5 Crucial Crypto Happenings For October

I had a fantastic experience at the Blockchain Shift conference in Miami earlier this month. Billing itself as ushering in the “4th Industrial Revolution,” the event brought together over 2,000 blockchain experts and investors to help raise awareness of the transformational nature of the blockchain and cryptocurrency.

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The enthusiasm at the event was contagious. Despite the recent negative performance of cryptocurrency, seeing the excitement of the financial experts in attendance left little doubt that the blockchain is the future.

#-ad_banner-#My key takeaway from the conference is the way blockchain is changing the real world. It is via this soon-to-be volcanic change that blockchain and cryptocurrency will quickly become mainstream.

Improvements to internet security, financial markets, banking, money transfer, and even legal contracts clearly signal how quickly the world is shifting to the blockchain.

However, I also learned that most cryptocurrencies on the market today will not last for long. In fact, the experts are forecasting even more carnage before the crème rises to the top of the crypto heap.

Also, not only were blockchain companies in attendance, Bloomberg, CNBC, and a host of other big names attended the event. This just helps cement the fact that crypto is here to stay.

The rapid changes are creating massive opportunities, as well as new risks, for investors. It is similar to the gold rush where prospectors have the potential for vast wealth, but crushing hazards loom around every bend.  Not only is there structural risk in most cryptocurrencies, wolves in sheep’s clothing lurk everywhere, trying to lure naïve investors to their tokens and projects. Unfortunately, fraud is rampant in the business where only a clever white paper and a small investment can launch a new coin or token.

This is why it is even more critical to stick with the top volume cryptos when considering an investment. Coinmarketcap.com is the go-to source for volume for most investors. To be sure, volume is not a cure for extreme volatility and high risk. But it does indicate the popularity — and hopefully longevity — of a token or coin.

Here are 5 crypto happenings you need to know:

1. Fidelity Launches Crypto Platform
Fidelity, one of the world’s largest financial services providers with over $7 trillion in assets, launched Fidelity Digital Asset Services to provide crypto trading and custody.

Tom Jessup, head of Fidelity Digital Assets, announced the platform at Bloomberg’s Institutional Crypto event. The platform is designed for institutional investors, including hedge funds, family offices, and market intermediaries.

Jessup said, “Those efforts have been successful in helping us understand and advance our thinking around cryptocurrencies … The creation of Fidelity Digital Assets is the first step in a long-term vision to create a full-service enterprise-grade platform for digital assets.”

This scalable infrastructure is another massive step in mainstreaming crypto for the time when blockchain is the de facto financial backbone.

2. Singapore’s Central Bank Steps In
Rather than having a contentious relationship, Singapore’s central bank has stepped up to the plate to guarantee that cryptocurrency startups receive banking services.

Ravi Menon, the institution’s managing director, told Bloomberg that the central bank is working to “bring the banks and cryptocurrency fintech startups together to see if there’s some understanding they can reach…The nature of this business is a bit different, so banks may need to employ other ways in which they can establish bona fide.”

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3. Adhara Wins Funding For Central Bank Protocol
In additional crypto bullish central bank news, blockchain startup Adhara obtained $15 million in funding to assist central banks in cryptography. The so-called, zero-knowledge proof technology may be a positive step in the tokenization of fiat currency. The company works to process and settle international payments involving the South African Reserve Bank (SARB), addresses several difficulties such as reconciling what happens at either end of a payment between a mish-mash of disconnected ledgers and the problem of reconciling accounts via the central bank.

While still in the early stages of adoption, this progress is another proof of the eventual mass adoption of the blockchain.

4. Price Volatility Hits 15-Month Low
Weekly bitcoin price volatility fell to 15-month lows in October, signaling a stabilizing of prices. The stabilization may be due to the futures market, indecision by both bulls and bears, and/or greater institutional activity.

I see it as a bullish signal and expect the break to be to the upside.

5. UAE Permits ICOs As Corporate Funding
The United Arab Emirates (UAE) has announced plans to allow ICOs as a fundraising tool for domestic companies.

The positive news was revealed by the head of the U.A.E.’s securities watchdog, Obaid Saif al-Zaabi, who said: “The board of the Emirates Securities & Commodities Authority has approved considering ICOs as securities. As per our plan, we should have regulations on the ground in the first half of 2019.”

Risks To Consider: Despite the bullish happenings, crypto investing remains the wild west. Only invest money that you can afford to lose.

Action To Take: Consider investing in one or more of the top volume cryptocurrencies and blockchain based companies as long-term holds.