Ballet CEO, Bobby Lee on the Future of Cryptocurrency, Blockchain Technology and BTC’s Price Trend

Interviewed live on BTCManager’s Around the Block, hosted by Jefferson Nunn, Ballet CEO Bobby Lee provided a more profound analysis of the current Bitcoin state affairs. The episode gave insight on Bitcoin’s rally over the past year and predictions for its future price. The former BTCC CEO also touched on other cryptocurrencies, majorly Ethereum.

Behind the Massive Bitcoin Rally

According to Bobby Lee, the Bitcoin rally was somewhat expected. Even he had predicted this rally two and a half years ago, in 2018, saying that the Bitcoin prices would start picking up again at the end of 2020 and then a breakthrough in 2021. Categorizing the Bitcoin market as bullish, Bobby said that it is headed to the moon, and we’re not even there yet.

There are only 2.1 million bitcoins unevenly distributed across top exchanges. Since only a specific number of bitcoin can be mined, it makes it scarce. Hence, it’s the world’s only asset class with an actual upper limit to how much is available.

It is also decentralized, and no one is in charge. The two points go hand in hand. After all, you can’t enforce a limit if someone’s in order because someone is in control, and they can change the rules and add more coins down the road. So those are the two fundamental reasons why Bobby thinks Bitcoin is a fantastic investment opportunity of a lifetime.

Cassium Coins

The podcast also mentioned Cassium coins. They were invented by Michael Caldwell in early 2011, which makes him the father of all physical Bitcoins. And back then, the coins were just worth pennies or dollars, so it’s very affordable and very cheap.

These days, that very same token with one Bitcoin is well worth over $50,000, maybe even $60,000 with collectors’ premium on it. However, he did not make more Cassium coins ever since.

Ethereum’s Rally

Bobby Lee also mentioned that he recently invested in Ethereum and Litecoin. Ethereum, he says, is very different from Bitcoin. Bitcoin was created as money as sound money, as digital money, this peer-to-peer decentralized. And Ethereum was designed more as a computing platform for smart contracts. 

Ethereum has been very successful over the years, most recently four years ago with the ICO issuing tokens, ERC 20 tokens, and more recently, issuing NFT’s. The crypto space and the world, in general, have been going nuts over NFTs this year and the trend only seems to fuel up as time goes on.

The challenge is that Ethereum has become so popular, and hence congested. In response, a lot of alternatives have come on board, including the Binance Smart Chain. Binance Smart Chain is trying to steal away some of the traffic in terms of the coins, tokens, and stablecoins as smart contracts function.

Bobby, towards the end, advised that people should consider investing in Bitcoin. However, he stated that interested parties should not put all their money in it; certainly, 1% or 2% will be reasonable.

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Coinbase Reportedly Seeking Services of Goldman Sachs for IPO

Major U.S. crypto exchange Coinbase is reportedly seeking Goldman Sachs’ services to fulfil its IPO ambitions.

Goldman Sachs to Help Coinbase with IPO

That Coinbase is mulling to go public in 2021 is public knowledge.

BTCManager reported back in July that the San Francisco-based digital currency exchange was contemplating going public later in 2020. However, now with the official filing with the U.S. Securities and Exchange Commission, it is being speculated the exchange will, for sure, go public next year.

Now, according to two sources close to the matter, Coinbase has tapped the services of Goldman Sachs to lead its upcoming IPO. Interestingly, one of the two founders of Coinbase, Fred Ehrsam, who left Coinbase in 2017 had been a former trader at Goldman Sachs. At present, Ehrsam maintains a board-seat, to co-found cryptocurrency-focused venture capital firm Paradigm.

While tapping services of Goldman Sachs for an IPO does not really come off as surprising, it is worthy of note that the entity that wishes to go public this time is one that is deeply involved in the cryptocurrency space, an asset class Goldman Sachs is not too fond of. However, of late, the Wall Street veteran has been observed adopting a curious stance toward digital currencies.

In contrast, several other banking and financial services institutions have shown keen interest in cryptocurrencies, including the likes of JPMorgan, Citi, and others.

Perfect Time to Go Public for Coinbase

While stock markets continue to rally despite the various uncertainties throughout the year pertaining to the coronavirus pandemic and the U.S. Presidential elections, crypto markets have outperformed essentially all other markets in terms of price appreciation.

In fact, just a few days ago, the largest cryptocurrency by market cap, bitcoin (BTC) surpassed its ATH value recorded during the 2017-18 bull run. At the time of writing, BTC is trading at more than $23,000.

The surge in crypto markets has unsurprisingly started to get some major mainstream media attention. In that regard, Coinbase CEO on December 17 cautioned new investors in the space to exercise due diligence.

The blog post reads in part:

“While it’s great to see market rallies and see news organizations turn attention to this emerging asset class in a new way, we cannot emphasize enough how important it is to understand that investing in crypto is not without risk.”

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Bitcoin (BTC) $ 26,913.21 0.13%
Ethereum (ETH) $ 1,665.63 0.93%
Litecoin (LTC) $ 66.29 2.51%
Bitcoin Cash (BCH) $ 233.52 1.59%