Peter Schiff: Bitcoin will never hit $50,000 – August 22

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $10,101

On average the cryptocurrency market is up 1.2% today. Bitcoin has risen just 0.8% over the last 24 hours, but Ethereum and XRP have appreciated 4.0% and 2.9% respectively. Among the top-20, all coins are in the green as much as 6%; Ethereum Classic, however, is up almost 19%.

Top Stories for August 22, 2019 πŸ”₯

πŸ‘‰ Peter Schiff: Bitcoin will never hit $50,000

Peter Schiff is a wealthy American broker-dealer; more importantly, he’s a well-known gold advocate and a bit of a cryptocurrency sceptic. He was recently featured in our newsletter following a humorous Twitter exchange with Anthony Pompliano.

Now, in yet another Twitter exchange — this time with CNBC host Joe Kernen — Schiff has said that “Bitcoin will never hit 50K”, also writing that gold will eventually reach $5,000.

πŸ‘‰ Lightning Network offers annual ROI of 0.0048%

The Lightning Network is a proposed scalability solution for the Bitcoin network that will make it faster and cheaper to send Bitcoin transactions. The network is already being tested by a number of users, some of whom have staked Bitcoin to power the network.

A statement from LNBIG, an organization which runs 40% of the Lightning Network, has revealed they draw an annual return on investment of approximately $48 per $1,000,000 staked. Not so impressive, is it?

πŸ‘‰ Venture capitalist: ETH has best risk/reward ratio ever

Chris Burniske is an American venture capitalist known for leading ARK Investment Management to become the first public fund manager to invest in Bitcoin, and for his book “Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond.”

In a recent Twitter thread, Burniske compared Ethereum’s current bear market to that of Bitcoin’s 2014/2015 bear market, saying that Ethereum has the best risk/reward ratio it has ever had.