Despite all the volatility we’ve seen in Bitcoin recently, one hedge fund manager says the cryptocurrency could reach $50,000 this year.
“There will be constant 30 percent corrections which I think are healthy for the market,” Anthony Pompliano, Managing Partner at Full Tilt Capital, told Cheddar. “As the market progresses, there are only going to be so many coins that are created, so the supply and demand of the industry is really going to drive that price up.”
Bitcoin prices are up more than 1,000 percent from a year ago, but it’s recently pulled back more than 40 percent from all-time highs near $20,000. On Friday it traded around $11,500.
But Pompliano says a crash could actually help build an infrastructure for the industry. He likens it to the dotcom bubble burst, which ultimately laid the groundwork for companies such as Amazon and Google.
“I think that’s going to happen here in crypto,” he said. “There’s going to be a bunch of scams, there’s going to be a lot people who get caught up with the tightening of regulations. But we’re also going to get a lot of sustainable technologies that come out of this that form the basis of the next 10, 20 years of the technology sector.”
For full interview [click here](https://cheddar.com/videos/why-one-venture-firm-is-going-all-in-on-crypto).
The Consumer Financial Protection Bureau laid out a number of concerns about the growing use of chatbots by banks to handle routine customer service requests.
With concerns about misinformation spreading online, European Union officials want to more closely regulate artificial intelligence, and they're asking the world's biggest tech companies for help.
Sens. Elizabeth Warren, Ron Wyden, Ed Markey, and Mazie Hirono sent a letter to top officials at Twitter expressing their concerns over the platform's privacy policy.
The world's largest cryptocurrency exchange Binance and its founder Changpeng Zhao are accused of misusing investor funds, operating as an unregistered exchange and violating a slew of U.S. securities laws in a lawsuit filed by the SEC.
Apple on Monday unveiled a long-rumored headset that will place its users between the virtual and real world, while also testing the technology trendsetter's ability to popularize new-fangled devices after others failed to capture the public's imagination.
Customers of Venmo, PayPal and CashApp should not store their money with these apps for the long term because the funds might not be safe during a crisis, the Consumer Financial Protection Bureau warned on Thursday.
