From the math behind a huge Bitcoin prediction to new support for XRP, Tron, and IOTA, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
The CEO of crypto investment firm Morgan Creek Digital is expanding on his prediction that the price of Bitcoin will climb as high as $500,000.
In a new interview with BloxLive TV, Yusko says his assessment is based on Bitcoin’s scarcity and advantages over gold.
“Gold is an asset, a monetary asset. It’s been hard money for 5,000 years… and it’s about $7.4 trillion of value. The nice thing about Bitcoin is, it’s digital gold. It’s much easier to transport, much easier to divide. It’s really tough to break a bar of gold into its component pieces. And so it has all these essential qualities that I think are superior to gold.
Yusko says Bitcoin’s total supply of 21 million, combined with the fact that investors have lost their keys to as much as 23% of existing BTC indicates the price of each coin will rise as high as $500,000.
So if we get the amount of value in total Bitcoin market value or network value equal to gold, that’d be about $7.4 trillion divided by 21 million coins, although there aren’t really 21 million left, and you get around $400,000 a coin, maybe $500,000 a coin. Now, when does that happen? It’s probably over a decade or maybe even more.”
As reported by Fortune, the crypto investment firm Grayscale recently launched an “unprecedented” multi-million dollar ad campaign comparing Bitcoin and gold. The company’s first national TV commercial, which is called Drop Gold, echoes Yusko’s sentiments.
Today we unveiled our #DropGold TV commercial. We think it's a #MustWatch
sound ON! pic.twitter.com/SEGAmMItsE
— Grayscale (@GrayscaleInvest) May 1, 2019
Ethereum
A new overview on the current state of the Ethereum scaling upgrade known as Ethereum 2.0 is out. The outline from ETH Gas Station highlights new progress on the proof-of-stake testnet.
The article also addresses any potential bug concerns and encourages feedback from beta users.
Congratulations to @PryLabs on their release of their ETH2 testnet! After a few days of testing, here's what we've experienced as one of the 959 validators participating in the experiment. https://t.co/GJWInymv6O
— ETHGasStation (@ETHGasStation) May 9, 2019
XRP, Tron, IOTA
The Hong Kong-based crypto exchange Trade.io says it’s adding XRP, Tron (TRX), IOTA and the lesser-known crypto asset SnowGem, which is based on Zcash.
No word yet on exactly when they will launch or which crypto assets they will be paired with.
4 new listings coming soon
📌 Permissionless distributed ledger token, $MIOTA
📌 $XRP which currently ranked as the 3rd biggest #crypto by market cap
📌 $TRX one of the largest blockchain-based operating systems in the world
📌 Snowgem (XSG)-the Zcash based #cryptocurrency— TIOprime (@TIOprimePool) May 10, 2019
Litecoin
The Litecoin Foundation has partnered with Ellipal to create a new Litecoin branded hardware wallet.
The wallet is entirely connection free and supports LTC in addition to 22 other cryptocurrencies including BTC, ETH, XRP, and XLM.
The LF shop has a new hardware wallet product for sale! Check out the Litecoin-branded @ellipalwallet — a completely connection free cold wallet isolated from any network. https://t.co/EjM9pim2Wd ⚡️🔐💪 pic.twitter.com/JIau3NFaGI
— Litecoin Foundation (@LTCFoundation) May 10, 2019
Cardano
The engineering lead at Emurgo, Sebastien Guillemot, just released his monthly update on the progress developers are making on Cardano.
Emurgo is Cardano’s commercial development branch, and is working on developing, supporting and incubating commercial ventures on the platform.
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