Abacus Weekly Crypto Recap #6 | Bitcoin Boom Reaches New Heights

The Abacus are with us once more for their sixth weekly crypto recap. Their recurring column will bring you up to speed on the all the top headlines you should know about.

The Abacus Crypto Recap is a weekly update focused on two polar yet symbiotic elements of cryptocurrency markets—adoption and regulation. Here’s all the major happenings for this past week in crypto.

Adoption

As Bitcoin soars past the $10k USD mark, a mix of excitement and fear has taken root upon market analysts. While some believe the market still has plenty of room to grow and is even becoming a threat to fiat, others feel the potential bubble is on the verge of an epic burst.

Japanese Trading Propels Bitcoin Forward: As bitcoin prices surge to record highs, Japan continues to dominate market volume. Spurred on by the country’s recent exemption of Bitcoin from an 8% consumption tax, the price of BTC in Japanese exchanges has broken the psychological barrier of 1,000,000 yen. Currently, the Japanese market is responsible for ~60% of bitcoin trading worldwide. Japan has adopted an aggressively pro Bitcoin stance, formally recognizing Bitcoin as a legal currency in April of this year.

As bitcoin prices surge to record highs, Japan continues to dominate market volume. Spurred on by the country’s recent exemption of Bitcoin from an 8% consumption tax, the price of BTC in Japanese exchanges has broken the psychological barrier of 1,000,000 yen. Currently, the Japanese market is responsible for ~60% of bitcoin trading worldwide. Japan has adopted an aggressively pro Bitcoin stance, formally recognizing Bitcoin as a legal currency in April of this year. As Bitcoin Crosses $10k Some Eye $40k: Buttressed by a frenzy of new Coinbase accounts and Japanese trading volume highs, Bitcoin has officially eclipsed the $10k mark. While some analysts believe a bubble is in full force, others like hedge fund manager Michael Novogratz believe Bitcoin still has plenty of room to grow all the way to $40k. He also mentioned Ethereum could easily triple within a similar time period.

Buttressed by a frenzy of new Coinbase accounts and Japanese trading volume highs, Bitcoin has officially eclipsed the $10k mark. While some analysts believe a bubble is in full force, others like hedge fund manager Michael Novogratz believe Bitcoin still has plenty of room to grow all the way to $40k. He also mentioned Ethereum could easily triple within a similar time period. Analyst Sees Bitcoin As Direct Threat To Fiat: Russia Today host Max Keiser is sounding an alarm Central Banks do not want to hear. On top of a bold prediction that Bitcoin could hit $100k, Keiser stated, “I think we are seeing fiat currencies in a hyperinflationary collapse against Bitcoin.” Kaiser also went on to declare, “Bitcoin is a perfect currency, something that is utterly changing the global finance and market and is putting bankers and the central banks out of business. It should be applauded because they’ve been horribly bad actors. We need to get rid of them and let Bitcoin transform our world.” While these views are perhaps extreme, there’s no doubt that at this rate Bitcoin would eventually pose a threat to national currencies.

Russia Today host Max Keiser is sounding an alarm Central Banks do not want to hear. On top of a bold prediction that Bitcoin could hit $100k, Keiser stated, “I think we are seeing fiat currencies in a hyperinflationary collapse against Bitcoin.” Kaiser also went on to declare, “Bitcoin is a perfect currency, something that is utterly changing the global finance and market and is putting bankers and the central banks out of business. It should be applauded because they’ve been horribly bad actors. We need to get rid of them and let Bitcoin transform our world.” While these views are perhaps extreme, there’s no doubt that at this rate Bitcoin would eventually pose a threat to national currencies. CoinBase Surpasses Charles Schwab: As investors flock towards cryptocurrency following the allure of record gains in Bitcoin and Ethereum, exchange giant Coinbase has announced it now has 13 million users, eclipsing traditional finance firms like Charles Schwab (with 10.6 million users). Coinbase’s user base is seen as a good representation of market penetration, demonstrating the rise of crypto into the limelight.

As investors flock towards cryptocurrency following the allure of record gains in Bitcoin and Ethereum, exchange giant Coinbase has announced it now has 13 million users, eclipsing traditional finance firms like Charles Schwab (with 10.6 million users). Coinbase’s user base is seen as a good representation of market penetration, demonstrating the rise of crypto into the limelight. Deutche Bank Denounces Bitcoin: Deutche Bank has joined the deluge of entities warning investors about the dangers of investing in Bitcoin, with Chief Strategist Ulrich Stephan remarking, “I would simply not recommend this to the everyday investor.” The oft repeated admonitions of volatility and lack of regulations are cited as the primary concerns. Some banks are beginning to embrace the underlying blockchain technology while remaining heavily skeptical as it regards cryptocurrency, with UBS Chairman Axel Weber boasting, “At this point, I‘m very cautious about Bitcoin as an entity. I‘m much more optimistic about the underlying technology.”

Deutche Bank has joined the deluge of entities warning investors about the dangers of investing in Bitcoin, with Chief Strategist Ulrich Stephan remarking, “I would simply not recommend this to the everyday investor.” The oft repeated admonitions of volatility and lack of regulations are cited as the primary concerns. Some banks are beginning to embrace the underlying blockchain technology while remaining heavily skeptical as it regards cryptocurrency, with UBS Chairman Axel Weber boasting, “At this point, I‘m very cautious about Bitcoin as an entity. I‘m much more optimistic about the underlying technology.” Major Korean Bank Opens Crypto Custodial Services: The second largest bank in South Korea has announced the creation of secure cryptocurrency wallets. The announcement by Shinhan Bank is seen as a positive indicator of crypto’s gain into traditional markets. Storage remains a large concern and vulnerability, an issue that traditional banks are well suited to address.

The second largest bank in South Korea has announced the creation of secure cryptocurrency wallets. The announcement by Shinhan Bank is seen as a positive indicator of crypto’s gain into traditional markets. Storage remains a large concern and vulnerability, an issue that traditional banks are well suited to address. Samsung Driving Blockchain Adoption In South Korea: Samsung has been granted a valuable contract with the South Korean government to make new blockchain technology for social services, with a targeted completion date of 2022. Governments around the world are taking advantage of the transparency and security incumbent to blockchains, with the South Korean government planning to use the technology for welfare, public safety, and transportation initiatives. The news demonstrates the burgeoning widespread adoption of blockchain technology, displaying that crypto skeptical countries like South Korea (which has banned ICOs) see the merit in the underlying decentralized and distributed data sharing of blockchains.

Samsung has been granted a valuable contract with the South Korean government to make new blockchain technology for social services, with a targeted completion date of 2022. Governments around the world are taking advantage of the transparency and security incumbent to blockchains, with the South Korean government planning to use the technology for welfare, public safety, and transportation initiatives. The news demonstrates the burgeoning widespread adoption of blockchain technology, displaying that crypto skeptical countries like South Korea (which has banned ICOs) see the merit in the underlying decentralized and distributed data sharing of blockchains. Some Bitcoins Gone Forever: Blockchain research firm ChainAnalysis has come out with a study claiming that 17-23% of all Bitcoins ever mined have been lost. The study breaks down the loss into categories including coins out of circulation and those that might be part of very long term holdings. There is also the matter of the “origin coins”, estimated at over 1 million Bitcoins, believed to be held by the mysterious Satoshi, who could theoretically one day introduce those coins to the open market. The study highlights a potential hazard of calculating Bitcoin value based on total supply, as it seems that a meaningful portion of BTC is not actually available and thus the real potential supply of the coin from which its value is derived may be far less than most participants realize.

Blockchain research firm ChainAnalysis has come out with a study claiming that 17-23% of all Bitcoins ever mined have been lost. The study breaks down the loss into categories including coins out of circulation and those that might be part of very long term holdings. There is also the matter of the “origin coins”, estimated at over 1 million Bitcoins, believed to be held by the mysterious Satoshi, who could theoretically one day introduce those coins to the open market. The study highlights a potential hazard of calculating Bitcoin value based on total supply, as it seems that a meaningful portion of BTC is not actually available and thus the real potential supply of the coin from which its value is derived may be far less than most participants realize. Kazakhstan May Become Blockchain Pioneer: Kazakhstan is considering granting a license to a blockchain and cryptocurrency lobby group aiming to promote adoption of the technology. The country has already taken a rather crypto-friendly stance, even sponsoring its own CryptoTenge (tenge is the native currency of Kazakhstan), similar in function to other proposed government-backed digital currencies.

Kazakhstan is considering granting a license to a blockchain and cryptocurrency lobby group aiming to promote adoption of the technology. The country has already taken a rather crypto-friendly stance, even sponsoring its own CryptoTenge (tenge is the native currency of Kazakhstan), similar in function to other proposed government-backed digital currencies. Nvidia Enjoys Increase Amidst Crypto Boom: Nvidia’s stock price is on the rise following historic gains in the value of BTC. Sales for the graphic card manufacturer are increasing as more entities explore mining. Conventional businesses are becoming more exposed to gains to in the crypto world, with Nvidia stock’s rise seen as a direct correlation to Bitcoin activity.

Nvidia’s stock price is on the rise following historic gains in the value of BTC. Sales for the graphic card manufacturer are increasing as more entities explore mining. Conventional businesses are becoming more exposed to gains to in the crypto world, with Nvidia stock’s rise seen as a direct correlation to Bitcoin activity. Uncle Sam Embracing Blockchain: A newly approved US defense bill dubbed the National Defense Authorization Act (NDAA) contains a provision for governmental adoption of Blockchain technology. The “Modernizing Government Technology Act” provision allows agencies to redirect working capital into funds to modernize IT systems. Council Senior VP of Public Sector Trey Hodgkins remarked, “Blockchain was clearly one of the technological capabilities that Congress meant for agencies to look at, and what they were trying to do was create dollars with some flexibility to them so that agencies would have their own discretion on what they invest in.” Industry insiders expect this legislation could lead to large scale adoption into more robust blockchain databases.

A newly approved US defense bill dubbed the National Defense Authorization Act (NDAA) contains a provision for governmental adoption of Blockchain technology. The “Modernizing Government Technology Act” provision allows agencies to redirect working capital into funds to modernize IT systems. Council Senior VP of Public Sector Trey Hodgkins remarked, “Blockchain was clearly one of the technological capabilities that Congress meant for agencies to look at, and what they were trying to do was create dollars with some flexibility to them so that agencies would have their own discretion on what they invest in.” Industry insiders expect this legislation could lead to large scale adoption into more robust blockchain databases. Top Indian Payments Company To Launch Crypto Exchange: Indian payment processor BillDesk has announced the creation of a new cryptocurrency exchange. A familiar name in India, BillDesk is protected under India’s payments and settlements legislation and is supervised by the Reserve Bank of India. The entity’s entrance into the crypto market brings with it an air of legitimacy and security, with BIllDesk planning to offer 20 different currencies within the next year. CEO Vivek Steve Francis boasts, “We are excited to bring cryptocurrencies to the masses.” BillDesk’s expertise in secure online payments will support Coinome in promoting cryptocurrencies as viable avenues for investments, transactions and building digital assets.” BillDesk plans to use quick verification to safely onboard users, requiring verification for trading directly into Rupees. The news demonstrates the varying interests at play regarding crypto in India, with recent reports of the Supreme Court filing a petition requiring clarity on the future of cryptocurrency in India confirming an uncertain regulatory future.

Indian payment processor BillDesk has announced the creation of a new cryptocurrency exchange. A familiar name in India, BillDesk is protected under India’s payments and settlements legislation and is supervised by the Reserve Bank of India. The entity’s entrance into the crypto market brings with it an air of legitimacy and security, with BIllDesk planning to offer 20 different currencies within the next year. CEO Vivek Steve Francis boasts, “We are excited to bring cryptocurrencies to the masses.” BillDesk’s expertise in secure online payments will support Coinome in promoting cryptocurrencies as viable avenues for investments, transactions and building digital assets.” BillDesk plans to use quick verification to safely onboard users, requiring verification for trading directly into Rupees. The news demonstrates the varying interests at play regarding crypto in India, with recent reports of the Supreme Court filing a petition requiring clarity on the future of cryptocurrency in India confirming an uncertain regulatory future. Russian Billionaires Bullish On Bitcoin: Roman Abramovich, Aleksandr Frolov and Aleksandr Abramov have formed a triumvirate of Russian billionaires investing large amounts of capital into cryptocurrencies via European fund Blackmoon Crypto. Yet another Russian billionaire, Roman Trotsenko, is launching an exchange platform capable of facilitating ICO offerings, though it already faces an uncertain future, with government regulations looming (an announcement is expected by July 2018). Trotsenko has remarked he’s waiting for clarity on regulations before moving forward but has already spoken with Vladimir Putin regarding legalization of cryptocurrency.

Roman Abramovich, Aleksandr Frolov and Aleksandr Abramov have formed a triumvirate of Russian billionaires investing large amounts of capital into cryptocurrencies via European fund Blackmoon Crypto. Yet another Russian billionaire, Roman Trotsenko, is launching an exchange platform capable of facilitating ICO offerings, though it already faces an uncertain future, with government regulations looming (an announcement is expected by July 2018). Trotsenko has remarked he’s waiting for clarity on regulations before moving forward but has already spoken with Vladimir Putin regarding legalization of cryptocurrency. Dash Surges On Zimbabwe News: Dash hit an all-time high on the back of new updates and features. The new Dash protocol features large reductions in transaction fees and an upgrade to 2MB blocks. Dash has also been invigorated by the announcement of a partnership with KuvaCash, looking to help solve the economic problems of inflation plagued Zimbabwe. Dash’s continued focus on a peer-to-peer transactions has lead prominent investors like Max Keiser to encourage crypto users to think of Bitcoin as more of an investment, using Dash for direct payments.

Dash hit an all-time high on the back of new updates and features. The new Dash protocol features large reductions in transaction fees and an upgrade to 2MB blocks. Dash has also been invigorated by the announcement of a partnership with KuvaCash, looking to help solve the economic problems of inflation plagued Zimbabwe. Dash’s continued focus on a peer-to-peer transactions has lead prominent investors like Max Keiser to encourage crypto users to think of Bitcoin as more of an investment, using Dash for direct payments. Gold Fund Drinks The Bitcoin Elixir: We’ve long heard the comparison of Bitcoin with digital gold. Old Mutual Gold & Silver Fund, with over $220M under management, is looking to cement that relationship, diverting up to 5 percent of their fund into Bitcoin. Fund manager Ned Naylor-Leyland boasted, “Bitcoin was explicitly designed to be digital gold … So if you’re going to have a small proportion of a fund in Bitcoin, it should be in a gold fund because that’s exactly the point.”

We’ve long heard the comparison of Bitcoin with digital gold. Old Mutual Gold & Silver Fund, with over $220M under management, is looking to cement that relationship, diverting up to 5 percent of their fund into Bitcoin. Fund manager Ned Naylor-Leyland boasted, “Bitcoin was explicitly designed to be digital gold … So if you’re going to have a small proportion of a fund in Bitcoin, it should be in a gold fund because that’s exactly the point.” JPMorgan Flip Flops: JPMorgan is considering granting its clients access to Bitcoin futures on the Chicago Mercantile Exchange. This stands in stark contrast to the anti-bitcoin tone continually expressed by CEO Jamie Dimon, who has at times been an outspoken critic of Bitcoin. With many concerned that the inherent leverage afforded by futures contracts poses a particular danger given the volatility of cryptocurrencies, it seems rather curious that JPMorgan might offer them clients following the previous citicisms by the CEO.

JPMorgan is considering granting its clients access to Bitcoin futures on the Chicago Mercantile Exchange. This stands in stark contrast to the anti-bitcoin tone continually expressed by CEO Jamie Dimon, who has at times been an outspoken critic of Bitcoin. With many concerned that the inherent leverage afforded by futures contracts poses a particular danger given the volatility of cryptocurrencies, it seems rather curious that JPMorgan might offer them clients following the previous citicisms by the CEO. UK Startup Launches Ethereum Bond: Blockchain startup Nivaura, in conjunction with JPMorgan, Moody’s, and other financial groups has created a regulated Ethereum bond for luxury goods dealer LuxDeco. Utilizing Ethereum’s smart contracts removes the need for a middle man, making it more economical and transparent to issue bonds.

Regulation

Cryptocurrency bans from countries like Zimbabwe were outnumbered by nations like Belarus, Iran, and the Philippines who appear to be taking a cautious yet open approach to the world’s fastest growing industry.

Iran Plays With Crypto Regulations: Iran’s current cryptocurrency regulations aren’t too stringent as reports claim Bitcoin is being used throughout the country. With that in mind, Iran’s High Council of Cyberspace (HCC) is recommending regulations are put in place sooner rather than later. The HCC Secretary indicated that Iran is open to digital currency when he stated, “We welcome Bitcoin, but we must have regulations for Bitcoin and any other digital currency … following the rules is a must.”

Iran’s current cryptocurrency regulations aren’t too stringent as reports claim Bitcoin is being used throughout the country. With that in mind, Iran’s High Council of Cyberspace (HCC) is recommending regulations are put in place sooner rather than later. The HCC Secretary indicated that Iran is open to digital currency when he stated, “We welcome Bitcoin, but we must have regulations for Bitcoin and any other digital currency … following the rules is a must.” SEC Rep Demands More ICO Regs: A Former Commissioner of the SEC, Joseph Gundest, believes ICOs are a gross violation of U.S. securities law and should be further regulated immediately. He claims he is contacting the current administration to take a closer look at the novel fundraising vehicle. Gundest claimed, “ICOs represent the most pervasive, open and notorious violation of federal securities laws since the Code of Hammurabi … We’re waiting to see a whole bunch of enforcement actions in this space, and we wonder why they haven’t happened yet. I hope what they are doing is planning on a sweep of 50 ICOs.”

A Former Commissioner of the SEC, Joseph Gundest, believes ICOs are a gross violation of U.S. securities law and should be further regulated immediately. He claims he is contacting the current administration to take a closer look at the novel fundraising vehicle. Gundest claimed, “ICOs represent the most pervasive, open and notorious violation of federal securities laws since the Code of Hammurabi … We’re waiting to see a whole bunch of enforcement actions in this space, and we wonder why they haven’t happened yet. I hope what they are doing is planning on a sweep of 50 ICOs.” Zimbabwean Central Bank Declares Bitcoin Illegal: The price of Bitcoin has been reportedly trading at an exceptional premium in Zimbabwe due to a surge in demand for the world’s most valuable cryptocurrency. Amidst the current state of Bitcoin Mania, the Zimbabwean Central Bank has stated Bitcoin is currently illegal in the country. Despite that, the Central Bank has left the door open for future legalization and regulation by launching a R&D project that will examine risks associated with cryptocurrencies like Bitcoin and Ethereum.

The price of Bitcoin has been reportedly trading at an exceptional premium in Zimbabwe due to a surge in demand for the world’s most valuable cryptocurrency. Amidst the current state of Bitcoin Mania, the Zimbabwean Central Bank has stated Bitcoin is currently illegal in the country. Despite that, the Central Bank has left the door open for future legalization and regulation by launching a R&D project that will examine risks associated with cryptocurrencies like Bitcoin and Ethereum. Belarus To Legalize Crypto: With the future in mind, Belarus is moving swiftly to legalize cryptocurrency in the country. President Alexander Lukashenko is widely expected to issue a decree that will officially legalize the use of cryptocurrency as well as ICOs and mining. The CEO of a major Belarusian IT holding firm, Belhard Group, welcomed the new legislation and believes it will provide needed regulatory oversight moving forward. He stated, “The maximum legalization is needed … The existing laws do not prohibit such activity directly, but it is necessary to reform the legislation so that it protects all participants.”

With the future in mind, Belarus is moving swiftly to legalize cryptocurrency in the country. President Alexander Lukashenko is widely expected to issue a decree that will officially legalize the use of cryptocurrency as well as ICOs and mining. The CEO of a major Belarusian IT holding firm, Belhard Group, welcomed the new legislation and believes it will provide needed regulatory oversight moving forward. He stated, “The maximum legalization is needed … The existing laws do not prohibit such activity directly, but it is necessary to reform the legislation so that it protects all participants.” Philippines Opens Its Doors To Cryptocurrency: The Philippines is gearing up to accept cryptocurrency, but only after having the proper parameters in place. First, Head of the Philipino SEC Emilo Aquino said the Philippines will likely label ICOs as securities. Additionally, Aquino is exploring the approval of official licenses for the nation’s cryptocurrency exchanges. According to Aquino, the central bank has already registered as many as six companies who will be permissioned to operate cryptocurrency exchanges.

The Philippines is gearing up to accept cryptocurrency, but only after having the proper parameters in place. First, Head of the Philipino SEC Emilo Aquino said the Philippines will likely label ICOs as securities. Additionally, Aquino is exploring the approval of official licenses for the nation’s cryptocurrency exchanges. According to Aquino, the central bank has already registered as many as six companies who will be permissioned to operate cryptocurrency exchanges. Malaysian Central Bank To Announce Crypto Regulations: In line with other countries, Malaysia is set to issue regulations surrounding the cryptocurrency market in Q1 of 2018. Under the expected regulations, individuals who convert digital currency into fiat will be subject to Malaysian Anti-Money Laundering, Anti-Terrorism Financing, and Proceed of Unlawful Activities laws.

In line with other countries, Malaysia is set to issue regulations surrounding the cryptocurrency market in Q1 of 2018. Under the expected regulations, individuals who convert digital currency into fiat will be subject to Malaysian Anti-Money Laundering, Anti-Terrorism Financing, and Proceed of Unlawful Activities laws. Russian Banker Pleads For Bitcoin Acceptance: While recent news out of Russia indicates a cooling towards open-source cryptocurrencies like Bitcoin, a prominent Russian Banker is hoping the government could eventually change course. German Gref, head of the Russian State Bank Sberbank stated, “Protectionism is just the first reaction of the state. However, both the institution of private money and the states, which will dare to change the way currency is issued, will eventually find a place for cryptocurrencies in the economy.”

While recent news out of Russia indicates a cooling towards open-source cryptocurrencies like Bitcoin, a prominent Russian Banker is hoping the government could eventually change course. German Gref, head of the Russian State Bank Sberbank stated, “Protectionism is just the first reaction of the state. However, both the institution of private money and the states, which will dare to change the way currency is issued, will eventually find a place for cryptocurrencies in the economy.” Libra To Provide Compliance For Institutional Investors: Institutional investors have been primarily waiting on the sidelines as the cryptocurrency market ballooned to over 300 million. Some of this hesitance is due to the lack of available regulatory and compliance software on par with current financial tools. Libra Crypto Office aims to fill the gap by becoming one of the first tools to automate real-time information aggregation for compliance purposes. The startup recently raised $7.8 million in a Series A round and could become a household name for crypto funds entering the space.

Institutional investors have been primarily waiting on the sidelines as the cryptocurrency market ballooned to over 300 million. Some of this hesitance is due to the lack of available regulatory and compliance software on par with current financial tools. Libra Crypto Office aims to fill the gap by becoming one of the first tools to automate real-time information aggregation for compliance purposes. The startup recently raised $7.8 million in a Series A round and could become a household name for crypto funds entering the space. Bermuda Tries To Become Crypto Haven: The government of Bermuda doesn’t want to be left behind during the current spat of cryptocurrency hysteria. The island’s premier David Burt announced a new cryptocurrency task force that has been set up to determine the nation’s stance on “tokenized securities,” cryptocurrencies and initial coin offerings (ICOs).” One member of the Task Force exclaimed, “There are significant opportunities in the sphere of cryptocurrency, but that window is getting smaller and moving faster than ever before.” The goal of the task force is to “zero-in” on where the most ample opportunities lie.

The government of Bermuda doesn’t want to be left behind during the current spat of cryptocurrency hysteria. The island’s premier David Burt announced a new cryptocurrency task force that has been set up to determine the nation’s stance on “tokenized securities,” cryptocurrencies and initial coin offerings (ICOs).” One member of the Task Force exclaimed, “There are significant opportunities in the sphere of cryptocurrency, but that window is getting smaller and moving faster than ever before.” The goal of the task force is to “zero-in” on where the most ample opportunities lie. South Korea Monitoring The Crypto Space: The chief of South Korea’s Financial Supervisory Service announced the government has no current plans to regulate cryptocurrencies but that they are closely monitoring the space. He indicated true regulation would only come after the official legalization of cryptocurrencies. Choe Heung Sik said, “Supervision will come only after the legal recognition of digital tokens as a legitimate currency.”

Conclusion

Few, if any, can honestly claim they know the trajectory of the current cryptocurrency market.

Up, down, sideways — it’s all possible depending on who you ask. Even some of the most bullish of investors were forced to increase their 2018 predictions after Bitcoin crossed the $10k mark.

However, this much is certain: we have entered a new era in cryptocurrency adoption both on the individual and governmental level.

Coinbase officially has more user accounts than Charles Schwab, funds specializing in commodities are moving their assets into “digital gold,” and nations are either legalizing crypto outright or plotting regulations in order to make the rules clear.

Stat of the day: Coinbase has more users than Charles Schwab https://t.co/acocNvmnXN pic.twitter.com/eEcy7TOXq1 — MarketWatch (@MarketWatch) November 27, 2017

At this point, most people around the dinner table have officially heard of Bitcoin. All of these forces have led to a frenzy of activity, and in some cases FOMO investing from new investors just entering the party.

The days of cryptocurrency being under the radar, only used for illicit or anarchistic activity are behind us, and as a wave of institutional investment possibly floods the market.

Indeed, an official stamp of market approval could be near. This week’s indicators signal that we are quite possibly on the verge of mass adoption. We’ll see how long it lasts.

Abacus is a cryptocurrency advisory and independent product development firm specializing in ICO strategy and cryptocurrency investment products. Through our content we aim to provide a voice of reason in the often overzealous world of crypto-markets.

Email hello@theabacus.io to discuss your ICO, chat cryptomarkets or just say hi!

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