers. The bank’s Q&A says it intends its coin eventually to be used for payments in multiple currencies and across other blockchains. That would make it a solution for cross-currency payments to non-customers – exactly the market that Ripple is aiming for.

Even if the coin remained limited to J.P. Morgan’s institutional clients, JPMCoin would still threaten Ripple’s plans. According to J.P. Morgan’s Farooq, “pretty much every big corporation is our client, and most of the major banks in the world are too.” The U.S. dollar is used for the majority of global transactions. If JPMCoin can corner the market in U.S. dollar transactions between most of the world’s large corporations and major banks, where does that leave Ripple?

Even before JPMCoin hit the news media, Ripple's plans to recruit major banks looked over-optimistic to the point of incredulity. Major banks currently control international payments. Why would they hand that privilege over to a third party, when they could develop their own blockchain-based payments network? And the need for such a network to facilitate payments between customers of different banks is no obstacle. Banks will cooperate when it is in their interests to do so. Indeed, that is how SWIFT came to be, and the FX bank CLS, and in the UK, the LINK network of ATMs. So it's entirely possible that banks might cooperate to create their own blockchain-based international payments network. In a particularly nasty twist of the knife, the major banks could even use Ripple's own innovation.

Ending Ripple’s dreams of world domination, and those of other digital coin issuers, might therefore be exactly what J.P. Morgan has in mind. It will be interesting to see how this little stand-off develops.

Original article written by Frances Coppola and posted on the Forbes.com site.

Article posted on Markethive by Jeffrey Sloe

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‘Forbes’ Launches Blockchain Newsletter Aimed At Potential Crypto Investors

'Forbes' Launches Blockchain Newsletter Aimed At Potential Crypto Investors

by Melynda Fuller , February 13, 2019

Earlier this year, Forbes began to send a new premium-subscription digital newsletter called Forbes CryptoAsset & Blockchain to select Forbes customers with the intent of deepening its blockchain coverage and further establishing itself as a voice in the field.

The newsletter is edited by Jack Tatar, an investor and co-author of “CryptoAssets: The Innovative Investor’s Guide to Bitcoin and Beyond.”

Forbes’ stable of journalists will contribute to the monthly publication, interviewing notables from the field like Ripple’s CTO David Schwartz, cofounder and CEO of Zcash Zooko Wilcox, and Morgan Creek Capital’s Mark Yusko.

The newsletter costs $595 a year or $195 a quarter, and is not supported by advertising.

“This newsletter is geared toward educating potential investors in blockchain and crypto, and the goal is to provide actionable and profitable advice,” Matt Schifrin, vice president and managing editor of Money & Markets at Forbes, told Publishers Daily.

“It builds upon Forbes’ broader coverage that covers news, technology insights, crypto game changers, enterprise blockchain and issues important to crypto traders.”

According to Schifrin, Forbes began to establish itself as a leading voice in crypto and blockchain when it launched its first annual Fintech 50 list in 2015. Last year, the outlet hired enterprise blockchain reporter Michael del Castillo to join its budding group of writers covering the beat.

In the coming months, said Schifrin, the outlet will publish its first-ever Forbes Blockchain 50 list that covers the most important companies in the space.

Schifrin said. “As crypto-mania subsides, we believe many of the biggest advances in blockchain technology will come from enterprises that have been quietly embracing this nascent technology.”

Nina La France, senior vice president of consumer marketing and business development at Forbes, reports that early engagement with the first issue is high and retention among the first batch of subscribers is solid. Soon, Forbes will roll out marketing campaigns across email, social, webinars, Forbes.com and the magazine to attract new newsletter subscribers.

Original article written by Melynda Fuller and posted on the MediaPost.com site.

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