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ETH’s Vitalik Buterin Blasts El Salvador’s Bitcoin Law. Is He On To Something?

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It seems like Vitalik Buterin was dying to comment on El Salvador’s Bitcoin Law. A pseudonymous user posted this unpopular opinion on Reddit: El Salvador President Mr Nayab Bukele should not be praised by Crypto community.” And Ethereum’s creator himself answered. With venom. For everyone involved. Is Mr. Buterin right in his assertions or is he just jealous? That’s for you to decide. And Bitcoinist is here to give you the facts and the quotes necessary for an informed decision. 

Related Reading | Why Ethereum’s Creator Vitalik Buterin Believes It Should Expand Beyond DeFi

First of all, this is what Vitalik Buterin wrote:

“Nothing unpopular about this opinion. Making it mandatory for businesses to accept a specific cryptocurrency is contrary to the ideals of freedom that are supposed to be so important to the crypto space. Additionally, this tactic of pushing BTC to millions of people in El Salvador at the same time with almost no attempt at prior education is reckless, and risks a large number of innocent people getting hacked or scammed. Shame on everyone (ok, fine, I’ll call out the main people responsible: shame on Bitcoin maximalists) who are uncritically praising him.”

Let’s address his claims one by one.

Is El Salvador´s Bitcoin Law “Contrary To The Ideals Of Freedom” Of The Crypto Space?

Did Vitalik Buterin think this one through? He’s specifically speaking about the controversial Article 7 of El Salvador’s Bitcoin Law. This has been discussed to death in the Bitcoin community, and Bitcoinist compiled the most notorious opinions four months ago. The law says:

“Art. 7. Every economic agent must accept bitcoin as payment when offered to him by whoever acquires a good or service.”

That sounds scary, we know. However, let’s give President Bukele the benefit of the doubt. Four months ago, Bukele explained the intention of the law with an example and Bitcoinist reported on it.

“Article 7 actually protects the people,” Bukele says. It’s for the 70% of people that’s outside of the financial system, those who don’t have bank accounts, or credit and debit cards. How?

“Imagine these people in El Zonte or some other places working in an ecosystem with Bitcoin. And then having their sats and going into a pharmacy to buy medicine.” Without Article 7, the pharmacy could refuse because it’s a private agent. And that, “Would be a discrimination against the 70% of the people that you want to benefit.” They don’t have another method of payment. They have to be able to go to buy medicine or food, “and have them receive their sats.”

People might disagree with Nayib Bukele’s thought process or question his intentions, but there’s no denying that there’s an idea behind article 7. Especially, if we consider Article 8. That one leads us to Vitalik Buterin ‘s next point, the Salvadorans supposed lack of Bitcoin education.

Did El Salvador Push Bitcoin “With Almost No Attempt At Prior Education”?

Do you think Vitalik Buterin is not aware that El Salvador had the benefit of hosting a pilot project for Bitcoin adoption in El Zonte AKA Bitcoin Beach? Or is he just playing dumb to that fact? In Bitcoinist own “News From El Salvador” segment there’s evidence after evidence of the immense and constant educational effort of the Bitcoin Beach team. And a simple Internet search will reveal the tons of educational material that the Bitcoin community has produced. Does that not count because it’s not government-sponsored?

In any case, this is Article 8:

“Art. 8. Without prejudice to the actions of the private sector, the State shall provide alternatives that allow the user to carry out transactions in bitcoin and have automatic and instant convertibility from bitcoin to USD if they wish. Furthermore, the State will promote the necessary training and mechanisms so that the population can access bitcoin transactions.”

The law itself guarantees convertibility between BTC and the US Dollar. And the Chivo wallet includes that functionality. Have there been problems? Of course. But not unsolvable problems. Also present in the law is El Salvador’s promise that “the State will promote the necessary training.” And one month ago, Bitcoinist featured the government’s first tv spot explaining Bitcoin and the Chivo wallet. They could’ve done a better job, sure, but there has been an effort to educate and it was previous to the law getting into effect. 

Is Vitalik Buterin oblivious to all of this? Or is he just crying harder?

Is Buterin Right? Are Bitcoin Maximalists Uncritically Praising President Bukele?

Let’s be clear, the relationship between Vitalik Buterin and Bitcoin Maximalists is contentious, to say the least. They’re on opposing ends of the spectrum and both camps attack each other frequently. However, what he’s saying is simply untrue. Here are notorious Bitcoin maximalist Alex Gladstein’s critics of Bukele:

And in our Article 7 analysis, again published four months ago, we quote Nic Carter’s explicitly titled article “El Salvador Doesn’t Need a Bitcoin Mandate.” 

“To the critics, led by George Selgin, this amounts to a “forced tender” mandate that goes far beyond a mere legal tender law (which would declare a monetary medium an acceptable but not obligatory medium of exchange) and moves into the domain of coercion.”

And Bitcoin Magazine’s milder “The conundrum of Bitcoin legal tender laws.”

“There is something about the law — mandating that vendors accept bitcoin — that goes against the voluntary “opt-in” ethos of Bitcoin. However, there are key features of the law that many people may have overlooked that protect vendors from the risk of holding the volatile asset while maintaining the benefits of using bitcoin in transactions.”

There’s also Andreas Antonopoulos, who’s not a Bitcoin maximalist per se, but has been critical of Article 7 from day one. 

ETHUSD price chart for 10/09/2021 - TradingView

ETH price chart for 10/09/2021 on Bitstamp | Source: ETH/USD on TradingView.com

Did Vitalik Buterin Say Something Else?

In the intro to this article, we asked, “Is Mr. Buterin right in his assertions or is he just jealous?” His second comment in that Reddit thread might dispel any doubts. The original poster responded, “Couldn’t agree more, it’s like he pushed it because he bought at cheaper price and knew A country adopting a Crypto would alone take the price high enough to make him rich.” And Vitalik showed his true colors by saying:

“Simpler and dumber hypothesis : both for political reasons and because he is a human being like the rest of us, he just loves being praised by people he considers powerful ( IE. Americans). , Maximalists are a very easy community to get to praise you : you just have to be in a position of power and do or say nice things about them and their coin”

That is a really dumb hypothesis, let’s give him that. And the “being praised by people he considers powerful ( IE. Americans)” statement could be interpreted as racist and may be highly offensive to Salvadoreans as a whole. However, it’s the general sentiment of the phrase that gives away his intellectual dishonesty. Vitalik Buterin is one of the founders of Bitcoin Magazine. He knows Bitcoin is the hardest money ever created. 

Related Reading | Vitalik Buterin Is Among Time Magazine’s 100 Most Influential People Of 2021

And let’s not get into the fact that all of 2017’s ICOs ran on Ethereum. What about that “large number of innocent people getting hacked or scammed”?

Featured Image by David Mark from Pixabay - Charts by TradingView

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Source: https://bitcoinist.com/eths-vitalik-buterin-blasts-el-salvadors-bitcoin-law-is-he-on-to-something/?utm_source=rss&utm_medium=rss&utm_campaign=eths-vitalik-buterin-blasts-el-salvadors-bitcoin-law-is-he-on-to-something

Blockchain

Breaking: Bitcoin ($BTC) Smash Past $66K to Record New ATH, $70K by EOD?

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By

Prashant Jha

Published 18 seconds ago Updated 18 seconds ago

Bitcoin ($BTC) finally broke past the $65K barrier to record a new all-time-high as the top cryptocurrency now looks to enter price discovery mode again. $BTC is currently trading at $66,000with a 5% surge over the past 24-hours. The top cryptocurrency now set eyes on $70K and looking at the current bullish momentum it might not be far from it.

Bitcoin
Source: TradingView

$BTC started October under $45K after a bearish September but regained most of its losses from the past month in the first week and by the second week, it has already recovered most of the losses from the May market crash. Bitcoin proponents have predicted that October could reignite the bull run that was seen at the start of this year and $BTC surged nearly 3X before a bearish phase. If $BTC pulls a similar move as it enters a price discovery mode with no barriers in sight, the top cryptocurrency can easily surpass the $100K price prediction.

The bitcoin price rise comes in the wake of declining exchange supply as traders keep moving away from their $BTC in anticipation of the price surge. Bitcoin supply on exchanges has fallen to a three-year low indicating the high bullish sentiment.

The approval and record first day of ProShares Bitcoin Futures ETF ($BITO) also played a key part in top cryptocurrency’s newfound bullish resurgence. $BITO recorded the second-largest ETF volume on debut with nearly $1 billion in trading volume.

Every Bitcoin Holder Ever Now in Profit

Bitcoin’s new ATH also ensured that anyone and everyone that ever purchased $BTC at any price is currently in profit. MicroStrategy, the leading Fortune 500 company is currently over $3 billion in profits over their $BTC holdings while Tesla’s $BTC profit jumped over $1 billion.

The price surge also depicts the contracts in market sentiments just a month apart. Only in September, many critics were calling for another bottom and today the market is looking towards a $70K price target.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/breaking-bitcoin-btc-smash-past-66k-to-record-new-ath-70k-by-eod/

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Billionaire Peter Thiel Thinks Bitcoin Crossing $60,000 Is A Pretty ‘Hopeful’ Signal — Here’s Why

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Billionaire Peter Thiel Thinks Bitcoin Crossing $60,000 Is A Pretty ‘Hopeful’ Signal — Here’s Why

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Peter Thiel, the billionaire founder of Palantir and co-founder of PayPal, is doubling down on Bitcoin. 

Peter Thiel: Bitcoin Is The “Most Honest Market”

Bitcoin has climbed back past $60K after its early 2021 parabolic run slowed. The bitcoin price has added 2.79 percent over the last 24 hours, taking it within touching distance of its all-time highs. BTC hit $64,490 on Tuesday — just shy of the 64,804 high set in April.

BTCUSD Chart by TradingView

Thiel claimed that the world’s largest cryptocurrency by market cap topping the $60,000 mark was a very optimistic signal.

“I don’t know that you should put all your money into bitcoin at $60,000 a bitcoin right now. But surely the fact that it is at $60,000 is an extremely hopeful sign,” Thiel said recently during a conference hosted by the Stanford Federalist Society.

Bitcoin’s fresh rally comes as the first-ever bitcoin-linked exchange-traded fund (ETF) is greenlighted in the United States. The ProShares Bitcoin Strategy Fund launched on the New York Stock Exchange under the ticker BITO with an opening price of $40.88. The bitcoin futures-based ETF registered over $1 billion of trading volume on its first day, making it the largest in terms of “natural” volume. 

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The venture capitalist went on to describe bitcoin as the “most honest market” in the U.S. He touted the crypto’s latest price rise as the “canary in the coal mine”, which might suggest that the current “decrepit” regime is on the verge of exploding. 

“It’s the canary in the coal mine. It’s the most honest market we have in the country, and it’s telling us that this decrepit regime is just about to blow up.”

Thiel, an outspoken Silicon Valley supporter of former US President Donald Trump, harbors the opinion that the Biden administration is shaping up as an absolute “catastrophe”.

Thiel has been known for his interest in the crypto space. His billion-dollar big data analytics company Palantir already accepts bitcoin as a payment option. Moreover, he earlier declared that Bitcoin could become a financial weapon for China against the United States. Thiel has also opened a Bitcoin mining facility in West Texas.

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Source: https://zycrypto.com/billionaire-peter-thiel-thinks-bitcoin-crossing-60000-is-a-pretty-hopeful-signal-heres-why/

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Ethereum Breaks $4,000, All-Time High Unavoidable?

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The Ethereum rally continues and seems to be moving into FOMO levels. At press time, the second crypto by market cap has blasted through the major resistance at $4,000 and moves fast into price discovery.

Related Reading | Ethereum Looks Set To Explode As 400,000 ETH Exits Coinbase

Ethereum records a 4% and 14% in the daily and weekly charts, respectively. The euphoria in the market seems to be driven by the launch of a Bitcoin-linked ETF in the U.S.

The market has positively responded to this event and has allowed Ethereum and Bitcoin’s price to surge with a spike in institutional demand, as several experts have pointed out.

Unlike some predictions, the ETF event doesn’t seem to be operating as a “Buy the rumor, sell the news” or a trigger for another capitulation event.

In lower timeframes, Ethereum must hold above current levels to turn $4,000 into support and allow the rally to follow through in case of potential downside risk.

As pointed out by pseudonym analyst John Wick, Ethereum entered a “volatility squeeze shading” with a bullish trend, as indicated in the image below. The analyst added:

Squeeze shadings precede violent moves that are often the start of new trends. Green bars say probability to the upside!

Ethereum ETH ETHUSD
Source: John Wick via Twitter

In that sense, losing the $3,000 area could signal a potential trend reversal to the downside. However, the second cryptocurrency by market cap could make a 5x profit from here.

Related Reading | Ethereum Supply Shock Grows As Reserves Decrease, ETH 2.0 Contract Increases

Ethereum ETF On The Way, Bulls With More Ammo In-Store

Analyst Justin Bennett believes the key for more upside actions relies on Bitcoin. If the benchmark crypto can continue its upwards trend uninterrupted, Ethereum could follow right into its May trend line, as the analyst claimed.

Ethereum ETH ETHUSD
Source: Justin Bennett via Twitter

This could send Ethereum as high as $20,000 for 2022. In support of this theory, QCP Capital recorded an increase in ETH-based options with $10,000 to $50,000 strikes to be expired by March 2022 on the rise.

Related Reading | TA: Ethereum Breaking This Barrier Could Spark a Significant Surge

With the launch of the Bitcoin ETF, QCP Capital noted the following on the future of Ethereum:

As we mentioned in our previous post on ETFs, long-term attention seems to be shifting from BTC to ETH with potential ETH ETF release after BTC, coupled with ETH V2 catalyst.

Ethereum ETH ETHUSD
Source: Skew via QCP Capital

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Source: https://www.newsbtc.com/news/ethereum/ethereum-breaks-4000-all-time-high/

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