UBS thinks cryptocurrencies are in a "speculative bubble." There are over 1,000 cryptocurrencies, bitcoin being the biggest by market capitalization, and many have seen huge rises in value over the past few years. Bitcoin for example is up over 470 percent year-to-date. "We think the sharp rise in cryptocurrency valuations in recent months is a speculative bubble," UBS wrote in a white paper published last week.
Another Bitcoin split is in the works, with a group of developers planning to establish an off-shoot called Bitcoin Gold (BTG). On October 25, Bitcoin Gold (Bgold) will split off from Bitcoin to create an ASIC-resistant cryptocurrency. A few weeks later, a significant group of Bitcoin companies wants to hard fork according to the SegWit2x plan as defined in the “New York Agreement” (NYA), which will probably result in yet another new coin. According to Bitcoin developer Jimmy Song, the aim is for BTG to become “a better gold than Bitcoin“.
The Eidoo ICO, which is currently unfolding, has already raised EUR 20 million (ETH 80,453) reportedly in hours across more than 10 million of the company’s EDO tokens. Those tokens can be used inside the Eidoo ecosystem, which in addition to the digital wallet extends to a decentralized blockchain-based marketplace and tools that support the use of cyrptocurencies.
Bitcoin's future is undoubtedly tough to predict. The pundits either believe it will go to the moon or collapse. The latest to join the league of those predicting the demise of Bitcoin is Kenneth Rogoff, a professor of economics at Harvard University. In a blog post in the Guardian, Ken Rogoff writes: "Is the cryptocurrency Bitcoin the biggest bubble in the world today, or a great investment bet on the cutting edge of new-age financial technology? My best guess is that in the long run, the technology will thrive, but that the price of Bitcoin will collapse."
With initial coin offerings getting attention from regulators around the world, European Central Bank governing council member Ewald Nowotny has disclosed that the European Central Bank is looking at putting regulation on the books regarding ICOs. "Bitcoin is not a currency, it is highly speculative and volatile, it is not subject to any supervision either, and the stock market movements of the recent period make it clear,” explains Nowotny speaking in an interview with the Austrian weekly magazine Trend as covered by Bloomberg.
UBS Chairman and former Bundesbank President Axel Weber said on Wednesday bitcoin does not fulfill some of the most important functions of currency, the latest senior banker to express skepticism about the cryptocurrency. "I get often asked why I'm so skeptical about bitcoin, it probably comes from my background as a central banker," Weber said at a conference organized by the Swiss Finance Institute. Axel Weber previously served as head of the Bundesbank, Germany's central bank.
Cryptocurrencies may have naysayers on Wall Street, but Goldman Sachs isn’t one of them, according to news from The Wall Street Journal. Citing sources with knowledge of the effort, the Wall Street Journal reported yesterday that Goldman is in the early stages of creating a trading operation specifically geared toward cryptocurrencies. At the same time, it's not clear at this time if the investment bank will go ahead with the plan.
The Swiss financial regulatory board, Financial Market Supervisory Authority (FINMA), has increased its investigations into ICOs in Switzerland, according to a press release last week. The move comes after a substantial uptick in the number of ICOs based in the country, according to the document. After noticing a marked increase in the number of initial coin offerings (ICOs) made in the country, Switzerland’s Financial Market Supervisory Authority (FINMA) has decided to take a closer look at this new, cryptocurrency-powered fundraising method.
Bitcoin price made a firm upward move to push beyond $4,000 and chalk in a high above $4,100 at press time after flirting with the level over the last few days. Trading data from Bitfinex reveals bitcoin trading to the dollar near $3,900 at the start of the day. Now back above the $4,000 mark, the momentum stuck as trading climbed further for price to register a new 7-day high of $4,112 on Bitstamp.
While governments ponder legalization or continue to reaffirm existing bans on the use of bitcoin, larger e-commerce giants may not care. Speculation built over the weekend that Amazon.com Inc. was considering introducing support for bitcoin payments as soon as October.
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