Brian Kelly Says Bitcoin (BTC) Heading for Record Highs – Plus Ripple and XRP, Tron, Ethereum, Litecoin, Stellar, Cardano
From a bullish take on Bitcoin to Tron’s big BitTorrent upgrade, here’s a look at some of the stories breaking in the world of crypto.
CNBC contributor Brian Kelly says Bitcoin is heading for new all-time highs.
The founder and CEO of crypto investment firm BKCM says he believes it will happen over the next couple of years.
“Without question – this next cycle. You’re talking probably a two-year cycle. In 2020, the supply of Bitcoin is going to get cut in half. The cycle for Bitcoin is usually about a year before to a year after. So over this two-year period, you will likely get this big upswing, particularly if the institutions come in, and I think we surpass all-time highs.”
Kelly points to active Bitcoin wallet activity and institutional investors as two key indicators that show Bitcoin may have already hit a bottom.
“I think there’s a really good chance that the December lows we saw in the $3,000s are probably the low for this cycle. There’s a couple things that are going on. You’ve seen improving fundamentals. You look at active addresses. That’s one of the big metrics I look at. That’s up 26% from the January lows. You look at transaction levels. Those are back to 2017 levels, so there’s a lot of network activity.
Then you look at who’s buying this. You’re seeing people like Fidelity still rolling out their institutional platform. And then, as a proxy, look at the CME Bitcoin futures. The large open-interest holders. So these are big institutions, those are at all-time highs. And it continues to grow. Last week they saw record volume on CME Bitcoin futures. So you’re starting to see institutional investors come in here with a good fundamental tailwind. And that’s got Bitcoin back in the saddle again.”
Ripple and XRP
Ripple is laying out the mechanics of its XRP-based payment solution xRapid. The company says the platform can save banks and financial institutions as much as 70% on typical cross-border fees.
The software solution utilizes XRP as a bridge asset, allowing companies to quickly convert fiat to XRP and send it to another country, where it is then converted back to fiat. The whole process is designed to complete a transaction within a few minutes.
The developer of Ethhub.io, Eric Conner, is making a plea for more transparency from the Ethereum Foundation.
Conner is asking for basic data to be released on a quarterly basis, including average salaries, head counts and the Foundation’s overall organizational structure.
One of the most common concerns I see these days is EF transparency. It's an easy ask and I believe the following would be enough published quarterly:
-high level org structure or team breakdown
-avg salary by team or by role types
-expected yearly burn rate
— Eric Conner (@econoar) April 10, 2019
The Litecoin Foundation has announced a major update for LoafWallet. The standalone Litecoin Wallet for iOS and Android now has new recovery features and the ability to buy Litecoin directly.
Get the latest version of Loafwallet (iOS)! ⚡️
– Lost your PIN or Seed Phrase to an empty wallet? Wipe the data & start with a new seed.
– Now supporting Bech 32 Addresses
– Buy Litecoin directly (Menu > Buy Litecoin)
— Litecoin Foundation (@LTCFoundation) April 10, 2019
Tron’s file-sharing platform BitTorrent has released a new video. It details how the platform will integrate the Tron-based token BTT to reward people who use the platform.
The team at Stellar is sharing an overview on how XLM’s memos work. The feature allows users to add a note to their transactions that can help exchanges keep track of a particular user’s balance.
I've seen a lot of questions regarding memos and their use on exchanges like Coinbase, so I created a guide to address them.
— Kolten (@_koltenb) April 9, 2019
Cardano creator Charles Hoskinson just sat down for a new interview hosted by dLab. Hoskinson talks about crypto interoperability, Ethereum and the origin and future of blockchain.