Ex-Goldman Sachs executive Raoul Pal says that the non-fungible token (NFT) sector is still relevant and due for a big resurgence. In a post on the social media platform X, Pal says NFT technology is “profound,” and he sees the crypto sector mounting a comeback in many forms. “NFTs aren’t dead. The technology is profound. […]
The post Macro Guru Raoul Pal Says NFTs Aren’t Dead, Predicts Big Comeback for Crypto Sector appeared first on The Daily Hodl.
This year, with the U.S. Securities and Exchange Commission (SEC) increasing enforcement on businesses accused of offering unregistered crypto securities to American investors, regulators, attorneys, and judges have been utilizing the Howey Test to ascertain whether specific crypto assets constitute an “investment contract” and thereby fall under U.S. securities laws. Below is an in-depth exploration […]
Thanks to the ICO busts of 2018 and the SEC's newfound attention for a raft of altcoins, scrutiny of new projects has become much higher than in the past.
The ICO boom of 2018 was an absolute disaster. It was a Wild West that saw venture capital (VC) funds throwing money at the wall to see what stuck with little regard for due diligence. More than $7 billion was funneled into ICOs in 2018, often based on little more than a drunken conversation at a cryptocurrency party. But the stories that stick are the monumental disasters that have made ICOs synonymous with fraud.
Perhaps the most prominent of these was the Bitconnect Ponzi scheme. After promising sky-high returns and seeing the value of its token (BCC) rocket to $400, it soon left investors nursing losses of some $2.4 billion. So it's understandable that as a new bull market gathers pace there is still a degree of caution around ICOs.
Despite increased caution, though, there is no question that a fresh ICO boom is just around the corner. Already, we are seeing tentative signs of this. The monthly number of token sales has reached a two-year high, according to CryptoRank, while RootData reports that VCs allocated 52% more to crypto projects in March than in February.
Synthetix (SNX) founder Kain Warwick thinks US regulators would have been better off steering clear of initial coin offerings (ICOs). Warwick says the U.S. Securities and Exchange Commission’s (SEC) response to ICOs was “schizophrenic and bumbling” and generated a worse outcome for the sector than if the regulator hadn’t done anything at all. ICOs were […]
The post Synthetix Creator Says SEC Would’ve Been Better Off Doing Absolutely Nothing in Response to Crypto ICOs – Here’s Why appeared first on The Daily Hodl.
Last year in July, it was widely reported that the now deceased, enigmatic tech magnate John McAfee’s body was still in a Spanish morgue for a full year after his untimely demise. McAfee’s widow, Janice, has taken to social media to voice her distress over the extended delay in the release of his remains. It […]
A Latvian national has been handed over to the United States where he is accused of fraud through several companies offering false crypto investment opportunities. Ivars Auzins will appear in a federal court in Brooklyn to face multiple charges of wire and securities fraud. Latvian Authorities Transfer Alleged Crypto Fraudster to US Custody Ivars Auzins, […]
According to a Securities and Exchange Commission (SEC) judgment, Jimmy Gale Watson, a former associate of the now deceased John McAfee, has been fined for being paid to promote pump and dump-fashioned initial coin offerings (ICOs). The SEC has ruled that Watson must pay roughly $375K in penalties and he’s not allowed to participate in […]
The crypto economy has shed enormous value over the last three months and the leading crypto asset bitcoin is down more than 46% since it’s all-time high (ATH) at $69,044 per unit. The same can be said for a great number of digital currencies as the so-called crypto bear market has lasted 78 days so […]
The billionaire investor conveyed his predominantly bullish opinions on the crypto ecosystem during a recent online interview
Bill Miller, a seasoned Wall Street investor and founder of Miller Value Partners, advocated for the rise of Bitcoin (BTC) during a recent conversation with author William Green, but voiced skepticism around many of the altcoins birthed during 2017.
Miller subscribes to the well-documented thesis that Bitcoin portrays digital gold, and unlike many of his financial contemporaries — Warren Buffet being the most prominent — he has been a keen investor in the digital asset space.
Back in early 2016, Miller dedicated 30% of his portfolio to the leading crypto asset Bitcoin at an average value of $500, and has more recently motioned a filing with the SEC for The Miller Opportunity Trust to invest in BTC via the institutional-grade $2.25 billion Grayscale Bitcoin Trust.
During the interview, Miller correlated his first acquisition of Bitcoin to the current risk proposition witnessed today, all the while donning a Bitcoin baseball cap:
“Bitcoin is a lot less risky at $43,000 than it was at $300. It’s now established, huge amounts of venture-capital money have gone into it, and all the big banks are getting involved.”
Miller also shared his perspective on the potential of altcoins, insinuating that few projects of the thousands on the marketplace will survive the market’s tumultuous volatility over the coming years:
“There are 10,000 various tokens and stuff floating out there. The chances of more than a handful of them being worthwhile is very, very small. Bitcoin, ethereum, and a few others are probably going to be around for a while.”
Related: Clean-water nonprofit launches celebrity-funded Bitcoin Water Trust
Discussing the burgeoning influence of crypto exchange Coinbase, Miller advised investors to not be cautious over one to two years fluctuations of the Nasdaq-listed stock COIN, as in his qualified opinion, the asset offers a “default position for growth investors.”
In addition, he drew comparisons between the market capitalization of electric-car giant Tesla and Coinbase, suggesting that the exchange could reach and even surpass the former's valuation, which stands at approximately $790 billion due to its position in a “rapidly growing, changing industry.”
