Michael Novogratz, former fortress hedge fund manager is extremely bullish about the future of Bitcoin, he predicted that Bitcoin could easily hit $40000 mark by the end of year 2018
Bitcoin started this year with price below $1000 and now hovering around $10000 mark, making gains for this year at around 1000%, If we go by this growth rate, Michael Novogratz is absolutely right to say that, one of the main features of Bitcoin is that throughout 2017 there have been profit taking in that market and market saw dips on regular intervals, its not that Bitcoin is only going up, profit taking has been there on different points with new investors coming into the market regularly making people believe more and more than its not a bubble but limited supply of currency is the thing that’s making its price sky rocketing.
He mentioned that there is massive inflow of money from institutional and wealthier investors from US specifically, and that is opening up new horizons for Bitcoin to attract big investors from retail world, currently Japan and South Korea are 2 massive markets for Bitcoin and US is catching up with them to be the next hub for crypt market, recently CME announced the inclusion of Bitcoin future contracts which would attract new investments, making it more accessible for investors to trade Bitcoin.
His view on Ethereum
Michael Novogratz further mentioned that apart from Bitcoin reaching $40000 by the end of 2018, he thinks that as Ethereum is inching closer to $500, price of Ethereum could easily triple its current value by end of 2018, he mentioned that he is expecting the value of total market cap of crypto currencies to reach a staggering $2 trillion by the end of next year, Crypto currency market cap is hovering around $300 billion mark currently and he is expecting it to reach at the level of $2 trillion due to massive inflow from investors by the end of next year.
Is Toronto Next to Accept Bitcoin for Property Taxes?
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”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share