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Dr. Prash @ Anarchapulco 2019

Dr. Prash has been in Acapulco, Mexico to represent Caleb and Brown at Anarchapulco 2019.

Anarchapulco is the premier event for thought leaders from all around the world, discussing the innovations that seek to disrupt the status quo and re-imagine the future as we envision it.

 

My past few days at Anarchapulco have highlighted a few key principles relevant to the Cryptocurrency space.

  1. The ‘Ancap’ movement has extended far beyond ideological anarchism and now encompasses clearly, the developer community that is putting together the building blocks of this technological revolution.
  2. While price speculation continues to dominate the news-scape, within the grassroots of the movement, it is of little concern. Instead, the main concerns remain the direction this technology will take and the breadth that it is to encompass.
  3. While Crypto companies struggle financially and on the surface there is much talk of a downturn in the market, that is barely visible within the tech community that is growing at an increasingly rapid rate with that being translated to the technology itself.
  4. As this technology is predominantly open source, it lends itself to exponential growth. as the user base continues to grow, so to will the cognitive equity poured into the ecosystem. No closed loop, centralized tech could ever compare with the rate or magnitude of IP being created daily in this space.

Look forward to my detailed review of Anarchapulco next week

– Written by Dr. Prash P

 

About Dr. Prash:

Dr. Prash is the CEO of Caleb and Brown, who are available to guide new and seasoned investors. Prash is considered a thought leader in the philosophical and existential implications of this emerging technology and is a regular speaker at industry conferences.

connect with us

Call Dr. Prash on +61 1800 849 149  or Contact Us to discuss further.

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A Broker Of The Mind – Dr Prash Puspanathan | Blockleaders

Originally published on Blockleaders

 

The Melbourne based Doctor of Psychiatry turned crypto-broker tells Blockleaders about his fascinating journey from medicine to blockchain, life as an immigrant in Australia and his hopes for the future of digital money.

It’s 9.00 am in Melbourne and it is already 40 degrees outside. Wild horses are dropping dead. Bushfires are reported in Tasmania. Somehow, professional tennis players continue to contest the Australian Open, although some matches were suspended yesterday for the safety of players and spectators. In the south of the country, exhausted Aussies bake in temperatures just shy of 50 degrees. It’s a busy time, one must presume, for medical professionals and first responders.

Deep in conversation from his – I hope – well air-conditioned office, one doctor isn’t losing his cool. Dr. Prash Puspanathan, Doctor of Psychiatry and CEO of award-winning boutique crypto brokerage Caleb & Brown, is good a person to know. How many friends can you call on to cure you of what ails your mind and your wallet? Indeed, how many financial brokers are also clinical advisers to a national psychedelic society? And while we’re asking, who knew that national psychedelic societies are a thing?

But for Prash there is a clear philosophical line that can be drawn from psychedelics to cryptocurrencies, and he is persuasive in his reasoning. Articulate and almost offensively intelligent, the soft-spoken Singapore native speaks with the precision of a surgeon’s scalpel, as he guides me through a dissection of the crypto market, globalisation, immigration and, of course, the mind.

“I was a surgical trainee, but as I discovered the effect psychedelics can have on the mind, and the complexities of the mind, I became convinced that my future lay in treating the mind rather than the body. That promise of psychedelics was something I could never turn away from.

A few years ago, while I was writing a talk on the medical potential of psychedelics and as I was researching the notion of cognitive liberty, I stumbled across the idea of fiscal liberty – the belief that you should have the freedom to spend your money whichever way you want. It’s not something you consider as a problem in the developed world until you investigate it deeply.

This led me to the Bitcoin whitepaper. I got extremely involved in that paradigm, which I found ideologically similar to the psychedelic paradigm. I invested in cryptocurrencies myself and soon realised that there was a gap in the market.

…There was no safe, trusted means of obtaining large volumes of cryptocurrencies. That’s how Caleb & Brown came into being…

…But I still maintain an active interest in the medical use of psychedelics.”

Australia is not alone in categorising most psychedelic substances as Class A drugs alongside cocaine and heroin, a state of affairs which is unlikely to change any time soon. But microdosing of psychedelics in the belief that it enhances cognitive performance is creeping into corporate culture. “We are a long way away from decriminalisation. The medical cannabis wave has chartered a path and provides a use case, but it will be years before we see anything like this with psychedelics. There are so many medical, legal and regulatory hurdles to jump – even testing with psychedelics is legally problematic. But I believe that the usage of these substances to enhance performance will become more widespread on Wall Street in the coming years, as it already has in Silicon Valley.”

 

However, when it comes to cryptocurrencies, Australia has taken a far less clear position, except when it comes to taxation. Prash’s business is regulated by the qango with oversight for Australia’s anti-terrorism and anti-money laundering laws. “We are licensed by AUSTRAC to provide a cryptocurrency exchange service.  That’s the only licensing in place at present. The other regulators – companies registration, financial services – have been silent on the treatment of cryptocurrencies.

Meanwhile, the tax authorities treat cryptocurrencies as commodities, which means that tax is due whenever crypto is exchanged for a profit. The problem here is that it fails to take account of the depreciation of crypto assets. So, for example, if your crypto holdings have depreciated by 50%, the loss cannot be offset against your tax liability unless you actually sell the cryptos for a loss. More seriously, if you exchange Bitcoin for Ethereum at a profit today and the price of Ether crashes tomorrow, your tax liability is on the profit you made, even if your holdings are now worth next to nothing. I would like to see cryptos treated as regulated financial instruments, which would make them more attractive for wealth management and financial advisers. After all, making crypto investing attractive for institutional investment firms is essential for the growth of the ecosystem.”

Companies working with cryptos are met with intransigence by the banking sector, a situation that is hardly unique to Australia. “Only yesterday I read about another crypto exchange having their banking services withdrawn. And it happens quickly. If the company is lucky, it might receive a letter giving it seven day’s notice that its account will be frozen. Frustratingly, it’s impossible to get a proper explanation other than the assertion that the banks are private institutions and can do business with whomever they choose.”

Caleb and Brown offers a free crypto tax consultation to all clients. Sign up here to become a client today!

 

Prash’s native Singapore is a hotbed of blockchain activity, although, with a very pro-active State and an infrastructure struggling to keep up, Singapore presents businesses with almost a direct reversal of the issues they face in Australia. “Regulators in Singapore have certainly done a lot to push regulation forward to make the country more crypto-friendly. But there is a dichotomy, in that the regulators are very advanced, but the influx that has occurred of startups and private enterprises have been somewhat hamstrung by the banking infrastructure.”

Finding the right fiscal space for cryptos is a global problem. But whether they are securities, financial instruments, or working currencies, their potential in taking power away from banks entices Prash. “One of the main problems with the financial system now is the complete opacity of it. If anything, the crypto ecosystem allows much greater transparency on the basis of the distributed ledger technology at its heart. What fascinates me more is the question of access. We have anointed the banks with an enormous amount of power. We’ve assigned them that power and then we give them our money to hold.”

“We get on our knees and bow down to the rules they set for us about how we transact our funds. It’s a remarkably counter-intuitive notion that has become ingrained in society over time. This is where the idea of fiscal liberty should be centered…

…It’s not about hiding your money from authorities – I don’t have any problem with fair taxation. Having free access to our money without an opaque intermediary is more interesting to me.”

Prash speaks authoritatively about Bitcoin and other cryptocurrencies and is refreshingly hyperbole-free in his analysis. There is a decentralised utopia out there for the taking, but practical steps must be taken by governments, regulators and financial services before we can hope to reach the libertarian ideal held dear by decentralisation maximalists. He tells me it is only through proper regulation and government action that institutional investment will enter the market, thereby moving the world away from the staid, outmoded banking paradigm, and allowing the value of these assets to start moving up again.

“A lot of crypto purists shy away from regulation because they see it as stepping away from the decentralised ethos they avow. But for me…

…regulation is a benign trojan horse that allows us to ease the transition from our current model to the utopian ideal that the purist dreams of.”

 

The crypto market is currently worth in the region of $150 billion, whereas there is 7 trillion in gold and $70 trillion held in high net worth individual funds run by wealth managers and financial advisors. It is difficult to imagine the crypto market moving forward without some of that money moving into the crypto space. For that to happen, regulation must happen first.

Secondly, more mainstream investment models must be created. I know a lot has been written about ETFs, but we’ve seen with gold and other commodities that the launch of ETFs can really boost the industry, and I think that can happen with cryptos. This will take time, maybe years.

Thirdly, there is the matter of custody. If we want to see greater validity and a more mature infrastructure in the space, there must be better custody solutions. A lot of work is being done, but nobody yet has a credible solution. I like to draw a distinction between custody services and custody solutions.  For a service to be a custody solution, the key element is underwriting. What happens when something goes wrong? Until there is a robust underwriting mechanism, there will be a reluctance to hold large quantities of assets with all the inherent dangers that entails.”

 

But when the dust settles, will these digital assets have any purpose other than to be held and traded?  Will we ever routinely buy skinny lattes with Bitcoin? “This is another contentious point. Roger Ver wouldn’t agree with me, but in my view, multiple cryptocurrencies can co-exist and they will each have their own value proposition. The main value of Bitcoin is in its fundamental scarcity, which gives it great potential as a store of value. Regardless of what we read about the Lightning Network, I can’t see us using Bitcoin for day to day transactions. It’s just not practicable.”

 

Prash has made Australia his home and has never felt discriminated against for his nationality or skin colour. “I moved here in 2005, and in that time I have never faced any setbacks or discrimination based on where I am from. But I think that is due to my credentials to some extent. But I can’t deny that there is a level of discrimination here.  You just have to look at our immigration and asylum policy. I spent time working as a doctor in immigration detention centres with our asylum seeker population and that was a very disheartening experience. Australia is geographically isolated, and also socio-economically independent to a large degree. It doesn’t have the same influences or pressures that are felt by countries in Europe or the Americas. The immigrant communities in Europe are often from neighbouring countries.  Here, they are from very distant states and are easier to classify as ‘aliens’. It’s interesting because each generation of Australians has repeatedly had this attitude to the next generation of immigrants.”

 

It will be for historians to analyse why this decade has seen the rise of populist, right-wing political movements across the globe. These movements espouse anti-bank and anti-government sentiments that sound similar to those voiced by some crypto believers. The political mavericks at the helm of these new parties point the finger accusingly at globalisation, condemning states and banks for choosing profit over the working men and women of Italy, the US or one of the other nations that has lurched to the right. Is the age of globalisation over, and what can that mean for blockchain, a technology unencumbered by borders?

 

“I still believe strongly that globalisation is a core tenant of what the crypto ecosystem promises us…

…We have approximations towards globalisation now and that has been facilitated by advances in technology, transportation and so on. But money is crucial as a means of establishing trust. The fact that we have these geographically divergent currencies means we have divergent means of establishing trust. That is something I would like to see changed, and cryptocurrencies can help in establishing that trust.

 

As globalisation has become more of a reality in the past fifty years, we have been faced with the reality of what that looks like. But with globalisation, you can’t pick and choose the bits that you want. If you want cheap labour, you have to cope with the fact that you will have waves of immigration and a more multicultural society. This has driven some of the backlash that we are seeing now. But globalisation can’t simply be turned off, and it will be interesting to see how we adapt to its challenges over the next ten or twenty years.”

 

My conversation with Prash ends on a cautionary note as we turn our attention to the economic outlook for the coming months and years. For Prash, a financial shock is in in the air.

“I wouldn’t be surprised if it happens this year.  At this point, the wheels are in motion. We have been repeating the same mistakes we made in the run-up to the crash of 2008.  At some point, the house of cards will have to crumble. The last three months of 2018 were disastrous. The FTSE and Dow Jones had horrific quarters, and this is a significant indicator of where the financial system is sitting. It’s inevitable. Nobody talks about subprime mortgages anymore, but the practice of buffering our financial system still occurs. The status quo of control in the banking sector remained after the last crash and that has been prohibitive to innovation in the sector”

 

Recession comes with opportunity, however, but Prash has very little time for taking stock. “It will be a catalyst for change. If nothing else, we will be forced to examine how we do business, and that is something that excites me. For myself, I hope in the future to have more time to think.  It’s the most crucial ingredient for any academic or for anyone who wants to innovate.”

 

Dr. Prash is the CEO at Caleb and Brown, which is available to guide new and seasoned investors.

About Dr. Prash P:
Prash is considered a thought leader in the philosophical and existential implications of this emerging technology and is a regular speaker at industry conferences.

connect with us

Call Dr. Prash on +61 1800 849 149  or Contact Us to discuss further.

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A FinTech View: Financial Services Royal Commission

After almost a year, the final report from the Financial Services Royal Commission has been released and the ramifications go much deeper than just the banking and finance sector – the antagonists in this script. The Fintech sector and in that, the Crypto industry has lessons to learn from these mistakes of the past generation of finance, and to ensure that such practices are not carried forward.

Transparency

One of the key findings of the Royal Commission was the veil of opacity that the banking system has preemptively cocooned around itself. Another, was the need for this curtain to fall, not only for such disruptive and blatant monopolistic practices to cease, but also to ensure the interests of the everyday consumer were protected.

The transparency that blockchain-technology based systems bring is at the core of the ideological movement that birthed the Cryptocurrency industry and as such, this is a move that is inline with the Crypto ecosystem.

Fintech companies have been the hardest hit by de-banking practices and un-competitive industry acquisitions and greater accountability for such actions will only lead to a greater benefit for the Fintech industry as a whole. As a follow on effect, easing of banking pressures as well as a more equitable competitive landscape spells a more favourable investing landscape for the end-consumer. You.

 

Reputation

Lack of accountability is an accusation that has been levelled at the finance sector but here in the Crypto sector, we are already seeing that mistake being repeated. ICOs that raised capital only to deliver no product, have jeopardised the reputation of, and the ethics within, the wider Crypto industry. As a result of the unregulated marketplace, many of these projects have not been held accountable to their investors. Despite persistent attempts by ASIC in to limit the damage, many investors have still been negatively affected.

In particular, being that the industry is so immature, this type of recklessness will especially hamper wider growth and adoption of digital currencies. It is as yet early times and without such paradigms being set practice, we have the opportunity as an industry to ensure change is afoot for the future.

The Royal Commission is a watershed moment for Australia and one would hope that change, henceforth is inevitable. That being said, the underlying sentiment is true of the rest of the world as well. This change, which should be driven by an aim to make the banking industry more agile, lean and open, should see greater incorporation of Fintech into existing outmoded systems and practice models.

– Written by Dr. Prash P

About Dr. Prash:

Dr. Prash is the CEO of Caleb and Brown, who are available to guide new and seasoned investors. Prash is considered a thought leader in the philosophical and existential implications of this emerging technology and is a regular speaker at industry conferences.

connect with us

Call Dr. Prash on +61 1800 849 149  or Contact Us to discuss further.

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Samsung Could be ‘Bigger for Bitcoin than Bakkt’ | Micky.com.au

Originally published on Micky

A high-profile cryptocurrency analyst says Samsung’s next mobile phone could have a bigger impact on Bitcoin than Bakkt or an exchange traded fund (ETF). Joseph Young, a cryptocurrency and fintech expert with 95,000 Twitter followers, made the claim as supposedly leaked images revealed the new Samsung Galaxy S10 has support for cryptocurrencies.

“If Samsung integrates crypto to Galaxy S10, I think it may have a bigger impact than ETF and Bakkt combined,” Mr Young said.

“Partially because no one really knows what kind of exposure (an) ETF / Bakkt will bring … while millions of people use Samsung phones daily.”

(https://btcmanager.com/leaked-photos-suggest-samsung-s10-to-feature-crypto-wallet)

Dr Prash P., the CEO of leading Australian cryptocurrency broker Caleb and Brown, agrees that a Samsung Bitcoin wallet would be significant for the cryptocurrency industry.

“Mainstream validation is what the industry is screaming out for and thus far we have sought this out predominantly in the form of acceptance by the financial incumbents,” Dr Prash said.

“However, to gain this validation via a major player in the global technology sphere – that has chosen to do so out of its own agency and not because of a market created by the traditional financial market – is tremendous validation.

“On a more practical note, the ease of crypto support inbuilt into mobile phone tech will definitely be a boon for adoption due to the ease of use this promises.”

Unconfirmed Rumour

(https://micky.com.au/bitcoin-property-australian-sellers-accepting-crypto-despite-volatility)

In December of 2018, rumours began to emerge that Samsung was releasing a cryptocurrency wallet with its newest phone.

News website Sammobile said “we can confirm that the company is indeed developing one and that it may be launched with the Galaxy S10.” 

According to Sammobile, the cryptocurrency service would essentially have two parts. One would be a cold wallet for saving cryptocurrency, public and private keys as well as signing private keys for cryptocurrency transactions, while the other would be a wallet for transfers, viewing account information and transaction history.

Micky has so far been unable to find any proof the wallets have been developed, and blockchain news website Cointelegraph has previously said Samsung dismissed the reports as “rumour and speculation.”

“(The) suggestion was swiftly refuted by Samsung in private correspondence with Cointelegraph,” the website said.

It quoted Samsung as saying:

“Unfortunately we are unable to provide any information as the below is rumour and speculation.”

Samsung does, however, have three blockchain-related trademark requests that appear on the European Union Intellectual Property Office (EUIPO) website.

They are titled ‘Blockchain KeyStore,’ ‘Blockchain KeyBox’ and ‘Blockchain Core.’

(A screen shot from the EUIPO website, showing the application for the “Blockchain KeyStore” trade mark)

 

Dr. Prash is the CEO at Caleb and Brown, which is available to guide new and seasoned investors.

About Dr. Prash P:
Prash is considered a thought leader in the philosophical and existential implications of this emerging technology and is a regular speaker at industry conferences.

connect with us

Call Dr. Prash on +61 1800 849 149  or Contact Us to discuss further.

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The Crypto Investor Is Changing | Micky.com.au

Originally published in Micky

Statistics show professional investors are coming to crypto by Dr. Prash P, CEO Caleb and Brown

Over the past twelve months, my cryptocurrency brokerage service, Caleb and Brown, has seen a notable shift in the type of client entering the crypto market.

The stratospheric highs of January 2017 saw a huge influx of speculative investors, including many who were making their first notable investment. These investors were reacting to hype driven by friends and family, as well as the media, which enthusiastically reported about the rise of cryptocurrencies as a financial force that could not be ignored.

The shift

Reporting in recent times has turned. The last six months has seen repeated public tolling of the death knell for cryptocurrencies, and the market has not put up any credible resistance either, with a slow (by crypto standards at least) decline across the last nine months.

There have been spikes of short lived volatility, but that has only served as a distraction while the general trend has continued.

The decline of the ICO wave, which likely artificially inflated the Crypto market in early 2018, has seen Bitcoin’s market dominance rise from as low as 32%, back to above 50%.

New investors

With this backdrop though, it has been curious to see a new, more risk averse investor start to appear.

Superannuation and pension funds, investments via trust structures and Limited Liability Companies (LLCs) have taken over from individual accounts as the majority of new clients of our brokerage in the last six months.

A snapshot of our investing population suggests that these new investors are investing in Bitcoin as a long term hold rather than seeking rapid turn-around gains like their speculative counterparts did.

This is exactly what we saw in 2014 – euphoria led to new investors which developed into
fundamental believers as the price corrected.

Follow the money

Financial markets are not isolated systems, and a look at the greater financial markets reveals some interesting current trends.

Both the S&P 500 and Dow Jones Industrial Average are down 7% for the year, and the NASDAQ Composite Index is down 18% in the last 3 months. The UK’s FTSE 100 is facing a 12% loss for the year, its worst in a decade. Back in Australia, the ASX 200 fell almost 7% this year, losing investors $120 Billion.

Meanwhile in crypto land, markets experienced a late Christmas rally with BTC bouncing back from a December low of US$3200 to rise to more than US$4200 in the last week before settling to about US$3800. Whether this will be sustained is too early to tell but it does raise some interesting hypotheses, not all new.

Crypto as a hedge

It has long been proposed that cryptocurrencies, as a non-correlated asset class, could prove a useful hedge against traditional financial market risk in the way Gold or Fine Art have acted in the past.

A late price rally could indicate a shift of value from traditional financial markets, bringing
some credibility to this idea. While this idea requires a significant financial downturn to be really tested, there are some changes in the demography of new investors to our brokerage which could also hint at change.

The last three months have seen an unprecedented increase in what we may generously term as savvy investors. Financial advisors, stockbrokers and venture capitalists investing into their personal portfolios now make up more than five per cent of Caleb & Brown’s client base, up from two per cent during our last audit in September. Equally their average initial capital investment is more than three times our client average.

Higher disposable incomes in this demographic could account for this increase, but that shouldn’t take away from the fact that the financial incumbents, traditionally thought to be shy of this emerging asset class, are seeing it as a viable investment alternative.

What’s next?

Baron Rothschild famously said, “Buy when there’s blood on the streets, even if it’s your own blood”. If it is this blood that the money-people are sniffing and hunting down leading them to enter the crypto market, then it bodes well for this trend to continue.

2019 looks to be an altogether different proposition for Crypto markets than 2018, with a very different outlook, market position and general sentiment.

While that sentiment globally remains cautious, the gradual shift we are noticing in investor trends fills me with confidence that the market is moving in the right direction, albeit gradually.

Dr. Prash is the CEO at Caleb and Brown, which is available to guide new and seasoned investors.

About Dr. Prash P:
Prash is considered a thought leader in the philosophical and existential implications of this emerging technology and is a regular speaker at industry conferences.

connect with us

Call Dr. Prash on +61 1800 849 149  or Contact Us to discuss further.

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Cryptosomniac | Learn about Cryptocurrencies & OTC Trading with Caleb and Brown

James Scott of Digichain Capital Interviews Dr. Prash, CEO & Jackson Zeng, COO – Caleb and Brown

The term ‘OTC trading’ continues to be shrouded in mystery for many in the Crypto ecosystem.
It conjures images of high volume whale traders, internal manipulation of the market by large orders, and something akin to an underworld of Crypto trading.

In reality, the OTC landscape is anything but. It is readily accessible to the everyday investor who can bypass the exchange process via an OTC broker.

In this video, Dr Prash, CEO and Jackson Zeng, COO of Caleb & Brown Cryptocurrency brokerage discuss with James Scott of Digichain Capital some of the finer points of the OTC world, striving to debunk the myths and clarify public expectation and understanding of what this terms means and involves.

Some key takeaways from the discussion:

  1. OTC trading simply means Crypto trades that don’t pass through the order books of an exchange, and instead involve the matching up of trades between buyers, sellers, and deep liquidity pools via a broker such that the trades don’t affect the global price points in any way.
  2. For the consumer, this means not having to incur the slippage they normally would suffer if buying off an exchange.
  3. Large volume trades in the millions of dollars still account for the majority of OTC volume. However, OTC brokers are making that market more readily accessible to the everyday investor.
  4. Total global trading volume passing through the OTC system is virtually impossible to define. However, as an approximation, the Van Eck ETF application surveyed 7 of the largest OTC desks in the world and concluded that half of all global trading volume passed through the OTC space.

Benefits of using an OTC brokerage over an exchange:

  1. Consistent access to a personal broker who acts as a guide through the investment process.
  2. Access to an analyst team providing consistent market information and updates.
  3. Spot pricing rather than enduring slippage.
  4. The ability to instantly lock in a price point rather than waiting for funds to be deposited onto an exchange.
  5. Ability to invest not just as an individual but as a corporate entity, trust, or superannuation fund.
  6. In addition, having access to an in-house accountant to set up more efficient structures through which to establish and hold your Crypto investment

Whether you are new to the market, or a seasoned trader, Caleb & Brown can help to realise your goals. Call us on +61 1800 849 149  or Contact Us to discuss further.

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Image source: Cryptosomniac

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Financial Advisors Loading Up On Bitcoin | Micky.com.au

Originally featured on Micky.com.au

Australia’s largest cryptocurrency brokerage service says financial advisors around the world are investing in Bitcoin, but can’t advise their clients to do the same.

Dr Prash, the CEO and Founder of Caleb and Brown, told Micky that dozens of advisors have used his service to buy hundreds of thousands of dollars worth of digital assets.

“These are wealth managers, who have their own personal cryptocurrency portfolios,” Dr Prash said.

“They see value in it … I’ve dealt with five or six of them personally already.”

International interest

Dr Prash says the majority of financial advisors contacting his staff are from overseas.

“The Australian market is still a bit behind in crypto terms,” he said.

“About 50 per cent of our clients are international – predominantly American – and the Americans are definitely a bit more ahead of the curve.”

Interestingly, while financial investors are taking the plunge into digital assets, regulation prevents them from telling their clients to do the same.

“They can direct their clients to us as a resource, but they can’t technically advise their clients (to buy) crypto. So it’s still very much a grey area. Their hands are tied.”

Will regulation change?

Dr Prash says financial advisors may be able to advise their clients to purchase digital assets once there is greater clarity from regulators.

“The fact that regulators have been ‘umming and ahhing’ and not giving us anything concrete has been an issue,” he said.

“As soon as that becomes a bit more concrete, I think we will see mainstream players start to enter the market. That’s where the money is.

“At the moment, they’re afraid. They’re scared because there’s no consistency in the messaging from the top down. Once we get some consistency, once crypto becomes a regulated financial instrument, which it isn’t at the moment, we will see the financial incumbents being able to invest in it.”

Mr Prash pointed out that there is $70 trillion being held in funds for high net worth individuals and the current cryptocurrency market cap of around $100 billion is “coffee money” to them.

“We just need a bit more of their coffee money and I we will see another spike,” he said.

Bitcoin ETF

When asked about the potential of a Bitcoin Exchange Traded Fund, Dr Prash laughed and said: “I feel like we’ve been talking about this forever!”

He’s right.

There has been delay after delay by the Securities Exchange Commission (SEC) as it decides whether to approve an application for an ETF by investment firm VanEck.

“The interesting thing is the number of times there have been delays and no cancellations,” Dr Prash said.

“The one true hope this gives me is that …. a lot of this is designed for those mainstream investors to get their ducks in a row before that next bull run gets started.”

(It’s not the first time somebody has drawn that conclusion, with Micky reporting one well known investor’s “Great Cryptcurrency Conspiracy” earlier this year.)

“There’s nothing to prove that, but if there’s anything we’ve learned from past financial history is that these guys are much smarter than we perhaps give them credit for,” Dr Prash said.

“They’re not ignoring the crypto market. They see a market that got away from them before they had a chance to capitalise on it and they – by way of having influence over regulation – have power over this market in ways we don’t know that they do.”

Bakkt

Dr Prash says Bitcoin futures exchange Bakkt is good for the cryptocurrency community.

“We forget that the rest of the world doesn’t understand the intricacies of the highly technical cryptocurrency field,” he said.

“But something like what Bakkt is offering is something akin to what the traditional financial investor understands. It gives them a way into the market.”

Will prices ever recover?

“Absolutely,” Dr Prash said.

“I think we’ll see a few more cycles like this. While the market cap is still small, we will continue to see that volatility. So I think the bounce back will be hard.

“There are some investors who’ve been holding out and holding out waiting out for a price point like this.”

Dr Prash said he can’t give a timeline, but expects the new bull run to be triggered by increased regulation.

connect with us

Call us on 1800 849 149 (AU) | (844) 494 6515 (US and International) or Contact Us to discuss further.

About Micky

Micky.com.au has been created for the Micky bulls.

A news, media and content company, we have a focus on the blockchain and cryptocurrency industries.

Our journalists scour the internet and regularly speak with contacts to find out the latest happenings within blockchain projects, whether they’re listed on CoinMarketCap or the ASX.

Micky also provides a platform for our network of clients to tell their stories to a new generation of savvy investors.

A revolution is underway. Micky is here to document that revolution.

Image source: Micky.com.au

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Top Cryptocurrencies of the Week | Crypto News Australia

Weekly segment featured on Crypto News Australia

Week: 8th Dec 2018

1. Bitcoin Analysis

Bitcoin: USD $3853 (as of 8 December 2018)

Last week, Bitcoin saw almost a 19% recovery since our weekly update, to test the resistance on the descending trend over the last 14 days. It appears steep short-term trend line have broken but bulls are struggling to keep levels above $4000. Market volatility likely to continue between a $4400 resistance and $3500 support. Short trader volume continues to climb, with Bitfinex margin volume leaning towards shorts by 37%.

2. Crypto in the News

This week crypto “in the news”is Tron (TRX). This week Tron (TRX) surged back into top 10 cryptocurrencies list overtaking Cardano (ADA) and Monero (XMR) on Coin Market Cap.

Tronover took Ethereum in Google searches, Daily Transactions and DApp users. This week also marks the launch of The Tron Accelerator Initiative. Aimed at empowering developers and bring about innovation in the blockchain industry, more specifically, using Tron’s third generation blockchain technology. Finally, the news emerged that Tron (TRX) will hit gigantic South-East Asia trading platform MBAex.

3. Caleb and Brown’s Most Traded Coin of the Week

Caleb and Brown has experienced strong buy action across the board. Apart from Bitcoin, our clients have shown increasing interest in DigiByte (DGB).

DigiByte (DGB) is a comparatively old community coin that emerged just prior to the 2014 bear market. The decentralised blockchainfocuses on cyber security, payments & secure communications. DGB claims to be the ‘fastest, longest, most decentralized & secure UTXO blockchain in the world’.

4. Best Performer of the Week

Waves (WAVES), a decentralised exchange platform for cryptocurrencies, is one of the few cryptocurrencies this week to see a positive price movement. The cryptocurrency experienced a 50% price increase throughout the past 7 days as trading activity increases steadily on their decentralised exchange.

Moreover, the project just announced an update for their WAVES mobile app which allows users to deposit, store, withdraw and trade their cryptocurrency directly via smartphone.

5. Caleb and Brown’s Pick of the Week

Bitcoin (BTC) still remains the pick of the week with a market dominance of 54%. Experts believe it will move up at the expense of altcoins.

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Call us on 1800 849 149 (AU) | (844) 494 6515 (US and International) or Contact Us to discuss further.

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Top Cryptocurrencies of the Week | Crypto News Australia

Weekly segment featured on Crypto News Australia

Week: 27th Nov 2018

1. Bitcoin Analysis

Bitcoin: USD $3660 (as of 27 November 2018)

Multiple support levels have been broken in the last two weeks of dramatic selloffs, falling past USD $6000, $5000, $4000, and $3800. Now trading at a brutal 38% below the 50-day moving average, BTC had a 15% dead-cat bounce off the USD $3500 level yesterday, attempting to bring levels back around USD $4000. The recovery didn’t achieve enough momentum, so BTC is falling back to yesterday’s lows towards USD $3500. While all technical indicators are screaming ‘oversold’, a rapid recovery is unlikely due to a prolonged11 month bear market. The next level to look for re-entry appears to be the 2017 resistance-turned-support level of USD $3000.

2. Crypto in the News

In these times of high volatility, and with daily Bitcoin price movements of up to 15%, all eyes are on Bitcoin. As the cryptocurrency is still considered the main market mover, the main point of speculation and news revolve around Bitcoin finding its bottom.

3. Caleb and Brown’s Most Traded Coin of the Week

As the market continues to make new yearly lows, Caleb and Brown is experiencing strong buy action, predominately in Bitcoin. As Bitcoin has now fallen over 80% from its all-time high, our clients view the current discount as a great opportunity to dollar-cost-average into Bitcoin.

4. Best Performer of the Week

Disagreements around Bitcoin Cash divided the community into two different camps, Bitcoin Cash ABC and Bitcoin Cash SV.

Whilst both cryptocurrencies have been trading significantly below the previous Bitcoin Cash price, Bitcoin Cash SV took especially big losses in terms of value and was trading over 90% lower than the previous Bitcoin Cash price just prior to the hard-fork.

However, over the last seven days, Bitcoin SV has increased in value by 85% and outperformed the top 100 cryptocurrencies on the short term.

5. Caleb and Brown’s Pick of the Week

With Bitcoin continuing its downtrend and approaching its next support level, we are looking to be averaging into Bitcoin incrementally around the USD $3000 level.

An alternative cryptocurrency we consider attractive is Nexo. The Nexo platform offers fully crypto-backed instant loans, all backed by Credissimo – a leading European fin-tech group for over ten years. The platform is currently live and offers a real-life use case which to this day is a rarity in the crypto market.

The cryptocurrency experienced a strong bounce back and is one of the few top 100 cryptocurrencies that has been able to hold its value throughout the past week while the rest of the market has been in a downtrend.

connect with us

Call us on 1800 849 149 (AU) | (844) 494 6515 (US and International) or Contact Us to discuss further.

Image source: Crypto News Australia