Mauricio Di Bartolomeo, co-founder and CSO of Ledn, a Canada-based bitcoin lending platform, stated that Latam citizens are shifting to elect governments supporting bitcoin as a better money alternative. In an interview with Bitcoin News, Di Bartolomeo stressed that presidents like Bukele in El Salvador and Milei in Argentina have shown Latam that proposals including […]
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Billionaire Tim Draper Doubles Down on Bitcoin — Foresees Moment When People Won’t Want Dollars Anymore
Billionaire venture capitalist Tim Draper has doubled down on bitcoin and his price prediction of the crypto. “I think that there’s going to be a moment where there’s a run on the banks,” he cautioned, adding: “I actually think that there will be a moment in time when I can buy my food, clothing, and shelter all in bitcoin. And people won’t want dollars anymore.”
Tim Draper on Government and Bitcoin
Billionaire venture capitalist Tim Draper discussed his bitcoin outlook in an interview with Bloomberg on Tuesday. Draper is famous for his 0,000 bitcoin price prediction. When the price of BTC was 0, he predicted that it would take four years for it to reach 0K. Draper admitted that his prediction missed the mark because he underestimated several crucial factors.
“A few things I didn’t expect. I didn’t expect the U.S. government to be so paranoid about it [bitcoin]. I expected the U.S. government to figure out how to tax it and figure out how to allow people to do business with bitcoin as their base currency. And it’s happened in a number of other countries, and that’s why bitcoin is doing so well … So I miscalculated on how … scared the government, the U.S. government was,” Draper detailed, emphasizing:
And now, they realize that bitcoin’s actually better for everyone.
“It keeps perfect records,” he elaborated, noting that criminals who used bitcoin “were all caught, so using dollars is probably better for a criminal.”
Draper further shared: “I think that there’s going to be a moment where there’s a run on the banks the way after the Civil War there was a run on Confederate money, and there was a run on the Greek drachma and a run on the French franc when they became a part of the euro.” In conclusion, the billionaire investor opined:
I actually think that there will be a moment in time when I can buy my food, clothing, and shelter all in bitcoin. And people won’t want dollars anymore.
Do you agree with Tim Draper about bitcoin? Let us know in the comments section below.
Bitcoin Breaks Through Securities Barrier: Registered Funds Want Exposure To BTC
An interesting trend looks to be developing among institutional players as their interest in the flagship cryptocurrency, Bitcoin, continues to rise. This interest has in no small way been thanks to the frenzy around the Spot Bitcoin ETFs, which could be approved sooner than later.
Other ETFs Considering Bitcoin As An Investment Option
Crypto commentator and music producer Marty Party recently drew the crypto community’s attention to an emerging trend among fund managers and their ETFs. He noted how these asset managers are amending the prospectus of funds they manage so they can gain exposure to Bitcoin.
These institutions are said to be looking to use 15% to 50% of assets under their management to gain exposure to BTC. One way they will be looking to achieve this is through the Spot Bitcoin ETFs that could potentially launch anytime soon.
Marty Party specifically highlighted the case of Advisors Preferred Trust, which is already looking to gain the SEC’s permission to invest up to 15% of its AuM in Bitcoin-related ETFs like Grayscale’s Bitcoin Trust (GBTC) and ProShares Bitcoin Strategy ETF.
MicroStrategy’s Executive Chairman and Co-founder, Michael Saylor, had previously hinted that something like this was going to happen soon enough. Then, he suggested that more institutional players were going to direct more of their capital to Bitcoin.
A rule that was implemented by the Financial Accounting Standards Board (FASB) has also paved the way for more companies like MicroStrategy to include BTC on their balance sheet.
The launch of Spot Bitcoin ETFs will also make it easier for these institutional investors to gain direct exposure to the flagship cryptocurrency.
For a long time now, those who had a prior interest in the crypto token have had to either invest in Bitcoin futures ETFs or other Bitcoin derivatives on exchanges like the Chicago Mercantile Exchange (CME). But this is changing with the potential approval of a Spot Bitcoin ETF.
Grayscale Leading In The “Cointucky Derby”
As highlighted recently by Bloomberg Analyst James Seyffart, Grayscale looks to set the lead the way, assuming all pending Spot Bitcoin ETFs were approved simultaneously. This is because the asset manager has already established itself with GBTC and would likely have more capital than other issuers upon launch.
Bloomberg Analyst Eric Balchunas highlighted this fact and hinted that the Securities and Exchange Commission (SEC) could decide not to let Grayscale launch on day one because of this. If that doesn’t happen and all funds launch simultaneously, then Grayscale is likely to have a sort of ‘first mover advantage.’
However, other asset managers will be looking to assert their dominance by adopting different strategies. One such strategy will be these issuers undercutting themselves in terms of the fees they will charge to manage their respective funds. Invesco already made it known that they will be waiving fees for the first six months and the first billion in assets.
Want To Predict Bitcoin Tops And Bottoms? ‘The Rainbow Chart’ Is For You
The Bitcoin Rainbow Chart has emerged as a universally used analytics tool that helps crypto investors and traders predict BTC’s ever-changing market trends and cycles.
Bitcoin Rainbow Chart BTC Analysis
Throughout the year, the price of Bitcoin has experienced several uptrends and downsides. Starting from the last three months of 2023, BTC’S price has experienced a major surge, hitting above ,000 in October and surging past ,000 in December.
With the market moving up rapidly, many crypto investors and market watchers look for various crypto analytics tools to enhance their understanding of the Bitcoin market trends.
The Bitcoin Rainbow Chart is one of the many analytics tools available for predicting the potential prices of BTC. This color-coded chart is a long-term valuation tool for BTC that uses a logarithmic growth curve to forecast the potential price of BTC.
Currently, according to the rainbow chart, Bitcoin is positioned around the “Accumulate” and “Still cheap” zones. This implies that the chart is showing the best timeline to purchase BTC before the selling phase begins.
The Bitcoin Rainbow Chart simplifies BTC price predictions, helping investors identify potential BTC buying and selling opportunities. However, it’s important to note that the Bitcoin Rainbow Chart is not investment advice and does not predict the exact price of Bitcoin.
History Of The BTC Rainbow Chart
The Bitcoin Rainbow Chart first started as a fun project created by a Reddit user, Azop to visually represent Bitcoin’s price history. However, the chart became more mainstream after a second version was developed by trader Trololo and transformed into a crypto technical analysis tool.
The chart is designed using a color coding scheme and highlights each Bitcoin halving cycle and diverse BTC price ranges. With its seven color bands, the rainbow chart identifies strategic points to buy, sell, or hold BTC.
The dark red band signals a maximum bubble territory, the red band indicates a robust selling phase, while orange and yellow signify FOMO intensification and HODL periods respectively. The Green band indicates a favorable buying and accumulation window and lastly, the blue color band represents a fire sale opportunity.
While the Bitcoin Rainbow Chart does not provide financial advice, it is a widely recognized tool used by crypto traders and investors to gain a simpler understanding of BTC market movements. Ultimately, the accuracy of the chart’s predictions depends on how it is applied and in what context.
‘If You Want to Understand Bitcoin’s Value, Look at Politicians’ Hate Toward It,’ Says Sean Ono Lennon
Sean Ono Lennon, the acclaimed American-British musician and son of Beatles icon John Lennon, revisited the subject of bitcoin on social media platform X, formerly known as Twitter. He poignantly observed, “If you want to understand how valuable bitcoin truly is, look how much our politicians hate it.” Previously, Lennon has shared insights about the leading digital currency, highlighting that it offers him a sense of hope amidst an “ocean of destruction.”
Sean Ono Lennon Speaks Out on Bitcoin’s Value Amidst Political Pushback
A versatile artist, Lennon, who is also a part of The Claypool Lennon Delirium and the Plastic Ono Band, has previously expressed his views on bitcoin (BTC). In 2020, he described bitcoin as a tool that “empowers individuals,” and shared that it brought him “more optimism” in the turbulent year of 2020. In May 2021, he sharply criticized those who, driven by today’s accelerated consumerism, were voicing complaints about the electricity consumption of the Bitcoin network.
On Dec. 21, 2023, Lennon brought up bitcoin once again and said:
If you want to understand how valuable bitcoin truly is, look how much our politicians hate it. Look how much Mr. Dimon hates it. Look at Warren. Its value is inversely proportional to how threatened they feel. That’s all you need to know.
Lennon’s comments came after remarks from JPMorgan chief Jamie Dimon and U.S. Senator Elizabeth Warren about bitcoin. Dimon has expressed a hypothetical scenario of shutting down cryptocurrencies if he were in charge of the government, while Warren has been actively challenging the crypto sector since early 2023. She recently introduced a bipartisan bill aimed at regulating cryptocurrencies under existing banking laws.
After Lennon’s post on X, a user commented, suggesting that authorities could “regulate it into devaluation.” Lennon quickly retorted, “They’re trying.” Another participant on X referenced Lennon’s father, critiquing bitcoin as antithetical to John Lennon’s values and dismissing it as a fleeting, hyped phenomenon benefiting only a few at the expense of many. They doubted its sustainability, requesting authenticity with the phrase, “Gimme some truth.”
Lennon didn’t hesitate to respond to this critique as well, asserting, “Sorry but you have zero understanding of what you’re talking about.”
Do you agree with Sean Ono Lennon’s views about bitcoin? Let us know in the comments section below.
Cardano Founder Courts OpenAI’s Sam Altman – What Does He Want To Build?
OpenAI recently announced a shocking leadership change with Sam Altman being ousted as CEO. After five years of being at the helm of taking OpenAI from a to billion valuation, the AI company is now at a crossroads with Altman departing and former Chief Technology Officer (CTO), Mira Murati taking over as interim CEO.
Altman hasn’t provided specifics of his next actions; however, he has posted on social media that he “will have more to say about what’s next later.” In light of this, Charles Hoskinson, the creator of Cardano, sees a window of opportunity. Hoskinson gave the former CEO a bold proposal on social media platform X to join hands in establishing a decentralized language learning model in partnership with the Cardano blockchain.
Sam @sama since you have some free time now. If you are interested in doing a decentralized LLM, then hit me up. Would be a fun Cardano Partnerchain
— Charles Hoskinson (@IOHK_Charles) November 18, 2023
Hoskinson Wants To Build A Decentralized Language Learning Model
Charles Hoskinson has a vision for AI that embraces decentralization and openness. As the founder of Cardano and a former co-founder of Ethereum, Hoskinson knows a thing or two about building decentralized networks. Hoskinson’s vision of a decentralized language learning model is ambitious, but promising.
On the other end, if there’s anyone who knows anything about language learning models, it is definitely Sam Altman. The former CEO is known for being one of the architects of the language models that power ChatGPT, which has gained widespread adoption since its launch in November 2022.
If Altman takes Hoskinson up on his offer, it could mark a turning point in how AI models like ChatGPT are built and how they serve users. A decentralized LLM would essentially be available to everyone and resistant to censorship, tampering, and monopolization by governments and large corporations, which is one of the concerns being raised regarding existing LLMs.
Aftermath Of Sam Altman’s Removal As CEO
Altmann’s removal as CEO sent ripples around the AI and crypto industries. Greg Brockman, president and one of the co-founders of OpenAI, also announced his departure from the company.
As one would expect, WorldCoin reacted negatively to the news. According to data from Coinmarketcap, Worldcoin (WLD) dropped by 12.75% in the hours following the news of the CEO’s removal. However, the crypto has since recovered and is now trading at .38.
According to OpenAI’s announcement, the decision to fire Altman was made by the board of directors, as they’ve lost confidence in his ability to continue his duties as CEO due to his lack of transparency in his communications. However, rumors are that OpenAI investors are looking to reinstate Altmann into his job as CEO.
Cardano ADA is trading at .375 at the time of writing. According to a crypto analyst, ADA could spike to the .78 mark if it is able to break out of the current falling wedge pattern.
Featured image from Pexels
Want To Get Into XRP? Crypto Analyst Reveals The Ideal Price
As the market continues to rally, many begin to feel that they have missed the chance to get in early on their favorite altcoins, including XRP. However, a prominent crypto analyst has provided hope to those still looking to get in on the token as he talks of the possibility of a correction and the ideal price to accumulate the crypto token.
The Right Time To Be A “Buyer”
In a post shared on his X (formerly Twitter) platform, the CEO and founder of MN Trading, Michaël van de Poppe, acknowledged how the price of XRP has been rallying in recent times. He further went on to hint at the fact that XRP has always corrected whenever it experienced such rallies. The one that he pinpointed was when the token corrected from .93 to .45 before its resurgence.
As such, his belief seems to be that the XRP will dip once again. This time, he stated that an ideal time to be a buyer will be if XRP is able to correct to around .54.
However, many in the XRP community will be hoping that XRP continues to rally from henceforth, especially considering that it just recently hit the .7 price mark. The technical and fundamental analysis surrounding the XRP ecosystem seems to be bullish, with many predicting more upward trend from the .7 mark.
In a recent X post, renowned crypto analyst Egrag, who had predicted that a god candle was coming for XRP, mentioned that that XRP just witnessed an “exciting development.” This is because the 21 Exponential Moving Average (EMA) has crossed over the 55 MA. According to him, this “bullish crossover” historically signifies the beginning of “significant price explosions.”
Source: X
To consolidate this development, he stated how XRP closing above the .3 billion Fib 0.702 level was critical as it could be the “watershed moment for our victory.”
XRP Fundamentals Are Also Bullish
The Ripple Swell Conference 2023 is currently ongoing, and the event has lived up to the hype following Ripple’s latest announcements. Apart from the rebranding of its payment service as Ripple Payments, the crypto company also announced how its partner Onafriq will begin utilizing its payment service. This move would see Ripple open up the cross-border payments structure across three continents: Africa, Europe, and Australia.
The crypto company is also expected to make more announcements before the conference comes to a close on November 9. Ripple isn’t resting on its laurels, as the company feels more confident than ever to keep expanding. By extension, this will increase the utility of the XRP token, which is an important piece in its Ripple Payments service.
Bank of Spain Report: Most Spaniards Don’t Want Digital Euro, 65% Would Not Use It
A recent report issued by the Bank of Spain that inquires about how Spaniards use cash for payments has revealed the low degree of confidence they have in a hypothetical digital euro. 65% of the citizens surveyed reported that they would not use the digital euro as they feel comfortable with the payment options available today.
Bank of Spain Report Evidences Cash Preference
A recent report of the Bank of Spain has revealed the low preference that an upcoming digital euro, the proposed European central bank digital currency (CBDC), would have compared to other payment alternatives. The report, which studied the evolution of the use of cash by Spaniards, took a representative sample of 1,606 citizens of the general population and 1,616 linked to small stores and hospitality services.
Cash is still the most used form of payment for Spaniards, according to the report, with 65% of the Spanish population using cash daily. Credit and debit cards follow while payment apps and electronic payments are marginally used but growing compared to last year’s report.
The report shows that even with the 1,000-euro limit established for cash payments in the Antifraud law passed in 2021 and the reduction of ATMs, Spaniards still use cash as one of their main payment methods.
Digital Euro Stats
The digital euro is still relatively unknown for Spaniards: only 20% of the general population has heard about its possible issuance.
Besides the low awareness rate about this new digital payment method, most of the surveyed users disliked the idea of using a hypothetical digital euro. 65% of the users consulted stated they would not use the digital euro as they feel comfortable with today’s available payment methods.
Only 20% would complement their current payment methods using the digital euro. However, preference for the digital euro decreases while age increases, as younger users are more open to adding it to their payment methods.
For polled citizens between 18 and 24 years old, the proportion of users open to this new payment tech rises to 34%, while for users older than 65, it plummets to 7%.
The European Union (EU) has not decided on issuing the digital euro yet, but the project recently entered its preparation phase, which will serve for “finalizing the digital euro rulebook and selecting providers that could develop a digital euro platform and infrastructure.”
What do you think about the digital euro and its lack of popularity in Spain? Tell us in the comments section below.
Shiba Inu Team Member Reveals What Investors Should Do If They Want SHIB Burns
A prominent Shiba Inu team member “Lucie” has shared insights on the highly anticipated Shiba Inu token burn through Shibarium, Shiba Inu’s Layer 2 blockchain, and has revealed what investors should do if they want the Shiba Inu token burns.
Shiba Inu Team Member Tells Investors What To Do
The content marketing specialist for Shiba Inu took to X on Monday, September 18, 2023, to address the Shiba Inu token burn questions coming from the community saying that SHIB burns are set per transaction, not based on tweets about burns.
Lucie told the community that when will Shibarium initiate the SHIB burn is the wrong question and “The real question is, ‘when will you all migrate from exchanges and start using Shibarium?’”
When will Shibarium initiate the SHIB burn?”
Wrong question ☓The real question is, “When will you all migrate from exchanges and start using Shibarium?” (hello DEFI, remember bankrupted exchanges like FTX)
The burns are set per transaction, not based on tweets about burns.…
— 𝐋𝐔𝐂𝐈𝐄 |
Shibarium
(@LucieSHIB) September 18, 2023
Lucie further explained that the Shiba Inu token burns through Shibarium is a collective effort from both the community and the Devs since the burns are based on transaction activity and real engagement from within the platform. She told the community that expecting burns to happen solely through transactions without active community participation is unrealistic.
The marketing expert went on to highlight the security features of choosing Shibarium as an alternative to centralized crypto exchanges. She guaranteed SHIB holders that assets stored on the platform are just as safe as they would be on centralized crypto exchanges.
She also stated that centralized crypto exchanges can be fragile using the case of the bankrupted centralized crypto platform FTX to back up her claims.
So far, Lucie has urged the millions of SHIB holders to support this movement using Shibarium as an alternative to centralized crypto exchanges since each transaction on the platform contributes to the SHIB token burns.
She also added that transaction fees are pretty low on the platform, but might increase in the future along with the higher traffic, which would translate to a higher number of SHIB being burned.
Lucie also stretched her opinions to one of the most popular NFT marketplaces Opensea, inviting them to consider integrating Shibarium on the platform.
Shibarium is a layer 2 blockchain built on the Ethereum network. It is a decentralized finance (DeFi) platform that was designed to serve as an alternative to centralized crypto exchanges which aims to provide a more sustainable and scalable infrastructure for Shiba Inu transactions.
SHIB Price Predictions Following Shibarium’s Success
For years now, Shiba Inu has been one of the most notable cryptocurrencies in the crypto market. The famous meme coin is likely to experience an upward trajectory if Shibarium becomes a success since it could catalyze a larger adoption and popularity of the SHIB tokens.
SHIB token is expected to reach .00001038 from its current price of .0000073 by the end of 2023 with expectations of another crypto market rally. However, with the success of Shibarium and the new development on the platform, the SHIB token could grow up to .000050 by the end of 2023.
Nevertheless, if the SHIB token manages to maintain this trajectory, during the next bull market the token could beat its all-time high price of .00008845 achieved in the 2021 bull market.
Report: More Than 50 Virtual Currency Platform Operators Want to Join the Taiwan Market
About 52 virtual currency operators have shown interest in joining Taiwan’s financial market, the Financial Supervisory Commission has said. The commission also said that it is planning to announce the region’s first virtual asset management guiding principles sometime in September.
Virtual Asset-Specific Laws
Taiwan’s Financial Supervisory Commission (FSC) recently revealed that some 52 virtual currency operators have expressed interest in joining the Taiwanese financial market. According to the regulator, some of these operators have processed the legal documents on money laundering prevention while others have yet to complete this step.
As explained in one local report, the FSC made these revelations during a public hearing conducted by a local legislator Guo Guow. In addition, the regulator also revealed that it is planning to announce sometime in September the first virtual asset management guiding principles.
The report also suggested that authorities in the region have however not ruled out setting up laws specific to virtual assets. Yet, before such laws are enacted, virtual assets will reportedly be regulated under the Money Laundering Prevention Act. As per the report, operators that fail to abide by the anti-money laundering laws face fines that range between ,000 and .38 million.
However, the report said under the current guidelines, aggrieved virtual asset investors cannot lodge complaints against operators with the Financial Review Center. Nevertheless, the FSC said it will still attempt to protect virtual asset users via other methods at its disposal. Some of these methods include asking operators to separate their assets from users’ funds.
Meanwhile, Huang Houming, deputy director of the Securities and Futures Bureau, said after the guiding principles are released later this month, operators will be encouraged to establish associations and self-regulate.
What are your thoughts on this story? Let us know what you think in the comments section below.