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Billionaire Chamath Palihapitiya Says Bitcoin Will Surpass $200,000

Billionaire venture capitalist Chamath Palihapitiya thinks Bitcoin is on its way to a $200,000 price point. Palihapitiya, the founder and CEO of Social Capital, says in a new CNBC interview that Bitcoin is on its way to meteoric heights as people realize Bitcoin can offer them insurance in a politically and economically unstable society. “Can […]

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Billionaire venture capitalist Chamath Palihapitiya thinks Bitcoin is on its way to a $200,000 price point.

Palihapitiya, the founder and CEO of Social Capital, says in a new CNBC interview that Bitcoin is on its way to meteoric heights as people realize Bitcoin can offer them insurance in a politically and economically unstable society.

Can you play the clip in 2012 and 2013 when it was at $200 and everybody was laughing at me on CNBC every time I would talk about Bitcoin?

Where is it going? It’s probably going to $100,000, then $150,000 then $200,000.”

Palihapitiya says Bitcoin’s properties as a scarce asset that’s largely uncorrelated with the macro economy will continue to fuel its rise amidst rising economic uncertainty, although the timing of his prediction is unknown.

“In what period? I don’t know – five years, ten years, but it’s going there, and the reason is because every time you see all of this stuff happening, it just reminds you that… our leaders are not as trustworthy and reliable as they used to be. And so just in case, we really do need to have some kind of insurance we can keep under our pillow that gives us some access to an uncorrelated hedge. 

The venture capitalist, who also serves as chairman of the Virgin Galactic board, says he purchased 1 million BTC in the crypto asset’s early days for about $80 per coin.

He hasn’t confirmed whether or not he still owns all of it. At time of publishing, that BTC is worth more than $37.5 billion.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Source: https://dailyhodl.com/2021/01/08/billionaire-chamath-palihapitiya-says-bitcoin-will-surpass-200000-heres-why/

Blockchain

The DeFi Sector Has Grown By 89% In Six Months

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The DeFi Sector Has Grown By 89% In Six Months

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The total value locked (TVL) in decentralized smart contracts which averaged $2.5 billion on July 15, 2020, has increased by 89% in six months to the current TVL of $23.2 billion, according to data from leading on-chain DeFi metrics site DeFiPulse.

Decentralized Finance (DeFi) is a fast-growing sector of the crypto market and represents about 2% of the total $1.04 trillion market cap. DeFiPulse provides data across different types of decentralized applications including lending dApps, derivative services dApps, payment dApps, assets dApps, and decentralized exchanges (DEXES).

At the top position, Ethereum-based Maker has $4.26 billion in TVL, followed by Aave, Uniswap, Compound, Synthetix, and Curve Finance with TVLs of $2.99 billion, $2.78 billion, 2.73 billion, 2.33 billion, and 1.98 billion, respectively.

In the last three months, Maker, Aave, and Compound alone were responsible for adding $6.32 billion in TVL to the DeFi sector. As the leading dApps development platform, Ethereum is the mother of all decentralized applications at the moment, even with growing competition from other blockchain ecosystems like Cardano, EOS, Polkadot, and Tron.

DeFi Sector Will Grow Exponentially

DeFi is disrupting traditional finance and forcing governments and traditional financial institutions to take notice of how people are moving liquidity in and out of peer-to-peer financial platforms.

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DeFi applications are at an early stage of development as is evident on the high level of technical know-how that’s required to participate safely and navigate different dApp environments. However, the high level of innovativeness and practicality of existing and upcoming DeFi dApps has played a big role in both the advancement of crypto regulations and investor-interest in the crypto market.

Most notably, Stablecoins, which are the most popular digital assets in many DeFi dApps can now be held in federal savings associations and national banks after they received a green light from the US Comptroller of Currency (OCC).

According to DeFiPulse, the high rate of growth in the DeFi Sector is capable of growing by a further 9% to $25 billion by the end of the week.

ETH-based dApps vs ETH 2.0

The majority of the best performing DeFi DApps are based on Ethereum which is in the middle of a huge transition from Proof-of-Work to Proof-of-Stake consensus protocol, among other upgrades.

The transition will affect all the ETH-based DApps and eventually, their performance will be based on the success of the full implementation of Ethereum upgrades which will occur in phases.

Such dApps have a choice to continue operating on ETH 1.0 but they will have to migrate to Ethereum 2.0 in the end, due to issues such as scalability and governance mechanisms. Synthetix, the most popular derivatives liquidity protocol in DeFi has already published its optimistic migration plan to ETH 2.0. 


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

Source: https://zycrypto.com/the-defi-sector-has-grown-by-89-in-six-months/

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Blockchain

Miami Mayor Considers Investing In Bitcoin With Part Of City’s Treasury Reserves

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Miami Mayor Considers Investing In Bitcoin With Part Of City's Treasury Reserves

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Bitcoin has continued to gain individual investors’ attention; institutions, even government officeholders, seem not to be left out.

The top cryptocurrency by market cap, dubbed the decade’s best investment, has got many people regretting why they didn’t get into bitcoin much earlier. The mayor of Miami seems to be in this category.

In a recent interview with FOX Business on January 14, 2021, Miami Mayor Francis Suarez made his intentions known, saying he’s considering diversifying some of the city’s current investment portfolio, putting a percentage of it into Bitcoin.

In his own words;

“We are looking at the possibility of diversifying our investment portfolio and holding a percentage of our investment in Bitcoin.”

“I would have done it last year, I would have made 200% plus. So I would have looked like a genius.”

Mayor Suarez aims to make Miami a crypto-friendly city, making the city the easiest place to execute crypto transactions in the United States.

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“So we are looking at a variety of things from being able to make payments in crypto, in Bitcoin, in particular, being able to pay your taxes, being able to pay fees to the city.”

Bitcoin’s limited supply is cited as to why the mayor thinks investing in Bitcoin is a great investment opportunity. He believes bitcoin’s price will only continue to appreciate in value because of this feature.

More U.S. Government Position Holders Declare Allegiance To Bitcoin

Though the United States is one of the countries with stringent cryptocurrency policies that have forced many crypto-related establishments out of the country, more and more government office holders are openly declaring their support for Bitcoin.

Aside from Mayor Suarez, United States representative for Minnesota, another Pro cryptocurrency and decentralization public office holder is Congressman Tom Emmer.

Tom Emmer believes bitcoin and blockchain are going nowhere but will instead continue to become more important as it advances.


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DISCLAIMER Read More

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

Source: https://zycrypto.com/miami-mayor-considers-investing-in-bitcoin-with-part-of-citys-treasury-reserves/

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Blockchain

$1 billion worth SNX transferred for $7 in gas fees

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According to reports from Etherscan, a whopping $1 billion was transferred on the Ethereum blockchain for only $7 in gas fees.

This transfer, which was perhaps one of the largest transactions observed on the Ethereum blockchain, consisted of 74.5 million SNX tokens migrating to the new Reward Escrow V2 contract- an action that is reportedly required in order to enable escrowed SNX to be migrated to OVM L2.

The announcement from Synthetix confirmed that the new escrow contract is now live, as per SIP-60 and the recent Castor release.

The protocol stated that “SNX stakers with escrowed SNX will need to migrate to the new contract before they can claim staking rewards or vest any escrowed SNX.”

According to Synthetix, the current SNX RewardEscrow contract is limited to only allowing the FeePool to escrow SNX rewards from the inflationary supply. “It was not designed to be used as a general purpose escrow contract.”, stated the protocol in a document explaining the limitations observed in the current ‘RewardsEscrow’contract.

These limitations include the fact that the contract only escrows SNX for a period of 12 months and that only FeePool has the authority to create escrow entries.

The new ‘SythentixEscrow’ contract will allow the ability to add arbitrary escrow periods, for instance – 3 months to 2 years, and enable public escrowing.

SNX Founder Kain Warwick outlined a number of potential challenges for users to be aware of as SNX transitions to Layer 2, in a blog post yesterday. He said,

“With this change, we are trying to maintain a balance between risk to L1 and maintaining a coherent system across both layers.”

Warwick further went on to highlight that,

“This conflict is fundamentally incompatible, so we have opted for initiating the transition with the absolute minimum risk to L1, and then adding functionality over the course of the next few months as we build confidence in Optimistic Ethereum”.

Source: https://eng.ambcrypto.com/1-billion-worth-snx-transferred-for-7-in-gas-fees

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