From a crypto insider’s take on Bitcoin’s potential to the debate on Stellar’s recent burn of 50 billion XLM, here’s a look at some of the stories breaking in the world of crypto.
The co-founder of Hong Kong-based crypto exchange BTCC says Bitcoin will go through a few more boom and bust cycles before hitting $1 million per BTC.
In a new interview at the AIBC Summit in Malta, Bobby Lee mapped the path he thinks BTC will take on the way to the big seven-figure number.
“Bitcoin’s price goes in waves. So every so-called bubble, every FOMO run it could go up by 10 or 20 times the previous high. So the next one could easily top $100,000 or even $200,000 per Bitcoin…
Then, two more waves will get us to $1 million. So I think it will definitely go up quite a bit in the next five, ten years.”
Lee recently launched Ballet, a crypto hardware wallet designed to make it easier to store and send Bitcoin, as well as a long list of altcoins.
Ripple and XRP
The founder and CEO of the online freelance marketplace goLance has confirmed speculation that the company is utilizing On-Demand Liquidity, Ripple’s XRP-based remittance product.
During a panel at Ripple’s Swell conference in Singapore, Michael Brooks said ODL has allowed the company to lower costs for its users.
“Our customers are looking for the lowest cost and fastest service. ODL allows us to offer that.
Payment efficiency is at the heart of our company. Since the beginning, Ripple has allowed us to drop our cost on the front end, giving us a strong competitive edge over our counterparts. Cost and speed made the decision for us to partner with Ripple.”
The company first revealed its plans to join RippleNet back in June.
Stellar and Litecoin
Litecoin creator Charlie Lee is questioning the mechanics of the Stellar Development Foundation’s recent burn of 55 billion XLM, Stellar’s native cryptocurrency – specifically, its burn of 50 billion XLM that was dedicated to giveaway programs.
“[The] 50 billion XLMs burned were supposed to be distributed to the community.
Stellar Development Foundation only burned 5 billion of their own 17 billion XLMs. This means SDF increased their percent of total coins from 16% (17/105) to 24% (12/50). And they did this without any community discussions.”
The Foundation says it burned the coins, effectively reducing the total supply, because it had more coins than it needed to continue its mission of boosting Stellar’s adoption and development.
The burn reduced the total supply of XLM down to 50 billion from 105 billion.