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Rick Rieder, Blackrock’s chief investment officer (CIO) of Global Fixed Income, was asked Friday in an interview with CNBC about his view on Bitcoin now that the cryptocurrency is legal tender in El Salvador.
“Part of why I own a small piece of BTC is I do think there are more people who are going to enter that fray over time … I like assets that are volatile that have upside convexity. I could see Bitcoin go up significantly.”
In other trending Bitcoin News today: Bitcoin investors are reportedly exempt from taxes in El Salvador!
The government of El Salvador will reportedly exempt investors from paying a capital gains tax and an income tax on Bitcoin (BTC), according to a presidential legal counsel.
“If a person has assets in Bitcoin and makes high profits, there will be no tax. This is done obviously to encourage foreign investment,” Argueta said, adding that El Salvador will impose no taxes on “either the capital increase or the income.”
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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:
https://news.bitcoin.com/zimbabwean-minister-says-cryptocurrency-based-solutions-could-lower-charges-for-diaspora-remittances/
https://cointelegraph.com/news/bitcoin-investors-are-reportedly-exempt-from-taxes-in-el-salvador
Ukraine set to become next country to make Bitcoin legal tender
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BITCOIN CAN HIT $400,000 IN 2021 AS ‘RISK-OFF RESERVE ASSET’ SAYS BLOOMBERG INTELLIGENCE!!
💰 Crypto’s Next $1 Trillion Coin: http://teeka.cryptonewsalerts.net
Bitcoin still gets criticized for being too volatile, but one Bloomberg analyst believes that BTC is conversely becoming a “risk-off” choice for investors.
In a tweet on March 25, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said that this year marked a watershed moment for the largest cryptocurrency and that a $400,000 Bitcoin price would ‘rhyme’ with history.
McGlone uploaded a chart of the BTC/USD average price and the Bitcoin Liquid Index, a price ticker specially created for institutional use.
“Well on its way to becoming a global digital reserve asset, a maturation leap in 2021 may be transitioning Bitcoin toward a risk-off asset, in our view,” he wrote.
A potential price peak this year, with previous behavior as context, could be as much as $400,000 per bitcoin, the chart shows. This dwarfs other estimates, such as that of stock-to-flow, which calls for an average of $288,000 between now and 2024.
While McGlone did not provide exact details of the factors behind Bloomberg’s view, the idea of Bitcoin reducing, rather than increasing portfolio risk is the talking point of the year among corporates. New reports of treasury allocations to BTC appear frequently, with appetite unfazed by price action.
“My mission right now is to fix the balance sheets of the world,” Michael Saylor, CEO of MicroStrategy, one of the largest Bitcoin treasury investors, said in an interview with TIME this week.
In other trending Bitcoin News today:
Here’s How Bitcoin Dolphins, Sharks and Whales Are Playing the Crypto Markets, According to Top Analyst Willy Woo
On-chain analyst Willy Woo is providing his take on how large Bitcoin (BTC) holders are attacking the market.
As Bitcoin takes a dive to the low $50,000 range this week, new crypto whales are entering the market, according to Woo.
“Some bearish scares over whales selling down, here’s more complete picture. Chart: BTC held by dolphin/shark/whales (100-10,000 BTC).
Whales becoming dolphin/sharks, new buyers coming in, cohort is still accumulating, they usually sell in the middle of the bull run. Still bullish.”
Woo points out that although it may appear as though whales have been parting with their BTC at an alarming rate causing the recent sell-off, the Bitcoin being sold on the market are newer supplies likely held by entities that are taking profits after the largest crypto asset’s huge run up.
“This is a new species of whale; hedge funds. Likely selling down for end of quarter rebalancing after such a good run from $10,00 BTC last year. Doesn’t look like the typical OGs selling (which they do on every bull season rally). The coins being sold lately are relatively young.
Bitcoin addresses are forensically clustered into wallets held by individual participants before extracting this view. Beware that looking at just raw address balances, which I’ve seen posted elsewhere can be misleading.”
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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 in Transition to Risk-Off Reserve Asset: BI Commodity — Well on its way to becoming a global digital reserve asset, a maturation leap in 2021 may be transitioning Bitcoin toward a risk-off asset, in our view. pic.twitter.com/Ycr1LSqEAJ
— Mike McGlone (@mikemcglone11) March 26, 2021
A Tesla is the new pizza
10 years from now people will be amazed that someone spent a whole #Bitcoin for a Tesla
— Max Keiser (@maxkeiser) March 25, 2021
Law of averages gives #Bitcoin an $83,000 price target for April.
Avg over 10 years in April +51%
— Danny Scott (@CoinCornerDanny) March 27, 2021
Pizza Day 2.0: Buying A Tesla With Bitcoin Could Be A Mistake
https://cointelegraph.com/news/bitcoin-can-reach-400k-in-2021-as-risk-off-reserve-asset-bloomberg
https://cointelegraph.com/news/stock-to-flow-creator-doesn-t-think-bitcoin-s-bull-market-is-done
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BITCOIN CRASH TO .4K SOON?! | BTC Price Holding .5K as Media Calls New ‘Bull Market’ in Stocks
➡️ REPLAY: 5 *MORE* COINS TO $5 MILLION: http://5coins.cryptonewsalerts.net
DARING ANALYST CALLS BITCOIN CRASH TO $2.4K SOON
With market data showing a range of conflicting signals, one analyst has now made a bold prediction that the BTC price will soon see its largest collapse in over a year.
Whereas investors should consider all possibilities, such a bold assumption is certain to be controversial.
This claim of a possible major drop comes from The Moon who has tweeted: “Possible Bitcoin bear flag on the 4-hour chart. The target will be approximately $2,400 if the bear flag support breaks.”
He bases his argument on the four hour price chart, which clearly indicates a bear flag, yet does not necessarily coincide with other timelines. It is worth noting, however, that The Moon also successfully predicted the Bitcoin price drop which took place on March 12th.
Given the heightened volatility over the past few weeks, Bitcoin (BTC) analysts have come out with a range of predictions. It is thus difficult to know which data is most telling of the market’s next moves.
The most basic indicators signal continued price swings in the short term, yet a stronger recovery over the next few weeks.
Many conclusions can be reached using chart data alone, which is why other market considerations should be examined when making BTC price predictions.
There are presently no shortage of larger indicators that analysts have been using to emphasize Bitcoin’s remarkable potential for big gains.
These include the impending block reward halving, a significant increase in overall blockchain activity, and an increasing interest in using Bitcoin as a financial safe haven.
Bitcoin continued to trade near $7,000 on March 27 after traditional markets showed bullish signs and the Dow Jones had its best day in 87 years.
Having preserved support at the lower end, Bitcoin saw its third consecutive day above $6,000 as coronavirus misery appeared to abate for some parts of the world’s financial system.
They were building on the success of the Dow, which on Wednesday saw its biggest one-day growth since 1933 at 20%.
For the Wall Street Journal, this was even enough to call a bull market.
That, in turn, followed an announcement from the United States Federal Reserve to print unlimited amounts of money, something which immediately pumped markets but rattled Bitcoin proponents.
While Bitcoin continued to fluctuate, data suggested that traders were not in the mood to sell — according to monitoring resource Glassnode, exchange balances were at an eight-month low as of Thursday.
“Despite the volatility, Bitcoin holders appear to be withdrawing their funds from exchanges. Outflow has been increasing daily since March 18,” the company summarized on Twitter.
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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:
Breaking: A new bull market has begun. The Dow has rallied more than 20% since hitting a low three days ago, ending the shortest bear market ever. https://t.co/06YS0XqWGP
— The Wall Street Journal (@WSJ) March 26, 2020
https://cointelegraph.com/news/bitcoin-price-holding-65k-as-media-calls-new-bull-market-in-stocks
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BITCOIN (BTC) BULL SAYS THIS NEW TREND WILL IGNITE A MASSIVE 10,000% PRICE SURGE IN CRYPTO ASSETS!!
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Bitcoin (BTC) bull and crypto influencer Lark Davis is unveiling the next big thing in crypto that he believes has the potential to ignite a massive surge of 100x or about 10,000%.
Davis says the crypto market will continue to offer new and profitable opportunities as it evolves and expands beyond the red-hot decentralized finance (DeFi) sector.
“So NFTs (non-fungible tokens) is one such area that is getting a lot of attention right now and could be a big growth area, and it’s certainly an area that we, as investors, maybe want to be paying attention to.”
According to the crypto researcher, NFTs are unique tokens that represent ownership in a particular asset.
“A fungible item is one that can be exchanged for any similar item. For example, a dollar bill is fungible because it can be exchanged for any other dollar and maintain the same value.
However, something like a ticket is non-fungible because even though we could, for example, trade our ticket for someone else’s ticket, well it’s not going to be exactly the same, is it?
Maybe that other ticket’s for a different film, or it’s the same film but at a different time… It’s not equal, is the point.
Each ticket gives you access to a unique set of experience… If we move this idea into the blockchain setting, an NFT is thus a one-of-a-kind token, a certificate of digital authenticity verifiable on chain.”
Lark explains that NFTs offer a wide array of use cases for investors, including ownership in digital art, in-game items such as virtual lands, and skins as well as collectible items such as card decks and virtual pets.
The crypto researcher also highlights that NFTs can extend their reach beyond the realms of art and gaming.
Lark sees non-fungible tokens being used in royalties, insurance, and many other enterprise solutions including tokenizing invoices in order to take out a loan.
While investors who want a position in the emerging space can simply buy NFTs, Lark emphasizes one particular opportunity that can deliver worthwhile gains.
“Perhaps the most financially lucrative use case for NFTs is going to be plugging into DeFi. Maker DAO is already working on bringing music royalties and shipping invoices into their platform…
One that I’m keeping a close eye on is called Persistence. Now, this is a new player coming to Cosmos which will be focused on bringing in enterprises into both the NFT and, of course, into the blockchain world, looking at DeFi and how we can bring those NFTs into DeFi. So this is definitely one that I’m keeping an eye on…”
In other trending Bitcoin News today:
Winklevoss Twins, Bitcoin Billionaires, Think DeFi is a “Revolution”
Ethereum’s DeFi space has fallen off dramatically over recent weeks due to weakness in the markets.
Top coins pertaining to the space have dropped by over 30-40% from their recent all-time highs, resulting in market carnage.
Not to mention, some crypto assets in the space have lost even more than 40%, plunging as capital floods into safer bets such as Bitcoin.
There are still many prominent supporters of DeFi, though.
For one, the Winklevoss Twins, the Bitcoin billionaires behind the Gemini exchange, recently threw their weight behind DeFi in a series of messages.
“DeFi is not the same as the 2017 ICO craze. Back then, money was raised on shitcoin white papers written in a coffee shops. DeFi is already live and working in the wild. Billions of dollars are at work earning positive yield. This isn’t hypothetical vaporware, this is real.” – Cameron Winklevoss
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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:
DeFi is not the same as the 2017 ICO craze. Back then, money was raised on shitcoin white papers written in a coffee shops. DeFi is already live and working in the wild. Billions of dollars are at work earning positive yield. This isn’t hypothetical vaporware, this is real.
— Cameron Winklevoss (@cameron) September 22, 2020
Winklevoss Twins, Bitcoin Billionaires, Think DeFi is a “Revolution”
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