The Bitcoin Cash Mining Tax Has A Lot of People Angry

Bitcoin cash (BCH) is undergoing a period of hardcore controversy.
Bitcoin Cash Is At the Center of Major Change
Bitcoin cash is the famed result of a bitcoin hard fork that occurred in late 2017. Bitcoin (BTC) is the number one cryptocurrency by market cap and has given birth to a few digital kids along the way. BCH is among the first, and the currency has moved through the ranks to garner the number four spot on the list of industry’s top-performing cryptocurrencies.
During its peak, the asset was trading for well above the $3,000 range, but ultimately crashed and lost more than 90 percent of its value during the embarrassment that was 2018. Several currencies during this period fell dramatically in price, with bitcoin losing more than 70 percent of its value over a period of approximately 11 months and dropping into the mid-$3,000 range.
At the time of writing, bitcoin cash is trading for a little over $370 per unit.
Now, bitcoin cash is at the center of another controversial move. The currency’s largest mining pool is proposing a new tax that would require miners of large blocks give up even more of their digital rewards in order to provide the funds necessary for future development. Naturally, this hasn’t swayed well with several members of the BCH community, and an anonymous group of individuals are trying to get it shut down before it ever comes to fruition.
There are many problems with this plan, perhaps the biggest being that it goes against the decentralized nature of bitcoin and its little brother. BCH works along the same lines as its daddy bitcoin. The currency is largely decentralized and is not issued through a single source. The idea that miners would now have to pay a large tax to fund its future goes against everything it stands for.
This is the equivalent of people paying income taxes or additional taxes each year as a means of supporting their country’s infrastructure, banking industry and general economy. While this is to be expected, cryptocurrency does not adhere to the same rules as traditional financial institutions, so why would anyone recommend treating it as such?
The notion of taxing miners would potentially lead to a much more centralized position for BCH, and who’s to say that other cryptocurrencies and their blockchains wouldn’t follow suit after that?
A Tax Is Not the Answer
The tax proposal comes by way of a company called, which is composed of several Chinese crypto miners. They want to issue the tax over a period of six months and garner as much as $6 million for the future development of BCH.
A group of separate miners who disagree with the proposal are now threatening to create a completely separate chain granted the company does not reconsider its plans by mid-May.
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Ripple’s XRP Payments Find Use on goLance Platform with over 500,000 Users

Coinspeaker Ripple’s XRP Payments Find Use on goLance Platform with over 500,000 UsersPopular freelance platform goLance has praised Ripple for making the payments of over 500,000 users a walk in the park, in what can best be described as a show of excitement. The company announced that Ripple’s On-Demand Liquidity, a cross-border payments solution powered by XRP, will officially be used to settle the payments of its users.The Painful Old WayLike most successful companies, growth is unstoppable. The same can be said about goLance, which has seen a spike in the number of its users to over 500,000. Though this is good news for the company, it also brings with it the challenge of slow payment, all thanks to the use of a traditional cross-border payment service. Not only is their service slow, but it’s also highly unreliable and has a high fee attached to it as well.Traditional methods of sending money from one country to another utilize wire transfers which are, sadly, not straightforward. The money will have to pass through various banks, with each of them taking a percentage of the money before it finally reaches the receiver. At the end of the day, very little is left of the money after the series of deductions from the various banks.Ripple and XRP: New Solution for goLanceOne of goLance’s selling points is the assurance of a faster, more efficient and cheaper funds transfer for its freelancers. The need to live up to its promise made the company to partner with RippleNet in order to gain access to the existing global network of banks and payment systems to cut down its set up time from six months to two weeks. This will bring down the cost of cross-border payments and also ensure they happen in real-time.goLance stated that the cheaper transfer cost which Ripple’s ODL affords it has brought about significant improvements in its business by encouraging its growth as well as leaving its customers happy.goLance CEO Michael Brooks explained their decision the following way:“I get on planes to places like the Philippines and meet these people face-to-face. That’s helped me see first-hand why freelancers are hyper-sensitive about the cost and time it takes to be paid. RippleNet’s On-Demand Liquidity gives us the ability to make hyper-efficient, low-cost payments that make our customers happy and drive growth for our business.”goLance also mentioned two more reasons why it went with Ripple and XRP. The first reason being that the XRP is a “stable, utility-based digital asset” and a better choice compared to Bitcoin which would require recipients to go through the stress of converting it to their local currency. The second reason is that Ripple has a global presence via its offices in many countries, which businesses can easily approach for a partnership.As for the adoption of XRP, Ripple states that the popularity of XRP as a global asset for payment has grown massively within the last two years. And it has a lot of expectations for its further adoption, especially as there are signs that the company may get support from the U.S. government.Ripple’s XRP Payments Find Use on goLance Platform with over 500,000 Users

Ric Edelman: Your Portfolio Should Have 1% of BTC

It looks like bitcoin and crypto is entering mainstream territory.
Bitcoin Is Moving Up the Financial Ladder
According to a new report offered by CNBC, many financial advisors are now telling their clients that it’s important to be at least somewhat invested in bitcoin and digital currencies. While clients shouldn’t necessarily go crazy and throw all their life savings into the digital space, it’s important to have at least a little bit put to the side. They’re suggesting that customers hold a minimum of one percent in bitcoin or assorted altcoins.
Sunaya Tuteja – head of digital assets and distributed ledger technology (DLT) at TD Ameritrade – states that many clients are looking to get into the space, but don’t always know how. She admits that the space can be very complicated and that there are often a lot of unanswered questions that come with investing in crypto.
At a recent conference in Florida, she explained:
It’s actually very hard to decouple blockchain and bitcoin… On the one end, how do we commercialize the value of DLT and blockchain to bring more innovation to traditional markets? On the other end of the spectrum: how do you tap into this nascent asset class?
One of the biggest powers of bitcoin is that it’s not vulnerable to inflation given that there’s a finite amount of the cryptocurrency available. According to Ric Edelman – founder of Edelman Financial Engines:
Because there’s a fixed number of bitcoins, it’s inflation-proof and its virtually instantaneous.
Edelman is the person who suggests holding one percent of bitcoin. While he acknowledges that bitcoin is not a main staple of any retirement account anywhere, he does suggest that blockchain technology is making its way deeper into legitimate territory, and it’s likely to play a large role in investors’ lives in the future.
He comments:
We need to acknowledge that one percent allocation isn’t going to materially harm a client. It isn’t going to prevent them from achieving their financial goals, and it won’t damage their personal finances.
As it stands, he suggests most people keep about 60 percent of their portfolios invested in traditional stocks. It used to be that the other 40 percent should go to bonds, but now he’s suggesting 39 percent for bonds and one percent for crypto. Given that digital currency is volatile, the number should be kept small, but this will get people used to the idea that blockchain has a place in their financial futures.
Don’t Go Crazy; Be Smart About It
He also states that clients should read more and properly educate themselves on crypto and blockchain before making any serious moves. Otherwise, they’re in for a world of trouble down the line. He explains:
Don’t consider investing unless you understand the technology. Otherwise, you’re not investing; you are spending.
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Visa and Mastercard Could Become Next Members of $1 Trillion Club

Coinspeaker Visa and Mastercard Could Become Next Members of $1 Trillion ClubTech and internet companies were the first that succeeded to reach $1 trillion in stock market value. However, the next U.S. companies that could join this prestigious clique are better known for something else. We are talking here about card companies as are Mastercard Inc. and Visa Inc.Take Mastercard for example. In its fourth-quarter earnings report, the company said that its GAAP earnings per share (EPS) surged incredible 138% in the fourth quarter to arrive at $2.07, while revenues added 16% in the same period, standing at $4.4 billion. Operating income doubled from the last three months of 2018 to reach $2.4 billion.Visa, on the other hand, said its net revenue in the first fiscal quarter of 2020 amounted to $6.1 billion, a 10% increase compared to the same period last year.Visa and Mastercard Stocks Rocketed 50% in 2019Let’s also mention soaring stock prices of both companies, that are pushing credit and debit card companies Visa Inc and Mastercard Inc up the market value charts, where they currently sit on 7th and 11th place among other companies in the benchmark S&P 500 index. In 2019, both stocks advanced by approximately 50%.Analysts think that both companies could be worth more than $1 trillion by 2023 if their average annual gains of the past three years continue to grow at current pace.Sandy Villere, portfolio manager of the Villere Balanced Fund, which holds Visa shares said:“Everything travels on their rails. They literally sit in the middle of the banks, consumers and merchants and that has been a really enviable place to be.”Visa had a market value of $433.7 billion and Mastercard’s stood at about $317.2 billion on Friday at 12:50 pm ET.The members of the privileged $1 trillion club are Apple Inc, Microsoft, and Google‘s parent Alphabet. Amazon’s market value is hovering at around $1 trillion. On Friday at 12:50 pm ET it was $1,01 trillion. However, earlier it fell below this line.Members of Information Technology SectorLisa Ellis, senior analyst at MoffettNathanson says that approximately 43% of consumer purchases around the world ( without China) are made through some sort of digital payment.She said:“Globally, we still have five to 10 years, at least, to go of penetration.”She added that Visa currently has a 60% share of the credit and debit card market. Mastercard has 30%, and American Express holds 8.5%.Even though at first it seems those two companies are far inside the financial sector, according to S&P 500, they fit into the information technology sector.According to Refinitiv Datastream, Visa trades at nearly 32 times forward 12 months’ earnings estimates. Mastercard trades at 35 times. Both stocks are trading at a higher premium to the market than they have on average during the last five years.The American market has been bullish for a long time now. Almost 10 years. And it has been a good thing for both companies. Both stocks started the year pretty strong. However, after the spread of coronavirus from China, investors have been more and more concerned so the stock prices were pulled as well.Risks Include Larger Competition and More Severe LawsThe thing that both companies are fitted into IT sector and not finance, brings some risks. Ellis claims that those risks include wider competition in the payment sector from big tech companies, as well as more severe laws from governments around the world.The companies, however, decided not to sit calmly. Earlier this month, Visa agreed to acquire Plaid Inc for $5.3 billion. Last year, Mastercard said to buy a majority of the corporate services businesses of Scandinavian payments group Nets for around $3.19 billion.Visa and Mastercard Could Become Next Members of $1 Trillion Club

Citigroup Joins the Big 6 with Its Robo-Advisor, It Will Be Free for Some Customers

Coinspeaker Citigroup Joins the Big 6 with Its Robo-Advisor, It Will Be Free for Some CustomersCitigroup decided to make a little bit of difference for its wealthier clients by having a new digital robo-advisor who can help them create their own portfolio. Clients who have at least $50,000 in deposits or investments at the bank automatically qualify for the bank’s Citi Priority package of banking services. It is planned that this package incorporates access to an automated investing program.The program works like most robo-advisors. First, clients have to answer a few questions related to their risk demands and investing agenda, and the software then makes a premade portfolio of investments for them.Citigroup Robo-Advisor Is Free If You Are Rich EnoughThose clients who have a Citi Priority or higher status can use the program, called Citi Wealth Builder, for one free portfolio. However, even those customers who don’t qualify can use this program but they are charged a fee of 0.55% of assets under management.Citigroup is one of the last of the biggest six U.S. banks that decided to have a robo-advisor. JPMorgan Chase, Bank of America, Wells Fargo and Morgan Stanley already have one. However, that is where Citi saw its advantage. After it thoroughly went through all of the packages of other banks, Citi decided to offer its own – with a discounted price. Usually, the banks charge 0.35% to 0.45% of assets under management.This step is totally according to “race to zero” when it comes to investing. In October, Charles Schwab said it was abrogating stock trading commissions. Soon, everybody followed. One of them was TD Ameritrade, which agreed to be bought by, of course, Schwab in just a few weeks since it cut its commissions.For its robo-advisor, Citigroup chose an external provider, a digital advisory company owned by Invesco called Jemstep. The company is charged for the monitoring of robo-advisor’s software.Portfolio Composed of ETFsThe program itself will be available through the bank’s website and mobile app. Clients will have a possibility of entering into one of six portfolios composed of ETFs. The ETFs will include management fees of 0.18% to 0.24%. The minimum investment will be $1,500.Simon Roy, CEO of Jemstep said however that the robo-advisor is just a starting point. He said:“Over time, businesses are looking for ways to essentially digitize their businesses. Every client today expects a digital experience.”The third-biggest U.S. bank by assets is trying to put deposits and assets under management so they can grow. Those two are the main parts of the bank’s profits. By giving its clients access to, an investment bank can easily earn a bigger percentage of its customers’ wallet share. Citigroup has around 200 million customer accounts and does business in more than 160 countries.Citi is “a Little Bit Late”Jennifer Butler, director of asset management at the New York-based consultancy firm Corporate Insight thinks, however, that Citi is “a little bit late.”She said:“Robos are not a product that moves the needle for incumbents. This offer is just not as enticing. It makes sense for brokerages. They lost a major source of revenue when commissions went to zero. Financial services firms will have to stop thinking about serving clients with products and more about addressing the client life cycle.”David Goldstone, head of research at Backend Benchmarking, thinks that automated investment products allow firms to start wealth management relationships much earlier.“Firms can no longer wait to introduce wealth management services until clients have met minimums. Investors will have an existing relationship in place by the time they are wealthy enough to be attractive to a traditional advisor”, concludes he.Citigroup Joins the Big 6 with Its Robo-Advisor, It Will Be Free for Some Customers

Bitcoin-Based Loans Aren’t Doing Well, Says Genesis Capital

Bitcoin is doing very well as of late. At the time of writing, the currency has jumped even higher and is now trading for just shy of $9,500. Perhaps the coin will hit $10,000 in the coming weeks…
Bitcoin Is a King, but Cash Is Still a God
But according to one source, bitcoin still doesn’t have the attention or the respect of cash. While this is to be expected – bitcoin is, after all, only about ten years old – cash still dominates the loan space. This is also to be expected, considering bitcoin and cryptocurrencies tend to be volatile. Granted the coins that the loans are based on move up in price, the person who took out the loan may wind up owing more than what they originally tried for.
This process also works in reverse. If the coins go down, the loan may become diminished and the lender can potentially lose out on what they were originally owed.
According to a report from New York-based Genesis Capital, cash still serves as the basis of most loans in the United States and abroad. In addition, the venture is noticing that more and more individuals and companies are looking to take out such loans. For example, during the final three months of 2019, Genesis states that the company’s active loan portfolio made up approximately 37 percent of its active lending and revenue.
This is considerably better than its third quarter figure of 31 percent, and even more solid than the ending figures of 2018 (14 percent). While bitcoin loans were relatively solid in 2018 at an even 63 percent, they dropped significantly the following year to 47 percent.
This is odd considering that around the time of the currency’s “loan height,” the price of bitcoin was suffering, whereas 47 percent was struck at a time when the currency was peaking (around $13,000 in mid-July).
Perhaps the dilemma came with the idea that taking out a bitcoin loan when the currency was at a low point would somehow require clients to pay less should these price drops continue.
Genesis Capital executive officer Michael Moro explained in an interview:
We are trading at 50 percent of the bitcoin all-time high right now, so people are still saying that they are weary, but I guarantee the narrative changes dramatically when the price is back up.
Futures Are Making a Huge Difference
As it stands, where bitcoin is making the most headway is in futures trading. Bakkt has been breaking all sorts of trading records since the end of 2019, while CME Group – which is still relatively new to the BTC trading arena – is also outdoing itself and is widely considered one of the reasons bitcoin has been on such a roll since the beginning of the year.
Genesis Capital unveiled its crypto lending department in early 2018.
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Bitcoin Price Could Reach $27,000 in 180 Days as Halving Is Just 100 Days Away

Coinspeaker Bitcoin Price Could Reach $27,000 in 180 Days as Halving Is Just 100 Days AwayTom Lee is a person who always gives positive price predictions when it comes to Bitcoin. But now, there’s a bunch of other people claiming that Bitcoin halving might be not good for the Bitcoin price dynamics.He thinks that the technical analysis, as well as the core principles of Bitcoin, show that the price should go up. His agency Fundstrat gains up to 193% of easy profits out of Bitcoin. Per Tom Lee:“Yes, 2020 should be great for Bitcoin. Because you got, number one the Halving happening – the block reward for miners getting cut in half, that’s a good supply-demand change.I think that last year the White House killed the Bitcoin rally with their opposition, but with the presidential election cycle underway, it’s not going to be in the headlines and that’s bullish for Bitcoin. And then with the geopolitical tensions in the Middle East, I think that is good for crypto.”Bitcoin gained around 35% of its price at the beginning of 2020. All thanks to a bunch of disasters going on in the world, including the Philippines volcano blasts, fires in Australia, Donald Trump orders of a different character (like the Israeli-Palestinian war end plan or the Suleimani assassination), Chinese coronavirus outbreak, heavy fiat money devaluation.Bitcoin Halving: How Many Days Left?As you may know, it is impossible to name the exact date right now. It is clear that it will happen the number of blocks hits 630,000. At the moment we can only predict when it will happen. According to the recent information, there are still 14,625 blocks left until the halving.Taking into account the current hash rate, it can be said that the halving event will take place in May. However, even the major Bitcoin halving countdowns have different data. For example, one of them shows that there are 101 days before the event. Per another one, the halving will happen earlier, in 99 days.Price May Go Up and Down Thanks to Bitcoin HalvingIf you look at the history of Bitcoin, the halving approach always made the price go up. Many traders already consider buying the tokens to sell them after the halving. The disasters around the world could have made gold and bitcoin prices rise already, but the market is quiet.Nick Rose, a longtime Bitcoin investor, told Vanity Fair’s reporter Nick Bilton that he expects the cryptocurrency to gain steam all over 2020:“My personal opinion is, yes, we are going to see higher highs on the price of Bitcoin very shortly. That spike is because of the Bitcoin halving”Rose explains that every time the halving happened, the Bitcoin price received a major bump and then even greater dump. In November 2012, one Bitcoin was worth $11. Then, after the halving and due to some side happenings, the price skyrocketed to above $1000 levels. The rollback drew the first currency to the $200 price level. Bitcoin remained in the 250-450 zone till the next halving in 2016.Bitcoin Price May Fall without Pump, Experts SayMeltem Demirors from Coinshares thinks that the price won’t go up:“A topic that’s been studied in other commodities markets is how pricing is set. Bitcoin is, arguably, a digital commodity. Normally, producers set the price of a commodity (classic S = D = P from Econ 101) when derivatives take off, producers lose the right to set prices.”He thinks that the majority of the investors will use ‘robust derivatives’ to trade, not the underlying asset itself. This means, CME and Bakkt‘s Bitcoin-related derivatives may receive the money, while Bitcoin’s price falling. He notes that in 2017 CME launched its Bitcoin futures, and the price went up to 20,000 before the 2018 bear market.Considering that Bitfinex may still be pumping the price of cryptocurrencies, the end of the NYOAG’sinvestigation may strike the crypto market very heavily. With people like Andreas Antonopoulos sounding voice against Bitfinex, the industry’s wise players (like our readers) could guess what is going to happen when or if the USDT-BTC pump-n-dumpery fail in Q1 2020.Bitcoin Halving Analysis: Some Ideas to ConsiderThe author of this piece wants to add the factor of ‘miners-holders’.Imagine that you were mining bitcoins for 2 or 3 years till the second halving, and every BTC cost you $300, with another $300 in profits per each dumped Bitcoin. Considering that, since the last halving, you will be getting twice less than previously, what will you do?Reinvest the earned BTC into mining equipment, or simply sell all bitcoins because when other miners start selling off the price may fall to the level where everything you mined in like 1 or 3 years become unprofitable in 10 minutes? Yes, maybe you’ll reinvest, but are you big enough to keep reinvesting every time the next halving occur?Bitcoin Price Could Reach $27,000 in 180 Days as Halving Is Just 100 Days Away

Vectorspace AI Leads with Trustology’s Crypto Custodial Hot Wallet to Remove Barriers to Purchase for Its VXV Token

Coinspeaker Vectorspace AI Leads with Trustology’s Crypto Custodial Hot Wallet to Remove Barriers to Purchase for Its VXV Token30 January 2020, London: Trustology, a UK based FinTech company focused on providing high-end, insured custodial wallet solutions to secure and manage cryptoassets in real-time, today announced its partnership with Vectorspace AI to make it safer, faster and easier for token purchasers to send, receive and hold its VXV tokens using TrustVault.Use of TrustVault removes barriers to purchase as it offers buyers the institutional-grade security assurance and ease of use they expect when buying tokens. In addition, Vectorspace saves on both time and cost by capitalising on the automated means to create user wallets and disburse tokens at scale.The unique insured solution offers end users 24/7 instant access from the convenience of a mobile device, premium customer support, low latency (less than one second to transact), secure connectivity to dApps through its MetaMask integration and rapid account access recovery.Commenting on the integration, Alex Batlin, CEO of Trustology said:“Not every token owner is an expert in crypto and with the TrustVault app they don’t have to be. We’ve purposely built and designed a solution we know is easy to use, fast, scalable, highly secure and resilient. We think that in supporting Vectorspace it will demonstrate to other token issuers the value in partnering with us from not only a security perspective but also in terms of savings in time, cost and effort.”Kasian Franks, Scientific & Technical Co-Founder, CEO/CVO of Vectorspace AI, notes:“We’re glad to be working with Trustology as they provide our customers, also our investors, with a level of comfort along with a frictionless and protected cryptocurrency experience.”About TrustologyTrustology was created to enable the adoption of cryptoassets on a global scale by building solutions to address the very real concerns that stand in the way of widespread blockchain adoption, now and in the future.That’s why we built TrustVault – a fast, user-friendly and highly secure custodial wallet service designed to address the security and ownership shortcomings of existing custody solutions, hardware wallets and cold storage options today, whilst also providing the same level of speed, flexibility and access we’ve come to expect from traditional assets and account services.With the support of ConSensys and Two Sigma Ventures and our team of highly-experienced blockchain, banking and software experts, we are hard at work defining the way that cryptoassets will be secured and managed in the digital era. Utilising well-designed processes and superior technology, we’re about delivering market solutions that are smart and of the highest quality.About Vectorspace AI (VXV)Vectorspace AI is a machine learning and financial informatics company providing alternative datasets and a ‘feature engineering’ platform. The company focuses on context-controlled NLP/NLU (Natural Language Processing / Understanding) and feature engineering for hidden relationship detection in data for the purpose of powering advanced approaches in Artificial Intelligence (AI) and Machine Learning (ML). The platform powers research groups, data vendors, funds and institutions by generating on-demand NLP/NLU correlation matrix datasets. Vectorspace AI (VXV) is a cryptocurrency token and operates on the Ethereum platform. The most active exchange that is trading Vectorspace AI is Probit.Vectorspace AI Leads with Trustology’s Crypto Custodial Hot Wallet to Remove Barriers to Purchase for Its VXV Token

Ripple’s Global Network RippleNet Is Driving Usage of XRP

Coinspeaker Ripple’s Global Network RippleNet Is Driving Usage of XRPIn an article, titled “The Sign of a Stabilizing Market: XRP Utility” that was published on Ripple‘s official website on Thursday, January 30, 2020, the company revealed that financial institutions are already utilizing the power of blockchain and digital asset technology. And there are tangible results to prove it.Ripple, the blockchain firm that actively uses the popular altcoin XRP in its solutions, has been in the news for a while now. Following a number of positive developments that surrounded its asset token and captured the attention of many people earlier this week, the firm has returned to the talks once again with the latest release on its website.Moving toward Mass AdoptionAccording to the article, the adoption of blockchain became widespread in 2019, with the rising consciousness of the added value that digital assets can produce when partnered with blockchain, particularly for major use cases like cross-border payments. Derivatives trading in digital assets was also mentioned to have recorded significant progress, which is a vital step in the development of these technologies.All combined, increased utility of digital assets in cross-border payments and the establishment of derivatives trading are both contributing to a more liquid and stable market for digital assets than ever before. And there are no signs of slowing down.XRP has grown massively as a global asset for payment within the last two years and the growth potential of transformational technologies seems to evolve rapidly. Mass adoption of the technology is also predicted to be close.“As institutional-grade infrastructure continues to be built, and real-world problems are increasingly solved using digital assets like XRP, the tipping point to critical-mass adoption is constantly moving closer”, the article concluded.XRP: Different ViewsThe Ripple company and XRP will remain in the talks for some more time after taking up the headline spots on the major crypto portals in the final days of the month. Ripple and XRP both earned mentions at a recent U.S. congressional hearing.At the hearing, Congress directly made reference to the blockchain firm and its efforts with the adoption of its digital asset token, XRP, with Christina Tetreault stealing the show by recognizing them both after she was asked whether she knows about some of the top cryptocurrencies by Rep. Tom Emmer.However, XRP still remains a rather controversial asset in the minds of many people. On January 31st, 2020, Coinspeaker reported the news of former UFC fighter, Ben Askren, known to be a Bitcoin bull, who claimed that XRP is a scam. But it is noted that such a statement could have been influenced by the background of his previous love for other cryptocurrencies.Ripple’s Global Network RippleNet Is Driving Usage of XRP

IBM Stock Jumps 5% as the Company Gets New Chief Executive Officer

Coinspeaker IBM Stock Jumps 5% as the Company Gets New Chief Executive OfficerAn American technology leader IBM has shared positive news: IBM stock jumps 5%, which results from appointing a new CEO.On Thursday, IBM closed at $137.69 per share, 5% more than the day before. And it is continuing its growth, the price makes up $142.10.IBM stock jumps 5% after its announcement about the change in the board of directors. Arvind Krishna, the current IBM Senior Vice President for Cloud and Cognitive Software, will serve as CEO. Further, Jim Whitehurst, Red Hat’s former CEO, will become IBM’s president. Virginia Rometty, present IBM Chairman, President and CEO, will continue as Executive Chairman of the Board and serve through the end of the year. Then, she will retire.Rometty commented:“Arvind is the right CEO for the next era at IBM. He is a brilliant technologist who has played a significant role in developing our key technologies such as artificial intelligence, cloud, quantum computing and blockchain. He is also a superb operational leader, able to win today while building the business of tomorrow.”She added:“Jim is also a seasoned leader who has positioned Red Hat as the world’s leading provider of open source enterprise IT software solutions and services, and has been quickly expanding the reach and benefit of that technology to an even wider audience as part of IBM. In Arvind and Jim, the Board has elected a proven technical and business-savvy leadership team.”The decision takes effect on April 6, 2020.Rometty’s Efforts in the CompanyVirginia Rometty has spent 40 years in IBM. After graduating from Northwestern University, Rometty worked in IBM sales, marketing and strategy departments. In 2012, she became IBM president and CEO. Notably, the years of her leadership were successful for IBM. Rometty invested in prosperous sectors of the IT market, optimized IBM portfolio, and contributed a lot to make the company the industry’s key player. While Rometty’s being in charge, IBM acquired 65 companies. Besides, it became the leader in AI, quantum computing and blockchain, and built a $21 billion hybrid cloud business.Above all, Rometty promoted technical education around the world. She contributed to the rapid growth of Pathways in Technology Early College High Schools or P-TECHs. They help to prepare the workforce of the future, serving hundreds of thousands of students in 200 schools and 24 countries.New CEO — New Game PlanArvind Krishna joined IBM in 1990. He has an undergraduate degree from the Indian Institute of Technology (IIT), Kanpur. Besides, he did a Ph.D. in electrical engineering at the University of Illinois at Urbana-Champaign. Currently, he is IBM Senior Vice President for Cloud and Cognitive Software.Arvind Krishna stated:“I am thrilled and humbled to be elected as the next Chief Executive Officer of IBM, and appreciate the confidence that Ginni and the Board have placed in me. IBM has such talented people and technology that we can bring together to help our clients solve their toughest problems.”“We have great opportunities ahead to help our clients advance the transformation of their business while also remaining the global leader in the trusted stewardship of technology. Jim will be a great partner in the next step of this journey,” added he.With Krishna, IBM expects to further expand its market and imply new strategies based on new executives’ vision. As Krishna knows IBM from inside, it will be not difficult for him to get used to his new role.IBM Stock Jumps 5% as the Company Gets New Chief Executive Officer