Bitcoin climbed past $4,900 yesterday, so it will be interesting to see how high it will go before the end of this year. Today, bitcoin fell under $4,800 and it is currently just over this level. Over the next few months we will be closely watching the performance of major markets including Japan and South Korea, the rate of SegWit adoption, and the SegWit2x hard fork in November.
Former Fortress Investment Group manager Michael Novogratz said on CNBC’s Fast Money that he believes bitcoin could reach $10,000 in six to two months time. Novogratz is also planning to launch a $500 million fund to invest in cryptocurrencies, initial coin offerings and related companies.
Japan’s largest Bitcoin exchange, bitFlyer plans to launch a Bitcoin debit card powered by Visa. The government officially recognised Bitflyer recently, when it gave it and 10 other cryptocurrency exchanges a license. According to bitFlyer, the cards will facilitate the spending of crypto at “more than 40 million merchants in more than 200 countries and regions.” Purchases won’t actually be made using Bitcoin. They will be made with Japanese yen. The card just facilitates the instant exchange of Bitcoin for the government-backed currency. There will be a draw as there are only 1,000 cards available.
This week Vladimir Putin aired his concerns over the cryptocurrency world. According to Russia Today, Putin said, “in a number of countries, cryptocurrencies are becoming or have already become a full-fledged means of payment, as well as a means of investment. Cryptocurrencies usage, at the same time, bears significant risks, I’m aware of the [Russian] Central Bank’s position,”’As cryptocurrencies “are issued by an unlimited number of anonymous sources,” in case of any problems, including “system malfunctions” or emerge of currency bubbles, there will be no one liable.
Ripple the owner of XRP, the third most valuable cryptocurrency revealed this week that more than 100 financial institutions have joined its blockchain network, RippleNet. New members include Credit Agricole, Currencies Direct, dLocal, IFX, RAKBANK, and TransferGo. SEB and Siam Commercial Bank are already members. Ripple’s CEO Brad Garlinghouse said “Global payments are undeniably going through a sea change, led by financial institutions adopting blockchain to fix their customers’ broken payments experience.” Let’s take a look at the price of Ripple’s cryptocurrency. It increased more than 6% over the past 24 hours. Ripple surged on August 23rd and 24th, it then suffered a drop on September 15th and since then it has been climbing again.