No final Decision - India might ban Cryptocurrency and give its users Jail Time

A government panel’s recommendation is only the latest in a series of developments suggesting that India will not be a friendly place for the technology—at least private versions of it. 

The news: This week, a panel the government created to study cryptocurrency released its report, which expressed “serious concern” over the “mushrooming of cryptocurrencies almost invariably issued abroad and numerous people in India investing in the cryptocurrencies.” The panel called for a ban on private cryptocurrencies, and said those who use cryptocurrencies should face fines and up to 10 years in jail. 

The backstory: India has one of the world’s largest populations of citizens who don’t have bank accounts. Enthusiasts would say that these are people who could benefit from blockchain-based money and financial services. 

But Prime Minister Narendra Modi’s government has repeatedly made it clear that while it is enthused about blockchain technology, it is no fan of cryptocurrency, at least in its current form. In 2017, after surging coin prices sparked a wave of global interest, another panel recommended choking out the trading platforms in the country, according to Quartz. The government never fully implemented that proposal, instead setting up another panel to do further analysis. That’s the group that has just published its much-anticipated recommendations. 

It’s okay if the state does it, though. The critical government panel’s problem isn’t with cryptocurrency generally, but with “non-sovereign” currencies specifically, which it called “inconsistent with the essential functions of money/currency.” 

Hence the conclusion that “all private cryptocurrencies, except any cryptocurrency issued by the State, be banned in India.” No final decision has been made, but it seems unlikely that India will be a welcoming place for entrepreneurial cryptocurrency development any time soon.

Source: http://tiny.cc/ddwaaz

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Fundstrat’s Tom Lee: Bitcoin Is Easily Going to Reach New Highs

Fundstrat Global Advisors co-founder Tom Lee said that bitcoin (BTC) could easily reach new highs during an interview with CNBC published on June 18.

In his comments, Lee said that bitcoin is becoming the reserve currency of the cryptocurrency space, and noted that it has been worth over the $9,000 price level in only 4% of its history. Then, he declared:

“I think bitcoin is easily going to take out its all-time highs.”

Before making those price predictions, Lee also noted that Facebook’s Libra project is a validation of mainstream interest in cryptocurrencies. He also stated that he thinks this development “completely destroys this argument that says ‘I believe in blockchain, not bitcoin.” He also expressed his idea that — while he believes libra is going to be one of the dominant stablecoins— other stablecoins will most likely survive:

“I don’t think that they are gonna drop in value because most of them are collateralized, I think the ones that are algorithmically stable just might not have the network effect.”

When asked whether banks will support libra in the future, Lee noted that the decentralization of finance — while convenient for payment processors — results in a negative return for banks:

“One thing to keep in mind: Facebook’s annual revenue per user is probably $50 [...] that may be a little high. But an average bank generates close to $1,000 per user, so Facebook has a 20x upside to their customer model if they start doing banking services. [...] I can see why banks aren’t really enthusiastic about this.”

Earlier today, the head of the United Kingdom’s central bank said Facebook’s new libra cryptocurrency could have genuine use cases if it can conform to regulatory demands.

As Cointelegraph reported at the time, Lee had claimed in May that the crypto winter is over.

Source: http://bit.ly/2WYlofC

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Big banks are launching a blockchain trade platform powered by ‘Bitcoin-like’ Token

The banking industry is hell-bent on taking over the nascent blockchain and cryptocurrency market. A group of financial firms led by UBS Group AG is eyeing blockchain technology for settling cross-border trades worldwide with its own “Bitcoin-like” token.

The 14 firms – including Barclays, Nasdaq, Credit Suisse Group, Banco Santander, ING, and Lloyds Banking Group – have registered a new entity to control the devleopment of the token, dubbed ‘utility settlement coin’ (or USC for short), The Wall Street Journal reports.

The financial giants have poured over $60 million into the new company, called Fnality International. The token, which has been in the works for four years now, will function both as a payment device and a “messenger that carries all the information required to complete a trade,” according to the report.

The new permissioned blockchain system will purportedly make cross-border trades much faster and less risky. “You remove settlement risk, the counterparty risk, the market risk,” UBS investment strategy head Hyder Jaffrey told the WSJ. “All of those risks add up to costs and inefficiencies in the marketplace.”

In addition to the previously mentioned institutions, Bank of New York Mellon Corp., Canadian Imperial Bank of Commerce , State Street Bank & Trust Co., Commerzbank AG, KBC Group NV, Mitsubishi UFG Financial Group Inc., and Sumitomo Mitsui Banking Corp have also agreed to use the USC token.

The new platform is expected to take off within the next 12 months, which corroborates past reports suggesting the platform will be fully operational by 2020.

It remains to be seen if USC is more of a cryptocurrency than JP Morgan’s token, though.

Source: http://tiny.cc/3ioq7y

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2019 Top CBD MLM Companies: Here’s the Most-Known Cannabidiol Network Marketing Brands

CBDD oils are the new miracle products. It has created a “green rush”, with many companies and individuals jumping on board. As a result, there’s a growing number of CBD oil products in the market.

Because it’s a new opportunity, other business models are jumping on and trying to cash in on it. One of these is the multi-level marketing business model. People are establishing MLM businesses centered on CBD oil sales, just so they can corner their share of this rapidly growing industry.

As usual, new industries like this can be the Wild West, with just about anyone creating products. The problem with this is that it makes it extremely difficult for individuals looking to get the right CBD oil products.

This is why we have created this article to review some of the top CBD MLM companies. These companies are known for their top notch CBD oil products.

Top CBD Products MLM Companies

Kannaway

This is the pioneer CBD oil MLM company. Kannaway which has been in existence since 2013, was the first to create, launch and sell its own CBD oils.

The company boasts of premium CBD oils that help with pain relief, anxiety, depression and insomnia.

Hemp Herbals

This is subsidiary of the Heart & Body Naturals (HB Naturals) company. This subsidiary sells cannabis and CBD products. The company has its own greenhouse and farm where it grows its own hemp.

So, when you buy their full spectrum CBD oil, you’re sure of the quality of the hemp used in creating the oils. They produce really great CBD oils for sale. People looking to make some money by joining a CBD oil MLM program will find this particularly rewarding.

The HB Naturals brand is a well-known brand. This makes it easier to sell the products as well as the MLM opportunity.

HempWorx

Another popular CBD oil product maker, HempWorx produces top range CBD oil products. In fact, its products are considered popular among CBD oil users because of the quality.

Because of that, the product is fast growing in popularity. To guarantee the quality of the products, the company routinely sends its products to 3rd party labs for independent testing.

Of course, the third party testing procedure has come under fire lately because of its tendency to be manipulated. That aside, the company boasts of producing the purest CBD oils in the market.

This has earned the brand a lot of trust from customers and buyers who love the products.

Dose of Nature

Positioned as a CBD MLM opportunity, Dose of Nature an ecommerce store that sells different CBD oil products from different brands.

The good thing is they’re a highly innovative, forward thinking company. They use technologies like Liposomes, BioPulse Nano, BioXTrax, and BioPulse HydroPods for ensuring that the CBD products sold on their platforms are top notch.

Bocannaco

One of the more recent and newer MLM firms in the industry, they sell decent CBD oil products extracted from their own homegrown hemp cultivars.

Bocannaco CBD oils are unique in the sense that they have a non-emulsion product delivery system in place. This makes their CBD oils quite potent and excellent.

Zilis

This CBD MLM organization specializes in the production of full spectrum CBD oil products. Established in 2015, this 4 year old company is located in Dallas, and is run by the duo of Steven and Angie Thompson.

Zilis don’t have their own homegrown or extracted products. But they source from highly reputable wholesale CBD oils suppliers.

These suppliers provide private label CBD oils to individuals who can then apply their own branding and sell at their own price. This makes it incredibly easy for anyone to get into the business and start making some money.

Prime My Body

While this MLM company does sell its own CBD oil –called Nano-enhanced Hemp Oil- they also sell plant based products like their “Prime Protein Superfood”.

So if you’re looking for a CBD oil company that’s solely focused on the production and sales of CBD oils, you’ll need to keep looking.

Isodiol

Located in Canada, Isodiol outfit is uniquely positioned for market dominance in that country. They have lots of hemp based and CBD oil products which are as a result of over 22 years in CBD product manufacturing.

All hemp and its products sold by them are non-GMO and organically produced on designated farms hemp farms.

First Fitness Nutrition

This company is an actual MLM company that was established in 1989. They have just recently added CBD offerings to their listings to enrich their product line.

The good thing about My Fitness Nutrition is even though they’re not a predominantly CBD based MLM program, their structure and business model makes them very uniquely positioned to become a CBD MLM powerhouse.

Changing The Future Outcome (CTFO)

A traditional MLM company, they offer a unique advantage over many other CBD MLM companies. Their CBD oil products are priced cheaper than others without any compromise in quality.

Source: http://tiny.cc/i1qj7y

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Facebook Reportedly Launching "Project Libra" GlobalCoin Cryptocurrency in 2020

Facebook reportedly aims to release its GlobalCoin cryptocurrency in 2020 under its “Project Libra” scheme. The news follows on from information that Mark Zuckerberg had met with the Bank of England’s governor Mark Carney in April to discuss the risks involved with launching a cryptocurrency.

The social media platform is aiming to test its GlobalCoin system by the end of 2019 and expects to roll out its digital payments system in approximately 12 countries worldwide by Q1 2020. Facebook has reportedly sought input from the US Treasury in regards to operational and regulatory issues and is also in talks with Western Union, working with them to develop cheaper and easier ways for people to send and receive money.

Users of Facebook’s GlobalCoin cryptocurrency will not require a bank account, allowing people to exchange multiple currencies into digital coins via banks and brokers which enable Facebook’s new network. The soon-coming currency will run with blockchain technology — information which is stored across a network of computers — and will be held online in digital wallets that were designed to increase security and anonymity for users.

While the world waits for updates on Facebook’s latest development, read what the US Senate and Banking committee had to say to Zuckerberg about its plans for consumer protection and data security.

In other news, Whatsapp is introducing ads and may get rid of end-to-end encryption.

Source: http://tiny.cc/4vcf7y

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CoinBits Allows Users to Earn Passively By Converting, Saving Change in Bitcoin

Erik Finman, an early Bitcoin (BTC) adopter, has launched a crypto platform called CoinBits, which allows investors to passively invest in the flaghship cryptocurrency.

According to TechCrunch, Finman’s new app, CoinBits, intends to democratize access to cryptocurrency by allowing people from all walks of life to make small investments through commonly-used investment and savings strategies. These reportedly include roundups on transactions made via credit or debit card purchases.

The CoinBits app will also support conversion of fiat currency to bitcoin via regular transactions from users’ checking or savings accounts. While CoinBits has been designed to mainly benefit its users, Finman revealed that his own BTC holdings will also grow as more people use the small savings app.

No Commissions on Transactions, 98% of Bitcoins Stored Offline

As explained on CoinBits’ official website, users can invest small amounts such as $10, $25, $50, or $100 through the app’s web-based interface. The savings app also lets users adjust the risk level for their investments.

Notably, the CoinBits app does not charge transaction fees and 98% of users’ bitcoins are kept securely in cold storage (offline).

Explaining how investing in cryptocurrencies can be challenging for some people, due to their highly technical nature, Finman said:

Overall, investing in bitcoin is complicated and can feel almost impossible. CoinBits allows you to put that spare change in bitcoin. For example, if you spend $1.75 on French fries, that remaining 25 cents is invested automatically.

As noted on CoinBits’ website, the company handles withdrawals and users are charged a $0.50 fee for same-day processing. There’s also an option to download the transaction history associated with users’ accounts. This makes it easier for users to manage their finances and track how much they may have gained or lost on their bitcoin investments.

Crypto-Backed Lender Receives $25 Million in Deposits Two Weeks After Launch

As the crypto and blockchain ecosystem continues to evolve, many new startups have been offering different products and services which allow users to earn passively on their digital asset holdings. In March 2019, BlockFi Lending LLC, a New York-based “secure non-bank lender” announced it had received $25 million in cryptocurrency deposits just two weeks after launching its crypto-backed loans packages.

BlockFi’s investment packages allow users to earn interest on their Bitcoin (BTC) and Ether (ETH) investments.

Source:http://tiny.cc/ps596y

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Australian Civil Servant Faces 10 years for Mining Cryptocurrency on Government Computers

An Australian government employee is appearing in court today after using work equipment to mine cryptocurrency for his own gain.

The Australian Federal Police (AFP) allege that the 33 year-old from Killara in New South Wales took advantage of his position as an IT contractor to modify government computer systems to mine cryptocurrency.

The man’s illicit mining operation is said to have earned him more than AU$9,000 ($6,000), according to an AFP announcement.

The unnamed man is facing two charges: unauthorized modification of data to cause impairment, and unauthorized modification of restricted data. These charges carry maximum penalties of 10 and two years imprisonment, respectively.

“Australian taxpayers put their trust in public officials to perform vital roles for our community with the utmost integrity,” Acting Commander Chris Goldsmid. “Any alleged criminal conduct which betrays this trust for personal gain will be investigated and prosecute.”

Indeed, cryptocurrency mining profitability is largely impacted by the cost of electricity used to run mining equipment. With that in mind, the temptation to mine cryptocurrency at someone else’s expense is too enticing for some.

A man in China fell foul to the temptation and used electricity from a local railway network operator to power his Bitcoin mining rigs. He managed to steal around $15,000 worth of electricity.

There was also the case of two Chinese school teachers that were caught mining Ethereum at their place of work. Suspicions were raised when the school’s network became laboriously slow.

Hacks like these are unlikely to go unnoticed forever. All it takes is for someone else to notice an increased electricity bill and begin investigating.

Source: http://bit.ly/2Htvxax

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NRG Buying Electricity and Natural Gas Retailer for $300M

Mauricio Gutierrez is president and CEO of NRG Energy Inc.

Princeton-based NRG Energy has agreed to acquire Stream Energy's retail electricity and natural gas businesses for $300 million, it announced Monday.

The all-cash transaction is designed to "strengthen NRG’s position as a growing, customer-driven energy company. It represents another step in perfecting our integrated business model,” NRG CEO Mauricio Gutierrez said in a statement. “Stream Energy’s retail energy business provides NRG an attractive opportunity to increase our national retail leadership position and potential for growth.”

NRG (NYSE: NRG) said the deal, expected to close in the third quarter pending regulatory approvals, will add $65 million in annual EBITDA to NRG's books. NRG reported full-year adjusted EBITDA in 2018 of $1.8 billion.

It will also add about 600,000 retail customers of Stream, a Dallas-based company that operates in Texas, Georgia, Washington D.C., Pennsylvania, Maryland, New Jersey and New York's deregulated energy markets.

Stream has come under fire in recent years for employing a multi-level marketing (MLM) sales strategy, which spurred a class-action lawsuit accusing the company of being a pyramid scheme. The case was settled last fall after seven years of court battles.

Stream's MLM operation is not part of the NRG purchase, a spokesperson said. Stream will retain that part of the business, which the company describes as "network marketing," to create "a new brand to market energy and wireless services through its independent sales organization."

While NRG won't own that brand, it "will be the exclusive network marketing partner to the retail energy business NRG is acquiring."

MLM companies generate the bulk of their sales by charging current customers to become independent resellers, often promising they'll be able to generate significant income by recruiting other customers and independent resellers. While some MLMs are well-regarded businesses, investigations by both regulators and journalists into some well-known MLMs have found the vast majority of independent resellers at those companies wind up losing money.

In September 2018, advertising watchdog nonprofit Truth In Advertising (TINA.org), which fights MLM companies, filed an FTC complaint against Stream alleging "deceptive atypical and unsubstantiated income claims to market the Stream business opportunity."

Separate from MLM-focused accusations, Stream's Pennsylvania subsidiary settled a class action lawsuit last year that accused the company of misleading customers about its variable rate plans.

In addition to retail gas and electric services, Stream also sells subscriptions to wireless services, virtual doctors' appointment services, roadside assistance, identity theft insurance and technical support services.

Source: http://bit.ly/2waeGmR

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Bitcoin hit $8,000 again. What's behind the rise

Bitcoin just surged past $8,000 on Tuesday, hitting its highest mark since last July. It tapered off slightly by mid-afternoon, but is still trading at its highest level in nearly a year.

What's going on?

Bullish experts say the strong showing could signal that bitcoin has a future as a worthy investment opportunity. But the currency's volatile and controversial history has prompted plenty of skepticism.

Bitcoin has typically been regarded as risky, said Dan Held, co-founder of Interchange, a company that advises businesses on how to manage their crypto assets. But he said the currency's resurgence might be the first inkling that it holds weight as a "risk off" trade — an investment treated as a safer bet when markets are tumultuous, like bonds or gold. After all, the currency skyrocketed in value Monday when the Dow plunged 617 points, perhaps suggesting that investors turned to bitcoin as a safe haven asset.

"It's bitcoin's moment to shine when people momentarily give up on the government or the banking system," Held added.

But the bitcoin rally didn't end when the markets were plunging. The currency continued to climb early Tuesday even as the major indexes did well, and it held steady for much of the day.

That could have been because Monday's bitcoin trading frenzy spurred additional investor interest, said James Putra, head of product strategy at brokerage firm TradeStation Crypto.
"When the market started to rise, it drew more people in," Putra said. "Larger players started to take bites out of the marketplace; it's a common and familiar approach."

Still, bitcoin has been here before. It hit $20,000 in December 2017 before crashing the next year. Some experts called the downturn a correction after a period of "speculative mania."

The currency also faced accusations of price manipulation: Two academics at the University of Texas at Austin studied the possibility bitcoin had been manipulated and said they found evidence that it had been during its massive 2017 run-up. The shadow of price manipulation continues to loom over bitcoin.

"Manipulation could very well be behind the recent market moves. To act like bitcoin and crypto currency prices are purely driven by supply and demand of little traders ... ignores the specific mechanics of this marketplace," said John Griffin, a finance professor at the University of Texas at Austin and one half of the duo that penned the paper on price manipulation last year.

"It would not be a stretch nor surprising to find that manipulative activity is behind the recent runup when the underlying market mechanics are similar to before," Griffin added.
Griffin isn't the only one with that suspicion.

"I don't think anyone really knows what this is due to," said Tim Massad, former chairman of the US Commodity Futures Trading Commission, speaking about the latest rally. "But you worry that manipulation could be a contributing factor given the lack of regulation and transparency in this market compared to other markets."

Massad said he lauded the Securities and Exchange Commission for stepping up oversight of cryptocurrency, but added that "you still have gaps in regulation."

Another, simpler explanation for the price rise: It's Blockchain Week, an unofficial holiday for bitcoin. The event, which is also called Consensus 2019, draws in more buyers for bitcoin and other major currencies, according to Lennon Sweeting, the director and head trader of Coinsquare, a Canadian cryptocurrency trading platform.

There's also the fact that bitcoin and blockchain — the underlying technology that acts as a public ledger — have steadily become more mainstream. JPMorgan Chase (JPM), the nation's largest bank, announced a new digital coin earlier this year. JPMorgan and Microsoft (MSFT) recently announced plans to partner and expand on blockchain platforms. And ICE (ICE), the owner of the NYSE, launched a futures exchange for bitcoin and other cryptos.

All of that could make the digital currency and its technology appear more credible to investors. And it gives bitcoin's backers a reason to remain optimistic.

"The $10,000 mark remains firmly in sight over the coming months," said Vaibhav Kadikar, founder and CEO of a decentralized prediction market platform, CloseCross. "And the possibility of surpassing the previous high in the coming half year still remains."

Source: http://tiny.cc/ojkq6y

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Zija International Europe Finishing Quarter 1 With A New High

Zija International finishes their first quarter strong in the European market, with a marked 70% growth in sales compared to 2018 and hundreds of new rank advancements.

Core leadership from both field and corporate side are working hand in hand to spread the global mission of the company and the rise in events, enrollments, and excitement across Europe is lifting up various different teams and regions.

Zija’s culture-driven environment has fostered the success of many key leaders in the market:

from Diamonds Wolfgang Sonnenburg and Aline Banon, to Emeralds Gerhard Klenner and Meghan Lichtinghagen, to Platinum Priska Portmann, the company is attracting individuals with multiple years of experience in the direct selling industry and providing them a stable foundation to build upon.

Through scientifically sound plant-based products, and a desire to simplify life and wellness for people worldwide, Zija International is providing a home for all those who seek the very best – a life unlimited.

The Germanic region especially is in rapid expansion, fueled by the joint efforts of multiple leaders in coordinating official events, participating in corporate incentives, providing team training, and implementing a duplicatable strategy.

The Team Diamond Global Network (TDGN), led by Double Black Diamond Linda Proctor and the largest part of Zija’s Germanic market, has already established a series of international meetings and a summer tour together with Corporate Executive Director, Sophie Zillmann – with more to come for fall and the end of the year.

The meetings will feature both recognition for current team members, but also a welcome and training opportunity for their newest members, pushing further enthusiasm and growth through. The year will be finished with a European Regional in October featuring guest speaker Bob Proctor.

Thanks to the solid market that Zija International’s leaders are building in the Germanic region and in Europe as a whole, qualifications are booming for the business and product incentives organized for the first part of 2019.

The Success Trip that took place in February featured qualifiers from all across Europe, and the Summer one – with qualifications running until the end of June – is set to bring in even more. With more product launches and announcements to come in the next 90 days, Zija International’s European accomplishments for 2019 have only just begun.

About Zija International

Zija International, a privately held and privately-funded business founded by Kenneth E. Brailsford and led by President and CEO, Jeremy Redd, develops natural health, wellness, and beauty products. The company operates in more than 50 countries worldwide, pioneering the #NaturalHealthRevolution to help individuals achieve Life Unlimited.

Zija has seen consistent growth every year since it was founded over a decade and has received several awards, including and being named the Fastest-Growing Company in Utah’ by Utah Business Magazine.

It has also been recognized on fastest-growing and top-revenue lists by Inc. Magazine, Direct Selling News and Utah Valley Magazine, and has received industry-specific MarComm, American Business (Stevies), and Davey Awards.

Source: http://tiny.cc/2uhp6y

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Primerica Q1 Sales Up 8% To $495 Million

Primerica, Inc. (PRI) today announced financial results for the quarter ended March 31, 2019.

Total revenues of $495.0 million increased 8% compared to the first quarter of 2018.

Net income of $79.2 million increased 20%, while earnings per diluted share of $1.83 increased 26% compared to the same quarter last year. ROE increased from 18.5% during the first quarter of 2018 to 21.2% during the current quarter.

Adjusted operating revenues were $490.0 million, increasing 6% compared to the first quarter of 2018. Adjusted net operating income of $75.3 million increased 14%, while adjusted operating earnings per diluted share of $1.74 increased 19% compared to the same quarter last year. ROAE increased from 19.0% during the first quarter of 2018 to 20.3% during the current quarter.

Results for the quarter reflect the financial stability of the Company’s Term Life segment, including an 11% increase in adjusted direct premiums. Persistency during the first quarter of 2019 was generally consistent with the prior year’s first quarter and claims experience was in line with historical trends.

Market volatility early in the year resulted in a slower start in the Investment and Savings Products (ISP) segment, however, client asset values rebounded in late January and average client asset values declined less than half a percent compared to the first quarter of 2018.

Demand for investment products, most notably variable annuities, was robust through the last two months of the quarter and total product sales of $1.8 billion were only 1% below a very strong first quarter in 2018. Insurance and other operating expenses increased 5% due to business growth and incremental investments. The pace of investments is expected to increase as 2019 unfolds.

The Company repurchased nearly $54 million of common stock during the quarter and is on track to achieve its $225 million repurchase target for the year.

“Our quarterly financial results reflect the strength and durability of our model with revenue growth of 8% and earnings per share growth of 26%, despite weaker sales than in the prior year period,”

said Glenn Williams, Chief Executive Officer.

“The need for financial security in middle-income families has never been greater and few companies possess the distribution breadth to assist this population demographic the way we do here at Primerica.”


About Primerica, Inc.

Primerica, Inc., headquartered in Duluth, GA, provides financial services to middle-income households in North America. Primerica licensed representatives educate their clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, mutual funds, annuities and other financial products.

Primerica insured approximately 5 million lives and had over 2 million client investment accounts at December 31, 2018. Primerica, through its insurance company subsidiaries, was the #2 issuer of Term Life insurance coverage in North America in 2017.

Primerica stock is included in the S&P MidCap 400 and the Russell 2000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI”.

Source: http://tiny.cc/yymm6y

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Is This Behind The Latest $25 Billion Bitcoin And Crypto Price Rally?

Bitcoin has been soaring over the weekend, boosting most major cryptocurrencies including ethereum, litecoin, Ripple's XRP, EOS, and bitcoin cash—and adding some $25 billion to the overall cryptocurrency market capitalization since Friday morning, taking it over $200 billion of the first time this year.

The bitcoin price is now trading at a little over $7,000 per bitcoin, after beginning the year at under $4,000, taking the total value of all bitcoins over $124 billion and making up 58% of the broader cryptocurrency market cap.

Over the weekend some major bitcoin holders, known as whales, moved a staggering number of the digital tokens, potentially pushing the market higher, with the single biggest whale moving 47,000 bitcoin worth an eye-watering $343 million, according to data from Whale Alert, which tracks big cryptocurrency moves.

Bitcoin whales have traded around 100,000 bitcoin over the weekend, with a total value of some $670 million dollars. Most of the bitcoin whales have been moving their holdings out of major cryptocurrency exchanges, with just a few of the biggest transactions over the weekend involving cryptocurrency wallets moving bitcoin to an exchange.

Large bitcoin and cryptocurrency transactions can prop up the market, with the holders not selling via online exchanges but opting to continue holding the digital tokens instead, known in the bitcoin and cryptocurrency sector as "hodling."

Bitcoin holders are continuing to bet on the asset despite the bitcoin price almost doubling since the beginning of this year, suggesting they see it moving still higher as bitcoin sentiment turns increasingly bullish.

Last week, analysts from investment bank Canaccord Genuity said they expect bitcoin to rally hard over the next 24 months, potentially returning to its late 2017 highs due to next year's halving event, where the number of bitcoins rewarded to miners will be cut by 50%.

The last week has been a difficult one for the bitcoin and cryptocurrency sector, however, despite the broad price rally.

Bitcoin climbed even as the market processed the news $40 million of bitcoin (some 7,000 of the digital tokens) were stolen from the Malta-based Binance exchange, the world's largest bitcoin and cryptocurrency exchange by volume, and Binance's widely-respected chief executive Changpeng Zhao caused controversy by suggesting he could "re-organize" the bitcoin blockchain to recover the funds.

Meanwhile, the bitcoin and cryptocurrency industry is gearing up for one of the biggest events in the cryptocurrency calendar starting today—Blockchain Week NYC and CoinDesk’s Consensus 2019 event, running all week out of the New York Hilton Midtown.

This year headline speakers include FedEx’s Fred Smith, Fidelity’s Abigail Johnson, Twitter and Square’s Jack Dorsey, chairman of the U.S. Securities Exchange Commission, Jay Clayton, and U.S. presidential hopeful, Andrew Yang.

Source: http://tiny.cc/73km6y

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