News of the Week

No Companies Have Officially Joined Libra

Alfred F. Kelly Jr., the CEO of Visa, said that no companies have officially joined Libra. At this stage, the 20-some companies involved with the foundation have reportedly only declared interest via a nonbinding letter of intent. “We have signed a nonbinding letter of intent to join Libra. We’re one of — I think it’s 27 companies that have expressed that interest. So no one has yet officially joined.”

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Pantera Capital CEO Believes Bitcoin Could Reach $356,000 in Two Years

Pantera Capital founder Dan Morehead predicts BTC will hit $42,000 by the end of the year, and climb to $356,000 by 2022. Morehead claimed that this would be consistent with the top cryptocurrency’s logarithmic growth rate: “Graph the price of Bitcoin logarithmically […] its trend is going to grow at 235% compound annual growth rate and […] that put Bitcoin at $42,000 at the end of 2019.

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Chinese Company The9 is The First Foreign Telegram ICO Investor

According to a filing with the United States Securities and Exchange Commission, the Chinese company The9 Ltd bought 5,297,257 tokens during a Telegram initial token offering in January 2018 for $2 million dollars. The filing also states that The9 has invested in multiple blockchain-based companies as of 2018. According to a report by Russian business news agency RBC on July 24, this document is evidence of The9 as the first publicly-known foreign investor. Per RBC, Telegram’s initial coin offering (ICO) investors are largely unknown.

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Bitcoin “Gold 2.0” Narrative Strengthens

Despite this technical weakness, analysts are noting that Bitcoin’s status as “Gold 2.0” appears to be strengthening amidst growing global instability, which could mean that BTC will incur greater bullish momentum as the global economy weakens. Earlier this month, the crypto industry was surprised to learn that one of the most powerful people in the global economy – Jerome Powell, the chairman of the Federal Reserve – noted during a US Senate hearing that he believes Bitcoin is more like Gold than it is a currency.

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Fake Libra Websites Sell Facebook’s Cryptocurrency

Facebook’s management will now have to deal with dozens of fake Libra project pages that have been created on Instagram and Facebook itself. There are many fake accounts that have been posing as official representatives of Facebook’s cryptocurrency project. Although several of these bogus accounts were deleted by administrators, there may not be an effective way to detect and remove all of them. Despite efforts to delete suspicious accounts and pages, there were many fake Libra Ads that were reportedly encouraging users to take part in a pre-sale that would allow them to purchase Libra coins at a discount.

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Huawei CEO: China Should Issue Its Own Libra

Facebook’s launch of Libra awoke something in the public, forcing anyone and everyone to take note of this budding industry. The chief executive-founder of one of the world’s most powerful technology companies, Huawei, was recently reported to have finally publicly addressed digital assets for seemingly the first time. Responding to a question from a reporter about if Libra is a way for the U.S. government to maintain global hegemony over finance, the Huawei chief executive Zhengfei stated that to mitigate concerns, China should launch its own version of Libra — its own digital asset — to counteract any encroachment by an entity that could theoretically be in cahoots with the American government.

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