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Blockchain

Bitcoin Reaches Past $50,000, Now Worth 2.4 Million Pesos

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Bitcoin breaches past $50,000, a new all-time high for the dominant cryptocurrency after a parabolic rally that saw it first drop to $3,800 in March 2020 then break past the psychological resistance of $20,000 in December 2020. Bitcoin continued its momentum in 2021, culminating in a new all-time high today.

At this price milestone, it is worth looking back at Bitcoin’s incredible rally within the past 5 months and the news that accompanied each milestone. A series of key events contributed to the turnaround in the price that we see today.

For every price level, we also highlight it with art created for that specific Bitcoin milestone by Luis Buenaventura, the artist behind “CryptoPop!” and also the Co-founder of BloomX, a licensed virtual asset service provider in the country. Luis’ pieces can be found on MakersPlace.

May 2020, Bitcoin at $8,000

In May 2020, Bitcoin underwent an event called the “Bitcoin halving,” when the issuance of Bitcoin rewards got cut down in half. From 12.5 bitcoins that miners receive after confirming a block, it was cut to 6.25. Also in May, Paul Tudor Jones, the legendary investor publicly announced that he put a portion of his portfolio into Bitcoin. At that time, Jones said he saw Bitcoin’s movement akin to gold’s in the 1970s. “The best profit-maximizing strategy is to own the fastest horse,” Jones told Bloomberg. “If I am forced to forecast, my bet is it will be Bitcoin.”

August 2020, Bitcoin at $9,000

On August 11, 2020, Microstrategy, the largest independent publicly traded company in the U.S. announced acquisition of 21,454 bitcoins as its primary reserve asset. CEO Michael Saylor said their decision is a “capital allocation strategy” driven by the depreciating long term value of fiat currencies. “Bitcoin is digital gold – harder, stronger, faster, and smarter than any money that has preceded it,” Microstrategy said in a statement.

October 2020. Bitcoin at $10,724

Square, a fintech company whose CEO is Bitcoin advocate and Twitter Co-founder Jack Dorsey, announced it bought 4,709 bitcoins, worth $50 million at that time, as part of its larger investment to the cryptocurrency ecosystem. This amount is 1% of Square’s total assets. Square, in a statement, said that as Bitcoin grows in adoption, it plans to learn and participate in the ecosystem in a disciplined way. “For a company that is building products based on a more inclusive future, this investment is a step on that journey.”

On October 21, 2020, PayPal Holdings announced it would soon allow its 246 million users to buy, sell and hold cryptocurrency within its PayPal and Venmo apps. Initially only available to U.S. customers, it would be rolled out to more countries by 2021.

Bitcoin is not without its share of negative news. OKEx, one the major global cryptocurrency exchanges announced suspension of withdrawals after one of its key executives, which holds one of the “keys” needed to execute withdrawals, was arrested by Chinese authorities. At the time this article is written, OKEx customers still cannot withdraw on the platform.Also last October, the U.S. Commodity Futures Trading Commission charged BitMEX, one of the largest Bitcoin derivatives exchanges, of failing to impose adequate Anti-Money Laundering (AML) and Know-Your-Customer (KYC) procedures. The U.S. Department of Justice also charged BitMEX key executives for violating the country’s Bank Secrecy Act.

December 2020, Bitcoin at $20,000

After breaking past $20,000, the three-year psychological resistance, a massive inflow of institutional investors have revealed they own Bitcoin or put a portion of their portfolio into Bitcoin. Guggenheim Investments’ Chief Investment Officer Scott Minerd, in an interview that shocked Bloomberg TV hosts said his firm is valuing Bitcoin at $400,000.

January 2021, Bitcoin at $30,000

Bitcoin briefly went past $40,000 but was unable to sustain that in January. What instead happened were massive price $8k – $10k price swings that would normally give a heart attack to anyone new to crypto. Reports surfaced that institutional investors were taking advantage of the “dips” to add more Bitcoin into their holdings. 

But while Guggenheim continued fomo-ing the market by advising retail traders to sell to take profit, one key personality, Elon Musk, the world’s richest man, edited his Twitter bio to simply say “#Bitcoin”, and then tweeted: 

February 2021, Bitcoin at $40,000

Weeks later, it was revealed that Musk’s company – Tesla, has invested $1.5 billion into Bitcoin. Just like that, and the price never went below $40,000.

At $50,000, What Now

Eventually, if we subscribe to Guggenheim’s idea of a six-digit Bitcoin price, one would say that the current price point is still very early. However, Bitcoin and its wild price swings are never friendly to retail investors. It’s one reason why regulators have been keen to regulate crypto companies, ensuring that retail investors participating in the cryptocurrency economy are well informed of the risks involved when  purchasing crypto.

Bitcoin, the dominant cryptocurrency outside a thousand others, is classified as a “virtual asset” in the Philippines by the Bangko Sentral ng Pilipinas. While the central bank acknowledges crypto’s “potential to transform the provision of financial services,” it is also aware of the risks it posed to the financial system and the consumers who may be less informed about how crypto works. Recognizing that the crypto space are not just trading platforms and to better align with the standards set by the Financial Action Task Force (FATF), a global policy-setting body on anti-money laundering, the BSP released its “updated guidelines for virtual asset providers,” while at the same time, encouraging Filipinos to deal only with licensed VASPs.

“The BSP has issued public advisories to encourage the public to deal only with BSP-registered VCEs, and to be mindful of the risks of using virtual currencies,” – BSP

What’s Next For Bitcoin?

In an interview on ANC, Miguel Cuneta, Co-founder of Bitcoin company Satoshi Citadel Industries Ventures said $50,000 is the price level where people will start paying attention to Bitcoin. “I emphasized on START,” Miguel told me in a Telegram interview. “We are almost at $1 trillion market cap for BTC, and after $1T, $2T, and so on. There’s no foreseeable top because of the trillions of fiat flooding the market. The macroeconomic environment is a perfect storm for this,” he added.

With Tesla investing in Bitcoin, he believes other large companies will follow in allocating a small single digit % of their free cash flows, cash that is losing purchasing power, said Miguel. “There’s nothing much out there in terms of an alternative asset, a hedge, much like gold. Bitcoin has WAY more upside than gold in the networked age, and is better in every property that makes gold a good monetary asset,” he added, citing that Bitcoin’s volatility might mean more big swings but these companies are not day trading but rather “hodling” for the long term. 

Advice to New Entrants

At this price level, many new investors might be more interested in buying Bitcoin, but Miguel advised new entrants to learn more about Bitcoin first. “Learn as much as you can about Bitcoin and what it means from a technological, monetary, and network standpoint. Bitcoin is still very new.”

“Get a feel for it, how to use it, how to store it, etc. It isn’t for everyone, not everyone will want or need it, so find out it if it is for you. But it is there, it exists, it is open to everyone, it’s all voluntary.”

This article is published on BitPinas: Bitcoin Breaks Past $50,000, Worth 2.4 Million Pesos

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Source: https://bitpinas.com/cryptocurrency/bitcoin-reaches-past-50000-now-worth-2-4-million-pesos/

Blockchain

Amid Rumors Of Dumping Its BTC Holdings, Elon Musk Maintains Tesla Hasn’t Sold Any Bitcoin

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Amid Rumors Of Dumping Its BTC Holdings, Elon Musk Maintains Tesla Hasn't Sold Any Bitcoin

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Elon Musk has been dragged under the bus by countless bitcoin proponents as the price of the flagship currency continues to take a downward movement. Bitcoin dropped 20%, sending prices to $45,000 as of yesterday.

As of publication, Bitcoin imitates analysts’ predictions that the asset could continue to dip for the most part of this week, and with Bitcoin now trading at $45,065 at press time, their analysis remains valid.

BTCUSD
BTCUSD Chart By TradingView

The Bitcoin selloff continues

Asides from the “bearish” tweets from Musk, which to many is simply just the Billionaire’s expression of his dissatisfaction with Bitcoin, Bitcoin could sustain more losses if Tesla sold its remaining Bitcoin holdings.

Following Tesla’s announcement, onlookers spotted a Bitcoin transfer of 19,259, worth over $872 million at press time. Analyst William Clemente observed that the transfer time coincided with Musk’s tweet, hinting that Tesla may have indeed called it a day for Bitcoin.

Musk reveals Tesla’s $1.5 billion holdings still intact, prices soar

However, Musk has recently cleared the air on whether the Bitcoin holdings are still under Tesla’s belt. In what could be considered the most recent positive tweet from Musk on Bitcoin, he wrote “To clarify speculation, Tesla has not sold any Bitcoin.”

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Some excited Bitcoiners are holding on to the news as a sign that Tesla has not lost all interest in Bitcoin, despite Musk’s tweets that Dogecoin is a superior asset to Bitcoin. On the other hand, skeptical Bitcoiners are convinced that in a matter of time, Tesla will pull through with its Bitcoin sale.

Recall that Elon Musk teased that this could be the case, given that Bitcoin proponents have continued to critique Tesla’s decision. Shortly after hinting that Tesla might give up its $1.5 billion Bitcoin holdings.

However, Bitcoin has since surged by 7% since Musk’s clarification on Tesla’s Bitcoin holdings.

Bitcoin doesn’t need Elon Musk

Meanwhile, analysts’ who heavily bought the dip have insisted that Bitcoiners pay no mind to the bear market.

In unison, key players agree that “Bitcoin doesn’t need Musk. Rather, Musk needs Bitcoin.” It is unclear where the market is headed going forward, but the sentiments from top Bitcoin proponents similarly claim that the bear trend is only temporary, as Bitcoin is still yet to bottom.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/amid-rumors-of-dumping-its-btc-holdings-elon-musk-maintains-tesla-hasnt-sold-any-bitcoin/

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Blockchain

Live Dealer BTC Casino Games – What Can I Play?

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Discover if you can play live dealer casino games at leading crypto casinos using Bitcoin and other options with our guide.

In many ways, Bitcoin casinos can offer virtually the same experience as a conventional online casino. This is terrific news if you are thinking of making the jump but are concerned about missing out on games, promotions, and other services. Where do live dealer games fall, though? As only a handful of software providers have committed to introducing cryptocurrencies into the accepted range of currencies for their games, are cryptocurrency casino players set to miss out on playing the hottest live dealer games around? We have had a look, and we have got an answer.

Can You Play Live Dealer Games with Cryptocurrencies?

In a word – yes. Admittedly, not every casino software provider has taken to cryptocurrencies. Many Evolution Gaming live dealer games can be played at cryptocurrency casinos, but you may not be able to “wager” using BTC on some of them. Instead, your Bitcoin deposits will be converted into US dollars for gameplay. It is the same story for many of the smaller live casino software providers out there, too. However, you can certainly expect to play live dealer games at cryptocurrency casinos, even if you cannot wager with them. There are, of course, one or two providers who go one step further and do permit BTC wagers.

Which Software Providers Allow This?

Ezugi is the leading casino software provider to approve Bitcoin as one of their games’ accepted currencies. Ezugi has made sure that you can deposit, wager, and withdraw using BTC on many of their most popular titles. Naturally, you do not have to do this if you choose to play at a cryptocurrency casino that accepts FIAT currencies, as you will be able to wager using FIAT options, too.

What Types of Games Can I Play?

There are several types of gambling and casino games that you can choose to play. If you merely want to play live dealer games at cryptocurrency casinos, you will have an ample array of all the most popular games, ranging from baccarat to blackjack, roulette, table poker and money-wheel and game show titles. Alternatively, if you pop over to Ezugi’s collection, you can also find dice games, lottery-style titles and even keno games, and these can be played using Bitcoin.

Top Casinos Offering Live Dealer Crypto Games

To make the most out of playing live dealer cryptocurrency casino games, you need to find a top site offering them. However, we would advocate that you choose a casino that also accepts FIAT currencies alongside Bitcoin and other cryptocurrency options. Sites such as BitcoinCasino.io fit the bill rather nicely. The main reason for choosing to do this is that you will have access to a full array of games from many live dealer providers. This way, even if you cannot play live casino games using BTC, you can still use FIAT currency options to enjoy an ultra-realistic, live-streamed casino gambling experience.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.livebitcoinnews.com/live-dealer-btc-casino-games-what-can-i-play/

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Blockchain

Galaxy Digital report details Bitcoin consumes less energy than banking and gold.

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Galaxy Digital has released a report on Bitcoin energy consumption, detailing how it consumes less than traditional financial industries and the value it can bring. The analysis uses several calculations to ascertain how much energy the Bitcoin network uses and how it stacks up against the banking and gold industries. The authors also noted that the energy usage criticisms are not usually applied to traditional industries. 

Bitcoin’s annual energy consumption is estimated to be 113.89 TWh/yr.

Galaxy Digital report lauds Bitcoin for being transparent, while incumbent companies are opaque and don’t often disclose their energy footprint. The authors accept that the Bitcoin network consumes a great deal of energy but assert that this is exactly what secures the network and makes it so robust. According to Galaxy Digital’s calculation, the annual electricity consumption of Bitcoin is estimated to be 113.89 TWh/yr. For some perspective, the energy consumption of always-on devices in the US is 1,375 TWh/yr — 12.1 times that of Bitcoin’s consumption. 

The total energy consumption of the gold industry is estimated to be 240.61 TWh/yr.

For the gold industry, the analysts took a look at all of the processes involved, including those directly emitting greenhouse gasses, those indirectly emitting them, and emissions stemming from refinement and recycling. Multiplying the total 100,408,508 tCo2 in emissions with the global IEA carbon intensity multiplier estimates the total energy consumption of the gold industry to be 240.61 TWh/yr. The analysts also noted that the consumption of the gold and banking industries is hard to estimate because of a lack of data on energy usage. This makes it difficult to “have an honest conversation” about Bitcoin’s energy use. The report estimated the banking industry’s energy consumption to be 238.92 TWh/year. Earlier, Tesla announced to discontinue bitcoin payments citing environmental issues.  

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinnounce.com/galaxy-digital-report-details-bitcoin-consumes-less-energy-than-banking-and-gold/

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