Max Keiser explains Bitcoin beats both fiat currency and gold because it does not need settlement time.
This is because, in Bitcoin, the transaction and settlement are inseparable from one another.
Moving BTC between wallets simply means updating a ledger, which implies instantaneous settlement as miners confirm the transactions. “There’s a lot of friction, both in paper and in gold.
Bitcoin, uniquely, is self-settling – the transaction is the settlement. When the transaction hits, it settles,” Keiser summarized.
Meanwhile Max Keiser also criticized U.S. congressman Brad Sherman, the notorious Bitcoin critic who continues to argue for an outright ban on cryptocurrency.
“Brad Sherman is going to a gunfight with a knife, he has failed to take on board exactly what the dimension of this battle is going to be,” he said. Keiser added: “He doesn’t understand he’s already lost.”
In other Cryptocurrency news today:
XRP drops 5% as the Ripple flagship Swell conference kicks off.
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.
The Bitcoin price saw quite the bout of volatility on Wednesday.
Early in the morning, Bitcoin (BTC) tanked, falling as low as $6,450 in a strong move lower, before rebounding to the upside.
By the end of the day on Wednesday, the BTC price had rallied as high as $7,400, surging by over 10% from its local bottom in the $6,400s on the back of seeming short covers and long-term investors buying the Crypto dip.
Although it may be too early to tell whether or not this is a fully-fledged macro reversal, one prominent trader, who called the drop in November to the $6,000s, suggests that (BTC) Bitcoin has a good likelihood of reaching $20,000 by as early as March, 2020.
Bitcoin’s latest bounce higher has infused bulls with a fresh dose of hope, culminating in positive analyses that imply BTC’s reversal rally is just starting.
One such analysis was posted by Velvet, a popular cryptocurrency trader.
They noted that “this week[‘s close]” for BTC is “very important,” noting that the key thing Bitcoin will need to do by Sunday’s close is “holding the” trend line.
For reference, the trend line in question, which always ended up in bear markets when BTC crossed below it, currently sits in the high-$6,000s, which BTC is currently above.
If Bitcoin rides that level, Velvet remarked that Bitcoin “could see $20,000 by March,” referencing the fact that prior to previous halvings, BTC always surged, rallying higher on the expectation that a negative supply shock would hit the market.
In other Bitcoin news today:
BTC stuns bears, soaring $800 back over $7,000 to fill Futures ‘Gap’.
Earlier in the day, veteran commodities trader Peter Brandt tweeted a logarithmic chart of Bitcoin’s long term price action and wrote:
Bitcoin has apparently held at important support.
A number of other traders also pinpointed the importance of Bitcoin price remaining above this support and today’s strong upside move is sure to have relieved worried investors, at least for the time being.
Interestingly, the rebound to $7,235 also filled the CME gap from Dec. 14-15, a phenomenon that has become increasingly common for BTC/USD this year.
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
#BITCOIN$BTC#BTCUSDReal talk: This week is very important!The only thing that matters now is holding the trend (red line)! (Current UP)Every time we lost it, we ended up in a BEAR market! Only this time.. the market will crash!
The Bitcoin price just surpassed $11,700, breaching a critical resistance level with BTC ending July at its highest monthly close since its 2017 peak.
Max Keiser just tweeted,
“Bitcoin hits new 2020 high. This leg up will continue to $28,000 before we might see a pause.”
Spartan Group’s Kelvin Koh said that when BTC breaks out of $11,400, a rally to $12,000 is likely.
Meanwhile, on-chain analyst and trader Willy Woo said Bitcoin’s rally above $11,000 could place BTC at the start of the “main bull phase.”
On June 27, on-chain analyst and Bitcoin trader Willy Woo revealed a new price model for BTC. The model suggested that a new bull run for the top cryptocurrency is brewing.
At the time, Woo said:
“This is a new model I’m working on, it picks the start of exponential bull runs.
1) Bitcoin was setting up for a bullish run until the COVID white swan killed the party.
2) This model suggests we are close to another bullish run. Maybe another month to go.”
A month has passed since the model was revealed and the price of Bitcoin has increased from $9,100 to over $11,000.
Following up on the model, Woo said he is “relatively confident” the main bull phase is igniting.
The analyst broke down various on-chain data points, including Bitcoin’s mempool and the relative strength index (RSI), to evaluate market cycles.
Woo said that the on-chain RSI, specifically, suggests the main bull market could begin in the fourth quarter. Woo explained that:
“With the current break to 11K, I’m relatively confident last months model is working on queue, we’re at the start of the ‘main bull phase’… 365 day on-chain RSI shows the compression at the early phase of the bull cycle nearing completion, I’m expecting RSI expansion that typifies the main bull season run starting Q4 2020 into 2021.”
Similarly, Koh said that if the price of Bitcoin continues to increase above $11,400, it will sustain its momentum.
But if BTC continues to rally, the investor emphasized that alternative cryptocurrencies could consolidate.
Koh said: “If BTC breaks the resistance at $11.4K, we are going above $12K in no time. Will take the wind out of altcoins again in the short term.”
In other trending Bitcoin News today:
As The Bitcoin Price Soars, Bitcoin’s ‘Real’ Crypto Market Dominance Is Revealed
According to the new measure of bitcoin dominance, bitcoin currently makes up 79% of the cryptocurrency market—up from the 62% bitcoin market share calculated by the oft-cited crypto data website CoinMarketCap, which takes into account hundreds of cryptocurrencies that are all created and issued in different ways.
The Real Bitcoin Dominance Index, created by Buy Bitcoin Worldwide founder Jordan Tuwiner, calculates bitcoin’s market share among cryptocurrencies that are created, or “mined,” in a similar way to bitcoin.
The new bitcoin dominance index also excludes all cryptocurrencies issued as a form of fundraising, known as initial coin offerings (ICOs), cryptocurrencies tied to traditional currencies, such as tether, and other centralized projects, making it “a better measure” of the cryptocurrency market, according to Tuwiner.
“The issue with ICOs is that they are centrally controlled. Let’s say a bitcoin exchange releases stock legally via a token. Other dominance indexes would likely include that in their index. If so, then why not include the whole stock market? ICOs or stocks that are tokens are not trying to be money, and therefore should not be measured in a dominance index with bitcoin,” Tuwiner said via email.
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:
🔴 fixed at $9132🔴🔴 fixed at $11356🔴🔴🔴 currently $11700
In an interview with Altcoin Daily, Binance founder, and CEO, Changpeng Zhao (CZ) answered true to Bitcoin reaching a $1 million valuation one day.
However, considering that the BTC price prediction came from a quickfire, true, or false segment at the end of the interview, it would be wise to take this valuation with skepticism.
Of more significant concern was CZ’s view on the long term outlook for the market leader.
Contrary to his million-dollar price prediction, he believes a bigger and better alternative will replace Bitcoin at some point.
The interview covered a wide range of topics, including cryptocurrency as a hedge against traditional finance, Bitcoin maximalism, and the role of DeFi in taking the space forward.
But of interest was CZ’s opinion on the long term future of Bitcoin, especially when taking into account the antiquated nature of its core technology, and the limitations of updating it as a live blockchain.
“To be honest, I think Bitcoin’s dominance over time will decrease, not increase. It may increase in the short term… there’s a lot of innovations people do that people can bring back to Bitcoin, like second layer solutions etc. But when the technology is out already and adopted for ten years, there’s relatively limited scope that you can update it.”
CZ expanded on this by saying sooner or later, every technology eventually gets replaced by something better.
He drew on examples such as dated programming languages, and once-dominant hardware and software firms losing ground to more innovative rivals.
“nothing lasts forever… so things change… if we look at 10, 15, 20 years later, I think it’s totally conceivable that something new will replace Bitcoin, and something better than Bitcoin.”
However, he was keen to state that Bitcoin will still be around, simply because going back to fiat is an unlikely alternative.
But he remains adamant that another, more current product will usurp the market leader down the line.
“But if you ask 20 years from now is it still going to be king? A hundred years from now, a thousand years from now, and the answer is obviously we’re not sure, things just change over time.”
Bitcoin has considerable influence on the rest of the other markets.
If CZ’s prediction plays out, what then for the future of cryptocurrency as a whole?
Zhao dealt with this by saying a decoupling of this effect will occur, but this will happen over a long period. “within the next six months, if Bitcoin went to zero that would be true, everything else will be hit really really bad. But if you look at a five year, ten year horizon… I don’t think cryptocurrencies will be gone.
However, as the most decentralized and censorship-resistant, Bitcoin will retain its place in the short to medium term.
In other trending Bitcoin News today:
TOP FUND MANAGER EXPLAINS WHY BITCOIN WILL UNDERGO “EXPLOSIVE” RALLY
According to the chief investment officer of Hayman Capital Management, Kyle Bass, Bitcoin will soon rally alongside the two top precious metals:
“Silver, Gold, Bitcoin, etc all look to be ready to make explosive moves higher given the sheer amount of money printing going on around the world. Here is a chart or front-month silver going back 10 years.”
Bass is a prominent investor who called the Great Recession in 2008.
He has also been critical of China and the central bank money-printing efforts that have gone on over the past decade.
In late 2019, he said that what will also fuel a rally in the price of Bitcoin is people in Asia, especially in China, trying to siphon funds out of the sometimes closed economy there.
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.
