Bitcoin News Friday, March 9 Digital currency, Digital currency trading, Federal oversight & more…

Bitcoin News TLDR / Table of Contents

  • The likelihood of bitcoin prices falling to $100 is greater than that of the digital currency trading at $100,000 a decade from now, Harvard University professor and economist Kenneth Rogoff said on Tuesday.
  • I think bitcoin will be worth a tiny fraction of what it is now if we’re headed out 10 years from now … I would see $100 as being a lot more likely than $100,000 ten years from now, Rogoff told CNBC’s Squawk Box.
  • Basically, if you take away the possibility of money laundering and tax evasion, its actual uses as a transaction vehicle are very small, the former chief economist of the International Monetary Fund (IMF) said.
  • While bitcoin has been associated with illicit transactions, estimates of the proportion of the digital currency used in illegal activities vary.
  • Shone Anstey, the co-founder and president of Blockchain Intelligence Group, gauged that the level of illegal transactions in bitcoin had fallen to 20 percent in 2016 and was significantly less than that in 2017.

Tags: digital currency, digital currency trading, economist Kenneth Rogoff, Harvard University professor, bitcoin prices

  • Commodity Futures Trading Commissioner Brian Quintenz said some type of regulation in the crypto market is good.
  • And I would agree with the SEC that some type of federal oversight is a good idea.
  • Bitcoin, the largest cryptocurrency by market cap, fell below $10,000, or 10 percent, after the news from the SEC.
  • Quintenz said the SEC takes action against unregistered ICOs, while the CFTC has authority over spot trading.
  • He said while the government will likely always participate in regulation in some form, it would behoove investors to come together and form some type of independent oversight committee before Congress makes a decision as to who should regulate spot currencies and how.

Tags: federal oversight, Commissioner Brian Quintenz, independent oversight committee, digital asset exchanges, annual DC Blockchain

  • Now is the time to buy bitcoin, according to a new misery index for the cryptocurrency created by a Wall Street strategist.
  • When the bitcoin misery index is at ‘misery’ (below 27), bitcoin sees the best 12-month performance, Fundstrat Global Advisors co-founder Thomas Lee said in a Friday report.
  • The bitcoin misery index is at 18.8, its lowest since Sept. 6, 2011, the report said.
  • Bitcoin over the last 12 months – – Bitcoin was trading more than 3.5 percent lower near $8,900 Friday morning, according to CoinDesk’s bitcoin price index.
  • Fundstrat’s Lee is the only major Wall Street strategist to issue regular reports and formal price targets on bitcoin.

Tags: bitcoin misery index, Wall Street strategist, best 12-month performance, co-founder Thomas Lee,

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