Jim Cramer Has Gotten Rid of Nearly All His Bitcoins

Jim Cramer of CNBC and “Mad Money” fame said in a recent interview that he has sold most of his BTC.

Jim Cramer Has Parted Ways with Most of His BTC

In a statement, Cramer mentioned the following:

Sold almost all of my bitcoin. I do not need it.

Cramer cited China’s position on bitcoin as the main reason as to why he sold his crypto stash. He says that the country is working hard to kill the entire bitcoin system, not just the mining space. He says that bitcoin is a decentralized monetary network that China cannot control. As a result, regulators within the country fear it. Thus, they simply want it out of the picture. By engaging in action against the miners, they can shut it out steadily and prevent bitcoin’s reign from becoming any bigger.

It is believed that as much as 90 percent of China’s bitcoin and crypto mining operations will be forced from the nation within the coming weeks. Cramer further mentioned:

When the PRC [People’s Republic of China] goes after something, they tend to have their way. It is not a democracy. It is a dictatorship. I think that they believe it is a direct threat to the regime because of what it is. It is a system that is outside their control.

Cramer recently announced that he had used part of his bitcoin stash to pay off his mortgage. However, during his interview, he said that China was not the only entity he feared. He also claimed that regulators in the United States bore threats to the bitcoin network, and he is unsure of how the country will approach or handle the cryptocurrency in the coming years.

The U.S. Is No Help Either

He pointed to the recent hacking of the Colonial Pipeline to boost his argument. He says that so long as bitcoin is used in ransomware attacks, the United States will likely never possess a positive view of BTC. He stated:

In our country, I think it is outside of our control when it comes to ransomware, and I doubt that Colonial is the first company to pay ransomware. Think they are the first that almost shut down the east coast. I think the Justice Department and the FBI, and the Federal Reserve and Treasury could coalesce and say, ‘OK guys, if you pay ransomware, we are going to go after you… I am saying that this is not going up because of structural reasons.

He is also confident that bitcoin ransomware attacks are likely to become more prominent, pointing to the fact that soon after Colonial was hit, the world’s largest supplier of beef – Brazil’s JBS – was also infiltrated by hackers looking for bitcoin they did not earn. Sadly, the company wound up having to pay the ransomware the hackers had set of approximately $11 million in crypto.

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Mike Novogratz Defends BTC Despite Latest Crash

Bitcoin has tanked hard. There is no point in denying this. The world’s number one digital currency by market cap was already in a sorry position having spent the last few weeks trading in the mid to high $30,000 range, though now at the time of writing, things have taken a turn for the worse and the digital currency is trapped in the high $20,000 range. Despite all this, there are still many individuals – such as Mark Cuban and Mike Novogratz – that stick by the asset.

Mike Novogratz and Mark Cuban Are There to Defend BTC

Cuban has long been a crypto investor. He recently came out to say how much he admired both bitcoin and Ethereum and admitted that they make up a large portion of his crypto portfolio. In a recent interview, he said that despite the nasty slip bitcoin has endured, it is still a much stronger asset than gold. He said:

No worries about storing it. Easy to transfer. Easy to trade. Easy to convert. Does not require an intermediary. Can be fractionalized.

Mike Novogratz – a billionaire investor and former hedge fund manager – was also quick to jump to the asset’s defense, claiming in a statement not too long ago that bitcoin is presently a victim of China, which has been cracking down on crypto mining operations like mad. He explained:

We had China really be much more forceful in their idea to ban cryptocurrency. That has created a retail deleveraging. A lot of crypto happens in Asia. A lot of it is Chinese focused, so we are seeing big liquidations, so it is hard to call a bottom.

Referring to the asset’s present $29,000 price, he stated:

We will see if it holds in the day. We might plunge below it for a while and close above it. If it is really breached, $25,000 is the next big level of support. Listen, I am less happy than I was at $60,000, but I am not nervous.

Many analysts are wondering if a crypto crash similar with what occurred in 2018 will happen today. During that time, bitcoin had reached its first all-time high of approximately $20,000 per unit in December of 2017, though just 11 months later, the asset had fallen to about $3,500.

Another 2018 Incident Will Not Happen Again

Novogratz does not think anything like that will happen again, citing the crypto market’s growing maturity and the number of institutional investors that have gotten involved as positive signs. He said:

The ecosystem is so much more mature. The number of players that are moving in are so much more mature. Every single bank is working on their own crypto project, how they can get bitcoin to their wealthy clients. I think a lot of clients that did not buy it the first time will see this as an opportunity to buy it and get involved.

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Bitcoin Crashes: Falls to About $29,000 Per Unit

After what has arguably been one of the strongest runs in years, bitcoin – the world’s number one digital currency by market cap – has taken a serious turn for the worse and fallen below the $30,000 mark. At the time of writing, the currency is trading for approximately $29,500.

Bitcoin Falls Below $30K

Between April of 2020 and April of 2021, the digital currency marked a new point in trading. Bitcoin started out trading in the $6,000 range after briefly falling below $4,000 per unit when the coronavirus pandemic first hit. However, within a month, things were looking much better for the currency and by the time April of last year rang around, bitcoin was in the $8,000 range. From there, things began looking up and about 12 months later, the currency had grown by eight times this price and was trading at a new all-time high of approximately $64,000 per unit.

However, these last two months have been very harsh for the world’s biggest digital currency. It has faced strong opposition from figures like Elon Musk, who have voiced concerns over the mining process that comes with it, while also experiencing newfound negative attention from countries like China, who seem to just want it over and done with.

The country is saying that it will not be permitting any more mining operations within its borders, and this has caused many price drops in the past few weeks. All the China-based bitcoin mining companies that once called the nation home now have just a few short months to pack up and find somewhere else to station themselves.

Arguably, the most damage caused to bitcoin came by way of Elon Musk, the South African entrepreneur behind large companies such as SpaceX and Tesla. The latter was initially going to allow bitcoin payments for goods and services, though this decision was quickly rescinded after Elon Musk felt that the mining process gave way to irreversible damage to the planet’s environment. He has since backed off a bit and says that if miners are able to utilize at least 50 percent clean energy for their operations, he will allow BTC payments once again.

It May Take a While for the Coin to Recover

Still, it may be a while before miners are able to adhere to these “rules,” and with so many leaving China – which presently houses anywhere between 65 and 75 percent of the world’s operations – we are all in for a heavy series of displacements in the coming weeks.

All this has finally taken a huge toll on bitcoin, which for the longest time was trading in the mid to high $30,000 range, but now the currency has finally cracked under pressure, and we are experiencing dips like what was witnessed in 2018, suggesting that bitcoin’s history has not changed much and that it can only experience heavy bullish behavior for so long.

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Kraken CEO and Elon Musk Duke It Out on Social Media

Elon Musk – the South African entrepreneur behind billion-dollar companies such as Tesla and SpaceX – and Jesse Powell – the CEO of popular cryptocurrency exchange Kraken – are duking it out on Twitter, and the bitcoin price is taking it hard.

Elon Musk and Jesse Powell Go Head to Head

The fight began when Powell called out Musk over recent comments regarding the bitcoin mining process. Elon Musk had originally stated a few months ago that he would permit bitcoin payments for Tesla-based goods and services, though this decision was later rescinded citing concerns over how much energy is used to extract new coins from the blockchain.

Powell took issue with these statements and claimed on social media that the entrepreneur needed to do “more studying.” He further stated that bitcoin was a lot “greener” than people gave it credit for, to which Musk responded with:

Based on what data?

Powell’s entire statement was as follows:

I have said one bitcoin, one Lambo by the end of the year. It may be a Lambo with fewer options or a smaller engine at this point, but I think we are still looking at very lofty price targets. I think Elon has some more studying to do.

As of late, anger towards Musk amongst crypto fans and investors seems to be at an all-time high. Recently, he was voted the most “hated” individual in the crypto space given that his tweets and social media messages appear to send most traders into a massive frenzy. In addition, his messages constantly cause bitcoin’s price to endure massive swings.

Not long ago, several protesters gathered outside a Tesla factory in northern California to protest Musk’s continued influence in the crypto space. His messages regarding the retraction of bitcoin payments for Tesla caused the world’s number one digital currency by market cap – which was trading in the mid-$50,000 range at the time – to fall into the mid-$40,000 range. The price tanked even harder after that when Musk hinted on Twitter that he was looking to part with his personal BTC stash.

Bitcoin was initially trading at a new all-time high of approximately $64,000 per unit in mid-April, though now it is trading for around $35,000. Initially, the currency had sprung up a bit and was trading in the low $40,000 range early last week, but the fight between Musk and Powell has allegedly brought it down by about $5,000.

A Softened Position?

In recent days, Musk has lessened his stance on bitcoin mining and claimed that if miners can potentially run their firms with cleaner energy and lower emissions by as much as 50 percent, he will once again permit bitcoin payments for Tesla vehicles. He stated:

When there is confirmation of reasonable (~50 percent) clean energy usage by miners with positive future trend, Tesla will resume allowing bitcoin transactions.

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Mark Cuban Loses Money on New Stable Coin Project

Mark Cuban seems to have been a crypto fan for some time. Recently, he praised both bitcoin and Ethereum and claims to hold a substantial amount of both. However, one of the more recent coins to receive backing by the billionaire investor has tanked big time, and as a result, Cuban is stepping in and calling for clearer regulation regarding stable currencies.

Mark Cuban Has Taken a Crypto Hit

At press time, it is unknown which stable currency garnered Cuban’s attention, though it is likely he lost quite a bit of money on the project given his calls for regulators to enter the fray. The asset is known to have been a new decentralized digital currency and is believed to have crashed to zero and lost 100 percent of its value.

Stable coins are growing in popularity amongst both banks and investors alike given that they are designed to alleviate some of the volatility that comes with bitcoin and other standard cryptocurrencies. These assets tend to go up and down faster than the sun in the morning and the moon at night. Bitcoin, for example, was trading at a new all-time high of approximately $64,000 in mid-April, though about a month later, the currency had lost nearly half its value.

Stable currencies, by contrast, are tied to fiat currencies such as the U.S. dollar, the euro, and the yen. They are designed to give crypto investors a little more stability in their portfolios and prevent them from dealing with massive or heavy losses. However, questions are being raised given this new project was an alleged stable currency. If it were, indeed, designed to be “stable,” how could it tank so hard?

In a recent interview, Cuban voiced his unhappiness about his present circumstances and called for lawmakers to step into the mix so that stable coins can be clearly defined in the future. He said:

There should be regulation to define what a stable coin is and what collateralization is acceptable.

Discussing how much he lost, he did not reveal the exact number, though he did mention the following:

As a percentage of my crypto portfolio, it was small… but it was enough that I was not happy about it. I got hit like everyone else.

Not All Coins Are Created Equal

Paolo Ardoino – the chief technology officer of Tether, one of the biggest and most popular stable currencies available – explained in a statement the risks behind emerging stable currency projects:

It is important to note the pivotal role of stable coins that are pegged to fiat currency in this emerging ecosystem… All tokens are not created equal. In some project, there is a risk that everything goes to zero. We urge those investing in the ecosystem to educate themselves in these new financial projects. Never invest what you are not prepared to lose.

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Adam Traidman Suggests Dollar-Cost Averaging for BTC Investors

Bitcoin has been hit hard over the past two months. Despite trading at a new all-time high of roughly $64,000 per unit in mid-April, the currency has tanked and is currently trading for around $35,000, knocking nearly $30K off its price from two months ago. For some investors, however, the present circumstances are no big deal, and they are continuing to see their bitcoin earnings grow. One of these investors is Adam Traidman, the CEO and co-founder of the popular crypto BRD wallet.

Adam Traidman Suggests This Simple Pattern for Investing in BTC

Over the years, Traidman – given his unique position in the crypto space – has learned a thing or two about bitcoin’s volatility and knows that timing the market is a pointless step to take. Instead, he focuses more on dollar-cost averaging, and feels this has proven more beneficial in recent years.

The process of dollar-cost averaging, he says, is relatively simple. One invests a certain amount regularly in whatever asset they may deem appropriate. In this case, it is bitcoin. Instead of buying a whole lot of it at once, you invest a little each time throughout a certain time pattern. For one person, it may be ten dollars a week. For another, it may be $50 every two weeks. One needs to find the right pattern that they feel comfortable with.

Traidman says this is a great strategy primarily because it removes any emotion from the investing process. As it stands, when one buys stocks or certain assets, they are likely to feel somewhat nervous. It is never certain if one is making the right choice. They want to ensure they get the asset for the right price, and there are concerns that it could fall just as soon as they buy or that it could spike if they do not purchase in time.

Traidman says that buying a little each period no matter what the price of the asset is allows the person to feel far less stress when making their purchases. He comments:

Casual investors tend to buy into the hype cycle and sell when the losses become a reality. It is crazy illogical thinking, but it happens all the time. Why would people buy high and sell low? Well, they do not want to, but they sell out of fear.

Typically, this strategy is seen among traditional investment vehicles such as stocks, though Traidman believes applying it to crypto makes a lot more sense given how volatile the space can be. Bitcoin has seen so many drops in just the past few years alone that it can easily drive its investors to madness, and Traidman feels this strategy is a great way to help people be calmer about where their money is going.

Take the Emotion Out of the Equation!

He says:

Dollar-cost averaging ends up making sense in the long term.

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Many Still Believe Ethereum Will One Day Eclipse BTC

With Ethereum continuing to show a lot of gall and hutzpah during this current bear market, many are wondering if the asset will eventually become the world’s most powerful cryptocurrency by market cap. As always, bitcoin is still in the number one spot, but Ethereum is continuing to show heavy promise, and Wall Street along with several retail players are experiencing more interest in the asset.

Ethereum Is Gaining Serious Momentum

Ethereum is the second largest cryptocurrency by market cap and the number one competitor to bitcoin. Arriving on the crypto scene six years ago, the asset has garnered a solid reputation amongst developers looking to establish new coins and decentralized applications, or dapps, as they are known. While it does not have the size and strength of bitcoin, many believe its network is more adaptable due to its abilities with smart contracts.

Over the past year, bitcoin has rallied by about 300 percent, which while solid, is small when compared with Ethereum, which rose more than 1,000 percent. Currently trading for about $2,500, the currency has experienced a heavy dip alongside bitcoin, though to be fair, this dip is still considerably less than what BTC has endured. This is making many individuals wonder if Ethereum has somehow become more stable than its “dad.”

Nathan Cox of Two Prime fame said in a recent interview:

In the long, long, multi-year timeline, yes. Ethereum will flip bitcoin. It is just now starting to be understood by the second-tier adopters. Ethereum’s utility alone will outstrip anything else… Bitcoin is digital gold, but Ethereum is digital oil. Our outlook is bullish overall. Most of the pain of this pullback has probably been experienced already.

Cox is not the only person who believes that Ethereum is harnessing a hidden power. Over the past few months, many analysts have emerged to claim that ETH will one day eclipse bitcoin to earn the number one spot on the crypto ladder. Mike McGlone, for example, is an analyst with Bloomberg that stated this very idea in early June, while financial giant Goldman Sachs had previously issued a new report claiming that bitcoin will one day lose its position to Ethereum.

Will Things Get Bullish Again?

Either way, though Ethereum and bitcoin are continuing to experience additional price dips even at press time, many financial experts believe that the bulls are about to enter the fray once again. Paolo Ardoino – the chief technology officer of crypto exchange Bitfinex – said in an interview:

Sentiment towards the king of crypto continues to shift into positive territory. While the past few days have shown once again that celebrities and the movers and shakers in the space can impact the price, this will not last forever. The momentum that has won bitcoin increasing recognition as an asset class continues to gather pace.

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Chicago Is Setting Itself Up to Be a Leader in the BTC Space

Chicago is building itself up as a leader in the world of blockchain and crypto. The region already hosts a bitcoin ATM operator and a crypto mining facility and is looking to add a whole lot more to the mix.

Chicago Is Becoming a Real Crypto Hub

David Carman is a fintech consultant and board member with Global DCA, a crypto industry association in Chicago. He says that over the years, people within the city have grown to love digital assets, and the market itself is really starting to flourish there. He says:

The real expert, the final arbiter of what is happening, is the market itself. People can pass judgement on bitcoin all they want, but when you have a market that has reached over $1 trillion, this is way beyond proof of concept.

Now it looks like Chicago and Illinois-based regulators are considering the passing of a new bill that would establish a special purpose depository trust for crypto assets. Banks would be required to follow certain rules to offer digital assets to their customers… Even more if they were to serve as custodians. The bill has already garnered approval in the Illinois House and will likely be taken up by the Senate at the end of the summer.

Should the bill get the greenlight, Illinois would become the second state after Wyoming to allow trusts to hold crypto. The move is set to bring lots of attention to Chicago and inspire several financial institutions delving in digital assets and blockchain to set up shop there.

Representative Margaret Croke of Chicago explained in an interview:

It is not only just about the charter itself, but it is also the signal to businesses who are dealing in this space that we will create a stable regulatory environment. This is the one time we could beat New York in financial services or in an emerging industry.

Chicago is home to one of the largest crypto mining facilities in the country. Owned by Sangha Systems, the company was initially based in New York, but decided to open their Illinois location in late 2019. Sangha has been listening to all the recent arguments surrounding bitcoin mining and the environment and has established this new facility as entirely solar powered to place some of the environmental fears that critics have at rest.

Fixing the Environmental Problems

Spencer Marr – president and co-founder of Sangha – explained in a statement:

It is absolutely true that cryptocurrency mining uses an amount of electricity that is unprecedented. I look at the demand for electricity that mining represents as effectively a subsidy for the build-out of renewable energy supply.

The facility is a former steel mill that occupies approximately 873 acres. Covering approximately 1.35 million square feet, the mill initially closed its doors about 12 years ago – right as bitcoin was arriving on the financial scene.

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Eswar Prasad: BTC Needs to Solve These Three Issues to Be Truly Effective

A professor at Cornell University believes that bitcoin can never accomplish all it has set out to do unless it manages to get past three big hindrances. According to Eswar Prasad, professor of economics at the educational institution, bitcoin still suffers from several flaws that are preventing it from being stronger than many of its altcoin cousins.

Eswar Prasad: BTC Still Has a Way to Go

In an interview, Prasad points to the idea that bitcoin mining is extremely expensive and hazardous to the environment. This is an argument we have heard time and time again over the past few months. Everyone from Kevin O’Leary of “Shark Tank” fame to Elon Musk – the South African entrepreneur behind billion-dollar companies such as SpaceX and Tesla – have said that bitcoin mining is simply too dangerous for Mother Earth to carry on.

As a means of making themselves more appealing than bitcoin, Prasad says that many cryptocurrencies which came after BTC have looked at the currency’s infrastructure and worked to ensure their mining operations are nowhere near as energy driven.

For example, Ethereum has already implemented a new method of mining it is calling “proof of stake,” which is allegedly built to limit the amount of computing power necessary to extract new units from the network. In fact, according to the Ethereum Foundation, the process requires approximately 99 percent less energy than before.

Prasad says:

That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker.

Another issue he says bitcoin needs to solve is its anonymity. Many believe that bitcoin is an anonymous currency, though according to Prasad, this is not entirely true. To prove this, he points to a recent incident in which the Federal Bureau of Investigation (FBI) was able to intercede and prevent a bitcoin-based ransomware attack on the Colonial Pipeline. He says they would not have been able to do this if bitcoin was as anonymous as people claim.

He mentions:

The main idea of bitcoin… was to provide pseudonymity, but it turns out that if you use bitcoin a lot, and especially if you use bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.

In the long run, he says that Monero and Zcash are far better alternatives as privacy coins.

Volatility Prevents Its Use as a Currency

Lastly, he claims that bitcoin does not work well as a currency given that it is so volatile. He comments:

So, you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. That does not work well for the medium of exchange.

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Miami Mayor Francis Suarez Opens His City to Chinese BTC Miners

Francis Suarez, the mayor of Miami, says he is now looking to open his city to all the Chinese bitcoin miners that are getting kicked out of their country.

Francis Suarez Opens His City to Chinese BTC Miners

China has recently stated that it will be banning all crypto mining operations. Beijing has given these companies approximately two months to leave, and many are looking for a new home to set up their mining equipment. While some analysts have said that Texas will be the most likely area, Miami Mayor Suarez wants them to come to his city, citing the cheap energy the region has to offer.

In addition, Suarez wants his city to benefit from the technical know-how of these individuals, while also giving Miami a chance to be more competitive in the world of blockchain. In an interview, Suarez said:

We want to make sure that our city has an opportunity to compete. We are talking to a lot of companies and just telling them, ‘Hey, we want you to be here.

Suarez has proven himself to be one of the most bitcoin-friendly politicians around. He has already stated that he wants bitcoin to become a staple of his city and has promoted plans that would ultimately see city workers paid in the digital currency. He has also expressed interest in allowing residents to utilize bitcoin to pay city taxes and additional utilities.

But one of the big reasons he is so pro-bitcoin is because he believes inflation in the United States is becoming a serious issue. After watching his fellow politicians pass a $1.9 trillion spending bill last year to potentially combat the growing coronavirus pandemic, he is certain that bitcoin can alleviate some of these effects and prove more effective down the road.

Miami is largely powered by nuclear energy, which is a rather inexpensive substitute to coal and standard fossil fuels. He stated that he is presently working with the Florida Power & Light Company as a means of also bringing prices down for natural gas to potentially entice miners to migrate to the area. He says:

The fact that we have nuclear power means that it is very inexpensive power… We understand how important this is… Miners want to get to a certain kilowatt price per hour, and so we are working with them on that.

Ways to Get Them to Arrive

He has also stated that he is looking into providing tax incentives and other rewards in the hopes that mining companies will flood into Florida and create more jobs for residents. He stated:

We were one of the first cities in the world to have a data center, and a mining hub is very similar to a data center… Building a mining facility is similar with building a data center. It is not something that happens overnight.

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Coinbase Is Setting Up a New Home in New York

Popular cryptocurrency exchange Coinbase is setting up an office in New York.

Coinbase Is Opening an Office in New York

Based in San Francisco, Coinbase has established itself as a leading digital currency trading hub following news in April that it would be the first crypto exchange in the history of the space to go public on the Nasdaq, though share trading has been somewhat of a rocky process. In addition, the company has recently added Dogecoin to its list of tradeable assets given how popular the currency has become.

But this news of setting up an office in New York probably takes the cake given that the Big Apple has not always been kind to cryptocurrency-based businesses and service providers. About six years ago, New York established what is known as the BitLicense, which every crypto-based enterprise would have to garner if it wanted to provide services to customers in the region.

The BitLicense was – and still is, in many ways – viewed through a harsh lens by many blockchain enterprises that claim it invokes high fees and restrictive measures designed to limit their abilities to give customers what they need. As a result, several blockchain companies that were at one time working in New York simply packed up and vowed never to do business in the area again.

Coinbase itself has not always had jurisdiction in New York, though this new establishment may change things as the platform seeks to become a bi-coastal company. The headquarters will be stationed inside a 30,000-square foot setting within the Steven A. Cohen Point72 Asset Management building at Related Co’s 55 Hudson Yards. Overall, there are 339,000 square feet to be had in the building, so Coinbase will not be taking up too much space, but it is certainly a huge step in the right direction.

For the most part, the building is utilized by corporate media companies and law firms. This will be among the first times it is used for tech purposes. One anonymous market watcher explained in an interview:

It is a new brand of user not only for Related’s Hudson Yards, but also for the entire far West Side area.

This Marks a Huge Change

Coinbase is valued at approximately $85 billion, making it one of the largest crypto trading enterprises in the world, though it is still beaten out by companies such as Binance, which allegedly boasts the largest trading volumes of any crypto exchange in existence.

Either way, Coinbase is marking a rapid change in the world of professional workers according to a new CBRE report, which says that the leasing and subleasing of office space is reaching new highs given the amount of one-time remote workers – performing their duties from home due to the growing coronavirus pandemic – that are returning to their desks and working alongside others in offices.

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Mike Novogratz: BTC Gains Value Through Community

Bitcoin has always had support from billionaire investor and former hedge fund manager Mike Novogratz. However, in a recent interview, he seemed to hint that the currency does not have any value all by itself like standard fiat. Rather, it is valuable simply because the people who use it and invest in it say it is.

Mike Novogratz on What Gives BTC Value

During his discussion, Novogratz said that bitcoin primarily has value thanks to the community it has established. He says that simply because people believe in its potential, bitcoin can now go all the way. Otherwise, the currency would be deemed useless. He stated:

The value of bitcoin is not the bitcoin code. It is this social construct. It is valuable because we say it is valuable. It is crazy.

Novogratz has made a real name for himself over the years by providing crypto-based products and services to traders, though he often laughs when people ask him if he is the “CEO of bitcoin.” To this end, he typically says “no,” though given his support for the currency, one can easily see why so many individuals would ask this question. He states:

The one thing to remember about the technology, which was cool, is it was the first digital signature you could not counterfeit, and so that meant we could have digital money because it could be scarce. If I said there are 21 million there are only 21 million because you cannot counterfeit… You say, well, sounds like a Ponzi, but everything that is valuable is some form of a Ponzi. It is valuable because we bring more people in to buy it. It would not be so valuable if our governments were not… just printing the money like it is toilet paper.

During the interview, Novogratz also took aim at South African entrepreneur Elon Musk, the man behind billion-dollar companies such as SpaceX and Tesla. In the past, Musk has managed to control the flow and price of bitcoin with certain tweets and social messages, and his influence has not always been positive. For example, bitcoin experienced massive drops after he announced that Tesla would not be accepting crypto payments anymore and after he hinted that he was looking to part with his personal BTC stash at some point.

Elon Musk Is Just in This for Attention

Novogratz commented that Musk is a smart and imaginative person, but that his bitcoin tweets are not helping the industry. Rather, he believes Musk sends these messages out because he knows it will get him attention. He states:

Come on, you run for the best companies in the world. What are you doing? I do not think it is helpful… He likes the attention.

At press time, bitcoin is trading in the mid-$30,000 range after hitting a new all-time high of approximately $64,000 last April.

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The World Bank Will Not Help El Salvador with Its BTC Plans

Not too long ago, El Salvador announced that it would make bitcoin legal tender. Thus, the Central American nation became the first to permit bitcoin’s full use as a currency. However, now it looks like the country’s plans have hit a snag as the World Bank is saying it will reject El Salvador’s request.

The World Bank Will Not Help El Salvador

To be fair, El Salvador does not necessarily need permission from the World Bank to implement bitcoin’s status as a payment currency. However, things would have been easier for the country’s government if the World Bank were willing to cooperate. The institution put out the following statement explaining why it was neglecting El Salvador’s wishes:

While the government did approach us for assistance on bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings. We are committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes.

Over the years, El Salvador has predominantly relied on the U.S. dollar as its official currency. However, President Navib Bukele has praised the world’s number one digital currency in the past, claiming that it would potentially help to cut down on all transaction fees for El Salvadorians working out of the country and sending remittance payments home to their families.

At the time of writing, it is estimated that approximately 25 percent of the country’s population is situated within the United States. In 2020 alone, workers sent home approximately $6 billion. According to Bukele, a lot of that money went to transaction fees, and he is confident that bitcoin can help to alleviate some of the financial losses these families are experiencing.

In addition, he has stated that nearly three quarters of the nation is composed of underbanked or unbanked people, and thus bitcoin could assist these individuals in garnering the supplies and services they need to survive.

The law attempting to establish bitcoin as legal tender states the following:

The purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out.

Not Everyone Is Happy

While President Bukele is excited about the prospects of bitcoin becoming a legal currency, several individuals and financial experts have decried this move, claiming that the environmental hazards presented by the bitcoin mining process are too big to ignore. In addition, some have claimed that this will make El Salvador vulnerable to criminal activity such as ransomware attacks, which are often at the heart of criminal operations seeking to get their hands on bitcoin they did not earn.

Bitcoin initially rose beyond $40,000 per unit following the announcement of El Salvador’s plans, but has since dropped to about $37,000 at press time.

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Analysts Claim Bitcoin Is Headed Into Short Squeeze Territory, Suggesting Another Price Spike

Is bitcoin about to experience a “short squeeze?” According to many analysts, the answer is yes.

A Short Squeeze Is in BTC’s Future, Analysts Say

A short squeeze is when an asset that has been doing poorly suddenly skyrockets in price due to several traders making bets against it. As of late, the world’s number one digital currency by market cap has been trading in the doldrums, losing close to $30,000 off its price since reaching its latest all-time high of approximately $64,000 in mid-April of this year. The asset has been in a rather poor state ever since, and everyone seems to have lost their faith in it.

However, according to many industry experts, this is exactly what needs to happen if bitcoin is to ever experience any kind of surge. Flex Yang – chief executive of Hong Kong-based crypto lender Babel Finance – explained in a recent interview:

Given bitcoin’s past market performance, when traders use excessive leverage to short the market during a horizontal price adjustment, there will often be a short squeeze phenomenon.

He has pointed out that a lot of money is now going into bitcoin from short sellers looking to make quick profits off the digital asset. He suggests this has been a relative constant ever since bitcoin began falling into oblivion as despite the currency’s massive dip, trading volumes on popular crypto exchanges such as Binance have increased by approximately 110 percent over the past two months.

Yang further says:

Many people are anticipating a bear market. Bitcoin holders are building hedges. Those who bought at high prices are locked in.

This Has Happened Before

He also claims that a short squeeze could be somewhat expected at this stage given it has occurred a few times in the past with bitcoin. He suggested this while pointing to evidence of bitcoin’s behavior between the months of February and April in 2018 and then again between June and July of 2020. During these periods, bitcoin experienced heavy spikes after dropping to new lows. He says:

In November 2020, there was a temporary sharp increase in the number of short-selling positions at a high price. Afterwards, the price of bitcoin continued to rise, continuing its bull market position. No matter if the market outlook is trending downwards after rebounding or if bitcoin maintains its bull market status, short traders have always suffered the consequence of being squeezed out and liquidated.

Bitcoin’s bull run came to a screeching halt not too long ago after it was announced that Tesla was rescinding its decision to accept bitcoin payments for all goods and services. The price experienced further drops when CEO Elon Musk hinted on Twitter that he was looking to sell his personal BTC stash. In addition, China also took a stance against bitcoin mining, saying that it would limit further activity.

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Morgan Stanley: Tesla Has Fallen Thanks to Elon Musk and BTC

Tesla is going through a bit of a slow period right now, and according to analysts of Morgan Stanley, this may be because of Elon Musk and his obsession with bitcoin.

Elon Musk Is Driving Tesla Shares Down

Elon Musk has gone back and forth in recent months regarding the world’s number one digital currency by market cap. The South African entrepreneur sent the currency sky high in the month of February when he decided to purchase approximately $1.5 billion worth of the digital asset and add it to Tesla’s balance sheet. He then made an even bigger move and claimed that his company would be accepting bitcoin payments for all Tesla-based goods and services in the future.

From there, however, Musk changed his tune a bit and said that he was going to rescind this decision given that he had concerns about the mining process and the environmental hazards it presented. He also hinted on Twitter that he was potentially looking into selling his personal bitcoin stash. Both moves ultimately brought the currency down big time.

Whether it is for better or worse, Musk seems to have his mind filled to the brim with bitcoin and crypto, and this has caused Tesla to experience some lag in its operations as of late. In a recent document, analysts with financial giant Morgan Stanley explained:

Over the past couple of months, incoming client interest on Tesla is focused mostly on Chinese sales/production data and Elon Musk’s tweets regarding bitcoin. Might Tesla-bitcoin fever be telling us something about the lull in Tesla sentiment?

Elon Musk has been accused of potentially taking the lead in a pump and dump scheme involving bitcoin. He talks it up after buying it so that he can see his portfolio grow, then secretly sells, and talks it down so that everyone around him loses profit. Musk has denied any such maneuver, claiming that his company Tesla has only sold about ten percent of its overall bitcoin holdings at the time of writing.

In addition, he has also claimed that Tesla will once again resort to accepting BTC payments in the future should emissions from crypto mining be cut by 50 percent or more. This ultimately caused the currency to jump back above the $40,000 line after weeks of traversing the mid-$30,000 range.

Bitcoin Is the Driver for the Company

Morgan Stanley further stated in its report:

You just know it is a rather dry spell for Tesla when bitcoin is the dominant new story and dominant driver of investor discussion day in, day out.

Thus far, Tesla stock has experienced a dip of approximately 15 percent since the beginning of the year. It is presently trading for around $597 per share. Morgan Stanley has set a price prediction for Tesla of $900 per share by the time 2021 comes to an end.

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Where Will All the Bitcoin Miners in China Relocate To?

With China suddenly becoming an anti-bitcoin mining state, many are wondering where all the country’s present operations will relocate to. Some say Texas, while others suggest Wyoming. Either way, many China-based crypto mining firms need a new home, and America is looking better and better every day of the week.

Bitcoin Miners in China Are Having to Leave Soon

China has always had a rather up-and-down relationship with cryptocurrency. The country banned both initial coin offerings (ICOs) and crypto exchanges in the year 2017, and despite being a haven for crypto miners of all kinds, Beijing has made it quite clear in recent weeks that it does not want these companies around anymore.

So, where will all these companies go? That is a question that is going through several analysts’ minds right about now, and some appear to have their sights set on areas that have declared mining legal and profitable for their communities. At the top of the list is Texas, which allegedly boasts some of the lowest energy prices in the world.

In addition, the state is becoming a leader in the field of renewable energy, with approximately 20 percent of the state’s electricity now coming from wind sources. Brandon Arvanaghi – a former security engineer at the Gemini exchange in New York – says:

You are going to see a dramatic shift over the next few months. We have governors like Greg Abbott in Texas who are promoting mining. It is going to become a real industry in the United States, which is going to be incredible.

It is estimated that anywhere between 65 and 75 percent of all mining firms, at one point, called China home. Many were stationed within areas such as Xinjiang, Inner Mongolia, Yunnan, and Sichuan. The latter two areas are known for hosting a wide array of renewable energy sources, while the former two have taken a lot of guff in recent years given their reliance on coal and standard fossil fuels.

Inner Mongolia has been particularly hit hard by Beijing’s latest mining rules, with the city giving all miners in the area approximately two months to leave and find new stations given that very few of the region’s enterprises have managed to adhere to the energy regulations that Beijing has set forth.

This Will Be a Steady, Slow Process

Nic Carter – the founding partner of Castle Island Ventures – believes that the ceasing of all bitcoin mining in China is not going to happen overnight, and traders should expect a slow process given how much business the country has attracted over the years. In an interview, he states:

It seems like we are going from policy statement to actual implementation in relatively short order. Given the decrease in hash rate, it appears likely that installations are being turned off throughout the country.

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Sam Bankman-Fried: It Should Be Easy for BTC Miners to Resort to Clean Energy

29-year-old crypto billionaire Sam Bankman-Fried believes that it would be rather easy for crypto miners to resort to green energy to potentially extract new coins from the blockchain.

Sam Bankman-Fried: Miners Can Turn to Green Energy without Hurting Their Industry

One of the big arguments hitting the crypto industry as of late is that crypto mining is somehow harmful to the planet. There are reports strewn about suggesting that bitcoin mining requires more energy than specific countries such as Argentina and Iceland, while others suggest that the carbon footprint of bitcoin mining is as big as the one produced by Las Vegas, Nevada.

Many institutional traders have also gotten involved and cited concerns regarding the mining process. Elon Musk, for example, has stated that his company Tesla will not be accepting any further bitcoin payments for goods and services until miners can cut their emissions down, while Kevin O’Leary of “Shark Tank” fame says he will not buy any more bitcoin mined in China given that the country still utilizes coal to run its mining firms.

The idea is that bitcoin mining does not serve a strong environmental purpose, but according to Bankman-Fried, this can all change with ease, and mining can maneuver into cleaner energy routes without hurting the industry in any way. In a recent interview, he said that miners need to begin taking the problems associated with coin extraction seriously, commenting:

It is not at all reasonable for bitcoin forces to decry it as sort of a witch hunt to bring up this question because there is substantial energy usage happening because of bitcoin mining right now. The answer is that it is not free to mitigate, but it is not that expensive. It is something the industry could pay without really setting itself back that much.

One of his recommended solutions is that bitcoin miners use carbon offsets to lessen the atmospheric damage operations can do. Either way, he believes green energy is a relatively cheap alternative to fossil fuels that many traders and miners can implement without too much trouble.

In the interview, he also discussed taking his crypto exchange – known as FTX – public, saying that he has been approached by several SPACs to do so. Should this occur, his company would be taking a page right out of Coinbase’s book. Two months ago, Coinbase became the first crypto exchange to ever be publicly traded on the Nasdaq. The move sent the price of bitcoin skyrocketing, with the digital asset peaking at roughly $64,000 per unit.

No Plans Yet…

Right now, Bankman-Fried comments that there are no specific plans to go public with his firm, though he is open to the idea and further stated:

If we did want to go public via [a] SPAC, I do not think finding the SPAC would be the limiting factor.

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Neil Patrick Harris Is the New Spokesman for Crypto ATM Firm Coin Flip

Neil Patrick Harris is the latest celebrity to express love and enthusiasm for bitcoin. So much so that he is now serving as the new spokesperson for Coin Flip, a leading crypto ATM firm.

Neil Patrick Harris Is a Big Crypto Fan

Harris is well known for playing lead roles in television programs such as “How I Met Your Mother” and “Doogie Howser, M.D.” However, what many do not know about the young star is that he is an avid crypto trader and investor. He entered the bitcoin space relatively early and has spent the last few years watching his investment grow into something he never thought possible.

In a recent interview, he states:

I remember when I first heard about bitcoin. Like most people, I did not fully understand it but at the time, the price of bitcoin was so low I figured I could give it a shot without risking too much. Now, my investment has grown tremendously and multiplied in value. Even major corporations and traditional investors are all jumping on the bandwagon. My goal is to let everyone know how easy and accessible it is to invest in cryptocurrency and join the future of finance.

Harris was chosen by Coin Flip to represent the company specifically because of his story. The man knew virtually nothing about cryptocurrency but did not wait for some expert to come out and give him all the details. He took the necessary time to research the industry and learn about it himself. The goal of the company is to now show everyone just how easy it is to invest in digital assets and how accessible they are to everyone.

The actor expressed his thoughts on crypto, saying that it is the future of finance and will one day dominate all payment routes. He states:

Cryptocurrency is the future of how we shop, invest and do business, but it can also be incredibly technical and intimidating. I prefer my transactions to be simple and to the point. It is why I joined forces with Coin Flip. Their ATMs make it so anyone can turn their cash into a significant investment opportunity with a great return.

Coin Flip is a company that takes customer privacy seriously, working under what is known as the Bank Secrecy Act. It is also registered as a money services business (MSB) and as a money transmitter in specific states. Ben Weiss – the CEO of the company – says that he is on a mission to have 5,000 individual machines set up throughout America by the end of 2021.

Opening the Door to All Investors

Regarding the firm’s partnership with Harris, Weiss further commented:

We partnered with Neil Patrick Harris who is well known and approachable and lowers the perceived bar for entry into the space.

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Tim Draper Sticks with $250K BTC Price Prediction

63-year-old venture capitalist Tim Draper has always been there to support BTC. In a recent interview, he stuck to his guns and claimed, once again, that bitcoin was likely to hit the $250,000 mark by the end of 2022 or the beginning of 2023, something he has mentioned time and time again in the past.

Tim Draper On Where BTC Will Go

The price of bitcoin has not been in the best place. Recently, the currency – which was trading for about $64,000 per unit last April – fell into the mid-$30,000 range by the following month, and the currency experienced its worst drop in 12 years. While the currency has risen above the $40,000 line again at press time, it does not look like bitcoin has the stamina to move much further without a big boost of some kind.

Still, Draper remains confident that bitcoin will come out on top and surprise us all. Discussing his price prediction, he stated:

I think I am going to be right on this one… I am either going to be really right or really wrong, [but] I am pretty sure that it is going in that direction.

One of the reasons he thinks bitcoin will eventually be doing so well is because by then, many companies will be using it more often for payments and network purposes. He comments:

Give it about a year and a half and retailers will all be on Open Node [a bitcoin payment processor], so everybody will accept bitcoin.

Draper has been predicting a $250K price for bitcoin since the year 2018. That was a rocky time for bitcoin in that it had attained a previous all-time high of approximately $20,000 per unit just a few months before in late 2017. However, the following year saw the currency lose value like crazy. At the time of Draper’s initial prediction, bitcoin was at around $8,000.

Even now at a price of approximately $40,000 – considerably higher than where it was three years ago – one must take Draper’s price prediction with a grain of salt. After all, he is basically giving bitcoin about a year and a half to jump more than $200,000. That is some major ground to cover, though to be fair, as we have seen in the past, nothing is impossible with bitcoin, and the fact that it could go from about $6,000 to $64,000 in just a year, perhaps there is something in bitcoin’s steamroller that can get it moving in a six-figure direction.

What Cryptos Do You Look At?

Draper has done well investing in companies such as Skype and Tesla early. This is how he has made his money over the years, but he has since shifted his focus to crypto, and explained what assets make him do a double take:

I tend to focus on the ones where people are dedicating their lives to improving the currency.

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Suze Orman: Invest a Little in BTC and Let It Sit There

Suze Orman is a personal finance guru that knows a thing or two about bitcoin. She also has some very clear ideas about how someone should invest in it and how much they should buy.

Suze Orman Discusses How BTC Investing Should Be

In a recent interview, Orman claims that bitcoin should not be viewed as a currency, even though that is what it was designed to be. She says that for now at least, people need to be looking at it as a long-term investment if they want to accomplish anything of value with bitcoin. She says that BTC is still in a rather unstable position, and that for the most part, it is still highly volatile and could potentially fall back down into the $30,000 range or even below that in the coming weeks.

Thus, people need to be prepared and should never invest anything that they cannot afford to lose. Orman mentions:

Any money that you can afford to lose, then I do not have a problem with you investing in bitcoin… You have to hold it for the long run.

There was a day when bitcoin was looked at as something to avoid. Many financial experts claimed it was a fad of some kind that was likely to disappear in the future. Some even went so far as to label it a Ponzi scheme or something worse.

However, new evidence suggests that the reputations of bitcoin and cryptocurrency are stabilizing and that several monetary managers are now recommending bitcoin investments to their clients. Per a recent survey initiated by the Financial Planning Association and the Journal of Financial Planning, approximately 14 percent of financial advisors are now recommending to their clients that they get involved in the crypto space.

In addition, bitcoin has a solid place in the hearts of millennials and other young generations. According to Orman:

You really have to validate them as to where they are going.

In the past, Orman has been critical of figures such as Elon Musk, who appears to have heavy control over the digital currency industry. She has stated that she is not a fan of the fact that a single Elon Musk tweet can potentially cause so much turmoil in the space:

I do not like that one man can come out and say something and it controls the market.

Will Regulators Move In?

She has also spoken out about the fact that bitcoin is consistently used in ransomware attacks, and she has speculated about whether the government may get involved in regulating BTC as a result. She says:

Will the government come in and start to regulate it and everything? I do not know, but I still think for the long run… it is a place to put some money and just leave it, but not a lot.

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Elon Musk Changes His Tune on BTC Payments

The value of bitcoin has jumped somewhat over the past few days given that Elon Musk – the South African entrepreneur behind billion-dollar companies such as Tesla and SpaceX – has changed his tune once again on bitcoin and cryptocurrency mining.

Elon Musk Wants to See More Clean Energy Use

Elon Musk has taken a lot of guff in recent weeks given that he rescinded a decision to accept bitcoin payments for Tesla-based goods and services before the company even began accepting them. The move caused bitcoin to fall deep into the mid-$40,000 range after it had been trading above $50,000 for some time. However, things did not quite end there when Elon Musk later hinted that he was looking to sell his personal bitcoin stash. Many people began speculating, and the price fell even further.

One of the big reasons why Musk decided to stop all bitcoin payments was because he was concerned about the mining process. He felt that bitcoin mining was potentially putting the world’s atmosphere at risk, and he allegedly did not want that on his conscience. Tesla put out the following statement:

Tesla has suspended vehicle purchases using bitcoin. We are concerned about rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel. Cryptocurrency is a good idea on many levels, and we believe it has a promising future, but this cannot come at a great cost to the environment.

However, now Musk has tweeted that granted emissions from bitcoin mining can fall below a certain level, his company will happily go back to accepting crypto payments for goods and services. He states:

When there is confirmation of reasonable (~50 percent) clean energy usage by miners with positive future trend, Tesla will resume allowing bitcoin transactions.

His words have caused many analysts to change their negative tunes and suggest a better future for bitcoin where it is looked at through a positive lens by major companies. Bobby Ong – co-founder of crypto analytics firm Coin Gecko – stated:

The market had been going through another round of corrections over the weekend… until Elon Musk’s tweet of accepting BTC again for Tesla purchases changed sentiment.

I’ve Done Nothing Wrong

Many have accused Musk of initiating a pump and dump scheme. He talks bitcoin up so that it spikes, and he can rake in some profit while later downplaying the asset after selling it. However, Musk insists he has done nothing of the sort. He claims:

This is inaccurate. Tesla only sold ~ten percent of holdings to confirm BTC could be liquidated easily without moving the market.

Either way, Musk has had plenty of influence over the crypto world with his tweets. So much that many protestors recently gathered outside one of his Tesla factories to insist he exit the industry.

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Bank of America Survey Suggests Fund Managers Aren’t Crazy for BTC

According to a new survey unveiled by Bank of America, fund managers still do not trust bitcoin and see it as a major bubble despite the massive price bust that has occurred over the past month.

Bank of America Survey Doesn’t Paint BTC in a Positive Light

Bitcoin was initially trading at an all-time high in mid-April of this year. The world’s number one digital currency shot up to approximately $64,000 per unit, reaching its highest peak in its 12-year history, though at press time, the currency has suffered somewhat and is now trading at around $40,000 even. This is something of a surge in that bitcoin was trading in the mid to high $30,000 range for the longest time throughout the month of May.

Still, many participants of the Bank of America survey are not convinced that bitcoin is anything other than a big, fat bubble, and that the currency as it is presently priced is still not justified. The fact is that bitcoin, while popular, still has many naysayers, and incidents like these are proof that bitcoin is never going to please everyone.

According to the survey, approximately 81 percent of the hedge fund managers that took part believe that bitcoin is a bubble. The survey consisted of more than 660 participants, and altogether, they manage more than $660 billion in total assets for their clients.

This is not the first time Bank of America has targeted the world’s primary cryptocurrency by market cap in some way. In a statement last March, the financial giant made the bold claim that there was literally no good reason to have bitcoin in one’s financial portfolio. Just a few days later, the institution said that its alleged energy use for mining purposes was wasteful and doing heavy damage to the environment.

Institutions Don’t Care for BTC Lately

Nikolaos Panigirtzoglou – a financial strategist for JP Morgan – recently claimed in an interview that the recent crash has also done heavy damage to bitcoin’s reputation and that institutions are not as crazy about the asset as they once were. As a result, he is rather confident that bitcoin is going to remain in the lower register for some time. He says:

There is little doubt that the boom-and-bust dynamics of the past weeks represent a setback to the institutional adoption of crypto markets and particularly of bitcoin and Ethereum. We note that the mere rise in volatility, especially relative to gold, is an impediment to further institutional adoption as it reduces the attractiveness of digital gold vs. traditional gold in institutional portfolios.

Thus far, gold is making its way up the monetary scale as several financial firms – including Societe Generale – claim that the precious metal is likely to take people’s portfolios much further than digital gold will in the coming months.

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Nouriel Roubini: Bitcoin Is a “Huge Scam”

Bitcoin has always had its naysayers. From the day it was born in January of 2009, some people have refused to become BTC believers, one of which is Nouriel Roubini – playfully known as “Dr. Doom” for his angry and negative sentiment towards bitcoin.

Nouriel Roubini Still Hates BTC

As the largest cryptocurrency in the world, bitcoin has garnered quite a few fans over the past 12 years, but Roubini is not feeling the love that others are experiencing, and today is no exception. At a recent conference, Roubini came out to claim that bitcoin was not only a bubble, but also a “huge scam.” He also went so far as to say that bitcoin, along with many other digital assets that have emerged over the years, are not currencies at all.

He said:

I have gone to many crypto conferences where if you essentially sign up for it, you have to pay for it in dollars or Swiss francs. Not bitcoin.

In addition, he says that the narrative of bitcoin serving as a store of wealth in some way is also incorrect, and he believes that people were wrong to think bitcoin could do anything for them should gold or USD suffer. He stated:

Look at what happened last month, about a month ago in April. Bitcoin (BTC) reached an all-time peak of $64,000, and then a few weeks later, it went down to almost $30,000. Bitcoin is not even a hedge against risk off episodes. People say it is an uncorrelated asset that does well when, say, global equities are doing poorly. That is absolutely not true.

His words come at a time when the crypto space was experiencing growth like it never has before. When bitcoin first hit $64,000 in April, the entire space was moving up the financial ladder with it. The entire digital currency arena had a valuation of more than $2 trillion, with bitcoin alone contributing more than $1 trillion to that sum. However, nowadays, the total crypto market cap is worth only about $1.7 trillion. Roubini mentioned:

We know that nothing is priced in bitcoin. No goods and services or financial assets, and that is not just because people do not want to do so, but there are flaws because for something to be a unit of account, it must have a stable value.

It does not appear, however, that everyone shares the negative sentiment of Dr. Doom, as a new report by Nickel Digital Asset Management shows that 19 companies – each valued at over $1 trillion – have invested in bitcoin or are making room for the asset on their balance sheets.

Not Everyone Dislikes It

Anatoly Crahilov – co-founder and CEO of Nickel Digital – says:

This, coupled with a confirmed inclusion of crypto assets in the portfolio construction by leading global asset managers… is a very important endorsement for bitcoin’s emerging functionality of the hedge against inflation.

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Willy Woo Knocks $300K Off His End-of-Year BTC Price Prediction

Bitcoin has spent the last few days shooting up. The currency has again crossed the $40,000 line after trading in the mid-to high $30,000 range, the lowest it has been in several months. All is looking better, and analysts are hoping this is the start of another rise to the top for the world’s number one crypto by market cap, and yet according to Willy Woo, things are not quite where they need to be.

Willy Woo Sees $200K for BTC

Woo had originally believed that bitcoin was going to end the year on the highest note possible. He is now stating that bitcoin is likely to end the year at only $200,000, which is still considerably higher than where it is now, though he believes it likely would have shot up higher had it not been for the bearish activity it has been enduring over the past month.

In a recent interview, Woo revealed that there was good news in the sense that bitcoin is not necessarily trapped in a bear market at this time, and he does not feel the currency’s fall into the $30,000 range was anything to worry about particularly. However, up to that point, he was feeling rather confident that the currency was likely to shoot up to about half a million dollars, and now that it has been in “sleep mode” for some time, this may not occur.

Woo states:

[Bitcoin] was starting to look like it was winding up to $300K, $400K, even $500,000 near the end of this year. Now, it is starting to reduce its trajectory. It looks like it will comfortably reach $200,000. It might reach $300,000, but we have to see how that develops.

Woo claims that the damage done to bitcoin by Elon Musk was greater than anyone could have imagined. He believes that Tesla’s decision to end all bitcoin payments for goods and services before they even began really set everyone into the wrong frame of mind when it came to cryptocurrency and caused the world’s biggest digital asset to experience the worst drop in its 12-year history.

He says:

When that tweet came out, it instigated severe amounts of selling, not only on derivative markets and spot markets. We are now in this situation where bitcoin is heavily discounted below fundamentals.

Some Think Six-Figure Territory Is Out of the Question

Rafael Schultz-Kraft – CEO of on-chain intelligence enterprise Glass Node – said in an interview that he agrees with Woo’s sentiment that this was just a simple correction, though he believes his end-of-year price prediction of $200K is still unrealistic, and that bitcoin is not likely to enter six-figure territory before 2021 is out. He says:

I still would not be very surprised if we get another burst of pain, and another kind of, you know, shakeout, before we start regaining the bull market trend.

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Several Attendees of Florida BTC Conference Allegedly Have Coronavirus

Two weeks ago, Miami, Florida saw itself hosting the world’s biggest cryptocurrency and bitcoin conference the world has ever seen. Now, new coronavirus cases are popping up amongst attendees.

Coronavirus Hits BTC Fans

Approximately 12,000 tickets were sold to the event, and people from all corners of the world – including Europe, a continent hit particularly badly by the virus – flew into Miami to discuss the world’s greatest digital currency by market cap. The event also featured several notable speakers involved in digital assets, including Jack Dorsey of Square and Twitter fame.

But trouble began brewing late last week when several of the influencers that attended the conference took to Twitter to claim that they had tested positive for coronavirus following the event. One influencer – known as @CryptoWhale on Twitter – wrote the following message:

Looks like I am joining the BTC Miami Covid list. It turns out that attending packed events to discuss number-go-up technology ideas does increase the chance of getting sick.

Reports claim that there were few people wearing masks at the event. Being part of Florida, Miami was not under a strict mask mandate, meaning people were not required to cover their faces, nor were they required to show proof of vaccination before taking part in the event. BTC Media – the organizer of the event – published the following statement:

Vaccines have been freely available for months in the U.S. to the extent that anyone who wanted to be vaccinated could do so by the time of the event. We provided all attendees with the current recommendations of the CDC and the state of Florida and expressed to our audience that those who were high risk or who had not been vaccinated should consider waiting until next year.

While some portions of the event took place outside, many other parts occurred within small, cramped warehouse settings that saw heavy crowds of people gathering closely with one another. Several hugs were passed around, which may have caused more exposure, though at press time, it has not been said what specific elements may have led to so many attendees testing positive.

A Good and Bad Thing for Bitcoin?

Larry Cermak – a bitcoin influencer attending the conference – said on social media that it is likely everyone knew the risks involved and just “did not want to miss” the event.

The coronavirus, for the most part, has been beneficial in many ways to bitcoin in that it caused several people to lose faith in standard fiat currencies and turn to crypto as a hedge tool given rising inflation. This could have potentially contributed to the asset’s rise to about $29,000 by the end of 2020, though in the beginning, bitcoin was negatively affected just like stocks and gold. When lockdowns first began in mid-March of last year, the currency – which had been trading for about $10,000 during the previous month – suddenly fell to below $4,000 and required approximately two months to recover.

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Hardware Wallet Ledger Gets Its Hands On Nearly $400 Million in New Funding

Hardware wallet company Ledger has raked in $380 million thanks to a Series C funding round. The event marks the third largest crypto funding round in the history of the space.

Ledger Wallet Has Earned Some Solid Money

At the time of writing, Ledger boasts a valuation exceeding $1.5 billion. The latest funding event was led by a wide array of known crypto firms including 10T holdings, Draper Esprit, Draper Associates, DCG, and Cathay Innovation. Prior to this round, Ledger managed to get its fingers on approximately $8.3 million through a Series A event four years ago and an additional $75 million in early 2018.

Thus far, Ledger has sold more than three million hardware wallets in nearly 200 countries, while its mobile app Ledger Live currently serves about 1.5 million users. Pascal Gauthier – the CEO of Ledger – explained in a statement:

What we stand for at Ledger is security first and foremost, but also usability. This is a way of saying that whatever you do with your crypto should be in a secure environment. Ledger is providing you with this experience where you can hold your bitcoin, or you can trade your bitcoin always with some level of security.

With this latest handful of money, Ledger says it is planning to launch a new system that will allow customers to access several new crypto-based applications and decentralized products. Among them will be a variety of non-fungible tokens (NFTs) and decentralized finance (Defi) tools. Thus far, Ledger has integrated itself with several digital currency platforms including Changelly, Compound and Coinify.

The company’s team of white hat hackers – commonly referred to as “the Dungeon” – say that one of the few problems remaining on Ledger’s list is convincing people that hardware wallets are the way to go instead of mobile wallets. While the latter is a far more popular and known method of keeping one’s crypto stored, Ledger insists that hardware wallets are safer. Gauthier explains:

If you ask the Dungeon, there is no such thing as software-only security. When you hold your keys, the only viable security is with secure hardware. You have to sometimes sacrifice a little bit of usability to be really secure because if you lose those keys, this is the end game, and you lose the value.

Despite remarks about safety, Ledger’s reputation was stained last year following a hack on its marketing department. This led to the private data of several customers being released, all of whom were victimized by numerous phishing emails. Gauthier says that Ledger has since changed its protocols a bit to delete private customer data sooner so that incidents like this cannot happen again.

The Product Itself Remains Uncompromised…

He says:

The security of the product was untouched, but the security of the company overall is something that you can always work on and always invest money into.

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Coinbase Employees Can Now Invest in Crypto Through Their 401(k) Plans

Leading crypto exchange Coinbase has partnered with a 401(k)-plan provider known as For Us All to give its employees the chance to use their retirement funds to invest in crypto. The idea is to ensure that all employees of the digital trading giant are not just working in the crypto industry but taking advantage of it as well and benefiting from all it offers.

Coinbase Employees Can Now Take Advantage of Crypto

Individuals will have the opportunity to invest as much as five percent of their overall 401(k) funds into several leading cryptocurrencies including bitcoin, Ethereum and Litecoin. While some analysts are intrigued by bitcoin and its altcoin cousins stepping deeper into mainstream territory, not everyone is excited by the idea. David John, for instance, is a senior policy advisor at AARP policy Institute. While John has nothing against crypto, he feels Coinbase is making a mistake and believes that digital currency is not in any position to serve as a retirement tool.

In a recent interview, he states:

Crypto itself is fascinating and intriguing as it starts to develop, but it is still in its early phases, and it is certainly not appropriate for retirement investing. The fact is that for retirement investing, you want growth, and you want a limited amount of volatility. The older you get, the less you want your portfolio to gyrate up and down because it makes it very hard to plan your retirement income.

Bitcoin being part of one’s retirement is a bit of a conundrum in the sense that while it has certainly come a long way – especially in the past year – the world’s number one digital currency by market cap is still highly susceptible to price swings and related value fluctuations. For the most part, retirement accounts contain the remaining funds for those who have worked all their lives and are now looking to enjoy themselves during their final years.

The money in these accounts is supposed to remain stable and keep one afloat during his or her old age. Granted much of it has been allocated to bitcoin or related cryptocurrencies, the money could wind up disappearing altogether just as easily as it could spike heavily overnight. The unpredictable nature of bitcoin and digital assets makes it an even bigger risk for retirees in many ways.

Some Companies Are Putting the Risks Aside

Still, this is not stopping many companies from wanting to bring crypto into their 401(k) plans according to David Ramirez, the chief investment officer at For Us All. He says that his business has gotten several requests for more information from enterprises throughout the U.S. and claims that this represents a whole new step for Coinbase. He comments:

Relatively small allocations to cryptocurrencies may add material expected return benefits without materially increasing risk. That is the magic of diversification.

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30-Year-Old Entrepreneur Josh Riddett Uses Cow Waste to Mine Bitcoin

The topic of bitcoin mining is a controversial one as of late given the alleged carbon footprint it leaves behind, though one man feels he may have found a probable solution. 30-year-old Josh Riddett – the managing editor at Easy Crypto Hunter in Manchester, England – claims he has found a way to extract crypto from the blockchain utilizing cow manure.

Josh Riddett Is Finding Greener Ways to Mine Crypto

Bitcoin mining has been a hot topic recently, with many environmentalists saying it does irreversible damage to the Earth’s atmosphere. Reports have been issued claiming bitcoin mining has as big a carbon footprint as the city of Las Vegas, Nevada, while others claim that the process requires more energy than certain countries such as Iceland and Argentina.

Many institutional investors have thus turned away from bitcoin due to questions surrounding the mining process. Tesla CEO Elon Musk, for example, has rescinded his decision to accept BTC payments for any Tesla-based goods and services, while Kevin O’Leary of “Shark Tank” fame says he will no longer buy bitcoin mined in China given that it still utilizes coal and standard fossil fuels to extract new units.

All this does not place bitcoin or BTC mining in the best light, but Riddett is confident his way is greener, fresher, and better for the atmosphere. In a recent interview, he explains:

Years ago, farmers were encouraged to develop green energy solutions, which is one of the reasons why we have seen solar panels appear in fields over the last ten years, and these schemes came with good financial incentives. More recently, those incentives have dwindled to virtually zero, but our machines are now providing those incentives.

Riddett is tasked with operating a large mining system that utilizes methane from cow waste. This methane powers the several “computer graphics cards” that go into the mining machines. In addition, the company also utilizes several wind and solar-based generators to establish the energy needed to mine new units of bitcoin.

Despite the strength of the company, Riddett claims he has very little knowledge regarding how it all works. At the end of the day, he is the business owner, but could not even write “a single line of code” per his own words. He states:

I have always been business minded, but I am not a tech nerd. I just had months and months of studying the market to learn about cryptocurrency and blockchain while having lots of late nights watching YouTube videos about it.

Things Couldn’t Be Cleaner…

In the end, however, he confidently mentioned in his interview that the work he is doing “could not be greener. He says:

When we started this business four years ago, green energy was not on our customers’ radar, but now it is approximately 40 percent of our business, and growing every day.

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China Arrests Hundreds of People in Crypto Money Laundering Case

Chinese law enforcement agents have arrested approximately 1,100 individuals on charges of using crypto to launder money. The move is clearly a reminder that China is avidly working towards a society where crypto holds a limited or non-existent presence.

China Is Working Against a Crypto Society

In the process of arresting everyone, China has also stated that it has eliminated more than 170 criminal gangs known for committing financial crimes. The individuals in question are believed to have laundered the crypto through fraudulent SIM cards and illicit bank accounts. The arrests were made via agents of China’s Ministry of Public Security.

In a statement, the organization proclaimed:

In order to avoid the investigation and crackdown, fraudsters turned to use virtual currency to transfer the funds involved. Driven by illegal interests, some criminals actively provide services to fraud gangs, helping scam gangs transfer and launder money by purchasing and exchanging virtual currencies and become criminal accomplices.

The statement goes on to say:

After investigation, such illegal criminal gangs usually organize personnel to register on various virtual currency trading platforms with personal bank cards and information, purchase and exchange virtual currencies in accordance with the requirements of fraud gangs and become ‘coin farmers’ who help them launder money. After completing the money laundering process, coin farmers can obtain ‘commissions’ ranging from 1.5 percent to about five percent. The high illegal income attracts many people to participate, causing serious social harm.

In late 2020, China announced that it was increasing its efforts to end fraud-based criminal activities. This led to the establishment of a division known as Operation Card Breaking, which has thus far led to the arrests of more than 310,000 individuals and the end of approximately 15,000 criminal groups.

China has always been up and down when it comes to cryptocurrency, having banned both initial coin offerings (ICOs) and digital exchanges approximately four years ago. Recently, lawmakers announced that they would take a stronger stance on bitcoin and cryptocurrency mining, as well as all related digital currency and blockchain operations. Regulators working with the People’s Bank of China said:

Prices of cryptocurrency have skyrocketed and plummeted recently, and speculative trading has bounced back. This seriously harms the safety of people’s property and disturbs normal economic and financial orders.

Not Everyone’s Happy

Thus far, China has incurred heavy backlash for its decision to end the presence of digital currencies and related businesses within its borders. Canaan Creative – the largest digital mining company in the world after Bitmain – is stationed in China, and released a statement claiming the country was on the wrong path as rescinding mining operations would ultimately decrease job prospects, hurt the nation’s economy, and put China in a lower position on the competitive ladder.

In addition, bitcoin suffered another massive price drop following the news.

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Analysts Weigh in On Whether Buying Bitcoin After Its Price Drop Is the Right Move

Given that bitcoin has endured such a sharp drop, is now the time to buy? This is a question that several renowned financial analysts – including Michael Binger, president of Gradient Investments and Gina Sanchez, CEO of Chantico Global – have been trying to answer.

Bitcoin Still Remains Quite Vulnerable to Price Swings

Bitcoin initially rose to a new all-time high of approximately $64,000 per unit in mid-April. However, from there, the world’s number one digital currency by market cap has seen a series of price drops that ultimately took it down to the low $30,000 region at one point, constituting a loss of more than half its value from two months ago.

It looks like, however, bitcoin may be starting to rise again given that the currency has jumped by about $5,000 in just the past few days from $32,000 to roughly $37,000 at press time. This is making many people believe that the currency may be trying its hand at another bull run and they are questioning if they should buy before things get too expensive and hairy.

Binger says that one of his biggest concerns regarding bitcoin as of late is its alleged lack of security. He says that the space is largely unregulated, which is why he cannot always condone his clients getting involved in crypto. He states:

I understand that crypto is a global currency. It is unregulated. I understand that some may be concerned about U.S. inflation and a weakening dollar, but I still think that gold is a better hedge if those are your concerns… Crypto is just way too volatile, way too speculative for our client base. I really think the crypto market is more for retail traders who are trading on price momentum both up and down and a handful of corporations that are willing to take a swing at it.

A Ruination of Speculative Assets?

Sanchez offers similar sentiment, and goes so far as to say that bitcoin hurts all speculative assets in some way:

We are still sellers of bitcoin. The broader market and the economy, quite frankly, are showing a lot of money shifting back and forth into the economy through consumption and through investment, and it is hurting all speculative assets… Bitcoin lands solidly in that space as a speculative asset, but we are also seeing SPACs and IPOs all get hit all at the same time, and we see this as just a sign that money is moving away from speculation back into the real economy.

While bitcoin saw its price explode in 2020, this was also a sign that its volatility had not improved much over the past few years, with the currency jumping from under $4,000 at one point to nearly $30K by the end of the year. From there, the asset exploded in price and more than doubled its end-of-2020 mark, reaching a $60,000+ figure just a few months later.

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