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Bitcoin is “Digital Gold” and could reach $100000 says Tom Lee

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Tom Lee

Wall Street Strategist Tom Lee believes that Bitcoin is digital gold and price could reach $100000 in future

Bitcoin recently smashed passed the $10000 mark and everyone in Wall Street is talking about it including Tom Lee, although Bitcoin is way too volatile for some investors in Wall Street to keep this asset in their portfolio but still there are many hedge funds in United States keeping world’s biggest crypto currency in their portfolio.

Wall Street strategist Tom Lee who has been one of the biggest supporters of Bitcoin recently mentioned in an Interview with CNBC that Bitcoin is like Digital Gold for millennials and they buy this at any cost to keep it with them as a precious thing, in his opinion Bitcoin has captured nothing as of now in comparison to what it can achieve in future and that’s why even this price of $10000 is nothing to what it could be worth in future, According to him Bitcoin can achieve price tag of $100000 in near future as acceptability of crypto currency is increasing, CME and NASDAQ looking forward to launch Bitcoin contracts for the investors. Hedge funds are including this in their portfolio, according to a rough estimate, If Bitcoin captures even 1% to the total global investments in Stocks, Commodities etc, It will be worth around $25000 per Bitcoin, which is looking pretty much realistic in coming days as price is shattering all the records this year.

Tom Lee has previously given his predictions regarding the Bitcoin prices and until now he has been on target regarding his predictions

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Crypto Roundup

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Is Toronto Next to Accept Bitcoin for Property Taxes?

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Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.

Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.

Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.

Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned


“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”



“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.” 


He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”

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Morning Crypto Roundup

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  1. Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
  2. Bitcoin stays above $10,000
  3. Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
  4. After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
  5. According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share

 

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