Apple looking for a crypto expert, GameStop building an NFT platform and can Ethereum eclipse Bitcoin? These stories and more, this week in crypto.
A leaked report from Wall Street giant Goldman Sachs has given Ethereum, the second-largest cryptocurrency, a “high chance” of overtaking Bitcoin. Given the importance of real uses, according to Goldman analysts Ether has a high chance of overtaking Bitcoin as a dominant store of value, calling Ethereum the “Amazon of information.”
Apple is now headhunting fintech experts for its alternative payments department. The tech giant is looking for a Business Development Manager with 5 or more years experience working with cryptocurrencies and other alternative payment providers. It is yet unclear what Apple intends to do with cryptocurrencies in the long run but it seems another step towards adoption.
Video game retailer GameStop launched a new website under the domain nft.gamestop.com, with a page featuring an animation with the words: ‘Power to the players. Power to the creators. Power to the collectors.’ The company confirmed it is building a new team for a division called NFTeam at GameStop.
PayPal will allow users to transfer their digital assets to outside platforms and third-party wallets. Up to this point, traders using PayPal to store cryptocurrencies were required to keep their assets with the company and were not given private keys to their stashes, but a PayPal executive confirmed this will change in the future.
Billionaire Ray Dalio admitted in a recent interview that he is invested in bitcoin. While Dalio has not revealed how much BTC makes up his portfolio, the move represents a nice change for someone who at one point was very anti-crypto, even commenting that he could not see institutions investing in it.
Ripple CEO Brad Garlinghouse said at the Consensus 2021 conference that Ripple might soon become a public company. Garlinghouse stressed that any initial public offering plans would have to wait until Ripple resolves its lawsuit with the U.S. Securities and Exchange Commission over it’s coin, XRP.
After voicing concerns about the environmental impact of bitcoin mining, Elon Musk from Tesla has joined hands with Michael Saylor of MicroStrategy to form the Bitcoin Mining Council. The purpose of the organization will be to “promote energy usage transparency and accelerate sustainability initiatives worldwide.”
DubaiCoin—the official cryptocurrency of the city of Dubai in the United Arab Emirates—has shot up by more than 1000 percent just days after its release. The currency is regulated by authorized brokers and can be used, like cash and credit cards, to purchase various goods and services in Dubai.
That’s what’s happened this week in crypto. Make sure to watch for next week’s episode, when I’ll be reporting from Miami, Florida, the site of Bitcoin 2021. See you next week.
Bitcoin proponent Max Keiser announces the F*ck Elon Tour
Bitcoin maximalist Max Keiser has announced the F*ck Elon Tour scheduled to take place on July 8 -9 in Austin, Texas.
Earlier this month, Keiser hit the headlines during the Bitcoin Conference in Miami for several reasons. But chief among them was his antics on stage with MicroStrategy CEO Michael Saylor, in which he repeated the words, “we’re not selling,” and “f*ck Elon.”
This was in reaction to the Elon Musk energy-FUD, which many believe was responsible for Bitcoin’s 45% slump from its all-time high of $65,000.
“F*ck Elon” has now become something of a tagline for Bitcoin maximalism. But with tribalism responsible for toxicity in the cryptocurrency space, is the F*ck Elon Tour doing more harm than good?
What’s the F*ck Elon Tour about?
Despite this week’s bloodbath in the markets, as well as continuing uncertainty at the macroeconomic level, in linking tour information, Keiser confidently stated that Bitcoin can reach a new all-time high in the coming weeks.
— Max Keiser (@maxkeiser) June 22, 2021
The F*ck Elon Tour is introduced as a Bitcoin maximalist event that encourages more maximalism for the simple reason that maximalism is what “got us here.”
“We don’t need less toxicity from Bitcoin maximalists. We need MOAR!!! A LOT MOAR!!!! Toxicity and plebs got us here.”
Rather than a discussion of developments and educational content, the Tour is pitched as a party event featuring special guests. But more importantly, for Bitcoiners only with no mention of altcoins allowed, and most of all no Karens.
Ticket prices range from $50, for “Plebs” tier, to $200, for “JIMI” tier. The cheapest tiers, “Plebs,” “Buzzcocks,” and “Casbah” are already sold out.
Bitcoin maximalism accused of cultism
Keiser has always maintained a maximalist approach towards Bitcoin. But his stunts during the Bitcoin Conference have drawn fire on several fronts.
One such incident was an interview with CNBC Africa in which he launched into a tirade on political corruption. Although there is truth in what he said, it was his outburst and overzealous reaction to the questioning that drew condemnation.
“Do you know that with the Bitcoin I have I can buy any frickin senator or congressman I want? I make the laws. He who has the Bitcoin makes the laws Ran. We’re not just going to sit around and let the God damn government tell us what to do…”
However, the f*ck Elon rant is perhaps the most controversial. Social media responses to the video include comments about presenting a poor image, parallels with the cultism of Bitconnect, cringe, and so on.
There’s no doubt that Keiser is a passionate believer in Bitcoin, which shows through during his public engagements.
But at the same time, his showmanship is rubbing people the wrong way, which in turn does little to convince the undecided on the merits of the leading cryptocurrency.
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Billionaire Mark Cuban Says Bitcoin Is ‘Better Than Gold’
Billionaire investor and entrepreneur Mark Cuban has revealed on social media he believes bitcoin is better than gold as the flagship cryptocurrency is easier to trade, transfer, and convert. Both bitcoin and gold are seen by many as inflation hedges, with some calling bitcoin “gold 2.0.”
In a tweet, Cuban said that bitcoin requires no intermediaries and can be factionalized. He also referenced “William Devane type commercials” that would sell the cryptocurrency as a hedge against inflation.
Devane, who starred in the popular soap opera Knots Landing, has for the past decade been promoting the precious metal for Rosland Capital, telling potential customers that gold is the only currency he trusts.
When TD Ameritrade’s Oliver Renick replied that bitcoin’s “relationship with real interest rates is as random as it was day 1 ten years ago,” implying the cryptocurrency does not work as an inflation hedge, Cuban said he never defended it as such.
Gold is useless, pretty much across the board, but particularly as a hedge. BTC is a digital asset that is similar to gold because they both are driven exclusively by supply and demand. BTC does a better job with both.
The billionaire investor noted that right now there is more demand for the precious metal than for the flagship cryptocurrency, although he believes this will change as “BTC is easier to transact,” and will in time be “better understood and marketed.”
The gold market, Cuban predicted, will shrink as a result. Cuban, as CryptoGlobe reported, invested last month in Ethereum layer-two scaling solution Polygon (MATIC) but has not disclosed the size of his position on the cryptocurrency. The investment has been disclosed on one of his websites.
Earlier this year, billionaire investor Jeffrey Gundlach, CEO of DoubleLine Capital, revealed that while he is still a long-term dollar bear and gold bull, and that he sees bitcoin as a better bet after turning neutral on both the U.S. dollar and gold.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash
I’m Putting My Billion In Bitcoin, Billionaire Ricardo Salinas
Billionaire Ricardo Salinas talked with the director of Blockchain Land about his investment in Bitcoin. Salinas has said that he has 10 percent of his assets in bitcoin. Salinas is a staunch believer in bitcoin. One of the high-profile advocates of the coin with the bitcoin hashtag on his Twitter profile.
He has always been an advocate for bitcoin. He posted on his Twitter profile that paper is worthless. And the best thing to put your money in is Bitcoin. The third richest man in Mexico has revealed that he is not afraid to put his money in bitcoin.
Bitcoin Is As Solid An Investment As Gold
Ricardo Salinas still believes strongly in bitcoin despite the recent price crash.
Enumerating the benefits of bitcoin, the billionaire compares it to gold. Saying that bitcoin with all its benefits qualifies it as a modern form of gold.
Related Reading | Senator Cynthia Lummis: I’m All In On Bitcoin
He made the argument that bitcoin is easy to carry. It enjoys extreme liquidity internationally. And most of all, bitcoin supply is limited. The limited supply of the coin is why Salinas has so much faith in the coin.
Bitcoin supply is hard-capped at 21 million. No one can create more bitcoins. This means that it cannot be manipulated by the government for their gain. The coin supply can also not be manipulated by any developer.
This imposed scarcity means that bitcoin is not subject to inflation. Which is a major concern for the billionaire.
Bitcoin back in the green | Source: BTCUSD on TradingView.com
Salinas continued on to talk about inflation. He mentioned that when he first started working in 1981, a dollar was 20 pesos. Now 40 years later, a dollar is worth 20,000 pesos. Bitcoin’s limited supply is a way to avoid this. If you cannot make new coins, you cannot devalue them.
How About Altcoins?
While Ricardo Salinas is very bullish on bitcoin, he is not so much on altcoins. He attributes his reluctance with altcoins to their inflationary models. He gave Ethereum as an example.
Ethereum has an unlimited supply. This means, unlike bitcoin, an endless number of coins can be produced. Governments can create new coins when they want. An endless supply means that the value depreciates over time instead of appreciating. Due to the fact that there are so many coins in circulation.
Salinas stated that he does not believe that altcoins have the potential to outpace bitcoin. Bitcoin is a finite asset which makes it more valuable.
Related Reading | Is It Too Late To Buy Bitcoin?
Although he does have faith in some altcoins because they provide privacy.
A finite resource does not depreciate. Instead, due to its scarcity, it becomes even more valuable. This is because the number of people that want it increases, while the supply available remains the same. Hence there is a higher demand for it than there is supply.
Ricardo Salinas believes that every investor should have a part of their portfolio in bitcoin.
Featured image from Smart Liquidity Network, chart from TradingView.com
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