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Crypto Strategist Names Altcoins Picks for 2021, Says Bitcoin Boom Unlikely to Lift All Assets

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The host of Coin Bureau is pulling back the curtain on his top five altcoins picks for 2021.

In a new video, the pseudonymous analyst tells his 225,000 subscribers that he expects a smaller number of altcoins to experience exponential gains in the year ahead.

“For those that have followed the crypto markets for some time, they’ll know there’s usually a pivot to altcoins once Bitcoin has rallied. However, given how more sophisticated the markets have become, it’s unlikely that this rising tide will lift all boats. Only some altcoins are likely to capture those gains you’re striving for.”

Number one list is the privacy-centric coin Monero (XMR).

The analyst highlights that power powerful enforcement agencies have been scrambling to decode Monero’s cryptography to no avail.

“There are a number of other reasons as to why I’m so bullish on Monero. Firstly, the privacy tech is unrivaled… Secondly, this tech is constantly evolving as the developers work to harden the protocol and secure its privacy. And speaking of those devs, they are some of the most hardcore cypherpunks in the crypto space, a broader collective of idealistic individuals all driven by their goal of preserving financial freedom.”

He adds that Monero has the highest liquidity among other privacy coins, although exchanges face pressure for servicing privacy coins.

Number two on his list is Algorand Network (ALGO), which aims to develop a blockchain that is secure, scalable, and decentralized. He spotlights the recent integration of USD Coin (USDC) into the Algorand Network.

“This means USDC users will be able to send the stablecoin on the Algorand Network cheaper and faster that would be done on Ethereum, for example. It’s also no secret that USDC is becoming the de facto stablecoin globally. For example, you had the recent monumental news that Visa would be offering USDC settlement to all its 60 million merchants. All of this transaction demand will need a super fast and efficient blockchain to be settled on. All of this transaction demand on Algorand will naturally lead to a demand to pay for the transactions which are paid in Algo.”

His third pick is Theta, a project that is aiming to transform streaming and online content delivery into a decentralized and democratic infrastructure.

“Firstly, streaming itself is really hot. You need to look no further than YouTube and Twitch with billions of users. These are all on centralized platforms and use centralized content delivery networks. You can see why Theta is appealing here. Secondly, this is not just pie in the sky. Theta is actually streaming content. They started with esports but have since moved on to poker, cryptocurrency events, and have also partnered with MGM to briefly stream Hollywood classics.”

For his fourth pick, he has chosen the Injective Protocol (INJ), a decentralized derivatives exchange (DEX) built on Cosmos.

“They are trying to create a paradigm shift in the DEX space. Quite simply, it will allow users to trade spot, swaps, and futures in a completely permissionless way. They’ll also be able to structure their own derivatives on the platform and create a market for it. Anything that has a price, users could eventually be able to issue their own decentralized derivative contracts for.”

He says Injective Protocol has an edge over Ethereum-based assets as it is a layer-two Cosmos zone which means the protocol won’t have to deal with network congestion. He also notes that users can trade more assets on the DEX on top of ERC20 tokens.

Number five on his list is BarnBridge (BOND), a project that seeks to tokenize risk.

“Essentially it works by pooling funds on the platform and then allocating these funds to different DeFi protocols. These include the likes of Aave, Compound, dYdX, Synthetix, etc. Then once the funds have been pulled, they will tranche the yield such that it can be tokenized individually. This, therefore means that DeFi investors are able to invest in different risk tranches based on their yield and risk tolerance.”

As the total value locked into DeFi protocols goes parabolic, he says BarnBridge could be well-positioned for massive shifts this year.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/mapman

Source: https://dailyhodl.com/2021/01/13/crypto-strategist-names-altcoins-picks-for-2021-says-bitcoin-boom-unlikely-to-lift-all-assets/

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Blockchain and crypto will challenge current finance, Nigeria VP says

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Nigeria’s vice president, Yemi Osinbajo, delivered a speech at an economic summit on Friday in which he spoke positively of crypto and blockchain. 

“There is no question that blockchain technology generally, and cryptocurrencies in particular, will in the coming years, challenge traditional banking, including reserve banking, in ways that we cannot yet imagine,” Osinbajo said on Friday during the Central Bank of Nigeria, or CBN, Bankers’ Committee Economic Summit. “We need to be prepared for that seismic shift, and it may come sooner than later,” he said.

The Nigerian vice president also noted the broadness of the crypto industry, mentioning decentralized finance, or DeFi, in the mix. “Decentralized finance, using smart contracts to create financial instruments, in place of central financial intermediaries, such as banks or brokerages, is set to challenge traditional finance,” he said. 

Osinbajo’s speech, which included a number of other points, is posted on his YouTube channel. The Nigerian vice president also tweeted out a video clip highlighting of some of his crypto comments from his talk.

“The point I’m making, is that some of the exciting developments we see call for prudence and care in adopting them and these have been very well-articulated by our regulatory authorities,” he said, adding:

“But we must act with knowledge and not with fear. We must ensure that we are in a position to benefit and in a position to prevent any of the adverse side effects, or any of the possible, even criminal, acts that may arise in consequence of adopting or taking any of these options.”

The comments come in contrast to recent developments in Nigeria. Earlier in February, Nigeria forbade banking interactions with crypto exchanges, as per a ruling from its central bank. The CBN’s governor also called crypto assets illegitimate. Bitcoin recently traded at a significant premium in the region.

Source: https://cointelegraph.com/news/blockchain-and-crypto-will-challenge-current-finance-nigeria-vp-says

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Blockchain

‘Bitcoin could reach $1 million or $1, and may do both of those’

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While many analysts predict that either Bitcoin could increase to a million or fall to a dollar, a popular businessman and investor based in the US thinks that the asset could do both!

In a recent interview with Joe Kernen at CNBC’s Squawk Box, Internet analyst Henry Blodget of the dot com era fame said: 

Bitcoin could go to $1 million… it could also go to $1. And in fact it may do both of those

In addition, Blodget, who also served as the head of the global Internet research team at Merrill Lynch, is unconvinced about the asset’s value proposition. He claimed that Bitcoin as an inflationary hedge and the narrative surrounding its value as ‘digital gold’ were “stories”. He further added: 

But the stories that we tell about why relative to the value of gold or other currencies, they’re ludicrous.

In his opinion, Bitcoin can trade just about anywhere because it does not have any fundamental backing. He said that unlike traditional stocks, “which usually does have some relationship ultimately to a fundamental,” of a company, “Bitcoin doesn’t, so that means it can trade anywhere.”

The entrepreneur thinks that crypto exchange Gemini’s CEO Tyler Winklevoss could eventually be “exactly right,” in his forecast that the asset could surge to a million. However, Blodget said:

If people were to decide that for the next couple of hundred years Bitcoin is where you park your money when you take it out of the fiat system, OK, it’s possible.

Interestingly, while crypto Twitter and Bitcoin enthusiasts, in particular, called out the analyst’s criticism, they commended the interviewer’s counter-argument. CNBC’s Joe Kernen seemed to even “speak the language” of the crypto space as one twitter user named @HodlBells noted:  


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Source: https://ambcrypto.com/bitcoin-could-reach-1-million-or-1-and-may-do-both-of-those

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Crypto platform NetCents to offer users access to DeFi protocols thru Vesto

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NetCents, a cryptocurrency payments company, today announced it has signed an agreement with Vesto.io to pave the way for DeFi access in the NetCents platform.

Vesto, is a San Francisco-based company that has created a platform allowing users to choose from multiple DeFi protocols in a virtual supermarket. NetCents (with regulatory approval) intends on enabling a portal to the Vesto infrastructure from the NetCents wallet in order to facilitate user’s adoption of DeFi investing in an efficient and easy-to-understand interface.

“We have seen the DeFi space explode over the past year, but for it to reach the next level – the tools and the process has to be attainable by the novice crypto investor. We will be adding a layer of simplification to the process so that individuals can have their savings actually working for them without the complexity of the current platforms. Individuals have the right to lend their money at market-based rates instead of getting 1% interest on their savings that the commercial banks are offering.”
– Clayton Moore, NetCents Founder & CEO

LOI

The Letter of Intent  (LOI) contemplates a Joint Venture between parties and an option for NetCents to invest in Vesto and hold a significant ownership stake in the company at a future date.

Management of NetCents also informed investors that many of the concepts embraced by these DeFi platforms have not been vetted by the many authorities that regulate financial products. NetCents intends to work together with regulators to navigate this landscape and resolve it with a compliant product.

For Example: Fintech businesses seeking to bring a novel product or service to the market can seek regulatory relief through regulatory sandboxes such as the Ontario Securities Commission’s LaunchPad or the British Columbia Securities Commission’s SandBox.

Furthermore, businesses that distribute, trade, or advise in crypto assets that are securities are required to comply with securities laws (in particular, registration and prospectus requirements), which can be onerous. There are many exemptions for specific types of distributions, trades, and other activities and NetCents intends to research these exemptions rigorously. These exemptions, at a high level, may limit the types of investors that can participate or the investment amounts, or may require the preparation of disclosures to investors and filing of a disclosure document.

Source: https://www.cryptoninjas.net/2021/02/27/crypto-platform-netcents-to-offer-users-access-to-defi-protocols-thru-vesto/

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