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Bitcoin Leaps Past 54000 Barrier For First Time Since 2021: Will It Crack 60000 This Week

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Bitcoin Leaps Past $54,000 Barrier For First Time Since 2021: Will It Crack $60,000 This Week?

By Brenda Ngari – February 26, 2024

Bitcoin jumped above $54,000 on Monday, reaching its highest level in over two years — sparking speculations about a potential return to its lifetime high prices.

Ether (ETH), the market’s second-largest digital coin, also surged by around 3.2%, hitting $3,177 amid a crypto-wide market recovery.

Bitcoin’s Bullish Run

Back in 2021, the world’s largest cryptocurrency, Bitcoin (BTC), flew past $53,000 per coin for the first time in history. After dropping by around 74% from its all-time high in the Terra-powered crisis of 2022, the crypto had a lot of ground to make up. But today, BTC finally roared past the $53,000 level once again.

The price of the flagship cryptocurrency was hovering at $54,452 at press time, according to data from CoinGecko. That’s a 5.0% gain from yesterday and a 2.8% increase from last week.

Bitcoin began the month sitting at just above $42,000 and steadily posted gains until it topped $50K on Feb. 12. This was the first time that BTC had surged above $50,000 since December 2021.

Since then, however, the premier crypto hasn’t made any notable price moves. It had been holding steady above the $50K zone for roughly 14 days now but has mostly been trading between the $51,000 and $52,000 range lately before the rally on Monday.

This jump is mainly attributed to rising investor interest, specifically via spot exchange-traded funds (ETFs), which have seen substantial inflows. The spot BTC investment vehicles saw nearly $5 billion in net inflow since their debut on Jan. 11, spotlighting the shifting investor preference towards regulated and easily accessible products for crypto exposure.

Can Bitcoin Touch $100,000 This Year?

Despite the ongoing pump, the price of Bitcoin is still 22.7% below the $69,044 all-time high registered in Nov. 2021. However, the longer the ETF inflow persists, the higher the chance of a supply shock propelling Bitcoin above $60,000 in the near term.

Moreover, Bitcoin is expected to undergo the halving event around April 20. The halving programmatically happens every four years and slashes the BTC rewards given to miners for securing the network by 50% to ward off inflation. This means fewer new BTC will be minted after the halving, subsequently slowing the supply expansion. Market pundits predict that the skyrocketing demand for BTC following the Bitcoin ETF launch coupled with the upcoming supply crunch resulting from the halving could send BTC to six digits in no time.

Standard Chartered Bank analysts think BTC is set to reach $100,000 before the end of 2024. Bitcoin’s upcoming halving will be one of the catalysts for the price upside.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

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Trump Softens His Stance On Bitcoin: I Can Live With It One Way Or The Other’

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Trump Softens His Stance On Bitcoin: ‘I Can Live With It One Way Or The Other’

By Brenda Ngari – February 23, 2024

Former United States President Donald Trump seems to have softened his view on Bitcoin, marking a notable deviation from his previous hardline stance. Despite maintaining his preference for the US dollar in a Wednesday interview, the Republican front-runner acknowledged the dominant cryptocurrency’s growing popularity and demand.

Bitcoin Has “Taken On A Life Of Its Own”

Back in 2019, while still in office, Donald Trump publicly asserted he was “not a fan of Bitcoin and other cryptocurrencies”, arguing that they are “not money” and their value is based on “thin air.” He also reportedly ordered the treasury secretary to “go after Bitcoin” and also called the top crypto a scam in another Fox interview. Let’s also not forget that Trump’s administration was known for its efforts to stonewall spot Bitcoin ETFs and attempted to ban self-hosted wallets.

Since then, he seems to have eased his stance. Speaking to Fox News during a town hall event in South Carolina on Wednesday alongside South Carolina Senator Tim Scott, Trump observed that “many people are embracing” Bitcoin and that as more people want to pay with BTC, he can “live with it one way or the other.”

He followed his comments by talking about plans to regulate the crypto sector. “It’s taken [on] a life of its own,” the former president stated. “You probably have to do some regulation.

Some crypto observers attributed the change in tune to pro-Bitcoin Vivek Ramaswamy, a former Republican candidate who supported Trump after dropping out of the White House race earlier this year. Ramaswamy has been both a champion of the cryptocurrency industry and against the launch of central bank digital currencies (CBDCs). In other words, Trump’s U-turn is likely politically motivated to garner more votes from the growing cryptosphere ahead of the 2024 presidential election.

Trump’s softer stance on Bitcoin doesn’t necessarily mean that he is now anti-dollar, however. “I’ve always liked one currency. I call it a currency. I like the dollar,” he explained.

Trump believes CBDCs are dangerous and promised to “never allow” the Federal Reserve to create a digital dollar if reelected.

Meanwhile, his biggest competitor, Joe Biden, is skeptical of Bitcoin and cryptocurrencies in general. Biden previously proposed several measures to rein in crypto, including a 30% tax on crypto mining operations and releasing a scathing report bashing crypto for “ignorance of basic economic principles.”

With that being said, the Securities and Exchange Commission (SEC) gave the regulatory nod in January to the first spot BTC ETFs in the U.S.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Get secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

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Reddit Joins Crypto Club New IPO Filing Reveals Treasury Exposure To Bitcoin Ether and MATIC

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Reddit Joins Crypto Club, New IPO Filing Reveals Treasury Exposure To Bitcoin, Ether, and MATIC

By Brenda Ngari – February 23, 2024

Social media platform Reddit has made headlines with its decision to invest part of its excess cash in Bitcoin (BTC) and Ethereum (ETH), as revealed in a Feb. 22 S-1 filing with the Securities and Exchange Commission (SEC). The crypto investments make Reddit one of the few companies that hold crypto assets in their balance sheets alongside the likes of Elon Musk’s EV maker, Tesla, and Michael Saylor’s MicroStrategy.

Crypto Exposure

Reddit has officially filed to go public on the New York Stock Exchange under the ticker RDDT.

In a filing for an initial public offering (IPO), the firm disclosed that it has invested its excess cash reserves in crypto assets, including Bitcoin (BTC) and Ether (ETH), and has also acquired Polygon’s MATIC to pay for virtual goods. The social media giant said it may continue this strategy in the future.

Reddit indicated that BTC and ETH were the only cryptocurrencies held in the company’s treasury as of Dec. 31, 2023. It did not reveal how many tokens it holds but said the amounts are “immaterial.”

“The net carrying value of our cryptocurrencies, which consisted primarily of Bitcoin and Ether, as well as all related cryptocurrency activity, was immaterial for the periods presented,” Reddit wrote.

Moreover, the firm said it holds these cryptocurrencies so that its engineering and product teams can use them for specific applications.

Reddit’s Blockchain Experimentation

In the S-1 filing, Reddit said it has been “experiment[ing] with blockchain technology”.

The firm also said it sees some huge potential in cryptocurrencies and blockchain-based technologies but isn’t sure whether adoption by businesses and users will continue:

“While we believe cryptocurrencies and blockchain technology have significant potential, the popularity and prevalence of cryptocurrencies is a relatively recent trend, and whether cryptocurrencies and blockchain technology will continue to be adopted by consumers and businesses in the long term is uncertain.”

Reddit has cozied up to the crypto asset space in the past: In 2020, the platform launched Moons and Bricks — tokens running on Ethereum’s blockchain. Those who contributed to the cryptocurrency section of the social media site could receive Moons or Bricks as rewards and spend them for specific benefits. But Reddit pulled the plug on the blockchain-based reward service in November, citing problems with scalability and regulation.

While the social community platform reported roughly $804 million in sales in 2023, a decent 20.5% year-on-year increase, profitability remains somewhat of a pipe dream with a net loss of $91 million. The San Francisco-headquartered firm expects to commence trading on the NYSE in March.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

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Bitcoin Bulls Rejoice: Pundit Names 3 Key Reasons Why BTC Price Will Tap 150000 This Year

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Bitcoin Bulls Rejoice: Pundit Names 3 Key Reasons Why BTC Price Will Tap $150,000 This Year

By Brenda Ngari – February 21, 2024

Bitcoin recently crossed the $50,000 mark, regaining the $1 trillion market capitalization for the first time since Dec. 2021. The big question now is, when will BTC hit a new all-time high?

Tom Lee, a prominent figure in the crypto community, has identified three major factors he believes will drive Bitcoin to the coveted $150,000 price tag in 2024.

BTC Rocket Fuel: Three Catalysts To Propel Bitcoin Higher

Tom Lee, renowned for his optimistic outlook on Bitcoin, has confidently posited that BTC is primed to hit six figures this year. In an interview with CNBC’s Squawk Box, Lee highlighted three catalysts he thinks will propel BTC to $150,000.

The first one is already here: spot BTC exchange-traded funds (ETFs). These investment vehicles allow investors to gain exposure to Bitcoin without the need to purchase or store the crypto asset directly. After a decade of denials, the U.S. Securities and Exchange Commission (SEC) finally approved nearly a dozen spot BTC ETFs in a historic move.

According to Lee, spot ETFs will gobble up Bitcoins from the market, bringing a steady inflow of non-speculative investment for the first time in Bitcoin’s history. Demand for these new products will light a fire under the industry’s flagship cryptocurrency’s bulls.

The second catalyst is the impending Bitcoin halving in April. The quadrennial event effectively halves the new supply of BTC entering the market each day. Theoretically, fewer Bitcoins in circulation means that the value of the cryptocurrency will soar with demand amid a supply shock.

The final important factor likely to propel Bitcoin prices higher is the benchmark interest rates. There is a growing consensus that U.S. Federal Reserve officials will start cutting rates in 2024. Lower interest rates are a boon to risk assets like Bitcoin, Lee elaborated, contributing to a potential rally.

Lee’s prognostication comes days after “Rich Dad Poor Dad” author Robert Kiyosaki made a similar super bullish forecast on the price of Bitcoin. As reported by ZyCrypto, Kiyosaki said he anticipates Bitcoin to hit $100,000 by June 2024 — which is just two months after the miner rewards halving.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

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MicroStrategy’s Bitcoin Profit Surges to 357 Billion as BTC Price Soars

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MicroStrategy’s Bitcoin Profit Surges to $3.57 Billion as BTC Price Soars

By Newton Gitonga – February 20, 2024

MicroStrategy has seen its Bitcoin profit surge to almost $4 billion as the price of the cryptocurrency soars.

The company, which has been actively acquiring Bitcoin since August 2020, is currently the world’s largest publicly traded corporate holder of digital assets, with a staggering 190,000 BTC in its treasury. MicroStrategy’s latest Bitcoin acquisition was in January of this year when the firm bought 850 Bitcoins for $37.5 million.

According to data from Saylor Tracker, a reliable service monitoring MicroStrategy’s Bitcoin acquisitions, the recent surge in Bitcoin’s price to $50,000 has propelled the value of MicroStrategy’s holdings to a staggering $9.48 billion. Remarkably, with Bitcoin’s current price at $49,650, MicroStrategy’s cost basis for its Bitcoin holdings is $31,464.74 per coin. This means the firm is currently sitting on an unrealized profit of a staggering $3.505 billion.

Michael Saylor, MicroStrategy’s co-founder and Executive Chairperson, has shown no signs of abating with his Bitcoin purchases. In an interview with CNBC on Monday, Saylor stated that there is “10 years of pent-up demand” for Bitcoin ETFs and that the emergence of these ETFs has driven up demand for the digital asset.

Saylor also stated that Bitcoin’s unique characteristics, such as being digital, global, and uncorrelated to traditional risk assets, make it a natural addition to investment portfolios. He added that there is a significant supply-demand imbalance in the market, with ten times as much demand coming through the ETFs as there is supply from natural sellers, such as miners.

MicroStrategy’s success with Bitcoin has led the company to rebrand itself as a “Bitcoin development company.” According to Saylor, this decision was a natural one, given the company’s success with Bitcoin and its unique status as the largest corporate holder of the digital asset.

“It makes for us to call ourselves a Bitcoin development company in the same way you see a real estate development company or petroleum development company…,” said Saylor.

That said, with Bitcoin’s price continuing to soar, the company’s position as the world’s single largest corporate holder of digital assets could continue unchallenged despite the emergence of various spot ETF issuers, even as it plans to acquire more coins.

“We are going to develop software, generate cash flow [and] leverage the capital markets, all in order to accumulate more Bitcoin for our shareholders and to promote the growth of the bitcoin network given the fact that the majority of enterprise value is now based upon those bitcoin related activities.” He added.

Meanwhile, El Salvador’s Bitcoin holdings have also performed well amidst the recent price upsurge. At press time, the country’s stash of 2,833 BTC was valued at $140,383,025, generating unrealized profits of $20,119,365, as per data from Nayibtracker.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Newton Gitonga and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

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Bitcoin Hits 1 Trillion Market Cap For First Time Since December 2021 As BTC Tops 51000

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Bitcoin Hits $1 Trillion Market Cap For First Time Since December 2021 As BTC Tops $51,000

By Brenda Ngari – February 14, 2024

After briefly dropping below $50K yesterday, thanks to a hotter-than-expected U.S. inflation report, Bitcoin has bounced back up. The overall market value of Bitcoin’s circulating supply breached $1 trillion today after the BTC price ticked above the $51,000 milestone.

Bitcoin Reclaims Its $1-Trillion Asset Status

 

Bitcoin has touched the $1 trillion market cap for the first time since December 2021.

At press time, BTC costs $51,681, according to data from CoinGecko. It’s gained 6.2% over the last 24 hours and an eye-watering 20.3% since this time last week.

BTC seemed like it was having a sluggish year after the greenlighting of 10 hotly-anticipated spot exchange-traded funds (ETFs) in mid-January.

The spot market products secured the regulatory nod from the U.S. Securities and Exchange Commission (SEC) after a decade of rejections, but the price of Bitcoin slumped. This was because one of the largest fund managers, Grayscale Investments, sold massive amounts of Bitcoin after users wanted to redeem their shares. That selling pressure looks to have subdued in recent days, though, and money is pouring back into the market.

The new spot investment vehicles have now seen over $3 billion worth of net flows — representing a milestone that is not typical within the first four weeks of trading for a newly-listed ETF.

Bitcoin’s notable growth comes as the Crypto Fear and Greed Index had soared to its highest point since late 2021 when Bitcoin attained its current lifetime high of $69,044.77. As per data from Alternative.me, the greed index inched into the “extreme greed” rating of 79 on Feb. 13. Hitting an extreme greed score for the first time in over two years indicates a renewal of optimism among crypto investors. Bitcoin’s market sentiment score now sits at 74.

The top crypto’s concerted attempt to hold its price above the $50,000 zone this year happens as the next Bitcoin halving, a quadrennial event when the reward to miners for securing the Bitcoin blockchain is ha

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Get secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

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US Government Moves BTC Valued At 300M Prompting Liquidation Fears

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US Government Moves BTC Valued At $300M, Prompting Liquidation Fears

By Brenda Ngari – July 12, 2023

The United States government has once again moved Bitcoin tied to Silk Road, the now-shuttered darknet marketplace.

Two wallets belonging to the U.S. Justice Department moved over $300 million worth of Bitcoin to two new addresses on Wednesday morning. The transfer was conducted in three different transactions, as shown by on-chain data from Blockchain.com.

$300 Million In BTC

Some of Silk Road’s bitcoins are on the move once again.

Fed-controlled wallets sent a total of 9,825 Bitcoin, equating to approximately $301 million. Wednesday’s transaction follows an even bigger transaction in March when roughly $1 billion worth of BTC was transferred, a move that prompted a drop across all top cryptocurrencies.

The U.S. authorities have control of BTC that’s been confiscated from bad actors and occasionally move it around. Previously, they’ve done so because they plan to sell it — but not all the time.

The latest transfer has stoked investor fears that intense sell pressures could drive down the price of Bitcoin. BTC dipped after the transaction was sent. The premier cryptocurrency was, at the time of publication trading hands for $30,327.04 per coin, a 0.8% 24-hour drop.

The Silk Road Bitcoin

Feds seized more than 50,000 bitcoins in November 2022 from hacker James Zhong, who pleaded guilty to wire fraud over the hack of these digital assets from the Ross Ulbricht-run Silk Road back in 2012.

Ross Ulbricht is the proprietor of the Silk Road online black market, which was used to mostly buy and sell illicit goods such as weapons, drugs, and stolen credit card information and primarily used bitcoin as a payment method before authorities closed it in 2014. Ulbricht was sentenced to life in federal prison back in 2015 in a high-profile case. He’s currently serving a double life sentence plus 40 years without the possibility of parole.

Court filings contained details of related BTC wallets, allowing online sleuths to track these wallet addresses. Feds have been selling the seized BTC bit by bit. After selling the crypto in March, the U.S. authorities said they intended to dump the remaining bitcoin in four more batches throughout 2023.

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DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

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How the Lightning Network for Bitcoin Will Be Adopted Through Ordinal Inscriptions

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How the Lightning Network for Bitcoin Will Be Adopted Through Ordinal Inscriptions

 Jul 6, 2023  #Bitcoin, #bitcoin news

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How the Lightning Network for Bitcoin

Ordinal inscriptions are emerging as a new use case for the Bitcoin blockchain, and they are expected to drive more efficient use of the limited block space. This will lead to broader adoption of the Lightning Network as a scaling solution for Bitcoin as a global currency. The Lightning Network's growth will provide a trustless alternative to centralized payment processors, expanding Bitcoin's reach and appeal.

One of the unique features of Bitcoin is its flat fee and data structure, which means that the cost and block space required to send $1 in BTC is equal to those for sending $1 billion in BTC. This quirk has made it difficult for Bitcoin to be used for low-value transactions, which is where the Lightning Network comes in. By enabling off-chain transactions, the Lightning Network allows for fast, cheap, and scalable micropayments, making Bitcoin more practical for everyday use.

Ordinal inscriptions are essentially non-fungible tokens (NFTs) that are used to represent a specific order or sequence. They are being used to create unique digital collectibles and art, and their popularity has driven up transaction costs across the Bitcoin network. However, this demand for ordinal inscriptions is also driving innovation in layer 2 solutions like the Lightning Network, which are essential for Bitcoin to become a viable global currency.

Understanding Bitcoin and the Lightning Network

Bitcoin is a decentralized digital currency that uses a peer-to-peer network to enable transactions without the need for intermediaries such as banks or financial institutions. Transactions are recorded on a public ledger called the blockchain, which is maintained by a network of computers around the world.

The Lightning Network is a layer 2 network built on top of the Bitcoin network that enables faster and cheaper transactions. It uses smart contracts to create payment channels between two parties, allowing them to transact without broadcasting their transactions to the entire network. This reduces the load on the Bitcoin network and makes transactions faster and cheaper.

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The Lightning Network has gained popularity in recent years as a scaling solution for Bitcoin. It has been hailed as the solution to Bitcoin's scalability problem, which has been a major obstacle to its adoption as a global currency. The Lightning Network offers a trustless alternative to centralized payment processors, expanding Bitcoin's use cases beyond just a store of value.

There are several Bitcoin Lightning Network analytics platforms that provide real-time data on the network's performance and usage. These platforms allow users to monitor the network's capacity, fees, and other metrics, which can help them optimize their transactions and improve their overall experience.

Overall, the Lightning Network is an exciting development in the world of Bitcoin that has the potential to revolutionize the way we transact online. As more users adopt the Lightning Network, we can expect to see faster and cheaper transactions, increased adoption of Bitcoin as a global currency, and a more efficient use of the limited block space on the Bitcoin network.

The Role of Ordinal Inscriptions in Bitcoin Adoption

Ordinal inscriptions have the potential to play a significant role in driving the adoption of Bitcoin's Lightning Network. The ability to create NFT-like inscriptions on the Bitcoin blockchain opens up new possibilities for the use of Bitcoin beyond just financial transactions.

Ordinal inscriptions allow users to create digital artifacts on the Bitcoin blockchain for storage, trade, and exchange. This capability opens up new possibilities for Bitcoin, making it more versatile and useful for a wider range of applications.

One of the key benefits of ordinal inscriptions is that they allow for the creation of unique, identifiable assets on the Bitcoin blockchain. This is made possible through ordinal theory, which provides a methodology for individually identifying and tracking each individual satoshi throughout the Bitcoin coin supply.

With ordinal inscriptions, users can create unique digital assets that are verified and tracked on the Bitcoin blockchain. This opens up new possibilities for the use of Bitcoin in areas such as gaming, art, and collectibles.

As more applications for ordinal inscriptions are developed, it is likely that we will see increased adoption of Bitcoin's Lightning Network. This is because ordinal inscriptions provide a way to create and verify unique digital assets that can be traded and exchanged on the Lightning Network.

Overall, the role of ordinal inscriptions in driving Bitcoin adoption is significant. By making Bitcoin more versatile and useful for a wider range of applications, ordinal inscriptions have the potential to attract new users and increase the adoption of Bitcoin's Lightning Network.

The Impact of Payment Processors on Bitcoin’s Lightning Network

Payment processors play a crucial role in the adoption of Bitcoin's Lightning Network. As the network continues to grow and gain popularity, payment processors will be essential in facilitating transactions between buyers and sellers.

Centralized payment processors, such as Visa and Mastercard, have dominated the global payments industry for decades. However, Bitcoin's Lightning Network has the potential to challenge their dominance by offering faster, cheaper, and more secure transactions.

Bitcoin's Lightning Network is primed to become the default global payments processor, thanks to its unique combination of Bitcoin's monetary policy and Lightning's transaction network. The Lightning Network is a Layer-2 payment protocol built on top of the Bitcoin blockchain. It enables near-instant payments by using Bitcoin's native smart contract functionality.

While the Lightning Network is still in its early stages of adoption, the prospect of increased adoption looks very promising. In 2021, Visa handled more than $1 trillion in payment volume and close to 20 billion transactions per month. In comparison, the Lightning Network handled about $20 million in payment volume and slightly over 800,000 transactions in February 2022.

Payment processors will be instrumental in driving adoption of the Lightning Network. They will help to bridge the gap between traditional payment methods and the Lightning Network, making it easier for merchants and consumers to transact using Bitcoin.

In conclusion, payment processors have a significant impact on the adoption of Bitcoin's Lightning Network. As the network continues to grow and gain popularity, payment processors will be essential in facilitating transactions between buyers and sellers. The Lightning Network has the potential to become the default global payments processor, challenging the dominance of centralized payment processors such as Visa and Mastercard.

Demand and Market Dynamics of Bitcoin

Bitcoin's popularity has been on the rise since its inception. The market cap of Bitcoin has been increasing steadily, and it has become one of the most valuable cryptocurrencies in the world. The demand for Bitcoin-based tokens has also been on the rise, as more people are looking to invest in the cryptocurrency market.

However, the demand for Bitcoin has not been immune to market dynamics. During bear markets, the demand for Bitcoin has been known to decrease, as investors tend to shy away from risky investments. This has led to a decrease in the market cap of Bitcoin, as well as a decrease in demand for Bitcoin-based tokens.

Despite these market dynamics, the surge of Ordinals demonstrates a significant market that Bitcoin is built to sustain on the base layer. Ordinals have proven demand on Bitcoin, but fees will push users to Layer 2.

The sudden emergence of inscribed Bitcoin blocks has been met with criticism, but it offers a glimpse of how Bitcoin block space will evolve. The popularity of NFT-like Ordinal inscriptions and the experimental BRC-20 token standard has driven up transaction costs across the Bitcoin network. The frothy demand for “stamping” limited block space with new data pushed transaction costs so high that in May 2023, Binance twice had to pause BTC withdrawals, a risky and undesirable step.

In conclusion, while the demand for Bitcoin can be affected by market dynamics, the surge of Ordinals demonstrates a significant market that Bitcoin is built to sustain on the base layer. The emergence of inscribed Bitcoin blocks offers a glimpse of how Bitcoin block space will evolve, and it is expected to drive adoption of Bitcoin's Lightning Network.

Challenges and Solutions in Scaling Bitcoin Network

The limited block space in the Bitcoin network has been a major challenge in scaling the network. As more transactions are added to the network, the block size limit of 1MB becomes a bottleneck, leading to high transaction fees and longer confirmation times. This has made Bitcoin less attractive for everyday transactions, limiting its adoption as a currency.

To address this challenge, various scaling solutions and technologies have been proposed. One of the most promising solutions is the Lightning Network, which uses payment channels to enable instant and low-cost transactions off-chain. This reduces the load on the main blockchain, allowing for more transactions to be processed without increasing the block size limit.

However, the Lightning Network also presents its own challenges. For instance, the network requires users to lock up funds in payment channels, limiting liquidity and making it difficult to route payments across the network. To address this challenge, solutions such as Atomic Multi-Path Payments (AMP) have been proposed, which allow for payments to be split across multiple paths, increasing liquidity and reducing the risk of channel depletion.

Another challenge in scaling the Bitcoin network is ensuring decentralization. As the network grows, the number of nodes required to validate transactions increases, leading to higher resource requirements and potential centralization. To address this challenge, technologies such as sharding and sidechains have been proposed, which allow for the network to be divided into smaller, more manageable parts, while still maintaining decentralization.

Overall, while the limited block space in the Bitcoin network presents a significant challenge to scaling, various solutions and technologies such as the Lightning Network, AMP, sharding, and sidechains offer promising ways to address this challenge. As these technologies continue to evolve and mature, they are likely to play a critical role in driving adoption of Bitcoin as a currency.

Privacy and Security Aspects of Bitcoin

Privacy and security are two critical aspects of Bitcoin that have been at the forefront of discussions since its inception. The decentralized nature of the network has made it an attractive option for many users, but it has also raised concerns about the privacy and security of transactions.

One of the most significant privacy upgrades to the Bitcoin network was the implementation of Segregated Witness (SegWit) in August 2017. This upgrade separated the transaction signature data from the transaction data, allowing for more efficient use of block space and increased transaction capacity. Additionally, SegWit enabled the implementation of second-layer solutions like the Lightning Network, which further enhances the privacy and security of transactions.

At the protocol level, Bitcoin's security is maintained through a consensus mechanism called Proof of Work (PoW). This mechanism ensures that all transactions are validated and added to the blockchain in a secure and tamper-proof manner. However, the PoW mechanism requires a significant amount of computational power, which has led to concerns about the environmental impact of Bitcoin mining.

Privacy is also a concern for Bitcoin users, as the public nature of the blockchain means that all transactions are visible to anyone who has access to the network. To address this, users can utilize various privacy-enhancing technologies like CoinJoin and Schnorr signatures. These technologies help to obfuscate the transaction data, making it more difficult to trace the flow of funds.

In conclusion, while Bitcoin's decentralized nature provides many benefits, it also presents challenges related to privacy and security. However, the implementation of upgrades like SegWit and the development of second-layer solutions like the Lightning Network have helped to address these concerns. As the network continues to evolve, it is likely that additional privacy and security enhancements will be implemented to ensure the continued growth and adoption of Bitcoin.

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The Intersection of Bitcoin and NFTs

Bitcoin's Lightning Network has been gaining popularity in recent years as a way to speed up transactions and reduce fees. However, the Lightning Network is not without its challenges, including the need for users to manage channels and the risk of channel closures.

Ordinal inscriptions may provide a solution to some of these challenges by allowing users to create NFT-like inscriptions on the Bitcoin blockchain. These inscriptions can be used to represent ownership of various assets, including non-fungible tokens (NFTs) and even profile picture (PFP) NFTs like the popular Bored Apes.

By inscribing ownership of these assets on the Bitcoin blockchain, users can ensure that their ownership is secure and immutable. This can also help to reduce the risk of fraud and theft, as the ownership of the asset can be easily verified on the blockchain.

While the use of ordinal inscriptions for NFTs is still in its early stages, it has the potential to drive adoption of Bitcoin's Lightning Network by providing a more seamless and secure way to manage channels and assets. As more developers work on ways to integrate ordinal inscriptions into Bitcoin wallets and other applications, we may see a new wave of innovation in the NFT space that is powered by Bitcoin's Lightning Network.

Overall, the intersection of Bitcoin and NFTs is an exciting area of development that has the potential to revolutionize the way we think about digital ownership and asset management. As more users and developers explore the possibilities of ordinal inscriptions, we may see a new era of innovation and growth in the Bitcoin ecosystem.

Bitcoin and Other Cryptocurrencies

Bitcoin is the world's first and most popular cryptocurrency. It was created in 2009 by an anonymous person or group under the pseudonym Satoshi Nakamoto. Bitcoin is decentralized, which means it is not controlled by any government or financial institution. Instead, it is powered by a network of computers around the world that validate transactions and maintain the ledger of all Bitcoin transactions, known as the blockchain.

Other cryptocurrencies have emerged in the wake of Bitcoin's success, such as Ethereum (ETH), Solana (SOL), Shiba Inu (SHIB), Uniswap (UNI), Crypto.com Coin (CRO), and many others. These cryptocurrencies have their own unique features and use cases, such as smart contracts on the Ethereum network, meme tokens like Dogecoin (DOGE), and BRC-20 and ERC-20 tokens that can be used on various blockchain platforms.

Bitcoin's Lightning Network is a layer-two scaling solution that allows for faster and cheaper Bitcoin transactions. It works by creating payment channels between users that can be used to send and receive Bitcoin without having to wait for confirmations on the blockchain. The Lightning Network has the potential to significantly increase the adoption of Bitcoin by making it more practical for everyday transactions.

Ordinal inscriptions, a new development in the Bitcoin space, allows users to create digital artifacts, such as NFTs, on the Bitcoin blockchain for storage, trade, and exchange. While inscriptions could increase the network's overall security budget, it may also increase fees and consistency of fees for Bitcoin miners, thereby increasing mining desirability, and ultimately increasing the network's security.

In conclusion, Bitcoin and other cryptocurrencies are rapidly evolving and changing the way we think about money and finance. The Lightning Network and ordinal inscriptions are just two examples of the innovations that are driving the adoption of Bitcoin and making it more practical for everyday use. As the cryptocurrency space continues to grow and mature, we can expect to see even more exciting developments in the future.

Role of Miners and Transaction Costs in Bitcoin Network

Miners play a crucial role in the Bitcoin network as they are responsible for verifying transactions and adding them to the blockchain. They are incentivized to do so by earning rewards in the form of newly minted bitcoins and transaction fees.

Transaction costs in the Bitcoin network are determined by the supply and demand for block space. Miners prioritize transactions with higher fees as they are more profitable to include in the next block. This has led to a situation where users who are willing to pay higher fees get their transactions processed faster, while those who are not willing to pay higher fees may have to wait longer.

Bitcoin miners have been facing a dilemma in recent years due to the increasing demand for block space and the limited block size. This has led to higher transaction fees and longer confirmation times, making Bitcoin less attractive as a payment option for small transactions.

Ordinal inscriptions can help solve this problem by reducing the amount of data that needs to be stored in each block. By encoding multiple transactions into a single ordinal, miners can process more transactions per block, reducing the demand for block space and lowering transaction costs.

Furthermore, the Lightning Network, a layer-two solution built on top of Bitcoin, can also help reduce transaction costs by enabling off-chain transactions that do not need to be recorded on the blockchain. This can significantly increase the scalability of the Bitcoin network and make it more attractive as a payment option for small transactions.

In conclusion, miners and transaction costs play a crucial role in the Bitcoin network. Ordinal inscriptions and the Lightning Network can help reduce transaction costs and increase the scalability of the network, driving adoption and making Bitcoin a more attractive payment option for small transactions.

Bitcoin as a Global Currency

Bitcoin has often been touted as a potential global currency due to its decentralized nature and borderless transactions. The use of ordinal inscriptions on the Bitcoin blockchain may further drive its adoption as a global currency. With the Lightning Network, transactions can be completed in a matter of seconds, making it a more practical option for everyday use.

The European Union (EU) has been exploring the potential of digital currencies, with some officials suggesting a digital euro could be introduced in the near future. While the EU has not yet made a decision on the matter, the use of Bitcoin as a global currency could provide an alternative for those looking for a decentralized and secure option.

The CEO of Twitter, Jack Dorsey, is a vocal proponent of Bitcoin and has stated that he believes it will eventually become the world's single currency. While this may be a lofty goal, the use of ordinal inscriptions on the Bitcoin blockchain could further drive its adoption and bring it closer to this vision.

In times of war or economic uncertainty, the use of a decentralized currency like Bitcoin could provide a more stable option for individuals and businesses. The ability to transact without relying on a centralized authority can provide a sense of security and stability in uncertain times.

As Bitcoin becomes more widely accepted, it may also become a more practical option for global exchange. The use of ordinal inscriptions on the blockchain can provide a level of transparency and security that traditional financial systems may not be able to match.

Overall, the use of ordinal inscriptions on the Bitcoin blockchain can further drive its adoption as a global currency. While there are still challenges to overcome, such as regulatory hurdles and scalability issues, the potential benefits of a decentralized and secure global currency are hard to ignore.

Frequently Asked Questions

What is the Lightning Network and how does it improve Bitcoin transactions?

The Lightning Network is a second-layer payment protocol that operates on top of the Bitcoin blockchain. It allows for near-instant and low-cost transactions by creating payment channels between users. These channels enable parties to transact with each other without broadcasting every transaction to the Bitcoin network, thereby reducing transaction fees and increasing transaction speed.

Can payment channels like Lightning Network make Bitcoin more scalable?

Yes, payment channels like the Lightning Network can significantly improve the scalability of Bitcoin. By moving most transactions off-chain, the Lightning Network reduces the load on the Bitcoin network and allows for more transactions to be processed. This increased scalability can enable Bitcoin to become a more widely adopted payment system.

How do ordinal inscriptions enhance the security of Lightning Network transactions?

Ordinal inscriptions are a new type of non-fungible token (NFT) that can be used to create digital artifacts on the Bitcoin blockchain. These inscriptions can be used to verify the authenticity of Lightning Network transactions, making them more secure. Additionally, ordinal inscriptions can be used to create unique digital assets that can be traded or exchanged on the Lightning Network.

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What are the benefits of using Lightning Network for Bitcoin transactions?

The Lightning Network offers several benefits for Bitcoin transactions, including near-instant transaction confirmations, low transaction fees, and increased privacy. Additionally, the Lightning Network can enable micropayments, which can be used for a wide range of applications, including tipping content creators, paying for online services, and more.

Are there any potential drawbacks to using Lightning Network for Bitcoin transactions?

One potential drawback of the Lightning Network is that it requires users to lock up funds in payment channels. This can limit liquidity and make it more difficult to move funds between different payment channels. Additionally, the Lightning Network is still a relatively new technology and may be subject to bugs or other security issues.

How does Lightning Network compare to other scaling solutions for Bitcoin?

There are several other scaling solutions for Bitcoin, including increasing the block size limit and implementing Segregated Witness (SegWit). However, the Lightning Network offers several advantages over these solutions, including lower transaction fees, faster transaction confirmations, and increased scalability. Additionally, the Lightning Network can be used in conjunction with other scaling solutions to further improve Bitcoin's scalability.

Tim Moseley

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How To Resist CBDCs5 Ways You Can Opt Out of This Dystopian Future

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How To Resist CBDCs—5 Ways You Can Opt Out of This Dystopian Future

by Nick Giambruno, contributor, International Man Communique

 

How To Resist CBDCs—5 Ways You Can Opt Out of This Dystopian Future

 

There's an excellent chance governments worldwide will soon force their citizens to use central bank digital currencies (CBDCs).

CBDCs enable all sorts of horrible, totalitarian things. They allow governments to track and control every penny you earn, save, and spend. They are a powerful tool for politicians to confiscate and redistribute wealth as they see fit.

CBDCs will make it possible for central banks to impose deeply negative interest rates, which are really just a euphemism for a tax on saving money. Governments could program CBDCs to have an expiration date—like some airline frequent flyer miles—forcing people to spend them, for example, before the end of the month when they’d become worthless.

CBDCs will enable devious social engineering by allowing governments to punish and reward people in ways they previously couldn't. Suppose governments impose lockdowns again for flu season, so-called "climate change," or whatever pretext they find convenient. CBDCs could be programmed to only work in a geographic area. For example, your payments could be denied if you travel more than a mile from your home during a lockdown.

Suppose the people in charge want to encourage people to take a pharmaceutical product. With CBDCs, they could easily deposit money into the accounts of those who complied and deduct it from those who didn't.

Undoubtedly, CBDCs will be paired with a sort of social credit system. Such a system is already in place in China today. In the West, it’s likely to come in a different flavor. Perhaps CBDCs will be paired with an ESG score.

Did you commit a thought crime on social media? Or perhaps you read too many politically incorrect articles online? Did you exceed your monthly meat consumption allowance? Then expect some financial punishment thanks to the CBDCs.

CBDCs are, without a doubt, an instrument of enslavement. They represent a quantum leap backward in human freedom. Unfortunately, they’re coming soon.

Governments will probably mandate CBDCs as a "solution" when the next real or contrived crisis hits—which is likely not far off. That’s the bad news.

 

The Good News Is That CBDCs Are Destined To Fail

Despite all the hype, CBDCs are nothing but the same fiat currency scam on steroids. It’s doubtful CBDCs can save otherwise fundamentally unsound currencies—as I believe all fiat currencies are. If the current fiat system is not viable, then CBDCs are even less viable as they enable the government to engage in even more currency debasement.

Would a CBDC have saved the Zimbabwe dollar, the Venezuelan bolivar, the Argentine peso, or the Lebanese lira? I don’t think so. And a CBDC won’t save the US dollar or the euro either. But that doesn't mean governments won't try implementing CBDCs… with immensely destructive consequences for many people.

While I believe CBDCs will inevitably self-destruct, nobody knows how long it will take for that to happen. Communism was also destined to self-destruct, but it took generations. I don’t think it will take nearly that long for CBDCs to fail, but that’s just my guess. Therefore, the big question everyone should be asking is this… 

What Will You Do When The Government Forces Everyone To Use CBDCs?

I believe it's incumbent on free individuals to reject CBDCs. It will be challenging, but the reward—maintaining your sovereignty—will be priceless. Below are five ways you can do just that.

It’s important to remember the wise words of Ron Paul:

"What none of them (politicians) will admit is that the market is more powerful than the central banks and all the economic planners put together. Although it may take time, the market always wins."

No matter what edicts, decrees, or laws that politicians pass, they will never be able to fully extinguish the desire of people to use alternatives to CBDCs. That cracks the door open to other options.

For example, consider that Venezuela, Zimbabwe, Argentina, Lebanon, and many other countries restrict the use of US dollars today. However, all that does is create a thriving black market—or, more accurately, a free market—for US dollars and a parallel financial system.

We can expect the same kind of dynamic if governments impose CBDCs. I have no doubt significant parallel systems and underground markets will naturally emerge. Anyone who wants to avoid CBDC enslavement must learn to swim in those waters. Below are five steps anyone can take to opt-out of this dystopia.

 

Step #1: Use Physical Gold and Silver

Avoiding CBDCs means using alternative forms of money. Although people use money every day, few consider what it actually is or what makes for good money. Asking people, "what is money?" is like asking a fish, "what is water?" The fish probably doesn’t even notice the water unless it becomes polluted or something is wrong.

Money is a good, just like any other in an economy. And it isn’t a complex notion to grasp. It doesn’t require you to understand convoluted math formulas and complicated theories—as the gatekeepers in academia, media, and government mislead many folks into believing.

Understanding money is intuitive and straightforward. Money is simply something useful for storing and exchanging value. That’s it. Think of money as a claim on human time. It’s like stored life or energy.

Unfortunately, today most of humanity thoughtlessly accepts whatever their government gives them as money. However, money does not need to come from the government. That’s a total misnomer that the average person has been hoodwinked into believing.

It would be similar to transporting yourself back in time and asking the average person in the Soviet Union, "Where do shoes come from?" They would say, "Well, the government makes the shoes. Where else could they come from? Who else could make the shoes?"

It’s the same mentality here regarding money today—except it’s much more widespread. The truth is money doesn’t need to come from the government any more than shoes do. People have used stones, glass beads, salt, cattle, seashells, gold, silver, and other commodities as money at different times. However, for over 2,500 years, gold has been mankind’s most enduring form of money.

Gold didn’t become money by accident or because some politicians decreed it. Instead, it became money because countless individuals throughout history and across many different civilizations subjectively came to the same conclusion: gold is money. It resulted from a market process of people looking for the best way to store and exchange value.

So, why did they go to gold? What makes gold attractive as money? Here’s why.

Gold has a set of unique characteristics that make it suitable as money. Gold is durable, divisible, consistent, convenient, scarce, and most importantly, the "hardest" of all physical commodities. In other words, gold is "hard to produce" relative to existing stockpiles and is the one physical commodity most resistant to inflation of its supply. That's what gives gold its monetary properties.

Anyone can opt-out of CBDCs by using physical gold and silver to store and exchange value. Physical gold is optimal for long-term savings and large transactions. The best way to do that is with widely recognized gold bullion coins, like the Canadian Gold Maple Leaf or the American Gold Eagle. However, gold coins are generally inconvenient to use for small transactions. Silver coins are more practical here.

 

Step #2: Obtain Financial Sovereignty With Bitcoin

CBDCs and Bitcoin share some characteristics. For example, they are both digital and facilitate fast payments from a mobile phone. But that is where the similarities end. The reality is that CBDCs and Bitcoin are entirely different in the most fundamental ways.

You need the government’s permission and blessing to use a CBDC, whereas Bitcoin is permissionless. Governments can (and will) create as many CBDC currency units as they want. With Bitcoin, there can never be more than 21 million, and there is nothing anyone can do to inflate the supply more than the predetermined amount in the protocol.

CBDCs are centralized. Bitcoin is decentralized. Governments can censor transactions and freeze and confiscate CBDC units. Bitcoin is censorship-resistant. No country's laws can affect the protocol.

There is no privacy with CBDCs. However, if you take specific steps with Bitcoin, it is possible to maintain reasonable privacy.

CBDCs are government money that is easy to produce and give politicians a terrifying amount of control over people’s lives. On the other hand, Bitcoin is non-state hard money that helps liberate individuals from government control.

Bitcoin enables anyone to be their own bank. Bitcoin allows you to send and receive value from anyone anywhere without relying on third parties.

If you avoid CBDCs, that will almost certainly mean avoiding the traditional financial system. Knowing how to use Bitcoin in the most sovereign way possible will be essential.

 

Step #3: Get Organized Locally

Get to know the people in your local community. If you avoid CBDCs, many of the conveniences of society will become unavailable. You will probably be unable to shop at Walmart and large stores of any kind, as they will all be roped into the CBDC system.

You will have to become self-sufficient and rely on your local community to obtain what you need. And that starts with knowing who can provide you with the things you want and need.

The Amish are incredibly successful in this regard. I am not saying you must go 100% Amish to avoid CBDCs. But we can learn how their societies work outside the traditional system and emulate the areas that make sense in our local communities.

 

Step #4: Exchange Value for Value

Humans invented money to solve the difficulties of barter. But with CBDCs, governments will have perverted money from a technology that facilities economic exchange into a tool of enslavement. With CBDCs, barter doesn’t look all that bad.

The key is understanding what value you can provide to others in your local community and how you can exchange that for something you want. That might mean performing some landscaping work for your dentist in exchange for getting a cavity filled or washing the car of your butcher in exchange for some ground beef.

 

Step #5: Become a Prepper

To minimize the inconvenience of barter, it's ideal to become as self-sufficient in as many areas as possible. That includes stockpiling supplies and gaining survival knowledge and skills. If you already have what you need—or can produce it yourself—that reduces the need to get it from others.

 

Conclusion

Unfortunately, CBDCs—and all the terrible things that go along with them—are probably coming soon. To summarize, here are five steps anyone can take to opt out of this terrible system.

Step #1: Use Physical Gold and Silver

Step #2: Obtain Financial Sovereignty With Bitcoin

Step #3: Get Organized Locally

Step #4: Exchange Value for Value

Step #5: Become a Prepper

 

Here’s the bottom line.

We're on the cusp of the most significant changes in money and finance in world history… Yet few people are aware of what is really happening with CBDCs.

 

New Opportunities Are Emerging For Citizens of The World.

Freedom and democracy may appear to be struggling to stay alive in America, but there may be a knock-out punch ready to be released. The evolution of the blockchain-enabled metaverse is going to enable the 'Citizens of the World' to gain their own Freedom by democratizing power and creating a new world with new rules, new players, and new opportunities. For 99.99% of us, the metaverse will improve our real-world lives by democratizing power and opportunity.

Along with the major long-term trend of society towards decentralization and smaller-scale organizations, there are new opportunities developing to help 'Preparers' in the cryptocurrency sector. Businesses are beginning to issue their own Crypto Coins that can be traded on Cryptocoin Exchanges.

Markethive.com will release its HiveCoin (HIV) in the coming weeks. It has tremendous upside potential that is outlined in a Video by Founder Tom Prendergast, "Entrepreneur Advantage…".

Not only that, if you go to their website and register as a FREE Member, you will be given 500 HiveCoins for "FREE" along with access to several Earning Opportunities and online tools to increase your HiveCoin balance.

Be sure to check it out today – Markethive.com

Markethive

Tim Moseley

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Bitcoin price has hit bottom -coldest days of Crypto Winter are over Ran Neuner and Steven Sidley

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Bitcoin price has hit bottom –  coldest days of Crypto Winter are over – Ran Neuner and Steven Sidley

With Bitcoin’s price bottoming below $20K in June, the worst days of the Crypto Winter are over, according to Ran Neuner and Steven Sidley, who joined Kitco’s Editor-in-Chief and Lead Anchor, Michelle Makori, in a panel discussion.

“We’ve hit the crypto bottom,” said Neuner, Host of Crypto Banter, a popular crypto-themed podcast. “Crypto suffered one of the biggest liquidations we’ve ever seen. We had the LUNA ecosystem collapse, which is a $100 billion ecosystem, which caused a cascade of liquidations throughout the market.”

Sidley, Professor at the University of Johannesburg and Head of the university’s Blockchain and CryptoVerse Research Group, agreed with Neuner, albeit with a few caveats.

“There are a couple of things still staring us in the face,” cautioned Sidley, who is also a best-selling author and a Director at Bridge Capital Future Advisory. “China deciding to invade Taiwan is a possible Black Swan event. If Russia decides to step up its aggression all the way to nuclear weapons, that’s another Black Swan event… but in most respects, I agree with Ran that we’re at the end of [The Crypto Winter.]”

A Black Swan event is an unexpected occurrence that has a significant impact on markets.

Crypto Winter thawing

Neuner, who is also the Co-founder and CEO of Onchain Capital, used the 200-week moving average of Bitcoin to support his claim that the cryptocurrency would continue its upward rally. The 200-week moving average is the longest measure of Bitcoin’s upward trend. Bitcoin’s spot price has only moved below this metric three times: in 2015, in 2020, and in 2022.

“Every time [Bitcoin’s spot price hit the moving-average], it has rebounded and given investors huge returns,” said Neuner. “The times it has gone under the 200-week moving average have been Black Swan events.”

However, Neuner said that investors should watch the “macro environment,” which could impact Bitcoin’s price.

“For as long as the macro environment continues to perform, I think we’ll be okay,” he said. “The probabilities are about 50-50 as to whether the Fed will increase [rates] by 50 basis points or 75 basis points, and I think that the market has already priced those rate increases in. In terms of whether we’re at the bottom or not, I’m confident to say that we’ve probably hit the bottom in crypto, unless another Black Swan event happens… but I think we’ve had the coldest days of winter.”
 

Bitcoin adoption

Asset-management firm BlackRock recently announced a partnership with Coinbase to provide institutional clients with Bitcoin access. However, this seemed to have no significant impact on Bitcoin’s price.

“In a bear market, the market does not respond to good news, and we know that we’re very much that we’re currently in a bear market,” said Neuner. “We thought that the BlackRock news would move the market, and it didn’t at all.”

Sidley added, “The BlackRock announcement was very profound. This [firm has] $10 trillion in assets that they manage.”

However, he said that Bitcoin’s price did not move after the BlackRock announcement because of unfavorable regulatory developments.

“There’s a regulatory pushback,” said Sidley. “Whereas BlackRock may say, ‘we’re going to give our clients exposure to [Bitcoin],’ everybody’s now looking to the other side, which is the regulators who are trying to control it and slow this thing down.”

To find out Neuner and Sidley’s forecasts for Bitcoin’s price, watch the video above.

By Cornelius Christian

For Kitco News

Time to buy Gold and Silver on the dips

 

Tim Moseley