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Max Keiser: Bitcoin Will Reach $28K and Correct, Then Break Six Figures
Max Keiser: Bitcoin Will Hit $28K and Correct, Then Break Six Figures
Bitcoin (BTC) will not stop rising until it reaches $28,000 and corrects, Max Keiser believes as the king coin gains over 20% in a week.
In a series of tweets on July 27, the famously outspoken host of the Keiser Report predicts that BTC/USD was headed for six figures after a correction period near $30,000.
Peter Schiff is “puking his brains out”
Keiser made the prediction as Bitcoin passed $11,200 during a day of surprises. Bitcoin managed to hold $10,000 for longer than a matter of hours, and data showed that this latest trip to five figures was sturdier that others in 2020.
“$28,000 is in play before we see a pullback — and then we’re heading to 6-figures,” Keiser stated.
Well known for his optimism and heavy preference for BTC over other cryptocurrencies, Keiser further took aim at gold bug Peter Schiff. Schiff, who has been celebrating gold reaching all-time highs against the U.S. dollar, had previously dismissed Bitcoin’s rise.
“It’s put up or shut up for Bitcoin — it’s got to hold $10,000 now,” he said during a debate with Morgan Creek Digital co-founder, Anthony Pompliano, on his YouTube channel on July 26.
Keiser had little time for this and Schiff’s other arguments, stating that the Bitcoin skeptic was in fact secretly regretting his choice of gold.
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With over $1 billion in Bitcoin stolen to date, it's vital to keep yours secure. There are a wealth of wallet options, depending on your requirements.
In brief
With over $1 billion in Bitcoin stolen to date, the need for secure storage options has never been greater.
Options for storing your Bitcoin include hardware wallets, metal wallets, software wallets and exchange wallets.
Each Bitcoin storage solution has its own advantages and disadvantages, but there are many options depending on your needs.
Keeping your Bitcoin safe might seem like a simple task, but as a myriad of thefts, phishing attacks, and exchange hacks prove—it's easier said than done.
The majority of Bitcoin holders use one of four main types of cryptocurrency wallet: hardware, software, metal, and exchange wallets. Some are better than others for keeping your Bitcoin safe, but there are many ways to maximize your security regardless of which option you choose
When it comes to keeping your Bitcoin private keys secure, hardware wallets are widely considered to be the safest option. Hardware wallets are physical security vaults that are designed to protect your Bitcoin (and other cryptocurrencies) from a range of possible attacks, while also ensuring you can access and spend your cryptocurrencies with relative ease.
Hardware wallets vary considerably in form, function, and price. They range from the $49 KeepKey wallet, to the $119 Bluetooth multi-asset Ledger Nano X, and $120 Bitcoin-centric Coldcard Mk3 and beyond.
This has led to some ingenious workarounds to protect and secure the recovery phrase from prying eyes, including writing it in UV-sensitive ink under a dummy phrase, and even dividing the recovery phrase up between several safety deposit boxes.
Software wallets
Software wallets are one of the most popular ways to store Bitcoin among mobile users, since many can be used to manage a wide variety of cryptocurrencies from most mobile devices. There are also desktop versions of many software wallets, allowing users to manage their own private keys on Linux, macOS, and Windows.
Some of the most popular Bitcoin wallets are software wallets, including Electrum, Jaxx Liberty, and Exodus—all of which are available for both desktop and mobile operating systems. However, even the most secure options lack some of the security features of hardware wallets.
In order to maximize your security with a software wallet, we recommend picking one that features two-factor authentication (2FA). It's also important to ensure you're protected against viruses, keyloggers and other malware, since these can exfiltrate your private keys and seed phrases if not blocked.
Metal wallets are physical metal plates or devices that can be used to securely store recovery phrases, private keys, and potentially other sensitive information offline. Since they're constructed out of metal, they are inherently fireproof and corrosion-resistant, while some, like the Cryptosteel and Cypherwheel, are also crush-resistant.
Unlike the other options on this list, metal wallets are not designed for actually using Bitcoin or other cryptocurrencies. They simply act as a means to store secret information in a more robust way than an insecure paper wallet. They're more resilient than even the most robust hardware wallets, and several feature built-in anti-tamper mechanisms. They're most useful for long-term storage in a secure location, since they won't afford you instant access to your funds.
Cryptocurrency exchanges
Cryptocurrency exchanges have much to recommend them, including instant access to funds, plus the ability to quickly trade your Bitcoin for other cryptoassets. However, compared to other methods of storing your Bitcoin, they are generally considered to be a less secure option. Well over 1 million Bitcoin—currently worth almost $1 billion—has been stolen from exchanges, according to a 2019 report by blockchain analytics firm Chainalysis.
They are also custodial, which means they hold custody of any fund stored in their accounts, leaving users without access to their private keys. "Not your keys, not your Bitcoin" is a common refrain among those cryptocurrency advocates who reject the idea of storing their crypto on an exchange. Of course, it's worth noting that many exchanges, including the major ones such as Gemini, Coinbase and Bittrex, are insured—protecting users against a range of threats including insider theft and cyberattacks.
Despite their limitations, exchanges remain an extremely popular way to store cryptocurrencies, due to the simple fact that they're typically convenient and easy to use.
They also differ in their security stack, including their use of cold storage and account-side security features. We'd recommend sticking to exchanges that use multi-signature cold storage and offer two-factor authentication for accounts. Some exchanges, such as Binance, also let you use a hardware key for 2FA, adding an additional layer of security.
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South Korean economists aren’t happy with the government’s proposal to tax Bitcoin and other cryptocurrencies, days after reports suggested the latter.
Any “cryptocurrency tax” must be abolished and not implemented, the country’s academics told local reporters over the weekend.
The reason was singular and simple — taxes on an emerging asset class and disruptive technology sector may block broader industrial growth in the country; one that suffers from an ongoing employment crisis.
Taxing Bitcoin is “premature”
South Korea’s economy hinges on slow-growth and a family-run business system called “chaebol,” making the job market notorious to enter into and condemned for poor wages.
With th
e above in mind, Korean economists believe cryptocurrencies are a burgeoning asset class, while blockchain technology presents long-term growth opportunities for the country.
Ask Sung Tae-yoon of Yonsei University. The Harvard-educated professor says implementing crypto-taxes is a “premature” decision, considering the digital asset market is still developing and is not as established as other sectors.
Sung believes cryptocurrencies have a long way to go before being regulated similar to fiat currencies. The professor has a point — Bitcoin’s been around since 2009, but cryptocurrencies have gained widespread prominence only since after 2018.
The above means cryptocurrencies are, in all regards, still a nascent development and not a decade-old. Sung explains:
“Any rash taxation or introduction of regulations can be a stumbling block for sustainable growth of the industry.”
BTC gains to be reported
Korea’s cryptocurrency tax decision came late last week after years of deliberation and parliamentary exchanges. Until the date, cryptocurrencies were considered a “tax-exempt safe haven” in the country, with regulators and experts fiercely opposed over their legality.
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KPMG Chain Fusion is set to help traditional financial companies and fintech startups provide well-managed crypto asset services.
Aiming At Institutional Clients
In a recent announcement, the company presented KPMG Chain Fusion. The project aims to help the management of crypto and traditional assets over public and private blockchain networks for institutional clients.
The new set of capabilities will be able to assist customers in managing and addressing global regulatory considerations for strong system controls and processes for crypto and digital assets. It will also help clients in solving a variety of complex foundational problems, facing organizations, which compete in the institutional market of crypto assets.
“Regulators and auditors expect fully implemented controls and processes within and across a crypto asset business – whether they are crypto assets or traditional systems or anything in between. If you are a blockchain or digital asset-based business, you will have separate systems for everything,” said Sam Wyner, director, and co-lead of the KPMG Cryptoasset Services team.
How It Works
Chain Fusion’s basics consist of leveraging a structured information model to combine data, coming from both blockchain and traditional systems. Thus, it will support the necessary analytics for business, risk, and compliance objectives.
The capabilities and accelerators of Chain Fusion are built to support companies easily reach the adoption of fundamental crypto business capabilities. The core will also assist them in dealing with the challenges of cryptographic proof of assets under custody. It will help in the deployment and integration of core custody capabilities such as multi-party computational crypto asset wallets, and transaction monitoring for AML.
Leading cryptoasset technology solutions can address process and control requirements within their own systems, but the greater challenge is making sure systems can work together, with all the right processes and controls in place between those systems,” Wyner explains.
As stated, Chain Fusion will “bring such systems together with a required processes and controls under one roof.”
Several financial organizations and fintech companies are offering crypto asset services for their clients already. It’s absolutely no wonder that KPMG is stepping into the field as institutional interest is on the rise when it comes to cryptocurrencies.
Most recently, the American multinational financial services corporation Fidelity Investments reported that 36% of institutional investors have exposure to Bitcoin or other types of cryptocurrencies.
Coinbase, the leading US-based cryptocurrency exchange also strengthened its institutional focus by recently acquiring leading crypto brokerage firm Tagomi.
