On January 23rd of 2018, Jerome Powell was confirmed by the U.S. Senate as the next Federal Reserve Chairman.
Jerome Powell has a very optimistic view of Blockchain technology, which will bode well for the new market as it crawls out of infancy and into further development with major institutions. He has also been quoted referring to cryptocurrencies in general by saying, "In the long, long run, things –cryptocurrencies – of that nature could matter. They don't really matter today. They're just not big enough. There isn't anywhere near close to enough volume for it to matter."
I would have to agree with him that there isn't enough volume, at least compared to legacy markets like the NYSE. It seems that he has enough knowledge of digital currencies to respect them and what they can become in the long-term. Mr. Powell might serve as a good step in the right direction when it comes to less regulation, and more adoption.
December has been a wild month for the cryptocurrency market. Much of that is owed to the CME, CBOE, and Fidelity bringing their customers into the space. As a result, a lot of money has circulated through blockchain projects that aren't fully understood yet, like Cardano.
I encourage you to watch the following youtube videos by IOHK (Input Output Hong Kong) that discuss Cardano's objectives and functionality. Charles Hoskinson, who was apart of the Ethereum project, is leading the charge and is absolutely brilliant in terms of blockchain.
In the second video, Prof. Aggelos Kiayias continues the discussion on Cardano.
I'm showing you all this material on Cardano because I believe it has the technical infrastructure and support to compete directly with blockchains like Ethereum, and take away some of their market share. We've already seen Cardano soar from $0.02 to $0.50 in the last week, and I'm confident the attention will continue to grow as we head into 2018 (hint: Buy some Cardano while you still can).
It's finally here! With all the wild fluctuations in the Cryptocurrency world, it's about time that I release my new book to help you navigate all the chaos. The Satoshi Sequence will explain Blockchain, uncover its untold history, and give a glimpse into the future.
You will learn about Bitcoin, Ethereum, Ripple, NEO, and more! This includes the fundamentals behind Blockchain, Decentralization, Smart Contracts, Investing, and Mining in this sector. With Bitcoin approaching $10,000 and Blockchain beginning to go mainstream, you should be investing in your own financial education. Now is the time, because 2018 may just be too late.
The Satoshi Sequence is also my personal Manifesto on Blockchain, and one of the first to ever be published on this technology. My goal is to grow a pro-Blockchain community and take an approach that will help integrate this new technology into our society. Individual sovereignty is important because it brings power back to the individual. This is a concept that modern society has deviated away from. Blockchain can restore this notion and thrust the human race forward.
You can buy my book on Amazon in both paperback and ebook versions. This is not an opportunity you want to pass up! What do you have to lose?
Well, it looks like China is making headlines in the crypto world once again. This time, they want to supposedly ban exchanges in China. It's not the first time they've taken such drastic steps. This year alone, they've frozen accounts, prevented withdrawals for months, and declared that ICOs are illegal. What's almost ironic about all this news is that they have changed their mind every time, reversing their decisions. They are also in support of NEO and other cryptos that comply with their laws to create a more interconnected China.
So it almost seems normal to see news like this that affects the market; Bitcoin specifically. I made the chart above on Bittrex to represent Bitcoin since the beginning of the year using a Fibonacci trend line. Based on the data of the market (which doesn't lie), where the money is coming from (Asia!), and the long-term price trend, Bitcoin is actually doing very well! About a week ago, it touched the $5000 mark, which is considered to be a major milestone for the entire market in general (since Bitcoin makes up nearly HALF of the market cap of all cryptocurrency in existence).
Yes, China has one of the biggest markets in the world and can dictate price swings here-and-there, but that's only because the rest of the world has still yet to wake up and smell the money. There could be retracement of Bitcoin by 38% or so, but I think there's a strong support line at around $4000 right now. I'm confident that things will lighten up in the next month or two, and we'll finish the year strong ($5000 or higher maybe?).
Also, why does Reuters, CNBC, Fortune, and other major news sources cover this minor setback, but don't say a word when Bitcoin breaks a new weekly price record? Given that all the major banks, institutions, and investors are getting involved, shouldn't we be seeing cryptocurrency in the news every single day as a major headline? Very interesting. Funny how things work.
Reference: Rothwell, James R. "Venezuela protests: 200,000 march against President Maduro as riots and looting spread across country." The Telegraph. Telegraph Media Group, 21 May 2017. Web. 26 July 2017.
As most of you may know, Venezuela's economy is facing hyperinflation, riots, starvation, and numerous other problems. Most all of this was caused by it's governmental structure and leadership. I think the above picture effectively sums up the situation that people are facing. However, despite the horrific state of the once great latin country, there is opportunity.
This is where blockchain comes into play. Not many governments in the world are fond of cryptocurrency, but Venezuela presents the first use-case opportunity to allow for the first blockchain structured government. In theory, this would be a decentralized system organized perhaps through smart contracts and would have a national digital currency that could stabilize the country and replace fiat entirely.
If this were to occur and it succeeded, then why wouldn't the rest of the world jump on board the blockchain express? It's only a matter of time before a tangible use-case is initiated that changes the entire gut feeling of blockchain for government. The western hemisphere better catch up, because Asia and many Arab nations have purchased a one-way ticket. In the case of Venezuela, they very well could be the first nation in the western hemisphere to full adopt blockchain technology.
If you want my opinion on Venezuela, I would have to say yes. The tech industry is exponentially growing and changing our world every day. About 30 years ago we created the internet. 10 years ago we invented the iPhone. 2 years ago we measured the first gravitational waves and were stunned by the beauty of Pluto. At this rate, it may only take one successful and viral implementation of blockchain and cryptocurrency to establish the crypto renaissance, which is inevitable.
An ambitious Neuroscience Major, Entrepreneur, and Athlete.