PRESS RELEASE. Geneva, Switzerland, April 17, 2024 – The Harvard Blockchain Conference, a premier gathering hosted by the Harvard Blockchain Club, showcased the TRON DAO as a Platinum Sponsor, the highest tier for the Harvard Blockchain Conference. The official conference saw a packed crowd of attendees featuring a variety of students, thought leaders, and blockchain […]
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Blockchain for Good Alliance (BGA) Unites Web3 for Societal Impact, Launching at Blockchain Life Dubai With Bybit Web3, Harvard Blockchain Club, Solana Foundation, Moledao, Aptos, ICP.Hub UAE, Alchemy Pay as Key Partners
PRESS RELEASE. Dubai, 15 April 2024 – The Blockchain for Good Alliance (BGA) officially announces its launch today, marking a significant step forward in the mission to leverage blockchain technology for social good. BGA has partnered with leading entities in the blockchain space including Bybit Web3, Solana Foundation, Aptos, Moledao, Harvard Blockchain Club, ICP.Hub UAE, […]
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Harvard Business Review: Alchemy Pay, Crypto Payment Ecosystem Pioneer
Introduction. When we discuss the future of the digital economy and real life in the next generation of the Internet, we are inevitably talking about Web 3.0. The future is unknown, but we have seen some tech companies already exploring and deepening on their tracks, such as Alchemy Pay, mentioned in this article.
We will analyze the targeted strategies and measures it has taken in the crypto payment space, taking into account the company’s sustainable long-term goals while building a rich crypto payment ecosystem that is prepared for the Web 3.0 vision with its mission of bridging fiat and crypto global economies. These measures are very informative and should be considered by other company leaders.
Once seen by mainstream zeitgeist as a fringe technology destined to die out in society, cryptocurrency is now becoming a target of investment for countless fintech industry leaders since the powerful financial future it portrays. The proliferation of crypto payment platforms and users is driving the entire ecosystem closer to mainstream adoption. As more and more large financial companies enter the crypto payment space, the competition in this field is becoming increasingly fierce. Alchemy Pay, an industry veteran with extensive industry experience and solid product technology, is performing exceptionally well in this track on all fronts.
Founded in Singapore in 2017, the payment gateway that seamlessly connects cryptocurrencies and global fiat currencies for businesses, developers and users has walked a long way. It took less than 5 years to become the number one project with payment concept in the DeFi space and the leading crypto payment solution and technology provider in the Asia Pacific region. Alchemy Pay currently supports payments from 173 countries, including using Visa, Mastercard, Discover, Diners Club, Google Pay, Apple Pay, popular regional mobile wallets, and domestic bank transfers to purchase crypto, providing a fast, secure and convenient solution for over 2 million online and offline merchants with aggregated cryptocurrency and fiat payment technology. In 2021, ACH, Alchemy Pay’s token issued on Ethereum and BNB Chain, listed on Coinbase, the world’s largest compliant trading platform, continued to rise with an initial bottom of .001762 and rose over 13620.8% in the week after listing. How did Alchemy Pay achieve such an impressive performance in such a short period of time?
Layout in Advance to Gain Differentiated and Competitive Advantages
Shawn Shi, co-founder of Alchemy Pay, has a keen eye for capturing industry trends and assessing business potential. He saw the trend in the crypto payment field, found a head start in it, and boldly took the lead. The series of milestone decisions taken by Alchemy Pay are not only unique, but have built differentiated and competitive advantages that have kept it at the forefront of the competition. These milestone decisions are focused on three main areas:
Internationalization. Strategic placement has a direct impact on the survival and growth of a business. While competitors were still working on their local strategies and businesses, Alchemy Pay has recognized the importance of competing on an international strategy and thoughtfully chose a different set of approaches from its competitors. In its second year of establishment, Alchemy Pay incorporated an international strategy into its development plan to create a unique value.
Alchemy Pay was founded at a time when mobile payments were at their best, but the entire payment network was almost monopolized by VISA and Mastercard, which deprived traditional merchants of many options. Therefore, Alchemy Pay decided to create a payment system that would connect the entire network and develop the most adaptable digital currency solution that would seamlessly integrate crypto payments with fiat payments, providing payment services and derivative financial solutions to global merchants and users in the crypto ecosystem.
In this context, Alchemy Pay has been building a global team since its foundation and has established a advisory board management system in line with the company’s needs, implementing the corporate management philosophy of “leaving the professional to the professionals” and working together with experts worldwide from various industries to contribute to the global development of Alchemy Pay. David Plouffe, the former White House Senior Advisor and Obama’s campaign manager, has recently joined the Alchemy Pay team, serving as a committee member of management and advisory board, and as Global Strategic Advisor to support strategy, compliance and government relations.
In addition to the European and American markets, Alchemy Pay also explored and developed the payment market in South East Asia and Latin America based on market demand research, achieving the highest market share in the industry. Alchemy Pay is built as a payment gateway that seamlessly converts the assets of both parties to a transaction, regardless of whether the user is paying in fiat or crypto currency. Its product experience on the user side was simple and smooth, and its professionalism was way ahead of its Asian competitors at the time.
Compliance. While advancing its global market strategy, Alchemy Pay has recognized the importance of localized payments before its competitors. By continuously integrating localized payment methods such as e-wallets, Alchemy Pay is now able to support over 300 localized payment methods to meet the payment habits of local users and make it quicker for users to purchase crypto and Web 3.0 services using fiat currency. In the localization process, any actions involving financial and securities transactions and services are subject to local financial and securities laws and regulations. Although many countries allow cryptocurrency investment and trading, the related industries face stricter regulations.
While competitors try to avoid compliance constraints to reduce costs, Alchemy Pay believes that the only way to be sustainable is to adhere to the bottom line of compliance. With more and more countries introducing laws and regulations on data security protection and raising new requirements for the globalization of payment systems, greater data security and privacy protection is becoming a global trend. Alchemy Pay has been practicing the local compliance requirements in different countries and regions according to the specific situation, actively applying for licenses and landing business.
In addition to regulatory factors, the entry of companies and financial institutions has placed higher demands on cryptocurrency security and compliance, so licensed platforms have a distinct advantage in this regard. To date, less than 1% of web3 companies in the crypto payment industry have a license, but Alchemy Pay already has a large number of compliant licenses and payment channels. Currently, Alchemy Pay has obtained the 1,4,9 financial services license from the Hong Kong Securities and Futures Commission, the license from the Central Bank of Indonesia to operate remittances and fund transfers, the MSB license in the US and Canada, and Lithuanian Cryptocurrency Exchange & Wallet License, while Alchemy Pay is also applying for MSO in Hong Kong, MTL in the US, DPT in Singapore and EMI in the UK. Alchemy Pay is acutely aware of the need to expand the touchpoint to every market in terms of payments, not only to keep an eye on policy trends and changes from regulators, but also to work with local banks. This is a very slow process but is critical to creating a secure and compliant payment experience for users.
Cash flow. As Alchemy Pay moves forward with compliance and license applications in different countries, it has found that the compliance standards in Europe and the US are relatively clear, while in most other countries the laws and regulations are less clear. In such a dynamic and uncertain environment, the development of crypto business is bound to encounter some barriers, from which it is a long-term process to find a path to compliance or to establish partnerships to unify mutual understanding.
At the same time, the whole business operation and ecological construction will also take a lot of time and cost. Because fiat currencies and crypto currencies, which are the products of two financial systems, the conversion process is sometimes delayed, and a deposit of fiat and crypto funds is formed in between. To avoid users waiting, Alchemy Pay will complete the conversion by paying itself–a process that involves the act of advancing different funds. For this reason, Alchemy Pay proposes to prepare the cash flow in advance. This move not only ensures compliance operations and smooth payment systems, but also prepares itself for weathering the bear market smoothly.
Thinking Backwards, Exploring New Needs and Innovations
Co-founder Shawn Shi said the Alchemy Pay team tends to think backwards in its decision-making process, agreeing that it should not limit its thinking to the direction it would normally consider, but rather challenge inertia and look at the needs of marginal users or former non-users. In Alchemy Pay’s view, the needs of this group of people are often ignored as noise and thus become a missed opportunity for companies to advance their business. The rage for cryptocurrencies is bound to push businesses into the next phase of the internet Web 3.0 – an internet ecosystem built on blockchain, crypto wallets, non-homogenous tokens (NFT) and decentralized autonomous organizations (DAO) – and Alchemy Pay is no exception.
But unlike other companies that have entered the Web 3.0 space in full swing, Alchemy Pay felt the need to pause and think about how these technological developments might affect business and how to solve the payment challenges of people who have difficulty using conventional services, design innovative solutions for them and tap into the broader market. As a result, Alchemy Pay decided to go against the trend and go back to Web2 or Web2.5, identifying exactly those unmet needs and choosing financial institution partners that are more Web2-friendly, thus significantly broadening its reach.
Alchemy Pay believes that in order to find out where the customers are, it is necessary to focus on demographic and market trends, as the payment business is determined by user needs. Based on a large user base and user needs, Alchemy Pay has created its unique advantage “easy to use and highly adaptable”, which is compatible with all major forms of payment (POS, APP, Web, etc.) and all major wallets, and is adaptable to all major scenarios of payment solutions ( Apple Pay, Google Pay, national e-mobile wallets, etc.). This means that Alchemy Pay already meets the majority of users’ habits and further breaks the barrier between traditional payment methods and cryptocurrencies.
Alchemy Pay also meets the needs of most offline retail, e-commerce, online entertainment, bulk trading, supply chain finance, cross-border trading and other merchants, and further reduces their cost of use and improves transaction efficiency (traditional methods usually settle on the next day and charge high fees). ACH token is a value hub in its payment ecosystem, and it acts as an intermediate reconciliation token in the consensus protocol of the blockchain payment network, and can also be used to offset fees and receive various priority benefits. In the future, ACH is also expected to be the primary DAO governance pass in Alchemy Pay.
Payments, in fact, were the function of the earliest cryptocurrencies, such as Bitcoin and Litecoin, which all aimed to create a peer-to-peer, decentralized, open, transparent and irreversible payment ecology. In this ecology, users can make peer-to-peer asset transfers, which are simultaneously packaged by nodes and agreed by the whole network, which is considered a successful transaction. Due to this feature, cryptocurrencies have a theoretical potential for payments. Unlike the traditional Internet fiat payment system, which is already well established, the crypto industry and its online payments space is still in its early days due to credibility and infrastructure issues. The emergence of Alchemy Pay has built a bridge between the fiat and crypto payment shafts, on the basis of which cryptocurrencies are beginning to be accepted by traditional financial institutions. Alchemy Pay’s vision is to create a global cryptocurrency payment scenario, connecting fiat and cryptocurrencies globally, and aspires to be the next generation of payment infrastructure. The payment ecosystem and infrastructure it has built is expected to deeply integrate cryptocurrencies with traditional commerce. As the richness of the ecosystem increases and the integrity of the ecosystem matures, Alchemy Pay’s growth in the future is unlimited.
Source: Harvard Business Review
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Harvard Economics Professor: US Default Could Spark Global Financial Crisis
Harvard economics professor Kenneth Rogoff, who previously served as the chief economist at the International Monetary Fund (IMF), has warned that the U.S. defaulting on its debt obligations could spark a global financial crisis. “It’s a very perilous situation and we are in unknown waters,” he warned.
Harvard Professor of Economics Kenneth Rogoff on U.S. Default and Global Financial Crisis
Harvard economics professor Kenneth Rogoff shared his view on the U.S. economy, a possible U.S. default, and a global financial crisis in an interview with ET editor Srijana Mitra Das, published Thursday. Rogoff is a professor of Economics and Maurits C. Boas Chair of International Economics at Harvard University. From 2001–2003, he served as Chief Economist and Director of Research at the International Monetary Fund (IMF).
He was asked whether the current U.S. debt crisis and its potential default could “bring back the risks of a global recession.” Rugoff replied:
Absolutely. The risks exist anyway but if this worsens, it could pose a global financial crisis. I hope it won’t come to that — but it’s a very perilous situation and we are in unknown waters.
“Generally, when you navigate government spending, you consider one bill at a time. You look over all its details and then negotiate how to work these out,” he explained. However, he stressed that the Republicans are trying to get everything all at once, emphasizing that “No country runs its fiscal policy that way.”
He cautioned: “Typically, these negotiations do get resolved at midnight but there is a two to three percent chance at the moment here that we will discover what a U.S. default looks like.”
How the U.S. ‘Defaulted’ in the Past
Rogoff further detailed that the U.S. has “defaulted” in the past but “in a different way.” One example was in the early 1930s when American debt used to be payable in gold. President Franklin Roosevelt changed the gold price from to . “We defaulted on the gold clause while we paid the debt in dollars, which was worth a lot less,” the Harvard professor noted.
Another example was “after the Revolutionary War when the U.S. was forming,” the economics professor described. “Alexander Hamilton, the first secretary of the U.S. Treasury, only paid some of the inherited colonial debt,” Rugoff explained, adding:
We’ve also had high inflation recently — so, if you’re a U.S. debt holder, the value of your holding has reduced markedly in the last two years. That is a kind of default since you weren’t expecting the loss of value but it is much less disruptive than this situation which is like facing a black hole.
U.S. Treasury Secretary Janet Yellen has said that the Treasury may not be able to pay all of the government’s bills as early as June 1 “if Congress does not raise or suspend the debt limit before that time.” However, some believe that raising the debt ceiling will make the problem worse, including economist Peter Schiff.
Like Yellen, the Congressional Budget Office similarly warned that the government could default on its debt in the first two weeks of June. The IMF cautioned last week that a U.S. default would have “very serious repercussions.” Meanwhile, former President and 2024 presidential candidate Donald Trump has urged Republican lawmakers to let the U.S. default on its debt if the Democrats do not agree to spending cuts.
Do you agree with Harvard economics professor Kenneth Rugoff? Let us know in the comments section below.
Harvard University Stages Digital Currency Wars Crisis Simulation
n Harvard Universitys Digital Currency Wars simulation considers a hypothetical future crisis scenario involving a DPRK nuke purchase facilitated by a digital yuann
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Harvard Endowment Invested up to $12.65M in Blockstack Token Sale
Harvard’s .1 billion endowment fund has reportedly invested .65 million in Blockstack.
The New York-based blockchain toolmaker lately applied with the Securities and Exchange Commission (SEC) to raise million. The application submitted to the US securities regulator detailed the name of Blockstack’s advisory members. Among those names was Charlie Savaria, one of the recently appointed managing directors for the Harvard Management Company.
Mr. Savaria, according to the document, alongside other six advisory members purchased an aggregate of 95,833,333 BlockStack digitized equities, called Stack Tokens (STX). At the time of selling, the STX rate was .0132, meaning that Blockstack attracted as much as .65 million from its advisory board via the coin sale.
According to Anthony Pompliano, the co-founder of Morgan Creek Capital, Mr. Savaria could have at least invested million in the emerging blockchain venture. NewsBTC could not verify the amount at the time of this writing.
BREAKING: Harvard’s endowment invested M – M directly into Blockstack’s token sale.
This means that one of the leading university endowments is comfortable holding tokens directly.
THE VIRUS IS SPREADING
— Pomp
(@APompliano) April 11, 2019
Launched by computer scientists from Princeton University, BlockStack is developing a privacy-focused internet harnessing the underlying features of the blockchain technology. The startup already features 80 applications that do everything from managing work documents and offering subscription-based content services in a decentralized environment.
Blockchain raised million last year in a venture investment round from Union Square Ventures, Y Combinator, Lux Capital, Naval Ravikant, and others.
Blockchain Unfenced
Harvard’s alleged investment in a blockchain startup followed its capital injection into two cryptocurrency funds last year. The outlook proved the university was gradually increasing its stakes in the blockchain industry despite skepticism. First Round Capital, for instance, surveyed 529 startup founders last December. It found that 87 percent of the respondents did not believe blockchain will succeed.
“Projects based on the elimination of trust have failed to capture customers’ interest because trust is [actually] so damn valuable,” stated Kai Stinchcombe, the co-founder, and chief executive of True Link.
Nouriel Roubini, a US-based economist who rightly predicted the 2008 financial crisis, said the blockchain’s recordkeeping ledger was no better than an MS Excel sheets.
Why blockchain is the most useless and over-hyped technology ever. Not a single properly useful and working application after billions literally wasted on vaporware by a self-serving eco-system.
The Big Blockchain Lie by Nouriel Roubini @ProSyn https://t.co/nqC2FsJtPl
— Nouriel Roubini (@Nouriel) January 10, 2019
The criticism was not able to put fences around the blockchain, anyway. The world kept taking notice of the technology’s trend, leading tech companies like IBM and Intel launching new projects in the space. Even banks like JP Morgan, that were once critical of Bitcoin, an open-source, decentralized payment protocol system based on the blockchain, announced their services powered by a similar tech – albeit closed-source.
Harvard’s alleged investment proved that investors were beginning to look beyond criticism and make the most out of the so-called blockchain frenzy.
Blockchain-Not-Bitcoin
Does the Blockstack funding round mean anything to bitcoin? Not in near-term at least.
The startup’s crowdfunding does not hold any promises to the most dominant asset in the cryptocurrency world. It is a straightforward fundraiser that focuses on raising capital so a startup could create its products and distribute its earnings among the stakeholders – the ones with the proof-of-ownership of STX tokens. Bitcoin does not get a mention anywhere.
Nevertheless, the report helps in making a case for Bitcoin’s long-term potential in the industry. It allows institutional investors to study its underlying technology and make their investment decisions accordingly.
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Crypto Tidbits: Harvard Goes Crypto, China Bitcoin Mining ‘Ban’, Bakkt Nears
Another week, another round of Crypto Tidbits. While the Bitcoin price actually stagnated over the past week, falling from ,450 to ,000, the underlying industry was as active as ever. Over the past seven days, Harvard formally invested in a crypto asset (not just an industry project), Bakkt moved closer to launch with a key hire, and more news was released regarding Facebook’s blockchain division.
Related Reading: Crypto Tidbits: Bitcoin Passes ,000, SEC Doubles-Down On Crypto, Binance DEX Nears
Crypto Tidbits
- Tim Draper Looks To Invest In Facebook’s Crypto Amid Search For Billion: Over recent months, Facebook has been quietly bolstering its efforts in the cryptocurrency space. And the social media giant is purportedly looking to continue their foray. Per Nathaniel Popper, the New York Times’ resident Bitcoin and crypto reporter, Facebook’s primarily Palo Alto-based blockchain arm is looking for venture capital partners to contribute billion+. Tim Draper, a Bitcoin-friendly Silicon Valley investor, seemingly confirmed these rumors, telling Bloomberg that he intends to see if Facebook’s venture is “a good fit” for his portfolio. This comes ahead of the company’s purported intent to launch a stablecoin-esque digital asset centered around WhatsApp in the coming three to four months.
- China Looks To ‘Ban’ Bitcoin Mining: Early last week, a governmental committee in China, the National Development and Reform Commission (NDRC), released an updated list of activities it is looking to restrict. Interestingly, out of the 450-odd articles, Bitcoin and cryptocurrency mining was mentioned. The NDRC hinted that it sees this industry as potentially illegal, unsafe, or a detriment to China’s environment and energy grid (which is weird considering that underutilized hydropower is Chinese miners’ go-to medium to power their Bitcoin ASICs). While some claimed that this would kill Bitcoin, as China is a hub for mining and ASIC creation, many pundits aren’t so worried. Some cryptocurrency enthusiasts claimed that either the restrictions would fail or that the ‘ban’ may take years, if not decades to come into full effect. So don’t worry too much.
- Harvard’s Billion Endowment Dives Into Crypto With Blockstack ICO: Harvard University, one of the world’s most well-regarded educational institutions, has finally purchased its first crypto assets directly. According to Bloomberg, which cited a recent filing to the U.S. Securities and Exchange Commission (SEC), the university’s endowment and two other investors purchased 95.8 million Blockstack Tokens, valued at .5 million. Blockstack is expected to be the first industry firm to have a token sale approved by the SEC’s “regulation A+ framework.” This news follows rumors that the school’s billion endowment siphoned money into blockchain project funds, not Bitcoin or other digital assets themselves.
- IMF’s Lagarde Warns Crippling Potential Of Bitcoin And Other Cryptocurrencies: At a recent event, Christine Lagarde, the chairwoman of the International Monetary Fund (IMF) told CNBC that she is worried about the threat that Bitcoin and other cryptocurrencies pose to traditional banking.
- Bakkt Snags a PayPal, Google Staffer As New Exec: Bakkt, the cryptocurrency initiative spawned by NYSE owner Intercontinental Exchange, recently picked up another technology expert in its ongoing hiring spree. The Atlanta-based platform picked up Mike Blandia, a former employee and engineer at both Google and PayPal, as its new Chief Product Officer. Just recently, Bakkt also signed former executives and employees of Youtube, CBOE, and Barclays.
- Binance May Delist Bitcoin SV: Over the past week, the debate around Australian coder Craig Wright rapidly heated up. It got to a point where Wright and Co. looked into serving the creator of the Lightning Network initiative with a lawsuit, sparking a widespread backlash. Binance chief executive Changpeng Zhao jumped in on the action recently, taking to Twitter to claim that if this “s*it” continues, he would consider delisting Bitcoin SV (BSV), which is Wright’s favorite iteration of the Bitcoin protocol. It isn’t clear if Zhao intends to follow through, but his impassioned tweet on the subject matter has garnered over 12,000 likes as of press time.
Some personal news https://t.co/QROpTd7CFC
— Dan Romero (@dwr) April 12, 2019
- Coinbase Loses Key Executive Amid Crypto Winter: It seems Crypto Winter has hit Coinbase a bit hard. In a recent Medium blog post, Dan Romero, a long-standing vice-president at the billion American startup, revealed that he would be leaving Coinbase after a five-year tenure. An explicit reason was not divulged, but Romero did mention that he still believes in Bitcoin, crypto, and most importantly, Coinbase. The industry entrepreneur added that he will be taking a hiatus, as he considers his next steps. This comes just weeks after Coinbase lost Christine Sandler and Adam White, who migrated to Fidelity Investments’ Bitcoin division and Bakkt respectively.
Featured Image from Shutterstock
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ConsenSys is Partnering With Harvard: a Big Milestone For Ethereum in the US?
Blockchain tech firm and startup incubator ConsenSys will be collaborating with the likes of Harvard University, self-proclaimed “think tank” New America, and iconic denim brand Levi Strauss & Co. on a new initiative to bring Ethereum-based blockchain technology into the workplace in an effort to improve the overall health and safety of workers.
The news could also potentially further legitimize Ethereum in the United States by being at the center of the collaboration.
Harvard’s Workforce Well-Being Program Partners With Levi’s and ConsenSys
ConsenSys, an Ethereum-focused blockchain firm that’s struggled during the current bear market, is partnering with San Francisco-based American clothing brand Levi Strauss & Co., New America, and the Harvard T.H. Chan School of Public Health on an initiative that uses blockchain to provide additional transparency into the health and work conditions of the employees working for Levi Strauss.
The project, funded by a grant from the U.S. State Department, will host a survey on the Ethereum blockchain that will help executives evaluate the work environment at factories operated by the clothing brand. Workers will be required to self-report annually, providing valuable insight to Levi Strauss. The survey will be rolled out to three of Levi’s factories in Mexico and serve some 5,000 employees, according to Reuters.
Related Reading | ConsenSys and Amazon to Launch Ethereum Marketplace for Enterprise Blockchain
The survey itself was developed by Harvard’s public health school that focuses on “sustainability and health” for the benefit of both businesses and their employees, while the blockchain tech will be provided by the Joseph Lubin-led ConsenSys.
The collaboration was first revealed by Lubin in a tweet, explaining that the goal of the project is to “replace outside auditors” at factories, helping save money, increase transparency, and to gain invaluable insight into the work conditions of factory workers. The inclusion of blockchain technology and Ethereum’s immutable ledger ensures the results of the survey cannot be tampered with.
Ethereum Gets a Vote of Confidence By Harvard and Major US Corp
Ethereum has taken a beating during the current bear market, falling as much as 94% from its all-time high of nearly ,400 before rebounding to current prices. It’s caused many to question the long-term validity of Ethereum as a platform for smart contracts, however, Ethereum has merely been a victim of the fallout from the initial coin offering boom.
Using the ERC-20 standard, companies began launching new tokens on Ethereum’s blockchain via initial coin offerings en masse, accepting Ethereum in exchange for the new token. However, when the market turned ICO treasuries began liquidating their holdings in order to fund future operations alongside scorn investors panic selling, causing a snowball effect in Ethereum’s price decline.
Related Reading | Research Reveals Interesting Results On ICO Related Ethereum Price Swings
However, this new partnership with one of the world’s most prestigious universities, a major U.S. clothing brand known for its iconic jeans, and having received funding from the U.S. State Department shows that Ethereum’s base technology is just as legitimate as ever.
The vote of confidence and major milestone for the number three cryptocurrency by market cap should spark new interest in Ethereum, both as an asset to invest in, as well as a technology with untapped potential and well-deserved merit.
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Harvard Economist Bitcoins Future Value More Likely to Be $100 Than $100K
n Former chief economist of the IMF and Harvard University professor Kenneth Rogoff has characterized Bitcoin as a lottery ticketn
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Harvard Professor Says Bitcoin Price Will Go to $100, Flawed Logic
Speculating on the Bitcoin price is an interesting yet somewhat futile exercise. Harvard economist Kenneth Rogoff has always been bearish on Bitcoin. His most recent prediction puts the bitcoin price at 0 in the next decade. While such a bearish attitude is not new, it is useless an inaccurate prediction.
Kenneth Rogoff is Wrong
Although financial experts should know better than the rest of us, they are not always correct. While one can argue the value of bitcoin is taking a huge beating, too much bearish expectation is not a logical outcome either. Right now, it seems as if most of the Bitcoin price decline is over, although this market is always subject to volatility and speculation. That will continue to affect the price in a rather negative manner for quite some time to come.
According to Kenneth Rogoff, the valueo f bitcoin will continue to decline. In his opinion, the value per BTC will drop to 0 in the next ten years. An interesting statement, although one that is very difficult to back up with solid evidence. After all, there is no indicator things will effectively come to a head in such dramatic fashion. The current downtrend is already quite steep, but it will end sooner rather than later.
A continual decline in the bitcoin price is simply not feasible. The demand for Bitcoin has not slowed down in the slightest. The Bitcoin Dominance Index is still on the rise as well. Although that latter metric is not a perfect indicator, it does tell a story of its own. Right now, Bitcoin is the overly dominant cryptocurrency in the industry and strengthening its position.
The Future of Bitcoin Looks Pretty Good
Once we see the technical developments come to market for Bitcoin, things can only improve. With proper scaling solutions, micropayments, and so forth, the future has never looked better for Bitcoin. At the same time, we see an increased rate of adoption in some countries.
There are also the Bitcoin futures contracts to keep in mind. While they may not have made much of an impact so far, things are still improving. The overall futures trading volume is picking up, confirming the growing interest in Bitcoin by institutional investors. It seems Kenneth Rogoff has not taken those factors into account when making his prediction.
Kenneth Rogoff also considers Bitcoin as a money laundering tool first and foremost It is evident there is a lot of misinformation in that statement. Bitcoin is not liquid enough to facilitate large-scale money laundering. Additionally, Bitcoin lacks privacy and anonymity in every way imaginable. There is no reason to use it for crime, as you simply cannot hide your tracks. Financial experts such as Kenneth Rogoff should know better than stating half-truths in this regard.
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