From an exponential Bitcoin prediction to the future of Litecoin, here’s a look at some of the stories breaking in the world of crypto.
The CEO of Morgan Creek Capital, Mark Yusko, says he believes Bitcoin is poised to rise to $500,000 in the long run.
The hedge fund, which has more than $1 billion in assets under management, created the subsidiary Morgan Creek Digital in August of last year to give accredited investors, endowments, pensions and other approved institutional investors a way to gain exposure to Bitcoin and cryptocurrency.
In a new interview with Bitcoin Magazine NL, Yusko explains why he believes Bitcoin is headed for more exponential growth.
“…just Bitcoin-gold equivalence would be $7.4 trillion with a ‘T’ of market cap, which would mean a Bitcoin price of $400,000 to $500,000 per unit. Now, people say, ‘Well that’s ridiculous to talk about that.’ I’m like, ‘No it’s not.’ All big things start small. And all technology evolves over time.
So when the internet started in the early 90’s, nobody thought it was going to be important. Paul Krugman said it would never be more important than a fax machine. It’s a little more important than a fax machine…
So here we are on this next evolution of technology, where the blockchain era becomes the operating system for the Internet of Things and hundreds of billions of connected devices. And yes, it’s only $150 billion today. But tomorrow it’ll be $300 billion, and the next day it’ll be a trillion. And years from now we’ll look back and say wow, how did it get so big all of a sudden? Well, it gets big because of the S-curve of adoption, and we start growing exponentially.”
When asked if he really believes Bitcoin can climb that high, Yusko expanded on why he’s so bullish.
“I absolutely do. Now, whether it’s a decade or two decades from now, I don’t know. And that’s not really as important to me. What’s important to me about Bitcoin is owning a piece of the network. Because the way networks work, is they grow in this exponential fashion. And once the price starts to rise and people start being drawn into it just because of price movement, then it moves to speculation. When it becomes more focused on investment and people are putting capital in because they want to own a piece of the network, that’s when it can get big in a hurry.
Because that’s when a sovereign wealth fund can come in and say, ‘I want to own a billion dollars or two billion dollars of this network. That will change the supply/demand imbalance from – you know, people speculating with $100 or $1,000 isn’t going to change the long-term value of the network. But when big users start to say, ‘Hey, I want a portion of my fiat exposure to be hedged against a calamity in the financial system,’ that’s when Bitcoin, for example, can get very exciting.”
In February, Morgan Creek Digital announced it has successfully started a new fund that’s raised $40 million from two public pensions, a university endowment, an insurance company, a hospital system and a private foundation.
The creators of the popular web-based Ethereum wallet MyCrypto just launched a new mobile app on iOS.
Ambo is designed to let users buy, sell and store crypto. The app supports Ethereum and more than 170 Ethereum-based ERC20 tokens.
NOW AVAILABLE: Download the @Ambo app on iOS! 🎉🎉🎉
Ambo is a mobile wallet that makes your cryptocurrency accessible. Send, receive, store, and more, all from your phone.
— beta.mycrypto.com (@MyCrypto) April 23, 2019
Ripple and XRP
Ripple is looking for a new senior engineering manager.
In total, the San Francisco-based startup now has 61 open positions including three jobs at Xpring, the company’s development arm focused on boosting the XRP ecosystem.
— Jim Chauncey-Kelly (@JChaunceyKelly) April 23, 2019
Litecoin founder Charlie Lee just sat down for an interview with the Unchained podcast.
Lee talks about what led him to launch Litecoin, his vision for the future of the platform and the benefits of implementing private Litecoin transactions.
The team at Stellar is resetting its testnet on Wednesday.
The reset clears all ledger transactions and gives coders a clean slate as they work to build the next version of the platform. You can learn all about Stellar’s testnet here.
— Stellar (@StellarOrg) April 22, 2019
After focusing on Europe, the IOTA Foundation is now focused on expanding its presence in the US and Canada to get the word out and support developers who want to build on the technology.
“…we are now starting to tackle our lack of presence in other regions, and in particular North America. However, it’s important to note, that North America is the starting point, but not exclusive to this expansion.
Efforts are already underway for further developments to occur in Central and South America. The strategies there will align with the lessons learned from expansion in North America, and will create a cohesive push for developments throughout the Americas as a whole.”
Tron founder Justin Sun is hosting a live stream on Thursday. Sun will talk about the new Tron-based version of Tether (USDT), and how he believes the stablecoin will add value to the network.
I'll hold a livestream on @PeriscopeCo at 10:30(PDT) this Thursday⏰ and talk about #USDT on #TRON blockchain! Wondering what are the advantages compared with USDT-OMNI? How can TRC20 based $USDT benefit you?🤷♀️ Ask me in the comment section when I'm live🎥! Join TRON family! pic.twitter.com/uNHDM2WzpZ
— Justin Sun (@justinsuntron) April 23, 2019