Bitcoin Dominance Slips 5% as New ‘Altseason’ Taking Shape

altcoins altseason bitcoin

Altcoins are shooting up in value in the past couple of weeks as Bitcoin dominance has slipped 5 percent. During the past 90 days, almost all major altcoins are marking notable double and even triple-digit percentage increases hinting at a possible ‘altseason.’


BTC Dominance Down 5% 

Altcoin season is a period in the market cycle, where other cryptocurrencies outperform BTC even as bitcoin is increasing in price.

During this period, BTC dominance, which is measuring Bitcoin’s relative share in the entire cryptocurrency market, is traditionally lower. In the meantime, altcoins are gaining strength and further momentum.

At the time of this writing, BTC dominance stands at around 55 percent. This marks a decline of about 5 percent in the last two weeks.

Bitcoin dominance still maintaining above 50%

It’s also worth noting that this comes at a period during which Bitcoin’s price has actually increased. Since May 14th, BTC is up almost 10 percent. Yet, despite the increase, its overall share in the total market has declined.

At the same time, as Bitcoinist previously reported, the market dominance index does not always paint an accurate picture of the market. Other indices, for example, put BTC well over 80 percent.

Is ‘AltSeason’ Upon Us?

Nevertheless, the fact that BTC market cap is slipping is a sign that altcoins are starting to catch up. Moreover, during the past 90 days, it also appears that the value of many major altcoins against the USD has also increased significantly.

Therefore, traders are now asking whether so-called altseason is upon us.

As seen on the above graph, some of the major gainers in the last three months include Bitcoin Cash (BCH), Binance Coin (BNB), EOS, Litecoin (LTC), DASH, and others.

The relatively short-term strength of altcoins, as well as the fading BTC dominance, could signal that an altcoin season is, indeed, taking shape.

Looking at the bigger picture, however, reveals a completely different story. During the last 12 months, most of the altcoins mark substantial losses in the range between 35 and 70 percent. Bitcoin, on the other hand, has posted impressive gains since its yearly lows of around $3,200 at the start of the year.

Moreover, altcoins tend to follow BTC’s performance and if Bitcoin sneezes – every altcoin catches a cold.

Bitcoin Still The Safest Play

While altcoins might be a good opportunity for some quick gains, the truth is that timing the market remains particularly challenging.

That’s perhaps best exemplified by Twitter user Marc de Koning (@Koning_Marc), who recently shared his experience of investing 1 BTC in 50 different altcoins each back in mid/late 2017.

“Out of 50 coins that each had 1 BTC put in, the overall current value is between 0.02 and 0.3 BTC per bag. Many coins delisted except for dexes which no one uses.”

The user didn’t share in which altcoins he had invested in per se, but the fact that out of 50 coins he had marked losses in the range of 70 to 99 percent speaks for itself.

Bitcoin, on the other hand, remains the best performing cryptocurrency. As Bitcoinist recently reported, it’s up 700 percent since January 1st, 2017. Furthermore, BTC is outperforming the stock market this year by an eye-popping 1000 percent.

What do you think of altcoins? Do you hold any? Don’t hesitate to let us know in the comments below!


Images via Shutterstock, Messari.io

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Bitcoin ‘Not Like the Stock Market,’ Says McAfee as Stocks Hit 3-Month Low

stocks red bitcoin

Stocks continue to sink as the S&P 500 index today went under 2,800 points. Bitcoin, on the other hand, has marked a quick recovery demonstrating itself as the best performing alternative asset. 


U.S.-China Trade War Sees Stocks Suffer

Bitcoinist reported a couple of weeks ago that stocks are sinking as the pressure from the trade war raging between the US and China.

It now appears that the situation is going from bad to worse. The S&P 500 index is currently trading at around 2,769, recording losses of 32 points on the day or about 1.1 percent.

Stocks have hit a fresh 12-week low with the U.S.-China trade war showing no signs of improving anytime soon, according to Bloomberg.

Deutsche Bank also hit an all-time low which could spell trouble for the global economy in the coming months.

While Bitcoin Having a Stellar Year

Bitcoin, on the other hand, is holding strong. After the recent rally which saw its price surging to almost $9,000, the cryptocurrency experienced a 3 percent pullback overnight, testing levels at around $8,420.

Currently, Bitcoin has been outperforming the red-hot stock market by a whopping 10 times so far in 2019. BTC price 00 also managed to mark a sharp recovery back to $8,680.

As Bitcoinist reported, bitcoin is breaking through and then finding support at levels, which were previously a resistance throughout the bear market. This could suggest the bulls are in control as they are constantly breaking through prior resistance. The next target to break is an important psychological level of $10,000.

Yet, the breakout from the consolidation found in the lower range around $8,000 implies that a target for a bullish ascending triangle will be at around $11,500.

Meanwhile, Bitcoin is also seeing increasing interest from institutional traders with investors paying a premium to get in on the action.

It’s All Math According to McAfee

Yesterday, prominent cryptocurrency enthusiast John McAfee said that the cryptocurrency market “is not the stock market.”

He reiterated on the fact that cryptocurrencies are created “by hashing or other algorithms,” and that they are “moved under control of math logic.”

They’re fractionalized, stored, retrieved, exchanged under control of formulas. Coins are electronic elements of a vast system controlled by math.

And if math’s not enough to justify Bitcoin’s strength over traditional stocks, here are three reasons for which Bitcoin price might hit $30,000 by the end of this year.

What do you think of Bitcoin’s performance throughout the past month? Don’t hesitate to let us know in the comments below!


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‘Encrypto’ By Franck Muller Joins The Ranks of Bitcoin Luxury Watches

franck muller bitcoin watch

Popular Swiss watchmaker Franck Muller has teamed up with alternative investment company Regal Assets to release what’s touted as the first functional Bitcoin watch. 


Enters “Encrypto”

Pioneer luxury watchmaker Franck Muller has partnered up with alternative investment company called Regal Assets to release a timepiece called “Encrypto.”

The watch itself was designed by Frank Muller and the dial features the QR code of Satoshi’s Genesis Block address.

More interestingly, the watch is intended to serve as a cold wallet for storing Bitcoin. According to the official release, each watch comes as a two piece set which includes a unique public address etched on the dial, as well as a sealed USB which contains the private key. It’s also important to note that users can check their balance directly through the dial.

Speaking on the matter was Erol Baliyan, regional director of Franck Muller, who said:

We always aim to impact the customer at an emotional level and create a bond between the customer and the timepiece. As a brand, we are a trend maker with a solid track record and are not shy when it comes to adopting innovation. Bitcoin is the millennial gold is the perfect marriage between innovation and personal choice.

The price for an Encrypto watch starts at $9,800 and it goes all the way up to $50,600. The latter price, however, will get you the diamond encrusted version. You can buy the watch with a credit card, bank transfer, and, of course, with Bitcoin.

The Swiss watchmaker is also reportedly exploring other crypto-themed models which will offer support for other top cryptocurrencies.

Other Bitcoin Watches

Franck Muller is not the only watchmaker to go down the Bitcoin road. Back in 2018, Bitcoinist reported that renowned company Hublot has released a limited edition timepiece called Big Bang. It was intended to commemorate Bitcoin’s 10th anniversary.

This one also came with a rather hefty price tag of $25,000. Unlike Encrypto, however, Hublot’s Big Bang could only be bought with Bitcoin and no other currency.

Cryptomatic ‘Hodler’ watch

Of course, there are other Bitcoin-themed watches such as Cryptomatic, which were the first mechanical time-pieces to sport the Bitcoin ‘B’ logo and at a much more affordable with a price point under $1,000 dollars.

What do you think of Franck Muller’s Encrypto Bitcoin watch? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock; Franck Muller

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Bitcoin Futures: Institutions Went 100% Long as Price Soared to $8K

CME bitcoin futures

Data from the US CFTC reveals that institutions on the CME went 100 percent long on Bitcoin futures, potentially capitalizing on yet another impressive green candle in mid-May. 


CME: Institutions Went 100% Long on Bitcoin

According to information released by the US Commodity and Futures Trading Commission, institutional investors had opened 100 percent long Bitcoin futures contracts as of May 14th.

The total number of CME Bitcoin futures contract between May 7 and 14 was 199 and all of them were betting on Bitcoin going up. However, it’s also worth noting that the total number of opened positions was with 87 less compared to the week before that.

As Bitcoinist reported, smart money also went long on Bitcoin before April’s spectacular rally.  It appears that once again smart money rode the uptrend, as bitcoin price 00 soared with around 15 percent from May 13th to May 14th.

On the other hand, the information from the CFTC also reveals that the opened leveraged funds short positions are more than the long ones.

Short positions currently account for 55.2 percent of all leveraged positions on the platform with a total number of 2455 (1 position = 5 BTC). While long positions are less than that, their number has increased since the previous week, while short positions have decreased.

Looking at Retail

While institutions have gone entirely long as of May 14th, since then retail seems to be a bit more bearish.

Data from TradingView shows that the number of short positions on cryptocurrency exchange Bitfinex has increased by about 12 percent in the last five days.

The number of long positions on the exchange is also marking an increase but it’s less impressive compared to the surge in shorts. Long positions have increased by around 4 percent in the last five days.

Bitcoinist reported earlier today that the more Bitcoin price remained stuck at the resistance range at around $8,000, the more likely it was to correct. And while the cryptocurrency did, in fact, plunge 6.7 percent, some traders like Josh Rager remain unfazed:

$BTC still in this condensing formation and held by horizontal supports. Not a lot has changed which shows that you don’t have to stare at charts all day – waiting for that next massive candle.

Bitcoin price analysis meanwhile shows that BTC/USD is currently being supported by an ascending triangle pattern, a bullish sign.

Where do you think will Bitcoin go from here? Don’t hesitate to let us know in the comments below!


Images courtesy of TradingView, CFTC, Shutterstock.

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Winklevoss: Sitting on the Sidelines is Crazier Than Investing in Bitcoin

Winklevoss

Prominent Bitcoin investor and Gemini Exchange co-founder Cameron Winklevoss says that the future of money is currently being built with Bitcoin and crypto and that it’s ‘crazy’ to be sitting on the sidelines. 


‘The Future of Money is Literally Being Built’

Popular cryptocurrency commentator and a prominent Bitcoin investor Cameron Winklevoss has argued the craziness of investing in the crypto space. He said:

“Some people think it’s crazy to invest in crypto. Maybe. But definitely not as crazy as sitting on the sidelines when the future of money is literally being built before your eyes.”

The Winklevoss twins, in general, have been more than well-known in the space. Earlier in January, they said that Bitcoin will pass the $7 trillion gold market cap.

Mr. Wonderful Disagrees

One of those who seem to believe that investing in Bitcoin is more than crazy is popular TV personality and millionaire entrepreneur Kevin “Mr. Wonderful” O’Leary. Those of you who’ve watched the popular entrepreneur show “Shark Tank” surely know him.

Kevin O'Leary bitcoin

Just yesterday, in a rather heated debate with Anthony “Pomp” Pompliano of Morgan Creek Capital, on CNBC’s SquawkBox, O’Leary argued that there’s no value in owning bitcoin as an asset class. He said:

Where is the value in owning bitcoin as an asset class? Tell me why this, which is basically a digital game, has any intrinsic value. And where is the long-term value? Just this idea that they’re going to cut the number of units in half is just a scam. That’s just total BS.

Despite Pompliano’s arguments, the investor couldn’t seem to wrap his mind around the idea and denied all merits of Bitcoin and other cryptocurrencies as well.

Tom Lee Says Current Bitcoin Bull-Run Has Legs

Speaking on CNBC’s Markets Now, Fundstrat Global Advisors’ head analyst, Tom Lee, discussed the current case for Bitcoin. He outlined that the top ten days in any year account for all the gains for crypto.

tom lee Bitcoin price

However, Lee also said that there’s plenty of reasons to be optimistic. He reiterated on the narrative that Bitcoin “has proven to be digital gold” – something also expressed by the Winklevoss twins themselves.

Lee also mentioned the upcoming Bitcoin halving which is estimated to take place in less than a year from now.

As Bitcoinist reported yesterday, the overwhelming majority of people bullish regarding the effect it will have on the cryptocurrency’s price given historical trends.

What do you think of Bitcoin going forward? Let us know in the comments below!


Images via Shutterstock

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With Bitcoin Halving a Year Away, 60% Think Price Will Go Up From Here

bitcoin halving

Bitcoin halving, one of the most anticipated events throughout the entire cryptocurrency community is estimated to be 365 days from now. As it closes in, a new Twitter poll reveals that the overwhelming majority is entirely bullish on Bitcoin’s price going forward. 


Bitcoin Halving 365 Days From Now

Bitcoin halving, the event which will slash the mining block reward in half, is estimated to be exactly one year from today. At present, miners receive 12.5 BTC whenever a block is mined and by this time next year, this number will be reduced to 6.25 BTC.

As Bitcoinist has reported, there seems to be a direct correlation between Bitcoin halving and its price which is perhaps the thing everyone is mostly concerned with. Historical patterns show that Bitcoin prices tend to boom approximately one year after each previous halving.

There’s much sense to that, at least in theory – when the supply of Bitcoin is less than the demand for it, the price should rise. Hence, if the demand for bitcoin increases, or even more so – if it stays the same, while its supply declines, the price should go up.

‘Front Run, Up From Here’

2019 has so far turned out to be particularly good for Bitcoin. Year to date, its price has surged by more than 110 percent.

Bitcoin Price TV

It’s exactly this increase that has caused many industry proponents to believe that the bull market has returned with full force. Most recently, Arthur Hayes, CEO at popular Bitcoin margin trading exchange BitMEX, reaffirmed this, saying that the “bull market is real.”

It also appears that this positive sentiment has spread out throughout the community in general.

Now that Bitcoin block rewards are exactly one year away from the halving, though, people are once again beginning to voice their opinions on where the price will go from here.

According to a new Twitter poll with over 1,900 votes at the time of this writing, most believe that the market will surge prior to the halving. Moreover, 26 percent of the participants believe that the price will lag, but it will increase after the halving takes place.

And while there’s a whole year during which we’ll see how things will unfold, it’s also important to keep an eye on the price action right now. As Bitcoinist reported, the most recent pullback following Bitcoin’s rejection at $8,300 has a silver lining to it with a lot of promising signals supporting the breakout area of around $8,100.

Where will Bitcoin price in the next year? Let us know in the comments below!


Images courtesy of Shutterstock, Tradingview

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Stocks Plunge, Bitcoin Up as US-China Trade War Escalates

us china trade war

Stocks are sinking and bitcoin is moving higher as the US-China trade war appears to be escalating.


Stocks Slide as Trade War Bites

On Friday, President Trump’s administration raised tariffs on $200 billion worth of annual Chinese imports from 10 to 25 percent. Now, however, the President has said that he’s ready to impose 25 percent on yet another $300 billion worth of Chinese goods.

As such, investors are currently waiting for retaliatory measures from Beijing. China’s Chief Negotiator, Vice Premier Liu He, however, has demanded that in order to strike a trade deal, tariffs on Chinese exports to the US should be lifted.

A Monday op-ed published in the official newspaper of the Central Committee of the Communist Party in China does seem to be a cause for concerns:

China has been pushing forward the bilateral talks with a high sense of responsibility and maximized sincerity, but it will never yield to the extreme pressure from the US, or compromise on matters of principle.

Consequently, the Dow Jones Industrial Average (DJI) has dropped by more than 590 points at the time of this writing. Other companies which are sensitive to the matter are also marking decreases. Apple Inc. is down 5 percent on the day, Intel Corp. is down about 2 percent, while Uber has decreased by more than 9 percent.

Bitcoin Sees Yet Another Leg Up

Meanwhile, Bitcoin has marked yet another leg up. Commenting on the matter was Max Keiser, who noted that,

Bitcoin attracts BIG safe haven money as China readies to lower the axe on USD.

After reaching a price point of around $7,500 yesterday, on May 12th, Bitcoin retraced to $7,000, marking a decrease of around 6.6 percent.

This now appears to have been a consolidating pullback as BTC/USD is on the move again.

bitcoin

As seen on the chart, BTC gained upwards of $200 or around 2 percent of its value almost instantly, shrinking the previous retrace substantially.

‘Bull Market is Here’

Monday also saw news of Bitfinex securing $1 billion from private investors in less than a month. This is one of, if not the quickest raise of a billion dollars to date.

“A $1bn IEO raised in less than one month. Bull market is here, buckle-up buckaroos!!” proclaimed BitMEX CEO, Arthur Hayes, whose exchange just traded a record $10 billion in one day.

Bitcoin is up more than 43 percent in the last month alone and almost 100 percent YTD. It also means BTC is outperforming all stocks and commodities including oil and gold thus far in 2019.

Additionally, Hayes is not the only one who holds that the bull market is back. Mike Novogratz, former Goldman Sachs investment banker, and CEO at Galaxy Digital, shared the same position last week.

What do you think of Bitcoin’s price? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock

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Bitcoin Headed to $400K in 10 Years, Predicts Morgan Creek Founder

BitMEX bitcoin price

As Bitcoin continues to mark significant gains throughout the entire 2019, it seems that the time has come once again for some bold predictions. 


Bitcoin Price At $400,000 in 10 Years

A bold prediction came by the Founder, CEO, and Chief Investment Officer at digital asset management firm Morgan Creek Capital, Mark Yusko.

According to Yusko, Bitcoin’s price will reach a high of $400,000 or even $500,000 within a decade as the digital currency will reach the market capitalization of Gold.

Morgan Creek Capital, Mark Yusko

Speaking on the matter, Yusko said:

Gold […] has been hard money for 5,000 years. […] It’s about 7.4 trillion dollars in value. The best thing about Bitcoin is it’s digital gold. It’s much easier to transport; it’s much easier to divide. […] It has all these essential qualities that I think are superior to gold. If we get the amount of value equal to gold, that would be about 7.4 trillion, divide that by 21 million coins, you get around $400,000 per coin, maybe $500,000 per coin. When does that happen? It might be a decade or more.

The prominent investor also commented on the recent Binance hack that resulted in the theft of around $40 million worth in BTC. While admitting that it was a “bad” thing, he also emphasized the positives. He said that “people don’t steal things that don’t have value” which confirms the “value thesis.”

Canaccord: $20,000 BTC in March 2021

Another prediction came from Canaccord Genuity Group – a financial advisory firm.

The report outlines that there is a serious similarity in the price action of Bitcoin in the periods 2011-2015 and 2015-2019. The document also reads that the cryptocurrency operates on a four-year cycle of sorts because of the Bitcoin halving event which takes place roughly every four years.

According to the advisory firm, if Bitcoin follows the same trend as in the last period, it will be climbing slowly to its all-time high value of around $20,000, reaching it in March 2021.

Novogratz Bitcoin

This prediction echoes that of another prominent investor and Bitcoin permabull, Mike Novogratz.

Meanwhile, everyone is wondering if a blow-off top is imminent or whether the surging price of Bitcoin could see retail investors FOMO like in late 2017.

As Bitcoinist reported, Fundstrat’s Thomas Lee shared a poll asking at what price the FOMO will settle in.

Out of 5,400 votes so far, 44 percent of the people seem to believe that the number is $10,000, while 24 percent think that FOMO is already underway.

Where do you see Bitcoin going from here? Let us know in the comments below!


Images via Shutterstock

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Max Keiser Now Eyes $10,000 Target as Bitcoin Price Surges Past $6,400

golf bitcoin

Bitcoin price has blasted through the $6,400 level as Max Keiser says that $10,000 now is “chip shot” from the current levels.


Bitcoin Price Back At $6,400

Bitcoin price 00 doesn’t seem to be showing any signs of slowing down. Its price continues to increase. Over the past 24 hours, BTC/USD has gained nearly 6 percent, blasting through the $6,400 level.

As Bitcoinist reported on May 9th, Bitcoin reclaimed the $6,000 price level for the first time in 6 months. However, the cryptocurrency doesn’t seem to be losing any steam, gaining yet another 5.6 percent after that.

In the last month alone, Bitcoin price 00 has gained over $1,000 to its value. Year-to-date, things are looking even better as the cryptocurrency managed to almost double up its price from January 1st when it was trading at around $3,750.

It’s not just Bitcoin’s price that’s increasing, however. We can also see that the BTC Dominance index which measures the cryptocurrency’s relative share in the entire market cap is also surging.

At the time of this writing, BTC Dominance is 58.4 percent, which is the highest it has been since the all-time high price of $20,000 back in late 2017.

‘$10,000’s a Chip Shot From Here’

Naturally, the positive development in Bitcoin’s price is also triggering positivity in the cryptocurrency community, as we’ve already seen a lot of people to turn rather bullish.

Mark Keiser, a long time Bitcoin bull commented quickly after the price hit $6,400 that “10,000’s a chip shot from here.”

Bitcoinist reported Houston-based economic analyst Jesse Colombo, popular for his warning about the US housing and credit bubble back in 2008, identified the $6,000 level as an important one to watch. He said that in order for the positive trend to be confirmed, Bitcoin needs to break through the $6,000 resistance in a “decisive manner.” Well, it’s safe to say that it has blasted through that resistance.

Riding on the bullish bandwagon is also the prominent investor and ex-Goldman Sachs investment banker Mike Novogratz. He’s recently said that BTC/USD is already in a bull market and that Bitcoin’s price “should” be $20,000 by 2021.

Elsewhere, Civic CEO Vinny Lingham stated that he’s becoming increasingly bullish on BTC if it maintains current levels for the next few days.

Is 10K now in the cards for bitcoin? Don’t hesitate to let us know in the comments below!


Images via Shutterstock, TradingView

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Bitcoin’s Liquid Sidechain Makes a Splash on Bitfinex

bitcoin liquid sidechain

Embattled Bitfinex has announced the integration of Blockstream’s Bitcoin sidechain, the Liquid Network. The upgrade is already seeing users impressed with faster and more private transactions. 


Bitcoin Liquid Integrated At Bitfinex

One of the biggest cryptocurrency exchanges in the world, Bitfinex, has announced the integration of Blockstream’s Liquid Network.

The Liquid Network is an inter-exchange settlement network which links together cryptocurrency exchanges and institutions in order to enable quicker Bitcoin transactions, as well as the issuance of digital assets.

According to the official announcement, the integration will allow for tighter exchange spreads, faster trading, as well as improved confidentiality.

Speaking on the matter was Paolo Ardoino, CTO at Bitfinex, who outlined:

Issuing Bitcoin, stablecoins, and various other digital assets under one blockchain platform makes a lot of sense. […] It reduces the integration burden for an exchange like ourselves, and traders can manage all their assets from a single wallet application. We’re excited to be active on the Liquid Network, and we’re looking forward to watching it develop.

Results Are Already Showing

The integration of Liquid is already proving to be worthwhile, according to derivatives trader Federico (@Federico_Xmas), who noted:

Just tried transferring BTC from TheRockTrading to Bitfinex using Blockstream Liquid, the transaction was executed and confirmed in less than 5 minutes, and best of all the amount is confidential to outside observers. Congrats to both exchanges and all other people involved.

Unlike Bitcoin’s public blockchain, transactions carried out on liquid are private by default. This means that the amounts, as well as the types of assets transacted, are hidden from third parties.

Liquid Network Gaining Traction

Launched in October 2018, the Liquid Network is quickly gaining traction all throughout the space. According to a recent blog post, the network has added 14 new members, including Bluefire Capital, Huobi, OpenNode, Gate.io, and others.

liquid bitcoin

Moreover, the company has revealed that further integrations are also going to go live in the coming weeks. Perhaps one of the more interesting upcoming developments is the fact that BitMEX is also working with Blockstream to support L-BTC deposits and withdrawals.

Additionally, Tether (USDT), and Stably (USDS) have also revealed plans to launch on Liquid.

Back in March, Blockstream also released a user-geared wallet for its Liquid sidechain asset called Liquid Bitcoin (L-BTC).

Bitfinex meanwhile was recently served with a court order by the New York Attorney General, alleging a cover-up of $850 million in losses. While no charges are being sought at the time, the exchange says it’ll fight the ‘false assertions.’

What do you think of Bitfinex integrating Liquid? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock

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‘We Are in a Bull Market’ – Novogratz Says Bitcoin Price ‘Should’ Be $20K by 2021

Novogratz Sets Next Target Price for Bitcoin at $40,000

Michael Novogratz, former Wall-Street hedge fund manager and CEO of Galaxy Digital, is no stranger to bitcoin price prediction. He believes that BTC ‘should’ reclaim its previous $20,000 all-time in next 18 months. 


Bitcoin to $20,000 in 18 Months

Bitcoin price 00 managed to reclaim the level of $6,000 for the first time in 6 months. Naturally, the cryptocurrency’s latest spike triggered quite a bit of interest from various industry proponents.

Among them, Mike Novogratz has once again spoken up, saying that Bitcoin at $6,000 “probably is a stall point.”

I think $6,000 probably is a stall point.We take out $6,000, the next one is $10,000. Would I be happy if we end the year at $10,000? Certainly I would.

However, the former Goldman Sachs investment banker also said that “probably we should go back to the old highs sometime in the next 18 months which is $20,000.”

Not Like The Last Time

Novogratz adds that the next bull run won’t be like the previous one we saw in 2017. He said that we won’t see “all the other coins go up as quickly.”

Naming Ethereum, Ripple, and pretty much everything that’s not Bitcoin, the investor said that they’d have to “prove use-case.”

Novogratz referred to the elements on the periodic table, reaffirming his previous position that Bitcoin is going to be “digital gold.”

114 elements on the periodic table, maybe 118, only one is gold… has store of value just because. Copper brings value for its usage. So they have to prove use case. That means getting people in their communities, developers, and being worthy of something.

Newfound Confidence Hard to Be Shaken

Furthermore, the investor doesn’t seem to believe that Bitcoin will return to its $3K lows of last December.

Commenting on the recent heist to the tune of $41 million in bitcoin from the world’s leading cryptocurrency exchange, Binance, the investor said that it’s not good for the space and that it’s a point of concern.

What he thinks is that events of the kind will make regulators “push.” When asked about why the news of the hack failed to negatively impact Bitcoin’s price, Novogratz said:

In bull markets, markets can digest bad news. We are in a bull market.

Meanwhile, Bitcoin’s fundamentals appear to be stronger than ever with record highs across a variety of key metrics, including on-chain transactions, hash rate, and block size.

What do you think of Novogratz’ new prediction? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock

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Bitcoin is Beating Apple Stock (APPL) Price in 2019

Apple Apple stock bitcoin price

Tech mogul and one of the largest corporations in the world, Apple Inc., has so far had a great start to 2019. The company’s shares are up 27 percent since January 1st but are still measurably lower than Bitcoin’s price increase throughout the same period. 


APPL Stock Rises in 2019

It’s safe to say that Apple is seeing a good year so far in 2019. Since January 1st, the company’s shares price has increased by around 27 percent, currently trading at $200.67 per share.

Most recently, Apple’s CEO has shared his take on the company’s results for Q2 of 2019. According to the executive, one of Apple’s core strengths throughout the quarter were its services as the revenue reached $11.5 billion, representing the “best quarter ever.”

Additionally, the popular iPad product has also seen a growth in its revenue which is up 22 percent from a year ago. Wearable devices have also surged with almost 50%.

It’s not all good news, however. Apple’s iPhone, which is perhaps the company’s flagship and most popular product, has seen a decrease in revenue with 17 percent compared to a year ago.

Since Cook shared this information, however, Apple’s stock has taken a slight beating, decreasing with about 2 percent on the day, at the time of this writing.

Bitcoin Betters Apple in 2019

Comparatively, the performance of Bitcoin’s price 00 throughout 2019 so far has been notably more impressive than this of Apple stock.

Year to date, Bitcoin is up 43 percent with the majority of the gains made throughout April’s rally.

What is more, the cryptocurrency has managed to retain those gains following the surge, which, according to cryptocurrency hedge funds manager BitBullCapital is a very positive sign that could lead to further increases throughout the year.

That’s also the position of the chief analyst at Fundstrat Global Advisors, Tom Lee, who has outlined that a number of fundamental and technical factors are improving, which can be a potential signal that the prolonged bear market is over.

Nasdaq Increases Exchange Customers and Looks to Police Crypto

Apple is not the only corporation the performance of which has been shadowed by Bitcoin’s price in 2019. Bitcoinist reported earlier in April that Bitcoin is also outperforming NASDAQ 100 (NDX), the S&P 500, Oil, Gold, and other commodities.

What do you think of Bitcoin’s price in 2019 and the fact that it’s outperforming shares of Apple Inc.? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock; TradingView.

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Bitcoin At $6,000: Key Level to Watch, Analyst Says

A Houston-based economic analyst outlined that it’s very important to watch how Bitcoin behaves at the major resistance level at $6,000. Meanwhile, Fundstrat’s Thomas Lee has said that the cryptocurrency is “likely” to reach new all-time highs “around” 2020. 


Bitcoin at $6,000: Important Level to Watch

Houston-based economic analyst Jesse Colombo, popular for his warning about the U.S. housing and credit bubble back in 2008, has shared his take on the current performance of Bitcoin.

According to him, Bitcoin’s performance throughout 2019 has shaken the bears and has started to develop more of a bullish trend.

However, in order for the positive trend to be confirmed, the analyst believes that Bitcoin needs to break through the $6,000 resistance level in a “decisive manner.” Should it manage to do so, it would also increase the probability of further gains.

He explains that $6,000 is an important resistance because that’s where Bitcoin found serious support for much of 2018 until November when the cryptocurrency dropped with about 50 percent in a couple of months.

Bitcoinist recently reported that Bitcoin’s price consolidation above $5,000 is a positive sign, according to a cryptocurrency hedge fund.

On the other hand, however, Colombo has also pointed out that if Bitcoin price 00 fails to close above $6,000, it may fall further back down and re-test the lows in the range between $3,000 and $4,000.

Tom Lee Says Bitcoin Price New ATH ‘Likely’ in 2020

On another note, popular bitcoin permabull and chief analyst at Fundstrat Global Advisors, Thomas Lee, has once again called for a major improvement in Bitcoin’s price somewhere “around” 2020, saying that various catalysts are “likely” to drive it to a new all-time high.

It’s worth noting, however, that Lee is undoubtedly more cautious with his wording and hasn’t provided a precise target price nor a specific date.

Tom Lee Futures Bitcoin price

However, the analyst has outlined that fundamental and technical factors are improving.

I think you’re seeing signs that fundamentals are improving, technicals are improving, and now there’s real activity by, essentially, crypto hodlers.

These are just three of the 11 signs that, according to Fundstrat, are characteristic of a bull market, potentially signaling that the crypto winter has come to its end.

Additionally, Lee also outlined that Bitcoin’s standard deviation from the S&P 500 which is about 2.5 this year, could also help push the cryptocurrency’s price further.

One thing to keep in mind is whenever the S&P has made a big move, … it’s almost always led to a big move in crypto later in the year. […] So I think … a 2.5 standard deviation move for bitcoin would take it to $14,000. I’m not saying that’s where it’s going to go, but that’s the magnitude of move that would be a catch-up.

What do you think of the current Bitcoin price performance? Don’t hesitate to let us know in the comments below!


Images via Shutterstock, Forbes. 

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Binance Coin (BNB) Falters Pushing Bitcoin Dominance Index to 2019 High

binance chain

Binance Coin (BNB), the best performing cryptocurrency in 2019, is having hard times maintaining its recent gains despite major developments. Meanwhile, the Bitcoin dominance index has hit its highest so far in 2019. 


Binance Coin Struggles

As Bitcoinist reported last week, Binance Coin (BNB) 00 is amongst the best performing cryptocurrencies in 2019 so far. Year-to-date, the altcoin has gained around 260 percent. Moreover, a few days ago, BNB became the first to surpass its all-time high value of January 2018.

On a shorter term, however, the cryptocurrency doesn’t seem to be able to maintain its gains.

Since its price surged towards its newly-found ATH on April 20th, BNB has pulled back, experiencing a notable decrease of around 11 percent against the USD.

Against Bitcoin, BNB is down even more with a 16 percent decline.

‘Binance Effect’ Fizzles… For Now

Controversially, the sudden pull-back comes at times when there’s a lot going on for Binance and BNB.

Earlier in this month, Binance launched the mainnet for their decentralized exchange Binance Chain. Touted as a “new chapter” in the history of the company, the event also set the stage for an important development for the currently existing ERC20-based BNB coins – their swap to Binance Chain.

Moreover, Bitcoinist reported that every project which migrates to Binance Chain sees its token’s price skyrocket on the news. Since our last report, two more projects have migrated to Binance Chain, namely Gifto (GTO), and the Blockmason Credit Protocol (BCPT). Their prices, unsurprisingly, marked notable increases following the move.

On another note, Binance Launchpad – the Initial Exchange Offering (IEO) structure of the cryptocurrency exchange, is having its fourth sale today with a brand new lottery system in place. According to the official website, the ticket claim process is already in progress.

Ironically, Binance Coin seems to be the only cryptocurrency that fails to capitalize on the so-called “Binance Effect.”

…Nor Does BTC Price Pump

Another thing to consider is Bitcoin’s price performance throughout the same period BNB has been declining.

Since April 22nd, BTC has marked yet another notable leg up, jumping from around $5,300 to $5,630 – an increase of about 6.3 percent.

Bitcoin price 00 has experienced a slight pullback since its recent peak, losing about 1.5 percent on the day.

However, looking at the overall cryptocurrency market reveals that BTC is actually holding relatively strong compared to other altcoins, most of which are bleeding notably.

In result, the Bitcoin Dominance Index, which measures Bitcoin’s relative market share by capitalization, has risen to 54.7 percent, the highest in 2019 so far.

What do you think of the recent drop in the price of Binance Coin? Don’t hesitate to let us know in the comments below!


Images via Shutterstock, TradingView, Coinmarketcap.com

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Why Moving to Texas Could Give Bitcoin Miners Maximum Profit

texas bitcoin mining

Flaring, a common practice of burning off natural gas that can’t be efficiently captured and stored has reportedly reached record levels in the state of Texas. Let’s look at why Bitcoin mining would be the perfect solution to capture this energy ‘waste’ and transform it into sound money. 


Texas ‘Energy Waste’ Rises 85%

According to a recent Bloomberg report, America’s Permian Basin, a large sedimentary basin located in the southwestern part of the country, is producing so much natural gas that at some point producers had to burn some of it off.

This process is referred to as “flaring” and it’s carried out when it makes more sense to burn the gas than to efficiently capture and store it. As oil production in the region surge, so does flaring.

The report also outlines that at the end of 2018, producers were burning off more than enough fuel to meet the entire residential demand of the whole state of Texas. Compared to last year, the amount of gas flared in the Permian has increased by about 85 percent.

A Problem in Need of a Solution…

Speaking on the matter was Scott Sheffield, Chief Executive Officer at Pioneer Natural Resources, who said:

It’s a black eye for the Permian Basin. […] The state, the pipeline companies and the producers — we all need to come together to figure out a way to stop the flaring.

The main challenge in front of the industry is that there are not enough pipelines to get the gas to the consumers. This is also why, at some point, producers were actually paying their customers to take the gas.

Besides pure financial issues, however, flaring is also undoubtedly causing a lot of environmental damage. The process is also producing serious amounts of carbon dioxide, which has reportedly contributed more than any other driver to climate change between 1750 and 2011.

texas oil gas bitcoin mining

…Which Already Exists

As Bitcoinist reported earlier in March, the solution that the state of Texas is desperately looking for might already be here: mining bitcoin.

A project, headed by oilman and bitcoin entrepreneur Stephen Barbour, has embarked on tackling the issues of excessive oil and gas production and the consequential flaring.

Barbour has installed a generator to a shipping container full of mining rigs and placed it at a remote oil field in Canada. Its sole purpose is to convert natural gas into electricity and to power the rigs. In order for the machines to operate 24/7, the unit is using about 400 cubic meters of natural gas per day.

Of course, the investment needed to buy and convert a regular shipping container into a facility of the kind can round up at $130,000 before factoring in the price of mining rigs.

Cryptocurrency Mining

However, apart from tackling the excessive waste of natural gas (which will save money), it would also result in highly profitable mining of bitcoin since the energy would not only be free, but producers may even pay miners to utilize it.

Barbour says bitcoin mining enables transforming energy that would otherwise go to waste into “financial freedom.”

What’s more, the mined bitcoin can then be used toward environmental conservation efforts, improve local infrastructure, or just about anything else.

Given that there are no other foreseeable solutions apart from the constant structuring of additional pipelines, this does sound like the perfect idea for Texas and bitcoin mining investors to look into.

Can Bitcoin mining help Texas capitalize on its ‘energy waste’? Let us know in the comments below!


Images courtesy of Shutterstock, Bloomberg

The post Why Moving to Texas Could Give Bitcoin Miners Maximum Profit appeared first on Bitcoinist.com.

4 Cryptocurrencies Having a Breakout Year Against Bitcoin

cryptocurrency race

Bitcoin isn’t the only cryptocurrency having a rebound year so far. Let’s look at some recent strong performers that are already having a breakout year and set to test new all-time highs.


Binance Coin (BNB)

Binance Coin 00 is undoubtedly amongst the best performing cryptocurrencies throughout the entire 2019. Throughout the past three months, it has more than tripled in value, marking an impressive increase upwards of 222 percent against the USD.

Against Bitcoin (BTC), on the other hand, the cryptocurrrency has recently hit its all-time high (ATH) on April 1st trading at 0.00432BTC. Despite experiencing a slight decline when trading against BTC since then, BNB is currently looking strong at 0.00039BTC, marking an increase upwards of 6 percent throughout the last 24 hours.

Binance recently completed its 7th scheduled quarterly burn, taking out 829,888 BNB out of the market.

Cryptocurrency binance coin

Litecoin (LTC)

Litecoin 00 is another well-performing altcoin throughout 2019. Over the past three months LTC increased by 160 percent against the dollar.

Against BTC, Litecoin has managed to increase by around 87 percent.

Interestingly enough, the cryptocurrency managed to gain a lot of its current value prior to Bitcoin’s latest rally as it sometimes acts as a bellwether for BTC price rallies.

Litecoin has also managed to retain a lot of the gains. Throughout the past week, LTC is marking a slight increase of about 4 percent against the dollar while trading flat against BTC.

Basic Attention Token (BAT)

Basic Attention Token (BAT) 00 is one of today’s top performers, increasing by more than 8 percent against the dollar at the time of this writing.

When trading against BTC, however, it marks a slightly larger increase of around 10 percent. It’s worth noting that the cryptocurrency’s current performance looks to test its all time high value against Bitcoin set in June 2017. Back then, it was only 38 percent higher than its current price.

Over the past three months, BAT has increased by 190 percent against the USD and by 95 percent against BTC.

Tezos (XTZ)

Tezos 00 has marked an impressive increase of 200 percent against the USD throughout the last three months. Again, most of it was made before the Bitcoin rally in early April.

Not only has Tezos managed to retain these gains, but it is also marching further. In the past week, XTZ gained 37 percent, while being 6 percent up on the day.

Things are looking good for Tezos when looking at it performance against BTC as well. On the three month chart, the cryptocurrency has increased by 118 percent.

Cryptocurrency Market May Have Already Bottomed

So is ‘altseason‘ back on? These aren’t 2017-type gains just yet. However, there is increasing evidence that investors are starting to come back as several bottom indicators have surfaced. Meanwhile, red-hot stock markets in the US and China alongside continuous Quantative Easing are also likely having spillover effects.

What do you think of the abovementioned cryptocurrency? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock, TradingView

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Binance CEO Makes First Transaction on Newly-Launched DEX Mainnet

changpeng zhao cz binance

The world’s leading cryptocurrency exchange Binance has launched the main network of its decentralized exchange (DEX) called Binance Chain. The swap of existing ERC20-based Binance Coin (BNB) to the Binance Chain will be carried out on April 23rd. 


‘A New Chapter’

According to the official blog post, Binance has officially launched the mainnet of its decentralized exchange Binance Chain. This ‘new chapter’ as the CEO Changpeng Zhao has called it, will have all the currently existing Binance Coin (BNB), which are based on the ERC20 standard, swapped to the new network on April 23rd.

Moreover, Zhao has also successfully completed the first transaction on Binance Chain.

“The Binance_DEX members gave me the honor to do the first transaction on Binance Chain. It’s fast and sleek! Love it,” said Zhao.

In addition, there will be no trading pairs listed until the very first batch BNB conversion has taken place.

ERC20 BNB to Become History

Now that the mainnet is officially launched, Binance will initiate the swap of existing ERC20-based BNB to the so-called Binance Chain BNB, ticked BEP2 BNB.

On April 23rd, Binance will “assist” with the BNB mainnet swap. According to the blog post, if everything goes as planned, users will be able to provide Binance Chain addresses for BNB withdrawal requests. It is this withdrawal that will act as a mechanism to convert the ERC20-based BNB tokens into BEP2 BNB tokens.

Additionally, the management of BEP2 BNB will be managed in a way similar to that of the current ERC20 BNB. The initial supply will be 200,000,000 BNB and 11,654,398 will be burned on Binance Chain. Moreover, 48,000,000 BNB will be frozen.

The very first batch of 5,000,000 BNB will be deposited into an address, which belongs to Binance in order to convert ERC20 BNB for existing owners. At the same time, Binance will burn 5,000,000 ERC20 BNB in order to keep the total supply constant.

Naturally, as more users begin to convert to BEP2 BNB, more BEp2 coins will appear, while Binance will burn the proportional amounts of ERC20 BNB in order to keep the supply across both networks constant.

It’s also worth noting that the company said it will continue to support ERC20 BNB for the ‘foreseeable future’ but encourages users to convert them to BEP2 BNB.

BNB Price Surges in Response

Binance Coin (BNB) 00 has been performing particularly well over the past three months, gaining more than 220 percent in value.

Throughout the last 24 hours alone, the cryptocurrency is up by more than 11.50 percent and is pushing to break its all-time high value of 0.00432 against BTC.

Will you be trying out Binance Chain? Don’t hesitate to let us know in the comments below!


Images via Shutterstock, TradingView

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Bitcoin Consolidating Above $5K a ‘Positive Sign,’ Says Crypto Hedge Fund

bitcoin bull price

It’s safe to say that Bitcoin has had a good Q1 2019, gaining upwards of 30 percent of its value since January 1st. Now, a new report has it that if the price consolidates above $5,000, this could lead to further increases throughout the year. 


Bitcoin Price $5K Consolidation a ‘Positive Sign’

According to a new report by BitBullCapital, a cryptocurrency hedge funds manager,”the fact that Bitcoin has managed to retain gains from early April is a very positive sign.

Moreover, CEO Joe DiPasquale outlines that the bitcoin price 00 is seeing consolidation above $5,000. If this continues for another week or two, it could lead up to a shot at the $5,500 level.

Going further, the report reiterates that the latest BTC/USD rally was caused by a large order, which was executed simultaneously on multiple exchanges and was likely an algorithmic one.

Notedly, such a move should have been viewed with a certain skepticism as it’s not organic or steady in its nature. However, it brought back substantial market momentum, which is considered to be a positive sign.

It’s worth noting, though, that Bitcoinist reported that another reason for the latest rally might be hidden in the increased activity across the board, as data shows that the number of active wallets has risen by as much as 40-60 percent.

This, with a significant uptick in institutional interest, are also likely the reasons why Bitcoin managed to sustain the recent gains.

But 2017-Type Run ‘Not in the Near Future’

On the other hand, the cryptocurrency hedge fund also believes that a run similar to that back in 2017 is unlikely to be seen “in the near future.”

It notes that for this to happen, there needs to be a major catalyst such as “global governmental approval and integration with mainstream services and portals.”

…[W]e do not believe a run similar to the 2017 drive can be seen again, at least not in the near future and particularly not in the absence of major catalysts such as global governmental approval and integration with mainstream services and portals… [W]e do expect steady growth in the years the come, building the foundation for a surge when the timing is right.

DiPasquale also says that there is a real risk for the cryptocurrency failing to maintain its current range and to retest the $5,000 level in the coming weekend if the trading volume starts to drop. Reads the report:

If $5,000 breaks, we are likely to see support around $4,700 – $4,800 and reconsider market sentiment and fundamentals.

However, Bitcoinist reported that the Mayer Multiple by Trace Mayer, a key indicator which called 2015’s bottom, is flashing again, suggesting that the price may have already bottomed.

Other Cryptocurrencies Would Benefit

On another note, it also outlines that an increase in Bitcoin’s price could also cause other cryptocurrencies, especially those closely related to it, to surge as well.

This already happened with Litecoin, which gained upwards of 55 percent following Bitcoin’s rally.

The cryptocurrency has since lost some of its gains but is still substantially higher than prices from last month.

BitBull Capital manages cryptocurrency hedge funds, and is the “the first cryptocurrency fund of funds,” BitBull Fund manages a strategically selected bundle of 10 of the more than 600 crypto hedge funds for its investors, including gaining access to exclusive, closed funds and $M-minimum funds.

What do you think of the recent report? Do you think we’ve entered a new bull run or are the bears still in charge? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock, TradingView

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Facebook Goes Down as Bitcoin Continues Mining Blocks With 99.98% Uptime

Social media giant Facebook and its Instagram and Whatsapp platforms went down for a couple of hours highlighting the stability of Bitcoin and its decentralized architecture. 


Facebook Goes Down

Social media website Facebook went down for a few hours on April 13th according to a monitoring resource downdetector.com.

Whatsapp, the popular messaging app, and Instagram, a picture-sharing social media platform, both owned by Facebook, have also experienced outages.

According to a report by Business Insider, there were more than 9,000 people complaining about the issues and it was felt mostly across Asia and Europe.

As of yet, there’s no formal statement outlining the issues for the outage. However, a spokesman from the company said:

We’re sorry for any inconvenience.

Not The First Time and Not The Only One

It’s not the first time the social media website has experienced a notable outage.

Earlier in March, Facebook, as well as the abovementioned associated apps went down for over 24 hours.

The company did come up with a formal statement then explaining:

Yesterday, as a result of a server configuration change, many people had trouble accessing our apps and services. We’ve now resolved the issues and our systems are recovering. We’re very sorry for the inconvenience and appreciate everyone’s patience.

Facebook is not the only centralized company which has experienced technical issues depriving hundreds of thousands of users of its services.

Bitcoinist reported last summer that Visa, one of the leading payment solution providers with millions of people using it, experienced a “system failure”, leaving countless of its customers without access to their money.

Bitcoin Stays Up, Always

Amid events of the kind, it can’t go without mention that Bitcoin’s network boasts an uptime of 99.98% since its inception, highlighting the benefits of decentralization. If one or even hundreds of Bitcoin nodes go offline, the network will continue working unabated.

network nodes metcalfes law

On the other hand, as showcased above, centralized solutions are much more prone to experiencing downtime given their central point of failure.

In the case of Visa, it was a “system failure,” while in the case of Facebook’s March outage it was a “server configuration change.” Bitcoin’s distributed network not only requires more resources to attack it than to defend it, but its funds are also further decentralized in wallets that are protected by private keys controlled by individual users.

What do you think of Facebook’s outage? Don’t hesitate to let us know in the comments below!


Images via Shutterstock

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People Only Want to Buy Bitcoin *After* Price Rises, Google Data Shows

bitcoin price google lag race

The interest in buying bitcoin appears to lag the cryptocurrency’s price rise. A closer look at trending searches through the past month reveals that the phrase “buy Bitcoin” tends to increase in interest only after the price of Bitcoin has actually increased. 


‘Buy Bitcoin’ Term Follows BTC Price

Data from Google Trends reveals that volumes of the search term “buy bitcoin” in the past month have increased only after the price has moved upwards.

As seen on the chart, the interest in the phrase peaked on April 3rd, hitting a score of 100 on Google Trends. This is the peak popularity for this particular term in the selected period.

On the same date, Bitcoin was trading at around $5,300, which marked a considerable increase of around 26 percent from two days prior, when it was trading at around $4,200.

On the other hand, comparing both charts also shows us that the interest in buying bitcoin decreases if the price declines.

Signs of FOMO

In other words, it appears that people are more willing to buy bitcoin at times when it’s trending higher, rather than when it’s trending downwards.

As Bitcoinist reported, this might indicate that people are just tempting to not miss out on a further increase in the price, otherwise known as the fear of missing out (FOMO). The fact that the interest in buying bitcoin declines when the price is plunging is perhaps another indicator supporting this type of behavior.

Additionally, the top 5 countries where Bitcoin searches tripled in popularity following the rally were Nigeria, Netherlands, South Africa, Austria, and Switzerland.

Or Signs of a Bottom?

On the other hand, proponents have made the point that BTC/USD may have finally bottomed out.

A new report by leading cryptocurrency exchange Binance revealed that the steady recovery of cryptocurrency prices following their 2018 lows to the belief that the market has reached its bottom.

Bitcoin is a hedge against the Fed's dollar printing

In any case, the upward potential of Bitcoin is notable, as the block reward halving is now just 405 days away. Moreover, it is digitally scarce while its emission rate is transparent and predictable unlike that of the US dollar or other fiat currencies for that matter. The latter is steadily losing its purchasing power and it will continue doing so.

Buy low, sell high, goes the saying.

So with the BTC price 00 again showing bullish signs, there could be a few reasons to scoop up some bitcoin now. Because if Google data is anything to go by, the vast majority of people will likely buy bitcoin at $30,000 and higher rather than at a ‘low’ of $3,000.

Do most people tend to buy high and sell low?  Let us know in the comments below!


Images courtesy of Shutterstock, TradingView, Google Trends

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GBTC Premium Rises 47% Above Bitcoin Price Signalling Institutional Demand

gbtc wall street bitcoin

The Grayscale Bitcoin Trust is marking notable gains since the beginning of 2019, despite the rising premium in the product compared to Bitcoin’s net asset value (NAV). According to some, this is a sign of institutional net buying and that new money is coming into the market. 


GBTC Soars 47% Since Pre-5K Breakout

GBTC, a product offered by Grayscale Investments, the world’s largest digital asset fund, is having a great year so far, gaining more than 56 percent in the past three months.

More notably, the product is up 47 percent since Bitcoin’s latest rally on April 2nd, while Bitcoin’s spot price 00 has increased by only 28 percent.

According to economist and popular trader Alex Krüger‏, this is a sign of new money coming into the market. He explained:

GBTC 10% today, outperforming BTC. – GBTC +47% since [April 2nd] breakout – BTC +28% since [April 2nd] breakout Another symptom of new money coming into crypto.

Earlier this week, Bitcoinist reported that institutional Bitcoin trading volume has grown for four consecutive months. However, GBTC has lost some market share dropping to under 24 percent compared to over 50 percent when it comes to institutional products.

However, the latest rally of Bitcoin’s price did cause the assets under management (AUM) of Grayscale Investments to surge past $1 billion. Shortly after that, the asset manager increased the overall share of Bitcoin as part of its composition by 1.5 percent.

Why Is The GBTC Premium Rising?

The price of one GBTC share is set at 0.00098409 BTC. At the time of this writing, this equals $5. Given the current price of Bitcoin 00, this means that GBTC buyers are happily paying a premium worth around 37 percent. Moreover, there’s also an additional 2 percent annual fee on top of the premium.

Back in February, when the premium was almost identical, the head analyst of Fundstrat Global Advisors, Tom Lee, commented on the matter, explaining that the rise in premium is a sign of institutional net buying.

Why Pay a Premium on Bitcoin?

Shares of GBTC are touted to be the first “publicly quoted securities solely invested in and deriving value from the price of bitcoin.”

GBTC allows institutional investors to receive exposure to the price movement of bitcoin by using a traditional investment vehicle. In other words, investors don’t have to worry about buying, storing, and managing their private keys.

Moreover, GBTC shares are also eligible to be held in certain IRA, as well as other brokerage accounts. Hence why investors are paying that high premium compared to Bitcoin’s spot price.

It appears that the latest price surge may have shifted the market sentiment. Bitcoinist reported that Chinese traders are happily paying a markup for Tether stablecoins, as it provides the easier way to buy Bitcoin compared to the Chinese Yuan (CNY).

What do you think of the performance of GBTC and its high premium? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock, TradingView

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Why Trump’s Clampdown on Remittances Will Force Mexicans to Bitcoin

mexico dollar trump remittance bitcoin

The US White House is reportedly planning to target remittance payments made by illegal Mexican immigrants in an attempt to curb the inflow of illegal arrivals through the southern border. If passed, those changes may cause immigrants in the US to turn to alternatives, such as Bitcoin. 


White House to Cut Remittances to Mexico

The White House is reportedly going to target remittance payments which made by illegal US immigrants, the Daily Caller reports citing a senior administration official.

These plans are coming amid a larger shakeup taking place at the Department of Homeland Security (DHS), as an attempt to curb illegal immigration. Reportedly, thousands of migrants are arriving on a daily basis at the southern US border, claiming asylum.

The statement comes following a proposition from former Kansas State Secretary of State, Kris Kobach. Speaking on the matter of ending remittances from illegal Mexican immigrants in the US, he outlined:

The threat I propose is one that actually helps us if we follow through on it. That is the threat of ending remittances from the majority of people in the United States from Mexico who are here illegally. That is a threat that we could carry through on that actually helps our economy because the money is not sent home, it stays in circulation in the U.S. economy and helps rev up our economy. It’s actually a good thing if we follow through.

It’s not the first time Trump has turned his sights to remittances from the US to Mexico. Back in 2017, he threatened to tax or to halt them as means of funding to build a wall along the entire southern border.

Why It’s Good For Bitcoin

It’s unclear exactly how much money illegal Mexican immigrants in the US send home. However, according to one report, 2018 saw a total of around $33 billion sent in remittances from the US to Mexico. Moreover, this is one of the largest sources of foreign capital in Mexico.

Mexico Central Bank

Prohibiting Mexican immigrants in the US to send money back home with conventional means is perhaps likely to cause those people to look for alternatives, rather than halting remittances in general.

In fact, this was reiterated by Kobach himself, who said:

There will always be ways to circumvent things you put in place. Yes, if we stop wire transfers and bank transfers, there may be ways to get around it and one way to get around it is to send cash in the mail.

And while putting cash in an envelope and sending it across the border is, indeed, an alternative, Bitcoin provides for a much more safer and quicker transfer of value. It is also a politically nuetral and borderless financial network where no central authority can impose capital controls.

For these reasons, Bitcoin has already become a preferred alternative in countries facing political and economic crisis. This includes use-cases such as remittance payments in Venezuela and other Latin American nations.

Moreover, Venezuela even took measures to profit from the growing market, imposing a 15 percent fee on all Bitcoin and cryptocurrency remittance payments.

In any case, this seems like yet one more reason for which Trump could turn out to be Bitcoin’s biggest champion.

What do you think of the US plan to halt remittances to Mexico? Don’t hesitate to let us know in the comments below!


Images via Shutterstock

The post Why Trump’s Clampdown on Remittances Will Force Mexicans to Bitcoin appeared first on Bitcoinist.com.

Institutions Increased Bitcoin Longs By 88% Just Before Price Rally

chicago CME bitcoin futures

Data from the US Commodity and Futures Trading Commission reveals that institutional investors flipped bullish on Bitcoin as of April 2nd. The date coincides with the latest bitcoin price rally when it soared from around $4,100 to more than $5,300 in minutes. 


Smart Money Goes Long on Bitcoin

Data from the US CFTC reveals that the number of opened long Bitcoin futures contracts by asset managers and institutional investors on the Chicago Mercantile Exchange (CME) increased between March 26th on April 2nd.

Notably, 315 long Bitcoin futures contracts on CME’s platform were opened by April 2nd. This is a whopping 88 percent increase compared to the previous week. Moreover, the number of short positions saw a 63 percent decrease – from 241 to 89 contracts.

Each CME Bitcoin futures contract represents 5 BTC, which are cash-settled. This means that once the contract expires, the user won’t receive a physically-delivered Bitcoin but US dollars instead.

Another thing to note is that the total number of opened long and short positions on CME on that date was 404. From those, 78 percent were long, while only 22 percent were short.

This change in sentiment could be signalling that insitutional investors are now turning bullish on Bitcoin as interest is on the upswing.

Bitcoinist reported that institutional Bitcoin trading volume has continued to grow for 4 consecutive months. So far in April, it appears that most of the smart money is betting on bitcoin to rise in value. CME Group is mainly responsible for the increase, especially after the Chicago Board Options Exchange (CBOE) announced back in March that it won’t offer any new Bitcoin futures contracts.

Meanwhile, BTC/USD 00 is up almost 40 percent from its mid-December price lows.

It’s Not Just Institutions

The latest Bitcoin rally has seemingly changed the bearish sentiment amid retail traders as well.

Data from TradingView shows that the number of long positions on cryptocurrency exchange Bitfinex also increased over the past five days.

On the other hand, the number of short positions has decreased substantially. This suggests that sentiment flipped bullish on April 8th, which is also when long positions surged.

Meanwhile, independent analyst Willy Woo has come up with an analysis that suggests that the prolonged bear market may be coming to an end. The surge above $5,000 marks the beginning of a new longer-term uptrend.

The bullish sentiment is further echoed by veteran trader Peter Brandt. He’s known for calling Bitcoin’s last parabolic advance at $20,000, while also predicting an 80 percent decline to under $4,000.

Brandt has recently said that it wouldn’t surprise him if “BTC enters a new parabolic phase.”

Are institutions driving the bitcoin price rally? Share your thoughts below!


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Institutional Bitcoin Trading Volume Grows For 4 Consecutive Months

wall street symbiont Bitcoin

A new report from curated data platform Diar reveals that institutional Bitcoin trading volumes record growth for the 4th month in a row. 


Institutions Warming Up

Popular cryptocurrency data outlet Diar reports that institutional Bitcoin trading volumes have moved into growth for the 4th consecutive month. According to the report, they are hitting new highs against US-based exchanges as a percentage of the total trading volume.

As seen on the chart, the current volume is around 9 percent more compared to December 2018.

Notably, CBOE is the biggest loser, which doesn’t come much as a surprise. The Chicago Board Options Exchange revealed in March that it will no longer offer any new contracts for its cash-settled XBT Bitcoin futures product moving forward.

CME Group, on the other hand, is marking gains. As Bitcoinist reported last week, CME Bitcoin futures volume soared 950 percent on April 4th compared to the beginning of the month. As of Monday, April 8th, CME saw around 16,000 Bitcoin futures contract.

Grayscale’s Bitcoin Investment Trust (GBTC) which is traded on OTC markets has also lost dominance. The report outlines that GBTC has accounted for over 50 percent of the entire market share when it comes to institutional products but it is now standing in less than 24 percent.

Declining Price Didn’t Affect Institutional Demand

Bitcoin has gone through a 15-month bear market, which dragged Bitcoin’s price down to yearly lows of around $3,200 from an all-time high of $20,000. In other words, the cryptocurrency is down around 85 percent from its peak.

According to Diar’s report, however, the decline in value failed to translate into more institutional demand, perhaps hinting that price isn’t such a prominent factor for institutions.

In any case, the rising interest in institutional Bitcoin trading products could be interpreted as a bullish sign. However, veteran trading expert Tone Vays has warned that Bitcoin’s recent rally doesn’t necessarily mean that the bear is over.

Others, however, have suggested that price may have bottomed as it’s now resembling a pattern seen prior to the previous bull-run if not a new parabolic advance.

What do you think of the growth marked by institutional Bitcoin trading products? Don’t hesitate to let us know in the comments below!


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Here’s How Much Bitcoin Countries Need to Replace Their Gold Reserves

New research from a digital asset management firm estimates the amount of BTC governments have to accumulate if Bitcoin were to replace the current gold reserves.


‘Governments Have Some Accumulating to Do’

Digital asset management firm Blocktown Capital has estimated the amount of BTC governments would have to accumulate if Bitcoin were to replace the current gold reserves.

Per their research, the allocation is as it follows:

  • USA: 913,388 BTC
  • Germani: 378,416 BTC
  • Russia: 232,033 BTC
  • China: 206,923 BTC
  • Japan: 85,931 BTC
  • UK: 34,846 BTC

“Governments have some accumulating to do…” – Concludes the post.

The comparison between Bitcoin and gold has been a somewhat popular narrative, as many proponents seem to believe that the digital currency is suitable of becoming an alternative to the precious metal.

Recently, Bitcoinist reported that a world-renowned economic historian, Niall Ferguson, who was previously skeptical on Bitcoin, has said that “Bitcoin is a bit like an option on digital gold.”

And while there are those who think Bitcoin is actually “better than gold,” skeptics are also to be found. In January, the World Gold Council reported that Bitcoin is “no substitute for gold.”

Can Bitcoin Really Replace Gold?

Irrespective of the debate, flat facts have it that Bitcoin does have the properties needed to be a better store of value than gold.  In January, for example, the Bank of England denied incumbent president Nicolas Maduro from accessing Venezuela’s gold reserves, worth £1.2 billion.

Long-term Bitcoin advocate, Max Keiser, commented on the matter, outlining the obvious:

Bitcoin is Unconfiscatable.

Moreover, Bitcoin is also politically neutral. In the case of Venezuela, the funds could have been secured by nothing more than a simple passphrase, rather than having to trust a foreign bank.

Bitcoin Hasn't Lost Its Way - Its Just Getting Started

Another example comes from Italy, where major political parties have proposed a bill which, if passed, would declare the Italian people to be the owners of the gold reserves of the Bank of Italy.

Reportedly, anti-establishment and nationalist politicians in the country have repeatedly bashed the country’s central bank, as well as other private banks for failing to prevent the banking crises, hence causing many small individual investors to lose billions of dollars.

If you are here with your current account in the red, it’s because the people who were supposed to control things didn’t do so. – said Interior Minister Matteo Salvini, also leader of League.

Bitcoin’s decentralized nature means that no central authority can set its monetary policy, making it the world’s first politically-nuetral network for transferring value. In other words, Bitcoin could do to money what the internet did to information.

When we put all of the above together, it doesn’t come much as a surprise that many are predicting that it will become more popular than gold as the go-to store of value in the digital age.

Do you think Bitcoin will become gold 2.0? Don’t hesitate to let us know in the comments below!


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People Are ‘Waking Up’ – 40% Drop in Dormant Wallets Fueling Bitcoin Rally

bitcoin price rally car

The latest surge in Bitcoin price may have been caused by increased activity across the board as the number of active wallets has risen by as much as 40-60 percent, according to the latest data and industry analysts. 


Recent Rally ‘Much More Valid’

Citing analysts from market intelligence company Flipside Crypto, Bloomberg reported that a large number of idle Bitcoin wallets have become active. According to the report, dormant wallets that have been inactive from one to six months, have decreased by 40 percent since March 15th.

It’s also worth noting that the number of unique active Bitcoin daily addresses has increased tantamount to the drop since March 15th, further supporting their claims.

Commenting on the matter was Eric Stone, co-founder, as well as head of data science at Flipside, who noted:

If you are a crypto optimist, that’s good news. […] There are more people warming up to the idea of buying Bitcoin.

The CEO of the company has also outlined that the latest rally was “much more valid” compared to Bitcoin’s surge last fall in October. According to him, it is because many smaller wallets are “waking up,” and not because of a “few whale moves.”

We see this move much more valid than a few whale moves in October. […] This probably signifies a change in perception or confidence in this asset class.

Interestingly enough, back in March, another popular Bitcoin proponent, the chief analyst at Fundstrat Global Advisors, Tom Lee, also brought up the topic of active wallets, outlining it as a reason for future growth.

In a world where there are 50 million active wallets today and 5 billion Visa cardholders, clearly the crypto market can just grow because of adoption.

But Is This Really the Case?

While an increased number in active Bitcoin wallets can definitely be seen as somewhat a positive sign, it’s questionable if that was really the cause for the recent price surge.

Citing industry expert Oliver Von Landsberg-Sadie, CEO at cryptocurrency firm BCB Group, Reuters reported that Bitcoin’s rally was “probably” triggered by a $100 million order spread across cryptocurrency exchanges Kraken, Bitstamp, and Coinbase.

There has been a single order that has been algorithmically-managed across these three venues, of around 20,000 BTC. […] If you look at the volumes on each of those three exchanges – there were in-concert, synchronized, units of volume of around 7,000 BTC in an hour.

The move, as further reported, has managed to set off a frenzy of algorithmic hedge fund trading. This is a method which takes advantage of automated software to identify trends and to determine when trades should be carried out.

In fact, 17 new algorithm trading hedge funds have launched since September last year, according to Bloomberg, purportedly comprising 40 percent of cryptocurrency hedge funds throughout the period.

Is Bitcoin’s latest rally for real or simply a pump by whales? Let us know in the comments below!


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CME Bitcoin Futures Volume Skyrockets 950% Since April 1st

CME Group Bitcoin futures

The latest rally of Bitcoin’s price has caused the volume of CME Bitcoin futures contracts to surge, trading upwards of $683 million. This marks an increase of around 950 percent since the beginning of the month. 


CME Bitcoin Futures Volume Soars

Leading derivatives marketplace CME Group has seen a massive increase in the number of Bitcoin Futures contracts, fueled by the latest price rally.

Yesterday, April 4th, CME traded upwards of $563 million worth of Bitcoin futures contracts.

The total number of contracts traded on the platform was 22,542. According to the contract specifications, each one of them represents 5 BTC. Given that Bitcoin was trading at around $5,000 throughout the day, this gives us a total volume of around $563 million.

More interestingly, the amount traded on April 4th is approximately 950 percent higher compared to that at the beginning of the month, when only 2162 contracts were traded

Bitcoinist reported that CME saw a daily all-time high of over 18,000 contracts trading on February 19th. Apparently, interest in Bitcoin futures contracts is increasing, as in early February CME recorded the lowest volumes since launch.

Significant Part of the Market

However, they are still an important part of the market as it is. According to data analytics company Messari, the top 10 cryptocurrency exchanges traded around $684 million worth of Bitcoin yesterday.

Speaking on the matter was Mati Greenspan, senior market analyst at eToro, who said:

Even though Wall Street’s contracts are only paper, and not settled in bitcoin, they are still a significant part of this market now.

CME Group’s bitcoin futures contracts are settled in cash. It means that upon the expiration of each contract, the trader will receive the contract’s equivalent price instead of an actual Bitcoin. In other words, they allow traders to speculate on the movement of the price.

bitcoin price green

This is the exact opposite of what ICE’s Bakkt is planning to do. Bakkt will be launching physically-delivered Bitcoin futures contracts. Unlike CME’s contract, traders who use Bakkt will actually receive bitcoin at the contract’s expiry date.

While Bakkt is still struggling to acquire its regulatory clearance, competitors in the space have already started to emerge. Coinflex, a platform backed by Digital Currency Group and Polychain Capital, has already presented itself as the world’s first physically-delivered cryptocurrency futures exchange.

Other marquee investors in the firm include Dragonfly Capital Partners, and Trading Technologies.

What do you think about the surging volume of CME Bitcoin Futures Contracts? Don’t hesitate to let us know in the comments below!


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Bitcoin Price Rally Breathes New Life Into Crypto-Related Stocks

The latest bitcoin price rally is also fueling a surge in the price of cryptocurrency-related stocks across the globe. Their value is seeing notable gains in the last couple of days.


Crypto Stocks Benefit From Bitcoin Price Surge

Bitcoin has gone through a major price rally in the last couple of days, jumping more than 20 percent in less than 48 hours.

It appears, however, that the cryptocurrency’s price is also incremental for companies associated with the industry. Stocks linked to cryptocurrencies in both Asia and the US have marked notable gains during the same period, according to Bloomberg. 

In Asia, leading the march was Japan-based Remixpoint Inc., which saw its stock surge 16 percent today, adding to the 26 percent weekly increase. Vidente Co. is another company which saw 20 percent gains since the weekend.

Small-cap cryptocurrency stocks in the US are also benefiting from the recent surge. Riot Blockchain Inc., has recorded gains of 24 percent in the past couple of days.

Furthermore, the world’s largest cryptocurrency asset manager, Grayscale Investments, also saw its Bitcoin-heavy portfolio surpass $1 billion soon after BTC price surged on April 3rd.

History’s Repeating Itself

It’s definitely not the first time cryptocurrency-related companies are seeing an increase in their stock price because of Bitcoin.

In July 2018 we saw the same pattern shaping up. Back then, a lot of companies changed their business models to incorporate crypto-mining and accompanying services. Some didn’t even bother to do anything but to change their name, adding “blockchain” to it.

This goes to show the impact bitcoin price has on the entire industry.

And The Winner Is…

Perhaps the biggest winner of the latest Bitcoin rally is former Wall Street hedge fund manager Mike Novogratz. He’s the CEO of cryptocurrency merchant bank Galaxy Digital.

Earlier in March, Bitcoinist reported on its stock price skyrocketing after Novogratz increased his stake in the company to 80 percent.

During Bitcoin’s latest surge, GLXY shares soared upwards of 24 percent, reaching a price of $2.90.

Since then, the price of bitcoin has pulled back, consequently dragging the price of GLXY down as well. Nevertheless, even after the plunge, shares of Galaxy Digital are still 3 percent up in the last five days, as well as being 26 percent up since the beginning of 2019.

What do you think of the influence Bitcoin’s price has over the entire cryptocurrency industry and related companies? Don’t hesitate to let us know in the comments below!


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Binance’s Official Crypto Wallet Adds Tezos With Staking Feature

binance

The official cryptocurrency wallet app of choice for Binance has added support for Tezos (XTZ). Additionally, the app is working on introducing a staking feature for Proof-of-Stake-based cryptocurrencies. 


Binance: Trust Wallet Adds Tezos Staking

In an official announcement, Binance revealed that its official cryptocurrency wallet of choice, Trust Wallet, has added support for Tezos (XTZ). Additionally, the app is also working on a staking feature for Proof-of-Stake-based cryptocurrencies which is “set to launch by the end of the second quarter.”

Earlier in March, Coinbase, the leading US-based cryptocurrency exchange, made a similar move. It announced Tezos baking for its Coinbase Custody clients.

Tezos and Other Exciting New ICOs

While Coinbase Custody is geared towards institutional investors, Trust Wallet’s new feature will allow regular Tezos holders to store their tokens while also being able to actively participate in the network’s governance.

Speaking on the matter was Viktor Radchenko, Founder of Trust Wallet, who said:

Tezos is a leading on-chain governance and PoS protocol and we are excited to work together to bring staking and delegating mechanisms to Trust Wallet mobile users, which allows everyone to be a participant in securing the network and validating transactions.

Why Is This Important?

The addition of a staking feature to Trust Wallet would allow users not only to store Tezos and other PoS-based cryptocurrencies, but also to actively participate in their network governance.

In the case of Tezos, for instance, its blockchain is based on a Delegated Proo-of-Stake (DPoS) consensus mechanism. By staking tokens, users can be selected to “bake,” which refers to the process of block creation.

However, in order to be selected as a baker, a user needs to stake at least 10,000 XTZ. Hence, those who don’t want to hold as much will be able to delegate them to others and receive certain returns for that.

By adding staking and delegating capabilities, Trust Wallet is essentially expanding the range of options Tezos holders have.

Tezos Price Fails to React

Announcements of this kind are historically a precursor for a price increase. Following Coinbase’s announcement in March, the price spiked with around 11 percent.

However, this doesn’t be the case now. Tezos (XTZ) is down about 3 percent on the day at the time of this writing, according to data from TradingView.

Moreover, its price doesn’t seem to be affected by the market’s recent positive spike.

Since April 2nd, the cryptocurrency market has gained around $30 billion to its capitalization.

Leading the march was Bitcoin, soaring upwards of 20 percent throughout the past couple of days. Naturally, the spike impacted the entire market as the majority of altcoins also marked notable gains.

As seen on the chart, however, Tezos wasn’t one of them. Despite the announcement and the positive market development, the cryptocurrency actually depreciated in value.

What do you think of the recent announcement of Binance’s Trust Wallet? Don’t hesitate to let us know in the comments below!


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‘I Fu%*ng Told You So’ – John McAfee Declares Bitcoin Bear Market Over

John McAffe McAfee

Popular investor and prominent cryptocurrency advocate John McAfee reiterated that the Bitcoin market “has now turned,” suggesting that the bottom is in. His announcement comes after Bitcoin price soared more than 20 percent in the last two days alone.


‘The Market Has Now Turned’

Bitcoin price gained upwards of 20 percent in less than two days. The cryptocurrency surged from around $4150 on April 1st to its current price point of about $4,980.

Historically, as its price starts to increase, so does the public interest toward it. Bitcoinist reported that Bitcoin has made it into the top ten of most searched terms on Google, hitting over 100,000 searches yesterday.

While most are looking for the exact reason that caused the massive spike in Bitcoin’s price, John McAfee came up with a statement that sounds a lot like “I told you so.” The popular entrepreneur said:

Everyone trashed me two weeks ago when I said: “The market has now turned”, so I’ve kept my mouth shut. I will now say it again: “The market has now turned”. The bow of the bear market was pulled to its max. Now watch the arrow spring to life.

Apparently, McAfee suggests that we’ve seen the worst from the bear market and that it’s only upwards from here.

“I am absolutely NOT the type of person who would ever say “I told you so”. But. . . . . . I fu%*ng told you so!!” – he tweeted today.

The bullish sentiment doesn’t seem to end with McAfee, though. Another Bitcoin investor and entrepreneur, Alistair Milne, also said that “pretty much every OG Bitcoin trader” he respects is leaning bullish days before Tuesday’s price surge.

$995,000 to Go By December 31st, 2020

In 2017 McAfee made a particularly popular bet that Bitcoin price will move above $500,000 in three years or else he’d have to consume his own manhood on national television.

Amusingly, there’s even a dedicated ‘dick clock’ website online counting down to the day.

bitcoin price

More recently, he has updated his prognosis, putting Bitcoin at $1 million by December 31st, 2020.

Despite the recent surge in Bitcoin’s price, which brought it close to $5,000, the cryptocurrency has a long way to go before it reaches the $1 million target. To be precise, Bitcoin’s price would have to gain 19,900 percent in the next 638 days.

This means that Bitcoin would have to add approximately about $1,559 to its price every single day until December 31st. Pretty ambitious.

Meanwhile, McAfee has also stated that he will be ‘running’ for the 2020 US Presidency in ‘exile’.  In reality, though, the entrepreneur has said that he doesn’t really expect to become the next US president and that he only wants the stage.

What do you think about McAfee’s Bitcoin price predictions? Don’t hesitate to let us know in the comments below!


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