Fundstrat: Bitcoin (BTC) Will Easily Surpass $20,000 Eventually

Fundstrat’s Lee Extremely Bullish on Bitcoin As news of Facebook’s Libra broke, every mainstream outlet began to cover it and Bitcoin (BTC) in general. So, it comes as no surprise that this morning, CNBC “Futures Now” called on Tom Lee, the head of research at Fundstrat Global Advisors, to talk cryptocurrency in his latest appearance of dozens on the segment. After discussing how Facebook’s latest venture is complementary to Bitcoin, in that BTC will continue to act as a reserve cryptocurrency, he was asked to give a price target. Staying…

Chair of House Financial Services Committee Requests Halt on Facebook’s Crypto Project

Disclaimer: this story is breaking and will be subject to updates. Rep. Maxine Waters, chairwoman of the United States House of Representatives’ Financial Services Committee is requesting that Facebook halt development on its cryptocurrency, the Libra, as reported by CNN Tech Reporter Brian Fung in a series of tweets June 18. In her statement, Rep. Waters explained: “Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and…

Analyst: Facebook’s Libra Could Introduce Billions of People to Bitcoin; Will It Help Fuel the Next Rally?

Earlier today the world gained insight into Facebook’s highly anticipated cryptocurrency project, dubbed Libra, which is widely expected to help boost the company’s e-commerce initiatives and to attract a significant amount of attention to Bitcoin and the crypto markets. Now, multiple cryptocurrency analysts are viewing Libra as a bullish development for Bitcoin and the aggregated crypto markets, as it could lead to an influx of new users that fuel the next big rally. Libra Could Introduce Billions of People to Bitcoin  The crypto community was quite surprised to learn the…

IBM Announces New Multicloud Update to Blockchain

IBM has announced upgrades to its Blockchain Platform, according to a report by Ledger Insights on June 18. The new IBM Blockchain Platform will reportedly be able to run on multiple cloud networks, such as major tech corporation Microsoft’s Azure or Amazon Web Services (AWS). This is apparently the main upgrade over its previous iteration, which was available solely through IBM’s cloud. The multicloud platform will be available via Kubernetes, a container program that will reportedly allow users to scale their blockchain networks as needed. One of the main upshots…

Brazilian BTC Exchange Faces Numerous Lawsuits From Clients Unable to Access Funds

Clientele from multiple states in Brazil have filed lawsuits against bitcoin (BTC) investments firm Bitcoin Bank Group for inaccessible crypto funds, according to a report by Cointelegraph Brasil on June 18. The lawsuits are reportedly over issues with users being unable to withdraw funds from the BBG’s associated cryptocurrency exchange, Paraná-based NegocieCoins. As of press time, the page for NegocieCoins on crypto market information website CoinMarketCap shows the following message regarding the ongoing issue: “We have received reports that user deposits and withdrawals are impeded. Please be careful with your…

Italy’s Banks to Use Blockchain to Boost Settlements and Improve Transparency

Italian banks will deploy blockchain technology to run reconciliations starting in March 2020, financial technology news outlet Finextra reported on June 18. The Italian Banking Association (ABI) has announced that Italy’s banks will integrate distributed ledger technology (DLT) into internal processes to boost settlements. The deployment of blockchain is also set to improve transparency in transactions between banks and efficiency of communication between counterparties. The initiative comes as part of a program managed by ABI Lab dubbed Spunta Project, a blockchain interbank solution based on blockchain consortium R3’s open-source distributed…

Global Banking Giant HSBC Launches Tokenization-Based Receivables System for India

Major global banking group HSBC has implemented tokenization technology into its receivables infrastructure for corporate clients in India, according to an announcement on June 18. The British multinational financial services company has reportedly launched its Digital Accounts Receivable Tool (HSBC DART), based on tokenization technology developed by Australian blockchain-powered Fintech company Identitii Ltd., the firm said in the announcement. According to the statement, HSBC DART was developed for HSBC’s Global Liquidity and Cash Management (GLCM) business and deploys Identitii’s approach to tokenization within HSBC’s existing infrastructure of receivables to enhance…

Bitcoin to Benefit From Libra? Crypto Pundits Double-Down on Optimism

After months of anticipation, which seemingly coincided with a Bitcoin (BTC) rally, Facebook’s crypto asset has finally come to the public stage. Launched Tuesday morning as reported by Ethereum World News, Libra will be a stablecoin While many have remained agnostic towards the venture, claiming that it won’t involve “real” cryptocurrencies in any material manner, some have come out to comment on Libra. Some see it as a threat to society at large; others view the project as the trigger that will kickstart the next megalithic BTC rally. Today, this…

Litecoin Foundation to Release Physical Cryptocurrency Debit Card

The Litecoin Foundation has announced a partnership with Bibox Exchange and blockchain firm Ternio to release a physical cryptocurrency debit card, in a blog post on June 18. Per the post, the companies will jointly roll out a cryptocurrency debit card dubbed “BlockCard” that will purportedly let users spend their cryptocurrency funds both online and in physical store locations around the world. Customers will be able to keep cryptocurrencies such as litecoin (LTC) and Bibox Exchange’s and Ternio’s native tokens bibox token (BIX) and ternio (TERN) respectively. Within the project,…

Experts Cite Specialization as Key to Blockchain’s Incorporation Into Financial Services

Four experts discussed the future blockchain in financial services, agreeing on the importance of specialization in a panel on crypto derivatives at Synchronise Europe in London today, June 18. Some of the original conceptualisation of blockchain needs to be available publically to be materially modified to suit the needs of diverse financial services, said Kelly Mathieson, head of enterprise solutions at Digital Asset. Mathieson argued that enterprise grade versions of blockchain technology are now viable, and that there has been a divergence from the original blockchain concept. Those versions of…