Bitconnect suffers a second lawsuit case

Controversial cryptocurrency investment scheme is to recoup customer’s losses
30 January 2018   1067

A lawsuit, second in a row for the past month, was submitted by a Kentucky resident Brian Page in connection with BitConnect. As the news of the platform shutting down hit the Internet, the price of BCC plunged that resulted in customers’ losses. Mr. Page with the lawsuit is trying to recoup his losses. The accusations are that BitConnect is operating a Ponzi scheme as BitConnect claimed to to provide a monthly return of 40 percent.

The suit also concerns an Oklahoma resident Ryan Massen. It is said that Mr. Maasen acted as an unregistered agent for BitConnect, and used the misleading potential of returns to profit from fooled investors.

This lawsuit however limits itself to the companies only associated with BitConnect and Mr. Maasen.

Twitter reactions are malevolent and somewhat righteous:

@Rellsince86 said «Funny how all these Bitconnect guys keep deleting videos but then also saying «I didn’t do anything wrong» lol we shall see what happens».

@rocco8081 said «These people are going to screw up the entire market because they could not think for themselves! These individual people suing should have never invested in the first place».

@loudcrypto3 said «When will people learn!?! Do your research!».

@evstigneeff said “«Yeah! All "lending" crap should get sued!!!».

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.