Bitcoin Point Swap services closed in South Korea

Two major Korean banks dropped their Bitcoin Point Swap services following the government emergency regulations
27 December 2017   1268

A small recap is in order. The South Korean government announced on December 15, 2017 that banks as of then are prohibited from participating in Bitcoin trade. And now it comes back in force. Two of Korean major banks – Shinhan Bank and KB Koomin Bank, which offered credit card points to bitcoin swap services, now discontinue this programm.

To better understand what is happening, one has to know, what the credit card point is. Both banks offer the ability to accumulate their bonus points for performing operations inside their respective bank group with their credit cards. And you can use them for purchases in affiliated stores or, until now, to purchase Bitcoin on Coinplug.

All of this stems from recent ban on banks for performing direct cryptocurrency operations. And this doesn't affect only two aforementioned banks. All of them have to cease direct operations in cryptocurrency market, be it trading or setting up shop for a more convenient user interaction with digital currency world. Most major banks even had to stop issuing virtual bank accounts for cryptocurrency exchanges. And the already-in-place regulations prohibit trading without one.

In September government already forced the shut-down of the country's leading creptocurrency exchange Bitnumb in fear that the service could be used by criminals with counterfeit credit cards.

Bitcoin May Pass Gold Market Cap, - Novogratz

Mike Novogratz continues to be Bitcoin and cryptocurrency optimist 
25 March 2019   106

The founder of Galaxy Digital, Mike Novogratz, expressed the opinion that over the next 20 years, Bitcoin’s capitalization would “easily” surpass the gold market, currently estimated at $ 7.5 trillion. It is reported by The Daily HODL.

In a conversation with the founder of Morgan Creek Digital, Anthony Pompiano, Novogratz stressed that the inflow of institutional money to the cryptocurrency market is only a matter of time, and major players like Goldman Sachs and the Intercontinental Exchange (ICE) are already mastering a new industry.

I know Goldman for instance is gearing up around securities tokens. They’re not doing anything yet, but they’re getting really ready and looking at all the questions on – where would you store them? Do you have to build your own custody, or can you use someone else’s custody? How to get them to work.
 

Mike Novogratz

Founder, Galaxy Digital

According to him, the growth potential of Bitcoin is strong and therefore it is advisable for investors to include the first cryptocurrency in their portfolios:

I think the macro case for [Bitcoin] is pretty strong. And so, if you can put a couple percent of your portfolio in, there’s a decent chance it catches wind. Fidelity is just getting set up. Bakkt continues to get delayed a little bit, but it’s not going to be delayed forever. They’re going to be in the game. And there’s lots of other players coming.
 

Mike Novogratz

Founder, Galaxy Digital

According to him, the volume of the gold market is $ 7.5-8 trillion and in order to outperform this market, the first cryptocurrency needs to grow in price at least 100 times.

Gold’s got an $8 trillion market cap, or a $7.5 trillion market cap. And so, we’re 100x off on that. We’re not going to get there in Bitcoin in the next year or two. But over a 20-year period, could that happen? Easily. Easily. And that’s giving zero optionality to all the other stuff. And so I think it seems like a pretty smart portfolio bet.
 

Mike Novogratz

Founder, Galaxy Digital

The founder of Galaxy Digital also touched on the topic of bitcoin futures.

The reality is, the CME kicked their butts. And these guys have limited resources on what they’re going to spend their focus, and they decided to spend it elsewhere. Finding leverage in Bitcoin is going to get easier as the architecture in the space gets better. You’re already seeing the lending market around Bitcoin went from 10% to like 3%. So once you can borrow you can short. And so now it’s not so hard to short Bitcoin. It used to be almost impossible to short Bitcoin in 2016… It wasn’t great, but it’s not critical. 
 

Mike Novogratz

Founder, Galaxy Digital

In February Mike expressed the opinion that, thanks to institutional money, Bitcoin will reach $ 8,000.