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Bitcoin is Teaching Generation Z How to Properly Save, says 10T Holdings Co-Founder


Dan Tapiero, the co-founder of digital asset firm 10T Holdings, has disclosed that Bitcoin is playing an instrumental role in teaching Gen Z how to save. (Read More)

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Bitcoin (BTC) is continuously surprising the world with its outstanding price achievements. It has taken the world by storm based on its impressive bull run, which saw its previous all-time high (ATH) of $20,000 – which has been the highest price level it was able to hit for three years – breached in mid-December 2020. The leading cryptocurrency is hovering around the $38,400 price at the time of writing, according to CoinMarketCap.

Dan Tapiero, the co-founder of fintech and digital asset firm 10T Holdings, said that BTC is playing an instrumental role in teaching Generation Z (Gen Z) how to save. 

He took to Twitter to reveal a compelling story of how he had advised his 16-year-old daughter to buy Bitcoin (BTC) before, but to no avail. The narrative is, however, different because she finally heeded his call by investing 30% of her cash in Bitcoin, agreeing to hold the cryptocurrency as a legitimate investment. Tapiero revealed:

“My 16-year-old daughter finally buys Bitcoin using the Paypal app. She would not listen to her old dad before….but ‘wow, it’s so easy.’ Told her it could go up 10x in 5yrs (conservative). Next, she puts 30% of her cash in it and agrees not to sell. BTC is how Gen Z learns to save.”

He believes that Bitcoin is a gift to Gen Z, those born between 1997 and 2015, because it will uplift their saving culture. BTC is also popular with the preceding generation, Millenials because in the eyes of some, it is the Millennial’s version of gold as attested by a former Australian politician in November last year.  

Bitcoin’s correlation with USD sinks to a historic low

Without a doubt, the US Dollar (USD) has been taking a beating from the present Bitcoin surge. Research shows that both assets have an inverse relationship. This was evidenced by the fact that as BTC skyrocketed by more than 295% in late 2020, the US Dollar Index (DXY) slipped to a 32-month low. 

Market analyst Mati Greenspan has revealed that the correlation between Bitcoin and the USD has slipped to the lowest reading in history at -0.15. He acknowledged:

“According to data from Coinmetrics, the correlation between bitcoin and the USD is now -0.15, its lowest reading in history. The inverse correlation is still tiny, but the trend is clear. That’s what happens when Bitcoin flies for 6 months while the dollar sinks like a stone.”

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This information, coupled with news that incoming U.S. President Joe Biden plans to incorporate a $1.9 trillion spending package to bail out the economy, is a silver lining to Bitcoin as it seeks to go to the moon. 

Image source: Shutterstock Source: https://Blockchain.News/news/bitcoin-is-teaching-generation-z-how-to-properly-save-says-10t-holdings-co-founder

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Tim Draper Handpicks Netflix as the Next Company to Purchase Bitcoin

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Popular venture capitalist and Bitcoin bull Timothy “Tim” Draper predicted that major online streaming platform Netflix could be the next company to join the bitcoin buying bandwagon.

Next Bitcoin Investor Could Be Netflix

Speaking in a recent episode of the Unstoppable Podcast, Tim Draper stated that Netflix could be the next in line to add bitcoin to its balance sheet. According to him, the company’s co-founder and co-CEO, Reed Hastings, makes Netflix a likely bitcoin investor. Draper buttressed his point, saying:

“I think Reed Hastings is a very innovative guy and has a lot of creative thinking and I think he still controls the reins at Netflix. And so I think that might be the next big one to fall.”

Meanwhile, the venture capitalist mentioned social media giant Facebook, as well as other major companies like Apple, and Google, as likely candidates to invest in bitcoin. However, Draper noted that the companies were instead trying to create a centralized currency of their own.

Draper also stated that if he was the chief financial officer (CFO) of any major organization, he would advise the company to allocate a portion of their portfolio to bitcoin. According to the BTC proponent, bitcoin served as a hedge against inflation.

Since Tesla’s billion-dollar bitcoin investment, there have been speculations about which company would emulate Tesla’s move. Increased institutional interest in bitcoin is largely responsible for BTC’s bullish momentum. Meanwhile, Firms like Microstrategy and Square recently added to their bitcoin holdings.

Amazon Likely to Accept Bitcoin as a Payment Method?

Apart from pitching Netflix as the next possible bitcoin investor, the venture capitalist stated that the retail giant Amazon could start accepting bitcoin. Adding that, people could use the flagship cryptocurrency to purchase products on Amazon.

Back in February, there were reports that Amazon was looking to introduce a new project that would enable customers to convert cash into digital currency. While the project would launch in Mexico, the company did not state what digital assets it would support, although there were speculations that the company may not use popular crypto-assets like BTC or ether.

While also speaking on bitcoin’s price target, Draper said:

“The current currency holdings around the world in dollars is about $100 trillion and bitcoin’s market cap is just reaching a trillion now. So there’s no reason it can’t go up a 100 fold. It’s not like it is going to completely replace the dollar. Although I think people are going to laugh when they are trying to buy things with dollars in the future.”

The venture capitalist made a prediction earlier in 2020 that the price of bitcoin would reach $250,000 by the end of 2022 or early in 2023.

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Source: https://cryptopotato.com/tim-draper-handpicks-netflix-as-the-next-company-to-purchase-bitcoin/

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Ripple is committed to San Francisco, says co-founder Chris Larsen

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In October last year, Ripple co-founder Chris Larsen said that the firm may consider relocating to other countries citing the lack of regulatory clarity in the United States. Since then, many have speculated where the firm’s new headquarters will be located. However, amid a lawsuit with SEC regarding an alleged illegal securities offering, and XRP’s dwindling price, Larsen made a new announcement recently that stated that the firm was here to stay. 

Speaking to The San Francisco Chronicle, co-founder said that Ripple’s global headquarter will remain in San Francisco. He added: 

We’re committed to the city. It’s got the most diversity, creativity…it’s got the critical mass.

Earlier, CEO of Ripple, Brad Garlinghouse, hinted at a possibility that Ripple could move out of the US, given its “lack” of a regulatory framework. He stressed that the country was “out of sync” and needed to implement a clear regulatory framework regarding crypto.

At the time, the CEO said that he was considering whether Ripple would benefit from relocating to a country where regulations were more clear. He admitted to being impressed by how the UK and other G20 nations including Singapore, Japan, and the UAE had “clear regulatory frameworks” that allowed for “healthy markets to develop.”

Meanwhile, another leading crypto firm in the neighborhood has decided to do away with its headquarters altogether. Coinbase CEO Brian Armstrong said that amid the firm’s work from home policies they choose not to have a base in San Francisco, but will continue to keep their offices open. Stating that the company is “decentralized” the CEO added:

As we’ve moved to a remote first environment, we realized that we no longer have a headquarters located in any one city.


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Source: https://ambcrypto.com/ripple-is-committed-to-san-francisco-says-co-founder-chris-larsen

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3 key Ethereum price metrics show pro traders are aiming for $2K ETH

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On Feb. 20, Ether (ETH) price rallied to a new high at $2,015 and this caused multiple indicators to display signs of excessive optimism. While the excitement could be easily justified by Ether’s  year-to-date 176% gain, these warning signs should not be ignored.

On of the primary driving factors of the current bullish sentiment is the launch of CME ETH futures and Grayscale Investments ETH Trust reaching $6.3 billion assets under management. The DeFi phenomenon also continues as there is currently more than $21 billion worth of Ether locked in DeFi.

Crypto Fear & Greed Index. Source: alternative.me

Currently, the Crypto Fear & Greed Index is at 93, indicating “Extreme Greed” according to its methodology. Many traders use the metric as a counter trading signal, meaning, the extreme fear level can be a sign that investors are bullish and a buying opportunity is present. In contrast, when investors are getting too greedy, it could be a sign that the market is due for a correction.

Unlike the excessively leveraged retail traders, the more experienced market makers and whales hs been skeptical of the never-ending rally in Ether. Regardless of the rationale for the price peak, the 36% price correction that followed was accelerated by large liquidations.

Ether futures contracts aggregate liquidations. Source: Bybt.com

The liquidation of $2 billion in long futures contracts from Feb. 19 to Feb. 23 represented 28% of the total open interest. Thus, one should expect significant deterioration in market sentiment, as depicted on the previous Fear & Greed indicator.

Surprisingly, none of that happened on the Ether derivatives markets, as both futures contracts premium (contango) and the options skew remained bullish.

The futures premium held very healthy levels

By measuring the expense gap between futures and the regular spot market, a trader can gauge the level of bullishness in the market.

The 3-month futures should usually trade with a 10% or higher premium versus regular spot exchanges. Whenever this indicator fades or turns negative, this is an alarming red flag. This situation is known as backwardation and indicates that the market is turning bearish.

OKEx 3-month ETH futures basis. Source: Skew.com

The above chart shows that the indicator peaked at 39% on Feb. 20 as Ether touched its all-time high. Nevertheless, it has kept above 16% during the entire correction down to $1,300. This data shows that professional traders remained confident in Ether’s price potential.

The options skew remained neutral-to-bullish

When analyzing options, the 25% delta skew is the single-most relevant gauge. This indicator compares similar call (buy) and put (sell) options side-by-side.

It will turn negative when the put options premium is higher than similar-risk call options. A negative skew translates to a higher cost of downside protection and indicating bullishness.

The opposite holds when market makers are bearish, causing the 25% delta skew indicator to gain positive ground.

ETH options 25% delta skew. Source: laevitas.ch

Over the past month, there hasn’t been a single incident of a sustainable positive delta skew. Therefore, there is no evidence that option traders demanded more significant premiums for downside protection.

This data is very encouraging, considering that Ethereum faced a heavy sell-off but the futures and options metrics discussed above held bullish levels during the downturn.

As Ether managed to recover quickly from its recent $1,300 dip, investors gained further confidence that the uptrend had not been broken.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Source: https://cointelegraph.com/news/3-key-ethereum-price-metrics-show-pro-traders-are-aiming-for-2k-eth

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