Category Archives: Bitcoin
Bitcoin (BTC) is going into the third week of its new halving cycle just $550 away from five figures but what could really impact price this week?
Cointelegraph takes a look at the main factors that could help or hinder the biggest cryptocurrency over the coming days.
Traditional markets are off to a rocky start this week. Protests in the United States have coupled with President Donald Trumps softer response to China over Hong Kong to worry already panicky stocks.
As a result of this uncertainty, safe-haven assets are rallying. Gold is up around $50 since May 27, at press time trading at $1,743 near its highs from 2011.
Oil is also falling in the U.S., something which could benefit local cryptocurrency miners, Andreas Antonopoulos has argued.
As Cointelegraph reported, Bitcoin has shown increased decoupling from macro movements in recent weeks, and the potential to follow gold remains.
Data currently shows that Bitcoin has delivered returns of nearly 50% in Q2 alone.
Bitcoin quarterly returns. Source: Skew
All things being equal, however, Bitcoin still faces a downward difficulty adjustment in three days time.
One of the Bitcoin networks most important features, automatic adjustments ensure miners remain incentivized to participate in transaction validation.
As noted previously, Bitcoin has not had two back-to-back downward adjustments since the bottom of its bear market in December 2018.
Bitcoin hash rate estimate 1-month chart. Source: Blockchain
Unlike difficulty, the hash rate is slowly creeping up this week, reaching roughly 95 quintillion hashes per second on Monday. The adjustment should further this upward trend in the short term.
Last months halving has cut miners BTC revenue by 50%, but outflows accelerated after the event. For a time, miners were selling more BTC than they earned.
That trend has died down over the past ten days, and outflows have reduced dramatically.
Bitcoin mining pool outflows 1-year chart. Source: CryptoQuant
The reduced desire to sell BTC holdings coincides with consumer activity hodlers have withdrawn more from exchanges than at any time since the December 2018 lows.
In addition, 60% of the Bitcoin supply has now not moved in a year or more something true for the past five months, despite considerable price fluctuations.
Whether exchange withdrawals are an indication that investors expect a bull run is currently a topic of debate in analytic circles.
CME Bitcoin futures look set to open just a short space away from where they closed on Friday.
This reduced gap in the market leaves less chance of a sudden move up or down by Bitcoin to fill it.
As Cointelegraph has often noted, BTC/USD tends to make up for gaps left in futures. The past two weeks were no exception, with large and small gaps getting filled within days of opening.
CME Bitcoin futures with a gap at $9,510. Source: TradingView
At the focal price point of $9,500, Bitcoin is behaving exactly as forecast, according to the creator of the historically very accurate stock-to-flow price model.
As Cointelegraph reported, June 1 produced a crucial red dot on the model, which has previously signaled the start of a bullish phase.
For the stock to flow, each bullish phase ups the price by an order of magnitude this time around, highs by 2024 could reach $576,000 or more.
The action started a little slower today and the pockets of speculative buying are not quite as aggressive but it is another buoyant day for the indices as market players forget about the news flow and worry about trying to participate in this market that won't stop.
Breadth is running quite strong with about around 5100 gainers to 2050 decliners. New 12-month highs are expanding and are now around 135 compared to only 14 new 12-month lows.
The 'go to' coronavirus plays continue to perform very well. Chewy (CHWY) , Slack (WORK) , Datadog (DDOG) and a few others have been moving but I've reduced my WORK position into its upcoming earnings on June 4 after the market close.
Gambling stocks are taking a rest and the SPAC names are consolidating, but there are plenty of single-digit stocks on the radar. This strong speculative action in small stocks is the most significant feature of the market right now.
Back on May 13, I wrote about starting a trade in Bitcoin using Grayscale Bitcoin Trust (GBTC) . I've added to the position and am looking to add to it further as it breaks over recent highs around $12.20-$12.40. This trade has the potential to gain strong momentum as it is mainly a technical trade. Bitcoin has no fundamentals and can't be valued like a stock so it tends to move on emotions and technical patterns more than regular stocks.
I'm seeing some intraday fades in some stocks and that is making me tighten up. I reduce some silver and good positions and am going to err on the side of defense right now.
As always I'm focused on reacting to the price action rather than trying to predict it. As the character of the action shifts, I will also shift and right now it is looking slightly toppy.
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The Bitcoin Trade Is Developing Well - RealMoney - TheStreet
Bitcoin on the rise post-halving
Bitcoin has been on the rise over the past week, with overnight gains taking us into the highest level since mid-February. The May halving event provided us with a crucial occurrence which has historically kickstarted a renewed phase of upside for bitcoin.
With the price surging this week, the big question is whether this is the beginning of that next bull phase for bitcoin. The monthly chart below paints a picture of previous halving events and how the price has acted around those two dates.
What is evident is that we see strong gains in the 12-16 months prior to the halving, with that bullish trend being turbo charged in the subsequent year that follows the halving date. Last month's halving comes off the back of a 182% rise in the previous 15 months, replicating the kind of move we have seen in the lead-up to the 2016 and 2012 halvings.
With that in mind, we are looking at a potential forthcoming period of strong gains for bitcoin to continue the trend seen over the past eight years.
Here is the original post:
Bitcoin price could be on the cusp of major bullish breakout - IG Bank
JPMorgan, the largest U.S. bank by assets, has been waging a war of words with bitcoin and cryptocurrency for years.
The bitcoin price has swung wildly since JPMorgan chief executive Jamie Dimon called bitcoin a "fraud" in September 2017rising to around $20,000 per bitcoin before crashing to under $4,000 (twice).
Now, JPMorgan's turbulent relationship with bitcoin appears to be rapidly softening, after the bank added its first crypto exchange customers and Dimon reportedly hosted secret meetings with the boss of major bitcoin and crypto exchange, Coinbase.
J.P. Morgan chief executive Jamie Dimon has previously criticized bitcoin but the bank says it has ... [+] always "believed in the potential of blockchain technology."
Earlier this month, JPMorgan signed Coinbase and rival bitcoin and crypto exchange Gemini after a lengthy vetting period, it was first reported by the Wall Street Journal.
JPMorgan approved the two bitcoin exchanges' accounts last month and is already processing transactionspotentially signalling the end of the crypto industry's banking woes.
The bitcoin and cryptocurrency community has complained for years that banks including JPMorgan have denied them services and blocked accounts that dealt with crypto businesses.
Meanwhile, it has emerged Jamie Dimon has been hosting secret meetings with Coinbase chief executive Brian Armstrong since 2018, author Jeff Roberts revealed in his book, Kings of Crypto.
"Ironically, Brian Armstrong and Jamie Dimon of JPMorganwho was the biggest enemy of bitcoin and has pissed on it for yearsit turns out they were having secret meetings in 2018 at JPMorgans headquarters," Roberts told Laura Shin's Unchained podcast while promoting the book, which charts Coinbases rise to the top of the crypto industry.
However, JPMorgan's interest in cryptocurrencies might not extend all the way to bitcoin quite yet.
"We are supportive of cryptocurrencies as long as they are properly controlled and regulated," Umar Farooq, JPMorgan's head of digital treasury services and blockchain, said back in 2017.
JPMorgan launched its own answer to bitcoin last year, JPM Coin. Unlike bitcoin, JPM Coin is pegged to the dollar and aimed at speeding up and reducing the costs of global payments.
The bitcoin price has swung from around highs of $14,000 per bitcoin to under $4,000 over the last ... [+] year--though bitcoin now be on course to be one of the best bets of 2020.
Meanwhile, some have accused Coinbase's Armstrong as being "skeptical" of bitcoin while working to promote other blockchain networks and cryptocurrencies such as ethereum.
"I'm sure he would deny it, but it's interesting to me that the CEO of the world's most prominent bitcoin-related company seems so skeptical of bitcoin," said Bloomberg editor and analyst Joe Weisenthal, commenting on a Twitter thread by Armstrong suggesting it might not be bitcoin that pushes the cryptocurrency ecosystem into the mainstream.
Despite JPMorgan's softening attitude toward bitcoin and crypto, the nascent technology is still fighting an uphill battle.
Earlier this year, Treasury secretary Steven Mnuchin warned "significant" new bitcoin and cryptocurrency regulations are on their way, Minneapolis Federal Reserve president Neel Kashkari branded cryptocurrencies "a giant garbage dumpster," and the Department of Justice called bitcoin mixing "a crime."
Just this week, Goldman Sachs listed five reasons that "cryptocurrencies including bitcoin are not an asset class" in a much-hyped but ultimately disappointing presentation titled "U.S. Economic Outlook and Implications of Current Policies for Inflation, Gold and Bitcoin."
Ernest Hemingway described going bankrupt as "gradually and then suddenly"Wall Street's adoption of bitcoin and cryptocurrency could be happening the same way.
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JPMorganBitcoins Biggest EnemySuddenly Appears To Be Going All In On Crypto - Forbes
Bitcoin has risen above $10,000 for the first time in almost a month as protests in U.S. cities continue to intensify.
At around 23:05 UTC (7:05 p.m. Eastern Time), bitcoin (BTC) rose from $9,895 to around $10,429 over the course of 30 minutes as a new wave of volatility greeted the end of the daily closing period for June 1.
The large spike in BTCs price comes as violence erupts on the sixth day of protests over the death of George Floyd at the hands of Minneapolis police. BTC has since cooled slightly and is currently changing hands for around $10,191, according to CoinDesks Bitcoin Price Index.
BTCs price action was equally matched by a large injection of daily trading volume on the Bitstamp and Binance exchanges. Meanwhile, Coinbase suffered a temporary outage that had been resolved as of press time.
Bitcoin has been gyrating between $8,600 and $10,000 for a period of around 32 days and finally broke above the $10,000 psychological resistance in convincing fashion as traders sought to capitalize on a bullish technical setup.
ETH broke out already, BTC now having its turn, said Joshua Green, chief investment officer at Orthogonal Trading.
The macro and fundamental scenario is very bullish, and the market has been shorting into $10,000, under-allocated above $10,000, Green added.
Other notable cryptos are also having their time in the sun with the likes of eos (EOS), cardano (ADA), bitcoin cash (BCH) and litecoin (LTC) having climbed around 5% over a 24-hour period.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Bitcoin just reclaimed $10,000 territory.
According to TradingView data, the cryptocurrency broke above the price point this Monday night after a week of idling in the low-to-mid $9,000s. Bitcoin last hit $10,000 during the first week of May, climbing back into the 5 digit zone after suffering a historic sell-off on Black Thursday that drove its price to as low as $4,200.
At the time of publication, Bitcoin is trading at just above $10,200.
This price jump is coming off steady growth in Bitcoins futures market, according to data from Bitcoin market analysis firm Skew. Based on data from Bitcoin investment company Bitwise, its also fed on about $1 billion in spot volume from retail participants over the last twenty four hours.
Bitcoins positive price action also comes on the tail end of a mayhem-filled week for the United States. This weekend, city streets across the nation swelled with protestors marching against the killing of George Floyd at the hands of Minneapolis police officers. Many of the protests morphed into full-blown riots as businesses were looted, defaced, and (in extreme cases) burned. As police continue to clash with (and struggle to contain) the restless crowds, the National Guard has been deployed to numerous cities including Boston, Los Angeles and Minneapolis.
While Bitcoins price action is notable amid such an unstable domestic situation in the USand may corroborate the bullish sentiment of Bitcoin proponents whose digital gold narrative is catching on with mainstream investorstheres no guarantee Bitcoin will stay above $10,000 in the short-term, of course.
Bitcoin trader Scott Melker, for example, indicated on Twitter that $10,500 is really the price point that bulls want to signal a clear reversal.
It did fall back down from $10,000 in May, after all. So we may need to wait for it to retake $10,500 before were certain its sticking around this time.
Bitcoin Rising, Satoshi Discoveries, & Google Enters the Race: Bad Crypto News of the Week – Cointelegraph
Its been a strange week for BTC as we move forward in our new mining rewards era. The price ends the week down but a late rally has pushed it back over $9,000. Technical analysts expect Bitcoin to continue rising based on the liquidation range of short positions, a discussion of cryptocurrency in Goldman Sachss client call, and a lack of funding in the futures market. On the other hand, if ratings agency Weiss is right, more than 21 million Bitcoins may now be in circulation. The agency, known for controversial opinions, blames leverage in agencies.
The entry of Google into the blockchain space might help soak up some that extra supply though, if it exists. Blockchain company Theta Labs has partnered withGoogle Cloud to let users deploy and run nodes. Google Cloud will also act as a validator serving Europe.On the other hand, Googles Chrome is facing strong competition from crypto-powered Brave. The browser now offers video calls, even as the Telegram messaging service seals its departure from the Telegram Open Network. TON will now stand for The Open Network.
While Google prepares to validate, other Bitcoin owners have been in-validating. Theyve used 145 addresses to call Satoshi pretender Craig Wright a liar and a fraud. Wright had claimed that he controlled the addresses. Maybe they should have just asked Wright if he owned a Mac. Laszlo Hanyecz, the Bitcoin pizza guy who worked with Satoshi to develop Bitcoin, has said that Satoshi only worked on Windows. Kenneth Blanco, Director of the United States Financial Crimes Enforcement Network (FinCEN), warned in an interview with Chainalysis against bad actors as well as rogue nations hijacking blockchain technology.
A crypto-enthusiast could soon control the Fed though. President Trumps nominee for the US Federal Reserve board of governors, Judy Shelton, has talked of a return to a gold standard, with a side of cryptocurrency. Other national banks appear to be moving the same way. The Bank of Lithuania has completed research into its blockchain project, LBChain. Antigua and Barbudas House of Representatives has passed a bill that will start to make the region a friendly place for digital assets. China, too, looks set to promote its DCEP digital currency, which is backed by the countrys central bank, as a rival to the US dollar.
Private industry also continues to warm to the blockchain. Household goods manufacturer LG has joined the governing council of Hedera Hashgraph. Hedera wants to build an enterprise-grade blockchain platform to benefit businesses and consumers. Coinbase is buying brokerage Tagomi in order to cash in on the rise of hedge fund and macro investors in cryptocurrencies. In the world of online entertainment, Dapper Labs, the maker of CryptoKitties, is swapping cute digital cats for collectible digital basketball cards in a deal with the NBA. PornVisory wants to give users tokens for watching porn(!) And Minecraft is giving cryptocurrency a new kind of mining. The EnjinCraft plugin now lets players integrate blockchain-based Minecraft assets. Thats a whole different kind of mining reward.
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Joel Comm is an internet pioneer, New York Times best-selling author, futurist speaker and co-host of The Bad Crypto Podcast. Thats a fancy way of saying he writes words, says things and loves to play with cryptos.
The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Leading crypto exchanges are holding around 1.36 million Bitcoin (BTC), worth around $12,880,000,000. The last time major trading firms had such low Bitcoin reserves, the price of the dominant cryptocurrency surged from $3,150 to $14,000.
Market data indicates a growing number of investors are moving their Bitcoin holdings out of exchanges, showing thattraders have no intention of selling BTC at the current price of $9,400.
Top crypto exchanges record 1-year low Bitcoin reserves. Source: CQ Live
In the first quarter of last year, the price of Bitcoin ranged between $3,150 and$4,500 for nearly four months. When the inflow of BTC from exchanges started to decline, the cryptocurrency began to rally. Within three months, BTC increased from $4,000 to $14,000, recording a 250% price surge.
At $9,500, Bitcoin is seeing the same BTC inflow volume into exchanges seen in early 2019. Fewer traders are depositing Bitcoin to trading platforms, which shows investors have no interest in risking their BTC to sell in the $9,500 to $10,000 range.
The 12-month low inflow of BTC into top cryptocurrency exchanges coincides with long-term indicators signaling the start of a new uptrend. Macro indicators like the golden cross and the Puell Multiple show thatBitcoin is on the verge of a major bull run as seen at the start of 2019.
The Puell Multiple is a metric that considers the circulating supply by looking into miner revenue to measure if BTC is overbought or oversold. Currently, the Puell Multiple of BTC is hovering at 0.4. In mid-December 2019, when Bitcoin was at $3,150, it dropped to as low as 0.3.
The supply-focused metric shows Bitcoin could see another minor pullback in the short term. Butin the short to medium-term, Bitcoin is expected to see a sizable rally.
Puell Multiple shows Bitcoin is nearing oversold levels. Source: LookIntoBitcoin
Bitcoin also recently recorded its seventh golden cross in history. Three out of the past six golden crosses led to a massive long-term rally.
A golden cross occurs when two long-term exponential moving averagelines cross one another. Thistypically happens when BTC is recovering rapidly from a steep sell-off.
Bitazu Capital founding partner Mohit Sorout said:
We recently witnessed the 7th Golden CrossOx of bitcoin's existence. Previous 3 out of 6 led to gigantic rallies. But sure any tool without a 100% win rate is a meme, must be shunned & discarded immediately.
Bitcoin sees its seventh golden cross in history. Source: Mohit Sorout
The ongoing rally of Bitcoin is fundamentally and structurally different from previous rallies seen in the last two years.
This time around, there are a significantly higher number of retail investors and institutions leading the upsurge of Bitcoin rather than investors in the futures market that trade with high leverage.
With a lower risk of a major long squeeze, long-term macro indicators hinting at a major uptrend in the coming months are considered a positive factor for the medium-term price trend of Bitcoin.
Stemming from the confined venue of speculation and economic theory, there is much to address regarding the probability of whether Bitcoin will ever reach $100,000.
To bring light upon the query in motion, well analyze long-standing economic theories versus economists doubts while taking under due consideration deeply-rooted market variables, projections, and global acceptance that are all bound to distill a change in the value of Bitcoin in one way or another.
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With these truths in mind, lets begin.
Cryptocurrency enthusiasts have long poised the likelihood of Bitcoin reaching $100,000.
Evidence of this can be noted from high-profile individuals such as Anthony Pompliano, Co-Founder and Partner of Morgan Creek Digital.
I still think Bitcoin will hit $100,000 by end of December 2021. Fixed supply. Increasing demand. Time will tell.
Charles Hoskinson, Ethereum Co-Founder, had tweeted in late 2019:
Then, of course, we have the more recent actionable insights rendered through The Great Monetary Inflation proclaimed by macro investor Paul Tudor Jones, who acquired Bitcoin as a hedge against inflation earlier this month.
Despite acquisitions and proclamations attesting to Bitcoins impending worth, one should also assess whether these claims are rather a publicity stunt to increase Bitcoin participation or rather a deep-rooted belief originating from a coupling between past experiences and a desperate desire of riches to prolong extravagant lifestyles.
Regardless, these speculations should be taken with a grain of salt and weighed accordingly.
While crypto enthusiasts rely upon speculation in the crypto news, investors and Bitcoin participants tend to primarily formulate their assumptions upon tangible evidence that is derived from projection models and macroeconomic theories.
Projection models such as the Bitcoin S2F Model and M2 capitalization theory project astronomical valuations for Bitcoin but as time has shown us one of these models has already been debunked.
Over the past few years, and more prominent now as a method used to combat the financial ramifications of the Coronavirus pandemic, quantitative easing has been performed by countries central banks.
Take for instance the U.S. Federal Reserve, which has been printing U.S. dollars at an exponential rate since 1970.
Perhaps the most noticeable effects of the exponential printing of U.S. dollars would be inflation, where the price of goods and services has been rising in unison to meet the money supply.
Generally, a healthy economy would be characterized through depreciation in prices due to entities finding more efficient and affordable alternatives for similar goods and services but that is not the case.
To highlight the core point of this theory, should the Federal Reserve continue to print U.S. dollars at an exponential scale then, as a result, the U.S. dollar price of Bitcoin will also continue to rise at an exponential rate until it has reached a value of $100,000 per Bitcoin.
Also known as the Bitcoin S2F model, the Bitcoin Stock-to-Flow Cross Asset Model ratio created by @100trillionUSD seeks to measure the effect of scarcity on BTC price through measuring current Bitcoin circulation and production rate.
As @100trillionUSD suggested in 2019 through Modeling Bitcoin Value with Scarcity, The predicted market value for bitcoin after May 2020 halving is $1trn, which translates in a bitcoin price of $55,000. That is quite spectacular. I guess time will tell and we will probably know one or two years after the halving, in 2020 or 2021. A great out of sample test of this hypothesis and model.
While it doesnt take a mathematician to deduce how significantly short this economic model failed, up to 8 additional flaws have been reported regarding the Bitcoin scarcity valuation model.
As a result, we can no more put stock in economic theory than we can through unwarranted speculations.
The most level-headed forerunners for predicting future Bitcoin prices may be contributed to economists who have yet to be proven incorrect regarding their cynical-based projections.
Such examples include the projection laid upon us by Kenneth Rogoff, an economist and Harvard University professor, who went on to express the following during a CNBC interview:
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I think bitcoin will be worth a tiny fraction of what it is now if were headed out 10 years from now I would see $100 as being a lot more likely than $100,000 ten years from now.
Basically, if you take away the possibility of money laundering and tax evasion, its actual uses as a transaction vehicle are very small,
It should be noted that Rogoff isnt the only economist who feels that Bitcoin wont amount too much value in the future.
Joe Davis, a lead economist for Vanguard, a high-profile investment firm, stated, Im enthusiastic about the blockchain technology that makes bitcoin possible As for bitcoin the currency? I see a decent probability that its price goes to zero,
The bitcoin its value is based off of scarcity and an artificial scarcity thats out there, Its really tough to imagine where the long-term return comes from other than speculation. Joe Davis
If speculations regarding Bitcoins future applications are truly the driving force behind the volatility then the valuation of BTC as a whole is crippled as a result of diminished cash flow.
While speculation and debunked theories are two sides of the same coin, black swan events are an entirely different entity that has been known to characterize an era of hardship and uncertainty.
Unforeseen black swan events, such as the recent Coronavirus Stock Market Crash, have gone to illustrate that no economy is impervious to flaws while also dismantling the long-standing ideology that Bitcoin is a safe haven asset.
Given the ramifications that can materialize from the wake of black swan events, no Bitcoin valuation can be complete without the possible occurrence of these devastating events.
To expand, modern times must be taken into account.
Such as, those of us reading this have already survived one black swan event but given how countries are starting to open their borders and governing states are once again re-opening their economies, the likelihood of another black swan event occurring as the byproduct of a second outbreak of Coronavirus only increases with each easing of confinement limitations folded back.
Therefore, it would be optimistic to the point of foolishness not to weigh these truths in your mind when speculating the possibility of BTC reaching $100,000.
One variable piece of the puzzle that can significantly influence Bitcoins likelihood of $100,000 per coin would be the mainstream adoption of Bitcoin.
Should a significant surge in Bitcoin participation become present, then the generalized economic theory of supply and demand can be implemented as an increase in participation will likely be contributed to an increase in demand.
Through an increase in demand comes an appreciation of value, which given how Bitcoin supply is limited, should further strengthen the ideology that an increase in Bitcoin demand will increase the price of Bitcoin.
Lets ditch the economic theories and speculations to conduct some simple arithmetic.
The maximum sum of Bitcoins that will exist is 21 million.
Should the value of Bitcoin reach $100,000 per coin then the total potential market capitalization of Bitcoin, once all mined, would be equivalent to $21 million x $100,000 = $2,100,000,000,000 or $2.1 trillion.
According to CNBC in late 2019, the value of the global equities market surpassed $85 trillion, or $85,000,000,000,000.
It should be noted that the global value of the equities for 2019 started under $70 trillion, meaning it saw an increase of no less than $15 trillion throughout the year 2019.
To put that into perspective, should Bitcoin reach a value of $100,000 per coin (even if all were mined) that would mean that the market capitalization of Bitcoin would be more than 40xs less than what the value of the global equities market was at the end of 2019.
($85,000,000,000,000 global equities value / $2,100,000,000,000 = 40.4761904762)
Putting stock in speculations asserted by cryptocurrency advocates will get you no further than faulty economic theories that can in no way, shape, or form take under due consideration all the innumerable variables that nest their way into the ever-changing Bitcoin valuation equation.
Through M2 capitalization theory and the renowned principles of supply and demand, we are rendered rather convincing insights into the possibility that Bitcoin could reach $100,000 which is further strengthened when you compare the capped off Bitcoin market capitalization of $2.1 trillion to that of the $85 trillion for global equities in 2019.
While, at first, it may have seemed like a highly unrealistic projection of Bitcoin reaching $100,000, but when you stop to put it in perspective with the total value of global equities then it may appear, to some, as only a matter of time.
Regardless, and to conclude, it is impossible to accurately predict the value of Bitcoin in 10, 20, or even 40 years from now but if history has taught us one thing it would be that anything is possible.
As the U.S. experiences the most sustained civil disobedience in more than a generation, an exploration of what role bitcoin has to play in building a better system.
Cities around the country have been engulfed in protest in the wake of the murder of 46-year-old black man George Floyd. There is an intense battle for the narrative around the protests. Are they legitimate outcries against institutional racism and police brutality? Is the looting covertly being driven by white supremacists on the one hand or ANTIFA on the other?
In the Bitcoin community, some have plumbed the Bitcoin Fixes This meme to argue that the core underlying issue has to do with a monetary system that structurally creates inequality. Others have clapped back against pushing that meme in this moment.
In this episode of The Breakdown, NLW looks at:
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
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On the 'Bitcoin Fixes This' Meme - CoinDesk - CoinDesk