In the spotlight of the week: Binance has found its treasure island, Bitcoin is under the question while Ethereum has several drivers for surging.
Binance is planning to create its own global legal security center in Bermuda within the upcoming months based off blockchain technology
Despite Binance’s Asian roots, Bermuda is the ideal choice to set up their security center. Their official language is English and the islands, an offshore financial center and self-governed British overseas territory, offer a legal system similar to that which exists in other Commonwealth countries, such as Australia and Canada.
The local government has implemented policies that provide a conducive environment for cryptocurrency firms to conduct business. Also, the British House of Commons just passed the Virtual Currency Business Act of 2018, a law regulating virtual currencies in Bermuda, which is designed to help develop the local cryptocurrency industry.
This step shows that Binance has definitely gone out of its way to avoid some possible issues they may face in Asia while setting themselves up for success elsewhere.
Warren Buffett: Bitcoin is Not an Investment
The billionaire has added that he doesn't necessarily see anything bad in purchasing digital money, but according to him, it is important to distinguish investment from gambling.
In the past, he has repeatedly said that bitcoin is a financial bubble. The investor hasn't worked with cryptocurrency because he doesn't understand it, however he has expressed that he is sure that cryptocurrency 'will come to a bad ending'.
It is remarkable that Buffett remains one of the few famous people and investors who still holds a negative opinion on cryptocurrencies and, in particular, Bitcoin.
John Soros, whose fund has recently begun to trade cryptocurrencies, also expressed a similar opinion to Buffett, calling Bitcoin a 'typical financial bubble'.
Perhaps at some point, Buffett will decide to look into the technology and overall market of cryptocurrencies and become an active player of the market. Or perhaps his words were said with some sort of premeditated intention, as his opinion carries quite a bit of influence.
We’ll just have to wait a bit longer.
The head of deVere named the three drivers of Ethereum price growth
The forecast is based on a number of factors. First, according to the CEO of deVere Group, an increasing number of platforms will use the Ethereum network to simplify trading, smart-contracts and the decentralization of cloud calculations.
Also, Nigel Green said that he expects more solid regulation of the crypto industry. He considers that it is inevitable and will bring about a long-term confidence in the market and greater investor protection.
Developers from around the world use Ethereum to create projects. Some of these projects that have come out recently are DAI (competitor of Tether), a stable coin which has received great interest from venture capitalists and has so far collected more than 133 million dollars, and Amazon Web Services (AWS), which has recently presented a new blockchain service based off of the Ethereum network. Now users can create decentralized applications based on Ethereum.
Such support from one of the largest players in the technology industry will most definitely affect the future of the Ethereum project.