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Threats from China, Grayscale poll, Bakkt plans

08/02/2019
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  • China_Libra_Grayscale_Bakkt
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China is ready to release cryptocurrency in response to Libra, Grayscale about investing in bitcoin. Bakkt platform is going to be launched in coming months

China May Launch National Cryptocurrency in Opposition to Libra

Ren Zhengfei, the Head of Huawei, at a press conference said that the Chinese authorities have technical ability to launch national cryptocurrency. He is confident that such digital money will be much more popular than Libra coins by Facebook. This statement was supported by Wang Xin, the Head of the Bank of China's research bureau. He is confident that the implementation of the American project will increase the US dollar credibility, which will put China in unequal conditions.

The bank representative’s words that China’s cryptocurrency has been under development for a long time have not become a sensation; the data on the first studies leaked to the media several years ago. However, the country's authorities are aware that the transition from theory to practice can change the balance of power in the financial arena. So far, the parties are trying to adhere to the current Status Quo, but the balance will not last forever. At some point, someone will start issuing digital money, and then the situation will get out of control.

It has already become clear that Facebook has encountered serious obstacles in its path. Some partners from the Libra Association expressed their readiness to leave it, or simply reported low interest. Mark Zuckerberg also pulled out of the deal.

In an interview, the Head of Facebook said that the project would be launched only after coordination with all regulators. This suggests that Libra has little chance of seeing the light. The authorities of the United States, Britain, France and Germany have already expressed concern, and the corporation will hardly be able to find a common language with them.

Facebook sent a report to SEC stating the lack of guarantees for the timely Libra’s launch. Moreover, it notes the probability of abandonment due to high risks and the company’s lack of experience with cryptocurrencies. The report says that Facebook does not want to incur additional costs due to investments in a previously failed project.

It is too early to say that the sensation with the global cryptocurrency project turned out to be only plans. However, the risks of failure increase every day, since the world financial elite has actually come up with a united front against this innovation. Besides, threats from China also should not be ignored.

China May Launch National Cryptocurrency in Opposition to Libra

Grayscale Investors Survey

A study by SSRS showed that now only 4% of the US investors invest money in cryptocurrency. At the same time, a survey by the operator of Grayscale cryptocurrency fund says that 36% of respondents are ready to invest in it at the earliest possible time. According to some reports, the number of private investors in the United States is now approaching 63 million people, and if indeed 21 million of them will buy Bitcoin, its price will increase significantly.

The study says that almost 50% of American investors earn less than $ 100,000 a year; each of them is unlikely to be able to spend a large amount. However, all together they are able to radically change the market trend.

The most important reason for the increased interest in buying Bitcoin for investment lies in the ability to invest a small amount. This is what 83% of respondents said. The second reason respondents see in increased volatility, and the third reason is a limited number of cryptocurrencies in blockchain, which automatically increases its value.

Among Americans planning to buy bitcoin for long-term investment, middle-aged people with higher education are dominating. At the same time, a similar survey in Europe gave completely different figures. Here, almost half of investors do not have higher education and their age ranges from 16 to 35 years.

Still, there are a significant number of people in all countries who are not going to buy cryptocurrency. A survey by Grayscale showed that they have quite weighty arguments for this. Above all things, they fear the actions of scammers and hackers. In addition, they are not satisfied with legal uncertainty and the lack of a single cryptocurrency management center.

89% of such investors said that they were afraid of a banal lack of knowledge. They do not understand how blockchain works and how cryptocurrency technologies work. However, in the event of the appearance of trusted advisors or assistants, more than 70% of such respondents are ready to consider options for investing in cryptocurrencies for many years to come.

Grayscale Investors Survey

Bakkt Platform Will Be Launched in the 3rd Quarter, But This Does not Affect the Market Situation

According to The Block, Bakkt will be able to launch its platform for institutional investors in the 3rd quarter of 2019. The issue is that permission to use Bakkt Warehouse has not yet been obtained from the financial authorities of New York State. This is required for the full trading of bitcoin futures.

According to the plans, the futures’ buyer will be able to sell it within 24 hours without actually ensuring the purchase. After this time, Bakkt will deposit an appropriate amount of bitcoins on its cryptocurrency account.

Along with the announcement of the planned launch of Bakkt platform for institutional investors, news that US Capital Global would sell $ 10 million tokens secured by shares in a number of startups was received. Bakkt is no different. Such an investment will be less risky, since the money is not allocated directly in cryptocurrencies, but in related companies.

Despite such positive information, the American authorities in general have once again shown their negative attitude towards cryptocurrencies. Hearings of the Senate Banking Committee showed that blockchain now does not meet the requirements of lawmakers. In their view, it cannot provide a significant number of people with access to necessary services.

Nevertheless, this did not put critical pressure on bitcoin price. It met the last trading day of the week above the level of $ 10,000, which indicates the chart transition to a flat state. The White Book publication slightly increased interest in cryptocurrencies, but the events continuous development put the market in a state of uncertainty.

Bakkt Platform Will Be Launched in the 3<sup>rd</sup> Quarter, But This Does not Affect the Market Situation

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