The crypto industry is the gift that keeps on giving and last week, it gave us plenty gist. From the amazing news, to headlines that made us clutch our purses tight, here’s our industry news roundup from the 3rd week of August 2020:
Rich Dad Poor Dad Author Tells the Public to Buy Bitcoin
Robert Kiyosaki, famous author of Rich Dad Poor Dad, is warning everyone to buy Bitcoin to prepare for the coming bank crisis. According to Kiyosaki, the bank crisis will be a result of Warren Buffet’s decision to dump bank stocks.“
You probably remember Rich Dad Poor Dad, the financial rite of passage of the 2000s. If you didn’t see it at home, then the local bookshop had it. And if they didn’t, then your friend’s dad did. Packed with financial advice, Rich Dad Poor Dad is a bestseller with almost 40 million copies sold.
Kiyosaki has also been vocal about the advantages of Bitcoin. This, in addition to his book, makes Kiyosaki a respected figure in financial spaces. But will his latest piece of advice be as well received as the tips in his book?
Avoid Mirror Trading International, South African Regulators Warn
With the rise of Ponzi schemes that seem like legit investments, regulators are constantly on high alert. In this case, South African regulators have issued a warning against Mirror Trading International (MTI), a popular investment scheme. This warning came just 1 month after the Texas State Securities Board blacklisted MTI.
The scheme claims to trade investor funds using special bots and promises profits of 10% monthly. But the South African Financial Services Conduct Authority (FSCA), says that MTI lacks the proper license for its business model.
The company also claims to hold 2.9 billion Rand (65 billion) in investors’ funds in its trading accounts but the FSCA believes the claim is false. Please be careful of the schemes you invest in. We’d hate for you to lose your money.
Bitcoin is now Bigger than Coca Cola and Exxon Mobil by Market Cap
Bitcoin’s market capitalization recently hit $215.7 billion. This makes it the 28th most valuable asset in the world by market cap, according to data by Assetdash.
It also means that Bitcoin now has a higher market cap than Coca Cola ($203 billion), Intel ($209 billion), Exxon mobil ($173.3 billion), and NIKE ($171.1 billion). It sits just below Bank of America, which has a market capitalization of ($216.9 billion).
The wildest part is that it just continues to grow in market cap, showing that it’s here to stay. To compare, on July 23rd, just a month ago, Bitcoin’s market cap was about $168 billion and its price was $9,950 (3.6 million). Today, its price is $11,631 (4.49 million).
This fast increase shows that people are buying Bitcoin in large amounts, driving the price up. It also hints at a possible bull run in the near future. It feels like 2017 again with the December Bitcoin price action everyone swore they would never miss out on again.
Bitcoin Price Will Explode if it Hits $13,000 Says Crypto Analyst
The way Bitcoin has been going up these past few months is bursting our heads. But it hasn’t passed $13,000 yet and everyone is waiting. We must buy Lambo this year.
For now, Bitcoin is still playing around $11,500. It hit $12,000 on August 16 and we were READY but Bitcoin left us at the altar and went back to $11,500 😩. But we’re not discouraged at all.
In a tweet on August 18, Crypto analyst, JSterz stated that the price of Bitcoin will explode if it crosses $13,000. Asset managers like Grayscale have seen an increase in their crypto funds. They also stated that Bitcoin is performing better than gold as a hedge against the US dollar.
Industry experts like John Bollinger, creator of the Bollinger Bands Volatility Indicator, also think the current Bitcoin rally is picture perfect. So we’re keeping our fingers crossed and running towards $13,000.
Research for a Central Bank Digital Currency is in Progress
It looks like the world may be getting central bank digital currencies (CBDCs) sometime in the future. But first, the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology (MIT) are researching them.
Lael Brainard, the Federal Reserve governor stated that the research aims to study how such digital currencies would affect private businesses. It will also show the potential disadvantages of a central bank digital currency. The research team includes experts from the Federal Reserve Banks of Cleveland, Dallas, and New York.
And do you know the best part? The team will make the research code public for anyone to see and use. This means that you can spend less time working on your own central digital currencies research in the future. How cool is that?