Consumers Losing Trust in Banks, Moving Towards Bitcoin
Consumers are losing trust in major banks and financial service providers. Many institutional investors, traders and most millennials are moving toward Bitcoin and fintech due to the fraudulent activities and inefficiencies of existing banks.
Recently, the Wells Fargo car loans scandal swept across the finance industry, in which Wells Fargo allegedly defrauded 800,000 car loan customers, stole 25,000 cars. Various trusted sources including Boing Boing revealed that Wells Fargo forced unwanted car insurance on borrowers, owed money to wrong accounts and increased the monthly payments of car loan payers.
“Say, for example, that a customer agreed to a monthly payment of $275 in principal and interest on her car loan, and arranged for the amount to be deducted from her bank account automatically. If she were not advised about the insurance and it increased her monthly payment to, say, $325, her account could become overdrawn as soon as Wells Fargo added the coverage,” reported Boing Boing.
More to that, a report obtained by Boing Boing further revealed that the bank owed $73 mln to wronged customers after the attempt to defraud millions of customers was revealed.
Full story at http://bit.ly/2uC5pRf
Source: CoinTelegraph
Bitcoin Will ‘Cruise Through’ $5k in the Short Term - Max Keiser
Max Keiser has repeated his vision of Bitcoin reaching $5,000, as prices Monday steam towards $3,500. A bull run for BTC which began Friday has continued, accelerating Monday so see the cryptocurrency gain a further 4.7 percent in the past 24 hours.
Keiser, who had previously forecast Bitcoin climbing to $5,000 “in the short term,” reiterated his opinion in light of the latest price action. Keiser added that Bitcoin’s price could easily “cruise through” the $5,000 barrier.
“Government money printing monopolies are being replaced,” he added.
Concerns that the Bitcoin Cash fork could impede progress toward this goal have subsided as the price of Bitcoin Cash has tumbled. Though Bitcoin Cash price is slowly recovering, it faced significant losses last week as it dropped from $727 to almost $200. Currently, it is trading at around $290, up 30 percent since Sunday, but still no apparent threat to Bitcoin’s supremacy.
Full story at http://bit.ly/2uBEyEO
Source: CoinTelegraph
Bitcoin Price Could Exceed $100,000 by 2021: Harvard Academic
Bitcoin could pass $100,000 by February 2021; a Harvard academic has said announcing Bitcoin is the first digital currency to follow Moore’s Law.
In emailed comments to Business Insider, investor Dennis Porto said that after analyzing Bitcoin’s performance, it was the “first” currency to follow the digital technology rule.
“Moore's law specifically applied to the number of transistors on a circuit but can be applied to any digital technology," Porto wrote. "Any technology that is growing exponentially (i.e., 'following Moore's law') has a doubling time."
The comments come as Bitcoin price hits new all-time highs as SegWit lock-in is set for Aug. 9.
Full story at http://bit.ly/2hIRvM5
Source: CoinTelegraph
Australian Senators Push Reserve Bank to Make Bitcoin Official Currency
Labor senator Sam Dastyari and Liberal senator Jane Hume have pushed for the Reserve Bank of Australia (RBA) to “embrace bitcoins as an official form of currency,” the Sydney Morning Herald reported on Tuesday. Dastyari represents Australia’s largest State, New South Wales. Hume represents Victoria, the most densely-populated and second most populous state.
Without embracing bitcoin, Australia risks the future competitiveness its financial services industry worth $145 billion a year, the publication detailed, and quoted Dastyari saying:
This will be a revolutionary leap for the Reserve Bank and for Australian financial institutions. What we want to do here in Parliament is to create the political environment to allow that leap to occur.
When he first talked about bitcoin in the Senate, he recalled that one of his colleagues said to him, “I don’t get what the issue is, don’t they just melt all the coin bits they don’t use?” the publication detailed.
Full story at http://bit.ly/2hJw1ia
Source: Bitcoin News
Record $121 Bln Crypto Market Cap Comes As Bitcoin Share Dwindles
The overall cryptocurrency market cap has surpassed $120 bln for the first time, reaching a new all-time high.
Data from Coinmarketcap for Tuesday shows the combined value of every cryptocurrency on its listings is $121.1 bln.
In the 24 hours to press time, a further $4.3 bln worth of cryptocurrency changed hands on major exchanges tracked by Coinmarketcap.
Crossing the $120 bln line comes only two months after the cross-crypto cap made history in passing $100 bln in June.
Full story at http://bit.ly/2hIRKGZ
Source: CoinTelegraph
Belfrics Begins Roll-out of African Bitcoin Exchanges in Kenya
Malaysia-based bitcoin technology provider, Belfrics Global, has set in motion its roll-outof African bitcoin exchanges. Belfrics has launched operations in Kenya, with intentions to soon enter the cryptocurrency markets of Nigeria and Ghana.
In addition to offering a bitcoin exchange to Kenyan cryptocurrency traders, Belfrics will offer a payment gateway and point of salesystem to Kenyan merchants seeking to accept bitcoin as payment.
Speaking at the launch of the company’s first African bitcoin exchange at the Villa Rosa Kempinski in Nairobi, Chairman and CEO of Belfrics Global, Praveen Kumar spoke with enthusiasm regarding the response received from the Kenyan cryptocurrency community. “We were overwhelmed with the tests trials that were run in Kenya in terms of volume and have therefore decided to launch Bitcoin exchanges across the continent in the coming months,” Kumar stated.
For Belfrics, the African bitcoin markets possess considerable growth potential, with the company expecting to target approximately 100,000 African investors during its first 12 months of operations. “We believe that digital currency is definitely the future of the financial markets and Kenya becomes an important market for us to start our operations in Africa. Kenya, for us, is one of the fastest growing bitcoin markets in Africa – next to South Africa, Nigeria, and Ghana.”
Full story at http://bit.ly/2hIvnBp
Source: Bitcoin News
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