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Winklevoss Twins Say Wall Street Has Ignored Bitcoin

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Winklevoss Twins Say Wall Street Has Ignored Bitcoin
Winklevoss Twins Say Wall Street Has Ignored Bitcoin

Winklevoss Twins Say Wall Street Has Ignored Bitcoin

For the most part, Wall Street has been slow to accept bitcoin as a valid investment tool. This, in many ways, has helped retail players get ahead in the field of cryptocurrency, according to the Winklevoss Twins of “The Social Network” fame.

Cameron and Tyler Winklevoss, known primarily as the allegedly real creators of Facebook, have been two of the biggest bitcoin and crypto advocates the world has ever seen. The pair founded the Gemini Exchange in New York and were one of the first teams to acquire the infamous BitLicense, which is required if a crypto or blockchain company wants to operate or offer its services in the city that doesn’t sleep. 

Now, both men have expressed interest in joining the board of Facebook’s Libra, a new digital currency that’s set for global standards. Libra was first announced earlier this year and has been met with mixed reactions. The currency’s creators – including David Marcus, formerly of PayPal – have been subjected to harsh scrutiny from U.S. regulators and lawmakers, who seek to understand what Libra is planning to do with the customer information it will gather. 

Facebook was in major trouble in April of 2018 when its partnership with Cambridge Analytica was revealed. The social media platform had been selling customers’ private data to third parties for advertising purposes. Mark Zuckerberg, the founder of the company, was grilled by Senate members in what ultimately amounted to a fine of a few billion dollars initiated just a month ago. Some believe that Facebook got away with a simple slap on the wrist, but Libra’s development has since been put on hold. While it’s unclear if Libra will ever get back on track, the currency is now in a period of stagnation, which is likely to last until the U.S. Congress gets all the answers it’s looking for. 

In the meantime, the Winklevoss Twins are commenting that retail players have made the 2019 bitcoin price what it is. While the currency ultimately collapsed at the end of 2018, bitcoin began jumping up again in April of this year after several new tech companies potentially began showing interest in crypto. In an interview, Tyler and Cameron explain: Unlike the internet, which you couldn’t buy a piece of, you can actually buy a piece of this new internet money. It’s still a retail-drive market from day one, and a lot of people have done well. Wall Street has been asleep at the wheel.

Bitcoin News

Bitcoin Gold May Be Held Captive by Whale With Almost Half The Supply

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Bitcoin Gold (BTG)’s price is being manipulated by a whale controlling close to half of the circulating supply. These are the findings of an analysis conducted by an independent trader and analyst, who preferred to remain anonymous. He published his findings in a blog post, where he explained why he believes a single group of people accumulated their way into a huge Bitcoin Gold position, and are now using that supply to control the market.

The events started in August 2018, when Bitfinex margin long positions began its sharp ascent to include almost two million BTG. The exchange makes its margin data publicly available, which can help gauge the general trader sentiment in a particular coin — for example by comparing the ratio of short and long positions.

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In Bitcoin Gold’s case, the strong increase in margin positions was accompanied by lackluster price action. While the coin generally followed the broader crypto market, the price eventually spiraled downward.

The analyst estimated that the 1.9 million BTG held at some point in Bitfinex represents between 38% and 48% of its total circulating supply. Bitcoin Gold was born in 2017 after a network fork from Bitcoin (BTC), thus maintaining its original history up until that point. This means that Bitcoin Gold contains at least as many inactive coins as its parent, including Satoshi’s cache. He further elaborated how he reached that figure:

“Over 11 million Bitcoins (BTC) haven’t moved in the last year. Considering big wallets’ unwillingness to claim their coins due to fear of private key leak for a minimal return, it can be argued that a number even larger than 11 million BTGs are inactive or lost forever.”

He then estimated a figure of 4 to 5 million active BTG. When asked by Cointelegraph why he is so certain that this is the work of one whale, he explained:

“The accumulation was very consistent and systematic over the course of almost a year, it would be almost impossible for it to be a coincidence that multiple entities were using the exact same system to accumulate.”

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DeCurret Partners with KDDI So They Can Test A Digital Currency

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DeCurret Partners with KDDI So They Can Test A Digital Currency
DeCurret Partners with KDDI So They Can Test A Digital Currency

As the origin of cryptocurrency, Japan often leads the way when it comes to joint projects between companies in different fields, united by their desire to lead the pack in innovation. E-commerce giant Rakuten partnered with the East Japan Railway Company on June 5 to promote a cashless payment system. 

A new collaboration is in progress between the Japanese telecom giant KDDI and crypto exchange DeCurret. According to a Feb. 18 press release, the two companies — in collaboration with au Financial Holdings and WebMoney — will conduct a joint-project to test digital currency issued on a blockchain for real-world transactions.

As part of the implementation for this test, KDDI will make requests to WebMoney to issue and distribute digital currency, while the latter’s parent company au Financial Holdings manages the joint project. DeCurret will take a lead role by providing the platform for both the issuance and management of the digital currency. 

The joint-project, which runs from Feb. 18 to Feb. 28, is part of DeCurret’s efforts to increase the range of services on their platform. In this case, the platform will be tested using cryptocurrency for real-world transactions like those at cafes. DeCurrent has come a long way since its launch in April 2019. The crypto exchange has already gotten regulatory approval from Japan’s Financial Services Agency to allow its users to refill the country’s Suica transportation cards by using cryptocurrency.

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Bitcoin Annual Investment Flow Could Beat Visa Next Halving

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Bitcoin Annual Investment Flow Could Beat Visa Next Halving
Bitcoin Annual Investment Flow Could Beat Visa Next Halving

Bitcoin (BTC) is already processing 1% of the world’s GDP and the number is growing by “an order of magnitude” every halving cycle. According to statistician Willy Woo, who analyzed data from monitoring resource Coin Metrics, Bitcoin’s investment flow is $727 billion annually.

The number is almost 10% of payment processor Visa’s transaction volumes each year — Visa processes $8.8 trillion in transactions. “Bitcoin’s investment flow (aka annual investment velocity) is presently growing an order of magnitude (10x) every 4 years,” Woo summarized. Per the statistics, Bitcoin should “catch up” with Visa at some point after its next halving cycle, which begins in May. Smaller fiat operators such as PayPal are already falling by the wayside — in 2018, PayPal processed a total of $578 billion.

Woo acknowledged the data for Bitcoin was only an estimate and may include movements between cold wallets held by exchanges, which would not constitute true transactions. Circular payments between wallets, as well as multi-hop transactions with multiple steps, were excluded.

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The impressive statistics come as fresh highs in the number of low-balance Bitcoin wallets suggest that more and more private investors are experimenting with the cryptocurrency. According to Glassnode, there are now more wallets than ever with a balance greater than or equal to both 0.01 BTC ($101) and 0.1 BTC ($1,080).

Nonetheless, both private and institutional investors have been found to reward convenience over security when it comes to crypto fund storage. A recent survey revealed that more than 9 in 10 institutional investors, for example, used trusted third parties such as exchanges to store their coins. An industry effort, dubbed “Proof of Keys,” aims to raise awareness of the importance of self-ownership of wallet private keys, but its success so far is difficult to estimate.

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