A recent study has found that cryptocurrency ownership is associated with belief in conspiracy theories and “dark” personality traits such as narcissism, Machiavellianism, psychopathy, and sadism (collectively known as the “Dark Tetrad”). The research highlights the diverse political identities of crypto owners and their aversion to authoritarianism. Study Reveals Political and Psychological Traits of Cryptocurrency […]
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Number of Crypto Owners Globally Reached 580 Million in 2023, Report Shows
The number of global crypto owners surged 34% in 2023, reaching 580 million by December, a new report shows. In particular, bitcoin ownership surged 33% while Ethereum saw an even steeper rise of 39%. The report pinpoints the approval of spot bitcoin exchange-traded funds (ETFs) and the Bitcoin Ordinals protocol as key drivers of bitcoin adoption growth, alongside strong institutional interest.
Number of Global Cryptocurrency Owners Jumped 34% in 2023
Crypto trading platform Crypto.com published its annual Crypto Market Sizing Report on Monday. The firm explained that the number of crypto owners globally has notably risen despite several macro headwinds, including monetary tightening by Western central banks to curb inflation, ongoing conflicts in Europe and the Middle East, and the pandemic’s lingering impacts. Crypto.com detailed:
Global cryptocurrency owners increased by 34% in 2023, rising from 432 million in January to 580 million in December.
Specifically, “Bitcoin (BTC) owners grew by 33%, from 222 million in January to 296 million in December, accounting for 51% of global owners” and “Ethereum (ETH) owners grew by 39%, from 89 million in January to 124 million in December, accounting for 21% of global owners,” the report states.
“The main catalyst behind BTC’s adoption growth was the development in bitcoin exchange-traded funds (ETFs) and the introduction of the Bitcoin Ordinals protocol, which enabled non-fungible tokens (NFTs) and fungible tokens to be minted on the Bitcoin network,” the report explains.
Crypto.com further pointed out:
Strong interest from institutional investors also contributed to the increase in BTC’s adoption.
Regarding Ethereum, the report notes that “ETH’s adoption growth was mainly driven by liquid staking after Ethereum’s Shanghai Upgrade, which allowed the withdrawals of staked ETH after the transition to the Proof of Stake (PoS) blockchain.”
The U.S. Securities and Exchange Commission (SEC) approved 11 spot bitcoin ETFs on Jan. 10, including one from Grayscale, which converted its bitcoin trust (GBTC) into an ETF. Since launch, Grayscale has seen major outflows while several other spot bitcoin ETFs, particularly Blackrock’s Ishares Bitcoin Trust, have seen significant inflows.
What do you think about the number of crypto owners globally? Let us know in the comments section below.
Over 100 Physical Attacks on Bitcoin Owners Documented Since 2014, Research Reveals
In light of recent physical assaults targeting bitcoin owners, Jameson Lopp, co-founder of Casa, revealed a substantial list of such attacks on crypto holders, tracing back to 2014. Lopp’s research points out that the list, documenting over a hundred physical assaults, likely represents just a fraction of the actual incidents, as many go unreported and unnoticed by the public.
A Startling Report of Over 100 Physical Assaults on Crypto Owners
Recently, at the beginning of November, a report emerged about the abduction of executives from a Binance client, who were coerced into draining their cryptocurrency wallets. Days prior to this incident, a Swedish couple endured a violent ordeal where they were bound, assaulted, and ultimately compelled to relinquish their cryptocurrency assets.
Casa’s CTO, Jameson Lopp, who has been tracking physical assaults on bitcoin users, noted that there have been 16 such attacks in 2023. Lopp disseminated the list on the social media outlet X, remarking, “Did you know that over 100 physical attacks have been perpetrated against Bitcoiners? You can learn more at this historical archive I maintain.”
The list is extensive, yet Lopp emphasizes its limitations, noting that it “is not comprehensive” and pointing out that “many attacks are not publicly reported.” Additionally, the list encompasses “crypto asset owning entities,” which includes physical attacks on cryptocurrency automated teller machines (ATMs).
Lopp’s compilation clearly demonstrates a correlation between the rising value of bitcoin (BTC) and the surge in robberies and physical assaults. For instance, there was a solitary physical attack in 2014, involving the SWATting of computer scientist and early bitcoin advocate Hal Finney.
The attacks escalated in the following year, totaling five, and in 2016, four incidents were documented. The number soared during the 2017 bull run, with 12 attacks recorded within the year. Notably, 2018 saw a dramatic increase to 25 incidents, with eight occurring in January alone.
In 2019 and 2020, the frequency of physical attacks diminished, yet with the 2021 bull run, they surged to 35 incidents. The subsequent year, 2022, saw 26 such attacks documented in Lopp’s record.
These assaults encompass a range of tactics including home invasions, SWATting, abductions, mishandled in-person bitcoin trades, and raids on cryptocurrency mining facilities. Alongside the list, Lopp provides an educational resource titled “The Hodlguard- a primer on physical security in Bitcoin,” as well as slides for those seeking to enhance their security techniques.
What do you think about the list of physical attacks against crypto holders since 2014? Share your thoughts and opinions about this subject in the comments section below.
Economist Peter Schiff Says US Dollar Will Tank — Warns of USD Owners Getting Destroyed
Economist Peter Schiff has warned that the U.S. dollar will tank, taking the U.S. economy and the American standard of living down with it. Noting that everyone who owns U.S. dollars could “get destroyed,” he cautioned: “We are getting very close to a crash in Treasuries. That means the party will finally come to an end. The truth will be laid bare as the day of reckoning arrives with a vengeance.”
Peter Schiff on Treasuries Crashing, US Dollar Tanking
Economist and gold bug Peter Schiff warned about the state of the U.S. economy and the collapse of the U.S. dollar again this week.
“We are getting very close to a crash in Treasuries. That means the party will finally come to an end. The truth will be laid bare as the day of reckoning arrives with a vengeance,” he wrote on social media platform X Wednesday. The economist stressed:
The dollar will tank, taking the U.S. economy and the American standard of living down with it.
“U.S. Treasuries are now the ultimate risk asset, as losses are guaranteed,” Schiff warned in another X post. “There are only two possible outcomes, default & deflation, or devaluation & inflation,” he predicted, adding:
The latter option is more politically expedient, which means everyone who owns U.S. dollars will also get destroyed.
Schiff has warned about the collapse of the U.S. dollar many times. The economist detailed last week: “The primary use for U.S. dollars has been to buy Treasuries. But since the biggest buyers are now sellers, and the national debt and federal budget deficits are soaring, demand for dollars should collapse as well. Once the dollar starts falling, Treasury yields will rise faster.”
The gold bug expects no further interest rate hikes. “We’ve got war in the Middle East, so the Fed can’t raise rates with all that uncertainty out there. And maybe they’ll have to cut rates,” he recently said. Schiff has also repeatedly warned about an impending biggest bond market crash and an unprecedented financial crisis.
Do you agree with economist Peter Schiff about the U.S. dollar? Let us know in the comments section below.
Analyst Warns of US Dollar Collapse, Predicts Bitcoin Owners to Benefit
Global financial services firm Jefferies has warned of “the collapse of the U.S.-dollar paper standard to the benefit of both gold bullion owners and also owners of bitcoin.” He explained that the Federal Reserve, and other G7 central banks, “will not be able to exit from unconventional monetary policy in a benign manner and will ultimately remain committed to ongoing central bank balance-sheet expansion in one form or another.”
Bitcoin to Benefit From US Dollar Collapse, Analyst Says
Global investment bank Jefferies has cautioned about the potential collapse of the U.S. dollar, which could prove advantageous for bitcoin holders. Jefferies is a leading global, full-service investment banking and capital markets firm headquartered in the U.S. The firm operates across the Americas, Europe, the Middle East, and Asia Pacific.
In a note to investors published Wednesday, Chris Wood, Global Head of Equity Strategy at Jefferies, called bitcoin and gold “critical hedges” against currency debasement and diminishing returns from inflation. Wood has received several recognitions, including Best Strategist in 2020 in the Asia region by Asiamoney.
Wood explained that in addition to reducing its balance sheet, the Federal Reserve has been raising interest rates at an unprecedented pace in its efforts to tame soaring inflation. He believes that the Fed may be forced to abruptly adopt a dovish stance in the face of a U.S. recession as the central bank grapples with a trillion U.S. “debt death spiral.”
The Jefferies analyst warned: “G7 central banks, including most importantly the Federal Reserve, will not be able to exit from unconventional monetary policy in a benign manner and will ultimately remain committed to ongoing central bank balance-sheet expansion in one form or another.” He emphasized:
Such a failure to exit from unorthodox monetary policy in a benign manner is likely to culminate in the collapse of the U.S.-dollar paper standard to the benefit of both gold bullion owners and also owners of bitcoin.
Wood advised investors to regard their gold and bitcoin holdings as a type of insurance, rather than short-term trades. Additionally, he recommends that U.S. dollar-based long-term global investors, including pension funds, allocate 10% of their portfolios to BTC.
The analyst further described:
Bitcoin has now become investible for institutions, with custodian arrangements in place for digital assets, and represents an alternative store of value to gold.
Do you agree with Jefferies’ analyst about bitcoin and the potential U.S. dollar collapse? Let us know in the comments section below.
Game Boy Owners Can Soon Convert Iconic Devices Into Secure Hardware Wallets
In the near future, Game Boy owners will have the opportunity to convert their devices into a hardware wallet for cryptocurrencies. The project, known as the Game Wallet, was unveiled by Joseph Schiarizzi, a developer hailing from Keyp, a Web3 startup. By employing a physical cartridge, this innovation enables users to harness the power of their Nintendo Game Boy device as a secure cold storage wallet for crypto assets.
Keyp’s Game Wallet: Turning Game Boy Into a Secure Hardware Wallet for Cryptocurrencies
On May 19, Joseph Schiarizzi, a developer from the cryptocurrency company Keyp, unveiled a project he has crafted since the beginning of the year. Schiarizzi introduced a concept that utilizes a physical Game Boy cartridge, resulting in the creation of a “truly offline hardware wallet” that operates independently without the need for firmware updates. To support his innovation, Schiarizzi shared a tweet he published in January, showcasing a Game Boy game where the character can generate a seed, illustrating the potential of the endeavor.
“So we’re producing a real physical cartridge that lets you use your Game Boy as a cold storage wallet, generate mnemonic phrases and save them securely offline,” Schiarizzi tweeted. “No firmware updates ever. Randomness for generating the keys is introduced by the player as they walk around the world and complete fun quests, RPG style.”
Back in April 1989, Nintendo unleashed the 8-bit handheld gaming device known as the Game Boy in Japan. Fast forward to March 2021, and a Youtuber decided to push the boundaries of the Game Boy’s capabilities and released a video showcasing an audacious feat: mining bitcoin (BTC) using the iconic device. However, it quickly became apparent that the Game Boy’s humble processing power paled in comparison to today’s cutting-edge mining rigs. Another individual embarked on a similar venture in 2013, developing a Nintendo Entertainment System (NES) miner.
Although both mining experiments with the Game Boy and NES were intriguing and fun, their practical value (which was impractical in terms of mining) paled in comparison to something with actual utility. The Game Wallet project has even established a dedicated website, inviting visitors to sign up and stay informed about the availability of the initial batch of cartridges. The website further emphasizes the importance of offline functionality in safeguarding digital assets. The Game Wallet website states:
Devices that physically cannot connect to the internet are more secure by nature. A device that was created before cryptocurrency existed, that can never be attacked through digital phishing, and has been sitting on your shelf for 20 years is even better.
The Game Wallet news comes on the heels of recent criticism directed at Ledger’s new Ledger Recovery service. It also follows 1inch Network’s announcement of a new hardware wallet in January and Coinkite’s introduction of a “higher-end” Coldcard bitcoin wallet in February. According to the Game Wallet website, Schiarizzi’s project utilized the Assembly programming language used for Nintendo consoles and games.
“We converted an open source assembly implementation of the sha256 hashing algorithm used to generate cryptographic seed phrases based on BIP-39 into GBAssembly, the language all Game Boy games are programmed in,” the website details.
What do you think about the Game Wallet idea? Share your thoughts and join the discussion in the comments section below.
Coinbase States Infrastructure Bill Could Impact 60 Million American Crypto Owners
Coinbase’s global tax VP has condemned Congress’s controversial decision to introduce crypto tax provisions into the infrastructural bill. They warned that this bill might impact 20% of the U.S population, which is like 60 million Americans.
The VP of tax leveraged the rushed crypto provisions added to Congress’s bipartisan infrastructure bill. Lawrence Zlatkin slammed lawmakers at the last minute for hastily including amendments that can affect 60 million Americans.
Coinbase Global is an American company that operates a cryptocurrency exchange platform. It’s among the popular online brokers globally and currently supports traders from over 30 countries. Coinbase operates remote-first and lacks an official physical headquarters.
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A blog post made on August 21 aimed at the Bloomberg editorial article of August 19. The post also commended the crypto provisions for infrastructural bills.
However, Coinbase’s Global VP of tax, Zlatkin, also criticized no provision for public consultation regarding the legislation. He also estimated that about 20% of U.S. residents are into digital asset investment.
“About 60 million Americans own crypto today and this makes almost one-fifth of the total U.S. population. The entire populace including those Americans merits more discourse than midnight offers implemented at the dying minute.”
Coinbase Officials Claim Bill Is Unfavorable For The Crypto-Community
Lawrence Zlatkin accounts that resentment over the bill’s content extends beyond the scope of the crypto space. The massive public outcry estimates that nearly 80 thousand people had contacted senators in just some days.
The Coinbase global executive highlighted the general definition of a crypto-asset broker as contained in the bill.
This may inflict a strict requirement on the reporting process for software developers and network validators. As a result, these officials may be unable to meet their roles as contained in the bill with the new requirement.
So far bill mandates the software developers, stakers, and miners to do the impracticable, then they are bound to comply.
No practicing lawyer will support them to operate in violation of these laws and risk the penalty for not complying. The penalty for non-compliance that can easily render them bankrupt’ Coinbase executive said and added;
“This development will greatly affect innovation and restrain the emergence of important technology at the early stage of development. Tax policy is supposed to be deliberate and thoughtful, broad overreach is simply a regulatory error.’”
Lawrence Zlatkin also states that digital assets brokers should adopt a similar third-party reporting process as mainstream brokers.
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The infrastructure bill was issued to the Senate early this month. The populace hopes that there would be amendment opportunities on the legislation as the House plans to scrutinize it in a few months.
Featured image from Pixabay
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IRS Says Its Sending Warning Letters to US Cryptocurrency Owners
The IRS has begun contacting U.S. taxpayers, warning them about possible back taxes owed on their crypto holdings.
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21.5% Of Bitcoin Owners Are Hodlers Despite BTC Price Scares
- Bitcoin (BTC) sinks 5.1 percent in the last day
- Holders are steadfast, 21.5 percent of all BTC in circulation static in the last half a decade
In an independent research, Delphi Capital now reveals that holders are unmoved even by the recent Bull Run. Overly, it is a good sign that over 21.5 percent of all BTC in circulation are secure. It’s a sign of confidence, especially now that bulls are cooling off in a correction.
Bitcoin Price Analysis
Fundamentals
Coinciding with Yen, CHF and gold revival, Bitcoin’s rally was significant. Despite criticism, Bitcoin is gradually emerging as a reliable store of value regardless of historical price fluctuations.
Even though the same volatility tick traders, fund managers and the wealthy seeking safe refuge for their rightly accrued wealth are funneling their stash to Bitcoin. Timely entries could lead to extraordinary gains. On the other hand, buying the asset without a safety net could mean deep losses.
Nonetheless, what is attractive is Bitcoin’s stability. Secured by pitch-perfect distribution and decentralization, the network is robust and presently impervious. Add that to the trustlessness and the lack of intermediaries guaranteeing an autonomous system and that could explain the reason why 21.5 percent of all BTC in circulation are static, stored in a single address over the last five years.
A further 60 percent of all BTC, as per an analysis of UTXO (Unspent Transaction Output), are yet to be moved in the previous year. According to Delphi Capital, recent price swings also attracted new sellers. Outflows through to June also increased revealing that coin owners may be moving their stash offline in readiness of holding.
Candlestick Arrangements
Tumbling 5.1 percent from last week’s close, BTC sellers are in the driving seat. Although it is too early to draw conclusions, the temporary dip below ,500 hint of fractures. Moving on, and in sync with previous BTC/USD trade plans, every pullback is technically a selling opportunity in days ahead.
Because of yesterday’s drawdown, sellers have a chance. Risk-off traders can capitalize on across the board panic sells while aiming at ,500 and ,500.
Such a move will confirm the double bar bear reversal pattern of June 26 and 27, as price action seeks to strike equilibrium following the over-pricing of June 26. That is when prices spiked, closing above the upper Bollinger Band (BB) complete with surging trade volumes marking a climax.
Technical Indicators
Overall sentiment is shifting, and bears may reverse gains. Posting superior gains in the first half of the year, buyers will be back in control if there are upsurges above ,000. Accompanying this price rally must be high trading volumes exceeding 82k of June 26. On the flip side, dumps below ,500 reaffirming sellers ought to be with similar participation levels.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
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