Category Archives: Consensus

Auto Added by WPeMatico

Tom Lee Explains Why His Post Consensus Bitcoin Prediction Went South

Fundstrat Global’s outspoken co-founder and cryptoanalyst Tom Lee, has explained to CNBC why he feels that his predictions of Bitcoin getting an injection from the last week’s New York Consensus Conference, didn’t actually come to fruition.

Although Tom Lee stands by his prediction of $25K by end of 2018 position, he suggests that the reasons the market, not only didn’t receive the suggested boost but in fact, lost value, was mainly due to the current lack of clarity in regulation and custodial announcements at the conference. Firstly, he explained why the bitcoin price should have gained from the Blockchain week of events in NYC:

“Given conferences like Consensus are chances for the community to gather in a centralized place and meet constituents new to the community (growth in attendance), it seems natural that the combination of ‘sanity check’ (all is OK and progress is happening) plus ‘new interest’ (incremental attendance) should strengthen the crypto-community’s conviction… And coupled with growth in incremental constituents, should have aided crypto-currency prices.”

Lee clearly wasn’t alone in expecting a bitcoin rally after the conference. Many were expecting a surge due to the popularity of the event and the number of attendees, particularly after months of uncertainty in the cryptocurrency market, and bitcoin’s recent signs of slow recovery. The total crypto market cap actually sank by $40 billion during the conference and bitcoin price declined by 3 percent.

Lee maintains that it wasn’t all negative, suggesting, “I think Consensus was a huge success. It is a great conference to bring a lot of people together from around the world. The quality of the people that were there was amazing.” He added:

“Bitcoin doesn’t have to go up every day to move from $8,000 to $25,000. The ten best days account for all the return of bitcoin in a year. If you didn’t own bitcoin for ten days each year, you lost 25 percent each year.”

The Fundstrat analyst suggested that crypto enthusiasts expect that regulation needs further careful clarification and discussion, and was disappointed at the lack of a current nuanced approach by regulators in this regard.

Follow BitcoinNews.com on Twitter at @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Source: Pixabay

The post Tom Lee Explains Why His Post Consensus Bitcoin Prediction Went South appeared first on BitcoinNews.com.

NYC BlockChain Week Under Way with Twitter CEO, Fed President and Snoop Dogg

The inaugural Blockchain Week has come to NYC, courtesy of The New York City Economic Development Corporation (NYCEDC) and CoinDesk.

Designed to showcase New York as a rising hub for the blockchain sector, the Midtown gathering, including key event Consensus, could be a more flamboyant affair than it might sound to those unfamiliar with the world of blockchain and digital currency, with more than 100 sponsors such as IBM, SAP and Microsoft Corp.

The expected 8,000 attendees to just one of the week’s events will feature hundreds of speakers, including Twitter Inc CEO Jack Dorsey, Federal Reserve Bank of S. Louis President James Bullard and FedEx Corp CEO Frederick Smith, according to co-sponsors CoinDesk.

The conference is not for the faint-hearted, with ticket prices ranging from USD 1,499 to USD 2,999, reports Bloomberg. Attendees on the first day were greeted by UpHonest Capital’s MK Li sporting a pink button-down shirt with a purple bowtie, clutching a sign which read, ‘Help a fellow VC to pay for this expensive conference!’, protesting what he felt was the ironic price tag of decentralized technology that was meant to purge expensive middlemen.

However, Blockchain Week is appearing to attract a wide spectrum of attendees from across the crypto space.  The opening event on May 10 event, included “a pink-haired woman in a dress suit sat across from a scruffy-bearded man in a jean jacket while crypto heavyweight Mike Novogratz told tales of meeting with Deutsche Bank AG and Goldman Sachs Group Inc”, according to Bloomberg.

Transport of choice for some appears to be the iconic Italian icon, the Lamborghini, many of which were seen roaring through midtown Manhattan towards the conference venue, hired at a cost of around USD 1,000 a day.

The after parties when the week winds to a close will include a bash hosted by Ripple featuring a gig by Snoop Dogg at a secret location in Manhattan’s Meatpacking District.

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

The post NYC BlockChain Week Under Way with Twitter CEO, Fed President and Snoop Dogg appeared first on BitcoinNews.com.