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Showing posts from April, 2017

The first investor in Snapchat thinks each bitcoin could realistically be worth $500,000 by 2030 — Here's how

Bitcoin has been the top-performing currency in the world in six of the past seven years, climbing from zero to a value of about $1,190.

But the cryptocurrency isn't anywhere close to its potential, according to Jeremy Liew, the first investor in Snapchat, and Blockchain CEO and cofounder Peter Smith. In a presentation sent to Business Insider, the duo laid out their case for why it's reasonable for bitcoin to explode to $500,000 by 2030.



Their argument is based on increased interest in bitcoin, thanks to:

Bitcoin-based remittances

Remittance transfers, or electronic money transfers to foreign countries, have almost doubled over the past 15 years to 0.76% of GDP, data from The World Bank shows.

"Expats sending money home have found in Bitcoin an inexpensive alternative, and we assume that the percentage of Bitcoin-based remittances will sharply increase with greater Bitcoin awareness," the two say.

Uncertainty

Liew and Smith said increased political uncertainty i…

Big Business Giants From Microsoft to J.P. Morgan Are Getting Behind Ethereum

ETHEREUM

Big Business Giants From Microsoft to J.P. Morgan Are Getting Behind Ethereum



Thirty big banks, tech giants, and other organizations—including J.P. Morgan Chase, Microsoft, and Intel—are uniting to build business-ready versions of the software behind Ethereum, a decentralized computing network based on digital currency.


The group, called the Enterprise Ethereum Alliance, is set to debut at a summit in Brooklyn, New York on Tuesday, during which members J.P. Morgan Chase (JPM, -1.20%) and Banco Santander (SAN, +0.16%) are scheduled to demonstrate a pilot of the financial technology as it exists today. The pair plan to show off a "spot trade" on the foreign exchange market for global currencies using an adaptation of Ethereum as the settlement layer.

Ethereum uses a blockchain, often referred to as a distributed ledger, to record and execute transactions without the need of a middleman. Instead of a centrally managed database, copies of the cryptographic balance book…