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Abra CEO’s portfolio is 50% Bitcoin as cash is ‘becoming worthless’

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The co-founder and CEO of major cryptocurrency company Abra is clearly bullish on Bitcoin (BTC).

In an Oct. 23 tweet, Bill Barhydt, CEO of peer-to-peer payments platform Abra, claimed that he has significantly increased his Bitcoin holdings a few weeks ago. According to the CEO, Bitcoin now accounts for 50% of his total investment portfolio.

Barhydt talked about his holdings on an episode of Money Talks. In an Oct. 23 YouTube live stream, Barhydt reiterated his bullish stance on Bitcoin, claiming that “Bitcoin is the single best investment opportunity in the world right now.”

The executive said that Bitcoin’s scarcity is one of the biggest reasons why the cryptocurrency is the best investment option. “As the minting of new Bitcoin approaches zero in the coming years, its value versus fiat will continue to skyrocket in my opinion,” Barhydt said.

“Cash, or government-printed money also called fiat, is actually becoming worthless, while Bitcoin’s value remains constant. There will never be less fiat printed than is now. Cash is only going to get more and more worthless.”

During the live stream, Barhydt also touched upon stablecoins like Tether (USDT) and USD Coin (USDC) as well as central bank digital currencies, or CBDCs. He argued that the issuance of global CBDCs like the digital yuan does not mean that central banks are going to stop printing money. “It’s the opposite, this actually makes it easier for them to continue their irresponsible behavior of simply printing money at will,” Barhydt said.

Barhydt is known as one of the most prominent Bitcoin bulls. In early October 2020, Barhydt claimed that he has been bullish on BTC price since 2015. Previously, Barhydt called Bitcoin a store of value comparable to gold.

The CEO’s comments follow Bitcoin hitting new highs this year. On Oct. 22, Bitcoin price recorded its new 2020 high of $13,217 in the aftermath of PayPal enabling cryptocurrency purchases. Subsequently, famous Wall Street investor and billionaire Paul Tudor Jones praised Bitcoin on CNBC’s Squawk Box morning show, stating that he likes Bitcoin “even more than I did then.” The billionaire investor also claimed that holds a “small single-digit investment” in Bitcoin.

Source: https://cointelegraph.com/news/abra-ceo-s-portfolio-is-50-bitcoin-as-cash-is-becoming-worthless

Blockchain

YFI’s Andre Cronje Unveils Multi-Purpose DeFi Protocol Deriswap

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Andre Cronje, the brain behind the popular DeFi protocol Yearn Finance and the most expensive cryptocurrency YFI, has unveiled yet another DeFi protocol called Deriswap.

Obsessed With Capital Efficiency

The project focuses on capital efficiency, an aspect of DeFi that Cronje said he is obsessed with. The YFI creator is set to change the current segmented liquidity, which only allows users to choose one of Swaps (Uniswap, Sushiswap, Bancor, etc.), Options (Deribit, Hegic, Opyn, etc.), and Loans (Aave, Compound, DyDx, etc.). 

He described Deriswap as a protocol that combines multiple DeFi services, including Swaps, Options, and Loans, into a capital-efficient single contract. According to the developer, this allows the interaction between two assets that make up the pair. 

For Swaps, Cronje explained that the contract on Deriswap utilizes the standard Uniswap x * y = k. For example, suppose Liquidity Providers (LPs) provide ETH-BTC as liquidity. In that case, the protocol will allow traders to swap BTC and ETH while using the oracle’s time as the weighted average price (TWAP). 

No Deriswap Token Yet

He notes that Deriswap uses the Black Scholes option pricing model to quote options. While Futures are an extension and simplification of Options, Loans are an extension and simplification of Futures. To get a loan, the user will pay a premium and collateral to access the borrowed assets. 

Lastly, the markets (loan, futures, and options) can be tokenized via Non-Fungible Tokens (NFT) to create secondary markets. 

As with many DeFi protocols, it is expected that Deriswap will have a token, and maybe with a limited supply. As a result, DeFi degens are hoping to dive in early. However, the protocol is currently under audit; hence, there’s no official Deriswap token yet. 

Cronje Continues To Explore DeFi

Since YFI’s success, Andre Cronje has become a prominent player in the DeFi ecosystem. The developer is always exploring and “experimenting” with DeFi products, even though some cost investors money due to exploits

Despite the recording failure with Eminence protocol, Cronje’s last project Keep3r Network was quite different as Keep3r’s KP3R token rallied more than 2000%, with the price moving from $10 to over $200 within a few days.

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Source: https://cryptopotato.com/yfis-andre-cronje-unveils-multi-purpose-defi-protocol-deriswap/

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Inevitable: Ethereum Classic’s Latest Hard Fork Called Thanos Scheduled for November 29th

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Less than two months after its latest network upgrade, Ethereum Classic plans to undergo another one on November 29th. Dubbed Thanos, the new hard fork will enhance security while maintaining its compatibility with Ethereum.

Thanos Is An Inevitable ETC Network Upgrade

The Ethereum Classic team would like to quickly forget the summer of 2020. In the span of one month, the network was subject to three separate 51% attacks.

The Ethereum Classic Core developer team and Ethereum Classic Labs decided to counteract the growing securities issues by implementing the Modified Exponential Subjective Scoring (MESS) solution on October 2nd.

MESS went live on the Mordor Testnet after passing “rigorous stress tests and simulated attacks.” It aimed to prevent attacks by making large block reorganizations up to “31x more expensive, removing any profit motive.”

However, the ETC Cooperative and Cardano developer IOHK published a report disputing the claim that the MESS update will provide “robust security.” Moreover, it argued that there’s “no guarantee that further attacks will not succeed.”

The latest response from the ETC developer team and ETC Labs has tapped the Marvel Universe for its name – Thanos.

The statement described the upgrade as an “important milestone for ETC as the network continues to drive innovations that will support existing miners and attract new ones while continuing to maintain compatibility with Ethereum.”

The Next Logical Step

According to the announcement, the Mordor Testnet activation occurred on block 2,520,000 – on October 18th, 2020. The ETC Mainnet activation is expected to take place at block 11,700,000 – around November 29th, 2020.

Consumers need to upgrade their node software to a fork compatible version to Core-geth v1.11.16 or later to ensure the success of the hard fork.

Founder and Chairman of Ethereum Classic Labs, James Wo, believes that the Thanos network upgrade will enhance the security while helping ETC to “distinguish itself and increase functionality for its users.”

“The Thanos hard fork is the natural next step for the network, reducing the DAG size to help cultivate a more distributed and healthy mining ecosystem, increasing hash rate, and allowing miners to continue mining ETC and for new miners to join the ecosystem.” – Wo added.

Featured Image Courtesy of SideShow

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Source: https://cryptopotato.com/inevitable-ethereum-classics-latest-hard-fork-called-thanos-scheduled-for-november-29th/

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PayPal CEO: 28 Million Merchants Will be Able to Use Cryptocurrency for Transactions in 2021

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It is now a well-known fact that payments giant PayPal is knee-deep in the Bitcoin market. In today’s interview with CNBC, CEO Dan Schulman explained his rationale behind the world’s top cryptocurrency value. He also elucidated on why his company is placing giant buying bets on BTC.

The Utility Surrounding Bitcoin And Cryptocurrencies Is What Imparts Them Value

Upon being asked to explain the inherent value of bitcoin, PayPal CEO Dan Schulman immediately said that BTC and the aggregated class of crypto assets derive value from their utilities.

Mr. Schulman pointed out a scenario where dependability on cash has dropped 40 – 70 percent due to the ongoing coronavirus pandemic. Central banks, he said, will eventually go digital, converting paper fiat into their electronic counterparts.

The above will, in turn, bolster the utility aspect of cryptocurrencies in a significant way, in the words of the PayPal boss. Also, the company will allow the usage of crypto as a funding source for 28 million merchants on its platform.

“Early next year we’re going to allow cryptocurrencies to be a Funding Source for any transaction happening on all 28 million of our merchants and that will significantly bolster the utility of cryptocurrencies”

Lastly, Schulman pointed out the recipe for the success of cryptocurrencies. He said that the key is in working as a team with regulators.

Square, PayPal, Grayscale Rapidly Lapping Up All Available BTC

As reported by CryptoPotato, Pantera Capital attributed the latest face-melting bitcoin rally to PayPal and Square’s aggressive buying spree.

When PayPal went live, volume started exploding. The increase in itBit volume implies that within four weeks of going live, PayPal is already buying almost 70% of the new supply of bitcoins. PayPal and Cash App are already buying more than 100% of all newly-issued bitcoins.

Such is the buying pressure from these financial services heavyweights that it’s causing an acute BTC shortage in the market. Due to the pre-programmed supply mathematics. Which in turn is pushing bitcoin (BTC) prices up.

As per Pantera Capital in a previous report,  the firm estimated that Cash App was picking up 40 percent of all the newly produced bitcoins that miners. Add to this the additional 70 percent BTC supply that PayPal is buying. This results in a 110 percent shopping activity. This, in turn, is creating a net 10 percent shortage.

Also, top institutional investment focused bitcoin and crypto investment fund Grayscale recently logged its best quarter with its stash size growing to 500,000 BTC. This accumulated buying activity explains why prices of the flagship cryptocurrency found their north star and are on their way to reclaiming the previous all-time highs.

Featured image courtesy of LAPM Journal

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Source: https://cryptopotato.com/paypal-ceo-28-million-merchants-will-be-able-to-use-cryptocurrency-for-transactions-in-2021/

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