Major crypto/blockchain news of the day summarized in a way that you don’t miss a single news without having to spend a lot of time.
1. Tom Lee: Like FAANG Stocks, BTC Will Hit $25K Due to ‘Network Value’
Tom Lee — a renowned Bitcoin bull, co-founder and Wall Street strategist at Fundstrat Global Advisors — has predicted that the price of bitcoin will reach $25,000 by 2022. He made his argument when asked about the logic behind Fundstrat’s forecast for Bitcoin.
He said, ” Cryptocurrencies are network value assets, meaning the more people hold the asset, the greater the value. In fact, it’s a log function — so if you double the users hold it, you get a quadrupling of value. To go to $25,000 you essentially need a little less than 4x rise, which means you need to double the number of people who hold Bitcoin.”
2. Bitcoin Cash Difficulty Volatile Ahead of Nov 15 Hard Fork
An upcoming planned hard fork in Bitcoin Cash (BCH) will impose relatively simple technical changes to its consensus mechanism that will not split the chain, despite some turbulent undercurrents in the coin’s community regarding issues which have recently become difficult to ignore. Disloyalty and perhaps manipulation among miners, or just the possibility of such, has refocused the conversation ahead of the Nov. 15 fork. Read More.
3. BRICS Nations Ponder Digital Currency to Ease Trade, Reduce USD Reliance
The BRICS association of major emerging economies has discussed developing a digital currency to ease trade in the bloc and reduce its reliance on U.S. dollars in settlement. The new payments system, which would use members’ national currencies, appears in part to be aimed at reducing BRICS nations’ reliance on the U.S. dollar, and perhaps boosting the Russian ruble’s role in trade. Dmitriev said BRICS has already reduced its use of USD in settlements over the last five years from 92 to 50 percent, while ruble-based transactions climbed from 3 to 14 percent.
4. Binance’s ‘Chinese Twitter’ Gets Blocked for Unknown Violations
Binance’s official account on China’s major microblogging website Weibo has been blocked. The account of the major global exchange was blocked on Nov. 13, purportedly due to violations of the site’s policies, Taiwan-based publication The China Times reported on Nov. 15.