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JPMorgan Chase predicts a demand of around $600 billion for Bitcoin in the future.

One of the world’s largest investment banks, JPMorgan Chase, mentioned in a research note that the recent Bitcoin adoption by mutual life insurance company MassMutual indicates the potential for additional institutional demand. JPMorgan Chase predicted that there’d be a demand of around $600 billion for Bitcoin in the future. The bank outlined that if family […]

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One of the world’s largest investment banks, JPMorgan Chase, mentioned in a research note that the recent Bitcoin adoption by mutual life insurance company MassMutual indicates the potential for additional institutional demand. JPMorgan Chase predicted that there’d be a demand of around $600 billion for Bitcoin in the future. The bank outlined that if family offices, insurance companies, and pension funds decide to allocate a small percentage to cryptocurrencies, it will result in massive demand for bitcoin. 

“Insurers and pension funds are facing regulatory hurdles to enter the crypto market.”

The research note drafted by strategists, including Nikolaos Panigirtzoglou, mentioned that insurers and pension funds are facing regulatory hurdles to enter the crypto market. The research note states that MassMutual’s Bitcoin purchases represent another milestone in institutional investors’ Bitcoin adoption. One can see the potential demand that could arise over the coming years as other insurance companies and pension funds follow MassMutual’s example, it added. The American banking giant expects financial services companies from the US, EU, Japan, and the UK to allocate at least 1% of assets in Bitcoin, with an expected Bitcoin demand of $0.6 trillion.

Bitcoin is expected to take advantage of massive outflows from Gold ETFs.

Panigirtzoglou further said that despite a skewed near term outlook of bitcoin, the long-term picture looks positive. He added that the leading cryptocurrency is expected to take advantage of massive outflows from Gold ETFs. “The bitcoin flow outlook for the medium to longer-term looks positive as we anticipate that the contrasting institutional flow picture over the last two months with inflows into the Grayscale Bitcoin Trust and outflows from Gold ETFs would become a structural trend. The adoption of the cryptocurrency by institutional investors has only begun,” the strategist added.

Source: https://coinnounce.com/jpmorgan-chase-predicts-a-demand-of-around-600-billion-for-bitcoin-in-the-future/

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Bill Gates explains why he associates Bitcoin with tax avoidance and illegal activity

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Billionaire Microsoft co-founder Bill Gates said he doesn’t hold Bitcoin, nor is he short against it. Instead, Gates claims he holds a neutral position as far as the leading cryptocurrency is concerned.

However, his follow-on comments contradict his opening statement. While he’s all for the digitization of money, he believes Bitcoin encourages tax avoidance and illegal activity. Instead, Gates prefers the central bank digital currency approach to digital money, with reversible transactions and direct identity association.

“I don’t own Bitcoin. I’m not short Bitcoin. So I’ve taken a neutral view. I do think moving money into a more digital form and getting transaction costs down, that something the Gates Foundation does in developing countries.

But there we do it so you can reverse the transaction, you have total visibility of who’s doing what, so it’s not about tax avoidance or illegal activity.”

Gates pivots towards charity work

Cutting edge pioneer or industrial pilferer? Whichever side you take, there’s still no getting away from Gates’ impact on the digital age.

Since leaving his position as Microsoft’s chief software architect in 2000, Gates has increasingly focused on charity work via the Gates Foundation.

In 2020, he decided to dedicate more time to this cause and cut ties with Microsoft by resigning from its board. However, he mentioned that he’s always available in a consultation capacity.

“dedicate more time to philanthropic priorities including global health and development, education, and my increasing engagement in tackling climate change.”

Bitcoin community chimes in on Gates’ comments

Throughout this transition, Gates has become less known as a tech innovator and more as a philanthropist. Bitcoin-bull Anthony Pompliano implied this had dulled his understanding of disruptive technology.

It is wild to hear one of the smartest men in the world sound so uninformed and uneducated on one of the most disruptive pieces of technology.

Equally, Binance CEO Changpeng Zhao tried to pass off Gates’ ill-informed comments by saying he’s earned the right not to be “bleeding edge” any longer.

He’s at a different stage in life though. He is not on the bleeding edge, leading, push, etc. He doesn’t have to.”

Growth lead at Kraken exchange Dan Held said there’s some merit to Gates’ comments on high fees and excessive energy consumption. But overall, Held believes that Gates hasn’t taken the time to understand Bitcoin.

As a former board member of Berkshire Hathaway and close friend of Warren Buffett, Gates’ position on Bitcoin should surprise no-one.

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Source: https://cryptoslate.com/bill-gates-explains-why-he-associates-bitcoin-with-tax-avoidance-and-illegal-activity/

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EEA Member Spotlight with Alexandre Bourget, StreamingFast’s Co-founder and CTO

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EEA Member Spotlight with Alexandre Bourget, StreamingFast’s Co-founder and CTO
As an EEA member, StreamingFast will be part of the EEA community of organizations working to advance Ethereum and drive industry adoption. In the Q&A below, the EEA interviewed Alexandre Bourget on the ways StreamingFast helps the ecosystem achieve the potential impact of Ethereum.

Please introduce your company and yourself briefly.
StreamingFast is a radically different infrastructure product for Ethereum and for empowering developers with better queries and streaming semantics than blockchain nodes. The founding team is made up of serial entrepreneurs, with deep expertise in big data, cybersecurity, dev ops and blockchain. Combined, we have built and sold 6 companies, with the last one being sold to Intel. We have a passion for blockchain technology, and our goal is to help developers build performant applications by organizing the world’s decentralized data.

Having built big data solutions at Intel, my team and I understand the data engineering challenges of maintaining large swaths of data like blockchain data, but very few people are working on how to quickly and reliably read from this data. That’s where StreamingFast comes in, with a radically different streaming-first approach. The StreamingFast core value proposition: it’s the simplest, fastest, and most reliable blockchain data stream in the industry, for real-time as well as historical data.

What first brought you to the EEA, and why did you decide to become a member?
Enterprises that are working within the blockchain space will be helping to drive technology for the next decade to come. While core protocols tend to focus on the best write speeds to the underlying blockchain databases, it often creates a lot of compromises when it comes to reading that data. We’ve devoted ourselves to working on those solutions, and we believe that the EEA – as the first stop for those Enterprises seeking out guidance – is the perfect fit to help us share our knowledge, tooling, and expertise to save these companies months of engineering time.

What are you currently working on with regards to Ethereum? How will end-users benefit from your work?
We recently publicly released StreamingFast, a radically different infrastructure product for Ethereum. By empowering developers with better queries and streaming semantics, blockchain nodes can be optimized for a different role than they could ever natively provide. Well-known companies have been utilizing our APIs for some time and the feedback we’ve received so far has been incredibly positive. Many of the development teams we speak with utilized multiple service providers for redundancy, occasional latency issues, and feature completeness. After trying out StreamingFast, some of our users have been able to drop all of their other providers, as we were able to provide a single solution that just simply worked when they needed it. The main value propositions of StreamingFast include:

Simpler: use 90% less code. Single integration for accessing a low-latency stream of Ethereum data, from block 0 to the tip of the chain. No need for complex retry logic.
Cheaper: cut down on 99% of your Web3 calls. Avoid out-of-sync calls. Use in-stream updates to ERC-20 balances, Uniswap reserves, or any other contract’s state update.
More reliable: read linearly, no more polling. Paradigm-shifting use of a cursor for reliable linearity of the stream, guaranteed across disconnections and in fork situations. Something native nodes with WebSockets can only dream about.
Faster access to real-time blocks: Get data earlier than any other traditional node provider. Our nodes race to push out data, instead of you hitting one load-balanced node out of 1000, most of which are lagging because of propagation delays.
Complete: full history at your fingertip. Stream data and state changes from genesis. Let go of your archive nodes.
Data-rich, industry-wide. EVM-call level introspection: full call graph, all state changes, logs, keccak data, gas costs, Ether balance changes, internal transactions, input data & return data plus some decoded events and state changes.

StreamingFast is available for both Ethereum mainnet and private Ethereum deployments.

How will the EEA enhance your organization’s current efforts?
One comment we have received multiple times in the past was “How come we didn’t have StreamingFast when we started building?” We want to meet Enterprises before they start building. We know that we can save them time and money, and make sure Ethereum remains their first choice of protocol. By removing a lot of the added blockchain complexity around things like fork resolution, Enterprises will be able to get to production faster and simplify the experience for their developers. Our relationship with the EEA will provide Enterprises with exposure to the solutions they need, at the time they need them.

What EEA programs are you most excited about?
We are excited to participate in the Interest Groups as well as the Working Groups. We have been involved with blockchain enterprise deployments for multiple years. As such, we are looking forward to sharing use cases, discussing industry requirements and collaborating to develop open, standards based-specifications to accelerate the adoption of Ethereum-based enterprise solutions.

Learn More and Connect with the EEA
The EEA enables organizations to adopt and use Ethereum technology in their daily business operations. We empower the Ethereum ecosystem to develop new business opportunities, drive industry adoption, and learn and collaborate. Our global community of members is made up of leaders, adopters, innovators, developers, and businesses that collaborate to create an open, decentralized web for the benefit of everyone. Join us and contribute to our work!
Learn more about EEA membership, sign up for the latest updates and contact [email protected]

Source: https://entethalliance.org/eea-member-spotlight-with-alexandre-bourget-streamingfasts-co-founder-and-cto/

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Kraken Backs Launch of Venture Capital Fund

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Kraken Ventures Launches

Kraken is supporting the launch of a new independent initiative to actively invest in early stage cryptocurrency and fintech startups. 

Kraken Ventures, a global investment operation with a presence in Austin, Berlin, Hong Kong, London, New York, and San Francisco will provide the necessary resources and expertise to developers and respective technologies that will power the next wave of innovation in our industry. Kraken Ventures offers the best of both worlds in being a completely autonomous fund that’s backed by the resources and expertise of Kraken. 

The breadth of projects Kraken Ventures will assist in is quite extensive; fintech, crypto companies & protocols, decentralized finance (DeFi) as well as enabling technologies such as AI, Machine & Deep learning, RegTech, and cybersecurity. Those portfolio companies will receive investments that range between $250K – $3M, access to a robust team with decades of experience in the cryptocurrency & fintech industries as well as access to the resources and environment essential to success.

The Kraken Ventures team will be led by Brandon Gath, Kirill Gourov, and Akshi Federici – three veterans of the fintech and cryptocurrency industries and, most recently, senior leaders at Kraken.

Brandon has 20 years of experience in the financial services and crypto industries. For the last three years, he served as Head of Corporate Development at Kraken. Prior to that, he led investments in Orbital Insight, Crosslend, Digital Currency Group, Nervana Systems, Crypto Facilities, Privitar, and Fortscale while with CME Ventures. Brandon will utilize his expansive knowledge and the expertise of his team to continually help companies work toward achieving their goals. 

“We will take a hands-on approach with our portfolio companies to provide guidance, new commercial opportunities and additional capital support,” Brandon said. “The possibility to leverage Kraken’s experience building a truly global, scalable platform enables us to support our portfolio companies from inception to market leadership.”

Kirill most recently worked to support strategic investment for Kraken after previously managing blockchain investments for multi-family offices based in New York as well as leading blockchain strategy efforts at Expand Research, a subsidiary of The Boston Consulting Group.

Akshi Federici is a seasoned strategic operator with over 15 years of experience in the financial services and cryptocurrencies industries with The Boston Consulting Group, BlackRock, Conde Nast, ConsenSys, and Kraken.

To find out more about Kraken Ventures or submit an application, please visit KrakenVentures.com.

Source: https://blog.kraken.com/post/7825/kraken-backs-launch-of-venture-capital-fund/

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