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Apple co-founder remains optimistic about Bitcoin

Summary:

  • Steve Wozniak hopes that Bitcoin will become the native currency of the Internet

  • Bitcoin (BITCOIN on xStation5) eyes a test of the short term support zone

  • Universities in US are investing a small portion of their endowment funds in the crypto hedge funds

Yesterday was a good the for the equities, especially in Europe, but we cannot say the same about the cryptocurrency market. According to the CoinMarketCap the capitalization of the whole crypto sphere shrinked by around $20 bln in the past 24 hours with declines seen across all the major coins. The US Securities and Exchange Commission has recently appointed a new chief of cryptocurrency department. Valerie A. Szczepanik is said to lead the department that is aimed at studying the application of securities laws to digital assets sphere. Szczepanik has been working at SEC for some time already and she was one of the first SEC official to make public comments on ICO projects. She is known for her investor-friendly approach as she urged ICO start-ups to focus on investor protection as it is the key to the industry growth. The SEC is paying much attention to the cryptocurrencies in order to regulate them properly. Let us recall that the SEC Chairman Jay Clayton expressed some time ago that the digital asset sphere must be regulated with caution in order not to kill the potential it holds and not to slow the innovation.

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BITCOIN has broken above the downtrend line recently but failed to overcome the 61.8% Fibo level afterwards. In turn the price moved lower and may be now eyeing a test of the short term support zone ranging between $7240-7340. Source: xStation5

Steve Wozniak, one of the Apple founders, expressed some upbeat remarks towards the world’s most popular coin, Bitcoin. Wozniak responded to the comment made by Jack Dorsey, CEO of Twitter, earlier this year. Dorsey said he believes that Bitcoin will become Internet’s native currency. Apple founder responded that he buys into what Dorsey said but he does not necessarily believes it is going to happen. He said that his remark is “pure thinking” but he would like it to be that way. He said that Bitcoin as a first cryptocurrency to surface is exactly what cryptocurrency should be and it is the only one to be “pure”. All the altcoins are some sort of alternation of Bitcoin and some even fail to comfort to the main principle of cryptocurrency which is decentralization and because of that Bitcoin is most likely to survive and grow further. Wozniak himself used to own Bitcoin and ether but as he stated he did it just to test it as a mean of payment. Later on he sold all of his holding and according to his words he holds just one Bitcoin and two ether at the moment.

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RIPPLE has been struggling within the close vicinity of the $0.65 handle. Note that the downward move has been contained by the 33-period moving average on the H4 interval twice recently (orange circle) therefore investors may want to pay double attention to this technical hurdle once the price approaches it again. Source: xStation5

John Lore, the found of the Capital Fund Law Group, made some interesting remarks on the type of investors investing in the cryptocurrency hedge funds in an interview for the Business Insider. The company Lore has founded provides legal services for the hedge funds and has helped set up over 30 crypto hedge funds in the past year. He said that the majority of the investment into digital asset oriented hedge funds comes from high net worth individuals and to small extent from the family-owned companies. He said the such kind of investment is not popular, and in his opinion will not be for some time, among institutional investors due to the regulatory uncertainty surrounding this market. What seems the most interesting is that a growing group of the crypto hedge fund investors are… universities. Such investment is made from the university’s endowment funds yet it the scale is relatively small.

 

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