Roger Stone, a seasoned Republican political strategist, lobbyist, and former adviser to Donald Trump’s campaign, has endorsed the meme coin TRUMP on X, sparking a 17% increase in its value amid a wider downturn in the cryptocurrency market. Meanwhile, the meme token BODEN experienced a 9% uptick against the U.S. dollar over the last 24 […]
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Stone Ridge’s 10k Bitcoin Bet Shows Changing Sentiment of Corporate America
New York-based asset managers Stone Ridge confirms 10k Bitcoin (5 million) holding in its treasury.
Stone Ridge purchased the Bitcoin via subsidiary firm New York Digital Investment Group (NYDIG), one of the few companies with a BitLicense issued by the New York State Department of Financial Services (NYSDFS).
Stone Ridge becomes the latest high profile corporation to announce a move into Bitcoin.
MicroStrategy broke the internet last month when it announced a change in its treasury policy to include Bitcoin. To date, it has converted 5 million of cash into BTC.
Not to be outdone, Jack Dorsey’s Square soon followed. They announced spending million in making the switch.
The U.S Economy is on the Ropes
It doesn’t take a genius to know that the macroeconomic picture looks bleak. In response to the downturn, the Federal Reserve has come out, all guns blazing, by adding a total of trillion to the money supply.
At the start of 2020, the Fed’s total assets came to a little over .1 trillion. Since then, the Fed’s reckless spending has ballooned its balance sheet to trillion, a 71% increase in ten months.
Source: federalreserve.gov
The knock-on effects of an out of control balance sheet have yet to be fully felt. But critical metrics, including debt-to-GDP, give insight into what is coming.
Debt-to-GDP measures a country’s public debt against its gross domestic product (monetary value of what the country generates in finished goods and services.)
A country that is able to service the interest on its debt is considered stable. However, a high debt-to-GDP ratio (anything over 100) indicates trouble paying off external debt.
The latest data from the IMF shows the U.S. has a debt-to-GDP of 131.07. Of the developed nations, only Portugal (134.95), Italy (155.54), Greece (200.75), and Japan (251.91) are greater.
Source: imf.org
As such, Bitcoin is starting to gain wider public attention on the grounds of it being a deflationary and scarce asset.
Bitcoin Hailed as the Answer to Dire Economic Woes
A ballooning Fed balance sheet and high debt-to-GDP ratio are facts that have not escaped the attention of corporate America.
On that, MicroStrategy CEO Michael Saylor spoke candidly about his inflation concerns. But more than that, during these uncertain times, Saylor simply sees Bitcoin as better than cash.
“MicroStrategy has recognized Bitcoin as a legitimate investment asset that can be superior to cash and accordingly has made Bitcoin the principal holding in its treasury reserve strategy.”
What’s more, with no solution in sight, Saylor believes the floodgates have opened, and more corporations will eventually make the move into Bitcoin.
As the trillions of dollars on the balance sheets of banks, asset managers, insurance firms, endowments, & family offices begin their migration to the #Bitcoin universe, they will need firms like NYDIG to guide them. billion down, more to go.https://t.co/YObDOGTX7Y
— Michael Saylor (@michael_saylor) October 13, 2020
MicroStrategy was the first listed firm to buy BTC with corporate funds. Although some shareholders voiced their concerns with that, the market did not. MicroStrategy shares are up 20% since the Bitcoin bombshell was dropped last month.
As the macro picture continues to deteriorate, it’s hard to believe that boardrooms of cash-rich firms are not discussing Bitcoin right now.
Source: BTCUSDT on TradingView.com
Stone Ridge Wants Bitcoin Futures to Join List of Investment Vehicles
New Yorkbased Stone Ridge Asset Management has filed to launch a bitcoin futures fund, vying to add to the growing list of investment vehicles now offered.nThe post Stone Ridge Wants Bitcoin Futures to Join List of Investment Vehicles appeared first on Bitcoin Magazine.n
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(Despite the Hard Fork and Historic Block Size increase, Bitcoin Cash is Spineless and dropping Like a Stone) Bitcoin Cash (BCH) Technical Analysis: May 12, 2018
Undoubtedly, the crypto market is fighting from an on-slaughter. Bears are baying for blood! Despite their May 15 hard fork, Bitcoin Cash isn’t finding any reprieve and so far it is down 20 percent week over week. In the last 24 hours alone, price erosion exceeds 15 percent. It might be a correction yes, but at the moment it a beautiful Picasso showing how Bitcoin Cash sellers are marauding, staking any attempts of bull pressure.
From the News
Roger Ver, the Crypto evangelist many Bitcoin Core supporters love to hate won’t stop pitching his beloved coin. He still insists that it’s a better currency and therefore a better store of value that Bitcoin Core. Now, if you have been tracking this guy for sometimes then you will realize that this is the umpteenth time he his saying so. Will repetition come to pass someday? Well, maybe, maybe not. What we know for sure is that Bitcoin Cash shall be forking once more.
However, this time since it shall be done at MTP time, there is no need to track block height. We anticipate this upgrade to take place on Tuesday, May 15 and there, the block size would be hiked to 32 MB from 8MB making it that largest ever block size increment in the world. Besides, their protocol data carrier sizes shall be increased to 220 bytes.
If you are a Bitcoin Cash full node or miner, please update, if not then you better stay on the side line and watch. Before the fork begins, full nodes should upgrade their clients to the 32 MB supporting Bitcoin ABC 0.17.1 version.
So, while speculations are rife that this upgrade shall increase Bitcoin Cash transaction throughput and fees, will this boost prices after the fork? Or, will it even be successful in the first place regardless of Bitcoin Cash staunch following in Korea and Japan? Let’s wait and see!
Bitcoin Cash (BCHUSD) Technical Analysis
Weekly Chart
Unless a miracle happen, Bitcoin Cash shall end up with a conspicuous double bar bear reversal pattern right at the middle BB, a resistance line. That’s a fact! So, despite that stochastic buy signal turning from deep the oversold territory, the general sentiment is bearish.
Bitcoin Cash prices are down 18 percent in the last 24 hours and 20 percent in the last 7 days effectively reversing week ending May 7 gains. At this rate, we shall be aiming for take profit targets at 00 and 0. Many didn’t expect this to happen and advised by this, we shall be looking for sells in lower time frames.
Daily Chart
Like the weekly chart, the depreciation is real but not as wholesome. Bears are stepping on the gas and the result has been that clear break below the middle BB. Inevitably, this means sellers are in charge and it means we shall be trading a bearish break out pattern.
So, building on to the bearish engulfing pattern we are seeing in the weekly chart, immediate targets is at 00, there we might see a reaction and a bounce back to 00 or so before bears resume their pressure with targets we mentioned earlier.
The post (Despite the Hard Fork and Historic Block Size increase, Bitcoin Cash is Spineless and dropping Like a Stone) Bitcoin Cash (BCH) Technical Analysis: May 12, 2018 appeared first on NewsBTC.