Bitcoin Price Should Stabilize Near $5,000: Allianz Chief Economist

It is not terribly common for a mainstream economist to say something good about bitcoin in the period of its downtrend, but Mohamad El-Erian once again made an exception. Cryptocurrency’s Not Going Away The Allianz chief economic advisor said in an interview that cryptocurrencies are not dead, though they may be overvalued. He specifically mentioned bitcoin as an asset whose buy value should be circa $5,000, a sentiment he had already shared in June. In his latest statements, El-Erian added that unnecessary speculations had led to the previous bullish action,…

Brazilian Soccer Club Seeks $20 Million In Upcoming ICO

A Brazilian soccer team is looking to raise $20 million by launching its own initial coin offering (ICO). The Avaí Futebol Clube, a Series B soccer team, announced Wednesday that it was generating its own cryptocurrency as part of an effort to develop a digital ecosystem for its fans, help it qualify for the top tier (Series A) of Brazilian soccer and the prestigious Copa Libertadores competition and to build up the team’s physical infrastructure. Inside World Football reported that the club will sell 20.46 million tokens at $1 each. The…

Biking Across America, Crypto Cyclists Look to Raise $1 Million for Charity

Crypto, charity and cycling. It’s an unlikely triad, but two fitness enthusiasts-turned-crypto philanthropists believe that, taken in combination, the three can drive positive change. Taking a cross-country cycling trip around the U.S., Tour de Crypto riders Jason Berlin and Jovel Velasquez want to raise $1 million in cryptocurrencies and USD for the Houston Area Women’s Center (HAWC), a non-profit organization with the mandate to “[end] domestic and sexual violence for all.” Through its advocacy, counselling, education, shelters and support services, HAWC works to help survivors build safe and healthy lives.…

Federal Judge Applies Long-Established Securities Law to ICOs

Does a decades-old securities law apply to an initial coin offering (ICO)? In a case that represents the first time securities laws have been applied to cryptocurrencies, a district judge says it may. On September 11, 2018, in a district courthouse in Brooklyn, New York, Judge Raymond Dearie ruled that two ICOs were securities, based on established laws that govern the financial instruments. His decision does not imply that all ICOs are securities, but that simply calling a token a “currency” does not preclude it from being classified as a…

World Economic Forum and the Chinese Cryptocurrency Space

On the latest episode of The Bitcoin Game, host Rob Mitchell explains the recent trip he took to the World Economic Forum. Based in Davos, Switzerland, this international conference featured a wide number of economic experts and panelists within the international financial industry. Sitting on one such panel titled “The Crypto Asset Bubble,” Jennifer Zhu Scott, a founding partner at Radian, later came on this week’s episode of The Bitcoin Game to discuss the trajectory of the future cryptocurrency industry worldwide, as well as her opinions on the space in…

R3, Ripple Settle Legal Dispute Over XRP Purchase Option

Blockchain startups Ripple and R3 have resolved a legal battle that saw both firms filing suits over a contract dispute. A representative from R3 confirmed the settlement to CoinDesk in an email, saying: “R3 HoldCo LLC, R3 LLC, Ripple Labs Inc. and XRP II, LLC announce that they have reached a settlement of all outstanding litigation between the parties. The terms of the agreement will remain confidential and both sides look forward to putting these disputes behind them.” The spat went public just over a year ago, when it was…

Major French Soccer Club Plans to Launch Its Own Cryptocurrency

Paris Saint-Germain (PSG), a major French soccer team in the country’s top league, is planning to issue its own cryptocurrency as a way to incentivize participation from its fans around the world. PSG, which boasts prominent players including Brazil star Neymar, announced a multi-year partnership on Tuesday with a Malta-based blockchain startup called Socios that will tackle on the technology for the so-called Fan Token Offering. According to a French news site, PSG is now eyeing a deadline of spring 2019 to start issuing its proprietary tokens, making it potentially one…

In First, FINRA Files Fraud Complaint Against Crypto Broker

The Financial Industry Regulatory Authority (FINRA) has charged a Massachusetts resident with securities fraud for an unregistered token sale in a first for the self-regulatory organization (SRO). Ayre allegedly sold unregistered securities in the form of the HempCoin token, which was said to represent an investment in his “worthless” company, Rocky Mountain Ayre (RMTN). FINRA announced the charges on Tuesday, adding that it filed a legal complaint against Ayre for misleading investors as well. HempCoin was claimed to be “the first minable coin backed by marketable securities,” according to promotional materials…

Binance Partners With Malta to Launch Security Token Trading Platform

Binance, the world’s largest crypto exchange by volume, is teaming up with the Malta Stock Exchange (MSX) to enable security token trading on the “blockchain island,” a local news site reported Tuesday. The exchange’s chief financial officer, Wei Zhou, signed a memorandum of understanding with MSX chairman Joe Portelli to launch a security token trading platform, Malta Today reported. Malta’s finance minister, Edward Scicluna, praised the crypto industry during a press conference, saying the nation will not miss an opportunity to take advantage of new innovations. Although blockchain and cryptocurrencies…

Are they Viable? Berkeley Economics Prof Doesn’t Think So

Stablecoins are becoming popular. There’s no denying it; a number have hit the market this year. In fact, just yesterday, the Winklevoss twins announced the Gemini Dollar—the first-ever regulated stablecoin. Not to mention Carbon launched CarbonUSD, a US dollar backed stablecoin, today. And yet, despite the crypto market displaying optimism around the latest trend in the industry, one Berkeley Professor provided an alternative view. He said there is no indication that stablecoins are viable. Berkeley Professor Talks Stablecoins Stablecoins are cryptocurrencies pegged to a stable asset. That’s as simple as…