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According to Goldman Sachs, the cryptocurrency markets will not recover from their present correction. On 5th February, Steve Strongin (Goldman Sachs head of investment research) said, the high correlation between several cryptocurrencies makes him really anxious. Some currencies that do not survive are expected to trade to zero due to the lack of intrinsic value.

Strongin is worried about the possibility that maybe one or a few of the existing cryptocurrencies could ascend from the speculative bubbles, just like the crypto equivalents of Google or Amazon. However, he said that he doesn’t think that most of the coins will ever recuperate to their all-time highs.

There have been many questions arising like, is there any cryptocurrency that’ll be like Google or Amazon? Or are they going to end up just like the other now-defunct search engines? Strongin said that this doesn’t mean that the prices of cryptocurrency cannot increase at all because they are in a speculative bubble at this time. But at the same time he said, that most of the cryptocurrencies might bounce back to their all-time highs, but some of them are never going see their current peaks ever again.

most cryptocurrencies will end up hitting zero

This clearly shows that the speculative bubble is coming to its end and rather than as a collective asset class, investors are going to start judging the cryptocurrencies from their individual merits as a lot of casual retail investors are already familiar with it. It also seems like the ICO (initial coin offering) success will suddenly come to its end.

Strongin said that the winners-take-most sight of the market is not very unique to Goldman Sachs. On Wednesday, the founder of DCG (Digital Currency Group) Barry Silbert, offered the same remarks at “Yahoo Finance All Markets Summit: Crypto” with explicably more positive stance on the entire industry.

According to Silbert, a huge majority of crypto-assets are facing a binary outcome. They are either going to become extremely valuable or they are going to become worthless. He added, this is why Grayscale Investments (a DCG portfolio company) launched its newest product, a fund related to crypto-asset investment and it holds the market cap (weighted positions) in the most major five cryptocurrencies and balances it again quarterly to imitate market movements.

Many other experts have also warned the investors on cryptocurrencies. Nouriel Roubini, who’s a well- known economist said on Tuesday, that the price of bitcoin would also crash to zero. Warren Buffett also said in a recent interview that cryptocurrencies are definitely going to have a bad ending.

 

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Exceed of $1M in bitcoin transaction within two months

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Overstock.com, 5 march 2017, overstock noticed one thing after acceptance of bitcoin, that is, people want to use bitcoin for their transaction. Chairman of overstock states, “We did not expect to hit this milestone so quickly, “and “Bitcoin customers are good customers, and we’re pleased to provide them this service.”

About overstock

Overstock is American’s largest internet headquarter. On January 9, 2014, bitcoin became the major retailer, who accept the bitcoin as a payment of its goods. First day sales through bitcoin was USD$ 126,000,

4.33% increase in sales. Whereas, per day sales calculates is $3 million per day.

Powerful transactions

In early January, overstock starts its working to process the payment and handle the conversion of bitcoin into U.S dollars. As a result, 4300 customers pay $1M for bitcoin payments. 60% of customer were new on overstock.com

Bitcoin transactions have a long way. Retailer’s financial statement indicates $397.6 million revenue during its fourth quarter. Just because of this news, overstock trading rises up to 4%.

This was basically an experiment, but with the result, overstock is happy with its decision.

Strangely enough, with the support of bitcoin ecosystem, overstock see significant gains with no drawbacks.

 

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Bitcoin startups in India

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Bitcoin startups in India

As we know blockchain has created the great impact all over the world. In India, the situation is quite different.  Blockchain technology is considered as nascent technology. There are many controversies regarding the status of Bitcoin in India. Joint director,head-corporate affairs and capital market division of ASSOCHAM Santosh Parashar said,”all insecurities and controversies are due to the lack of knowledge about this technology”.

bitcoin startups in india

India’s going to assert itself in financial technology

This technology is Legal or illegal. These are two different aspects. Both are in discussion. Santosh said , the technology holders have not come from Neverland, but their work based on experiences. What is the future of blockchain in India? Future is uncertain. We know that India is known as IT hub for more than a decade, but things could soon take an even better turn as the country carries huge potential to create the same story in financial technology.

Global Summit platform

On 21st April 2017, the second Global Summit will be held in Bangalore. The summit will serve as a platform to discuss all the insecurities, challenges and opportunities linked with blockchain technology. It will try to work out the future of digital currency in India.

Summit will focus the impact of this technology on different sectors including banking, insurance and on different financial technology sectors.

A few years ago, the Reserve Bank of India issued a warning in relation to the purchase of Bitcoins. Now the Central Bank has released the updated version of the warning.

Earlier this year, the government of India was going to ban Bitcoin. As Some largest countries of the world like China, US, Japan tried to ban the technology, but due to the ever-growing interest from common folk, couldn’t implement it.

Can you hear us??

Local Bitcoin’s group wants to meet with financial technology sectors.  They want to explain their point of view regarding blockchain technology. block chain’s trade process and how you can earn from bitcoin. At this point, digital assets and blockchain foundation characterize the interest of the domestic industry.   local bitcoin’s group make it clear that they want to maintain the transactions, and will promote the blockchain in India as well.  For that purpose, they want to create meetings. Bitcoin exchange Unocoin were also there.

“We request the committee to give us an opportunity to meet them and showcase the benefits of this technology for our country. Financial inclusion, cheaper cross-border remittance, full trace and track on the movement of value on the blockchain network, and the potential for India to become a financial hub are key benefits that can be derived using virtual currencies.”

So, a message from Local Bitcoins group has changed the wind, and positive waves are starting to flow in India. Last week, India declared that they’d soon be taking part in Bitcoin trades, while revealed a committee that will develop and report back to tech. several government departments and country’s central banks are also taking part.

Tags: bitcoin price in India, buy bitcoin India

 

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Four New Crypto Funds Are Being Launched by Bitcoin Investment Trust Creator

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On Tuesday, “Grayscale Investments” (company behind the Bitcoin Investment Trust) announced that four new investment products had been opened by it, through which investors will be provided with exposure to cryptocurrencies in a more acquainted wrapper.

Four New Crypto-Funds

So, let’s enlighten you about the new funds!

After Bitcoin Investment Trust, four latest crypto-funds have been also launched which are; Litecoin Investment Trust, Ripple Investment Trust, Ethereum Investment Trust, and Bitcoin Cash Investment Trust, as each of them will hold positions in single cryptocurrency.

bitcoin investment trust

Managing director of Grayscale Investments, Michael Sonnenshein stated;

“We are thrilled to expand Grayscale’s offerings to meet rising investor demand. Our team is committed to bridging the gap between the global investment community and the digital currency asset class. We remain focused on product creation and will continue to launch more single-asset and diversified products to provide exposure where investors are looking for it.”

Just like other products of Grayscale investments, new trusts like these will be offered in a private placement to the investors, who buy at least $10,000 worth of shares and succumb to a one-year conferring period. Ultimately, it’s expected that the trust sponsor will possibly seek to list these shares on OTC (over-the-counter) platform. If these shares are publicly-quoted, they’ll definitely have a lot more liquidity and through retail brokerage accounts they could be purchased.

Due to its heavy premium on the secondary market, it’s an anathema to many financial analysts, however, the Bitcoin Investment Trust has turned out to be very popular among buyers, and especially among those, who are worried to hold crypto-assets directly and want to gain exposure to the top-cryptocurrency through tax-fortunate retirement accounts.

Preceding to recent stock split of GBTC, it was a move that made the trust even more tempting to retail investors and left the trust among the most-purchased assets on investing app Stockpile, allowing investors to buy small shares of expensive stocks.

Grayscale Trust Offers Eight Investment Products

Overall, different eight cryptocurrency investment products are being offered by Grayscale, including;

  • Ethereum Classic Investment Trust
  • Zcash Investment Trust

Digital Large Cap Fund was launched by Grayscale last month, which is a cryptocurrency index fund, holding market cap-weighted positions in the top five cryptocurrencies. All of these cryptocurrencies are now available in separate funds, which means that when they’d be publicly-quoted, and investors could easily invest in the huge cap fund but, short any of the individual-assets on which they were bearish. Apart from GBTC, these products are available exclusively now, through private placement.

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How to buy and sell bitcoin for cash

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Bitcoin has taken the world by storm over the last couple of years. everyone, be it a kid or an elderly person, seems to be talking about Bitcoin as it is deemed to be the instant way to become rich. And quite rightly so, as there are numerous stories of people going from rags to riches just within a matter of days/months. This has led people believing bitcoin is an instant way to become and they are often seen asking: how to buy a bitcoin / bitcoins?

How to buy and sell bitcoin for cash

The best and safest way to buy Bitcoin is through exchange. There are numerous exchanges that sell Bitcoin both in bulk and minority. Some reliable exchanges are: CoinBase, BitQuick, Wall of Coins.

Once you have bought bitcoins and held them long enough to significantly appreciate in value, it’s time to sell.

Don’t know how to sell bitcoins?

Trade them at an exchange or find buyers in your area through local bitcoins and sell them on high returns.

You can sell Bitcoin for cash, commodities such as gold, or something you want to have in your locker to look at.

Remember that Bitcoin is highly unstable and continuously goes up and down in value. So, don’t hold much on your bitcoins and sell them right when the profit is high.

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