#CryptoGlobe Writer | Explore Tumblr Posts and Blogs

tipco613 · 4 years

Photo

New Post has been published on https://cryptonewsuniverse.com/winklevoss-twins-explain-how-bitcoin-price-could-reach-over-500000/

Winklevoss Twins Explain How Bitcoin Price Could Reach Over 500000

Winklevoss Twins Explain How Bitcoin Price Could Reach Over $500,000

On Thursday (August 27), the Winklevoss twins, explained why they believe that Bitcoin is “undervalued by a multiple of 45”, which means that its price could reach over $500,000.

Tyler and Cameron Winklevoss are the co-founders of Gemini Trust Company, LLC (which operates the Gemini digital asset exchange) as well as family office Winklevoss Capital Management, LLC. On Thursday, Gemini CEO Tyler Winklevoss published a blog post titled “The Case for $500K Bitcoin,” in which he tried to make the case that “Bitcoin is ultimately the only long-term protection against inflation” and to explain why he and his brother Cameron believe that the price of Bitcoin could reach $500,000. Tyler started by pointing out by explaining why he feels that the U.S. dollar is not a good store of value despite it being the world’s primary reserve currency for “the last 75 years.” He says that the world was “drowning in debt” even before we had the COVID-19 pandemic: “… unfavorable tectonic demographic shifts have been well underway in many developed countries for decades.

“Falling birth rates have inverted population pyramids, which means that shrinking younger generations will increasingly be unable to shoulder the growing debt burdens (e.g., healthcare, pension, social security, etc.) that have been handed down to them by the much larger, older generations.” Next, he says that governments can only reduce their debt in three ways: “They can choose to (i) not pay some portion of their debt (i.e, “hard default”), (ii) adopt austerity measures in hopes of running a budget surplus, or (iii) reduce the value of the debt they owe through inflation (i.e., “soft default”).” He then says that of these three strategies, the one that is likely to be adopted by most governments (including the U.S. government”) is soft default, which he explains as follows: “In this scheme, a government intentionally devalues its currency in order to erode the real value of the debt that it owes. Lenders still get paid the same amount of dollars that they are entitled to, however, because of inflation, such dollars are now worth less in real terms.”

Tyler then tell us that oil is not a good store of value because supply is increasing (“there is much more oil underground than anyone ever thought” and “advancements in fracking have dramatically increased the supply of oil”), demand is decreasing (e.g. due to “the push for renewable energy”), and storage becomes a big issue when “demand dries up.” As for gold (“the classic inflation hedge”) Tyler says that although gold is currently “a reliable store of value”, there are two problems with this use case for gold: (i) “the supply of gold is actually unknown” (assuming that commercial astroid mining becomes a reality); and (ii) it’s hard to move gold (especially during times of crisis, such as when you are in the middle of a war or a pandemic). Next, Tyler argues that Bitcoin is bound to take over from gold as the ultimate inflation edge because it is superior to gold in various ways, the main two being much greater scarcity and much better portability.

Tyler then goes on to point that Bitcoin is not just better than gold: it is “order of magnitude or 10X better.” Although he accepts that for “risk-averse types” gold might be “the right short to medium-term choice,” he believes that “the rate of technological adoption is growing exponentially”, which means that Bitcoin should increasingly replace gold as the best store of value. Tyler says that gold’s current market cap is around $9 trillion. Therefore, if we use “a gold framework to value bitcoin,” we could say that “the bull case scenario for Bitcoin is that it is undervalued by a multiple of 45,” which means that the price of Bitcoin could reach $500,000 if Bitcoin, as he predicts, replaces gold as the ultimate store of value. Furthermore, Tyler points out that this $500K figure could even be considered a conservative estimate if the world’s central banks start converting part of their USD reserves to Bitcoin: “All of this does not factor in the possibility of bitcoin displacing some portion of the $11.7 trillion dollars of fiat foreign exchange reserves held by governments.

“Foreshadowing this, at least one publicly-traded U.S. corporation has begun holding bitcoin as a treasury reserve asset. “If central banks start to diversify their foreign fiat holdings even partially into bitcoin, say 10%, then 45x gets revised upward towards 55x or $600,000 USD per bitcoin, and so forth.” On August 13, Dave Portnoy, the founder and president of Barstool Sports, sent out a tweet with an attached video that showed him buying Bitcoin (BTC) and Chainlink (LINK) with the help of the Winklevoss twins: As CryptoGlobe reported on June 9, Greg Silverman, a former President of Warner Bros. Pictures and the Founder/CEO of independent content creation company Stampede Ventures is working with Cameron and Tyler Winklevoss to produce a feature film adaption of the 2019 book “Bitcoin Billionaires” by Ben Mezrich.

According to a report by Variety, Silverman, who “launched Stampede Ventures after departing from Warner Bros. Pictures in 2016”, hired Jonathan Berg (his former colleague at Warners Bros. Pictures) on March 13 as President of Production. Berg’s producer credits include “Elf”, “Doctor Sleep”, “Justice League”, “Wonder Woman”, “The Dark Knight Rises”, and “Aquaman”. Mezrich’s first book about the Winklevoss Twins, “The Accidental Billionaires: The Founding of Facebook“, was originally published in 2019, and was used adapted by Columbia Pictures for the 2010 David Fincher film “The Social Network“. It told the story of how Harvard University student Mark Zuckberg took an idea from the twins and turned it into social networking site Facebook. This resulted in a legal battle between the twins and Facebook. In “Bitcoin Billionaires”, Mezrich’s second book about the Winklevoss twins, he tells the story of what happened to the twins following the end of their legal battle with Facebook, and more specifically how they got into the crypto space.

Article Produced By Francisco Memoria Francisco is a cryptocurrency writer who's in love with technology and focuses on helping people see the value digital currencies have. His work has been published in numerous reputable industry publications. Francisco holds various cryptocurrencies

https://cryptoglobe.com/latest/2020/08/winklevoss-twins-explain-how-bitcoin-price-could-reach-over-500000/?utm_source=vuukle&utm_medium=talk_of_town

#bitcoin #cryptocurrency #markethive

0 notes

coin-river-blog · 6 years

Link

In this edition of The Daily, Bitmex has updated its Terms of Service. The revised rules prohibit residents of certain countries, including the U.S., from trading digital assets on the platform. Also, the native token of the leading crypto exchange Binance, BNB, has hit a record price against BTC. And in Malta, companies from the crypto industry are facing limited access to banking services.

Also read: Coinhive Closedown, Eos Heist, Crypto Entrepreneur Arrested

Bitmex Bans Traders From Multiple Jurisdictions

Digital asset exchange Bitmex has updated its Terms of Service this week introducing significant changes to the agreement. Users from a number of countries, including the United States, Cuba, Syria, North Korea, and Sudan won’t have access to its services in the future. The restrictions also apply to residents of the Canadian province of Quebec as well as traders from the Autonomous Republic of Crimea and the Federal City of Sevastopol in the Russian Federation.

The Seychelles-based operator of the platform, HDR Global Trading Limited, has informed all such residents that holding open positions and entering into new contracts on Bitmex from their respective jurisdictions is not allowed. The exchange also reserves the right to immediately close the accounts of such clients and liquidate any positions they may have opened.

The new agreement is noticeably longer than the old version, with added texts regarding the platform’s access conditions and the accuracy and availability of service, Cryptoglobe reported. Other new provisions concern trading fees as well as the protection of data and intellectual property. The upcoming ban for residents of the U.S. and Quebec was announced in January of this year. The updated terms of service will come into effect on March 6.

Binance Coin Hits Record High Against BTC

Binance coin (BNB), the native token of the largest crypto exchange by daily trading volume, has set a new record against bitcoin core (BTC). At approximately 17:55 UTC on Friday, March 1, its price reached 0.00299880 BTC and a high of $11.61 in fiat.

BNB’s market cap now stands at $1.58 billion. The previous record high for its price against BTC was registered on Feb. 11 this year. The crypto reached its all-time high against the U.S. dollar on Jan. 12, 2018 when it was trading for almost $25. The latest spike comes after the company announced a program for traders willing to test its new decentralized trading platform.

Crypto Companies Struggle to Open Bank Accounts in Malta

Malta’s crypto-friendly regulatory framework has attracted dozens of businesses from the crypto and blockchain industry to the island. However, according to a new report, many of these companies are experiencing difficulties when they try to open accounts with local banks.

Sources from service providers, legal firms and finance companies, quoted by the Times of Malta, claim that banks have been declining to work with these entities stating this business is outside their “risk appetite.”

The Parliamentary Secretary for Financial Services, Silvio Schembri, told the publication he is currently holding talks with different banks and other stakeholders in an effort to resolve the issue and improve the understanding of the industry. The official noted that banks are often waiting for crypto operators to obtain a license from the Malta Financial Services Authority (MFSA) before opening the doors for them.

No less than 28 applications for registration under Malta’s Virtual Financial Assets Act have been filed with the MFSA since the end of November. The regulator plans to issue its first licenses by the end of this quarter.

What are your thoughts on today’s news tidbits? Tell us in the comments section.

Images courtesy of Shutterstock.

Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

Tags in this story

bank accounts, banks, binance coin, BitMex, bnb, crypto companies, malta, N-Featured, record, residents, restrictions, terms, The Daily, ToS, Traders, users

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Bulgaria, which sometimes finds itself at the forefront of advances it cannot easily afford. Quoting Hitchens, he says: ”Being a writer is what I am, rather than what I do.“ International politics and economics are two other sources of inspiration.

0 notes

86xsite · 6 years

Link

KMD ‘s Technical Writer; Daniel Pigeon: Komodo’s Chief Technology Officer Kadan Stadelmann recently sat down with CryptoGlobe to talk about atomic swap technology and the future of crypto trading. In the interview, Mr. Stadelmann, aka ca333, discusses Komodo’s updated atomic swap protocol, which is nearing completion, and how this new technology will upgrade Komodo’s decentralized exchange. Check out the article to learn more about these upcoming innovations: https://ift.tt/2SdDran

#Cryptocurrency #Bitcoin #Ethereum #Coins #Tokens #Crypto

0 notes

francescacryptoblog · 7 years

Photo

(via Cryptocurrency Writer Job at CryptoGlobe)

0 notes

biglisbonnews · 1 year

Photo

Soccer Superstar Cristiano Ronaldo’s Binance Lie Detector Test: From World Cup Dreams to NFT Ventures Non-fungible tokens (NFTs) are unique digital assets that are verified using blockchain technology. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are interchangeable and identical to each other, each NFT has distinct information that makes it unique. NFTs have gained immense popularity for their use in digitizing art, collectibles, and even moments in sports. Cristiano […] https://www.cryptoglobe.com/latest/2023/09/soccer-superstar-cristiano-ronaldos-binance-lie-detector-test-from-world-cup-dreams-to-nft-ventures/

#Binance #NFTs #CryptoGlobe Writer #CryptoGlobe latest articles

0 notes

tipco613 · 4 years

Photo

New Post has been published on http://cryptonewsuniverse.com/top-tier-crypto-exchanges-beat-riskier-platforms-as-crypto-trading-volumes-recover/

Top-Tier Crypto Exchanges Beat Riskier Platforms as Crypto Trading Volumes Recover

Top cryptocurrency exchanges have seen their trading volumes surge throughout July, so much so these now represent 60% of the crypto space’s total spot volume.

According toCryptoCompare’s July 2020 Exchange Review, Top-Tier cryptocurrency trading platforms, those graded AA-B according to the firm’sExchange Benchmark, have seen their spot volumes increased by 42.1% to $334 billion last month, which helped them surpass lower quality exchanges. Lower-Tier exchanges, according to the report, saw their volumes decrease 38.1% to $224 billion in July. The volume is dwindling on riskier cryptoasset trading platforms as investors likely moved toward safer cryptocurrency exchanges when the crypto market started rising, after bitcoin’s price surpassed $10,000.

As CryptoGlobe reported,Top-Tier cryptocurrency exchanges have been gaining market share over the last few months against those graded C-E on the Exchange Benchmark. In Q4 2019, Top-Tier platforms accounted for 32% of global volumes, while in the first quarter of this year they accounted for 36%. In Q2 2020, these trading platforms saw their share grow to 40% of the total spot trading volumes, while in June the volume was already 46%. Lower-Tier exchanges, over the same period, saw their volumes drop from 68% to 54%. In July, cryptocurrency trading volumes picked up near the end of the month, after BTC finally broke out of its two-month-long range between $9,000 and $10,000. The move up saw the global trading volume hit $45.3 billion on July 27, making it one of the days with the largest recorded volumes in the crypto space.

The highest spot volumes ever were seen on March 13, as the cryptocurrency market crash that month, which occurred when top U.S. indexes entered bear market territory and the World Health Organization declared the COVID-19 outbreak a pandemic, saw tradersexchange a total of $75.9 billion in a single day. In July, exchanges using the traditional taker-fee model represented 82% of total exchange volumes, while those implementing the controversial trans-fee mining (TFM) model represented less than 18% of the trading volume. Fee-charging exchanges, CryptoCompare’s report adds, traded a total of $456 billion last month, up 0.5% from June, while those that implemented TFM models traded $95 billion, down 32% from the month before.

Article Produced By Francisco Memoria

Francisco is a cryptocurrency writer who's in love with technology and focuses on helping people see the value digital currencies have. His work has been published in numerous reputable industry publications. Francisco holds various cryptocurrencies

https://www.cryptoglobe.com/latest/2020/08/top-tier-crypto-exchanges-beat-riskier-platforms-as-crypto-trading-volumes-recover/

#cryptocurrency #exchange #markethive

0 notes

tipco613 · 4 years

Photo

New Post has been published on http://cryptonewsuniverse.com/gold-bug-peter-schiff-predicts-bitcoin-will-collapse/

Gold Bug Peter Schiff Predicts Bitcoin Will 'Collapse'

Gold bug and Euro Pacific Capital CEO Peter Schiff has said on social media that Bitcoin will “collapse” after admitting he likes riling up the cryptocurrency community on Twitter.

Peter’s comments came replying to a user who pointed out he tweets more about the flagship cryptocurrency than he does about gold itself, which per the user proves “bitcoin is a far more interesting conversation piece.”Schiff had previously tweeted out that a “consensus trade is crowded and usually doesn’t an out as the crowd expects,” adding he can’t think of a “more consensus trade in bitcoin than being long going into the halving.”The halving is seen as a bullish event by various analysts, as it will see block rewards on Bitcoin’s network drop from 12.5 BTC to 6.25 BTC per block, effectively cutting the cryptocurrency’s inflation rate in half. Analysts point out that as the supply is cut in half and demand doesn’t change, the price should go up.

The price of the cryptocurrency has indeed risen after both of its previous halvings, although some argue the rise was related to other factors and not the halvings themselves. As CryptoGlobe reported, data shows searches for the term “bitcoin halving” on Google have already eclipsed those of the last halving event. Schiff, as reported, has in the past claimed “only fools” would choose bitcoin over gold, and used the price of oil going into negative territory earlier this year to hit bitcoin on social media. There, however, some who agree with him on the halving not being the bullish event the crypto community sees it as. Popular bitcoin whale Joe007 has claimed that the halving event is giving “get-rich-quick” traders false hope as he doesn’t expect the price of the cryptocurrency to surge right after the event.

Article Produced By Francisco Memoria News Reporter

https://www.cryptoglobe.com/latest/2020/05/gold-bug-peter-schiff-predicts-bitcoin-will-collapse/

#bitcoin #cryptocurrency #markethive

0 notes