Blockchain News 10 January 2018

Metatron releases cryptocurrency transaction platform

Metatron, a technology pioneer specializing in the accelerated release of over 2000 apps is pleased to announce the release of BitMeet™, a cryptocurrency transaction platform with price tracking and location services available now on Google Play.

Bitmeet™’s features include chat, locations of users who want to buy and sell cryptocurrency, pricing, market cap, the latest news and much more. Available now on Google Play, we expect it to be released for iOS devices in the near future.

“Our cryptocurrency platform Bitmeet™ will help deliver the masses from the shackles of centralized fiat banking, creating a new generation of consumer closeness and the emergence of true capital markets based on a level playing field,” said Metatron CEO Joe Riehl.

Direxion, ProShares, VanEck withdraw Bitcoin ETF filings

Direxion, ProShares and VanEck were among a handful of ETF issuers that have withdrawn filings to launch bitcoin ETFs at the request of U.S. regulators.

On a related note, The SEC is seeking input on proposed rules changes by the Chicago Board Options Exchange (Cboe) that could allow the exchange to list up to four bitcoin ETFs. Cboe was the first exchange operator in the U.S. to introduce futures based on the digital currency, having done so last month.

Thus far, no exchange traded products related to digital currencies have been approved by U.S. regulators.

Goldman Sachs: In theory Bitcoin can be a legitimate form of money

Bitcoin can be a legitimate and widespread form of money but mostly in theory, for now, according to Goldman Sachs strategists.

“The widespread use of the dollar outside the US — and full dollarization in some countries — suggests there is already demand for an internationally accepted medium of exchange and store of value,” said Goldman’s Zach Pandl and Charles Himmelberg in a note on Wednesday.

In those countries and corners of the financial system where the traditional services of money are inadequately supplied, bitcoin (and cryptocurrencies more generally) may offer viable alternatives.

For example, bitcoin exchange volumes surged in China after the country started clamping down on capital outflows in 2016.
In that sense, there’s demand for bitcoin as a form of money to make transactions. But as part of a currency portfolio, cryptocurrencies are “more consistent with a classic speculative bubble,” the strategists said. They noted that Korea and Japan dominate bitcoin exchange volumes, but are also countries with stable monetary systems.

The reality is that cryptocurrencies still have a high regulatory bar to clear in most places, the strategists said. To start with, governments can’t track who’s paying or receiving digital currencies.

Goldman Sachs is reportedly preparing a cryptocurrency trading desk.

Blockchain News 10 January 2018

Maduro’s oil backed cryptocurrency rejected by Venezuela’s parliament

Venezuela’s opposition-run parliament on Tuesday outlawed a “petro” cryptocurrency promoted by socialist President Nicolas Maduro, calling it an effort to illegally mortgage the cash-strapped country’s oil reserves.

Maduro on Friday said his government would issue nearly $6 billion of petros as a way to raise hard currency and to evade financial sanctions imposed by Washington.

Cryptocurrency experts say Venezuela’s mismanagement of its own economy, combined with the ruling Socialist Party’s historic lack of respect for private property rights, will likely leave investors uninterested in acquiring petros.

“This is not a cryptocurrency, this is a forward sale of Venezuelan oil,” said legislator Jorge Millan. “It is tailor-made for corruption.”

Maduro has routinely ignored the legislature since his party lost control of it in 2016, and the pro-government Supreme Court has shot down nearly every measure passed since then.

Maduro hopes it will serve as a payment mechanism for foreign suppliers and avoid the payments delays that have grown more acute since the sanctions went into place.

Fundstrat’s Tom Lee: Bitcoin could easily double in 2018

One of Wall Street’s biggest bitcoin bulls says the cryptocurrency could “easily double” or even triple in 2018.

“Even on a risk-adjusted basis, I think bitcoin is going to easily outperform the S&P,” Lee said Tuesday on CNBC’s “Futures Now.” “On a long-term basis, the easiest way to look at bitcoin is as a replacement or a store of value,” he said. “So as millennials discover and generate income, they’re going to use it as a replacement for gold.”

“If bitcoin gets 5 percent of the gold market, that’s roughly $50,000,” he added. That’s a more than 200 percent move from where bitcoin is currently trading.

On a near-term basis, Lee expects bitcoin to reclaim its December high. “We think that by mid-2018, we’re going to be part of the way there, and that’s why we get [bitcoin to $20,000],” he said. “If bitcoin can actually rise close to that $20,000 level in the first half of this year, I think in the second half of 2018, we’ll see a move bigger than that,” Lee said. “So I think bitcoin is still something you should own all year.”

Blockchain News 10 January 2018