A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken January 8, 2021. REUTERS/Dado Ruvic/File Photo

NEW YORK/LONDON, Oct 1 (Reuters) - Bitcoin rose on Friday to its highest level since around mid-September, bolstered in part by seasonal factors as well as supportive comments overall from U.S. Federal Reserve Chairman Jerome Powell on Thursday.

In testimony to Congress, Powell said the Fed had no intention of banning cryptocurrencies, in response to a question from House Representative Ted Budd.

Some analysts also said October is typically a bullish month for digital assets, with September historically a bearish period for the sector.

"The digital asset market is benefiting both from the seasonality effect as well as generally positive market fundamentals," said Ulrik K.Lykke, founder of crypto assets hedge fund ARK36.

"Q4 has often seen strong performances and the expectation the trend will continue this year can become a self-fulfilling prophecy. It is possible that we will see new all-time highs in Q4, especially that on-chain data, particularly in the case of bitcoin, seem to indicate a potential for a strong bull market continuation."

He also cited Powell's comments on Thursday as one factor for bitcoin's positive price action.

The largest cryptocurrency was last up 9.3% at $47,910, after hitting a high of $48,236.08. If gains are maintained, bitcoin would be on pace to post its largest daily percentage gain since mid-June.

Smaller coins ether and XRP , which tend to move in tandem with bitcoin, were up 10.1% at $3,301 and 8.5% at $1.0326, respectively.

Joseph Edwards, head of research at Enigma Securities in London, also said spiking volumes on crypto derivatives exchanges was a possible driver for the moves. Derivatives trading often influences spot prices in bitcoin markets.

In the futures markets, bitcoin showed a net short position of -883 , the smallest since mid-August, data from the Commodity Futures Trading Commission released on Friday showed.

Reporting by Gertrude Chavez-Dreyfuss in New York and Tom Wilson in London; Editing by Saikat Chatterjee, Chizu Nomiyama and Richard Chang

Our Standards: The Thomson Reuters Trust Principles.

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Bitcoin climbs to highest in nearly two weeks - Reuters

When Bitcoin (BTC) launched in 2009, it promised to work as an intermediary-free digital payment. Today, there are over 12,000 types of cryptocurrency, disrupting all kinds of industries, from supply chains to fast and cheap digital payments.

So where does that leave payment processors like Visa? Well, if Visa has anything to do with it, it'll continue to be right in the middle of it all.

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This week, Visa released plans for a Universal Payment Channel, which it says, "acts like a hub, interconnecting multiple blockchain networks and allowing for secure transfer of digital currencies."

Visa's research team believes the channel, which is currently a work in progress, could solve the interoperability challenges faced by many cryptocurrencies. Here's what that means:

Right now, many blockchain ledgers operate in silos, unable to transact with one another. For example, if you wanted to spend Bitcoin on an application that's built on the Ethereum (ETH) network, it would be difficult. Interoperability would solve this problem.

Without it, cryptocurrencies won't be able to reach their full potential. Imagine not being able to transfer money, for example, between bank accounts held at different banks. That's why various organizations, including Visa, are looking for solutions.

Cryptocurrencies like Polkadot (DOT), Avalanche (AVAX), Cosmos (ATOM), and Polygon (MATIC) also operate in this space. They have different solutions and it isn't clear whether one (or several) will emerge as the main interoperability provider.

Another interesting aspect of Visa's proposal is that it is focused as much on Central Bank Digital Currencies (CBDCs) as it is on cryptocurrencies. CBDCs, also known as govcoins, are government-backed digital currencies.

Various governments are considering using blockchain technology to launch their own virtual currencies. China has been piloting a digital yuan for some time, and the Federal Reserve is investigating the potential benefits of a digital dollar.

It's clear from Visa's research that it envisions a future in which these govcoins will play a key role. This is an important trend for crypto investors to pay attention to. Govcoins will offer the benefits of current virtual currencies -- cheap and speedy transactions -- but without the same risk of volatility or coin failure.

But govcoins bring different problems. One issue is that they remove the decentralization that was a core component of Bitcoin's original proposition. Decentralization means cryptocurrencies don't need the backing of a third party like a bank or a government. There are also additional privacy and security concerns.

Govcoins may threaten cryptocurrencies that only offer payment solutions and may also affect the stablecoin industry. But given the number of different types of cryptocurrencies on the market, it is unlikely that govcoins will undermine the industry completely.

Visa has consistently worked to carve a space for itself in the crypto world, from partnering with cryptocurrency exchanges to offer Visa debit cards that earn crypto rewards, to settling the first crypto-only payment. Its latest Universal Payment Channel shows it wants to maintain its pole position, whether that involves working with govcoins or existing cryptocurrencies.

Its research suggests that it is only a question of time before govcoins become the norm, which could put a dent in the long-term prospects of pure payment coins like Litecoin (LTC) and Bitcoin Cash. If you are a fan of interoperability coins, it's good to remember that Visa may be moving into this space. It is easy to focus only on competition from other cryptocurrencies, but businesses can use blockchain technology, too.

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Visa's New Payment System Will Accept Everything From Bitcoin to Dollars - The Motley Fool

Published: Oct. 4, 2021 at 3:00 AM MDT|Updated: 6 hours ago

SAN DIEGO, Oct. 4, 2021 /PRNewswire/ --Engiven, Inc., a leading cryptocurrency donation platform, is delighted to announce that it has facilitated a $10 million Bitcoin donation, one of the largest singular Bitcoin donations publicly known to date. Engiven is a financial technology leader in the space, providing an enterprise crypto donation management solution for nonprofits of all sizes.

Engiven, Inc. Facilitates $10 Million Dollar Bitcoin Donation, One of the Largest in History

"A donation of this size marks an important stage in the evolution of Bitcoin as an asset and as a charitable tool. Cryptocurrency is rapidly becoming a major influence and impact to the nonprofit world, and Engiven stands at the forefront of innovative ways to help facilitate crypto donations. We couldn't be more pleased to see such a positiveimpact come from our platform, and we are confident this is only the beginning," said James Lawrence, Cofounder and CEO of Engiven.

This landmark donation will support the program growth for one of Engiven's ministry clients and is the largest known Bitcoin donation given to date. The donor started mining Bitcoin on his laptop more than 10 years ago and has been holding all this time. He intends to make other major Bitcoin donations in the future as well.

Engiven expects the strong growth in crypto giving to continue into the year-end. By the end of Q4-2021, Engiven projects to directly serve more than 1,000 nonprofit clients, including some of the largest and most respected in the United States, such as The Salvation Army, Compassion International, March of Dimes, the Navy Seals Foundation and US Figure Skating. With an average donation size of more than $7,500, Engiven believes cryptocurrency will continue to provide an exceptional tax-based giving opportunity for donors who have been holding crypto long-term.

Lawrence continued, "While some cryptocurrency donations are made by young crypto millionaires, the reality is that most major crypto donations are coming from investors and philanthropists who own crypto as part of their overall investment strategy. Our experience is that these donors know which charities they want to support and, in many cases, have been supporting them for years. Cryptocurrency is simply a better way to support nonprofits while also leveraging the best possible tax benefits."

The rapid adoption of cryptocurrency philanthropy is driving growth for many nonprofits and makes this a truly exciting moment for charities. Engiven is thrilled to partner with the nonprofit community and with crypto donors to provide a world class service that does good in the world.

About EngivenEngiven is a leading cryptocurrency donation management platform providing an end to end giving solution benefiting nonprofits and their donors. For more information about Engiven, visithttps://engiven.com or contact James Lawrence, Cofounder and CEO at james@engiven.com.

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SOURCE Engiven, Inc.

The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.

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Engiven, Inc. Facilitates $10 Million Dollar Bitcoin Donation, One of the Largest in History - KKTV 11 News

Bitcoin was born on 3rd January 2009, when her genesis block (block zero) was mined. The first transaction took place on 12th January between "Satoshi" and Hal Finney. Bitcoin's first "value" was set as 1309.03 bitcoins for $1. That's right, it was a fraction of a paisa! And now as she prepares to become a teenager, Bitcoin is valued at over $44,000 and has even become legal tender in one country! So what do I hate, love, and fear about Bitcoin?

In my personal opinion, Bitcoin is lousy as a medium of exchange. It is very volatile and suffers from slow transaction speeds. Compare it to UPI payments in India and Bitcoin seems like a cruel joke.

It makes no sense to use Bitcoin for payments in any country. There are so many better alternatives available in the crypto world. You could use dollar-pegged stablecoins. You could use hush/ privacy coins like Monero or you could use regular old coins like Litecoin. All of these are faster, cheaper, and less volatile.

The second thing I hate is the concept of HODLing holding on for dear life. There are so many memes about this that many people think it's actually a good investment strategy! The concept is that if you buy a little bit of Bitcoin and hold on to it forever, then you will become super-rich. I wish life were that easy.

This Internet meme shows what HODL really looks like

The third thing I hate is the concept of "buying the dip". This means that every time that Bitcoin prices dip, you buy more Bitcoin. This is an extension of HODLing. It means that you believe that Bitcoin prices will keep rising forever. So every time prices dip, you buy more.

'Buying the dip' is now being turned into memes

The fourth thing I hate is Bitcoin maximalists. They believe that Bitcoin is the only viable digital asset and all other cryptos are sh*tcoins. They are oblivious to the massive innovation being done by Ethereum, Cardano, Solana, Polkadot, Theta, Filecoin, and so many other awesome crypto projects.

In my personal opinion, Bitcoin is great as a store of value.

A store of value is an asset whose value either remains the same or increases over time. Some of the most popular stores of value are precious metals, real estate, treasury bills, and even art.

If Bitcoin becomes globally accepted as a store of value, then in my personal opinion, its total market cap would equal that of gold.

Depending upon your source of information, the market cap of all the gold in the world is between 8 to 10 trillion dollars. So the long-term marketcap of Bitcoin could be between $8 to 10 trillion.

Considering a maximum supply of 21 million bitcoins, I think a fair long-term price would be somewhere between $380,000 and $476,000. I expect to see this price by 2030 AD.

This is subject to two critical caveats the blockchain technology is not "broken" and no meteor crashes into our lovely planet 🙂

Bitcoin is totally dependent upon technology. If a major flaw is found and exploited, then Bitcoin will immediately lose its value and would crash to zero.

While blockchain is a robust technology, it has been hacked in the past on 15 August 2010 when a transaction created 184,467,440,737.09551616 Bitcoins.

That's more than 184 billion! Yes, you read that right. We all know that the total number of bitcoins that can ever exist is 21 million. But here we suddenly had hundreds of billions of bitcoins!

The problem was solved within a few hours. This "bad" transaction does not exist on the blockchain anymore. Neither do the billions of bitcoins created by the hackers. But 0.5 bitcoins that were consumed by the transaction still exist and are indelible proof of bitcoin's hack!

Can another successful hack take place? Of course, it can. And that's what I fear the most.

Rohas Nagpal is the author of the Future Money Playbook and Chief Blockchain Architect at the Wrapped Asset Project. He is also an amateur boxer and a retired hacker. You can follow him on LinkedIn.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Bitcoin: What I Hate, Love, and Fear About the Cryptocurrency - Gadgets 360

Vault International Bitcoin Fund became the first in New Zealand to be entirely focused on the primary cryptocurrency.

According to a recent local report, Vault Digital Funds provided New Zealand investors with a new fund called Vault International Bitcoin Fund.

Through it, they would have the opportunity to add the asset class to their portfolio without having to own it directly. Janine Grainger Co-Founder of Vault Digital Funds commented:

We see this as a great way for people to get that exposure without having to do all the more complicated and technical parts of it themselves.

She noted that the initiative would have a somewhat different focus than most traditional investment funds. It would be appropriate for people with an investment plan of more than ten years.

Nonetheless, Vinnie Gardiner Chief Executive and Co-Founder of Vault Digital Funds warned people dealing with cryptocurrencies about the risks in the field:

Bitcoin isnt appropriate for everyone. This is something that people should not be taking lightly.

Darcy Ungaro host of the NZ Everyday Investor and authorized financial advisor also gave his two cents on the move. He noted that despite the assumptions that bitcoin is a scam or a fad, locals have been showing a growing appetite for cryptocurrencies recently:

Over the past three years, I have been having conversations where people say bitcoin is a scam, or a fad, something to be avoided. But recently I have been helping more and more people allocate a portion of their portfolio towards it.

In fact, the most considerable risk is not whether bitcoin is a scam but how people hold and store their crypto holdings. Ungaro raised hopes that the Vault International Bitcoin Fund would grant investors with the necessary level of security because it takes care of all the custody issues.

In recent months, numerous large corporations have attempted to jump on the bitcoin bandwagon by offering BTC funds to clients.

Such is the case with JPMorgan Chase & Co. The banking giant considered the matter in late April this year. The Wall Street behemoth intended to offer its innovative BTC-focused product to private clients only.

In August, the initiative saw the light of day when JPMorgan allowed its wealth management clients to get involved with half a dozen cryptocurrency funds. One of them was a new bitcoin fund created by the digital asset company NYDIG.

In its turn, Union Investment the Investment Arm of the DZ Bank Group would reportedly enable private investors to add bitcoin to existing funds in small amounts, comprising 1-2% of their portfolios. The $500 billion German asset manager would launch the move at an unknown date in Q4.

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New Zealand Launched Its First Bitcoin-Only Investment Fund - CryptoPotato