We have come to the end of another week and as usual, we are bringing to you five profound news articles that caught our attention this week. Enjoy them below.
Cryptocurrency influencers are even worse than normal influencers
Cryptocurrency, which has long suffered from a branding problem, can certainly benefit from the seeming legitimacy celebrities bring, but it goes without saying that a dodgy partnership can directly impact the market and in turn, peoples’ virtual wallets.
Enticed by generous paychecks, celebrities may enter into an endorsement deal for reasons other than money. They may genuinely love and believe in the product, it may align with their own personal brand, but unfortunately, they repeatedly fail to understand what they’re endorsing.
Personal comment- I believe the message that is contained within this news is very self evident if you ask me. There are a whole lot of people who engage in investment due to the allure of the influencers. You see the face of your favorite celebrity and you immediately think the investment is the right one for you. This news simply reminds you of the need not to be gullible. Rather, make informed choices after removing personal sentiment.
Survey Finds Jump in Crypto Institutional Investment Over Next Five Years
According to a survey conducted by the Global Blockchain Business Council (GBBC) and shared with CoinTelegraph, a whopping 41 percent of polled institutional investors believe they will be entering the Initial Coin Offering (ICO) sector within the next five years, with 16 percent saying it would happen with the next three years.
Personal comment- While I am usually the one to scream that this is a very good news for the Cryptocurrency industry, I think this news is giving me more concern than necessary. More ICOs usually means more opportunities to invest in better causes but it also opens up the world of scammers who are intent of making way with people’s hard earned cash. You should be on alert this time more than ever and watch out for all those bogus offerings that are subtle means of scam.
Crypto Nightmare: This Brazilian Investor Just Accidentally Bought Bitcoin at $20,000
Every crypto investor’s worst nightmare came true for one Brazilian trader, who accidentally bought bitcoin at a massive premium.
At one point, he bought 0.0047 BTC for 340 Brazilian reals, worth about $91. At press time, said amount of bitcoin is worth less than $15 on other exchanges, meaning at the rate he paid for a full bitcoin would’ve cost him the equivalent of over $19,400.
Personal comment- I must admit that I almost laughed when I read this news. However, I became sober with the realization that this could happen to anyone, including me. It is quite unfortunate however that this happened because it could have been stopped if the Investor had taken more precaution. Please listen up, do not ever make investment decisions without checking about it all along the way. If you are a little skeptical and not too versed, call up a friend of yours and verify. There is no shame at all in calling up someone, after all, it is your money. This was a really dark news that propped up this week.
Ripple’s Brad Garlinghouse Explains Why He’s Not Scared of JP Morgan’s ‘Bank Cryptocurrency’
Multinational banking giant JP Morgantook an idea made famous by Ripple Labs (and other public crypto projects) – that blockchain can conduct cross-border transactions more swiftly than traditional interbank settlement system SWIFT – and rebranded it. To that end, the firm replaced Ripple’s distributed ledger with an Ethereum-inspired Quorum blockchain and XRP token with its new stablecoin, JPM Coin.
Personal comment: I brought this news out because of people who are closely watching out for Ripple. This piece of news may seem to be one that is very devastating at the first look, however, Ripple seems to be in a better place to bounce back and still retain the trust of investors.
Ethereum Has Shot Past Ripple’s XRP In The Cryptocurrency Rankings–Here’s Why
Ethereum, the decentralized app network and cryptocurrency rival to bitcoin, has continued to climb after last week’s sudden market pump, overtaking Ripple’s XRP digital token to reclaim the number two spot in the list of the world’s largest cryptocurrencies by market capitalization.
The ethereum price has surged some 3% over the last 24 hour period to over $120 per ether token, according to the latest CoinMarketCap prices, as ripple (XRP) remains flat and the wider market holds onto its gains from late last week
Personal comment- Ethereum seems to be making great gains ever since February started and I believe that it would continue to maintain its steady growth. Though it is highly in doubt that it would ever match its all time high, Ethereum would still continue to remain. This should give the investors a little comfort.