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Mad Money Host Jim Cramer Doubts Bitcoin Will Find Its Footing as Selloff Continues
Jim Cramer, the host of CNBC’s Mad Money show, has doubled down on his bearish bitcoin price outlook, predicting that the cryptocurrency will continue to struggle against the backdrop of a plummeting crypto market. “Unlikely that bitcoin finds its footing,” Cramer emphasized, after previously declaring the recent price drop a “nasty beginning” to a significant downward spiral.
Jim Cramer Expects Further Bitcoin Price Drop
Mad Money host Jim Cramer weighed in on the price of bitcoin on social media platform X again this week. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.
Cramer wrote on X Tuesday after the price of bitcoin fell below K: “Now that bitcoin’s down about 20% from its high I expect a strong stand to be made but it won’t hold because not enough money is coming in. New theme: Number Go Down.” On Monday, after the price of bitcoin dropped below K for the first time in 48 days, the Mad Money host wrote:
Unlikely that bitcoin finds its footing.
Many users on X slammed Cramer for his historically inaccurate bitcoin price predictions. Several pointed to the reverse Cramer effect, suggesting that a bullish market for bitcoin is on the horizon since Cramer consistently maintains a bearish stance. Many people see Cramer’s bearish bitcoin price prediction as a sign that the bottom is in.
Cramer has shared his outlook on the price of bitcoin several times following the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) on Jan. 10. The price of bitcoin pushed above K in anticipation of the SEC approving spot bitcoin ETFs but plunged after the approval.
Last week, Cramer said the price drop was a “Nasty beginning to the bitcoin selloff.” He also recently said BTC is topping out and that bitcoin cannot be killed, emphasizing that it’s a ” technological marvel” that is “here to stay.”
While Cramer has cautioned about the falling price of bitcoin, he said last week that he is not “stridently against” spot bitcoin ETFs, noting: “Bitcoin’s been around for 15 years, it’s fairly well-established, and I don’t want to try to stop anyone from speculating in this stuff, as long as they do their research.”
What do you think about Mad Money host Jim Cramer’s bitcoin price outlook? Let us know in the comments section below.
Mad Money Host Jim Cramer Sees ‘Nasty Beginning to Bitcoin Selloff’
Jim Cramer, the host of CNBC’s Mad Money show, has warned of a bitcoin selloff. While cautioning investors about investing in bitcoin and the newly launched spot bitcoin exchange-traded funds (ETFs), he said: “I’m not as stridently against these new investment vehicles as Gary Gensler is … At this point, Bitcoin’s been around for 15 years, it’s fairly well-established, and I don’t want to try to stop anyone from speculating in this stuff, as long as they do their research.”
Jim Cramer’s Bitcoin Prediction
Mad Money host Jim Cramer weighed in on the bitcoin price outlook several times this week, particularly focusing on how the U.S. Securities and Exchange Commission’s approval of spot bitcoin exchange-traded funds (ETFs) could affect its trajectory. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.
The price of bitcoin pushed above K in anticipation of the SEC approving spot bitcoin ETFs. However, after the approval, it plunged to a low of nearly K on Friday. At the time of writing, BTC has slightly recovered and is trading at ,589. Commenting on the BTC price decline, Cramer wrote on social media platform X Thursday:
Nasty beginning to the bitcoin selloff.
“Someone’s probably going to try to make a stand here but as we said last night you can’t have an asset double in value by hundreds of billions of dollars in anticipation of an ETF and then almost no one shows up,” the Mad Money host added. In a follow-up post on Friday, he opined: “You knew they would make a stand on bitcoin here. Let em try to hold it up for a couple of days.”
Many people challenged Cramer’s statement, arguing that the launch of spot bitcoin ETFs was far from a flop. “It was the biggest ETF launch of all times,” one wrote. Others noted that bitcoin ETFs had already surpassed silver as the second-largest commodity ETF and witnessed massive inflows in just a few days.
Many X users view Cramer’s bearish statements about bitcoin’s price as a bullish sign. The “Cramer effect” has become a popular meme in the crypto world, with many observing that BTC often does the opposite of what Cramer predicts. If he’s bullish, expect a bearish swing, and vice versa.
While maintaining his skepticism, Cramer stated on Wednesday that he’s not necessarily against investing in bitcoin. The Mad Money host proceeded to reference JPMorgan Chase CEO Jamie Dimon who said this week that he won’t tell people what to invest in but his personal advice is to stay away from bitcoin.
“I’m taking a page from Jamie Dimon here — this is a caveat emptor situation. You can make up your own mind about what to do with these spot bitcoin ETPs [exchange-traded products], I just want to make sure you know what, exactly, you might be putting your money in and how little went into these funds versus how much bitcoin went up,” Cramer described.
Referencing SEC Chair Gary Gensler stating that the regulator’s approval of spot bitcoin ETFs doesn’t mean an endorsement of bitcoin, Cramer stressed:
I’m not as stridently against these new investment vehicles as Gary Gensler is … At this point, Bitcoin’s been around for 15 years, it’s fairly well-established, and I don’t want to try to stop anyone from speculating in this stuff, as long as they do their research. Of course, I’m not totally sure what your research would be, but that’s not my problem.
Last week, Cramer said BTC is topping out. The prior week, he said bitcoin cannot be killed and it’s a ” technological marvel” that is “here to stay.”
What do you think about Jim Cramer’s advice and warnings about bitcoin? Let us know in the comments section below.
Mad Money Host Jim Cramer Says ‘Bitcoin Is Topping Out’
Jim Cramer, the host of CNBC’s Mad Money show, says bitcoin is topping out. He recently said bitcoin cannot be killed, emphasizing that “It’s a technological marvel, and people have to start recognizing that it’s here to stay.” Cramer’s remarks followed a surge in the crypto market, with bitcoin surpassing ,000 on Monday, driven by growing optimism surrounding the potential approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
Jim Cramer Thinks Bitcoin Is Topping Out
Jim Cramer said during Mad Money’s Lightning Round on Monday that bitcoin is topping out. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.
Responding to a question by a caller asking about stocks like Riot Platforms (Nasdaq: RIOT) and Marathon Digital (Nasdaq: MARA), Cramer exclaimed:
Let’s stop fooling around. If you want bitcoin, buy bitcoin. I think bitcoin is topping out, by the way.
Many investors are opting to acquire stocks of companies associated with cryptocurrencies or possessing significant exposure to bitcoin, choosing this indirect approach over purchasing the digital coins directly. Besides Riot Platforms and Marathon Digital, popular choices include Microstrategy (Nasdaq: MSTR) and Coinbase (Nasdaq: COIN).
Bitcoin’s recent rally, exceeding ,000 on Monday, is fueled by growing anticipation of the U.S. Securities and Exchange Commission (SEC) granting approval for spot bitcoin exchange-traded funds (ETFs). The securities regulator to is expected to approve a handful of applicants on Wednesday.
Last week, the Mad Money host said you can’t kill bitcoin, adding that the late Charlie Munger, former Warren Buffett’s right-hand man, was blind to it. He stressed: “It’s a technological marvel, and people have to start recognizing that it’s here to stay.”
The “Cramer effect” has become a popular meme in the crypto world, with many observing that BTC often does the opposite of what Cramer predicts. If he’s bullish, expect a bearish swing, and vice versa. Following Cramer’s bitcoin topping-out comment, one X user said: “We’re going to the moon.” Another wrote: “So, bitcoin 0,000 is indeed coming.” Lawyer John Deaton wrote: “Glorious news. Literally, bought more bitcoin.”
Cramer was once a bitcoin supporter. After initially recommending a 5% portfolio allocation to BTC in March 2021, he divested his holdings due to ransomware concerns and China’s mining crackdown. Cramer later disclosed an investment in ether (ETH) but raised alarms about Binance, FTX, and Tether. By December 2022, he strongly advised investors to exit the crypto market, citing anticipated SEC actions against non-compliant crypto firms.
What do you think about Mad Money host Jim Cramer’s statement about bitcoin? Let us know in the comments section below.
Adam Back States ‘You Can’t Stop JPEGs on Bitcoin,’ Proposes Block Size Increase to Host Inscriptions
Adam Back, CEO of Blockstream and legendary cryptographer, has acknowledged that inscriptions, media embedded directly on top of Bitcoin, cannot be stopped, stating that any action focused on this will only prompt users to do it in “worse ways.” Instead, Back proposed adding a new blob of data to Bitcoin blocks dedicated to inscription purposes.
Adam Back Proposes Block Size Increase to Support Inscriptions
Blockstream CEO Adam Back recognized that fighting Ordinal inscriptions, media embedded directly on the Bitcoin blockchain, is useless. In recent statements posted in X, Back stated that JPEGs (images) on Bitcoin were unstoppable and that any actions directed to stop them would only worsen the situation.
Back declared:
Complaining will only make them do it more. trying to stop them and they’ll do it in worse ways. the high fees drive adoption of layer2 and force innovation. so relax and build things.
Back has been critical of the Ordinals protocol and its purpose since its launch, calling it “inefficient” and “stupid,” prompting developers to use other solutions like IPFS to achieve the same objective.
The issuance of Ordinal inscriptions and stamps, another media embedding protocol on Bitcoin, recently took transaction fees to over . According to Back, a solution to this congestion issue can come in the way of allocating space directed to host this and other Bitcoin-centric data through a “segwit annex” to each block. He explained:
Inscriptors want unavoidable scarcity derived from bitcoin mining and blockspace limits, and they want to pay less not more. so a segwit annex for another 4MW space, paid by miners, with a higher discount than taproot inscriptions.
Back acknowledged this proposal would include a Bitcoin block size increase that would not be required for consensus and would also be used to save Bitcoin wallet-related data.
Many users in the community signaled that Back’s proposal resembled Ethereum EIP-4844, also known as Proto-Danksharding, which adds data blobs with a limited life to the Ethereum blockchain, which also have their own fee market.
What do you think about Adam Back’s “segwit annex” block size increase proposal for Ordinal inscriptions? Tell us in the comments section below.
Zimbabwean University Partners With Web3 Hub to Host Its First-Ever Blockchain Hackathon
On Dec. 8 and 9, the University of Zimbabwe in partnership with the South Africa-based Mzansi Web3 Hub, held the learning institution’s inaugural blockchain hackathon. Taurayi Rupere, the chairman of the institution’s computer science department, said the hackathon’s goal is to produce “open-minded” developers who “think outside the box.”
Overwhelming Interest in the Hackathon
The University of Zimbabwe (UZ) recently partnered with South Africa-based Mzansi Web3 to hold the learning institution’s first hackathon. About 175 students from different faculties and stages of their courses registered to participate in the Dec. 8 and 9 hackathon.
Taurayi Rupere, the chairman of the institution’s computer science department, told Bitcoin.com News that the hackathon’s goal is to produce “open-minded” developers who “think outside the box.” While organizers of the two-day event were initially targeting students from the computer science faculty, Rupere said the excitement sparked by the hackathon eventually forced his department to extend the invitation to students from other fields.
During an interview, the UZ’s computer science department chairman discussed some steps that the university can take to help both students and non-students learn more about blockchain technology.
“We need to run a course to conscientize the market itself, we need to do this for two or three months. We can also do this via the research projects that our students do,” Rupere said.
He added that both the UZ and students are hopeful that the hackathon is not going to be a one-off event but the first of many more to come.
Enhancing Younger Generations’ Understanding and Skills
Shaheer Karrim, the founder of Mzansi Web3 Hub, told Bitcoin.com News that he is hopeful the educational initiatives his organization is currently undertaking in Southern Africa “will enhance the younger generations’ understanding and skills in blockchain technology.” They will also enhance “Africa’s active participation in the global digital revolution.”
Karrim also spoke of the ongoing role of the Internet Computer Protocol (ICP) in making blockchain technology popular not just in Southern Africa but across the continent. He said:
“The rise in blockchain technology adoption by African governments and corporates indicates a recognition of its potential to revolutionise various sectors. The Internet Computer Protocol, known for its advanced technological stack, is becoming increasingly popular worldwide.”
According to Karrim, teaching the continent’s future generations about blockchain technologies will ensure that African countries’ youth are well-prepared to benefit from “the impending digital revolution.” Confidence Nyirenda, the lead ambassador of Mzansi Web3 Hub in Zimbabwe, said the purpose of this and upcoming hackathons is to introduce the Internet Computer Protocol (ICP) to students.
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