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Bobby Lee: China has always regarded BTC as an investment, not a means of payment

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Bobby Lee, co-founder and former CEO of BTCC's first Chinese exchange, believes that the Chinese have always regarded Bitcoin as an investment, not a payment system.

As part of his speech at the Untold Stories program, Bobby Lee shared his personal experience of interacting with Chinese regulators, talked about the creation of the first crypto exchange in China, also revealed some secrets of the culture of his people and commented on the development of a new project to create Ballet.

After Li explained that for the Chinese, Bitcoin is more a means of investment than a payment tool, he went on to talk about his new Ballet project. Ballet is a cold storage for BTC and 14 altcoins, including Ethereum, Ripple, Litecoin, the size of which corresponds to the size of a credit card. In the future, it is planned to support another 18 new coins.

Lee explained that Ballet will be as simple as possible to use, everyone can get access to it – from a 9-year-old child to a 99-year-old pensioner. This development is aimed at ordinary people who are not computer geeks. Many people do not even know how to set a good password, not to mention two-factor authentication, working with firmware, updates necessary to maintain a high level of security. The key to the mass distribution of cryptocurrencies is an understanding of their essence, the principle of their functioning. So, Ballet will allow to solve several urgent problems at once – to provide humanity with a convenient device for working with digital currency and provide a high level of security.

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Institutionals bet on bitcoin growth, positions on BTC futures doubled

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One of the indicators that signal a possible change in the price of bitcoin is the number of open futures positions on the Chicago SME exchange.

In October 2019, institutional investors doubled the cost of long positions in BTC futures contracts , the Cointelegraph reports.

Institutional Investors Interested in BTC

According to a study conducted by analysts on October 22, the estimated value of the long positions of institutional investors rose to a value above 1000 bitcoins, compared with data on October 1, when this value fell below 500 BTC.

Data on long-term futures on the CME exchange indicate a turning point in the downward interest of the institutional, outlined in September 2019. The sharp collapse coincided with the launch date of physically delivered bitcoin futures from the Bakkt platform , when interest fell from 1300 VTC to below 500 bitcoins.

Analysts at Skew Markets have additionally indicated that institutional investors include:

"… pension funds, insurance companies, mutual funds and investment portfolio managers."

Such analytical data may indicate the continuing desire of large investors to enter the cryptocurrency market.

Recall, the head of CFTC believes that next year, the market may begin to trade futures on Ethereum (ETH) . He also noted that in addition to Bitcoin and Ethereum, other cryptocurrencies can also be classified as goods.

Publication date 10/23/2019
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Tim Draper believes that Ripple coin is preparing for a sharp increase in

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The investor, Bitcoin bull Tim Draper, believes that the current situation in the Ripple market can be called the “calm before the storm” – in his opinion, in the near future, the XRP rate may suffer explosive growth.

During his communication with the participants of the crypto market at the Quora forum, Draper noted that, given the three-fold increase in the Bitcoin exchange rate over the past 5 months, it can be expected that the Ripple coin will also demonstrate similar behavior.

According to the investor, the price of XRP should have already increased to about $ 0.6 or $ 0.9, taking into account all the latest developments of the project and the conclusion of new partnerships. Draper drew attention to the fact that the project is constantly improving its technology for cross-border payments. Moreover, Ripple belongs to the largest SBI corporation, which includes such a serious company as R3. So, according to the investor, everything indicates that now there is only a “calm before the storm”, that is, a calm before the explosive increase in the value of the coin.

Meanwhile, Ripple is developing further. On the eve it became known about the intention of the project to expand its presence in Washington. Brad Garlinhouse, CEO of Ripple, noted that this step will allow the company to be closer to regulators, to train them on the principle of operation of blockchain technology and cryptocurrencies.

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Opera became the first browser in which the built-in bitcoin-wallet

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Opera web browser developers have added support for TRON bitcoin payments and cryptocurrencies to their application for Android devices, CoinDesk writes.

From now on, Opera users will be able to make payments in Bitcoin (BTC) directly from the digital wallet built into the application and interact with decentralized applications on the TRON network. According to the company, these features can help attract new holders to its cryptocurrencies from its database of 300 million users.

“Most people heard about Bitcoin, and we decided to add its support, as well as introduce a wider group of users to this function ,” said Charles Hamel, head of cryptocurrency business at Opera.

In July 2018, an Ethereum wallet was added to the Opera app for Android. The company explained this decision by its desire to contribute to the development of Web 3.0 and implement the vision of creating a decentralized Internet of the future on the blockchain. Later, the release of a cryptocurrency- oriented browser for iOS and a desktop version with support for a digital wallet took place.

Hamel claims that Opera applications are already optimized for working with Web 3.0, however, the integration of bitcoin required additional resources due to the differences of the first cryptocurrency.

“Bitcoin is a completely different phenomenon, which requires its own infrastructure and has a payment-oriented application scenario,” he added.

Publication date 10/23/2019
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Name Price24H (%)
Bitcoin (BTC)
$7,479.69
-8.77%
Ethereum (ETH)
$158.92
-7.66%
XRP (XRP)
$0.272191
-7.15%
Bitcoin Cash (BCH)
$208.70
-8.77%
EOS (EOS)
$2.75
-6.09%
Stellar (XLM)
$0.059931
-6.00%
Litecoin (LTC)
$49.09
-9.45%
Cardano (ADA)
$0.036483
-7.29%
Tether (USDT)
$1.00
-0.01%
Monero (XMR)
$53.56
-7.74%
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