Reading Time: 4 minutes

Rehashed #39 – Despite Drawdowns, Investor Appetite Remains Steady

2019: The professionalisation of crypto?

Bitwise is an asset manager focussed on crypto index and beta funds, largely catering to an institutional audience: pensions, endowments, foundations, multifamily offices, single-family offices, and financial advisors. The firm recently released results of a survey generated from more than 150 financial advisors (FAs), asking a series of questions on cryptoassets and their use in client portfolios.

The financial advisors surveyed are institutions ranging from independent Registered Investment Advisors (RIAs) to broker- dealer representatives, financial planners and wirehouse representatives. The results of the survey are important because they reflect prevailing sentiment in the market. Institutional sentiment is particularly influential because a very small portfolio allocation to cryptoassets from funds of significant size can create momentous inflows to the asset class. The institutions surveyed were no small fry; 30% of respondents reported more than $100 million in assets under management (AUM).

Despite 80-90% drawdowns across the asset class in 2018, client interest in cryptoassets was not dissuaded; 79% of financial advisors reported fielding questions about crypto from clients. Heightened inquisitiveness was for good reason; historical returns have shown that Bitcoin and the wider cryptoasset class offers diversification that can elevate a portfolio’s risk-reward profile. Cryptoassets have a low correlation to traditional asset classes and Bitcoin has demonstrated attractive risk-adjusted returns. Increasing pressure from clients coupled with institutional acceptance may just see 2019 as the year that crypto truly “professionalises.”

Valuation, volatility and regulation cited as concerns

The attribute that most attracted financial advisors to the idea of adding cryptoassets to client portfolios was the low or non-correlated nature of crypto returns compared with traditional asset classes. In total, 42% of all advisors surveyed highlighted this feature as an attractive benefit of investing in crypto. The next most positively cited attribute was the “high potential returns” of cryptoassets (28%), followed by “clients are asking for it” (21%) and “something new to offer clients” (21%). 22% of surveyed advisors could find nothing attractive about cryptoassets at all.

Advisors highlighted a wide variety of issues when asked, “What is preventing you from either increasing your investment in cryptoassets or making your first allocation?” The most popular response was “no idea how to value cryptocurrencies,” (43%), followed by “regulatory concerns” (42%) and “too volatile” (38%). Misinformed concerns, including worries that “cryptoassets are associated with criminal activity,” elicited few responses, showing that the market is savvying up.

Institutional sentiment net positive

Although there was no lack of enquiry, only 9% of surveyed advisors currently manage an allocation to crypto in client portfolios. Of these advisors, there was a strong link with personal ownership of crypto. 62% of advisors with client assets invested in crypto also had personal investments in crypto. The majority of these FAs intended to continue to maintain/increase exposure over the next 12 months; only one advisor intended to decrease its clients’ allocation.

Of those advisors who didn’t have any exposure to crypto, 14% intend to increase their allocation in 2019, suggesting an intent to open up an allocation for clients this year. Combined with those FAs already exposed to crypto, overall, 22% of surveyed advisors plan to allocate to crypto in 2019.

“Advisors tell us that they are getting inbound questions from clients, that they need ways to connect with a younger generation of clients, and that clients are investing in crypto outside of their advisory relationship anyway”  – Matt Hougan, Bitwise Head of Research

As for future price movement? The jury is split. 55% of surveyed advisors expect the price of bitcoin to appreciate over the next 5 years, with the mean price target for December 31, 2023, sitting at $17,571.

 

In the News

The SFOX Multi-Factor Market Index has swung from moderately bearish entering 2019 to moderately bullish entering February. The index is a proprietary model that looks at quantifiable market factors such as volatility, market sentiment/news coverage, adoption, etc. Looking into February, the broker sees CBOE and CME futures expiration dates (Feb. 13 and 22, respectively) and the Ethereum Constantinople hard fork around Feb. 27 as events that could drive volatility indices during the coming month.

The UK Financial Conduct Authority (FCA) has begun the process of defining which cryptoassets it will be regulating by opening a consultation on the “small but growing market,” which poses “substantial risks to consumers.”

Researchers are scrambling to make sense of the QuadrigaCX story by analyzing blockchain data.

Asia markets overall will be relatively quiet going into February as many Asian countries and celebrate Lunar New Year, with the celebration lasting up to 3 to 4 weeks.

Republic Crypto just released a comprehensive overview of token distribution methods known as airdrops.

Google is developing tools that are supposed to make blockchain transaction data searchable, starting with Bitcoin, Ethereum, and XRP.

Upcoming Events

Ethereum Constantinople hard fork – Feb 27

 

As always, thanks for joining – see you next week for Rehashed.

Freddie Archibald

 

View previous issue: Rehashed #38 – JP Morgan Crypto Report Recap: The Good, the Bad and the Ugly


About the author:

Capital markets to crypto convert. From Christchurch →  Boston → New York, Freddie became intrigued by the potential of the digital asset economy after plucking a book on Bitcoin off a New York library bookshelf in 2016. Her parents are thrilled that she is chasing magic money on the internet.

 

Disclaimer:  The above references an opinion and is for informational purposes only. The opinions expressed by the author do not represent the opinion of BitPrime.

Reading Time: 4 minutes

Rehashed #38 – JP Morgan Crypto Report Recap: The Good, the Bad, and the Ugly

Last week, JP Morgan’s Global Research team published a report revisiting adoption, performance and challenges in crypto. Of note is the report’s estimation of an intrinsic value for Bitcoin, based on the marginal cost of production. Based on 4Q18 production costs for miners with low cost electricity, the report assessed Bitcoin’s cost support at $2400/BTC and could fall to $1,260/BTC if the bear market persists. These projections suggest that the market has the bandwidth for a further 30-60% fall in prices, which aligns with some fundamental and technical indicators.

The Good: Bitcoin confirms low correlation with traditional assets

Bitcoin’s correlation over the past year with all other markets has been close to zero, which would seem to position it better than the yen or gold for hedging purposes. Further, Bitcoin’s co-movement with some markets like US equities and Emerging Market bonds has risen slightly over the past year but remains quite low. It must be noted, however, that low correlations have little value if the hedge asset itself is in a bear market. JP Morgan notes that during the S&P 500’s 10 worst months of the past 5 years, Bitcoin has only rallied twice. In six other instances, its losses were often multiples of those in equities. Thus, the report reasons that perhaps crypto would only be of any value in a “dystopian scenario” where investors lost faith in gold, the dollar and the global payments system.

The chart below depicts the correlation between bitcoin and major asset classes, including conventional hedges (Treasuries, TIPS, gold, yen) to highlight cryptocurrencies’ diversification value.

Source: J.P. Morgan, Bloomberg

The Bad: Institutional adoption expectations revised

Aside from venture capital, financial institutions e.g. pension funds and asset managers have largely stayed clear of crypto, with most worried about volatility, security flaws and regulation. Lack of institutional participation is marked by the deterioration of trading volumes and liquidity, with a collapse in daily median transaction sizes to only $130 from a peak of around $5,000 in early 2018. Futures volumes as a proportion of trading volumes on bitcoin exchanges has declined to below 1%, the lowest level since the beginning of the year and well below the 10% high seen in the summer of 2018.

Despite the current lack of interest from institutions, there are still signs of progress. Fidelity launches their custodial solution next month and product development at ICE/Bakkt and Nasdaq should further advance trading and infrastructure over the next couple of years.

The Ugly: Retail acceptance of cryptocurrency remains challenged

Crypto continues to suffer from limited merchant acceptance. Many of the major merchants that accepted cryptocurrency payments a year ago continue to do so (Microsoft, Overstock, etc.), however many operators (Expedia, OKCupid) have discontinued crypto acceptance, largely due to transaction complexity and currency volatility.

The most significant loss was payment processor Stripe who stopped accepting Bitcoin in April 2018. According to a blog post written by Stripe product manager Tom Karlo, “Bitcoin has evolved to become better-suited to being an asset than being a means of exchange,” due to currency volatility and high transaction failure rates. Perhaps developments in the Lightning Network will help mitigate such challenges; in BTC Lightning payments tested this week, 122 participants made individual payments totalling 1.6 BTC (~$5,500) in 36 countries for a grand total fee of $.018.

2018 wasn’t a complete dud

Despite increasing skepticism from JP Morgan and the persistent price correction, there are many promising metrics out that suggest crypto should not be completely disparaged. Total value processed on the bitcoin network continues to make gains with $3.2 trillion processed on Bitcoin in 2018, up from $375 billion in 2017. Bitcoin continues to see high demand in emerging economies; last week saw near all-time high peer-to-peer trading volumes in Colombia, Mexico, Dominican Republic, Venezuela, Nigeria, Peru, Russia, Ukraine, Morocco, and Kazakhstan among others. Lastly, Bitcoin mining increases demand for the cheapest electricity available; BTC currently uses ~80% renewable energy. China curtailed roughly 80TWh of wind/solar/hydro energy in 2017 due to overproduction- enough electricity to power New Zealand for 5 years. This will remain a big opportunity for miners to harness.

 

 

In the News

CEO of Twitter and Square, Jack Dorsey, reiterated his conviction in Bitcoin.

In a letter to its customers, crypto-exchange QuadrigaCX stated its efforts to locate the exchange’s cold wallets have failed after the CEO and founder died in December 2018. Such an event cautions against keeping crypto on exchanges and stresses the importance of holding onto one’s own private keys.

A recent report by the Bank for International Settlements’ (BIS) Principal Economist, Raphael Auer, discusses the unsustainable economics of Bitcoin’s proof of work and concludes that it is destined to fail.

Wrapped BTC, a new Ethereum-based token whose value is backed one-to-one with Bitcoin, is now live.

Nasdaq is now working with 7 crypto exchanges, who are leveraging their trade surveillance technology.

 

As always, thanks for joining – see you next week for Rehashed.

Freddie Archibald

 

View previous issue: Rehashed #37 – Bitcoin and Lightning Network Pairing Emerge as Effective Payment & Settlement Solution


About the author:

Capital markets to crypto convert. From Christchurch →  Boston → New York, Freddie became intrigued by the potential of the digital asset economy after plucking a book on Bitcoin off a New York library bookshelf in 2016. Her parents are thrilled that she is chasing magic money on the internet.

 

Disclaimer:  The above references an opinion and is for informational purposes only. The opinions expressed by the author do not represent the opinion of BitPrime.

Reading Time: 3 minutes

Rehashed #37 – Bitcoin Lightning Network Emerging as Effective Payment & Settlement Solution

Bitcoin as a robust settlements layer

Despite crypto’s steep price demise in 2018, Bitcoin continues to make positive inroads as a unit of account, store of value and medium of exchange. In 2018, Bitcoin’s base layer handled (USD) $1.3 trillion of transactions, double that of Paypal, and within an order of magnitude that of Visa ($8 trillion annual transaction volume). This boils down to around $1-2 billion of daily economic activity on the Bitcoin network- a non-trivial amount.

The large difference between Bitcoin and payments giant Visa is the rate of transactions. Bitcoin sceptics are quick to hone in on the fact that bitcoin’s throughput is relatively low compared to Visa (~7 transactions per second (tps) for bitcoin vs. 1700 tps for Visa). However, it’s comparing apples and oranges. Due to the network’s ability to encode multiple outputs per transaction,  bitcoin operates as an incredibly effective settlements layer.

Bitcoin’s base layer provides instant settlement for large value transactions. The average bitcoin transaction size currently sits at (USD) ~$6k, an enormous amount compared to credit card purchases of (USD) $66 and debit card purchases average (USD) $42. Functionally, bitcoin is used to settle huge transactions between large economic entities. This data would suggest that Bitcoin is currently operating an effective settlements layer but is not yet competing on a payments level where the average cash transaction is (USD) $17. Enter Lightning.

Bitcoin Lightning Network gains traction as a payments solution

The Bitcoin Lightning Network (LN) is a second layer payment protocol with multi-directional channels, enabling fast and ‘fee-less’ transactions using bitcoin. The basic premise is that not all transactions, particularly micropayments, are necessary to be written on the Bitcoin’s blockchain. The features of LN make it ideally suited for day-to-day microtransactions such as purchasing a cup of coffee. The LN achieves this by using payment channels to facilitate microtransactions “off-chain”, which settle on the Bitcoin blockchain once the channel is closed. Even if there were 1000 payments back and forth, the blockchain will only show two transactions – one for opening the payment channel and depositing money and one for closing it and settling the bill. Because the micropayments occur off-chain, all of the transactions in between are feeless and instant.

This year, we may see Lightning prompt broad adoption; Arjun Balaji notes that the Lightning Network has undergone a monumental infrastructure shift and is primed for accelerated product development and liquidity heading into 2019. Since Lightning Labs launched the main-net in March 2018, the metrics surrounding LN have continued to grow.

Source: ARK Invest

Although Bitcoin’s daily transaction count has been directionally positive, with number of transactions currently closing in on peak January 2018 levels, it’s rather futile to compare the rate of transactions between Bitcoin and an established payments entity such as Visa. Metrics such as number of transactions and number of transactions per second are likely to be far more applicable to LN. LN, coupled with bitcoin network as the base settlements layer, is increasingly likely to provide an alternate decentralised solution for value transfer in our everyday economy.

 

 

In the News

Last week, core Ethereum devs announced that the Constantinople hard fork would be delayed until late February after the discovery a security flaw that would have permitted malicious actors to steal individual user funds. The delay effectively killed the speculative momentum that had been building for ETH since late December.

Bitcoin volume in South America has recently been hitting all-time-highs.

Cryptopia has been the latest exchange to suffer from a major hack on January 14 resulting in losses of over $3 million. The incident is now under local police investigation and Cryptopia remains offline a week later. Exchange hacks currently total more than (USD) $1.1B.

There are at least six different business models for mining cryptocurrency, although only five appear to be profitable.

See who’s left, who’s joined, and who almost joined Coinbase, perhaps the most influential company in the industry, over the past 12 months.

 

As always, thanks for joining – see you next week for Rehashed.

Freddie Archibald

 

View previous issue: Rehashed #36 – Bitcoin Rolling Returns Grow with the Passage of Time


About the author:

Capital markets to crypto convert. From Christchurch →  Boston → New York, Freddie became intrigued by the potential of the digital asset economy after plucking a book on Bitcoin off a New York library bookshelf in 2016. Her parents are thrilled that she is chasing magic money on the internet.

 

Disclaimer:  The above references an opinion and is for informational purposes only. The opinions expressed by the author do not represent the opinion of BitPrime.

Reading Time: 3 minutes

Rehashed #36 – Bitcoin Rolling Returns Grow with the Passage of Time

Analyzing rolling returns

The recent market has many people in a panic. And rightly so – at times, it’s been a stomach-drop inducing rollercoaster. It’s times like this that it’s important to take a step back and return to rational evaluation.

Mr. Market is driven by the inherent human emotions of fear and greed; investors are constantly entering and exiting traditional asset classes. However, it has been widely shown that, over time, a broad market index like the S&P 500 makes for a very good investment. The same analysis applied to bitcoin suggests similar findings. The following chart depicts a variation of rolling returns. Rolling returns look at set time periods (e.g. six-months, two-years)- beginning anew each month over the historical time frame selected. Depicted below are the average returns for various periods of time whereby returns are marked on the last day of the month.

Raw data sourced from coinmetrics.io

Such analysis suggests that if bitcoin is held for a period of 2 years, there is an 86% likelihood that an investor will have a positive return. Bitcoin is one of the most volatile assets that an investor can gain exposure to, however the longer your time horizon, the more volatility gets hedged out.

Furthermore, rolling returns can provide insight into how the market performs over both good and bad times.

Raw data sourced from coinmetrics.io

Although bitcoin suffers from extremely large drawdowns, the upside can be astronomical. Such positive returns did coincide with the stock market’s biggest bull run in history and could be spurred by the search for yield under a prolonged period of quantitative easing. Additionally, note that this analysis is based on limited data points because of the relatively short lifespan of bitcoin to-date. Although the longest standing digital asset – bitcoin is only ten years old, celebrating its tenth birthday on Oct. 31 last year.

The crypto layoffs continue

‘Staff adjustments’ are underway at several flagship crypto companies. Bitmain is the latest company caught in the crossfire, cutting all non-essential business units. Reports in China have indicated that Bitmain layoffs are likely to be as high as 85%. Furthermore, there is rampant speculation that Bitmain’s Jihan Wu and Ketuan Zhan are both to step down from their head positions at the company. This news follows reports that many other prominent crypto companies are downsizing; Consensys is streamlining its business and reducing headcount of its 1000+ employees and Shapeshift and Blockfolio have recently announced staff layoffs amidst the crypto winter.

 

In the News

An informative thread on how to navigate crypto-tax in New Zealand.

Ethereum Classic ($ETC) was 51% attacked. Markets basically ignored the event; ETC only dipped 7% after getting attacked. Full explanation of the consequences of a 51% attack on this thread.

The Giles Juanes Yellow Vests protests in France hit headlines this week. The movement’s latest demonstration called on supporters to withdraw their savings from financial institutions on January 12.

Crypto index fund provider Bitwise has applied with the SEC to offer a new Bitcoin ETF. According to the registration filing, the product plans to track the Bitwise Bitcoin Total Return Index, which tracks BTC prices across multiple exchanges. Bitwise would require physical Bitcoin to be held with regulated third-party custodians.

Sweden’s central bank predicts that the nation will “probably become cashless in 3-5 years.

 

As always, thanks for joining – see you next week for Rehashed.

Freddie Archibald

 

View previous issue: Rehashed – #35 Crypto Market Cycles: Revisiting the Fundamentals


About the author:

Capital markets to crypto convert. From Christchurch →  Boston → New York, Freddie became intrigued by the potential of the digital asset economy after plucking a book on Bitcoin off a New York library bookshelf in 2016. Her parents are thrilled that she is chasing magic money on the internet.

 

Disclaimer:  The above references an opinion and is for informational purposes only. The opinions expressed by the author do not represent the opinion of BitPrime.

Reading Time: 4 minutes

Rehashed #35 – Crypto Market Cycles: Revisiting the Fundamentals

NVT signal begins to normalise

The network value to transaction ratio (NVT ratio) has typically been a good barometer for tracking market movement. NVT signal is a very slight variation of the NVT ratio whereby a cryptoasset’s network value is divided by the 90-day moving average of daily on-chain transaction value (rather than simply daily on-chain transaction value for NVT).

Source: Woonomics

The NVT ratio of bitcoin (brown line) has historically shown a very tight correlation between the value transmitted by the chain (on chain volume) and network value (market cap). For bitcoin, anything above 120 would indicate the overbought zone and below 50, oversold.

For the past 6 months, the NVT signal has been in inflated territories, consistently above the 120 level, indicating that transaction volumes, (or lack of), did not justify bitcoin’s price. However, for the first time in months, due to a combination of increased transaction volume and price reconciliation, the past week has seen the NVT signal begin to normalize.

Another important leading indicator is bitcoin network momentum. Based on the simple premise that volumes are tied to price movement, bitcoin network momentum is simply the analysis of on-chain transaction volumes. Instead of measuring volume in USD adopted by NVT signal, the momentum indicator uses the bitcoin daily volume, measured in bitcoin.

Source: Woonomics

Bitcoin network momentum suggests that there needs to be a period of gathering momentum in transaction volumes, before the next bull market can take place. A period of declining volume usually coincides with the early stages of a bear market, with gathering momentum suggesting that the next bull market is around the corner.

Current data shows that bitcoin volumes have most likely bottomed out. Growth in bitcoin volume or “momentum” would suggest that we are entering the late stages of the bear market. Historical data points indicate that a return to 200,000+ BTC daily volume would indicate that we are in the throngs of a revitalized bull market.

Although NVT and momentum as trading signals are still experimental, they can be helpful in framing stages of market cycles and where might currently lie within those cycles.

The bigger the binge, the heavier the hangover

As noted a couple of weeks ago, the length and drawdown severity of past bear market cycles suggest that there is still sideways chop to come. A bear market is defined as when the 200-day moving average is above the spot price of bitcoin. By this definition we have been in a bear market since March, lasting approximately 270 days thus far, with an 82% drawdown from bitcoin’s all time high (ATH). Based on the fact that the past two major bear markets resulted in an 87% decline from ATHs over 429 days in 2014/15 and 94% decline from ATHs over 275 days in 2011/12, we may be nearing the late stages of the bear market but are not completely out of the woods yet.

Furthermore, the market is still highly correlated; one look at SIFR data’s correlation matrix shows that the wider crypto market still largely trades in lockstep with bitcoin. We have many altcoins of questionable value still trading at ridiculous levels and projects with large amounts of supply locked up still trading at over-inflated valuations. For example, based on the total supply of XRP, Ripple is still trading as a $40 billion network/company, 60% of which, is still owned by Ripple as a central entity. This is more than the value of U.S. airlines, Delta and Southwest Airlines; companies with real cash flows and clear demand. I’m still looking for total capitulation in some tokens and valuations to consolidate to rational levels. Until we see a flight to quality, we are unlikely to see upward momentum.

Based on the above reasoning and the fundamental indicators, it’s likely that we are at least two-thirds of the way through the correction. That said, downbeat sentiment and periods of 70-90% drawdowns from euphoric highs have historically presented strong buying opportunities for bitcoin and the cryptoasset space as a whole.

For an indication of the end of a full market detox, I will be looking for the NVT ratio to continue to consolidate, gathering momentum in bitcoin transaction volumes and a flight to quality amongst cryptoassets. It’s worth noting that once the bull market comes knocking, it’s highly unlikely that we will be flying up the curve. 2019 is likely to see a slow, emphasis slow grind upward.

 

In the News

The SEC is going after violators (including Floyd Mayweather and DJ Khaled) who flouted regulations pertaining to securities offerings in the ICO craze of 2017-18.

Google’s trend explorer reveals the weekly number of worldwide searches for the keyword “bitcoin” has reached levels not seen since April.

CoinShares estimates that 77.6% of bitcoin mining uses renewable energy.

Although his firm, Galaxy Digital has lost over $136 million this year, Mike Novogratz remains bullish in the long term, “I fundamentally think you’re going to see big adaption in 2019, 2020“.

A crypto ETF approval won’t happen until market manipulation stops; in his speech at Consensus: Invest, SEC Chairman, Jay Clayton, made it clear what roadblocks the market needs to clear before an ETF will get approved.

Everything you need to know about Crypto in 2019 from Bloomberg.

 

Upcoming Dates

29 December – Deadline for VanEck SolidX ETF (can be extended to final deadline of Feb 27, 2019)

 

As always, thanks for joining – see you next week for Rehashed.

Freddie Archibald

 

View previous issue: Rehashed – #34 Millennials and Mobile Bankers Leading Crypto-Adoption


About the author:

Capital markets to crypto convert. From Christchurch →  Boston → New York, Freddie became intrigued by the potential of the digital asset economy after plucking a book on Bitcoin off a New York library bookshelf in 2016. Her parents are thrilled that she is chasing magic money on the internet.

 

Disclaimer:  The above references an opinion and is for informational purposes only. The opinions expressed by the author do not represent the opinion of BitPrime.

Reading Time: 4 minutes

Rehashed #34 – Millennials and Mobile Bankers Leading Crypto-Adoption

A quick note on the sell-off

The recent market bloodbath saw bitcoin break its month-long volatility drought and fall through some important psychological price floors. The media and crypto-twitter have been quick to attribute the price movement to the BCH hard fork. However, I’m not so convinced. As covered a couple of weeks ago, broad cyclical price movements have pointed to a continuing bear market for a while. Although historical analysis suggests that we are likely to have 3-9 months of downwards chop ahead of us, these are not bad entry levels to start playing the accumulation game. As Chris Burniske reiterated this week, the narrative has not changed (even if Mr. Market has); bitcoin still has the most reliable monetary policy of any asset in the world. The most prudent move is to keep calm and carry on.

Millennials embrace digital disruption

As millennials (loosely defined as those between the ages of 21 and 35) are moving into their prime income years, it is important to discern how they may impact the investment market in the coming decades. From the silent generation investing in gold to baby boomers investing in equities to Gen X-ers having an affinity for hedge funds – each generation seemed to prefer a different investment product. Data is emerging that millennials are increasingly investing in the cryptoasset space. Such an interest is primarily driven by a recognition of the current system’s failings, technological savviness and a higher risk appetite.

We live in a rapidly developing world with each generation living through various innovations. The baby boomers witnessed the invention of cell phones and computer infrastructure; Gen X saw early software development and the early makings of the internet. Now, we are witnessing the explosion of several innovations occurring at the same time- artificial intelligence, alternative energy (electric vehicles), gene-editing, robotics and blockchain technology. Millennials have been at the forefront of our increasingly techno-centric society, and as such, have been more eager to embrace disruptive technologies. Secondly, as a relatively young demographic, millennials are likely to possess a much higher risk appetite than baby boomers/Gen X-ers, and thus more likely to bet on speculative assets. Recent data supports this sentiment. A study by Edelman found that 25% of millennials say they’re holding or using cryptocurrency and another 31% say they’re interested in using it.

The generally positive sentiment towards cryptoassets shown by millennials coupled with growing disposable income may drive widespread crypto-adoption. The median millennial age is 26.5 years, which means that millennials are still yet to hit prime income years and will soon dominate the labour force market share. New Zealand millennials currently account for 34% of New Zealand’s labour force and by 2020 would be the majority. This is likely to result in increased disposable income to delegate towards cryptoasset investment.

Mobile banking as a gateway

“Mobile bankers” refers to those who use their smartphone, tablet or wearable to bank “on-the-go” and are a subset who are more likely to see the value of crypto. In a survey conducted from 15,000 people, ING research found that 31% of mobile bankers expected to own some cryptocurrency compared to 13% of non-mobile bankers. Furthermore, 40% of mobile bankers believe that cryptocurrency is the future of online spending (as opposed to 22% of non-mobile bankers). As interaction with cryptoassets requires a base level of technical knowledge, it makes sense that those familiar with digital banking are more open to the use of cryptoassets. Mobile banking may be a good gateway to slowly familiarize and integrate new users with the operational intricacies of trading, moving and custodying cryptoassets.

 

In the News

In a landmark ruling, the Securities and Exchange Commission (SEC) on Friday settled charges against two ICO issuers, Airfox (raised $15 million) and Paragon Coin (raised $12 million) for launching unregistered coin offerings. The regulator contended that neither startup registered their ICOs as securities offerings, and neither qualified for registration exemptions. In addition to registering their tokens as securities, both companies will refund investors, file periodic reports to the SEC and pay $250,000 apiece in penalties. This ruling is likely to guide future enforcement and could open up all sorts of contentions and investor claims to ICO treasuries, which we will revisit next week.

Presumably, under pressure from the U.S. Government, the Belgium-based Society for Worldwide Interbank Financial Telecommunication, better known as SWIFT, cut off Iranian banks and other Iranian financial institutions from access to the SWIFT network. Iran is responding with a rial-pegged digital currency that it plans to use as a token and as a payment instrument.

In a speech at the Singapore Fintech Festival, Christine Lagarde, head of the International Monetary Fund, proposed the idea of releasing a digital currency.

Over the past 12 months, the number of global bitcoin ATMs grew 360% from ~860 in November 2017 to over 3,900 in November 2018.

As Venezuela is in the grip of hyperinflation, a large local Wal-Mart-like department store has started to accept bitcoin for goods.

Chinese mining giant Bitmain is suing an anonymous hacker that allegedly stole (USD) $5.5 million in cryptocurrency last April from the company’s account on the digital exchange Binance.

 

Upcoming Dates

29 December – Deadline for VanEck SolidX ETF (can be extended to final deadline of Feb 27, 2019)

 

As always, thanks for joining – see you next week for Rehashed.

Freddie Archibald

 

View previous issue: Rehashed – #33 Forking: Feature or Bug?

View next issue: Rehashed #35 Crypto Market Cycles: Revisiting the Fundamentals


About the author:

Capital markets to crypto convert. From Christchurch →  Boston → New York, Freddie became intrigued by the potential of the digital asset economy after plucking a book on Bitcoin off a New York library bookshelf in 2016. Her parents are thrilled that she is chasing magic money on the internet.

 

Disclaimer:  The above references an opinion and is for informational purposes only. The opinions expressed by the author do not represent the opinion of BitPrime.

Reading Time: 5 minutes

Rehashed #33 – Forking: Feature or Bug?

The ‘ins and outs’ of a blockchain fork

The concept of forking first appeared in the open source software community, used to describe the moment when a software project fractures based on ideological or technical differences. Similarly, in the crypto space, forks arise when there is internal disagreement on the direction of a blockchain network. There are two types of forks: soft forks and hard forks. A soft fork is a backward compatible method of upgrading a blockchain. Soft forks often implement new functionalities for a blockchain. For example, proof-of-work protocols such as Monero and Siacoin have employed scheduled soft forks as a strategy to evade the grip of targeted mining hardware.

Source: Investopedia

Whereas a soft fork is a backward compatible method of upgrading a blockchain, a hard fork is a divergence from the previous version of a blockchain. A hard fork occurs when the code and ledger of an operating blockchain are altered, creating a live cryptonetwork and ‘child’ chain separate from the parent chain. The state of the original network is replicated, entitling holders of the main chain asset to also receive the forked asset. Post-split, the forked networks have two separate values, each derived from their technical roadmap and supporting communities.

Source: Investopedia

The highest profile contentious fork to date was the creation of Bitcoin Cash in August 2017 after an irreconcilable disagreement between different factions in the Bitcoin community concerning technical changes that would make the network better at handling large transaction volumes. Now Bitcoin Cash is facing an upcoming fork of its own.

A $BCH case study

Bitcoin Cash has recently been the talk of the town in light of its impending contentious hard fork taking place this week. As part of its roadmap, Bitcoin Cash hard forks every six months in an expected software upgrade. Scheduled for November 15, the next hard fork has stirred up significant controversy. The Bitcoin ABC implementation, supported by Roger Ver and Jihan Wu of Bitmain, have proposed a series of upgrades but have been met with heated opposition from Bitcoin SV (Satoshi’s vision), a small group led by Craig Wright, the controversial and self-proclaimed “creator” of Bitcoin, also known in most circles as ‘Faketoshi.’ The technical argument is centred around an increase in block size, with SV proponents arguing for an increase from 32MB to 128MB. Come Thursday, there is likely to a chain split; users holding Bitcoin Cash prior to the hard fork could end up with tokens on both sides of the split.

Poloniex is advertising pre-fork markets for Bitcoin Cash, offering “futures” for both $BCHSV and $BCHABC. Both exchanges indicate that market support for Bitcoin SV is significantly lower than Bitcoin ABC. Traders are much more confident in Bitcoin ABC’s ability to retain its value, with $BCHABC trading at (USD) $405, almost 4x the price of $BCHSV at (USD) $112. Surprisingly, miner support is skewed toward Bitcoin SV. Based on current hash rates, approximately 60% of current Bitcoin Cash miners are estimated to be backing the SV network compared to only 20% for ABC. Miners are instrumental in deciding which rules the network follows in and as history tells us, are likely to alternate between Bitcoin ABC and Bitcoin SV, depending on which coin has the highest value.

To fork or not to fork?

Hard forks are often thought of as bugs, resulting in the value dilution of a network as they split the user base between parent and child. However, in every hard fork that we have seen, the main chain remains dominant in value retention and, with the exception of Zclassic/Zcash and PIVX/Dash, the main chain has shown far greater appreciation in value relative to its forked chains. A recent analysis showed that a hard fork does not appear to correlate with a decline in daily active users or transaction volume on the parent chain. From the forks that we have observed to date (bitcoin is by far the most forked network, with at least 40 chain forks at various block heights), the vast majority of the resulting forked or ‘child’ networks appear to have little usage or value. We only have to look at the most high profile forks, of Ethereum Classic and Bitcoin Cash, to see that they have garnered very little traction relative to the original networks.

Although little value seems to be created from forked chains, the market has generally priced them in as a positive development. Cryptoassets with upcoming forks have behaved like stocks issuing dividends, rather than a value neutral event. Past price movement has typically shown a pre-fork run-up in the price of the main chain and upon the forking event, subsequent fall in price, just as stocks typically drop after going ex-dividend.

Alongside confusing price movement, hard forks create all sorts of technical and operational headaches. They require users to upgrade their software to avoid processing invalid blocks/transactions – nodes running previous versions will no longer be accepted by the newest version. Additionally, standardized operational procedures are yet to be ironed out around how exchanges and wallet providers handle and support such events. For example, the team at BitMEX will only be supporting the Bitcoin ABC implementation, advising that they will settle Bitcoin Cash contracts after the hard fork based on the value of Bitcoin ABC. Yet Poloniex will support markets for both Bitcoin ABC and Bitcoin SV after the hard fork.

From a governance standpoint, forks can be highly effective. Internal disagreements are often highly unproductive; like a tree pruning its branches, forking allows disagreeing factions to pursue their own direction. The market is then free to decide on who to support, leaving developers, miners and users to designate resources as they please. For example, in the case of Bitcoin Cash, perhaps Bitcoin ABC will be better placed without Craig Wright.

Although we only have a small historical sample, forked chains have remained inferior; struggling to attract demand, with little effect on their parent. One could postulate that the original chain would be stronger and have a larger Lindy effect without the distraction and (albeit small) value redirection associated with child chains. However, this effect is likely to be outweighed by the alleviation of community toxicity.

 

In the News

The SEC has announced that they plan to release “plain English” guidance to help projects determine whether their token sales constitutes a potential sale of securities and how it should trade post-ICO. This will likely help to inform regulatory approach towards ICOs in global jurisdictions.

The SEC has charged EtherDelta founder Zachary Coburn with operating an unregistered securities exchange. The SEC’s settlement with EtherDelta is likely the first of many enforcement actions to come against crypto token exchanges. Many are viewing the (USD) $388,000 penalty as a light slap on the wrist compared to the millions of revenues Coburn likely made off fees.

The total amount of Bitcoin seized or confiscated by the U.S. has reached nearly 453,000, about 2.6 % of the total circulating supply. Of that amount, 85.6% came from just two cases — Silk Road and SELEC, most of which has been sold at auction.

Bitmex has launched its own venture capital arm, joining the ranks of many other crypto exchanges.

 

Upcoming Dates

15 November – Potential $BCH fork

29 December – Deadline for VanEck SolidX ETF (can be extended to final deadline of Feb 27, 2019)

 

As always, thanks for joining – see you next week for Rehashed.

Freddie Archibald

 

View previous issue: Rehashed – #32 Bitcoin’s Price Correction Persists

View next issue: Rehashed #34 Millennials and Mobile Bankers Leading Crypto-Adoption


About the author:

Capital markets to crypto convert. From Christchurch →  Boston → New York, Freddie became intrigued by the potential of the digital asset economy after plucking a book on Bitcoin off a New York library bookshelf in 2016. Her parents are thrilled that she is chasing magic money on the internet.

 

Disclaimer:  The above references an opinion and is for informational purposes only. The opinions expressed by the author do not represent the opinion of BitPrime.

Reading Time: 3 minutes

Rehashed #32 – Bitcoin’s Price Correction Persists

The synchronous fall of volatility, volume and price

Despite hints of turmoil in the global markets, low volatility in the crypto market is persisting. Increasing volatility and volumes fueled the last bull cycle throughout 2017, with decreasing volatility and volumes accompanying bitcoin’s weakening price throughout this year. Over the past couple of months, the realised volatility of bitcoin has fallen to the lowest level since the start of 2017.

Unfortunately, an environment of low volatility and high correlations amongst crypto-assets is not much fun for the crypto-trader or the long-term investor. Increased volatility and the decoupling of cross-correlations would signal a return to health for the crypto markets. Such charts confirm that we are firmly in bear market territory and have been for the past few months.

Reflexivity and the cyclical nature of bitcoin

Many are calling on some type of trigger to pull us out of this bear market. Some have their sights on the approval of a bitcoin ETF- an event that would cause significant demand for bitcoin. Or perhaps the occurrence of a global macro crisis where bitcoin could act as a flight-to-safety asset in a risk-off environment. However, a singular event is unlikely to trigger a genuine shifting of the tides.

It has been noted that bitcoin is highly reflexive; meaning that price becomes a fundamental driver in its own right. In this light, it’s likely that this year’s downward price trend is simply a natural market flush out- a price correction that is part of a larger peak/trough cycle observable throughout bitcoin’s history.

Bitmex research recently delved into these cycles. They define a bear market as when the 200-day moving average is above the spot price of bitcoin. By this definition, we entered this most recent bear market on March 12th for a total of 233 days thus far, where bitcoin has experienced a drawdown of 68% at current prices.

Using this framework, past cycles would indicate that bitcoin still has 50-200 days of flushing out a further 50%+ from today’s prices before the next bull cycle kicks in. This puts us at a low at some point throughout 2019 but it could very well stretch out longer.

BitMEX Research Desk

Alongside the technicals, fundamental indicators show that the market may still be overheated. As I’ve mentioned before, the NVT Ratio is still very high, suggesting that we need more on-chain transactional activity to justify current prices, or the bitcoin price to drop to reconcile the difference.

Keep calm and carry on

The good news is that the long-term prospects for bitcoin and the wider crypto ecosystem remain more positive than ever. Many developments of late are supporting an increasingly strengthened ecosystem. The most undeniable development has been the institutional support that continues to rally around crypto. University endowments investing in crypto funds, institutional-facing crypto service providers reporting healthy profits, multiple ETF applications submitted and the funding of institutional-facing infrastructure, are just a handful of the recent headlines around institutional momentum. Although the mid-term technicals indicate sideways chop and further consolidation, the long-term future of crypto remains very bright indeed.

 

In the News

Callaghan Innovation’s investment in MyCryptoSaver, which has just rebranded to Vimba, has drawn criticism.

Binance’s launch in Uganda shows large crypto appetite among the unbanked.

Sia ($SIA) completes hard fork to brick ASIC miners.

Digital asset manager, Grayscale, reported record institutional inflows into their investment vehicles this quarter and healthy profits for the year.

According to CryptoFundResearch, crypto funds have approximately (USD) $7.1B AUM (assets under management). Recent market turmoil has global traders speculating that a shift from a risk-on to a risk-off environment may be on the horizon. See last month’s Rehashed for potential implications for the crypto-markets.

 

Upcoming Dates

29 December – Deadline for VanEck SolidX ETF (can be extended to final deadline of Feb 27, 2019)

 

As always, thanks for joining – see you next week for Rehashed.

Freddie Archibald

 

View previous issue: Rehashed – #31 ICOs Running out of Steam

View next issue: Rehashed #33 Forking: Feature or Bug?


About the author:

Capital markets to crypto convert. From Christchurch →  Boston → New York, Freddie became intrigued by the potential of the digital asset economy after plucking a book on Bitcoin off a New York library bookshelf in 2016. Her parents are thrilled that she is chasing magic money on the internet.

 

Disclaimer:  The above references an opinion and is for informational purposes only. The opinions expressed by the author do not represent the opinion of BitPrime.

Reading Time: 3 minutes

Rehashed #31 – Initial Coin Offerings (ICOs) Running out of Steam

Demand for tokens waning

Gaining initial momentum mid-2017, token sales have generated over (USD) $21 billion in raised capital thus far. Recently, however, demand for ICOs has significantly dropped off, with the month of September generating $200m in capital raised- comparable to May 2017 levels and down over 90% from the monthly high in February of this year.

Average deal size remains relatively high

Although demand for token sales appears to be dwindling, average deal size remains high. Extraordinarily large raises are still being completed; projects such as TaTaTu, completed a (USD) $575 million token sale in August and many projects continue to raise over $50 million. Tokens sales conducted throughout 2018 are angling towards a trend of fewer and fatter as investors continue to chase deals that promise high returns.

When compared to traditional fundraising channels, average deal size still seems absurdly large. Average deal size for ICOs to-date comes in at (USD) $24 million, staggeringly larger than the average seed deal size in 2017 of (USD) $600,000 and even outsizing Series A average investment size of (USD) $10 million. As ICOs should be comparable to early stage seed companies (often just an idea with little product-market buildout), we need to see funding models where projects are implementing modest hard caps and capitalizing at much lower valuations.

Bigger isn’t always better

The data also supports the idea that bigger, is in fact, not better. Primitive VC recently surveyed major ICOs and found that large raises have not equated to high returns.

Source: Primitive VC

This supports the notion that large deal sizes can cause a misalignment of incentives. Founding teams are suddenly sitting on a giant war chest of capital- not to mention, the significant chunk of token supply they are likely to have retained. Where is the motivation to build and execute on the product when the money is already in hand? As any successful start-up is likely to preach; in the beginning, being lean is important.

Regulatory pressures playing large role

Is the day of the ICO nearing its end or just reflective of the wider bear market? After all, lack of demand is increasingly obvious in the liquid markets where many exchanges have started the delisting process for scores of tokens that have poor liquidity and weak trading volumes.

Although a lack of investor interest is certainly driving the drop in token sale funding, regulatory pressures also appear to be a large contributor. Increased regulatory scrutiny is already pushing existing projects to rethink their token sale strategy. From “equitizying” tokens to closing down and redistributing funds, we are seeing a swath of post-sale utility tokens employing all sorts of creative methods to attempt to become compliant with existing securities laws.

As the regulatory landscape tightens, many new projects have turned to the traditional venture capital world for initial funding. Unfortunately, this whole process is starting to look similar to the equities landscape where a select group of investors get access to the best deals, leaving the wider public with late-stage entry points at much higher valuations (IPOs). So much for democratising the capital raising process. Some service providers have emerged that aim to provide equal investor opportunity to compliant token sales. However it’s still early days; all eyes will be watching the efficacy of platforms, such as Republic and CoinList, in running compliant and accessible token sales.

Given the ICO model’s characteristics of misaligned incentives and increasingly less than savoury returns, the decrease in ICO funding may be for the better. Security tokens may soon swoop in to take their place. Alongside their application to existent real-world assets, many believe that compliant security tokens will emerge as the preferred funding mechanism. I’m not convinced that this will be the optimal solution but perhaps it will encourage more modest valuations and accountability for crypto projects. Regardless, the token funding model certainly needs innovation and will continue to be an important development within the crypto ecosystem.

 

In the News

China merchants can now legally accept crypto as a payment method.

Bakkt launch is imminent; bitcoin futures are scheduled to begin trading on December 12, 2018. This is assuming the rumours are true and Bakkt gets regulatory approval in the coming weeks.

Square announced that they are open-sourcing their cold-storage wallet framework.

Digital Asset Research held their Q3 Webinar (can be replayed here) which provides good insights and upcoming trends in the space.

Another spot-on Dilbert comic:

 

Upcoming Dates

29 December – Deadline for VanEck SolidX ETF (can be extended to final deadline of Feb 27, 2019)

 

As always, thanks for joining – see you next week for Rehashed.

Freddie Archibald

 

View previous issue: Rehashed #30 – Revolutionary Technologies: Hindsight is 20/20

View next issue: Rehashed #32 – Bitcoin’s Price Correction Persists


About the author:

Capital markets to crypto convert. From Christchurch →  Boston → New York, Freddie became intrigued by the potential of the digital asset economy after plucking a book on Bitcoin off a New York library bookshelf in 2016. Her parents are thrilled that she is chasing magic money on the internet.

 

Disclaimer:  The above references an opinion and is for informational purposes only. The opinions expressed by the author do not represent the opinion of BitPrime.

Reading Time: 5 minutes

Rehashed – #30 Revolutionary Technologies: Hindsight is 20/20

Missing the Forest for the Trees

Crypto, and it’s speculatively driven emergence, is often compared to the advent of the internet, particularly the dot-com boom and subsequent bust. Looking back, the internet’s growth and its impact on our everyday lives looks as if it was should have been a foregone conclusion to society in the late 90s- but this couldn’t have been further from the truth.

Given their inherently experimental nature, the impact of new technologies has always been hard to predict. Even the experts get it wrong. In 1943, Thomas Watson, then the President of IBM estimated that the world would only need five computers. Later, in 1977, Ken Olsen, the Founder of Digital Equipment Corporation, stated that “there is no reason anyone would want a computer in their home.”  

It seems that renowned economists are particularly good at completely disregarding the potential of revolutionary new technologies.

“By 2005 or so, it will become clear that the internet’s impact on the economy has been no greater than the fax machine’s. As the rate of technological change in computing slows, the number of jobs for IT specialists will decelerate, then actually turn down; ten years from now, the phrase ‘information economy’ will sound silly.” – Paul Krugman, 1998

One only has to take a quick scroll through Nouriel Roubini’s feed to observe similar sentiment (with far more contempt!) aimed at the crypto space. It is this cycle of comments that remind us of Amara’s Law; we often overestimate the impact of innovation in the short term but underestimate it in the long run. Amara’s Law has a knack of trapping people into such rash remarks after the initial hype subsides, but just before the next wave of real development. Of course, fortune favours the brave. Efforts of those who have helped drive the emergence and adoption of new technologies have largely paid off.

Amazon: A Case Study

In 1994, Jeff Bezos was a Senior Vice President at D.E. Shaw & Co, a high flying firm on Wall Street. By all accounts, he was a star employee with an already lucrative career – and little reason to quit. But quit he did. As Bezos tells it; “I came across the fact that Web usage was growing at 2,300% per year. I’d never seen or heard of anything that grew that fast, and the idea of building an online bookstore with millions of titles–was very exciting to me.” Now, two decades later, Bezos’ online bookstore is the world’s second most valuable company.

But again, this was never a foregone conclusion, at least not to investors. Amazon’s value as a company cratered in the dot-com bubble. At one point dropping 95% from its all-time high. In fact, following the crash, it took Amazon’s stock 7 years to recuperate its losses. Over that same time period, the internet grew by a factor of 4.

Source: TechCrunch The Market Curve: The Life Cycle Of New Technology Markets

It’s worth considering that fact again. Over a period of 7 years, the value of Amazon did not change. Yet, the network on which it relies, the infrastructure on which it exists – grew from 361 million users to 1319 million users. Obviously, there is a disconnect here between technological impact and market reality.

Source: Chris McCann

Perhaps even more interestingly, is Bezos’s response when asked about this period. Bezos quotes Benjamin Graham in saying that in the short run, the market is a voting machine–tallying up which firms are popular and unpopular. But in the long run, the market is a weighing machine–assessing the substance of a company. Following the dot-com crash, Amazon preferred to follow their internal metrics for growth, rather than look to the stock price as an indicator for performance. The company continued to forsake profits in the pursuit of growth, with the belief that the market would rationally value the company (and it’s rapidly growing user base) fairly in the long run.

Assessing Crypto Growth Metrics

Keeping in mind lessons from Amazon and forgetting crypto-asset prices, what might indicators of crypto adoption look like? An obvious starting point might be the number of bitcoin wallets. As shown below, there is been a tremendous increase in the number of wallet addresses this decade.

Source: Chris McCann

However, this measurement is imperfect. Unlike internet users for which there is reasonably good data – it’s near impossible to know exactly how many people are attributed to these wallets:

  • People who self-custodial their crypto will likely have multiple wallets
  • People who store crypto on exchanges are even harder to trace — 1 wallet address does not equate to 1 user on the exchange.
  • Some exchanges create a wallet address for each transaction.

Perhaps aggregating public user published by exchanges would be a better measure of the ecosystem. Below we can see a surge in user growth on the world’s most popular exchanges over the past 24 months.

Source: Chris McCann

When tracked against the early growth of the internet, this approximation of the ecosystem certainly paints an interesting picture:

Source: Chris McCann

However, again this data is not perfect. It does not lend insight as to the activity of these users and we do not have data from the hundreds of other exchange platforms that exist. Furthermore, as decentralized exchanges continue to develop, it’s probable that there may be a growing number of crypto users that are not registered to anyone exchange.

Another useful measure to keep track of is developer activity and interest. Ethereum was the 5th largest growing project on GitHub last year – and that’s not when measured against other crypto projects, that’s measured against every other software project on GitHub; the world’s largest community of developers. Check here for a high-level view of GitHub activity across the worlds largest Crypto projects- unsurprisingly, Bitcoin and Ethereum are by far the most active:

Source: CoinCheckup

Knowledge is power, and just like the emergence of the internet, those who have insight into measures of crypto adoption (or lack thereof) will certainly be better placed when weighing its potential impact upon humanity. We would do well to remember Amara’s Law in our assessment of the blockchain space. Forecasting technological change is almost impossibly hard and nobody is an expert. From a market value standpoint, the only sensible course is to acknowledge the imminence of the initial hype and remain aware of the later scepticism.

 

In the News

Fidelity, one of the worlds largest asset managers, is pushing into crypto with its new business Fidelity Digital Asset Services.

There has been a 300% increase in the number of jobs related to bitcoin, cryptocurrencies, and blockchain over the past year.

Looking for a list of Bitcoin documentaries? Look no further.

An eToro Analyst believes Bitcoin could be on the verge of a move higher.

Colleges and universities continue to receive donations in bitcoin, even though some are not sure how to accept them.

 

Upcoming Dates

26 October – The SEC’s deadline to decide whether to approve nine bitcoin ETFs that were previously rejected on August 22, 2018

29 December – Deadline for VanEck SolidX ETF (can be extended to final deadline of Feb 27, 2019)

 

As always, thanks for joining – see you next week for Rehashed.

Freddie Archibald

 

View previous issue: Rehashed – #29 Crypto Continues to be an Event-Driven Market

View next issue: Rehashed #31 Initial Coin Offerings (ICOs) Running out of Steam


About the author:

Capital markets to crypto convert. From Christchurch →  Boston → New York, Freddie became intrigued by the potential of the digital asset economy after plucking a book on Bitcoin off a New York library bookshelf in 2016. Her parents are thrilled that she is chasing magic money on the internet.

 

Disclaimer:  The above references an opinion and is for informational purposes only. The opinions expressed by the author do not represent the opinion of BitPrime.

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