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From Facebook’s impact on Bitcoin to new support for XRP, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
In a new interview on CNBC’s Futures Now, Fundstrat co-founder and head of research Tom Lee says Facebook’s new cryptocurrency proves that crypto is going mainstream.
“The Facebook announcement is a complete validation that mainstream is now focused on cryptocurrencies and I think it really destroys those arguments that say, ‘I believe in blockchain, not Bitcoin.'”
Lee says the fact that Facebook is creating a stablecoin bodes well for BTC in the long run.
“This is clearly a cryptocurrency play. But the salvo, or the real focus, is decentralized finance. And I think it is more targeted at stablecoins and creating a new kind of banking system, and it’s very complimentary to Bitcoin. I think this is actually a really bullish development for Bitcoin. I think it’s really bad for stablecoins and anyone who’s been trying to do decentralized finance.
One thing to keep in mind – Facebook’s annual revenue per user is probably $50. That might be a little high. But an average bank generates close to $1,000 per user. So, Facebook has a 20x upside to their customer model if they start doing banking services, and so I can see why banks aren’t really enthusiastic about this.”
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As for the price of Bitcoin, Lee says the leading crypto is now in a full-blown bull market, on track to take out its all-time high of $20,000.
“I think Bitcoin ultimately becomes a reserve currency in crypto. Bitcoin at $9,000 has only been at this level in 4% of its history. We’re deep into a bull market and people are pretty silent about it. I think Bitcoin is going to easily take out its all-time highs.”
According to Lee, Bitcoin’s previous market cycles suggest that if BTC can hit $10,000 it will soar to $40,000 within five months.
Ethereum
The latest edition of EthHub Weekly is out.
This week’s post looks at new developments on Kyber Network, Enigma, ChainLink, Maker and more.
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XRP and VeChain
The VeChain-powered crypto exchange OceanEX just added XRP to its lineup of crypto assets. The coin will be paired with both VeChain (VET) and Tether (USDT).
Litecoin
Litecoin creator Charlie Lee joins a new episode of the Magical Crypto Friends podcast.
This week’s show looks at Ethereum 2.0, crypto credit cards, Binance DEX and Lee’s upcoming lunch with Warren Buffett and Tron founder Justin Sun.
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Stellar
The team at Wirex has added support for Stellar federation addresses. The addresses make it easy for users to send Stellar Lumens (XLM) without having to enter a long, random string of characters.
Cardano
Cardano creator Charles Hoskinson has posted a new surprise ask-me-anything from the country of Georgia. Hoskinson talks about a new agreement signed with the country that will explore placing academic credentials on the Cardano blockchain.