My name is Tony Sagami, and as Martin explained last week, he’s asked me to write this column on most Mondays from now on.
I’m a technology nerd who began studying math and investing when I was barely out of grammar school. Then, when I was a young man, I owned a software company that devised one of the first quantitative models to forecast stock prices.
Today, I spend much of my time scouring the globe to find companies that are leading the digital money revolution.
And for this column, I cut through the hype with a weekly review of the most important cryptocurrency news, insights, price analysis and more.
Finish your taxes?
For most crypto investors, the answer is “yes.”
And now that tax season is behind them, a large number — including a few of the most successful money managers on Wall Street — are anticipating a big move for Bitcoin, reports CNBC.
This matches up with the forecasts of Weiss Crypto Alert editor Juan Villaverde: Based on cycle analysis, the entire space is forming a bottom, he says. Even in the midst of some further short-term dips, as long as prices continue making higher lows, the recovery scenario will remain intact.
Samsung testing out blockchain is not exactly something to sneeze at.
Heck, Samsung is the world’s largest maker of smartphones in the world with 21.9% of the market share, compared to Apple iPhone’s 15.2%.
Samsung is also the world’s largest player in the semiconductor industry. Until 2016, that enviable spot was held by Intel. But last year, Samsung Electronics grabbed 14.6% of the market, jumping ahead of Intel (13.8%) for the first time.
Now, Samsung is testing blockchain to track tens of billions of dollars in inventory that it transports around the globe.
What’s the big attraction of blockchain technology? In addition to security and speed, Samsung estimates that blockchain technology could help slash its transportation bills by as much as 20%.
A new source of demand for blockchain technology? Absolutely!
Bitcoin declared halal (permissible under Islamic law).
This is not the kind of news that most Westerners would typically pay attention to.
They don’t realize that …
• Approximately 1 in 4 people in the world are Muslim.
• They hold an estimated 5.8% of the world’s wealth (compared to 3.3% held by Hindus and 1.1% by Jews).
• And now that Bitcoin ownership is permissible, they could be another new source of demand for cryptocurrencies.
Wildly bullish Bitcoin predications. Last week, Tom Lee forecast $25,000 Bitcoin by the end of this year.
But if you think that’s over the top, look at what Bitcoin superbull John McAfee (of McAfee software riches) is predicting: $1 million BTC by 2020!
Come on, guys! I know you want to shout down the “Bitcoin-is-dying” crowd. But let’s not get carried away.
Heck, even if McAfee is overstating his target by a factor of 10-to-1, Bitcoin would still rise to $100,000.
Do you agree with either of these gentlemen?
If so, which one?
If not, where do you see Bitcoin going by year-end 2020?
Tell us on Twitter here.