From a bold prediction on Bitcoin’s price in 2020 to a new music marketplace utilizing XRP, here’s a look at some of the stories breaking in the world of crypto.
Crypto analyst PlanB, who first applied the highly debated stock-to-flow (S2F) ratio to Bitcoin, has revealed his updated BTC forecast for 2020.
The anonymous analyst says BTC’s current price is right in line with the S2F ratio, which plots the total amount of a commodity on the market divided by the amount produced per year.
PlanB says he believes Bitcoin’s halving, which will cut the amount of BTC being produced in half in May, will likely have an immediate positive impact on its price. His updated prediction has BTC hitting between $50,000 and $100,000 this year.
“Bitcoin halving – four months to go. In my opinion, the halving is priced in correctly and markets are efficient, in the sense that few people (10%) know, understand and believe S2F model, and most people (90%) don’t know S2F, don’t understand the stats and math behind it, think demand is missing etc…
I used the original formula btc=0.4*sf^3 fitted on monthly data, with lower 2020-halving prediction ($50k). My personal favorite formula is btc=0.18*sf^3.3 fitted on yearly Oct data, with higher prediction ($100k). A matter of taste IMO: conservative or aggressive.”
As Bitcoin proponents point to the leading cryptocurrency’s limited supply in an era of endless money printing and its ability to move value without the need for banks, Bitcoin critics are warning investors to avoid the risky asset, which is still down 64% from its all-time high of nearly $20,000 in December of 2017.
Ripple and XRP
Ripple’s director of product, Craig DeWitt, is asking XRP enthusiasts to check out his new digital marketplace for music.
The platform, called xSongs, allows musicians to sell their songs online for XRP. DeWitt says he expects new users to find lots of room for improvement.
1. There will be bugs and UX issues to resolve – let us know where you find them!
2. Go to http://xsongs.store/uploader-app/ to upload your music.
3. Songs are randomly selected right now. Refresh to see new songs.
4. See the basic ‘how to’ pic below.
5. Happy New Year!
You can check it out here.
Litecoin creator Charlie Lee says the Litecoin Foundation’s push to implement privacy features is now a quarter of the way towards its fundraising goal.
The money will be used to fund developer David Burkett’s efforts to integrate LTC with the Mimblewimble privacy protocol. Burkett says he’s making steady progress.
“After months of planning, development of the mimblewimble extension block has officially started!
My efforts this month focused mostly around restructuring the core logic that will be shared between Grin++ and LTC. This involves all of the logging, serialization, crypto, error handling, and common data structures (headers/blocks/txs).”
Fundraising for the Litecoin Confidential Transaction Fund is going strong. We are 1/4 of the way there. But we still need your help #LitecoinFam. Thanks! https://t.co/lHZE1ipGtn pic.twitter.com/iDoGlp3vMG
— Charlie Lee [LTC⚡] (@SatoshiLite) December 30, 2019