Two U.S. Senators, Elizabeth Warren and Bill Cassidy, have asked the Biden adminstration to furnish them with updates on what the U.S. government is doing to curb the use of crypto in fentanyl trafficking. According to Warren and Cassidy, decentralized crypto exchange platforms are enabling the trafficking of Chinese-supplied fentanyl precursors. U.S. Senators Link Crypto […]
Bitcoin News
MasterCard Coming To XRP? Prominent Developer Teases Major Upgrade
XRP investors may be looking at one of the most important upgrades yet according to a prominent developer in the community. This was revealed by the lead developer of one of the major projects building on the XRP Ledger, hinting that a MasterCard integration may be coming.
Bringing MasterCard, Self-Custody, And More To XRP
In a post that was shared on X (formerly Twitter), Xumm Wallet lead developer Wietse Wind excitedly announced to the community that self-custody is on the way. The announcement featured a screenshot that showed the option to make purchases with prepaid XRP, a feature that is yet to drop.
“Right on time for the holidays: the gift of self custody. Xumm @Tangem NFC hardware wallets: ordered with optional pre-paid XRP to cover the account reserve & an additional 50$ in XRP (no KYC). Full announcement & details: upcoming week,” the developer said.
This sparked a lot of excitement in the community but these also came with questions. One X user asked if users would be able to link a credit card to their Xumm wallet to make purchases. The developer responded by saying “These are hardware wallets, they don’t work @ terminals and ATMs.”
However, in a follow-up, the user declared “Debit cards and Xumm is all I want.” To which Wietse Wind responded that they are working on it. “Debit MasterCard, self custody, card authorization with custom on ledger limits on your account using a Hook,” Wietse Wind revealed.
Working on this.
Debit MasterCard, self custody, card authorization with custom on ledger limits on your account using a Hook. https://t.co/BOlFKlddzx
— WietseWind (+ Xumm @ XRPL Labs) (@WietseWind) November 26, 2023
Concerns About Card Fees
Following Wietse Wind’s announcement that the team was working on bringing MasterCard integration to the XRP wallet, questions flowed as community members sought out clarifications on what this could mean. One particularly recurring theme was card fees which users have come to loathe.
One user John Mcclain implored the team to not have a +1% fee on charges, referencing the charges by another prominent payment platform in the XRP space, Uphold, which the user says charges a high fee. According to them, “This can really add up quick!”
Moving to allay worries, Wietse Wind reminded users that using credit and debit cards means that there will be fees attached. This is because this is how these cards work, and also “that’s how they are able to insure, give cash backs, and make tremendous amounts of money.”
However, this problem does not seem to be alien to the Xumm team as the developer revealed that running entirely separate rails would be beneficial in addressing the fees issue. But for now, “we’ll have to address the chicken/egg problem over and over again.”
Mind Network Secures $2․5 Million in Initial Funding From Binance Labs and Other Prominent Venture Capitalists
PRESS RELEASE. Mind Network, an innovative platform leading the way in data security and privacy within the Web3 ecosystem, is delighted to announce the successful completion of its initial funding round, raising .5 million. Binance Labs, Comma3 Ventures, SevenX Ventures, HashKey Capital, Big Brain Holdings, Arweave SCP Ventures, Mandala Capital, and other notable investors participated in the funding round.
Mind Network has emerged as a frontrunner in the Web3 arena, providing users with end-to-end encryption and granting them full control over their personal data, financial transactions, and user interactions. By incorporating the principles of Zero Trust Security, Zero Knowledge Proof, and proprietary Adaptive Fully Homomorphic Encryption techniques, the platform ensures robust protection and access control within the decentralized ecosystem.
“We are extremely pleased to receive the support and confidence of such esteemed investors,” stated Mason, representing Mind Network. “This funding will enable us to further develop our groundbreaking technology and accelerate the adoption of our platform across various industries, ensuring worldwide data privacy and ownership for our users.”
As a participant in Binance Incubation Program Season 5, Mind Network has benefited from the expertise and guidance of Binance Labs, the VC and incubation arm of Binance. Moreover, the company has been chosen to be part of the prestigious Chainlink BUILD Program, reaffirming its commitment to establishing a Web3 ecosystem centered around data privacy and ownership.
“We are excited to welcome Mind Network to our ecosystem,” commented Oliver Birch, Global Head of Chainlink BUILD. “Their innovative approach to data security aligns with our mission, and we eagerly anticipate collaborating with them to shape the future of decentralized applications.”
Mind Network has formed strategic partnerships with industry giants, including Chainlink, Consensys, and Arweave, providing a solid foundation for the platform’s growth. These partnerships have also facilitated early support from global banks, insurance companies, and various dApps and protocols.
Mind Network has assembled a formidable team comprising accomplished leaders in their respective fields. The CTO, George, previously conducted research at Cambridge University, and the United Kingdom government and high-street banks have adopted his cryptographic findings. Dennis, the CSO, made history as the first white hat hacker to breach Tesla’s security in 2014. The remainder of the team consists of serial entrepreneurs, award-winning scientists, and Web3 marketing veterans.
With the successful completion of the seed funding round and the ongoing support from its partners and investors, Mind Network is well-positioned to advance its mission of enhancing data security, privacy, and ownership in the Web3 era.
To find out more about Mind Network and its groundbreaking technology, please visit:
Website: https://mindnetwork.xyz/
Twitter: https://twitter.com/mindnetwork_xyz
Medium: https://mindnetwork.medium.com/
Gitbook: https://mind-network.gitbook.io/mindnetwork/
Discord: https://discord.gg/UYj94MJdGJ
Telegram: https://t.me/MindNetwork_xyz
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Prominent Investors Bankroll P2E Project Founded by Gaming Veterans
The wave of recent cryptocurrency gaming projects has attracted significant investment, as both digital-facing and traditional venture capitalists have bet big on play-to-earn and NFTs. It’s not just financiers either: gaming studio Ubisoft, the company behind Assassin’s Creed and Far Cry, just led a million investment in White Start Capital’s new Digital Asset Fund, much of which is certain to flow into the burgeoning gamefi space.
Blockchain games deployed on mobile and desktop are increasingly viewed as an accessible gateway to crypto, a means by which the industry can onboard mainstream users who’ve never owned a Web3 wallet. Titles such as Wonderman Nation, a forthcoming release from the experienced Alt Shift Games studio, promise to furnish players with a riveting experience that combines slick game mechanics and endless earning opportunities. Little wonder this particular project has already won interest from some of the industry’s best-known investors…
Tokens Galore
Ahead of its public token launch later this month, Wonderman Nation has received the backing of multiple high-profile VCs including Shima Capital, Jump Capital, Chainboost, Sky Vision Capital and ZBS Capital.
The likes of Maven Capital, Fomocraft Ventures, Formless Capital, Bitfrost Ventures and AU21 Capital have also thrown their support behind the venture, and in so doing have endorsed its Axie Infinity-esque P2E dual-token ecosystem. NFT game Axie generated a cool .3 billion in revenue last year, with players praising its addictive breed-and-battle gameplay.
Gamefi, like crypto, is a numbers game. But not all players necessarily expect a ‘return on investment’: those entering the space from the traditional gaming world ultimately want to be entertained. Nevertheless, blockchain-based gaming ventures like Wonderman Nation need to raise capital to build a passionate community and ensure a stable ecosystem. To date, the project has raised .6 million from the aforementioned VCs with a second private round for Key Opinion Leaders and other strategic partners to follow. Retail users, for their part, raised a healthy 8k during a short but impactful marketing campaign late last year.
The next important date in the calendar is April 21, when an allocation of WNDR governance tokens will be made available to investors via the ChainBoost incubator. In total, some 0,000 will be raised via the protocol’s so-called Boostpad. Then, a week later, another, larger sale (0k) will commence on Polkastarter. The same day, April 28, a third sale will occur on Blockius, the IDO launchpad formally known as BlockPad. With this final public round, Wonderman Nation will raise 7k, for a total public round raise of .287m.
All of which is to say that Wonderman Nation is well placed to make a major impact when it launches later this year.
Why Wonderman?
So, what’s all the fuss about? In a nutshell, Wonderman Nation is a fun, cartoonised game powered by a player-owned economy. Said to combine elements of CryptoKitties, Final Fantasy and Axie Infinity, the project leverages the collective expertise of a developer team whose resumé includes works on popular releases like Zelda, Far Cry, Star Wars, LA Noire, Warhammer and Dungeons and Dragons.
Even a rockstar team needs a frontman, though, and Creative Director Garth Midgley is the man at the helm. Having worked with the world’s biggest publishers (Nintendo, Ubisoft, Atari), Midgley is quietly confident that the game will bring a freshness to the fast-growing gamefi industry.
Wonderman Nation gives players the opportunity to turn their skilful gameplay into rich rewards, whether they’re exploring, battling or breeding colourful creatures (Arcadians) that can be traded on the open market. Interestingly, Arcadians aren’t the only creatures that players can bring into the world: by venturing to new planets and moons, they can unearth mystical new species which can be cross-bred with Arcadians to create highly rare critter NFTs. Gamers can also discover, earn and trade commodities such as food items, which are required to feed hungry Arcadians.
With a preponderance of token utility use cases, a gifted developer team, and no shortage of experienced investors, Wonderman Nation is just one of several promising blockchain games hinting at a bright new future for crypto. Let the games begin.
The Most Prominent NFT Platforms and Their Tokens
NFT technology is gaining momentum and conquering new markets, so new platforms offer services for the creation, purchase, and sale of NFT tokens. The NFT industry already has millions of dollars. It attracts new artists, musicians, and other creative people who want to earn money and protect their artworks. That is why we will consider which platforms and tokens should be invested in next year.
What is NFT?
NFT is a non-fungible token, often known as a one-of-a-kind token. NFTs operate on the blockchain and initially debuted on the Ethereum system in 2017. The blockchain is a database of records, and NFT is one of them. Tokens of this type, like any cryptocurrency, may be saved in your cryptocurrency wallet and used to transact, buy, and sell. What makes NFTs unique, they cannot be divided or substituted with another token. Additionally, only one person has the ownership rights for a particular NFT. Now let’s take a look at the most prominent NFT platforms which will suit you as a newbie.
NFT Bunny
Whether you are a creator or a collector, NFT Bunny will perfectly fit your needs. First of all, it is essential to mention that the platform mimics social networks where each user has a social profile and can communicate with users as in other social media. Therefore, NFT Bunny stimulates the creation of new linkages and helps its users to expand their network. If you are new to this sphere, you can find like-minded participants and fruitful collaborations right on the platform.
In addition, NFT Bunny provides low fees and commissions to its users. The NFT creator will get 96% of the total transaction value of the NFT sale, excluding gas expenses, which will be at the creator’s liability during the coining phase and at the NFT buyer’s expense during the sale phase. As NFT Bunny uses a range of networks like Ethereum, Polygon, and BSC, it provides opportunities to minimize the fees to zero (for instance, with minting on Polygon).
BUN
The NFT Bunny Token named BUN is a token built on top of the Ethereum blockchain. As soon as the token is launched, it will be convertible directly on the platform.
You will have a set of benefits if you keep BUN tokens:
- You will be able to receive donations and support from your fans in BUN without any fees. This system encourages both artists and users of the platform.
- It is also extremely convenient that all services offered on the NFT Bunny platform can be purchased using the BUN token.
- You will also be able to get a loan using your NFT as collateral or to use the BUN token, and you will have access to favorable and exclusive conditions.
- Use the BUN token to buy and sell NFT on the large-scale market of the platform.
- Thanks to the BUN token, every user can create their own creative and amazing NFT in a few clicks.
- BUN token holders will be the driving force behind the evolution of the platform itself. They will be able to choose the best ideas that will be integrated into the website.
- Token holders also get access to a liquidity pool to get more bonuses and amazing gifts, rock-bottom fees, and access to exclusive features.
Token Sale
It is important to note that Flash Round was held on the 5th of December, and it took 3 hours only to sell all the coins at a fair price. There was a limited number of tokens available with discounts for investors. Moreover, the 24th Seed Round on the 6th of December had a stunning success as was the first round of the private sale that closed on Sunday, December 12.
The second private sale is ongoing and it will last until December 17 and will provide participants with a 64% discount. Benefits: Silver Bunny NFT with a 10% discount on all platform services and a 1.1x multiplier on all staking rewards.
The last private sale 3 will be held from December 17 to 22 and provide an opportunity to purchase a token with a 52% discount. Benefits: Bronze Bunny NFT with a 5% discount on all platform services and a 1.1x multiplier on all staking rewards.
Take part in the sale. You just need to subscribe to the form and receive an email from the team to formalize the offer. Check out all the details on NFT Bunny.
The entire public will have an opportunity to purchase this token shortly after the pre-sale concludes.
Binance NFT
Binance NFT is a platform created within the Binance exchange, designed to buy and sell collectibles and other artworks. The platform is based on the Binance Smart Chain and, due to the popularity of the exchange and the extensive community, offers high liquidity.
Binance Coin (BNB)
This cryptocurrency serves as a digital fuel fueling the Binance ecosystem. The coin allows you to reduce fees, and it can be exchanged easily. So, taking the Binance ecosystem into consideration, you see that launching an internal token was very expedient.
BakerySwap
BakerySwap is a digital platform that specializes in decentralized finance and NFT trading. This is a key automated market maker built on the Binance Smart Chain. BakerySwap offers a simple process of creating and selling your artworks to its users. All transactions on this platform are carried out thanks to BAKE tokens.
BAKE
The BAKE token (BEP-20 standard) is a native BakerySwap management token. Liquidity providers receive BAKE tokens as a reward. In addition, BAKE can be used to receive a percentage of transaction fees and to have a right to vote.
SuperRare
If you are looking for something truly exclusive and unique, SuperRare would be one of your choices. It has a minimalistic and convenient interface, which is quite easy to use. SuperRare is a social platform that encourages communication, creation, and collection of NFT art.
If you plan to publish your artwork on SuperRare, the platform requires NFTs to be submitted and approved before they can be listed.
As an NFT creator, you will receive 85% of the total sale price of any artwork you sell. Buyers will be charged a 3% commission for each transaction. The platform provides a royalty program through which NFT creators receive 10% of any secondary sales of their work.
RARE
To scale up and take advantage of the true power of web3, SuperRare is embarking on a path of gradual decentralization – eventually shifting ownership and managing the network to the community.
As the network develops, SuperRare Labs plans to offer gifts for active participants. RARE will provide the community with the management of fees, the whole ecosystem, and grants.
Rarible
It is a Russian-based platform that gained popularity around the world. Using a native RARI token, artists can create and sell their works on the website. Another important difference is the opportunity for authors to receive a reward in case their artworks were resold. It has one of the highest trading volumes among all NFT marketplaces at the moment.
You can sign up for free on the platform. You need to pay an Ethereum network fee – $ 30-100 for each artwork published there.
RARI
RARI is a native token of Rarible. Users can earn these tokens for various actions on the platform, such as buying/selling works of art or collectibles.
The RARI token gives holders the right to decide on system updates on Rarible and select the content accessible on the platform.
Photo by Shubham Dhage on Unsplash
NewsBTC
Prominent DeFi Coin Pickle Finance Plunges 50% in Wake of Attack
Holders of Pickle Finance’s native coin PICKLE are currently suffering from a 50% drawdown after the protocol was attacked by an unknown user. Details are still unclear about the attack but the loss of funds has resulted in users pulling their liquidity and selling the cryptocurrency en-masse.
PICKLE is down to .50 as of this article’s writing, just under 50% below where it was 24 hours ago. This makes it one of the worst-performing cryptocurrencies of the past 24 hours. Only bad performers include yAxis and Yield Wars, which both are tangentially related to Pickle.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
What Happened With Pickle?
Approximately three hours ago, analysts noticed a suspicious transaction involving Pickle Finance’s pDAI Jar, which invests users’ DAI to earn regular returns paid out in DAI.
The transaction involved a complex Ethereum contract, coupled with m worth of DAI that got sent to an address that was not a contract.
It appears to be a bug related to Pickle’s Swap Jar functionality, which allows yield farming strategies to be swapped. The issue was that there apparently was no check to ensure that the Jar the funds were being swapped into was not malicious.
This resulted in the removal of m from the contract. It is currently unclear what the attacker will do the funds, though there are some that have attempted to contact the attacker to try and get their money back.
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin
Many DeFi Exploits
This is the latest in many recent DeFi exploits.
Previous attacks included those on Harvest Finance, Value DeFi, Akropolis’ Delphi yield farming pool, and a number of others.
Many believe it is still too early to suggest that this space is ready for mainstream adoption with the number of attacks that have taken place recently.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: pickle, pickleusd, pickleeth Charts from TradingView.com Prominent DeFi Coin Pickle Finance Plunges 50% in Wake of Attack
Prominent ICO Filecoin (FIL) Dives 30% as Short Exposure Explodes
Yesterday, after years of waiting, Filecoin (FIL) finally launched, Funded by legendary venture capital companies like Sequoia Capital, Andreessen Horowitz, and Union Square Ventures, the project is a blockchain-based data storage and data recovery network. Users can pay FIL to store their files on secure storage miners, which facilitate the network.
The project, like many other hyped-up coins, launched at absurd valuations. The cryptocurrency quickly spiked above 0 on the exchanges that supported it, meaning it had a fully-diluted market capitalization in excess of 0 billion — yes 0 billion.
Filecoin has begun to crash as investors have realized that it may be overvalued on a long-term basis. Short positions have been opened en-masse, driving the coin dramatically lower on futures exchanges such as Binance and FTX.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
Filecoin Crashes on Top Exchanges
Filecoin has crashed dramatically since trading began yesterday on top exchanges such as Kraken, FTX, Binance, and many other exchanges. The coin is down 35% in the past 24 hours as per CoinGecko, but down over 75% from its all-time highs set during the FOMO period yesterday.
Chart of FIL's price action over the past day. Source: FILUSD from TradingView.com (Kraken data)
It appears that Binance is catalyzing much of the selling pressure.
Analysts have noted that Filecoin futures on the exchange are being shorted en-masse because the funding rate limit of -0.75% per eight hours has been reached. This means that investors can short the asset at a relatively low cost relative to other exchanges, where the funding rate cap may be even lower. This mass shorting is thus driving the cryptocurrency lower.
It’s worth noting that there is a short squeeze taking place. FIL futures on Binance have jumped around 30% since the daily lows, with shorts finally getting squeezed out of their positions.
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin
Where Will the Bottom Be?
While a short squeeze is taking place, analysts aren’t betting on a long-term rally for FIL. Brian “Ledger Status” Krogsgard recently noted that there are two billion FIL coins that will meet the market over time, making it illogical that the prices in the -100 region will last for long.
There are 2 billion $fil that will meet circulation over time.
Every single investor LOVES these prices. Filecoin is playing hot potato before a very long and painful march down. Beware.
— Impermanent Capital (@ledgerstatus) October 15, 2020
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: FILUSD, FILBTC, FILETH Charts from TradingView.com Prominent ICO Filecoin (FIL) Dives 30% as Short Exposure Explodes
OKEx Creates a Milestone by Listing Four Prominent DeFi Projects in One Week
The second week of August 2020 has been one of the most exciting weeks for the DeFi ecosystem, following the list of four prominent tokens on global crypto spot and derivatives exchange OKEx. The latest DeFi token to be listed on the platform is Curve Finance’s CRV governance token which became available for spot trading against USDT on August 14th, at 4 AM followed by extension of support for BTC and ETH an hour later. The remaining three DeFi tokens listed on OKEx in the past week include Aave (LEND), Aragon (ANT), and Serum (SRM).
Curve Finance is one of the youngest projects to have its token listed on OKEx. Launched in January 2020, it is a decentralized exchange platform that specializes in facilitating low slippage swaps of tokens with similar prices – Stablecoins. The platform is also known for low slippage, low fees, and interest on fees from token swaps for liquidity providers. The Curve platform has a locked value of 6.79 million which makes it the top DEX project and the fifth largest in the DeFi space. It is also worth noting that Curve Finance has integrations with other DeFi protocols like Compound, Yearn.finance and more.
The CEO of OKEx Jay Hao, welcoming CRV to the platform said, “To a certain extent, the emergence of Curve indicates that DeFi has entered a new stage of development. We’re seeing DEXs make important progress and provide users with the much-needed liquidity that was previously missing in the space. We’re also seeing the real potential of yield farming as investors seek to generate the highest returns on their assets. We’re extremely glad to support such innovations and be the first exchange to list the CRV token.”
Curve offers some of the highest annual percentage yields (APYs) in the DeFi space.
Further Mr. Hao added, “OKEx is very optimistic about the potential of DeFi, especially with the continuous development of blockchain technology. We believe that there will be many more decentralized finance applications beyond people’s imaginations in the future, and OKEx is very happy to cooperate with them.”
The Serum (SRM) token listing and spot trading against BTC and USDT went live at 5:00 AM UTC on August 14th, an hour after the launch of CRV spot trading. The serum protocol is the world’s first completely decentralized derivatives exchange offering trustless cross-chain trading. To mark the milestone, OKEx also launched the Net Buy Contest with a prize pool of 30,000 SRM. The content will go on until 4:00 AM UTC, August 23rd.
The total number of DeFi projects listed on OKEx now stands at sixteen, which is set to increase further soon.
Prominent Trader Suggests Bitcoin Could Soon Hit $15,000 by “Following Gold”
In the past few minutes, Bitcoin has crossed above ,000 once again after consolidating at ,900 for multiple hours. While it isn’t yet clear if BTC has flipped ,000 into support, a prominent stock/futures trader is expecting a bigger breakout in the weeks and months ahead.
This analyst went as far as to say that there’s a good likelihood BTC trades at ,000 by the end of the year.
Bitcoin Could Soon Surge Towards ,000: Analyst
It’s been an explosive past few months for the gold market. Since the start of the year, an ounce of the precious metal has gained approximately 25%, surging from approximately ,500 to ,916 as of this article’s writing. This is just dollars short of gold’s all-time high price.
According to Adam Mancini, a popular futures trader with over 50,000 followers, Bitcoin could soon follow gold higher. Arguing that BTC following the footsteps of gold will lead to a move to ,000, then beyond, the analyst wrote:
“Bitcoin $BTCUSD is setting up for a move – likely to follow in $GOLD’s footsteps. We’re coiling into a multi-year triangle, and these don’t resolve with small moves. Given the trend entering this pattern was up, this should resolve the same way with 15k then 24k targets.”
BTC price chart from tradingView.com. Macro analysis by trader Adam Mancini (@adammancini4 on Twitter).
Mancini is followed by other prominent traders in and outside of the cryptocurrency space, such as Peter Brandt, Steve Burns, and Bob Loukas.
He isn’t the only one expecting Bitcoin could soon visit the region around ,000.
The same analyst who predicted that BTC would undergo a V-shaped reversal at the ,000 lows recently opined:
“A fair amount of ‘19/20 Bitcoin accumulation is happening by whales who bought the alt bottom My $BTC best guess for remainder of year: Parabolic 17K rally as alts hit distribution range followed by market wide shakeout, retest of 10.5K and grind to ATH Result: uber rektness.”
As reported by NewsBTC previously, this commentator said that Bitcoin is currently resembling the price action of the Nasdaq after the 2008 Great Recession. His fractal analysis predicts that BTC will hit ,000 in 2020.
Not Everyone Is Convinced a Bull Run Is Here
While the recent price action has been impressive, not everyone is convinced the bull run is here.
Bob Loukas, an analyst that has been covering the Bitcoin price for years, recently commented:
“Continue to believe in bullish accumulation #bitcoin. Timing ripe (new cycle) for significant move higher here. Cannot rule out another 40day consolidation though, which ends with sharp V pattern from k’s or a volatility surge. Sorry to those looking for exact prediction.”
Analysis of Bitcoin's price action over the past year by analyst Bob Loukas (@BobLoukas on Twitter). Chart from TradingView.com
Once Bitcoin breaks past ,500, though, most analysts have said that they will flip any bearish bias.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from tradingView.com Prominent Trader Suggests Bitcoin Could Soon Hit ,000 by "Following Gold"
Why One Prominent Chess Grandmaster is Bullish on Bitcoin Adoption
Bitcoin could be an integral piece to progressing the game of life, according to chess grandmaster Garry Kasparov.
In a recent interview, the man widely considered to be one of the greatest chess players ever lauded Bitcoin, explaining that the decentralized digital currency is helping individuals to maintain personal privacy and liberty.
He also explained that he believes it is only a matter of time before Bitcoin and other digital currencies garner greater mainstream adoption.
Chess Grandmaster: Bitcoin a Solution to Out-of-Control Money Printing
Garry Kasparov recently sat down with Forbes to share his thoughts on Bitcoin and blockchain technology.
The chess grandmaster has long been an advocate of the nascent technology, as the credos underpinning it are in-line with the initiatives he is working with – including the Human Rights Foundation and the Renew Democracy Initiative.
Kasparov explained in the interview that although the state has a right to issue currency, people need to have a backup to turn to when money printing gets out of hand.
He believes this backup option should be BTC.
“The good thing about bitcoin is that you know exactly the number — the magic number of 21 million… But when you look at the other side, the Fed for instance, you never know how many trillions of dollars will appear on the market tomorrow that will damage your savings.”
He further added that fears surrounding Bitcoin being a currency for criminals are far overstated and that the upsides it offers far outweigh any potential downsides.
“When we look at the opposite hand, we see many upsides of cryptocurrencies starting with bitcoin…because it allows for more personal control for individuals at a time where more and more of elements of our lives are controlled either by the state, corporations or outside parties.”
Why Kasparov Thinks BTC Adoption is Inevitable
While speaking about the future of the cryptocurrency, Kasparov offered an optimistic viewpoint, noting that he believes a growing demand for privacy could be the flame that ignites widespread Bitcoin adoptions.
On this point, he said that “people are recognizing that so many elements of our lives are now screened,” adding that they will eventually flock to anything that can offer a haven of privacy.
He also pointed to the growing trend of a populist desire for a power shift away from institutions and back into the hands of individuals.
“That’s why I think the steady rise in popularity of bitcoin and other cryptocurrencies and blockchain technology as a concept is inevitable,” he said.
Featured image from Unsplash.