Is the Bitcoin bubble scam or legit? The so-called Bitcoin bubble means different things to different people. To retail investors, it might mean one thing. What it means to institutional investors is another issue entirely. But the topic is worth a decent discussion. It gives reason for the belief that big changes might be in the offing. The changes the bitcoin bubble could bring about in the global financial system are cognate with the changes the latest evidence of climate change will bring about in respective environmental policies across a range of nations.
Cryptocurrency markets are so volatile. There can be sea changes in cryptocurrencies’ value in a matter of minutes. In october 2020, JPMorgan Chase , or rather the bank’s global asset management arm, Hinted at a clear possibility of the doubling or tripling in Bitcoin price. Conversely, only three years prior, the same organisations’ chief executive had railed at the credulity of crypto investors. Also, he had admonished that he would have any employee buying Bitcoin kicked out of their job for being ‘stupid’. Famously, Jamie Dimon has called cryptocurrency a ‘fraud’.
So what accounts for this volte-face?
The following reasons might be the cause of this degree of about-turn relative to cryptocurrencies.
- The surge of digital money,
- The surge of Blockchain Technology,
- Possibility of official regulation a distinct probability.
The surge of digital money: Digital money is on its way
There is the economic impact of COVID 19 and the possibility of a wide-ranging impact of the government pumping money into economies. While in the not that distant past, the most favoured assets were Property, bonds, and savings. Going by traditional logic, the most favoured asset for the future would be bitcoin.
Money has favoured safe-haven assets like gold, as well as stocks positively aligned. Among the most favoured safe-haven assets would be Microsoft, Amazon, Etsy, Apple, Zoom and PayPal.
COVID 19 accelerated online shopping and cashless payments showed a dramatic increase.
Central banks across the world have evinced a strong interest in the official release of cryptocurrencies. China is factually going to release its Central Bank Digital Currency next year. However, the Bank of Japan, the Bank of England, the US Federal Reserve, and the European Central Bank are hard upon its heels. And the Swiss National Bank.
It’s thru ‘stable coins’ with values pegged to central bank currencies, besides improved wallets makes it easier to swap tokens.
These crypto-friendly trends are going to converge. Ethereum applications will find some support from China’s Digital Currency Electronic Payments system. US clients already can buy bitcoin through their PayPal accounts. PayPal have plans for next year with Bitcoin, and intends to enable PayPal payments with Bitcoin.
The surge of Blockchain Technology: Digital technology is maturing
The technology that supports cryptocurrencies is maturing. What prevents cryptocurrencies from becoming mainstream is the considerable amount of energy intensive computing processes needed to make transactions secure. If you do not wish to see the same token spent twice, the security does become a certainty. Crypto mining carbon emissions are said to be to the tune of double that obtainable for countries like Sri Lanka.
Ethereum has started with a major technical upgrade called the Eth2. It has transitioned the blockchain to a ‘Proof-at-stake’ mechanism that eliminates the need for energy-intensive computing processes. As a result, sceptics ought to allow cryptocurrencies to scale up, the worries of those holding back on green concerns being thus allayed.
Whole new layers are envisioned as developments that will permit financial markets-compatible blockchain technologies. Blockchain technology shall therefore be channelised thru DeFi or decentralised finance. These would be sans stock markets or banks. DeFi stands for derivatives trading and decentralised exchanges.
Possibility of official regulation a distinct probability.
There is growing acceptance among institutional investors for cryptocurrencies. Grayscale Investments, Guggenheim Partners, and BlackRock have massive plans for cryptocurrencies.
Conclusion
This bitcoin bubble will last longer than most. If you are a retail investor, the plain truth is that you bet only what you can afford to lose.The indicators all are pointing towards cryptocurrency becoming boring economic infrastructure. There is talk of regulation too. But, with predictability will come acceptance and staidness. Not only parameters will change all around, they will benefit big investors rather than bring sudden attraction for the retail investor. The ceiling will have been raised, but the small investor will do no more than realise it is unattainable.
Insurance agents steal straight from clients in rare cases, setting money aside from a policy for themselves.
Victims of any age can fall prey to insurance agent scams, although it is the lot of the elderly to attract scheming attention from finaglers.
Rather they are content with merely paying the premiums when they're due.Some agents sneak up to customers with the offer to supplant an existing policy with a new one of equal or greater value.
When an agent forces change without supporting documentation or detailed information, consumers ought to be suspicious.Identity theft scamsClose to half of all data breaches relate to some stolen identity.
Here are a few tips that will help you while you look for the right life insurance policy to protect your loved ones.Consider an independent brokerIndependent brokers have become more popular, particularly since the Internet has facilitating signing up and getting recommendations.
Read the fine printPrior to signing with an insurer, peruse all documentation carefully, identifying any terms that might cause future problems.
The internet has bridged the communications gaps by allowing people to connect from miles away.
But where it has connected people, it has spawned actors that seek to use communication for malicious intents.
Social networks aside, dating platforms have gained popularity.
Dating scams are a frequent occurrence due to new people joining social networking and dating platforms.
These new identities coming online may not have the awareness to stay protected against such scams.
According to the FBI, dating scams were the seventh most reported cybercrime in 2019.The text above is a summary, you can read the full article here.
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