MarketWatch: Bitcoin survives slams from Gates, Buffet

Here's our weekly analysis of the current valuations for cryptocurrency; Bitcoin, Ethereum and Ripple

Ramy Caspi
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Following this week’s criticism by billionaires Warren Buffet and Charlie Munger, and Microsoft’s Bill Gates comments that he would short "bitcoin if he could", the cryptocurrency market’s slightly decreased. While these negative comments made by the billionaires will have a short-term effect, the overall market feeling is that Bitcoin and other cryptocurrencies will continue to rise.

Intercontinental Exchange (ICE), which owns the New York Stock Exchange, has indicated that they would possibly allow their customers to buy and hold Bitcoin. This is huge for the industry, as we are now having major institutional investment firms looking seriously at the crypto markets. Just last week, Goldman Sachs announced that they would open a trading desk.

On the May 8th, CNBC  reported that, former Goldman Sachs President and former chief economic advisor to U.S. President Donald Trump, Gary Cohn, believes that there will a global cryptocurrency in the future, but it will be a coin “more easily understood” than Bitcoin.

Bitcoin [BTC]

As of midday Thursday (GMT), Bitcoin was trading at USD$9343. Compare this to Wednesday's trading price of USD$9255 or last week's price of USD$9322 (May 3rd). The weekly price remains constant, and we did see a peak of USD$9922 on May 5th, with speculators hoping to see the crypto break through the $10,000 barrier.

In a recent blog post by Former head of Facebook Messenger David Marcus, he has said that he will lead an exploratory blockchain group that will report directly to the company’s CTO, Mike Schroepfer. This falls in line with rumours that Facebook has been shuffling its management with Mark Zuckerberg having a specific interest in creating his own cryptocurrency.

Ethereum [ETH]

As of midday Thursday (GMT), Ethereum was trading at USD$758. This is compared to Wednesday's trading price of USD$742 or last week's price of USD$742 (May 3rd). Ethereum has remained constant, but at EIP:0 Summit, Ethereum community stakeholders including Aragon, Giveth, Gnosis, L4 Ventures, Notably, Parity Technologies and the Web3 Foundation have expressed support for a four-step governance plan.

Ripple [XRP]

As of midday Thursday (GMT), Ripple was trading at USD$0.796. Compare that to Wednesday's trading price of USD$0.798 or last week's price of USD$0.87 (May 3rd). In a positive statement, IMF Deputy Managing Director Tao Zhang has confirmed that a group of central banks have been experimenting with digital cross-border systems. This places Ripple Labs in a strong position, as the company is already working with various central banks throughout the world. Elsewhere, South Korean cryptocurrency exchange, Coinone, has joined RippleNet to use xCurrent, Ripple’s blockchain solution for cross-border payments and settlement.