BITCOIN IS STILL HEADING TO $500K DESPITE RECENT CRASH SAYS ARK INVEST CEO!! WHAT’S NEXT FOR BTC?!!

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Bitcoin evangelist Max Keiser says that BTC has the potential to become the new base layer currency and replace the entire $5 trillion foreign exchange (FX) market.

In an episode of the Keiser Report, the Wall Street veteran takes note of Citibank’s recent report that argues Bitcoin has an advantage in global payments due to its decentralized, deflationary, and secure nature, which are characteristics that put the flagship cryptocurrency in a position to go mainstream.

Keiser highlights that Bitcoin’s advantages as a medium of exchange in global payments are already making banks, including Citibank, obsolete.

“It’s happening right now because the transaction is the settlement, so you don’t need Citibank. It obviates Citibank. It makes Citibank redundant, as are all banks, redundant with Bitcoin. I can trade with you as a currency and it doesn’t require any bank. It doesn’t require a central bank.”

While the Citibank report sees Bitcoin as having evolved from a form of payment to a store of value, Keiser believes it is the other way around.

“And they got it a little bit reversed. They’re saying it started off as a means of payment and people are looking at it as a store of value, but in fact, it started off as a store of value, and now it’s morphing into a means of payment. That’s the whole history of money. So Citibank should know at least the history of money and how money comes into existence but nevertheless, a good effort and I applaud them for at least recognizing that they’re about to go out of business.”

As BTC is starting to be viewed as a more neutral and better settlements layer, the Bitcoin firebrand sees the world’s leading cryptocurrency as something that could supplant trillions of dollars worth of foreign exchange activity.

“Right there’s what, $5 trillion a day in the forex market, foreign exchange, and that could be completely replaced with Bitcoin as the base layer. We’ve seen that demonstrated now buy sending currency from country to country, starting off in one currency, arriving at the destination in that local currency instantaneously, virtually at no cost.”

In other breaking Bitcoin News today:

India To Introduce All-Out Cryptocurrency Ban Targeting Miners and Traders

India is reportedly gearing up to introduce a bill that will criminalize the trading, holding, and mining of cryptocurrencies.

Reuters cites a senior government official familiar with the matter who says the proposal seeks to fine anyone issuing, holding, trading, and transferring crypto assets.

The bill would give owners of cryptocurrencies half a year to sell their digital asset holdings. After the grace period, crypto holders would face penalties.

According to Reuters, government officials are optimistic that the bill will be passed as Prime Minister Narendra Modi’s allies control the parliament.

The report adds that the bill would only ban the private use of digital assets while harnessing the blockchain, the technology powering cryptocurrencies, would still be legal. The source also said that the government will take a “calibrated” approach in penalizing those who fail to liquidate their crypto assets within the six-month period.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

#BITCOIN IS AN INALIENABLE HUMAN RIGHT

Indians can easily (and should) ignore the government and keep stacking sats per their human rights. India could be the first country #Bitcoin dissolves. $220,000 in 2021 incoming. https://t.co/7bbZVuZ1jN

— Max Keiser (@maxkeiser) March 15, 2021

https://cointelegraph.com/news/3-reasons-bitcoin-fell-6-in-4-hours-is-the-btc-rally-weakening

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Vitalik Buterin enters ‘Beast Mode’ with the deadline for the gradual launch of Ethereum 2.0 just around the corner.

In other Cryptocurrency news today:

The Bitcoin price pumps to $8,800, only to crash $500 back down to $8,800 in a ‘Logistical Move’ according to Crypto trader Scott Melker.

Are Altcoins ready to explode?!

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

News Resources From Today’s Show:

Ethereum 2.0 Critics Call The Entire Network “a Scam”

Buterin in ‘Beast Mode’ as Work on Ethereum 2.0 Continues

https://cointelegraph.com/news/bitcoin-price-hits-88k-only-to-crash-in-a-logistical-move-trader

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Former Wall Street hedge fund manager and prominent investor Mike Novogratz recently said that the Bitcoin price could break the coveted $10k mark soon and jump to $20,000 per BTC.

He also noted that the digitalization of money had begun worldwide, and the US needs to catch up with other nations such as China.

Novogratz is the CEO of the cryptocurrency investment firm Galaxy Investment Partners and a long-time Bitcoin proponent.

In mid-2019, he predicted that BTC would return to its all-time high price of $20,000 by the end of the year, which didn’t happen.

The primary cryptocurrency descended in value towards the end of 2019, and Novogratz made another forecast that it will finish 2020 at about $12,000.

In a recent interview, however, he appeared much more bullish regarding the upcoming price developments.

While he refuted any assumptions that Bitcoin could displace the dollar as the main currency in the US anytime soon, he noted that people are turning to BTC and gold for the same reasons, which could ultimately boost the prices:

“Why are people buying Bitcoin? They are buying it because of the same reason they are buying gold. Gold is on the highs, Bitcoin has come from being sold-off below $5,000, and it’s back at almost $10,000. Because people worry that the Fed and the Treasury are printing and buying too many dollars. We got this unholy alliance between huge fiscal stimulus by the Treasury and the Fed financing the whole thing.”

Therefore, as excessive amounts of USD continue to flood the economy, the dollar could experience a massive devaluation, Novogratz added.

To fight these adverse consequences, people “are using Bitcoin as a hedge for that.”

As such, he continued that “it will surprise me if we don’t take down that $10,000 soon, and after that, you are going to see $14,000 and then $20,000.”

Novogratz also touched upon the topic of transitioning into a financial system entirely dominated by electronic transactions. He said that 93% of all transactions in China are completed electronically, while the US seems to be falling behind.

“We’re moving into a digital era. And we’re still talking quarters vs. nickels. We need to get our act on the ball fast, or the US is going to fall way behind.

In other trending Bitcoin News today:

PayPal Bitcoin Rumor Boosts $12K BTC Price Rally Chances

Sudden suggestions that Bitcoin support is coming to PayPal and Venmo is causing traders to reassess the likelihood of a BTC price bull run.

Bitcoin (BTC) coming to PayPal and Venmo may be just a rumor, but some of the cryptocurrency’s best-known names are turning bullish.

As the news hit that the payment processor was allegedly planning crypto buying and selling for its 305 million users, BTC/USD spiked to test resistance at $9,600.

Despite PayPal declining to confirm its plans, a wave of optimism has since flooded social media, with various figures welcoming the move while highlighting its irony.

“Slowly, then suddenly,” the Bitcoin Twitter account summarized. For RT host Max Keiser, the move appeared tied to competitive advantage. 

Square, the sister company of Twitter, rolled out Bitcoin support with great success last year.

“Bitcoin’s built-in game theory strikes again. Paypal, seeing $SQ making a killing with BTC, is forced to take on BTC or suffer huge competitive consequences,” he tweeted. 

“Global Hash War is coming!”

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

#Bitcoin’s built-in game theory strikes again.

Paypal, seeing $SQ making a killing with BTC, is forced to take on BTC or suffer huge competitive consequences.

Global Hash War is coming!

— Max Keiser (@maxkeiser) June 22, 2020

“PayPal seized my bitcoin, how do I get it back?!”

– Some poor pleb in the future

— Jameson Lopp (@lopp) June 23, 2020

https://cryptopotato.com/novogratz-bitcoin-price-to-reach-20000-as-fed-prints-and-buys-too-many-dollars/

https://cointelegraph.com/news/paypal-bitcoin-rumor-boosts-12k-btc-price-rally-chances