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Crypto legend, and Bitcoin permabull, and venture capitalist Tim Draper is now holding programs to help entrepreneurs build crypto startups at the Draper University.

It’s long been debatable whether it’s worth earning a traditional college degree or not. A recent report by the World Bank found that despite the mountains of debt students accumulate, for every year of education you put in you get around an 8.8 percent increase in your salary.

Moreover, land yourself a bachelor’s degree from a top 100 university and you’ll get a median return of $420,000 over 20 years. Enough to make you think. And then maybe think again.

After all, break that down per month over two decades and you’ll actually see an additional $1,750 in your account. Not enough to pay the rent on a shoebox apartment in a major metropolitan center.

Education Is Never a Waste of Time

Of course, it’s impossible to knock getting a formal education. In fact, learning about anything is never a waste of time. Even if you think you’ll never use the calculus classes you almost slept through or the bizarre lesson on the cultural habits of Western Samoans, it’s all saved there somewhere in your hard disk making you a more rounded person.

But, is it making you more money? Like, serious money? Or providing you with real-world skills to face the jobs of today and tomorrow?

The Tim Draper University

Tim Draper is adored throughout the crypto world. As an early investor in Bitcoin, he’s widely regarded as one of the most influential people in blockchain. He’s also been listed as #7 on the Forbes Midas List, and one of the top 100 most powerful people in finance. If ever there were a man worth listening to about making money, it would be him.

So, it makes sense that Draper would put his name to a new kind of university; one that’s focused on preparing entrepreneurs, mentoring and supporting them, and helping them reach their goals.

Launch a successful crypto startup and you’re not looking at $420k over 20 years. You could be looking at $420 million in a matter of months. Of course, there are no guarantees, but if you’ve got the skills, determination, and connections, this is certainly an idea worth your consideration. And that’s what another crypto heavyweight and Draper cheerleader certainly thinks.

“The legend Tim Draper just announced a new program to help entrepreneurs build crypto startups,” founder at Morgan Creek Digital, Anthony Pompliano, wrote on Twitter. “The crypto market may be down but builders won’t stop building.”

Hop on over to the Draper University website and you’ll see it’s a far cry from a traditional college. With emboldening statements like:

Think big, drive progress, go full speed ahead.

There are even pictures of what look like high school kids in bathing suits rushing into the ocean. Whether that ups the credibility of this institution for you or removes it completely is probably generational.

An Impressive Track Record

However, the Draper University already has an impressive track record with many of its alumni heading on to Tech Stars, 500 Startups, and Forbes 30 under 30. Past speakers include none other than Elon Musk, and YouTube star Michelle Phan. Draper’s a pretty well-connected guy after all.

Sometimes that old saying “it’s not what you know but who you know” rings true. To be sure, graduating from Draper University is no walk in the park. You need a decent pitch and a compelling argument on the biggest problems the world is facing right now. You also have to write something that sparks the interest of the money-making investor–but the formal barriers of an Ivy League college are not there.

Perhaps most importantly of all, however, is the fact that, despite the market slump and the critics talking about the end of crypto, as Pomp enthusiastically tweeted, the builders keep on building.

Would you take a course at Draper University? Share your thoughts below!

Images courtesy of Shutterstock, Bitcoinist archives

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Financial advisors are buying large amounts of Bitcoin, says to the CEO of Caleb and Brown, one of Australia’s largest cryptocurrency brokerage services.

They See Value In It…

Discussing the current state of the cryptocurrency market and its forerunner Bitcoin, Dr. Prash Puspanathan, CEO and Founder of Caleb and Brown, Australia’s largest retail cryptocurrency brokerage service, reveals that international financial advisors are adding bitcoin to their own portfolios.

He explains:

These are wealth managers, who have their own personal cryptocurrency portfolios […] They see value in it … I’ve dealt with five or six of them personally already.

According to the specialist, at least half of their clients are from abroad with the majority coming from the US.

However, Dr. Prash also shares that the current state of the regulatory framework is causing advisors to be wary. He holds that once cryptocurrencies become a recognized “financial instrument”, the tides will turn.

“At the moment, they’re afraid,” Prash says. “They’re scared because there’s no consistency in the messaging from the top down. Once we get some consistency, once crypto becomes a regulated financial instrument, which it isn’t at the moment, we will see the financial incumbents being able to invest in it.”

Bitcoin Price Will ‘Absolutely’ Recover

Dr. Prash also shared his take on the future state of the cryptocurrency market, saying that prices will “absolutely” recover.

I think we’ll see a few more cycles like this. While the market cap is still small, we will continue to see that volatility. So I think the bounce back will be hard. […] There are some investors who’ve been holding out and holding out waiting out for a price point like this.

Bitcoin (BTC) 00 is trading in the green today, gaining around $600 in the last three days alone. The entire cryptocurrency market added upwards of $16 billion to its capitalization as well.

Bitcoinist reported December 18, that Blockchain Capital’s Spencer Bogart considers Bitcoin fundamentals to be unchanged for institutional investors, despite the prolonged bear market of 2018.

What do you think of the current state of the cryptocurrency market? Don’t hesitate to let us know in the comments below!

Images courtesy of Shutterstock, calebandbrown.com

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Senior market analyst at eToro believes that privacy coin usage in Canada will “almost certainly” increase as the country has officially warned citizens to protect their personal information by buying cannabis with cash. 

‘Consider Using Cash’

The Privacy Commissioner of Canada has released a guidance document which addresses some of the concerns marijuana users need to address in regard to their personal information

Recreational cannabis became legal in Canada on October 17, 2018. However, as of yet, it’s still illegal in most jurisdictions elsewhere in the world. Hence, the personal information of cannabis users can be particularly sensitive.

According to the document, “some countries may deny entry to individuals if they know they have purchased cannabis, even lawfully.”

As such, the Privacy Commissioner of Canada has formally warned marijuana users not to provide any cannabis retailer with more personal information than necessary. What is more, users are encouraged to use cash if they are unsure of purchasing cannabis with their credit cards. The document states:

If you are concerned about using your credit card, and the option is available, consider using cash to purchase cannabis.

An Opening for Privacy Coins?

According to Mati Greenspan, senior market analyst at eToro, “this will almost certainly increase the usage of privacy coins, especially Dash and Monero in Canada.”

This will almost certainly increase the usage of privacy coins, especially Dash and Monero in Canada.https://t.co/C7yf4VBJSx

— Mati Greenspan (@MatiGreenspan) December 19, 2018

Canada has historically shown openness to cryptocurrencies. Early in 2018 regulators decided not to reconfigure the country’s tax laws to target digital currencies.

In addition, cryptocurrency ownership in the country has been increasing. Bitcoinist reported earlier this year that at least four different studies by institutional authorities indicate that between 3 and 5 percent of people in the country own Bitcoin.

Do you think that the protection of personal information will trigger an increase in the usage of privacy coins in Canada? Don’t hesitate to let us know in the comments below!

Images courtesy of Shutterstock

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Bitcoin halving is 500 days away, which means the impact of a block reward cut will begin to have an impact in the not too distant future.

Halve The Reward, Moon The Price?

A year to the day that the Bitcoin price 00 touched its biggest USD value ever — over $20,000 on some exchanges — community pundits are focusing on the potential for a rebirth in the mid-term.

As Bitcoinist has reported this year, block reward halving events tend to foreshadow serious changes in price activity.

With BTC/USD down 85 percent in 2018, hopes that the next such event in 2020 will spark a new era for HODLers remain high.

“Historically major pumps happen a few months out…will history repeat itself?” trader and Bitcoinist contributor Jake the Crypto King questioned in response to a reminder about the block halving posted on Twitter by Bitcoin evangelist Alan Silbert.

The Halving Effect on Price

In August, analysis highlighted how dividing Bitcoin into periods between each block halving confirms price increase by an order of magnitude on each occasion.

Historically, Bitcoin halving day does not immediately impact the price of Bitcoin. Instead, the effects are felt sometimes months ahead, followed by a surge in price in the following months. The chart below, courtesy of @100trillionUSD, illustrates what kind of price action BTC could see in the following year and a half. 

“In the months leading up to the last two halving events, we saw bitcoin’s price steadily trend upward, and then power higher following the reward halving,” Blockchain’s head of research Garrick Hileman had said in May.

The situation could meanwhile change much sooner than May 2, 2020.

As others noted to Silbert, the incoming debut of various cryptocurrency products geared to Wall Street and institutional investors has the potential to diversify the number of Bitcoin users and the corresponding spread of bitcoins among them.

Intercontinental Exchange’s Bakkt platform, although delayed, should begin offering physically-delivered Bitcoin futures on January 24.

Despite mixed messages, Bakkt executives have recently also hinted a partnership with Starbucks will expand the number of opportunities for retail investors to use Bitcoin for point-of-sale transactions.

What do you think about the impact of the next Bitcoin block reward halving? Let us know in the comments below!

Images courtesy of Shutterstock

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While volume on centralized exchanges is down as a whole, Bitcoin OTC (over-the-counter) markets have seen a surge in buyers leading to a shortage of sellers, according to the latest data from Diar. This may suggest that institutional investors are quietly stocking up on bitcoin while looking to keep prices low for the time being. 

Bitcoin OTC Trading is Booming

Most pundits expect institutional investors to create the catalyst for the next cryptocurrency bull-run. But research shows institutional trading losing ground in volumes on traditional exchanges this year. However, OTC markets have seen an exponential increase in buyers leading to a dearth of sellers. Could this be where the institutional money is now heading?

The latest research, published by Diar compares Bitcoin volumes on Coinbase (during OTC hours) and Greyscale’s OTC-traded Bitcoin Investment Trust (GBTC). While 2017 saw roughly equal trading volumes between the two, this year, especially the past few months, has witnessed a divergence in trends.

During OTC market hours, Bitcoin trading volume on Coinbase has increased by 20%.

However, GBTC volumes are down 35% in 2018 during the same period last year. This is despite Greyscale bringing in a record $216 million of investment in the first three-quarters of this year — an inflow which has meant Greyscale is now holding custody of over 1% of Bitcoin’s circulating supply.

The researchers at Diar note:

[A]re institutional traders keeping at bay or have they shifted towards higher liquidity over-the-counter physical Bitcoin markets? The answer is likely a little bit of both.

Are Whales Accumulating at Sub $4K Price?

In a market, which remains highly volatile, round-the-clock cryptocurrency exchanges have a natural advantage. But for high-demand liquidity Institutional traders must still look to OTC trading desks. Another advantage is that OTC markets have less of an immediate impact on the bitcoin spot price 00.

Therefore, large-scale investors, i.e. ‘whales,’ could use OTC markets to their advantage, buying large quantities of bitcoin without causing the price to immediately rise. Subsequently, the whales could then resurface on exchanges to sell some bitcoin to keep prices low. Rinse and repeat until accumulation is complete.

Therefore, it may not be that surprising that OTC services have grown in popularity in recent months as BTC price has dropped to yearly lows. Indeed, many major exchanges are now catering to an increasing appetite from clients for OTC services.

CEO of peer-to-peer exchange HodlHodl, Max Keidun, reports exponential growth in OTC volumes with large-order requests doubling each month.

This has made it “harder than usual to find a seller at current prices,” explained Keidun, whose platform recently launched a non-custodial OTC service.

“There has been a vibrant OTC Bitcoin trading market operating in parallel to the existing exchanges, but none of them are offering non-custodial escrow services for cryptocurrencies which would eliminate the risk of losing funds,” he said.

Interested in whale watching? You can find and track the recent transactions of the richest Bitcoin addresses here.

Are institutions quietly buying bitcoin at lower prices? Share your thoughts below!

Images courtesy of Diar.co, Shutterstock

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Cryptocurrency merchant bank Galaxy Digital CEO Mike Novogratz repeated his faith in the Bitcoin price December 18, forecasting no further big losses.

Novogratz: ‘This Isn’t Tulips’

In an interview with Bloomberg, the investment mogul said he was “fairly convinced” a “digital store of value” would emerge for the world, and that it would be Bitcoin.

For the “foreseeable future,” Bloomberg reports him as saying in further comments, the Bitcoin price should lie between $3000 and $6000 after dropping 50 percent in the past month.

“We had a bubble, it popped, we’ve had a monster correction,” Novogratz summarized.

“…You’ve had the correction. A lot of people say, ‘This is tulips;’ it wasn’t tulips. It was a mania built on something that’s real.”

Bitcoin price 00 staged a rally through the first half of this week, climbing around 14 percent since the weekend to currently circle $3700.

At its lowest point the week prior, BTC/USD fell below $3130, sparking subsequent warnings from trading veteran Tone Vays that a test of long-term trend lines could spark an imminent rundown to $1300.

‘Easy To Smash It Now’

“Bitcoin is going to be between $3000 and $6000 and hopefully next year we’ll start to see the move up,” Novogratz continued, saying that under current conditions, macro trends were “more exciting” than cryptocurrency markets.

It’s easy to smash it right now, but if you look at it from a broader perspective, it’s pretty cool.

Altcoins had profited more from the bounce in Bitcoin price, having fallen further during the previous deflation. A surprise leader at press time came in the form of Bitcoin Cash (BCH), which led the top twenty assets by market cap to post 25 percent daily gains.

Bitcoinist recently released an interview with BCH’s major proponent Roger Ver, in which he remained coy about the asset’s financial buoyancy and various controversies.

Asked about his price predictions for 2019, he replied: “I don’t know, and neither does anyone else.”

What do you think about the Bitcoin price and Mike Novogratz’s forecasts? Let us know in the comments below!

Images courtesy of Shutterstock, Bitcoinist archives

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Spencer Bogart of Blockchain Capital believes that all of the promises and potentials associated with Bitcoin remain unchanged despite plummeting by more than 80 percent from its mid-December 2017 all-time high.

Bright Future for Bitcoin

Speaking recently to CNBC, the Blockchain Capital partner noted that 2018 was in many ways a transition period for the top-ranked cryptocurrency. According to Bogart, this year marked the beginnings of the institutionalization of Bitcoin.

It's been a wild year for bitcoin down 82% from its highs, but @CremeDeLaCrypto is still betting on a comeback for the cryptocurrency pic.twitter.com/07Qog8xdAe

— CNBC's Fast Money (@CNBCFastMoney) December 17, 2018

Since the asset class has been dominated by retail speculation, the Blockchain Capital Partner says it isn’t surprising to see wild price swings. Commenting on the issue, Bogart said:

Bitcoin has been a market that is almost entirely driven by retail which is very unique. In bull markets, we go a little bit too high, and in bear markets, we go too low. That’s where we are right now [and] the reality is that the [Bitcoin] fundamentals have not changed.

These comments echo those given by Bogart back in November during the height of the price crash when he said gigantic opportunities still abound in BTC. The top-ranked cryptocurrency is down by over 80 percent since mid-December 2017.

For Bogart, the future is bright for Bitcoin, noting the influx of institutional interest. Both Nasdaq and Bakkt plan to launch their BTC futures in 2019. Other mainstream players like Yale and Fidelity also announced significant moves into the space.

On the present situation, Bogart commented that now is perhaps a perfect buying opportunity for BTC 00. However, the Blockchain Capital partner highlighted the possibility that Bitcoin price was yet to bottom out, suggesting it could fall to as low as between $1,000 to $2,000.

Early Stages of Price Discovery

In a similar vein, Mati Greenspan of eToro said that BTC is still in the formative stages of price discovery. Speaking to CNBC, the eToro Senior Market Analyst said:

As a relatively new concept, cryptoassets are still finding their feet in terms of value. It’s important to remember that all assets, in every market, experience a process of price discovery and that cryptos are no different.

Greenspan also noted that BTC has survived similar price crashes before and has always managed to recover, setting new all-time highs. For Greenspan, it is only a matter of time before the number cryptocurrency finds its “natural center of gravity.”

What is your position on the prospects of Bitcoin and cryptocurrencies, in general, come 2019 and beyond? Please share your thoughts with us in the comments below.

Image courtesy of Twitter (@CNBCFastMoney) and Coinmarketcap.com, Shutterstock

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The year-long bear market finally forced many Bitcoin miners to capitulate by either scaling down or shuttering their operations. However, with the decrease in difficulty, some of these smaller establishments might want to get back into the business seeing as it is now easier to mine the top-ranked cryptocurrency.

Bitcoin Miners Adapt to Lower BTC Price

Back in 2017, the cryptocurrency market was on a high. Almost everything from ICOs to miners was riding high on the back of steadily increasing virtual currency prices. Things even when several notches higher in Q4 as prices increased massively leading to all-time highs for many coins.

However, winter came for the market, and a prolonged winter at that. While many aspects of the industry faced the brunt of the bear market, miners appeared to be holding for most of it. Granted, there were instances of capitulation especially from providers of cloud mining contracts like HashFlare.

The price crash that accelerated in mid-November took the BTC price 00 to its lowest point in more than a year. Many miners were forced out of business. Reports suggest that as many 800,000 have shut down their operations.

Commenting on the development, Sean Walsh, the CEO of HyperBlock, one of the largest Bitcoin mining firms in North America, said:

The prolonged downturn in crypto pricing is putting many crypto miners out of business, which is why we tend to be a little cautious and protective when it comes to talking about our business.

The Bitcoin price hasn’t recovered much since, however. But as unprofitable miners started shutting down, the Bitcoin network mining difficulty started to adjust and seek equilibrium with new market conditions, dispelling the ‘death spiral’ myth.

Hope for the Little Guy?

So what does this mean for the smaller mining firms?

In a recent op-ed for the International Business Times, the CEO of cryptocurrency trading platform, Atlas Quantum said that smallscale miners might be tempted to get back into the business since BTC mining difficulty is relatively lower. However, without any improvement in Bitcoin’s price action, such a move would represent a short-term trend.

The miners will still face the same problems that were present before, mainly their inability to achieve internal economies of scale. If the smaller miners don’t return, then the remaining players have an opportunity to consolidate their positions in the BTC mining sphere.

In the end, Bitcoin mining becomes a price driven endeavor, a simplification best described by the “survival of the fittest” model. Only miners capable of withstanding the cryptocurrency winter will be able to remain in business.

With the current market conditions, necessity is indeed the mother of invention as far as BTC miners are concerned. To survive, mining firms will have to look at process optimization (cheaper electricity and operational costs).

For the bigger players like HyperBlock Inc., nothing has changed. Jason Vaughn, site manager of the company’s Bonner facility, said that it was business as usual. Echoing Vaughn’s comments, Walsh also said:

We built HyperBlock to weather the volatility and pressures of the crypto market because we believe in the long-term promise of the technology.

Will smaller mining establishments be able to re-enter the market in 2019? Share your thoughts in the comments below.

Image courtesy of Blockchain.com, Shutterstock

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Upon the news that crypto to crypto trading is now live on Coinbase, TheCryptoDog blockchain investor and commentator announced that the competition was officially on between Coinbase and Binance–sparking an unexpected comment from CEO Changpeng Zhao (CZ). 

Coinbase Gets Into Crypto-to-Crypto Trading

A lot of people in the community almost forget about Coinbase. For many of us, it was the first safe place to get our feet wet, buy our first bitcoins and experiment with crypto. Coinbase has garnered a reputation as one of the easiest and safest exchanges in the industry. But their fees are high at 1.49% and they don’t offer many crypto assets.

Once you’ve passed the point of experimentation and want to go further down the rabbit hole, you look for exchanges like Binance, Bitfinex, Bithumb, or OKEx that offer more choices and lower fees. Binance charges just 0.1%, for example.

However, Coinbase CEO Brian Armstrong must be doing something right, joining the list of crypto billionaires recently and slowly and steadily growing the Coinbase offering and suite of products.

Its “Coinbase Pro” exchange is designed for more professional traders rather than just the noobs, but its 24-hour trading volume is dwarfed by that of Binance ($157,329,619 USD against $879,392,527 USD).

Binance Is King of Crypto-to-Crypto

Binance, on the other hand, is the king of crypto-to-crypto trading with more than 400 active markets. Its native BNB coin is among the highest performing cryptos, currently at 14th place on the list.

Beyond paying for trading fees and incentives on the platform, the BNB can be used for payment of goods and services on sites like XcelTrip for planning vacations, and even high street goods.

While Coinbase is now entering Binance’s market by going crypto to crypto, Binance has also announced that it will be enabling fiat to crypto trading, starting with Singapore and rolling out into new markets.

So, when TheCryptoDog launched this poll on the back Armstrong’s news, saying the competition was on, CZ didn’t agree. He argued that it doesn’t have to be a competition and that the market is still small. He also admitted to chatting with Brian [Armstrong] from time to time about growing together.

2019-2020: the battle for $crypto is set between @binance and @coinbase

Who do you align with? Choose carefully.

— The Crypto Dog (@TheCryptoDog) December 17, 2018

Doesn't have to be a competition. Market is still small. We are so far away from saturation point. While we have some overlaps, we are different on: strategy/product/geography/even tweeting style. Brian and I chat from time to time, on growing the industry together, like USDC. https://t.co/whTALqXhNt

— CZ Binance (@cz_binance) December 18, 2018

CZ Says We’re All in This Together

This is not the first time you’ll have heard this kind of talk in the crypto world and it’s completely different from anything outside it. Just think about the competition-hungry Jeff Bezos, who famously said:

Amazon will go after publishing houses like a cheetah would pursue a sickly gazelle

Nice. And who knows? Perhaps that’s what crypto will become. But for now, at least, CZ isn’t alone in his sentiments. They are echoed by more than just a few. In a recent interview with BTC.com’s Alejandro de la Torre, he said:

We all have to work together, we’re still in very early days when you think about users.

Litecoin’s Franklyn Richards also said the same of Bitcoin and Litecoin:

We don’t compete, we benefit… it’s money to complement one another, not beat each other up.

So, for now at least while we’re still in the “crypto against the rest of the world phase,” crypto companies are sticking together and even discussing strategy. However, you’ll notice that CZ said the market is “still small.”

You have to wonder when things start to grow again and the race for users is on just how quick these two crypto exchanges will help each other.

Do you agree with CZ? Share your thoughts below!

Images courtesy of Shutterstock

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Blockchain technology company Blockstream revealed the second phase of its satellite-based Bitcoin communications project Blockstream Satellite this week.

Satellite Coverage Expands To Asia Pacific

Part of a plan to provide free private Bitcoin sending and receiving without the need for an internet connection, the company now provides satellite coverage of the Asia Pacific region, an accompanying blog post confirmed December 17.

Phase one of the project covered North and South America, Europe, and Africa.

A major proponent of Bitcoin’s Lightning Network (LN) implementation, Blockstream also unveiled an API to allow broadcast of data via Blockchain Satellite with fees paid via the protocol.

Developers promised the API would go live for users in January 2019.

“While satellite communications are traditionally cost-prohibitive, Blockstream Satellite will finally allow developers to adopt satellite communications in their applications,” head of Blockstream Satellite Chris Cook commented in the blog post.

…Natural disaster notifications, secure personal messaging, and sending bitcoin market data to remote locations are just some of the exciting examples of the power of this service.

Battling Government Internet Control

The Satellite project originally launched in August 2017. It works via a series of Earth-based ground stations linked to the Bitcoin network transmitting blocks to a series of orbiting satellites. The satellites then rebroadcast the data to the coverage area.

At present, users running a node require only a small satellite antenna and USB receiver to keep it in sync with the network without an internet connection.

Asked about the location and “government-resistance” of the Earth-based equipment, CEO Adam Back acknowledged the trade-offs in the current status quo.

“[A]s a geopolitical neutral money Bitcoin needs to work robustly,” he wrote on Twitter.

[F]or today it depends which country, there is some diversity of ownership of the satellites. [B]ut there are 195 countries in the world, some of which have disabled internet & mobile phone service in times of turmoil.

What do you think about Blockstream Satellite? Let us know in the comments below!

Images courtesy of Shutterstock, Blockstream.com

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