In a recent article written for Banyan Hill Publishing, cryptocurrency expert and trader Ian King addresses the current situation with cryptocurrencies. Bitcoin has gone from a peak of close to $20,000 in December 2017 to around $6,000. That’s quite a big drop. Other cryptocurrencies have also gone down a lot just in the past few months. The market cap for cryptocoins is dramatically smaller than it was. Many voices in the mainstream business media are saying, “I told you so.” They include the prominent economist Paul Krugman. He even coined his own term for how delighted he feels watching the price of bitcoin fall: “cryptofreude.” He even makes it personal by calling bitcoin enthuiasts “nasty” as well as crazy.
King points out he just attended Yahoo Finance’s All Markets Summit: Crypto in New York City, and the atmosphere was anything but doom and gloom. In fact, the crowd was standing-room only. One of the industry leaders in attendance was Adam Ludwin, CEO of Chain. His company has already partnered with Visa and Citigroup to design new, more secure databases for money. He believes that in the future all global assets will run on public blockchains.
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Peter Smith, CEO of Blockchain, still believes in the libertarian politics of bitcoin. He says cryptocoins are necessary to because of the increase in centralized economic and political power. His company hosts a web platform for facilitating financial transactions that already done more volume than Pay Pal.
Not all the cryptoexperts at the summit were outsider rebels. JPMorgan has a head of blockchain, Umar Farooq, and he attended the summit as well. He maintains the blockchain will have a radical impact on some businesses. View more on Ian King at Stock Twits for more updates.
Barry Quintenz is Commissioner of the Commodities Futures Trading Commission. He told the summit crowd government officials asked the Securities and Exchange Commission to work with CFTC to develop a regulatory framework for crypto assets. The United States government does not want to block innovation.
Barry Silbert, CEO of Digital Currency Group, also attended the summit. He’s been a cryptocurrency enthusiast for over five years. He announced the formation of a digital large-cap fund to invest in the top crypto assets, on the basis of the size of their market cap. Silbert also said he expected large amounts of money to flow into crypto assets within the next year or two. The media wants you to believe everybody has already bought their bitcoin, but that’s not true.
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