After trading sideways since experiencing some volatility over this past weekend, Bitcoin (BTC) has now established a fresh trading range between approximately $3,800 and $3,900, finding relative levels of support at the former price and resistance at the latter price.Now, analysts believe that the lack of significant buying pressure at these relatively low prices signals that further downside may be imminent.Bitcoin Stable Above $3,800, But Faces Resistance at $3,900 At the time of writing, Bitcoin is trading down marginally at its current price of $3,855. Yesterday, BTC dipped to lows of $3,800 before finding some buying pressure that propelled it back up towards $3,900, where it was rejected and pushed down to its current levels.In the short-term, it is highly likely that this will be a new trading range, and without an increase in trading volume BTC may be stuck between these prices for the foreseeable future.SalsaTekila, a popular cryptocurrency analyst on Twitter, spoke about this newly formed trading range in a recent tweet, noting that it is incredibly difficult to profitably trade within tight ranges like this.“The $BTC range I was speaking of worked out splendidly: both extremes hunted… From here I don’t care what happens, speculate on up or down all you want I won’t counter trade you for the rest of the day… Be back after the daily close,” he said.The $BTC range I was speaking of worked out splendidly: both extremes hunted.From here I don’t care what happens, speculate on up or down all you want I won’t counter trade you for the rest of the day 🙂Be back after the daily close. pic.twitter.com/aDkBfJEN3i— SalsaTekila (JUL) (@SalsaTekila) February 28, 2019SalsaTekila further explained that he expects BTC to shortly see further downside.“To be fair, that looks like downtrend continuation for now.”/2 To be fair, that looks like downtrend continuation for now.$BTC pic.twitter.com/TUSXL3GkES— SalsaTekila (JUL) (@SalsaTekila) February 28, 2019Analyst: Bitcoin’s Lack of Buying Pressure at Current Prices Signals Technical Weakness Although Bitcoin has been able to hold strongly above its 2018 lows set in the low-$3,000 region, one analyst believes that Bitcoin’s current lack of strong buying pressure could mean that the cryptocurrency has run out of “dip buyers” and that further downside is imminent.“Bitcoin failed to hold on to last week’s rebound [above $4,000] and slipped back under this psychologically significant level. If dip buyers were waiting to pounce on these discounts, they would have done so by now,” Jani Ziedins of the CrackedMarket blog explained while speaking to MarketWatch.Ziedins further noted that the weakness of Bitcoin’s last rebound signals a “serious problem” for the cryptocurrency.“The latest rebound failing to stick tells us demand is still a serious problem for the cryptocurrency and no one is coming to the rescue anytime soon,” he said.Bitcoin will likely continue to follow its recent trend of making large price swings after experiencing extended period of sideways trading. If history continues to repeat itself, BTC will likely see increased levels of volatility during the upcoming weekend or into the early-half of next week.Featured image from Shutterstock.
Archives for February 2019
Signature Bank of New York will soon offer full banking services to financial technology firms in Bermuda, including crypto startups that have struggled to secure accounts.
In a press release Thursday night, the government of Bermuda announced that Signature would offer U.S. banking services to licensed fintech firms, including 66 startups already incorporated in the country.
When reached by CoinDesk, a spokesperson for Signature Bank confirmed that it would be providing these services.
Companies can apply for services effective immediately, the Bermudan government said.
Premier David Burt said in a statement that the island’s government had been working to “promote Bermuda as the destination of choice for FinTech companies looking for a place to domicile.”
Where others fear to tread
Banks have traditionally been “reluctant” to provide banking services for companies dealing with digital assets, he noted, explaining that there are concerns about running afoul of international regulations. He went on to say:
“Signature Bank’s willingness to consider Bermuda licensed businesses for banking services is a significant vote of confidence in and endorsement of Bermuda’s efforts to create a leading high standard regulatory regime for FinTech business.”
Signature Bank vice chairman John Tamberlane said in a statement that the company was “impressed” by Bermuda’s regulatory framework, and was looking forward to working “with the Government of Bermuda to help promote growth and expansion of the FinTech and digital asset industry in that country.”
Separately, the bank’s CEO and president, Joseph DePaolo, highlighted his organization’s work with Signet, its internal blockchain payment system.
“Signature Bank is one of the few banks in the U.S. that will provide deposit accounts and corporate debit cards to cryptocurrency startups but we are seeing non-crypto businesses signing up as well,” he said.
Bermuda premier David Burt (left) with Binance’s Changpeng Zhao image via Bernews
Tesla’s big news event for today was dominated by the official unveiling of the long-awaited $35,000 Model 3. Excitement over the new low-cost sedan was sapped, however, after Elon Musk delivered disappointing news about Tesla’s profitability prospects.
Tesla Unveils $35,000 Model 3
$35,000 Tesla Model 3 Available Nowhttps://t.co/xZ0J4rbbgM
— Tesla (@Tesla) February 28, 2019
The Model 3’s new $35,000 version will have a 220-mile battery pack range. New buyers will only be able to make purchases online.
Here’s a look at the bare bones Standard Model 3 specs. There is a range of options available, and they’re noted on the company’s website.
Musk had hinted about the announcement in a cryptic tweet Wednesday. Tesla had suspended all orders on its website and redirected users to a page teasing the mystery announcement.
Elon Musk Cagey on $35,000 Model 3 Profitability
It wasn’t long before critics started hurling questions about this big reveal. Musk was off-putting during the announcement call, which didn’t sit well with some listeners.
Anyone else find it bizarre that in a presser on the cheaper Model 3, that Elon would not answer a question from a reporter about the profit margin on the $35,000 Model 3? “Yeah, we’re not going to answer a question like that. Next question.”
— Kirsten Korosec (@kirstenkorosec) February 28, 2019
The reveal is likely not enough to mitigate the other issues the EV maker is dealing with. Perhaps this was just a way to get investors’ minds off of the looming debt payment coming due on Friday.
Musk said Tesla is not expecting to be profitable in the first quarter. He added that the firm would “likely” turn a profit in Q2.
“Given that there is a lot happening in Q1, and we are taking a lot of one time charges, there are a lot of challenges getting cars to China and Europe, we do not expect to be profitable. We do think that profitability in Q2 is likely.”
Tesla Stock Falls After Hours
On that news, Tesla’s stock price slid in after-hours trading. As of the time of writing, TSLA shares were down to $308 after closing at $319.88 on Thursday for a decline of around 3.65 percent.
While answering questions at Los Angeles-based news outlet Daily Journal Corp’s annual meeting, Charlie Munger, Vice Chairman of investment giant Berkshire Hathaway and longtime partner of fellow billionaire Warren Buffett, took a thinly-veiled shot at Elon Musk, founder and CEO of automobile company Tesla Inc.
Munger, who serves as the chairman of Journal Daily Corp, has gained worldwide acclaim as a successful investor and is also seen as a “sage” who gives some of the best investment advice.
At the annual meeting, Munger was asked by a company shareholder about his proverb, where he once famously said he would rather “hire a person with an IQ of 130 but who thinks it’s 120, as opposed to someone who thinks he has a 170 IQ, when he actually just has an IQ of 150.”
Before the shareholder could finish the question, Munger interrupted him by saying “you must be thinking about Elon Musk,” to which the entire audience laughed.
“Of course I want the guy who understands his limitations instead of the guy who doesn’t. On the other hand, I’ve learned something terribly important in life… never underestimate the man who overestimates himself. These weird guys who overestimate themselves occasionally knock it right out of the park.”
From his response, two things are clear: Charlie Munger does think that Elon Musk is a smart man (and at this point, who wouldn’t?). However, if Tesla’s CEO decided to quit the electric automobile giant today and apply for a position at Berkshire, Munger would probably pass on the chance to accept him.
Munger and Musk: Two Success Stories, Just Worlds Apart
Munger’s comments have been consistent with his business operations. Since they started the company, he and his longtime business partner, Warren Buffett, have been known to favor more risk-averse investment opportunities.
Still, it’s not like both men are doing so badly for themselves. The 95-year-old Munger has helped build a global business empire and a personal fortune of $1.7 billion, thanks to years of favoring stable investment choices and shrewd business techniques.
With a $22 billion net worth, Musk’s “daredevil” business lifestyle is also paying off pretty well for him. From international online payments (PayPal) to electric, driverless vehicles (Tesla) and the opportunity of space travel (SpaceX), Musk has made a career out of building businesses that provide services which many people never thought were possible. He might have an unconventional – and sometimes, dangerous – way of achieving goals, but Elon Musk is a man that’s heralding the cause of bringing humanity into the future.
“Bold and Brilliant”
This isn’t the first time the Berkshire vice chairman commented on Musk and his entrepreneurial adventures. In a May 2018 interview with Yahoo! Finance at Berkshire’s annual meeting in Omaha, Nebraska, Munger praised Musk, calling him “bold and brilliant.” However, he expressed some doubt as to whether all of the endeavors set out by the daring CEO would pan out.
In part, Munger said:
It (Tesla Inc.) has already created more significance than anybody had predicted. Its founder is bold and brilliant, and he swings for the fences. People like that get some remarkable results. Sometimes they get some quick failures.
Russian President Vladimir Putin has issued a fresh order to Russia’s government demanding that they draft and approve a regulatory framework for the crypto industry.Although this seems like a positive development for the industry, similar orders have been issued on multiple occasions over the past few years to no avail, which calls into question the clout that these orders truly hold within the Russian government.A Brief History of Russia’s Rocky Relationship with Crypto RegulationRussia has taken a confusing position on cryptocurrency in the past, as there have been multiple conflicting statement from different regulatory and government officials regarding the status of crypto as a legal form of currency.Despite this, it appears that the country’s hesitance to accept crypto in its current state stems from fear regarding the unregulated nature of the nascent industry, as there have been multiple occasions over the past few years where Putin, or other government officials, have put forth bills or orders demanding the drafting and approval of a regulatory framework for digital assets.It is important to note, however, that these aforementioned demands for regulation have been filled with sound and fury and have – thus far – signified nothing.Starting in late-2017, news broke that Putin was insisting that the country develop a regulatory framework for cryptocurrencies, despite warnings from his finance minister and central bank chief, who both claimed that digital currencies could pose “serious risks” to investors and could be easily utilized by criminals.At this point in time, it was illegal to pay for anything in crypto or to convert digital currencies to the country’s fiat currency – the ruble.Fast forward a few months to January of 2018 and the situation became slightly more complex when the country’s Finance Ministry announced that they were working on legislation that would regulate cryptocurrency transactions without fully banning them.At the time, the finance ministry explained their decision, noting that it would be impractical to try to ban crypto transactions entirely.“Trades with cryptocurrencies have become so widespread, a legal ban on such activity would lead to the creation of conditions for the use of cryptocurrencies as an instrument to service illegal businesses, launder criminal incomes, and finance terrorism,” they said.Despite this, one year later in January of 2019, nothing new had occurred with regards to Russia’s regulatory climate, and the aforementioned legislation never came to fruition.This led to a new round of news regarding regulation in Russia, as Anatoly Aksakov, the Head of the State Duma’s Committee on the Financial Market, proclaimed that his state government would convene to debate the merits of crypto regulation shortly after he made his initial announcement.Will the Latest Round of Crypto-Related Regulatory Discussions Be Any Different?During his announcement, Aksakov said that his state’s proposed regulations – which were mainly focused on governance of crypto exchanges and marketplaces – would be adopted in mid-February, but that deadline has been pushed back in the time since.Yesterday, however, the deadline for federal regulations was once again pushed back, when the government announced that Putin had issued a deadline for the adoption of regulation by July of 2019.Russia may be coming close to finally regulating cryptocurrencies.According to the official announcement, the goal of these new regulations is to encourage the development of a digital economy within Russia, which includes regulating “digital assets,” and to attract a greater amount of financial resources aimed at promoting the development of digital technologies.If this time is different, and the Russian government does actually pass a tangible regulatory framework that encourages the formation of a digital economy based on cryptocurrencies, it would be very positive for the industry as a whole.Despite this, it is likely that most crypto investors are not holding their breath.Featured image from Shutterstock.
Crypto exchange Kraken is offering up to $100,000 to anyone who can help solve this year’s biggest blockchain mystery: what happened to QuadrigaCX’s coins?
Kraken announced Thursday it would pay the reward to users who could help it locate the missing funds. Any tips sent to the platform will, in turn, be shared with law enforcement, the company said in a blog post. The reward is payable in fiat or cryptocurrency.
To participate, Kraken is encouraging users to listen to a pair of podcasts that outline both what is already known about QuadrigaCX, the Canadian crypto exchange that collapsed last month, as well as what Kraken’s operators believe happened.
“Kraken is giving up to $100,000 USD (fiat or crypto) as a reward for the tip(s) that best lead to the discovery of the missing $190 million US dollars,” Kraken’s post said.
In fact, according to court filings QuadrigaCX owes roughly 115,000 customers about $137 million in cryptocurrencies and another $53 million in fiat, or $190 million overall (though later filings indicate that there may be additional funds owed, bringing the total as high as $196 million).
The story so far
QuadrigaCX sought protection from creditors following the death of its founder, Gerald Cotten. In court filings, Cotten’s widow, Jennifer Robertsen, said that he was the only individual at the exchange who knew the private keys to its crypto reserves, which were held in cold storage.
Further, while the exchange indicated that the majority of its crypto funds were held in cold storage, it has so far not released any wallet addresses to confirm this.
A cluster of five bitcoin addresses may be associated with Quadriga, according to blockchain analysis, but those addresses only contain roughly 104 bitcoin “inadvertently” sent to cold storage earlier this month.
So far, Quadriga and its court-appointed monitor, Ernst & Young (EY), have unlocked a large chunk of the fiat funds, which were held by various third-party payment processors, after a hearing before the Nova Scotia Supreme Court, which is overseeing the exchange’s case.
Kraken CEO Jesse Powell image via CoinDesk archives
Bitcoin skeptic Vladimir Putin has set a July 2019 deadline for crypto regulations to be put in place in Russia. Putin made the announcement on the Kremlin website in a February 27 notice.
In his order, President Putin told the Russian State Duma and the Council of the Federation of Russia to adopt cryptocurrency rules by July 1.
The regulations are designed to promote the digital economy in Russia, which is struggling financially amid US economic sanctions.
Previous July 2018 Deadline Largely Ignored
It’s unclear whether these rules will be adopted, since Putin had previously set a July 2018 deadline for the implementation of guidelines for bitcoin trading, initial coin offerings, blockchain, and crypto mining. Those regulations never really materialized.
Moreover, Vladimir Putin is not a bitcoin fan. Putin has expressed skepticism about cryptocurrencies because they are unregulated and are not backed by a central bank. However, he has since softened his stance – at least a bit.
Vladimir Putin: Crypto Attracts Criminals
In 2017, Putin warned Russians about the risks posed by cryptocurrencies. Specifically, he said bitcoin attracts criminals because of its anonymous nature.
“[The risks include] opportunities to launder funds acquired through criminal activities, tax evasion, even terrorism financing, as well as the spread of fraud schemes.”
Russia’s central bank echoed Putin’s anti-crypto sentiments, and called virtual currencies a pyramid scheme:
“We have seen how bitcoin has transformed a payment unit into an asset, which is bought in order to obtain a high yield in a short period of time. This is the definition of a pyramid.”
Fake News Touts Russian Bitcoin Buy
In January 2019, a Russian state official denied reports that Russia was planning to buy $10 billion in bitcoin during the first quarter to mitigate the harsh impact of US economic sanctions.
The rumors were started on Twitter by Russian economist Vladislav Ginko, who works at the state-funded Russian Presidential Academy of National Economy.
Elina Sidorenko is the chairwoman of an interdepartmental working group of the State Duma for managing risks of cryptocurrency turnover. She called the fake-news reports nonsense.
Moreover, Sidorenko said cryptocurrencies will probably not be implemented in Russia for at least the next 30 years.
“This statement has no common sense,” Sidorenko said. “The Russian Federation is simply not ready to combine its traditional financial system with cryptocurrencies.”
“And to say that this idea can be implemented in Russia for at least the next 30 years is unlikely.”
Notably, Sidorenko cited the lack of formal crypto regulations in Russia as a major reason for why bitcoin won’t achieve mainstream adoption anytime soon.
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this.”
“We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”
“Such a model under the current criminal, financial and civil legislation does not fit. All over the world, cryptocurrency is considered a high-risk asset. And a similar model, naturally, would not suit anyone.”
Arcadia Biosciences Inc.’s share price surged 61 percent while trading on the Nasdaq Thursday after the agricultural biotech firm announced plans to dive into the hemp industry.
The company’s core business area is producing food ingredients made from wheat and soybeans. The company is jumping into the cannabis space as “with an initial focus on the hemp market,” according to a news release published Thursday. “Now, the company will apply its expertise to the burgeoning cannabis industry,” the announcement stated.
Raj Ketkar, chief executive office at Arcadia Biosciences, said:
“We see enormous opportunity in – and demand for – improved plant quality, productivity, consistency, and resilience … With this new operating unit, Arcadia Specialty Genomics, we are uniquely qualified as a proven crop improvement company equipped to address the legacy challenges facing a plant that until recently was largely grown unlawfully.”
Hemp Legalization Boosts Pot Stocks
A legal change enabled the creation of the new business unit. The company cites the 2018 Farm Bill, also dubbed the Agricultural Improvement Act of 2018. US President Donald Trump signed the bill into law on December 20, 2018.
Through that bill, Congress and President Trump basically legalized hemp production on the federal level, even though cannabis remains a Class 1 drug in the country. (Other Schedule 1 drugs include heroin, MDMA/ecstasy, and peyote.)
The Farm Bill further legalized hemp’s cultivation, transportation, and commercial sales — stomping out a ban that extended back more than 75 years.
Arcadia Biosciences will keep its business operations confined to federal and state markets where the cannabis activities are legal.
Most of the percentage gain in the pot stock were recorded during pre-market trading. Arcadia’s stock was up 28 percent over the past three months leading up to Wednesday.
H.C. Wainwright analyst Ram Selvaraju, a fair price target for Arcadia is $20. The company has a one-year peak of $66.56 and a 52-week low of $2.65.
In the long-run, investment bank Cowen & Co. has said that the value of the legal weed market may reach $75 billion by the end of the 2020s. This year, KushCo Holdings (KSHB), Innovative Industrial Properties (IIPR), Canopy Growth (CGC) are other top pot stocks poised for a strong year in 2019, investment analysts say.
Like with pumps in the crypto space, there is some risk that the top may blow off if Arcadia’s announcement does not pan out. But it’s encouraging to see private enterprises develop back-end agricultural products in the cannabis industry.
Global crypto exchange Bittrex led a $1.5 million seed round in South African trading platform VALR.
Bittrex CEO Bill Shihara told CoinDesk the South African market has “tremendous untapped potential.” Fellow VALR investor Michael Jordaan of Montegray Capital told CoinDesk that VALR’s support for 50 cryptocurrencies will offer the most diverse range of assets of any African exchange when it opens to the public on March 1.
“The VALR team has the potential to change the cryptocurrency landscape in South Africa and globally,” Jordaan said.
VALR co-founder and CEO Farzam Ehsani told CoinDesk that 1,500 users, predominantly South Africans, have already signed up on the exchange’s waiting list and started activating accounts in a closed beta leading up the to launch.
Ehsani said a backend partnership with Bittrex will offer the new exchange global liquidity and competitive prices for crypto-to-crypto trading, while his team works on activating fiat on-ramps with South African banks by summertime.
Ehsani told CoinDesk:
“Companies are not allowed to go and buy [large amounts of] crypto from offshore markets. This makes it very difficult for crypto exchanges in South Africa to access liquidity from international markets. [South Africans] want their hands on a store of value that doesn’t depreciate the way the rand has.”
Over the past decade the South African rand has nearly halved in value. Meanwhile, capital controls restrict citizens from transacting across borders with more than roughly $72,000 worth of foreign assets or currencies.
This contributes to why bitcoin is often sold for a high premium on peer-to-peer exchanges like LocalBitcoins. For comparison, on Tuesday a single bitcoin on LocalBitcoins would have cost more than $4,100 in South Africa compared to the global rate of roughly $3,800.
Yet Marius Reitz, South Africa manager at the longstanding African bitcoin exchange and wallet provider Luno, told CoinDesk that Luno’s user base grew to over 2 million user accounts by early 2019.
“Most of the growth is driven by South Africa,” Reitz said. In fact, a Luno survey of 1,000 local residents found that roughly 167 people said they use bitcoin for payments.
“Specifically in South Africa we see a situation were a lot of people move from elsewhere in Africa to look for jobs and they send money back home,” Reitz said.
As for VALR, Jordaan said Ehsani’s history as the former head of the Rand Merchant Bank’s blockchain initiative and inaugural chair of the South African Financial Blockchain Consortium, which included dozens of traditional financial institutions, could help bridge the gap between African banks and the global crypto economy.
Reitz and Jordaan agreed that cryptocurrency exchanges like VALR and Luno are helping establish standards for the regional market. Plus, the South African Reserve Bank published a paper about prioritizing crypto industry regulation in January. While the daily volumes on incumbents like Luno, established in 2013, still fall shy of $2.5 million according to CoinMarketCap, such companies have a broad impact through their educational conversations about bitcoin with regulators and banks across Africa.
“Because several of the countries around us actually peg their currencies to the rand,” Ehsani said, “if we do well, we have the ability to influence other countries in the region, and Africa as a whole.”
Ehsani added that VALR’s scope reaches beyond South African borders, as the platform’s know-your-customer identity checks accommodate traders from most countries. Similarly, Reitz said Luno is looking to expand to 20 new African countries this year as South Africa’s central bank starts “offering more clarity” and establishes trends followed by other jurisdictions.
Much like global markets, many South African exchange users are speculative traders and investors. However, for Ehsani, remittances to and from members of the African diaspora provide a salient use case because local remittance services are very expensive.
Speaking to the impact that venture capital investment in South African exchanges can have on broader adoption, Ehsani said:
“Cryptocurrency will start bringing communities together through their ability to transact and send value back home much more seamlessly and cheaply than their current options.”
Farzam Ehsani image via VALR
Just when Jack Dorsey’s week was starting to look up, he must contend with yet another cryptocurrency giveaway scam. But while Twitter has long been rife with these fraudulent schemes, this particular bitcoin scam targets his other company – digital payments firm Square.
Square Earnings Attract Bitcoin Giveaway Scammers
In tandem with Square’s earnings results on Wednesday, scammers began sending emails – purportedly from the company – announcing that they had added support for the stellar (XLM) cryptocurrency.
That is false.
The email further asks users to send $10 worth of bitcoin to a certain address in exchange for 350 XLM, currently worth around $30. Thankfully, the address had not received any payments since the email’s distribution – at least as of the time of writing on Thursday.
The company has warned in the past about fraudulent emails similar to this. The scammers haven’t limited their schemes to individuals, either. They’ve have also targeted small businesses where Square is used to process payments.
Such schemes became so prolific that they garnered the attention of the U.S. Better Business Bureau (BBB). It found that scammers are taking advantage of the popularity of Square’s services by sending phishing emails that appear to be official correspondence.
Bitcoin Scam Worsens Sour Square Earnings
The latest crypto giveaway scam in Jack Dorsey’s side added to an already-disappointing earnings season for Square.
Ahead of Wednesday’s earnings report, Square released a letter to its shareholders. In it, officials boasted about the company’s gains.
“We accelerated top-line growth at significant scale in the fourth quarter of 2017. Total net revenue was $616 million, up 36% year over year, and Adjusted Revenue was $283 million, up 47% year over year. This is an increase from the third quarter of 2017, when total net revenue and Adjusted Revenue grew 33% and 45%, respectively, year over year.”
That’s all fine and good, but it wasn’t enough for investors to do away their concerns about the company’s future. The company’s guidance for the first quarter of 2019 didn’t sit well with investors, who initiated a minor sell-off only to drive the stock higher on Thursday.
“While Square’s guidance for 1Q19 and FY19 revenue was in line with Street expectations – the midpoint of its FY19 revenue guidance would represent year-over-year growth of 41%, consistent with the soft guidance that management had provided in November – its lower than-expected bottom-line forecast was due to an increase in spending on newer services outside of its core payment-processing business.”
Square’s Bitcoin Revenue is Climbing
There were few comments from Square executives about cryptocurrencies during the earnings call. Nevertheless, the firm did see revenues from Cash App-based bitcoin trading rise in Q4.
With prodding from bitcoin bull Jack Dorsey, the company has managed to grow its nascent bitcoin service to $166 million in annual revenue.
While that figure represents a small drop in the bucket for the $33 billion company, it also positions the processor to be a market leader in the event of broader bitcoin and cryptocurrency adoption.
Dorsey, who has been outspoken in his support for bitcoin, has been one of the most high-profile tech industry figures to overlap into the world of cryptocurrency.
He’s even said that bitcoin could become the world’s leading currency within 10 years.