Rich Dad Poor Dad author Robert Kiyosaki has advised investors to buy as many bitcoins as they can afford, noting that China is in trouble and this is not the time to buy stocks and bonds. “This is the time to buy real gold, real silver, and as many bitcoin as you can afford,” he […]
Bitcoin News
Peter Schiff Says US Can’t Afford to Decouple From China — Warns of Dollar Collapse
Economist Peter Schiff has warned that the U.S. cannot afford to decouple from China. “Our entire standard of living rests on the support of China,” he stressed, adding that “If we lose that support, it’s going to collapse.” He also predicted the collapse of the U.S. dollar as the USD loses its world’s reserve currency status.
Peter Schiff on US-China Decoupling, Dollar Collapse
Economist and gold bug Peter Schiff discussed various economic topics, including the relationship between the U.S. and China, in an interview with NTD News last week.
Commenting on the recent statement by Commerce Secretary Gina Raimondo stating that “Decoupling is neither in our economic or national security goals,” Schiff stressed:
We can’t afford to decouple because you have to recognize that China is both our biggest supplier and our biggest banker. The Chinese loan us the money to buy the stuff that they produce that we can’t, and our entire standard of living rests on the support of China.
“If we lose that support, it’s going to collapse. Now, we are in the process of losing that whether we want to or not. I think the Chinese realize that it’s in their interest to drive the decoupling and that’s what’s going on,” the economist described.
Referencing the efforts by the BRICS countries (Brazil, Russia, India, China, and South Africa) to de-dollarize, Schiff said: “Look at what’s happening with the BRICS nations. They had a summit, they are expanding their numbers, they’re looking to de-dollarize, and to reduce — and eventually eliminate — the dependency on the U.S. dollar.” At the summit, the BRICS leaders invited six nations to join the economic bloc: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). Some believe that oil giants joining the BRICS group is a strategic win for China and Russia.
Schiff added:
And when they no longer need dollars, well then they no longer need to sell us their stuff because they have plenty of domestic demand for what they produce, and that means the United States is going to be in a lot of trouble because we don’t have the industrial capacity to produce what we are now getting from China.
“Despite what Biden is saying about some kind of manufacturing renaissance, it’s all a bunch of BS. The manufacturing sector continues to shrink under his presidency and our trade deficits have hit record highs,” he further said.
Schiff was asked how the U.S. could mitigate the danger relating to the economic relationship with China.
“What we have to do is reduce the burden that the U.S. government places on the American economy, and on the American industry,” he replied. “So, we need to see massive deregulation. We also have to see substantial and across-the-board cuts in government spending, so we can relieve the economy of the burden of paying for that spending.”
He concluded:
So that we can start producing again the thing that we are now importing from China and other countries because when the dollar collapses, which I think is inevitable as it loses its status as a reserve currency, we are not going to be able to consume unless we can produce, and right now our productive capacity is being inhibited by government.
Do you agree with economist Peter Schiff? Let us know in the comments section below.
Robert Kiyosaki Explains Why Investors Should Buy Silver — ‘Who Can’t Afford 1 Silver Coin’
Rich Dad Poor Dad author Robert Kiyosaki has outlined the reasons why investors should consider purchasing silver. He emphasized that despite the affordability of silver coins, most people still prefer to “save counterfeit fake dollars.”
Robert Kiyosaki Highlights Reasons to Buy Silver
The author of Rich Dad Poor Dad, Robert Kiyosaki, has returned to outline the reasons why he believes investors should buy silver. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
Reiterating that silver is the “best investment bargain,” he wrote on the X social media platform on Thursday:
Silver still 50% below all-time high, in demand by greenies solar EVs. Silver 2nd most used commodity after oil. Silver has been money for centuries. Who can’t afford 1 silver coin, yet most people prefer to save counterfeit fake dollars. Sad.
At the time of writing, the price of silver is .22 per ounce.
Kiyosaki has been recommending investors buy silver for quite some time. He calls gold and silver God’s money whereas the U.S. dollar is fake money because it’s not backed by hard assets.
Earlier this month, the famous author urged investors to buy silver before it’s gone. He stressed that the precious metal is growing rarer, noting that silver is a better bargain as a long-term investment than gold because everyone can afford it.
Besides silver, Kiyosaki also recommends gold and bitcoin. In February, he forecasted that by 2025, gold would be at ,000, silver would touch 0, and bitcoin would surge to 0,000. Last week, he projected that if the world economy crashes, the price of bitcoin would soar to million, while gold would reach ,000 and silver ,000. In January, he said gold’s price will increase to ,000 while silver will hit this year.
What do you think about the recommendations by Rich Dad Poor Dad author Robert Kiyosaki? Let us know in the comments section below.
3 Play-to-Earn Crypto Games Users Can’t Afford To Miss
In 2021, the gaming industry have earned approximately 5 billion. As blockchain technology has become more prevalent in games, gamers are now enjoying the rewards of their efforts, with some earning up to ,000 USD per hour on crypto games like Axie Infinity.
As their popularity grew, so did their token prices. The Sandbox captivated both retail and institutional investors when its coin soared over 800% in a month.
Recent studies predict that gaming, particularly the play-to-earn model (P2E), will grow by over 20% by 2022, with blockchain and crypto being the most suited technology and in-game money to support the business. While AXE and SAND are grabbing investor interest, here is a list of top and emerging blockchain gaming projects to keep an eye on!
JEDSTAR (JED)
After a recent increase of almost 100,000 percent in the previous 90 days, the newest entrant to the blockchain gaming arena is storming through the crypto world and playing with the big players. While $JED is a DeFi token in JEDSTAR DECO (Decentralized Ecosystem), the company will soon introduce its GameFi token $KRED.
The company has over 100 games in development that will use $KRED as an in-game currency and has partnered with other gaming developers and studios to provide their cryptocurrency as a service. Not only will this ambitious initiative produce in-house games and an NFT marketplace, but it will also form strategic blockchain and non-blockchain alliances.
Decentraland (MANA)
This is another Ethereum-based cryptocurrency. Like the game Second Life, players are encouraged to create 3D in-game products to sell. The Decentraland cryptocurrency MANA is used to sell digital LAND, and it may also be used to trade 3D items. The game is up and running and shows the possibilities of crypto gaming.
Partnerships with Atari (ATRI) and Decentral Games (DG) might bring an in-world casino to Decentraland. If you desire, you may play the game now!
https://decentraland.org/
GALA Games (GALA)
Eric Schiermeyer, co-founder of mobile gaming startup Zyn, also the maker of games including Mafia Wars and Farmville, designed GALA, an Ethereum-based coin. The company aims to get users greater control over their tournaments.
The platform has 1.3 million active users. Owners of NFTs on the platform may vote on new games and influence gameplay. The GALA token is used to buy NFTs and in-game products. While other games are making, Town Star, a virtual town builder akin to Sim City, is already available.
Conclusion:
Cryptocurrency gaming is a new rage. Play-to-Earn games will make current games disappear. Since actual ownership is exciting. This is especially true in the gaming sector, where individuals may now earn large sums of money for their efforts and enjoy exciting games.
Ethereum Just Reached a Level That it Can’t Afford to Lose, Creating Massive Network Congestion
Today has been a bloodbath for Ethereum (ETH) and the aggregated cryptocurrency market, with Bitcoin’s overnight drop below ,700 catalyzing a massive selloff that has led virtually all digital assets to plummet 20% or more.
Ethereum is now nearing a critical support level that bulls must defend if they want to guard against further losses, as a break below this single level could prove to be devastating for the cryptocurrency.
This dire price action has come about as the ETH network faces massive congestion, leading its median gas price to skyrocket.
Ethereum Faces Intense Selloff as Network Incurs Massive Congestion
At the time of writing, Ethereum is trading down over 26% at its current price of 8, which marks a significant decline from daily highs of nearly 0 that were set yesterday when bulls attempted to recapture its position above this level.
The massive selloff that occurred overnight first began when Bitcoin posted a decisive break below ,700, with all of its buying support dissolving as it began descending to lows of ,200.
The support BTC found at this level allowed it to bounce back to ,000 – subsequently allowing Ethereum to also bounce from lows of roughly 5 to its current price levels.
This intense decline has also led to massive congestion on Ethereum’s network, resulting in a colossal spike in the median gas price.
Glassnode – an on-chain research firm – spoke about this phenomenon in a recent tweet, explaining that the price of gas is currently the highest it has been in over a year.
“Ethereum’s price drop has led to massive network congestion. ETH median gas price just spiked to 29 gwei – the highest it’s been in over 1 year,” they explained while pointing to the chart seen below.
#Ethereum's price drop has lead to massive network congestion. $ETH median gas price just spiked to 29 gwei – the highest it's been in over 1 year.https://t.co/RnoIRxrdkG pic.twitter.com/KpOEfpWGWe
— glassnode (@glassnode) March 12, 2020
ETH Hits a Do-or-Die Level as Bulls Show Signs of Weakness
In a recent tweet, Haejin – a cryptocurrency analysis platform – explained that the second largest cryptocurrency by market capitalization is on the cusp of breaking below a key multi-year trendline support level around 0.
“Ethereum….lower white trendline MUST hold or else…”
https://t.co/JhMTlE2zA1: Ethereum….lower white trendline MUST hold or else…. pic.twitter.com/W4iQWXISrl
— Haejin (@Haejin_Crypto) March 12, 2020
If Ethereum does decisively break below this level, it is possible that the cryptocurrency will see a massive bout of capitulation that leads it significantly lower in the days and weeks ahead.
Featured image from Shutterstock.
NewsBTC
Crypto SIM Hack: Somber Reminder To Never Invest More Than You Can Afford to Lose
The crypto market is a volatile market, and the emerging class of digital assets can both make millionaires overnight and completely wipe out one’s wealth in days.
It’s also a wild west environment, rife with scammers, hackers, and more at every turn. A recent SIM-card hack resulting in a substantial amount of crypto being stolen, is the perfect reminder to enter invest more than you can afford to lose when it comes to the world of Bitcoin and cryptocurrency.
SIM-Card Hack Victim Loses .8 Million Made From Home Sale
California native Seth Shapiro recently sold his family home where he and his wife resided, and took that money and invested it into cryptocurrencies like Bitcoin and Ethereum.
Related Reading | Send Bitcoin and Other Crypto To Uncensorable, Personalized Domain Addresses
The bold move had the potential to make him a fortune, but also put the proceeds of his home sale at serious risk if the market took a downturn and values of leading crypto assets began to plummet once again.
Instead, though, Shapiro fell victim to a SIM-card hack, where hackers were able to gain possession of sensitive account information and two-factor authentication codes that protected access to Shapiro’s crypto accounts – which the hackers were then able to empty.
this guy sold his .8 million house, dumped it into crypto, got promptly SIM-swap hacked and they password-recovered his accounts and took everything pic.twitter.com/O2hbrBm2Mf
— warrior cop (@wyatt_privilege) October 24, 2019
In total, Shapiro was robbed of .8 million in crypto, with some of it being related to business initiatives, while the remainder was funds that were derived from the sale of his home. Shapiro now says that he doesn’t have enough money to buy another home for his family, and it’s caused great feelings of instability and anxiety for this entire family.
While hacks like these are difficult to protect yourself from, such an enormous amount of money – proceeds from the sale of his own home – should never have been put at such risk. Among the first things crypto investors are told when they are considering investing in digital assets like Bitcoin, is to never invest more than they can afford to lose.
Beware: Irresponsible Investment Advice Offered to Crypto Investors
The irresponsible example of risk and loss comes just a day after a prominent Twitter account with over 9,000 followers, publicly suggested that taking a home equity loan of 85% the value of one’s home to buy Bitcoin was an intelligent idea. The influencer said that an 85% loan on a million dollar home could buy over 100 BTC, and that anyone who did that would essentially be set for life, and once Bitcoin reached ,000, it would net the individual a nearly million dollar profit.
Did you know that if you're a homeowner you can typically borrow up to 85% of the value of your home? So on a property worth million with no outstanding mortgage, that's 0K. At the current price, you could acquire over 100 Bitcoins. In November 2020, the price is…
— Mike In Space (@mikeinspace) October 24, 2019
But like in the case above with Shapiro, anything can happen, and the entire value of one’s home could be lost, all while being stuck with a home equity loan of 0,000 to pay off. Such investment advice is not only irresponsible, but it could also be illegal.
Related Reading | Bitcoin Made Busting Dark Child Porn Ring Easy For US Justice Department
Don’t be foolish and take risks with shelter for your family, and let this instance serve as a reminder to never invest more than you can afford to lose – because if you’re investing in cryptocurrencies, there is always a chance it all disappears overnight.
The post Crypto SIM Hack: Somber Reminder To Never Invest More Than You Can Afford to Lose appeared first on NewsBTC.
Bitcoin Bottom Doesn’t Matter, Last Time General Population Can Afford Entire BTC
Bitcoin (BTC) has been pitched as peer-to-peer electronic cash, a store of value, a disruptor of traditional financial instruments, and a way to free the world from the shackles of the government’s control over current fiat monetary system.
Given its potential to change the world as we know it, much like the Internet did over the last two decades, does finding Bitcoin’s bottom really matter? According to some crypto analysts, the bottom doesn’t matter at all, and the current low prices could present the last opportunity for the general population to purchase an entire BTC.
Crypto Analyst: Catching Bitcoin Bottom Doesn’t Matter
Crypto investors everywhere are paying extra close attention to charts, market sentiment, and more, hoping to perfectly catch the “bottom” of the current bear market. However, given Bitcoin’s considerable potential and how rapidly the price does rise during a bull run, timing the bottom really doesn’t matter, and could cause investors to miss out on current prices.
Popular crypto analyst CryptoMento puts little weight into timing the bottom and offered up some price figures that put his comments into perspective.
LET’S JUST SAY$BTC Bottom = ,000$BTC by 2025 = 0,000#BTC Current Price = ,600
Does it really matter if you catch the bottom?
—
MΞNTO (@CryptoMento) February 9, 2019
Bitcoin is currently trading at around ,600 after a powerful bounce near the 200-week moving average and a breakout of a falling wedge formation, but the most recent bottom is around ,150. Even at the current price ,600, should Bitcoin fall to ,000 as noted in the analyst’s example, if it does eventually reach prices of 0,000 or more as many believe, the difference between buying now and later will be a mere ,600 of lost profit.
If Bitcoin should rapidly rebound from here, not buying at the current prices could prove to be far more costly.
Related Reading | Crypto Analyst Expects Strong Bitcoin Bounce, Monthly MACD Signals Bottom
It’s also worth noting that when Bitcoin reached its all-time high price of ,000, crypto community members everywhere spoke of the regret they felt not buying into BTC a lot cheaper. Now that they’ve got the chance to do so, the current fear-driven market sentiment is preventing the from stomaching the risk. However, now might be the last time the general public can afford to own an entire BTC.
Crypto Investor: Last Time The Public Can Afford to Buy An Entire BTC
Another common complaint by crypto investors around Bitcoin’s peak, and part of why investors flocked to altcoins in a big way, was due to many investors being unable to afford a full BTC at ,000 or more.
Fiat currencies have trained people to feel more comfortable with whole numbers. Change is often thrown away, or donated as a tip due to this. It’s also the reason why owning 0.01 BTC is far less appealing than say owning 1,000 XRP, regardless of perceived value.
At the current prices, Bitcoin is affordable for the general public interested in owning a full coin. But it may be their last chance, according to crypto trader, investor, and advisor Josh Rager.
This "could be" the last time the general population can afford to buy an entire $BTC
After 2021 – Bitcoin could move to a market price where most will only buy fractions
Global income per household is debatable, regardless, $BTC speculative value could be out of reach for most pic.twitter.com/GrmepQyNPp
— Josh Rager
(@Josh_Rager) February 11, 2019
Rager shared a chart via Twitter that demonstrated the path Bitcoin’s price may take next. “After 2021” he suggests, Bitcoin “could” move to a price where the average person will likely only be able to afford to own a fraction of the cryptocurrency.
Related Reading | From K to K and Back: How Bitcoin Price Counters Sentiment
Should Bitcoin achieve the price that Rager believes in the coming years, timing that Bitcoin bottom really doesn’t matter, and the general population should buy Bitcoin at the current prices, or risk never again being able to afford an entire BTC.
The post Bitcoin Bottom Doesn’t Matter, Last Time General Population Can Afford Entire BTC appeared first on NewsBTC.