Who is Blockchain Backer? Meet the Rising Star
For most average investors, cryptocurrency is still a strange concept. Because crypto and blockchain technologies have so many technical features, there is a rising demand for experts in the cryptocurrency field who can educate investors on the fundamentals.
This could take the shape of day-to-day crypto trading, researching various currencies, or simply offering general market comments.
Blockchain Backer is one of several gurus in the burgeoning cryptocurrency social media sector. Less well known than more popular crypto gurus like Anthony Pompliano, who has been on CNBC's Mad Money with Jim Cramer, Blockchain Backer's prominence on Twitter and YouTube is growing. But who's the blockchain expert, and should you pay attention to what he says?
This article looks at a crypto market analyst, a blockchain backer.
Who is Blockchain Backer?
Charles Shrem is an American entrepreneur, Bitcoin advocate, and popular industry technical analyst. Blockchain Backer is a crypto analyst who discusses the future of the market. His YouTube account has more than 122,000 subscribers, compared with Anthony Pompliano's 162,000. Although there are broader cryptocurrency networks, such as Coin Bureau, Blockchain Backer is now the most popular crypto influencer due to the number of subscribers.
Blockchain Backer even uses his Twitter account to share his market insights. Plus, he uses his website to sell his course on how to understand the cryptocurrency markets from a technical standpoint. His primary focus is on identifying strong crypto exit chances and knowing when to cash out.
In 2011 he became a co-founder of the now non-operational startup company BitInstant. He was a founding member of the Bitcoin Foundation and previously served as vice-chairman. Shrem's investment in cryptocurrency includes Bitcoin, Ethereum, Litecoin, Dash, and Zcash. He is an early investor in BitPay, Kraken, Purse.io, and ShapeShift.
Shrem founded Unikrn with Rahul Sood in 2014 to provide online betting platforms for competitive video gaming. He was, in December 2014, sentenced to two years in prison for helping to operate an unlicensed money transfer business linked with the Silk Road marketplace. He was set free from federal prison in 2016. A year later, he became a partner of Barry Silbert's Digital Currency Group, which launched a new crypto investment fund known as CryptoIQ.
Blockchain Backer featured videos of his interview with Jim Cramer
Blockchain Backer featured his conversation between Jim Cramer, CNBC's Mad Money host, and Anthony Pompliano in recent Youtube videos. In one video, he said that he believed the present Bitcoin uptrend was nearing its peak.
Blockchain Backer outlook on Crypto Market
What's the current state of the cryptocurrency market?
Blockchain Backer: The current state of the cryptocurrency market is quite interesting. It's matured. There was a time when it was completely immature and there were lots of scams, but now we're seeing more institutional money coming in and people who want to create value in this space. It's not just a bunch of noobs with no experience who are trying to make a quick buck, although they still exist, they're not as prevalent as they were before. I think it's good for the industry.
Would you say that bitcoin has become mainstream now?
Blockchain Backer: Bitcoin is mainstream now; bitcoin is bigger than ever before. The price may, or it may not be, higher than ever before, but that's not necessarily the real metric here - it depends on how much value is being transferred around through bitcoin, and bitcoin is being used more and more every day by everyone: big companies like Microsoft and Dell; regular eCommerce stores; individuals all over the world are using bitcoin to transfer money to each other quickly, cheaply, safely and anonymously.
What are your thoughts on the current status of ICOs?
Blockchain Backer: It's still an unclear regulatory environment, but there is a lot more certainty now than there was a few years ago. The SEC is taking legal action against many fraudulent ICOs, and this trend will continue to grow as they crack down on bad actors in the space.
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Author: Chidi-Blessing Mills
I am tech and crypto enthusiast with 12 years industry experience. I have written hundreds of articles in the tech and crypto space, and executed campaigns for many blockchain companies across the globe. I'm passionate about the new technology and the potentials it holds for the future. It's my mission to make learning about crypto fun and informative.