Bitcoin broke into the mainstream in late 2017. At the time, its historic surge to nearly $20,000 was driven mainly by retail investors. Now, however, the public is still largely on the sidelines… And the number of Google searches for “bitcoin” is only around 10% of what they were in 2017. In other words, retail investor FOMO has not even started yet, which may suggest that BTC price could go much higher than before.
During an interview with CNBC, Fundstrat Global Advisors co-founder Tom Lee said Bitcoin could easily reach new highs and is becoming the reserve currency of the cryptocurrency space. Lee also noted it’s been worth over $9,000 in only 4% of its history—and that Facebook’s Libra project is a validation of mainstream interest in cryptocurrencies.
TradeCloud has announced the launch of the private round of its Swiss-based STO. The communications platform—designed specifically for the physical commodities industry—will offer an initial 25 million tokens for approximately $20 million over the private and public rounds. The TradeCloud Token (TCST) has both utility and security features, and holders will receive a portion of profits.
Facebook is attempting to smooth out the regulatory landscape ahead of its crypto asset, currently dubbed GlobalCoin. There’s been considerable buzz around rumored plans for GlobalCoin, allegedly going live next year. The global payment network would span both the social media platform and its sister businesses Whatsapp and Instagram. Users would ostensibly be able to send each other funds, as well as make in-app purchases.
Can a tokenized economy actually become a reality? Signs suggest an industry is emerging, and the potential of tokenization is now being widely recognized. We’re seeing the tokenization of such things as wine, chickens, eggs… and even a rare metal called palladium. A token economy would give a large boost to the global financial system. Here’s what it all means.
Michael Novogratz, founder and CEO of cryptocurrency merchant bank Galaxy Digital, has suggested that one of the crypto assets created by social media giants will succeed. He reiterated his stance that Bitcoin is a store of value, comparing it to gold, while pointing out that something like Facebook’s coin will probably be used for payments.
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$7 trillion investment firm Fidelity will reportedly roll out bitcoin trading for institutional clients in the coming weeks, according to Bloomberg. Citing a source who asked to remain anonymous, the publication revealed Fidelity’s cryptocurrency-focused spin-off, Fidelity Digital Assets, would be adding to the existing range of services. The source said the trading side will go live for Fidelity’s users in as little as a few weeks and will primarily target large-volume traders.
E-commerce giant Overstock.com’s cryptocurrency subsidiary tZERO announced that secondary trading of tZERO tokens is now live. Accredited investors can trade the security tokens through a digital securities brokerage account at Dinosaur Financial Group, which will act as a broker-dealer.
Major South Korean cryptocurrency exchange Bithumb is the number one crypto exchange, with a 24-hour trade volume of $1.7 billion. Bithumb has reportedly signed a deal with an American fintech firm in an effort to open a securities token exchange in the U.S.