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By ousting the Bitcoin miners from its borders, China made a trillion-dollar mistake, argued the CEO of MicroStrategy, Michael Saylor. During a recent interview with Bloomberg, the prominent BTC bull spoke about the adverse short-term effects of Chinaâs recent crackdown on Bitcoin mining. While he acknowledged the hash rate and price declines, Saylor believes this âmistakeâ from the Asian country will provide an excellent opportunity for others.
âChina had a 50% market share of Bitcoin, and they were generating $10 billion a year and a business that was growing 100% year over year. And then, the government cracked down on it and squeezed the entire industry out of China. I think that given the growth rate of Bitcoin, this will turn out to be a trillion-dollar mistake for China.â
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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://cryptopotato.com/tanzanias-central-bank-working-on-adopting-cryptocurrencies/
https://cointelegraph.com/news/athena-confirms-plans-to-bring-1500-bitcoin-atms-to-el-salvador
https://cointelegraph.com/news/el-salvador-to-airdrop-30-in-bitcoin-to-every-adult-citizen
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SUPERCYCLE MAY PROPEL BITCOIN OVER $1 MILLION SAYS KRAKENâS DAN HELD!! MORGAN STANLEY BUYS BITHUMB?!
đ° BlockFi: Up To $250 Bitcoin Bonus: https://blockfi.com/cryptonewsalerts
According to Dan Held, growth lead at Kraken, Bitcoin is currently experiencing a supercycle that could propel it all the way to $1 million.
In Heldâs view, this market cycle is fundamentally different from previous ones. âThis is one in a hundred year momentâ, he said, mentioning the coronavirus crisis, growing distrust in financial institutions and central bank money printing as catalysts of the current crypto bull market.
âPeople arenât just in it for a speculative run anymore. People are buying it because they see Bitcoinâs valueâ, he explained.
Held is also convinced that once Bitcoin will reach its full potential as digital gold, it will challenge governmentsâ monopoly over money.
âBitcoin undermines their entire power and authority by removing money from their ownership,â he said.
At that point, governments will see crypto as a threat and crack down on it in what Held defines as a âcrypto mass extinction event.â According to Held, altcoins wonât be able to survive such an attack, since most of them are âdegrading their censorship resistance and decentralized properties in order to increase their throughput.â Bitcoin, however, was specifically designed to resist such censorship.
âSatoshi built the Blockchain to build Bitcoin, and he built it to be an incredibly resilient tool against governments,â Held said.
In other trending Bitcoin News today:
Morgan Stanley Rumored To Be Eyeing Stake In Top Korean Exchange Bithumb
According to Korean media, U.S.-based multinational investment banking giant Morgan Stanley is rumored to be negotiating the acquisition of a significant share in leading Korean cryptocurrency exchange, Bithumb.
The news was reported on March 18 by Aju News, with Bithumb reportedly in discussions with major Bithumb shareholder, Bident â who owns a roughly 10% stake in Bithumb Korea.
A March 19 article from leading local search engine Naver states that Morgan Stanley is planning to invest between 300 and 500 billion Korean won ($254 million to $441 million). The report cited an anonymous senior Bithumb representative as stating, âMorgan Stanley participated in the acquisition of Bithumb.â
âThe reason Morgan Stanley used Bident is because it understood that Bident has the right to negotiate a preferred sale to acquire Bithumb Holdings,â said a second anonymous source familiar with the matter.
Cointelegraph markets analyst Joseph Young shared the news to Twitter, noting Bithumb is targeting a $2 billion valuation.
The news comes two days after Cointelegraph reported on an âinternal memoâ from Morgan Stanley announcing the firm will launch three funds enabling Bitcoin ownership for wealthy customers with âan aggressive risk tolerance.â
Eligible clients must be accredited investors and hold at least $2 million worth of capital with the company. Minimum investments into the funds are $5 million.
Commenting on the news, Devin Ryan of U.S. investment bank JMP Securities predicted Morgan Stanleyâs crypto-friendly funds will prompt other financial institutions to explore offering their clients exposure to digital assets.
âMotivations range from missing the opportunity at best, or at worst, seeing business disruption if clients decide better alternatives exist, which could negatively impact growth or competitive positioning,â Ryan said.
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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:
Wow.Morgan Stanley is reportedly bidding for Bithumb, South Korea’s top crypto and bitcoin exchange, for $2 billion valuation.Slowly, then surely.
The explosiveness of institutional interest in this space right now is unprecedented.
â Joseph Young (@iamjosephyoung) March 19, 2021
More and more people are beginning to understand how #Bitcoin demonitizes violence. If you want peace switch to a Bitcoin standard.
âMax Keiser Makes Claim That Bitcoin Could Prevent 9/11 Attacksâ https://t.co/h7fRq3kBrA
â Max Keiser (@maxkeiser) March 18, 2021
https://cointelegraph.com/news/supercycle-may-propel-bitcoin-over-1-million-kraken-s-dan-held-says
https://cointelegraph.com/news/bitcoin-price-facing-final-resistance-before-68k
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HEREâS WHY BITCOIN COULD BE HEADING TO $1,000,000, SAYS KRAKENâS DAN HELD!! BTC PRICE BREAKS $50K!!
đ° BlockFi: Up To $250 Bitcoin Bonus: https://blockfi.com/cryptonewsalerts
Dan Held, growth lead at crypto exchange Kraken, is outlining the catalysts that he believes could ignite a Bitcoin âSupercycleâ, catapulting the BTC price to $1 million.
In a new episode of the What Bitcoin Did podcast, Held explains why he believes the current bull market could grow exponentially larger than Bitcoinâs boom cycles in 2013 and 2017.
âWhen I look at these cycles though, what makes me very excited about this upcoming one, which could be⊠a supercycle, is that this time, is different. The 2013 bull run, the 2017 bull run, it was mainly based on retail-driven speculation. The macro markets, the rest of the world, was doing fine. It was a large bull run and these were mainly speculative cycles run by retail with a very shaky infrastructureâŠ
With this bull run, weâve got a lot of different things lined up.â
According to Held, Bitcoinâs primary use case as a store-of-value asset was put into the spotlight by the Covid-19 pandemic amid the rampant money printing of governments across the globe.
Covid was the catalyst moment that makes Bitcoin shine. With the Covid lens when we look at Bitcoin, for most people who had dismissed it previously, now it makes sense. And thatâs where we see this echoed by the institutions. The managers of all the wealth in the world, the large portion of wealth in the world, they look at Bitcoin as a store of value, as a gold 2.0⊠And that is a huge value for the world.Â
As the governments had their response to Covid-19 being money printing, that will devalue these currencies eventually and folks are looking at the 21 million fixed hard cap of Bitcoin. They are looking at this monetary policy, they are looking at Bitcoinâs construction, and how decentralized it is. Now you can store value in it and no one can take that value away from you, as this incredible lifeboatâŠ
So Bitcoinâs demand, or people believing in Bitcoin, that market has grown tremendously to where now we have institutions.â
Held adds that the improvement in cryptocurrency infrastructure, which has made the flagship crypto asset more accessible to retail investors, is another factor that could continue fueling demand.
âWe also have a much more vast retail customer segment. So retail buyers can now buy Bitcoin on PayPal, Robinhood, Cash App. They can buy it everywhere. And eventually, thatâs going to reach brokerages like Fidelity, like within a retail brokerage Fidelity or E-Trade and Interactive Brokers. Eventually, youâre going to be able to buy Bitcoin everywhere, which means Bitcoin can now tap into all demand that wants it.â
For the current bull run to qualify as a supercycle, the Kraken Bitcoin needs to appreciate over 20x from its current value of $48,944.
In other trending Bitcoin News today:
Bitcoin Breaks $50K: Why BTC Price Is Primed For Another Leg Up
The price of Bitcoin (BTC) surpassed $50,000 for the first time in history across major exchanges, including Coinbase and Binance Futures.
CryptoQuant CEO Ki Young Ju explained that Bitcoinâs struggle to break past $50,000 is about âCoinbase whales (USD) vs. Stablecoin whales (USDT).â
Ki emphasized that there was a negative Coinbase premium at the time Bitcoin rejected $50,000 in the morning. For BTC to cleanly break past it, he explained that the negative premium has to be âcooled down.â
Since the initial rejection, the Coinbase premium has stabilized, reaching parity with Binanceâs Tether price.
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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:
Number of the day: 4,000,000,000,000$4T of cash sitting in US non-financial corporations.$4T is also Gold’s financial cap.
$4T is also #Bitcoin‘s projected cap for end of this year on current models.
â Willy Woo (@woonomic) February 16, 2021
https://cointelegraph.com/news/bitcoin-futures-break-50k-why-btc-price-is-primed-for-another-leg-up
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BLOOMBERG: BITCOIN CAN REACH 0K IN NEXT YEAR OR TWO!! BTC HAS NO TOP BECAUSE FIAT HAS NO BOTTOM!!
âĄïž Leverage OPM (Other Peopleâs Money): http://opm.cryptonewsalerts.net
As Bitcoin inches closer to its previous $20K all-time high, Bloomberg analyst Mike McGlone shared on Bloomberg TV that heâs bullish on whatâs next for the benchmark cryptocurrency in the future and even predicted a $170,000 BTC price point by 2022.
Bitcoin closed Thursday at $17,821, slightly above the previous day and also a new 2020 high. Itâs also the highest it has reached in the last three years.Â
With Bitcoin now less than $2,000 away from its previous high of just below $20,000, analyst Mike McGlone from Bloomberg believes the dominant crypto is not yet finished in its ascent.
McGlone said that since Bitcoin added one in front of its number compared to last year, it will likely add a zero to the back of its number next year or by 2022.Â
âIf you look at past performance, which is potentially indicative of the future, next year or two could add a zero to the back of the number,â he said on Bloomberg TV.
Bitcoin ended 2019 at $7,000 and is now at $17,000. This means McGlone was right that the cryptocurrency added a one at the front of its number.Â
If Bitcoin adds zero at the back of its number, thatâs a price of $170,000, as McGlone predicted.
McGlone pointed out that Bitcoinâs price increase is because of peopleâs perception that it is digital gold, Cointelegraph reported.Â
Gold, a store of value, has also breached past $2,000 in a new all-time high and is now consolidating. Â
With that, Bitcoin could likely be consolidating at this price point as well, with $20,000 only acting as short-term resistance.Â
âIâm afraid itâs probably going to do what gold did. It got to $2,000, and then thatâs been consolidating in a bull market since,â McGlone continued.
Finally, McGlone mentioned that institutional FOMO (fear of missing out) is also the likely reason why the new price run is different from the one in 2017.Â
Both Microstrategy, a billion-dollar company, and payments firm Square announced that they have put Bitcoin as part of their reserves. PayPal Holdings Inc. recently allowed U.S. customers to purchase Bitcoin.Â
In other trending Bitcoin News Today:
âPrice Target $300K? Bitcoin Has No Top Because Fiat Money Has No Bottom â Max Keiserâ
The hosts of RTâs Keiser Report, Max Keiser and Stacy Herbert, look at Citibank coming out with âmoonmathâ on bitcoin with a hugely bullish price target of $318,000 by December 2021.
Max says that he canât believe what Citibank is saying because it is becoming âeven more aggressiveâ on the price than John McAfee who has always been âcrazy beyond the pale price predictions.â According to Max, Citibank is now kind of âtaking the price prediction crown.âÂ
According to Max, more banks will be competing with each other to come up with higher and higher price predictions.Â
âBut none of them are going to capture the ultimate bull market number because remember, bitcoin has no top because fiat money has no bottom.â
4 Reasons Why Bitcoin Price Is On The Verge Of A New All-Time High
Earlier today the price of Bitcoin (BTC) hit $18,815 on Binance for the first time in nearly three years. Following the breakout, BTC is on track to see a new all-time high in the near term for four significant reasons.
The factors that make a new record high likely are growing institutional demand, reduced selling pressure, a spot-driven market rally, and the significance of the $18,500 resistance breach.
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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://www.rt.com/business/507167-bitcoin-price-has-no-top/
https://cointelegraph.com/news/4-reasons-why-bitcoin-price-is-on-the-verge-of-a-new-all-time-high
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