Bitcoin futures can officially start Dec. 18, US regulators have confirmed, causing widespread celebration.
“It’s an orgy” is how one strategist described the breaking news that US regulators have approved Bitcoin futures to start this month.
The US Commodity Futures Trading Commission (CFTC) confirmed Friday that CME Group and CBOE had met the requirements for regulated trading, while Cantor Exchange would also be able to debut Bitcoin binary options.
*CANTOR EXCHANGE TO OFFER BITCOIN BINARY OPTIONS, CFTC SAYS.
— Jared Dillian (
It's an orgy@dailydirtnap) December 1, 2017
The news quickly rippled out across the industry and media, with a stream of delighted bullish statements gracing Twitter and other platforms.
CME starting trading #Bitcoin futures in 17 days! https://t.co/JLDC59gsd4
— WhalePanda (@WhalePanda) December 1, 2017
Bitcoin prices are reacting in kind as of press time, with a surge towards $11,000 well underway. Bitcoin has gained $700 in a matter of hours, with another $600 to go before all-time highs of $11,360 seen earlier this week are challenged.
Curious alternative responses are meanwhile coming from the likes of Digital Currency Group CEO Barry Silbert.
Speaking on CNBC about the futures approval, Silbert told the audience they should look to take profits from the price rally and put them into Ethereum Classic and ZCash.
CNBC "Do you take some #Bitcoin off the table at 10k?" Barry "You should look to diversify across the asset class into $ETC and $ZEC" #ethereumclassic #zcash @barrysilbert 👍👍 pic.twitter.com/AHaKWlA3zU
— Philip Charles (@PhilCrypto77) December 1, 2017
“I think it is going to enable finally the approval of Bitcoin ETFs, and other digital currency ETFs, which is game-changing,” he added.
Ethereum Classic is currently among the biggest successes of Bitcoin’s huge price increases this week, with today’s reversal generating near 30 percent growth for the altcoin.
The Bank of France goes out on a limb, describing Bitcoin as “neither a currency nor a cryptocurrency.”
Bank of France governor Francois Villeroy de Galhau has said that Bitcoin is not a currency - and not even a cryptocurrency.
In remarks at a Beijing conference, Villeroy stressed the need for “clarity” on Bitcoin’s status, while introducing an unusual angle which so far has not surfaced as part of the mainstream narrative.
“We need to be clear: Bitcoin is in no way a currency or even a cryptocurrency,” he said quoted by Bank of France in various publications.
“It is a speculative asset. Its value and extreme volatility have no economic basis, and they are nobody’s responsibility.”
Repeating bearish warnings more common to central banks throughout the world over the past few years, Villeroy added that the Bank of France “reminds those investing in Bitcoin that they do so entirely at their own risk.”
The concept that Bitcoin is not a cryptocurrency stands out among the more unexpected utterances from famous economic sources this week.
Speaking to Bloomberg, that network’s CEO and Founder Michael R. Bloomberg even confused Bitcoin and Blockchain, coming out with a newly-coined term ‘Bitchain.’
Goldman Sachs CEO Lloyd Blankfein, also present at the interview, was on hand to correct him, before Bloomberg continued that his network basically was, in fact, a Blockchain.
“In fact, the Bloomberg system is a Blockchain; it’s just that instead of having the users control it, we control it,” he said.
“But it has all the attributes of that.”
Secret symbol № 21: Y What is this?
The $2,000 drop in a day sparked the usual fear after the same people were celebrating the up-ride.
When the gates opened on Bitcoin’s post-Thanksgiving rally that saw it top $11,300 in a matter of days, everyone was queuing to get aboard the roller coaster as mainstream individual adoption seemed to be in full swing.
Everything looked rosy as before the confetti had even settled on the $10,000 party the next cake was brought out with a brand new 11,000 candles on it. Wall Street was on board, John McAfee was betting his manhood on the rambunctious digital currency and nothing would end this monumental ride.
All this jubilation obviously triggered something in the volatile beast that is Bitcoin as just when you think you have a handle on things, the monstrous currency bucks the trend. $11,000 turned into $9,000 and suddenly a fifth of Bitcoin, and any investment for the newbies who put in at $11,000 disappeared into the night air. Panic.
There is a rather large sect of the global population sitting with pins held ready behind their backs waiting to pop the Bitcoin bubble and proudly declare it dead. They were there at $800 to $1,000 and they are still here at $8,000 to $10,000, but their pin is a lot more bent and blunt.
Bitcoin continues to die a thousand deaths, but like a cheesy Zombie movie, it is never down. The more things change, the more they stay the same and this latest drop has the same makings of many that have come before it.
Remember the post-chain split rally? Bitcoin had survived the war, and even made a new, very familiar looking friend, but it meant that the coin was invincible. Everyone and their mother was buying Bitcoin and the rally began as that boost of Wall Street money forced its way into the news and people were buying in like drunk partiers on the Las Vegas strip.
Suddenly, the speculative price became unsustainable and the inevitable correction came.
“So it’s just natural and normal for a market to have a correction after a run like that. Historically, Bitcoin corrects anywhere from 30 percent to 50 percent,” Adam Sharp, the co-founder of Early Investing, said in September - but that tidbit of advice is golden in most situations.
Still, weak hands were shook, Bitcoin flooded back into the market at discount prices, and the vultures swooped. One doesn’t need a degree in economics to understand what happens when supply and demand act like this…
Bitcoin’s future in photos. pic.twitter.com/45sMn7kSc1
— Patrick Scott Patterson (@OriginalPSP) November 29, 2017
Me cashing out on bitcoin after the first cryptocurrency crash pic.twitter.com/IVDwfcoB5m
— Errol Spence Jr. Jr. (@Thmpsn) November 29, 2017
Today’s bitcoin crash is the exact reason why i won’t invest. Imagine when bitcoin experiences it’s first economic recession...
— JC🇩🇴 (@nunjc24) November 29, 2017
Does that subheading not ring so true in the world of cryptocurrency? The amount of times Bitcoin has rallied, corrected, dipped and sprung back up to go even higher is too many to count on all your fingers and toes combined.
Redditor Exotemporal gives a boots-on-the-ground opinion that feels a little more real than those sprouted from billionaires who dabble in cryptocurrency.
“They don’t remember the past because they weren’t there to witness the previous dips,” the redditor wrote. “I can see why someone would think that a 20 percent drop that happens within minutes is scary as hell. They’ll learn that these dips that aren’t accompanied by bad news are just transfers of money from the weakest to the strongest hands. Dips are a regular occurrence and an opportunity for newcomers to buy discounted Bitcoins.”
Another, little greener user, also gave his personal feelings on the wild whiplash of a ride.
“I bought in at $8,250 and it stayed constant till the 9-11k big push,” wrote user Leathermanhelppls. “I was worried for a couple days that I bought at the all-time high and I’d lose out….now the real fun begins! This is the exhilaration whiplash that I was promised. Going to [hold] for all it’s worth!”
Secret symbol № 20: 9 What is this?
What is going on with the crypto market’s top currencies?
The views and opinions expressed here are solely those of authors/contributors and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The huge volatility in Bitcoin on Nov. 29 caught a number of novice investors off-guard. This serves as a reminder to the traders that cryptocurrency trading should be taken seriously.
Additionally, this fall is likely to renew the debate among the believers and the non-believers.
Joseph Stiglitz, the Nobel Prize winner, went as far as to demand a ban on Bitcoins. On the other hand, John McAfee, founder of McAfee Associates, has gone ahead and raised his target on Bitcoin to $1 mln by the end of 2020.
Nonetheless, other than for the long-term investor, these sky-high targets are unlikely to be of much use. The trader is more concerned about the next 20-40 percent move. So, let’s try to jump into the charts and attempt to forecast the next direction.
On Nov. 25, I had forecast a rally to $9,969, which proved to be a very conservative target. Bitcoin launched a vertical rally on Nov. 24, which peaked on Nov. 29 at $11,420.82 levels.
Vertical rallies are unsustainable and lead to a crash. Hence, it is good that the rally stalled. The present correction is likely to find support at the resistance line of the ascending channel. The trendline, green color on the chart, also coincides with the channel support. So, I expect the zone of $8,750 to $9,100 to act as a formidable support.
If, however, the bears succeed in breaking down this support, the 20-day EMA at $8,530 will act as the next support, below which a decline to $8,000 is possible.
On the upside, yesterday’s high of $10,570.49 and the lifetime high of $11,420.82 will act as a stiff resistance.
The volatility is likely to remain high for another four to five days when both the bulls and the bears will try to establish their supremacy. Thereafter, I expect the volatility to subside.
The risk to reward ratio in the current volatile environment is not conducive for trading. Hence, I don’t recommend any trade today. It is better to stay safe and preserve capital than lose money in the whipsaws.
Luckily, we had booked 50 percent profits on the existing positions in Ethereum at $483 levels. I had been expecting a retest of the breakout levels, but I had not envisaged a fall below $393. Therefore, I had recommended an SL of $390. Nevertheless, I was proven wrong and the SL was hit yesterday.
However, the ascending triangle pattern is still intact. If Ethereum manages to stay above the $393 levels, it is likely to resume its uptrend and attempt a rally towards its pattern target of $652.
On the other hand, if the digital currency breaks down of $390, it is likely to slide to $350. Below this, a fall to $290 is also possible.
I will prefer to stay on the sidelines and watch the setup develop over the next two days before any trade.
I had forecast a rally to $1,827 and $2,056 on Bitcoin Cash in my previous analysis. However, the digital currency could not breakout of the $1,758 levels.
After trading within a range of $1,507 to $1,758, the virtual currency broke down on Nov. 28.
Currently, the bulls are attempting to take support at the 20-day EMA. If this level breaks down, a fall to $1,150 is likely. This is the final support, below which, the decline can extend to the 50-day SMA at $827.
On the other hand, if the buyers step in at the 20-day EMA, a retest of $1,507 and $1,758 is likely.
A very risky trade setup is a buy above $1,420 with a stop loss of $1120. The target objective on the upside is a retest of $1,758 levels. Only aggressive traders should take a shot at this trade and with only 50 percent of the normal position size.
I had anticipated a rally to $0.3 on Ripple; however, it could not cross the $0.28 mark. From there, it plunged back to the critical support of $0.22.
I expect the $0.22 levels to hold, at least in the short-term. The rebound is likely to face a stiff resistance at $0.25 levels, which is the 50 percent Fibonacci retracement of the fall from $0.281 to $0.2195. Just a few days back also, $0.25 had acted as a strong resistance.
Once above this level, a rally to $0.28 and thereafter to $0.3 is likely.
Contrarily, if the $0.22 level breaks down, it can sink Ripple to $0.18 levels. Aggressive traders can attempt to go long at $0.251 and keep a stop loss of $0.218. The target objective on the upside is $0.28 and $0.3. This is a risky trade; hence, the position size should be less than 50 percent of usual.
In my previous analysis, I had suggested a probable retest of the lifetime highs, which proved to be correct.
However, only the nimble-footed trader would have benefitted from the rise, because the digital currency plunged to about $76 levels on the same day.
The positive news is that the 20-day EMA has not broken down, which keeps the uptrend intact.
The next rally will face resistance at the $93 levels and at the lifetime highs. On the other hand, a decline is likely to take support at the 20-day EMA. However, if this support breaks, a fall to $64, to the 50-day SMA is possible.
I will wait for the volatility to subside before recommending any trade.
I had forecast a price target of $650 for Dash in my previous analysis, which was easily surpassed. In fact, this is one of the rare cryptocurrencies that was left untouched in the overall cryptocurrency market Nov. 29.
Currently, Dash is at the resistance line of the ascending channel, which is likely to be a difficult level of cross.
I expect a couple of days of consolidation before the bulls attempt to resume the uptrend.
The breakout and close above the ascending channel gives it a pattern target of $960.
On the other hand, any correction is likely to find support at the trendline of the ascending channel, around the $680 mark.
However, at the current levels, I don’t find any setups on the charts that offer a good risk to reward trading opportunity. Therefore, I have no recommendations a trade on it so far.
* BTC/USD, ETH/USD, LTC/USD and BCH/USD market data is provided by the HitBTC exchange.
Bitcoin exchanges should not be trifled with as they have huge sway on the market and the perception for users.
With a bank, the coins and notes you hold in your hand are your connection to the currency system; with gold, you can hold your ounce in the palm of your hands, even stocks and bonds have certificates. When it comes to Bitcoin, they are ethereal.
For many everyday users of Bitcoin, their only connection to their asset, their money, is the exchanges. These applications, companies, websites essentially, are the only tenuous link between people and their digital assets.
Thus, when there are problems with the exchanges, it is little surprise that a degree of panic sets in. Coinbase, one of the biggest and fastest growing exchanges, suffered outages as the frenzy of FOMO rallied adoption to new high levels.
When people were met with outages and delays, it sparked panic, in two senses. More FOMO was met, and people fell back to the fear that Bitcoin can collapse - or pop - anytime. This prompted a rather large sell off.
With parallels being drawn between the latest rally, and the boost in 2014 because of the mainstream adoption take up, it is important to see the role of exchanges back then, and how they play their part today.
It was in 2014 when some of the heavy hitters of exchanges, like Coinbase, burst onto the market, making the buying and selling of Bitcoin far easier and much more of a pleasant user experience.
Again, in today’s Bitcoin economy, the exchanges are the lifeblood of the network and the market, and even comparable to the central nervous system for if there is a problem at these centers, things often go pear-shaped quite quickly.
Only hours after soaring past $11,000 - a price that represents a gain of more than two-fold since September - Bitcoin plunged nearly 20 percent in less than 90 minutes. Many are now pinning this latest drop to outages experienced on Coinbase, and others.
Traffic swelled during the US online hours yesterday as investors fought to get on the rocketship seemingly headed to the moon; however, Coinbase could not keep up.
Coinbase tweeted that traffic on its platform hit an all-time high at eight times the peak demand experienced in June. Access remained unavailable to some users.
“Issues in the exchanges add to it without a doubt,” said David Mondrus, chief executive of Trive, a Blockchain-based research platform. “When you have a lack of ability to exit, then people dump in order to exit faster.”
It has been interesting to see how recently not much has phased Bitcoin in terms of negative press. News of Russia’s ban and the emergence of the Crypto Ruble, Jamie Dimon’s ongoing vitriol, and other factors barely even left a scratch on the digital currency. However, when issues affect the exchanges, it seems that is where the market can be hit hard.
“Bitcoin trading isn’t for the novice investor,” said John Spallanzani, chief macro strategist at GFI Securities in New York, who does technical analysis on the cryptocurrency. “Corrections are fast and furious and you can get run over just like in the movie.”
Cryptocurrencies could offer economic independence: Public Banking head.
Amid recent talk of mainstream acceptance, Bitcoin and other cryptocurrencies stand on the precipice providing economic independence from private banking institutions.
That is in essence what Bitcoin was created to do back in 2008 when its initial white paper was released. The decentralized virtual currency removed the need for an administrator or bank - through encrypted peer-to-peer transactions recorded on the public ledger known as the Blockchain.
What was small then has completely changed in the space of 10 years. The past fortnight has witnessed the biggest bull run in Bitcoin history, with the price of the virtual currency hitting the $11,000 mark earlier this week.
The increasing value of Bitcoin has not gone unnoticed by mainstream financial institutions. Opinions are widely divided, but the fact that Bitcoin futures are being considered by the likes of the Chicago Mercantile Exchange and the NASDAQ proves that big things are to come in the next few years.
While financial institutions plan to enter the market, the man on the street still view cryptocurrencies as revolutionary technology. By investing and using Bitcoin, Ethereum and other virtual currencies, people are taking power away from banks by using anonymous transactional systems.
However, as the herd comes running, the potential rise in the value of each respective digital currency will no doubt be welcomed.
Speaking to Lee Camp on Redacted Tonight on RT, director of the Public Banking Institute Walter Mcree believes cryptocurrencies offer another avenue for people to invest and store their money, as an alternative to private banking institutions:
“Categorically it’s very exciting because it suggests that there are options to the private capital control we’ve all been under. Bitcoin and the other Blockchain technologies that are emerging are like the complimentary or alt currencies in the past.”
“They certainly represent a way for communities to have their own isolated economic strength.”
Mcree also believes that mainstream interest in cryptocurrencies shows that there will be an adoption by big institutions in the future. However, he questioned the possibility of the likes of Bitcoin challenging the dollar in the years to come:
“It’s exciting prospect, we’ll see how far they’ll get in terms integration into the money markets. I know big banks are certainly looking to have their version of it. I don't think it will be replacing the US Dollar at least right now. I think the Yuan and others things might along the way.”
“By and large Bitcoin and other cryptocurrencies are emerging we are going to see all kinds of variations of it coming up.”
BTC is a bubble, according to billionaires who don’t understand it.
Billionaire investor Carl Icahn has added his voice to the mix, saying that in his estimation, Bitcoin appears to be a bubble, not unlike the Mississippi land bubble of two centuries ago. He added, though, that he has no idea what Bitcoin is, and shies away from things he doesn’t understand.
The Wall Street investor, who made huge amounts of money often by investing in companies needing help, indicated that the cryptocurrency appeared to be a bubble to him. During the interview with CNBC, Icahn said:
"If you read history books about all these bubbles, like in Mississippi — where John Law went around selling all this land in Mississippi that was sort of worthless and the French were going crazy giving him all this money. And then one night it all blew up ... to me, this is what this is.”
However, as with previous billionaires who have commented either positively or negatively on Bitcoin, ‘not getting it’ can often mean that they don’t understand the underlying technology. Icahn apparently is no different. Nevertheless, in the current economic climate, simply having money can often mean having a voice on issues like valuation, even where knowledge is lacking.
POTUS is monitoring #cryptocurrencies, per his press secretary.
As part of the customary press briefing from the White House, the President’s Press Secretary made it clear that the White House was monitoring cryptocurrencies. Further, the Department of Homeland Security was also part of the conversation.
While the press conference ranged widely on topics, including President Trump’s Twitter posts and the Press Secretary’s strep throat, the issue of cryptocurrencies came up through reporter questions.
According to the secretary, the topic was broached this week during a conversation with Homeland Security, and, while no specific statements were made, it was clear that the President’s office was aware of and monitoring the current situation. According to the transcript:
“[Reporter]: Has the President been following this at all -- Bitcoin specifically, the major run-up in it? Does he have an opinion on it? Does he feel or does the administration feel that this is now something that needs to be regulated by the government? MS. SANDERS: I know this is something that is being monitored by our team here. In terms of specific briefings and announcements on it, I don't have anything that I can share with you right now but would be happy to follow back up with you…Look, this is an issue, I know, that Tom Bossert, with the homeland security team, an advisor to the President, has brought this up in a meeting earlier this week. I know it's something that he's keeping an eye on. And we'll keep you posted when we have anything further on it.”
The question and answer brings to light that Bitcoin has become a point of national awareness. While no specific statement has been made, growing adoption and spiking prices have clearly brought cryptocurrencies to the forefront of the American mind.
Fed spokesman says cryptocurrencies dangerous, suggests cooperation with banks.
In a speech during the Financial Stability and Fintech Conference, Vice Chairman of Supervision, Randal K. Quarles made it clear that the Federal Reserve’s (Fed) position on cryptocurrencies is one of extreme caution. Instead, Quarles suggests that the government partner with current banking systems to create solutions in response to the digital payment wave.
The warning came as the regulator considered the possible implications of digital currencies during times of crisis. Recalling runs on major banks, and the reasons for founding the Federal Reserve, Quarles made it clear that the lack of supervision over cryptocurrencies should destabilize financial institutions. He said:
“While these digital currencies may not pose major concerns at their current levels of use, more serious financial stability issues may result if they achieve wide-scale usage. Risk management can act as a mitigant, but if the central asset in a payment system cannot be predictably redeemed for the US dollar at a stable exchange rate in times of adversity, the resulting price risk and potential liquidity and credit risk pose a large challenge for the system.”
Beyond just warning on decentralized digital currencies, the supervisor made clear that he would strongly caution against a governmental digital currency as well, noting that, should many users shift to such decentralized systems, banks may lose the necessary liquidity to loan money, make payments, etc.
Instead, he indicated that payment structures within the banking system have improved greatly from a technological perspective. Further, as the banks continue to seek out new innovation for improving payment methodology, the Fed would continue to partner with them to produce stability and safety. He said:
“Working cooperatively, private-sector participants and central banks can incorporate innovation that may be able to strike the right balance of improving the technical networks without adversely generating financial stability concerns.”
Crypto exchanges struggle to meet demand for Bitcoin.
A rollercoaster ride of a week for Bitcoin has seen exchanges suffer outages as current and new users clamored to trade the sought-after virtual currency.
Popular exchange Coinbase and other exchanges saw a massive surge in the volume of traffic on their exchange - causing delays for users on their platforms.
Vast majority of traffic is being served but with slower performance. Our engineering team is actively working on this and should be fully resolved in a few hours
— Coinbase (@coinbase) November 29, 2017
The exchange eventually had to schedule maintenance on its server in an effort to increase their capacity to meet the massive demand for Bitcoin and Ethereum.
Popular South African exchange, Luno, also struggled to meet the massive volume of traders.
We are still experiencing extreme market volatility. Some customers may experience performance issues. We're really sorry about this. We'll keep you updated with the progress on https://t.co/L0cKVVwlhk
— Luno (@lunomoney) November 30, 2017
Bitfinex also undertook server maintenance this week, and that prompted a DDOS attack which no doubt hampered trades on the platform.
Bitfinex is under DDoS attack. The DDoS attack started during earlier maintenance and has been ongoing since.
— Bitfinex (@bitfinex) November 26, 2017
Bitstamp also struggled to cope with the demand for Bitcoin - and apologized to users on Twitter as they worked to resolve the issue caused by the spike in traffic.
Our performance issues have been resolved. We will continue to monitor the situation. Apologies for the inconvenience!
— Bitstamp (@Bitstamp) November 29, 2017
Having hit the $11,000 mark on Wednesday, Bitcoin’s value has been following a wave function.
There could be a number of reasons for this. Naturally, many investors may have cashed out when the virtual currency hit its biggest high to date.
Or perhaps the apparent correction, which many analysts predicted to come at much higher prices, is as a result of the difficulties experienced by major exchanges that were not quite prepared for the massive demand on their systems.
Secret symbol № 19: 2 What is this?
Most Africans can’t afford a full Bitcoin, but ICOs are within their reach.
The price of the top digital currency is well above the means of many, especially in Africa. A Bitcoin in Nigeria, for example, is now worth over N3 mln. This is a far reach in a country where half of its approximately 200 million people live on less than N800 (about $2) a day.
UNDP puts 50.9% of Nigeria's population as multidimensionally poor. An additional 18.4% of the population is considered to be nearly so. Nigeria’s current minimum wage stands at N18,000 (about $60) monthly.
These figures from Nigeria reflect the reality of many other African countries. Ghana recently introduced a new daily minimum wage of 9.68 cedis (about $2.20) up from 8.80 cedis.. In Kenya, the minimum wage was raised recently from Kshs 10,955 to Kshs 12,926 (about $125).
When compared to the UK where the minimum wage per hour is £6.50 (about $8.50), it is clear that not many Africans would be able to acquire an entire Bitcoin. The currency’s rising price may further discourage new people from jumping on its train. Yet, the urge to participate in the growing crypto ecosystem is increasing among many Africans.
Some of them now look to Initial Coin Offerings, which present Africans with a unique opportunity. Though the crowdfunding model requires caution due to increasing numbers of scams, its benefits seem to outweigh the downsides for many Africans. Basically, ICOs enable Africans to start and invest in projects with global appeal that are considerably less expensive than Bitcoin. Additionally, ICOs help Africans ensure their relevance in a global crypto-led financial evolution.
Bashir Aminu, the founder of Cryptogene, writes:
"I think ICOs are crucial for the success of start-ups especially in places like Africa where access to traditional funding is extremely difficult. ICOs give startups the much needed head start to carry out and implement their products."
Aminu believes ICOs are relatively unknown in Nigeria and are often confused with fraudulent schemes. He points out that it would be difficult to launch a Blockchain startup in the country without an ICO, because getting funding from banks is nearly impossible.
Marcus Adetola, co-founder of Potentiam, shares a similar view. He believes the ICO method presents a more user-friendly and easy public participation mechanism for fundraising. However, as a new global phenomenon with awareness still in infancy, Adetola notes that more time is needed for people to understand ICOs' function and purpose:
"So the advice would be for people to educate themselves about ICOs and how they can use this new method to raise funds like never before, especially in Africa.”
Mounir Belaid, the co-founder at Sandfox Studio in Casablanca, has been encouraged by the interest ICOs have gained in Morocco. It has made pushing for this form of fundraising for local projects easier. Though bound by certain regulations, this new fundraising method is most needed to promote innovative project in the continent, Belaid says.
He explained that ICOs are the best possible promoter of Blockchain-based projects as they help draw global investors to Africa to improve local communities. He adds that ICOs that become successful will help gain governments' attention to Blockchain technology and they will also motivate more Africans to innovate in the space to solve local problems.
Belaid says:
"ICOs will help us to realize our projects more quickly. But with or without an ICO, we would realize them. It may just take more time.”
