Hedge Funds Should Be Investing More In Bitcoin According To Pundits
Bitcoin bull and billionaire Michael Novogratz took to twitter to ask why macro funds have not taken any position on Bitcoin (BTC).
He states that even if you tend to be a skeptic, it is but logical to at least have a 1% position in the emerging asset class.
This is due to the asymmetric risk-return profile that cryptocurrencies are best known for.
Hypothetically speaking, if this would happen, the crypto space will see a $30 Billion rush into BTC at a bare minimum.
Winton, a British investment management firm estimates that hedge funds worldwide hold a minimum of $3 Trillion in asset.
Anthony Pompliano of Morgan Creek Digital Assets thinks that pension funds should invest in BTC to solve the pension crises.
He goes on to say that BTC is the holy grail of any portfolio.
The merits of investing in Bitcoin are not a product of crypto bulls convincing people to invest in the emerging asset class.
According to a leading crypto researcher, PlanB, 1% BTC and 99% cash portfolio beat the performance of the entire S&P 500 over the last ten years.
The firm states that BTC has a better risk-to-return profile than U.S. equities.
Everipedia Soon To Use Geospatial Blockchain Technology
Everipedia is the cryptocurrency-enhanced version of Wikipedia.
It has all the contents of Wikipedia at the time of the fork in 2017 and since has grown to a couple of million users and over 1 million original articles.
The project is also backed by Wikipedia co-founder Dr. Larry Sanger.
In an effort to keep content in the platform of high quality, they have instituted an incentive structure that will hopefully discourage users from sharing low quality content.
Developers hope to improve the platform by introducing a new metric that will prove the value of their knowledge through the use of proving accurate data location.
This was made possible with its partnership with XYO, a geospatial blockchain company.
According to Co-founder of XYO and head of operations, Markus Levin, they enable users to prove their knowledge by linking contributors or users to their location.
Users who have personal knowledge and located at the same location of the topic being written about are categorized as primary source.
Users are categorized as second source if they have no personal knowledge and experience, and are not located at the location the topic is written about.
Technical Analysis Increasingly Becoming Bullish On Bitcoin According To Fundstrat Analyst
Tom Lee a former managing partner at JP Morgan and Chase and the co-founder of Fundstrat Global Advisors recently tweeted that technical analysis’ are incrementally becoming bullish on Bitcoins (BTC).
He cited the Technical analysis of a trader that calls himself Magic Poop Cannon.
Magic who earlier at the week thought Bitcoin (BTC) would bottom at $2,000.00 stated that the 8% rally last Friday presents a positive technical case for BTC.
The trader drew parallels between the 2014/2015 bear season bottom and the price action seen recently.
He states that the price action of BTC is trending in a similar manner to the way it moved at the exact bottom of the last bear market.
While the trader highlights a possible positive trend to BTC, he reveals that the 200-week moving average, $3,300.00 remains key line support for Bitcoin and any price movement below this important line may reverse the positive trend.
Localbitcoin To Implement KYC Requirements
The highly successful peer-to-peer cryptocurrency exchange is set to implement additional requirements for its users to verify the identities of its users.
It seems that the Localbitcoin is now coordinating with government agencies in Finland to implement know-your-customer processes in their platform to conform to the latest EU anti-money laundering rules.
According to the company, the needed changes comes from new regulations that has been enforced by the European Commission.
Dubbed as the 5th Anti-Money Laundering Directive (5AMLD), it seeks to update rules to include virtual currencies and any businesses that is related to the new asset class.
These includes cryptocurrency exchanges and custodian wallet providers.
The company believes that through compliance, they will be able to bring Bitcoin everywhere and at the same time promote trust, legitimacy and maturity in the whole ecosystem.
This also paves the way for Bitcoin to become a more viable and widespread currency and will serve as a deterrent for the illicit use of Bitcoin and its network.
FDA Commissioner Suggest Using Blockchain Technology For Supply Chain Platform
In an effort to improve the supply chain of the pharmaceutical industry, the Commissioner of the United States Food and Drug Administration (FDA) wants to start an open pilot for a blockchain-powered platform.
Dubbed as the Pilot Program Under the Drug Supply Chain Security Act (DSCSA Pilot Project Program), it seeks to create a platform that is designed to track drugs and prevent drug counterfeits from entering the market.
The project is set to be fully operational by 2023.
According to Scott Gottlieb, FDA Commissioner, the agency has invested in exploring new ways to improve food traceability and one of this technology is blockchain technology.
It must be noted that blockchain is just but one of the technologies being explored it as a pretty good chance of being one of the underlying technology to be used in the platform as many other supply chains of other industries have been enhanced by blockchain.
One concrete example of an implementation of blockchain technology in supply chain system is IBM and Maerks’ TradeLens which was launched last August 2018.
According to reports they are already benefiting for incorporating blockchain in their system that enable them to process shipments more efficiently and cost effecti
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