One year ago, Bitcoin and other cryptocurrencies were in the middle of a monstrous bull run. A single Bitcoin surged close to $20,000 as the rest of the market followed to dizzying heights. Millionaires were minted in untold numbers as Lamborghini dealers and other luxury merchants reaped the rewards of the mostly young and brash nouveau riche. Just like our forefathers' 1920s and 1980s, this period was indeed our generation's hyper-energized Shangri-La of wealth creation. What a phenomenal time to be alive!
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Then It All Came Crashing Down…
Since this heady season, the market has suffered a massive reversal of fortune as prices plunged lower during 2018. The leading player, Bitcoin, gave back over 1/3 of its value while many newly-minted junk coins simply vanished. The less popular cryptos plunged right along with Bitcoin as the bubble began to lose its luster.
What Will Happen Next?
A year after the rally, the two significant cryptocurrencies have flatlined. Technically, the price has built a base over the last 90 days that will likely be used as a launching pad for the next surge higher. Both Bitcoin and Ethereum have built this technical price base. While XRP, the third most popular cryptocurrency, has recently experienced greater volatility.
Here are the top five crypto happenings for November:
1. Malaysian Universities Put Degrees On Blockchain
In a unique use of blockchain technology, a consortium of six Malaysian Universities along with the Ministry of Education has launched e-Scroll. E-Scroll is a blockchain-based system for the issuance and verification of college degrees.
The system's purpose is to eliminate a rising tide of degree fraud. The improved security via blockchain is just another example of how blockchain is improving our world.
2. Versa Bank Launches Total Privacy Crypto Vault
One of the original promises of cryptocurrency was to ensure total privacy for financial transactions. While the original utopian vision has been muddled by regulation, a recent project harks back to the idea.
A subsidiary of Canadian Versa Bank called Versa Vault has completed beta testing and is commercializing its digital safety deposit box. Designed to endure complete security and privacy for crypto exchanges and funds, the launch reflects cryptos original promise of total privacy and security.
David Taylor, president and CEO of VersaBank and its subsidiary, VersaVault, said: "I am just delighted with the successful results of our strenuous beta testing. While many are considering ideas and plans for a digital safety deposit box, we have designed and built it, and are now commercializing a first of its kind service that provides our clients with the most sophisticated security and authentication technology available globally, in which our clients enjoy absolute privacy. The VersaVault will now begin rolling out services to cryptocurrency exchanges and crypto investment funds."
Even the bank itself will be unable to access the vaults content, nor will in know what is inside. Chalk up a big win for privacy advocates!
3. Yale Invests Millions In Cryptocurrency
Yale University is rumored to be a significant investor in a $400 million cryptocurrency fund. The university boasts the world's second largest university endowment with over $25 billion in assets. Yale has a reputation for investing in edgier and unusual investments. In addition to earning outsized returns of over 12% since the 1980s, the crypto investment, if proven accurate, will be par for the course for the giant endowment.
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4. Thailand Calls For Greater Crypto Regulation
In a nod to crypto's dark side, Thailand's Deputy Prime Minister Wissanu Krea-ngam has requested that regulation is enhanced.
The Prime Minister made it clear that the regulation enhancements were not designed to stifle cryptocurrency, but rather protect users and investors from bad actors.
He stated that the changes are a must to help control tax evasion, money laundering, and other illegal acts conducted using cryptocurrencies.
5. Iran Develops National Token
Pegged to the rail, the Central Bank of Iran (CBI) has finalized development of a national cryptocurrency. The purpose of the token is to reduce Iran's dependency on the United States-based payment tracks run by SWIFT for global transactions.
Launched by the Informatics Services Corporation in collaboration with the CBI, the token has been built upon open-source Hyperledger Fabric technology.
I expect waves of national adoption of cryptocurrencies over the next decade as blockchain technology continues to become more mainstream.
Risks To Consider: The only thing sure in the crypto world is an extreme risk. ONLY use money that you can lose when investing in cryptocurrency.
Action To Take: Consider purchasing one or more of the significant cryptocurrencies, mentioned earlier, at the current depressed levels.