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Bitcoin Price Predicted to Go to $16,000 "Soon-ish" by Binance CEO Changpeng Zhao

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  • Alex Dovbnya
    📰 News

    Changpeng Zhao believes that it is easy to make Bitcoin price predictions, adding that the price could soon hit $16,000

Bitcoin Price Predicted to Go to $16,000 "Soon-ish" by Binance CEO Changpeng Zhao
Cover image via www.youtube.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Making Bitcoin price predictions is an arduous task given how unpredicted this fledgling market is. However, according to charismatic Binance boss Changpeng Zhao, it's "easy" to foresee the coin's price. 

In the tweet, which addresses the dead Asuka prophecy, CZ claims that investors might see the $16,000 mark sooner than they think. 

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$16,000 is still on the table

As reported by U.Today, Bitcoin's price moves in 2019 were correctly predicted by an anonymous 4chan user on a 4chan imageboard. The prediction turned out to be so spot-on that it was even acknowledged by US whistleblower Edward Snowden.

However, whoever made this prescient post failed miserably with the $16,000 target in October given that Bitcoin recorded a monthly close below the $10,000 level. 

That being said, there is still a chance that the prediction will hold but with different slightly different timing, which is what CZ believes.   

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Bitcoin Price Could Drop to $2,000 or Even to $200, According to Peter Schiff

China turnaround

In the second part of his tweet, CZ refers to China embracing crypto. As reported by U.Today, Bitcoin's recent price recovery was accompanied by President Xi Jinping's pro-Blockchain comments.   

The Binance exchange, which is currently based in Malta, is expected to open a new office in Beijing, which comes right after the Blockchain push.     

However, there are some critics of the so-called 'China narrative.' China fretting over cryptocurrency speculations is a surefire sign that is unlike to fall back in love with Bitcoin. The top cryptocurrency got banned in the communist state right on the verge of the historic bull run at the end of 2017.

Will Bitcoin hit 20,000 this year? Share your take in the comments!   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Federal Reserve System: Stablecoins Pose Potential Risks to Financial Stability

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  • Vladislav Sopov
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    According to its Financial Stability Report of November 2019, the Board of Governors has warned about the dangers of stablecoins.

Federal Reserve System: Stablecoins Pose Potential Risks to Financial Stability
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Contents

The Board of Governors of the U.S. Federal Reserve System have issued their monthly Financial Stability Report. This special report is dedicated to the profits and risks of "global stablecoins".

Stablecoins: Global System with So Many "Ifs"

First, the Federal Reserve admits to the numerous advantages that stablecoins present as a concept. It has been highlighed that stablecoins are "faster, cheaper, and more inclusive payments could complement existing payment systems". This is in comparison to cases where traditional financial institutions are sophisticated and poorly accessible. Stablecoins can also be managed to eliminate the volatility of cryptocurrencies, which is one of the borders for them to be utilized as the medium for exchange.

Therefore, the "global stablecoin initiatives" like Facebook's Libra can rapidly achieve cross-border adoption. However, the major threat for stablecoins is apparent - the "inability to convert in national currency". The loss of confidence in "pegging" the stablecoin to traditional assets can lead to a run, in which several holders will attempt to liquidate their stablecoins at the same time.

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This dramatic scenario may be caused by "poor design and governance", and can result in severe consequences for international economic activity, asset prices, and financial stability.

Transparency First

The Federal Reserve also outlined in its report that in many cases, stablecoins can be utilized for money laundering, terrorist financing, and other financial crimes. Therefore, the Federal Reserve would require operators of such systems to conduct their Due Diligence, as well as Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to avoid any abuse. Moreover, the problems of disclosure policy and protecting investor data should be of paramount importance for stablecoin issuers:

Disclosures should clearly detail consumer and investor rights and protections, including whether the holder of the stablecoin has any rights to the underlying asset. Issuers should be transparent on how the stablecoin is tied to the underlying asset, has been said in the Report.

Last but not least, the report highlighted that the Federal Reserve, together with the Group of Seven, will closely monitor stablecoin developments as well as all the risks associated with it.

Have anyone ever invested in stablecoins? Do you prefer to use it, or to pay extra fees for fiat gateways? Tell us your story on Twitter!

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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