Categories: Bitcoin Business

Blockchain Technology and Digital Currency Enthusiasts Gush About Enormous Potentials of Bitcoin (BTC) Despite Massive Price Plunge

Click here to view original web page at smartereum.com

Bitcoin (BTC) has been through a lot recently. The digital currency has been struggling to keep up with its price, after plunging by more than 80 percent from its all-time high in December 2017. However, despite the poor and volatile price trend of Bitcoin (BTC), true blockchain technology and digital currency believers still gush about the enormous potentials of Bitcoin (BTC).

Bitcoin (BTC) Stands a Better Chance than Gold – Travis Kling

A lot of investors and traders out there still see BTC as the ultimate hedge against disaster. While speaking at the Cayman Alternative Investment Summit in Grand Cayman, Travis Kling said: “There is a really great chance we have something better than gold.”

Travis Kling is the chief investment officer and founder of Ikigai Asset Management – a digital currency hedge fund. Kling further added: “It is like a Credit Default Swap (CDS) against fiscal and monetary policy irresponsibility.”

Credit default swaps are akin to insurance policies, they pay out when borrowers default on debts. Credit default swaps became notorious during the crisis last year when one of the largest issuers of CDS – AIG – almost collapsed itself.

Just like other digital currency bulls, Travis Kling is disturbed by the pile-up of debt on government balance sheets and the extra miles central banks across the globe go to encourage growth. Many fear that low-interest rates and high budget deficits will eventually result in hyperinflation and this would greatly affect the value of the U.S. dollar as well as other top currencies.

Morgan Creek Capital Management Ventures into the Crypto Hedge Fund Space

Irrespective of the plunging value of Bitcoin (BTC), Morgan Creek Capital Management plans to complete its fundraising today by launching a digital currency fund. According to Mark Yusko – the CEO and founder of Morgan Creek – the fund will focus in part on the infrastructure of digital currency, the ‘picks and shovels’ of the crypto space.

In a statement, the CEO said: “We believe Bitcoin (BTC) will be one of, if not the, world’s largest network. We are currently in the middle of the greatest wealth opportunity, it is beyond all of our imaginations.” Morgan Creek is investing in a firm that is aimed at using distributed ledger technology to disrupt title insurers, says Yusko.

The underlying technology of Bitcoin (BTC) – blockchain – is a tamper-resistant digital ledger that eliminates the need for a middleman when recording transactions. Blockchain technology is seen as a game-changer in a lot of industries. The technology has several applications and more of its potential are yet to be discovered.

A lot of industries have started adopting the technology due to its enormous potentials. Blockchain technology is currently being explored in the finance industry, with more than 200 banks and financial institutions using the blockchain-based products of Ripple. The automobile and manufacturing industry is also exploring this technology, as some major car manufacturers are already in strategic partnerships with some blockchain firms.

Bitcoin (BTC) Price Today – BTC / USD

At the time of writing, Bitcoin (BTC) is currently worth $3,494 after an increase of about one percent over the past twenty-four hours. The current market cap of the digital currency is $59.59 billion and its trading volume over the past twenty-four hours is $4.06 billion.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Bitcoin May Be Laying the Groundwork for a Trend Reversal

Following Bitcoin’s recent plunge into the mid-$9,000 region, the cryptocurrency has been able to post a strong and sustainable bounce… Read More

5 hours ago

The blockchain/crypto week in quotes

“People who are watching the daily price of Bitcoin are really missing the whole point…The whole idea of Bitcoin is… Read More

5 hours ago

Brewing giant gives blockchain to African farmers

AB InBev Africa and BanQu have roped in blockchain technology to uplift smallholder farmers in the global brewing giant’s supply… Read More

5 hours ago

Self-Proclaimed Satoshi Nakamoto’s Bitcoin ‘Reveal’ Is an Epic Fail

The "big reveal" by the latest self-proclaimed Satoshi Nakamoto was an epic failure that overpromised and underdelivered. | Source: Shutterstock… Read More

5 hours ago

Litecoin May Soon Surge Despite Selling Pressure and Recent Dusting Attack

Litecoin has been wrapped in negative sentiment as of late, which has primarily been rooted it its lackluster price action… Read More

5 hours ago

The best ways to buy furniture online for Bitcoins

Overview Buying furniture for cryptocurrency For most of its existence, the Bitcoin community (BTC) believed that cryptocurrency would be a… Read More

11 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More