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Bitcoin Billionaires, the Winklevoss twins, believe BTC as “digital gold” would compete against gold over the long term, recently making the case for a $500K Bitcoin price.
Specifically, its immense upside potential makes it an attractive investment since the Bitcoin market capitalization is still roughly only 1.5% of gold.
Cameron Winkelvoss, the co-founder of Gemini, said BTC has already made significant ground on gold. He said:
“Bitcoin has made significant ground on gold — going from white paper to over $200 billion in market capitalization in under a decade. It will continue to cannibalize gold dramatically over the next decade.”
Warren Buffett and Berkshire Hathaway substantially cut their position on Wells Fargo, selling 100 million shares.
The Oracle of Omaha is continuing to trim his position in bank stocks, buoying the bull case for gold and Bitcoin (BTC).
Berkshire reportedly held $32 billion in equity in Wells Fargo at one point, Fox Business reported on Sep. 5. The investment conglomerate now owns 3.3% in equity of the lender, worth just $3.36 billion.
Throughout his career, Buffett emphasized the importance of value investing and cash flow.
The investor typically prefers businesses with predictable and stable operations that result in consistent profitability.
In July, Wells Fargo posted a $2.4 billion loss, recording its first loss since the 2008 housing crisis. Following the disappointing quarterly report, the company said it would cut its dividend to 10 cents per share.
But the persistent theme in Berkshire’s portfolio reshuffle in recent months is its investment in Barrick Gold.
While decreasing its exposure to the U.S. banking sector, Buffett invested in gold and Japanese trading companies.
The decision shows that Buffett is seeking safety in terms of cash flow and a hedge against inflation.
The Barrick Gold investment fuels the bull case of Bitcoin because the perception of BTC as a store of value is improving, especially given the tight correlation between the two since the March 2020 crash.
In other trending Bitcoin News today:
Perfect storm leads to big sell-off for Bitcoin and DeFi: Weekly Recap
A significant drop in equities markets was led by blue-chip stocks that had been at all-time highs.
As this occurred, many tokens tied to DeFi platforms corrected sharply, most notably, SushiSwap (SUSHI) which lost nearly 40 percent of its value.
The correction in traditional markets appears to have influenced Bitcoin’s (BTC) more than 10 percent drop before a small bounce back to the $10.3-$10.4K range.
Ethereum transactions soared to multiple new all-time highs for the second time in three weeks and Uniswap V2: Router 2 is now the lead contributor to gas usage, according to Etherscan.
The decentralized exchange is followed by Tether (USDT); and then the latest DeFi sweetheart that is SushiSwap: MasterChef LP Staking Pool.
And so, Tether has finally been dethroned from its top spot as the main contributor of gas usage.
The fact that it was toppled by none other than a DeFi platform speaks a lot for the recent growth of the industry and, as it stands, over $9.34 billion is locked across various platforms.
Currently, Aave, Maker and Uniswap constitute about $1.5 billion TVL each.
On the one hand, DeFi is a high risk, high reward market, but so is trading small-cap (pink sheet) stocks. Both clearly have a
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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.