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The FOMO guys are back again in Bitcoin and this time the number is massive. The market cap of Bitcoin has jumped many-folds from a low of $57 billion in December 2018 to $167 billion now. The market cap touched a peak of $300 billion in December 2017, when prices hit a peak of near $20,000. Will Bitcoin, which is known for its wide price gyrations, retouch its old highs? Now with recessionary concerns building up, we asked Jason King, head of Mena at Alef, if people would ditch physical gold and move to Bitcoin.
#GulfNews #business #Bitcoin #cryptocurrency
See more videos at https://gulfnews.com/videos
Read more Gulf News stories here: https://bit.ly/2HLJ2km
The FOMO guys are back again in Bitcoin and this time the number is massive. The market cap of Bitcoin has jumped many-folds from a low of $57 billion in December 2018 to $167 billion now. The market cap touched a peak of $300 billion in December 2017, when prices hit a peak of near $20,000. Will Bitcoin, which is known for its wide price gyrations, retouch its old highs? Now with recessionary concerns building up, we asked Jason King, head of Mena at Alef, if people would ditch physical gold and move to Bitcoin.
#GulfNews #business #Bitcoin #cryptocurrency
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NewsTranscript
00:00One of the reasons Bitcoin recently have seen a pretty strong rise is due to the perhaps the
00:07fact that you know the US and China are currently going under through a trade war.
00:11Hello and welcome to another brand new episode of Gulf News Business Interview
00:16and today we're asking a moot question, will Bitcoin stage a blockbuster comeback?
00:21The FOMO investors are back in the market, FOMO meaning the fear of missing out and they are back
00:27in huge numbers. The market cap have risen tremendously to about 157 billion dollars
00:33from about 57 billion dollars seen in December 2018. Remember that peak was at about more than
00:41300 billion dollars when Bitcoin prices hit a record high of nearing 20,000 dollars per Bitcoin.
00:49Now the moot question is whether Bitcoin prices will see and stage a comeback that we saw in
00:56December of 2017 or will prices languish at these levels? We spoke to Jason King,
01:03the CEO of CGS as well as Managing Director of Alif Capital to get his perspective on the whole
01:10Bitcoin rally as well as what's his target. What's driving this Bitcoin rally? Why is it different
01:18from that seen in 2017 and is this a pump and a dump strategy used by a few investors?
01:25One of the reasons Bitcoin recently have seen a pretty strong rise is due to the perhaps the
01:33fact that you know the US and China are currently going under through a trade war which usually when
01:39these things happen it affects the economics of various countries and thus you know affects the
01:44economies throughout the world. During turbulent times Bitcoin have always proven to be a very
01:50strong safe haven. Another is just a natural price discovery of Bitcoin. So of course if you
01:57really understood what Bitcoin is you understand the importance of Bitcoin in our times. It is one
02:04of the most powerful inventions that the world have seen since computer science was invented
02:12and most importantly it brought about it introduced digital scarcity in a world we live
02:20in which is increasingly and exponentially heading into digitization and digital world.
02:26We moved on by asking him his price target on Bitcoin because last time when prices were at
02:32$20,000 in December of 2017 people made atrocious price targets of more than more than $200,000.
02:39History never repeats itself but it always shows resemblances so this kind of parabolic rise to a
02:46you know dramatic drop has occurred you know probably over eight to ten times in Bitcoin's
02:54history. In early days Bitcoin market is very immature it's a growing it's a new it's just
02:58recently been recognized as a new asset class so what we're really seeing is just the mainstream
03:05adoption of Bitcoin. Ultimately where I think we're going to see next over the next few years
03:10you're going to have you know sovereign wealth funds, you're going to have central banks,
03:14you're going to have you know nations begin buying up Bitcoins in a anticipation as the
03:20new gold reserve. I used to worry a lot about the Bitcoin price you know in the early days around
03:26you know in the early days when you're trading Bitcoin you're like oh the price went up like
03:30you know 30 bucks or you know when it's only like two dollars it's crazy and but over time
03:37the way I would I mean everyone gives predictions but the most important thing on the flip side to
03:41realize one Bitcoin has always equaled one Bitcoin that fact will never change. The true success of
03:47Bitcoin I think will be achieved when we no longer have to sell our Bitcoins. We also asked him about
03:52his view on other smaller cryptocurrencies such as Ethereum or Litecoin are they worth considering
03:58to be an investment option? Most of the alts are not desirable for investors and you will see
04:05continuous sell-off. They won't die but the continuous sell-off into Bitcoin because at
04:11the end of the day all of these alts doesn't matter what you have it's somehow always tied
04:16back to the beginning which is Bitcoin. Everything digital assets, crypto assets, blockchain, all
04:22these ICOs, IEOs, STOs they all trade against Bitcoin somehow. So at the end of the day when
04:28you sell off they're all going to push the value into Bitcoin. So you see the alts are not rising
04:34because we haven't really seen great projects that are coming out right now or projects that have
04:39been building for the last two three years ago quietly in the background and a lot of the new
04:44projects are coming up right now they're just trying to sort of capture the money because at
04:49the end of the day I think you know for myself a key differentiation between a good company and a
04:56bad company is if your business model is just to come and utilize crypto to raise money then I
05:03think you know you shouldn't be doing this because it doesn't matter if you're using crypto to raise
05:08money or going and ask you know money in a traditional sense if you don't have a good
05:12business model a good business plan it doesn't matter what technology you use it will not make
05:16your company better. He also gave us details on the exciting project that he's working on
05:21currently on tokenization and this is what he had to say. These proof of concepts under the
05:26current technology stack is not able to facilitate cross-communication you need a hybrid solution
05:31that can facilitate both private and public blockchains. If you look at all the blockchains
05:36right now that exist today they're think of them as single core CPUs whereas Elf what we have built
05:43is the first multi-core CPU with parallel processing. It was fascinating to discuss
05:48about the virtual world in the real world please leave your thoughts below and also don't forget
05:55to subscribe to our gulp news channel. That's it from us and thanks for watching and happy investing
06:01till then.