Rich Dad Poor Dad author Robert Kiyosaki has revealed that he purchased 60 bitcoins at ,000 each and continues to buy more bitcoin every month. He explained that the crypto represents “rules-based money,” contrasting it with government fiat money, which he describes as “debt-based.” Kiyosaki emphasized that rules-based money increases wealth, while debt-based money diminishes […]
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Billionaire Barry Sternlicht Foresees Banks Failing Every Week in US
Barry Sternlicht, CEO of Starwood Capital Group, has voiced concerns about the vulnerability of regional and community banks in the U.S. to high interest rates and inflation, particularly amid the commercial real estate downturn. He forecasted frequent failures of these banks, predicting: “You’re gonna see your regional bank fail … every week, maybe two a […]
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Block Is Buying Bitcoin Every Month for Its Balance Sheet
Block Inc. has announced its strategy of regularly purchasing bitcoin for its corporate balance sheet via dollar-cost averaging (DCA). The company plans to allocate 10% of its monthly gross profit from bitcoin products towards investments in the cryptocurrency. “We view bitcoin as an instrument of global economic empowerment; it is a way for individuals around […]
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Brace For Impact: Worldcoin Team Plans To Sell 1.5 Million WLD Tokens Every Week For 6 Months
Worldcoin (WLD) could be the victim of a significant downtrend in the coming weeks. The team plans to sell as many as 1.5 million WLD tokens over the next six months, which could bring about massive selling pressure and affect the token’s price.
Details About The Proposed WLD Token Sale
Worldcoin revealed in a blog post that World Assets (a subsidiary of the Worldcoin Foundation) will sell between 500,000 and 1.5 million Worldcoin tokens weekly to a group of institutional trading firms outside the United States. This token sale will be done through private placements and is expected to last up to six months.
Therefore, as many as 36 million WLD tokens could be sold under this arrangement. Interestingly, these tokens do not form part of the current circulating supply, as Worldcoin stated that “the circulating supply of WLD will thus increase correspondingly” as the token sales progress. That means Worldcoin’s circulating supply could see an 18.6% increase to over 229 million WLD tokens once the private sale is done.
This development is undoubtedly a cause for concern for WLD holders, given the impact it could have on the crypto token’s price action. However, Worldcoin tried to downplay the effect of this token sale, noting that a weekly sale of between 500,000 and 1.5 million WLD tokens represents “less than 0.1% to 0.4% of the current weekly trading volume.
Meanwhile, World Assets “may seek to include a 40-day lock-up period restricting the resale of WLD by trading firms,” Worldcoin remarked. This could also help reduce the high volatility that could arise from an immediate sell-off by these trading firms.
The Worldcoin Ecosystem
WLD is the native token of Worldcoin, a project that focuses on the digital verification of humans. Users in the Worldcoin ecosystem get verified through a device called the “Orb.” Since launching last year, the project, co-founded by Open AI’s CEO Sam Altman, has drawn criticism, with many, including Ethereum’s co-founder Vitalik Buterin, raising privacy and legal concerns.
Authorities in different countries have investigated the project as they believe its data collection method may have breached certain privacy laws. NewsBTC also recently reported that Worldcoin faces a potential fine of .2 million in Argentina for violating the country’s National Consumer Protection Law.
Despite the regulatory scrutiny, the team is still looking to expand. In the blog post, they hinted that the proceeds from this token sale will be directed towards meeting the “increasing demand for orb-verified World IDs around the world.”
At the time of writing, Worldcoin is trading at around .4, down over 6% in the last 24 hours, according to data from CoinMarketCap.
Coinbase CEO: Every Institution Is Now Starting to Hold Crypto
Coinbase CEO Brian Armstrong says “every institution is now starting to hold crypto,” emphasizing that “the asset class will be a standard part of every diversified portfolio.” Moreover, the executive noted that institutions will eventually be using crypto in other ways, such as “holding it on their balance sheet, paying their vendors, [and] doing payroll.” […]
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Franklin Templeton’s Executive Expects All Nations to Hold Bitcoin — ‘Every Country Is Going to Have to Hold Some Reserves’
An executive at trillion-dollar asset manager firm Franklin Templeton expects bitcoin to become “something that every treasury needs to hold.” She believes that “every country is going to have to hold some reserves,” emphasizing that the cryptocurrency is “working its way increasingly into the traditional banking ecosystem as just a foundational part of that system.”
Kaul: Bitcoin Could Be Used as Base Unit of International Trade
Franklin Templeton’s senior vice president and head of Digital Asset and Industry Advisory Services, Sandy Kaul, discussed the future outlook for bitcoin in an interview with Natalie Brunell, published Thursday. Before joining Franklin Templeton, Kaul held positions at Shearson Lehman Brothers, Citi, and Goldman Sachs Asset Management.
A global leader in investment management with a presence in over 150 countries and serving millions of clients, Franklin Templeton reported .37 trillion in assets under management at the end of September. The asset manager has also applied to launch a spot bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).
Regarding the broader adoption of bitcoin and the potential for nation states to embrace it, the executive said: “I think you’re already starting to see that.” She explained that less developed nations combine “some of their buying power around bitcoin” and use it “as a way to compete more effectively with bigger companies and bigger countries and bigger economies.” Emphasizing, “I think you’ll see more of that,” Kaul stressed:
I think also that it’s going to become something that every treasury needs to hold because portions of their business will just be facilitated more easily through bitcoin payments than through foreign exchange conversions that need to happen to enable cross-border trade today.
While noting that a lot of people see promises in central bank digital currencies (CBDCs) as “there will be a lot of efficiencies that get created by them,” she argued: “But those are going to still require all of that translation, and exchange rate risk that you carry in moving from country to country whereas a bitcoin is a bitcoin in every country.”
Kaul opined: “So I do still think that the potential to see this used as the base unit of international trade exists. I think at a minimum you are gonna see it used for certain types of trade.” She asserted:
That means that every country is going to have to hold some reserves and so I just see it working its way increasingly into the traditional banking ecosystem as just a foundational part of that system.
She concluded: “I think the question then just becomes: ‘Over time do people start to gravitate more to something that works globally and isn’t tied to any government’s policies? And that I think we’ll have to see play out. But intuitively, it feels like it absolutely could.”
Do you agree with Franklin Templeton’s head of digital asset research? Let us know in the comments section below.
Avalanche C-Chain Burning $12.65 Of AVAX Every Second, What Does It Mean For Price?
Taking to X on November 22, one user, @kevinsekniqi, notes that the Avalanche C-Chain is burning roughly .65 of AVAX every second, a development that could be a massive boost for AVAX in the long term.
The surge in AVAX burning on the C-Chain is primarily due to the launch of inscriptions, which permit storing data on the Avalanche’s C-Chain, pushing the number of AVAX being taken out of circulation.
Avalanche Burning AVAX At Record Pace
@kevinsekniqi estimates that if the burn rate is maintained at spot rates, it could see approximately 0 million of the coin taken away from circulation. This could be a significant figure supporting AVAX bulls long-term since reducing supply at constant demand would naturally lead to price gains.
The heightened activity in recent days stems from the over 2.3 million daily transactions tied to users creating and transferring “ASC-20” tokens to inscribe data permanently onto Avalanche’s C-Chain. On average, the Avalanche C-Chain processes around 450,000 transactions daily. However, this figure has been changing in recent days, reading from on-chain data.
On-chain activity is up roughly 4X due to inscriptions, driving the network’s revenue as gauged by gas fees collected.
Through inscriptions, new use cases, as demonstrated in Bitcoin, around provable ownership and identity have emerged. Since Avalanche is a public ledger maintained by distributed validators operating nodes, gas fees must be paid. Part of the gas is burnt as part of Avalanche’s structure.
FTX Group Selling AVAX, Bulls Dominant
It is not immediately clear how the spike in the number of inscriptions on the C-Chain will impact prices. Though more inscriptions could support bulls, other external market factors should be considered.
According to Scopescan data, FTX Group, a team tasked with managing FTX estate, recently sent 916,780 AVAX worth .7 million to Binance. Transfers to centralized exchanges are often interpreted as bearish. Following this, AVAX prices fell by 13% on November 21.
Prices remain stable, and AVAX maintains an uptrend despite prices contracting this week. Looking at the developments in the daily chart, the coin roared 190% from October 2023 lows. It peaked at around in November.
At present, prices have cooled off, dropping by approximately 18%. Nonetheless, the uptrend remains. Any break above could spur more activity, even lifting the coin towards August 2022 highs of around .
US Lawmaker: Crypto Is Not the Problem, Bad Actors That Exist in Every Industry Are
U.S. Senator Cynthia Lummis has defended crypto against claims that the asset class is heavily used in illicit finance. Emphasizing that “Crypto is not the problem, bad actors that exist in every industry are,” the lawmaker pointed out that crypto accounts for less than 1% of all illicit finance activity. In addition, she has urged Congress to create a regulatory framework to allow crypto firms to operate in the U.S. instead of driving them to “unregulated foreign markets.”
Lawmaker Says ‘Crypto Is Not the Problem’
U.S. Senator Cynthia Lummis (R-WY) defended crypto in response to an article on Forbes about how misinformation on Hamas and crypto fooled nearly 20% of Congress.
“Crypto accounts for < 1% of all illicit finance activity and would be even less if we created a regulatory structure to allow the crypto industry to operate in America instead of unregulated foreign markets,” the senator from Wyoming wrote on social media platform X Friday. She stressed:
Crypto is not the problem, bad actors that exist in every industry are.
Recently, several news outlets reported that Hamas had raised millions of dollars in cryptocurrency. However, blockchain analytics firm Elliptic has debunked the reports, stating: “There is no evidence to suggest that crypto fundraising has raised anything close to this amount, and data provided by Elliptic and others has been misinterpreted.”
Despite Elliptic’s efforts to set the record straight, these reports prompted 100 U.S. lawmakers, including Senator Elizabeth Warren (D-MA), to push the Biden administration to address crypto-financed terrorism.
This week, U.S. Deputy Secretary of the Treasury Wally Adeyemo said the Biden administration is seeking more tools to combat the illicit use of crypto. He emphasized that the attack on Israel has brought an “increased focus on the illicit financial use of digital assets.” Nonetheless, he admitted that crypto is not a major source of funding for terrorist groups.
In February, blockchain analytics firm Chainalysis published a report showing that “crime as a share of all crypto activity is still trending downwards.” Moreover, the firm stated:
Overall, illicit activity in cryptocurrency remains a small share of total volume at less than 1%.
What do you think about the statements by Senator Cynthia Lummis about crypto and illicit finance? Let us know in the comments section below.
Bitcoin Halving Is 200 Days Away, This Happens Every Time: Is It Time To Doubledown?
Bitcoin is 200 days before halving, a supply shock that historical patterns show that prices tend to rally, even clearing previous all-time highs once it happens. In a price chart shared by the “thescalpingpro” on X on October 9, the analyst appears to suggest that the world’s most valuable coin is in the early stages of not only breaking above 2021 highs but registering new highs after the network halves in 2024.
Early Signs Of Bull Rally: 200 Days Before Halving
Thus far, the trader notes that Bitcoin is down 60% from previous all-time highs in 2021. This formation, the analyst says, appears to replicate the same pattern before Bitcoin halved in 2019. Then, just like it is presently, the coin fell 60% from 2017 highs of around ,000.
As historical pattern shows, Bitcoin prices tend to bounce back strongly after posting sharp losses from previous highs. These upswings are often accelerated by the halving event momentum, pushing prices further away from cyclical lows.
Every four years, Bitcoin halving occurs, where the reward for mining a Bitcoin block is reduced by half. This feature is built into the protocol to slow the issuance of new Bitcoin. Due to the decrease in the number of coins released to circulation during halving, inflation is reduced, which supports prices, as previous price action has shown.
Although the impact of halving has been well studied, the sequence of events preceding this event appears to be stirring demand. As aforementioned, 200 days before the 2016 and 2019 halvings, Bitcoin fell roughly 60% from all-time highs.
The asset’s prices are at a similar price point precisely 200 days before halving. For this “near-perfect” replication of events, “thescalpingpro” is bullish that the coin might follow a familiar pattern of past cycles.
Bitcoin Race To ,000 Before Halving?
The spike to all-time highs and beyond, as previewed, is a scenario that could happen once the halving happens. Before then, however, another analyst is convinced the coin could rally to ,000.
The analysis is based on crucial support and resistance levels formed by the Fibonacci retracement levels. The analyst is convinced that the coin will retest the 61.8% of the swing high low of the recent 2021 to 2022 range, placing Bitcoin at ,000 once it recovers.
The race to this level will be further driven by “halving momentum” and the “bear-to-bull transition from various indicators,” including the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and the on-balance volume of major exchanges, which appear oversold.
Skybridge Founder: Every Wall Street Firm Will Sell Bitcoin ETF to Clients — ‘Next 10 to 20 Years Are Remarkably Bullish’
Skybridge Capital founder Anthony Scaramucci has explained why he is still bullish on bitcoin. Emphasizing that every Wall Street firm is going to have a bitcoin exchange-traded fund (ETF) in their arsenal that they will sell to their clients, he predicted: “The next 10 to 20 years are remarkably bullish.” He added: “If you got your bitcoin, I wouldn’t sell your bitcoin, you made it through winter.”
Scaramucci Remains Bullish on Bitcoin
Skybridge Capital founder Anthony Scaramucci explained why he remains optimistic about the future of bitcoin during a fireside chat, titled “Why I’m still bullish,” at the Messari Mainnet conference in New York on Thursday.
Nothing that he believes the worst of the bitcoin bear market is over, he advised:
If you got your bitcoin, I wouldn’t sell your bitcoin, you made it through winter … The next 10 to 20 years are remarkably bullish.
He believes that young people “will be mainstreaming bitcoin” in the same way his generation “mainstreamed the internet.”
The Skybridge Capital founder cautioned that headwinds are still in the macro environment, including higher interest rates, an enforcement-centric Securities and Exchange Commission (SEC) chairman, and negative sentiment around crypto adoption. Nonetheless, he remains optimistic about BTC, stating: “As wealth is created in society, a portion of that wealth is going to get chipped off for digital assets, most likely bitcoin.” He also reiterated his long-standing view that “Bitcoin is better than gold.”
Scaramucci further expects the approval of bitcoin exchange-trading funds (ETFs) to be a game changer. He anticipates massive and widespread adoption of BTC once bitcoin ETFs become commonplace. The Skybridge Capital founder opined:
Every single Wall Street firm is going to have a bitcoin ETF in their arsenal … When Wall Street has something in their arsenal, they sell it to their clients … The market [for bitcoin] is going to widen.
Do you agree with Skybridge Capital founder Anthony Scaramucci about the future of bitcoin? Let us know in the comments section below.