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Here’s why these 10 crypto personalities say Bitcoin is the BEST money

Republished by Plato

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The debate on Bitcoin being money or not rages on. The world’s original, and current biggest, cryptocurrency was initially founded in 2009 by its pseudonymous creator Satoshi Nakamoto to replace fiat money, but price gyrations have since made it an asset class akin to “digital” gold.

But despite that, popular crypto influencers, builders, and developers are propelling the notion of Bitcoin still being money, one whose deflationary nature, fixed supply, and lack of centralized state actors give it its superiority.

Today, Cryptonites, the edutainment channel run by crypto investing app Swissborg, dove into why some personalities consider Bitcoin money. Featuring host Alex Fazel, the show features snippets of past interviewees like Ray Youssef, Girl Gone Crypto, Dan Held, Max Keiser, and several more.

Here’s what they all said.

Dan Held, growth lead at Kraken

I think Bitcoin’s mission is massive, like if you look at so there’s a terminology in tech called TAM, [for] total addressable market. So when you build a product or service, how big could you get, for example, like Amazon could get as big as all things sold, right, which is a huge TAM.

“So with Bitcoin, the TAM is $250 trillion. Like that it’s that’s its total potential value. It could be because you’ve got real estate, gold stocks, and bonds, and Fiat, those all represent store value.”

He added, “And so when people go, oh, it’d be really boring if Bitcoin only did goals like if it was only digital gold, and like, that use case is 30 x larger than all the other ones combined. So you know, I think Bitcoin blockchain technology is built to build Bitcoin. Bitcoin solves a fundamental problem in society that I think is ultimately a human rights issue.”

MM Crypto, trader and Youtuber

Bitcoin is not only decentralized and not only peer to peer, but it’s also censorship-resistant, but you can also send whenever you want money from A to B and you can set stored data on it like you have nice secondary solutions and no one can prevent you from doing all of that and taking advantage from all of that and, YouTube is centralized banking is centralized. 

And I mean “central” banking, it’s the word that already gives it away. So I think crypto and Bitcoin especially, is really here to stay and to disrupt all different kinds of industries

That Martini Guy, Bitcoin news Youtuber

People are struggling to buy watches at the moment because nobody is really wanting to sell and that’s keeping the prices quite high. Now eventually all these luxury goods, they’re going to decline. And Bitcoin may get lumped in with that. So that’s a big concern of mine. Is Bitcoin a store of value or is it a speculative asset that will only be decided at the point when the luxury market starts crashing? 

“Only time will tell is Bitcoin speculative or is it digital gold. I don’t think it’s digital gold. I’d much prefer it to be cash.”

Not only that, but they offered up $3 trillion of worthless government bonds that the public could buy to essentially loan the government money because they can’t print any more money because, at that point, you’d have hyperinflation essentially devaluing the nation’s currency. 

Lark Davies, The Crypto Lark

Bitcoin dominance has been falling. It’s been falling steadily for a couple of months. Now basically, since Bitcoin has flatlined, which has been happening since a little bit before the Bitcoin halving the price of bitcoin not moving has meant that altcoins are now able to finally breathe again and we’ve seen just massive moves in the altcoin market and the more that altcoins gain the more Bitcoin dominance falls.

“Now, a lot of people are under the false perception that a falling Bitcoin dominance is somehow bad for Bitcoin but that’s absolutely not true.”

We have to remember that Bitcoin hit its all-time high at the height of an altcoin season. So a falling Bitcoin dominance is actually good for Bitcoin because it means that the entire crypto-economy is seeing a lot of activity and if we know one of Bitcoin’s main use cases right now, well outside of just huddling your Bitcoin is actually trading Bitcoin and what people trade Bitcoin for. 

Charles Hoskinson, founder of Cardano

The first thing everybody tells you is a warning is don’t roll your own crypto. But unfortunately, we don’t have that luxury because we’re inventing the crypto as we go along to make these protocols work.

This is like complex heart surgery on very delicate protocols that if you screw up, you introduce all kinds of attacks, like side-channel attacks and other things. So you need a special breed of a developer who’s very elite to be able to do this type of work. 

And people say, Oh, well, no, you don’t Well, then, you know, look at all the hacks and flaws. And you know, how many things have occurred over the last 10 years in our space as a consequence of people not knowing what they’re doing? 

And it’s just common sense. You know, when you get sick and you need surgery? Do you want your butcher to do that? Or do you want your surgeon to do that? Why do you trust the surgeon with your life? Because that person spent more than a decade of his life or her life studying to become worthy of that? 

So similarly, why would you trust an amateur with your privacy, your identity with your money, these types of things, you should aspire to say that the system that you’re using was built on bedrock? 

“It was built by really smart people who knew what the hell they were doing.”

The Moon Carl, Bitcoin trader and Youtuber

I think that in 2020 (recorded last year), halving will be the biggest story, for sure, it is such a huge thing to see the supply, the newly created supply gets cut in half the stock to flow. 

“And I think that this will further create more and more attention towards Bitcoin as a form of money and make more people aware of this inflation schedule that will eventually reach zero.”

As I said, this is the first time in history, we’ve seen something have absolute scarcity, nothing else in the world has 0% inflation, it’s not possible, except in the digital world. So it is the first time we’ve seen something being digitally scarce, absolutely scarce.

Crypto Finally, cryptocurrency marketer

I understand the concept of the market cap, and the idea of someone really large getting involved, you know, all it’s gonna really take to see major price movement is like a billionaire to, you know, put all of their assets into Bitcoin, we’re gonna see big price movement, that’s really where we’re at, there’s a very small percentage of people who are invested. 

And the more that we grow, I can see it growing larger, you know, it’s all speculative. So again, you know, it’s gonna go up, or it’s gonna go down. And I am not a technical analyst. I’m not someone who does price predictions. So I will just preface with all that. I’m not someone who necessarily does those things. 

But I do understand the reasoning as to why people believe that it would grow in the future. I also think that the Goldman Sachs incident was a little strange and its own nature. I think that email was very emotional. I think that there was a lot of stuff that was written in it that you know, well, maybe being true isn’t untrue of other traditional assets.

Girl Gone Crypto, crypto educator and influencer 

Bitcoin and crypto just fit into my whole world philosophy. So much in terms of self-sovereignty, personal freedom, personal responsibility. And so when I found crypto, it just was really the, it just makes a lot of sense. 

“It’s a tool that I think we can use to help get closer to the type of world and the type of society that I would actually want to live in.”

Ray Youssef, CEO of Paxful

(Regarding Africa’s crypto adoption.) [They said] there’s no way they’re going to figure out Bitcoin. Now Africa is actually leading Bitcoin adoption. A number of Google searches and the sheer number of peer to peer transactions as well. Yes, this is happening right now.

“It was the people of Africa that taught us what the killer app of Bitcoin really was, and that is a universal translator for money.”

For Youssef, unlike a majority of the current crypto participation and interest, Bitcoin is not an asset that nets thousands of dollars solely for those in the know. Instead, it forms a strong, wholly-decentralized means of exchange for people who are drastically underserved by banks and financial institutions.

Max Keiser, Bitcoin educator

So I think we’re seeing that in the market is that gold is flatlining against Bitcoin, and the industry is moving to Bitcoin, sovereigns are moving to Bitcoin, and corporations are moving to Bitcoin. 

“You know, the US dollar, as Paul Krugman says, is backed by violence. Bitcoin is backed by peace.”

What comes next for Bitcoin? Where is the Bitcoin market going ten years from now? How does the broader crypto space evolve? All that and MORE in the entire video, available for streaming right below.

Posted In: Bitcoin, Videos

Source: https://cryptoslate.com/videos/heres-why-these-10-crypto-personalities-say-bitcoin-is-the-best-money/

Blockchain

US House Passes $1.9 Trillion COVID-19 Relief Package, $1,400 Direct Check Provisions Included

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This past weekend, the US House of Representatives passed President Biden’s $1.9 trillion stimulus bill, sending the piece of legislation to the Senate for a vote.

Some of the notable parts of the bill include increased funding for vaccine distribution and schools, direct funding to state and local governments, and $1,400 checks to Americans making less than $75,000 annually. While this aid is desperately needed by the American people, it brings up larger points about the direction the financial system is headed.

Sending out the Checks

Direct stimulus checks were one of the biggest campaign-promises from the Democrats during the Georgia Runoff Elections, and it seems that the US Government might be one step closer to delivering on that promise.

The bill, which includes a minimum wage increase to $15 per hour, passed in the House with a 219-212 vote down party lines. Despite support from 76% of voters, not a single Republican representative voted for the bill, along with two Democrats who broke with the party to vote no.

However, the current iteration of the bill is unlikely to be the version that President Biden will sign. Procedural roadblocks and a bit of Democrat inaction are preventing the minimum wage increase from passing the Senate, and more than likely, the minimum wage provisions will be removed. The bill will be sent back to the House to be voted on again, without the minimum wage increase, before landing on Biden’s desk. We are now over a month into the Biden presidency, and many Americans are wondering where those “Day One” payments are.

This newest relief bill, if passed, will be the third major stimulus bill passed by the United States government since the start of the COVID-19 pandemic. It comes after the December 2020 stimulus package, which extended the eviction moratorium, additional PPP loans, $600 direct payments to Americans, in addition to the previous $6.2 trillion CARES Act, which was passed in March of last year. However, the Federal Reserve pumping money into the economy does have repercussions, some felt rather quickly.

Money Printer Go Brrrr

The stimulus last year contained nearly $4 trillion getting pumped in to prop up various top financial institutions, sending waves throughout the international currency markets. The US Dollar started losing value shortly after the bill was signed into law and has been on the decline ever since. Since March of last year, the US Dollar has fallen 10.5% and 10.3% to the British Pound and Euro, respectively. While the new stimulus bill is considerably smaller, it is still likely it will affect Dollar in the coming months.

Worries regarding the devaluation of the dollar are nothing new, however. Cryptocurrency users have long pointed out the issues with the state being able to effectively print infinite money.

Bitcoin and other digital currencies have long touted the advantages of having a provably limited supply, where the minting of new coins is an algorithmic process that is defined in advance. And it seems like investors believe those types of systems may have some benefits.

As the major economies around the world continue to struggle, people may start looking towards cryptocurrencies as a safer place to hold their wealth rather than continuing to let it devalue.

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Source: https://cryptopotato.com/us-house-passes-1-9-trillion-covid-19-relief-package-1400-direct-check-provisions-included/

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Cboe Files With the US SEC Again to List VanEck’s Bitcoin ETF

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Yet another attempt for a US-approved Bitcoin ETF is on the horizon coming from the Chicago Board Options Exchange (Cboe). The organization’s filing with the SEC aims to build on a previous S-1 filing initiated by VanEck. 

  • CryptoPotato reported in late 2020 that the US investment giant with about $50 billion in AUM, VanEck, has filed for its latest S-1 form with the SEC to establish a Bitcoin ETF called The VanEck Bitcoin Trust.  
  • The company’s application indicated that the ETF’s shares would be traded on the Cboe BZX Exchange if approved. 
  • Although the Commission has not issued a formal response yet, Cboe has interfered with the application by filing a proposal of its own. 
  • It works as an addition to the previous attempt as the proposal “builds on VanEck’s earlier S-1 filing” and “represents the next steps in bringing what could be the first US Bitcoin ETF to market.” 
  • Furthermore, the filing reads that such a product would “present certain advantages for retail investors compared to buying spot bitcoin directly. The most notable advantage is the use of the Custodian to custody the Trust’s bitcoin assets.” However, the document didn’t reveal the name of the custodian.
  • The regulator has yet to approve a Bitcoin ETF in the US as it has rejected dozens of applications so far. VanEck alone has a couple of attempts in the past, but each ended with a withdrawal from the company. 
  • While the US has failed to approve a product tracking the performance of the primary cryptocurrency, the nation’s northern neighbor did so earlier this year. 
  • Canada’s Ontario Securities Commission (OSC) approved a filing by Purpose Investments in February, and the product accumulated more than $400 million in its first few weeks of existence.  
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Source: https://cryptopotato.com/cboe-files-with-the-us-sec-again-to-list-vanecks-bitcoin-etf/

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No, Goldman Sachs isn’t a bearish indicator for Bitcoin

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Peter Brandt, a popular veteran trader and CEO of proprietary trading firm Factor LLC, recently gave his thoughts on Goldman Sachs potentially restarting its cryptocurrency desk.

On Dec. 21, 2017, a similar Bloomberg piece stated that Goldman Sachs would set up a cryptocurrency trading desk, although the bank was “still trying to work out security issues.”

Although Brandt’s chart seems significant, one needs to understand that such speculation had been ongoing for a couple of months. Wall Street Journal already covered Goldman Sachs’ intention to do this on Oct. 2, 2017.

Even if we disregard the exact date, Goldman Sachs apparently ditched those plans to launch its Bitcoin (BTC) trading desk. But, more importantly, there aren’t many similarities between the 2017 bull run and the current market in terms of their structure.

Bitcoin market cap, volume late-2017, USD billion. Source: TradingView

Take notice of how BTC volume soared from a $2 billion average daily volume in November 2017 to $14.6 billion by year-end, a seven-fold increase. The incoming retail demand was so impressive that it caused Binance, Bitfinex, and Bittrex exchanges to reject new users temporarily.

Binance accounts were even sold by users directly to other users at the time when no new sign-ups were being accepted. In other words, there is currently no retail frenzy in Bitcoin similar to what happened in late 2017. In fact, the current bull cycle appears to be driven by institutions that are seemingly scooping up BTC on every dip

Bitcoin market cap, volume, USD billion. Source: TradingView

Meanwhile, the $66 billion daily average traded volume seen on Feb. 22, 2021, as Bitcoin’s market capitalization peaked at $1.09 trillion, has been relatively flat for the previous six weeks.

Therefore, an experienced technical analyst such as Brandt should have added the caveat that volume is the most relevant market participation indicator (which he frequently emphasizes in his other analysis). 

To settle this difference for good, one needs to understand the basics of futures markets. Derivatives exchanges charge either perpetual futures longs (buyers) or shorts (sellers) a fee every eight hours to keep a balanced risk exposure. This indicator, known as the funding rate, will turn positive when longs are the ones demanding more leverage.

Bitmex BTC perpetual futures weekly funding rate, late-2017. Source: TradingView

As the above chart indicates, buyers were willing to pay up to 40% per week to leverage their long positions. This is entirely unsustainable and a sign of extreme optimism. Any market downturn would have caused cascading liquidations, with the BTC price accelerating to the downside.

BitMEX BTC perpetual futures weekly funding rate. Source: TradingView

Such exorbitant rates no longer exist, albeit the current 4% weekly funding rate has been the highest since June 2019. Nevertheless, scales of magnitude lower than late-2017 outrageous retail-driven long leverage frenzy.

Lastly, one should factor in that December 2017 marked the launch of CME and CBOE futures contracts. As Cointelegraph astutely put back then: This unprecedented event could have a significant impact on the Bitcoin economy.” In retrospect, this seems to have been the peak euphoria signal the bears were waiting for. Thus, Goldman Sachs balking was likely the effect, not the cause. 

But while Brandt has become well-known in the cryptocurrency space for anticipating the 80%+ correction after the 2017 Bitcoin price top, his track record has been less impressive in recent times. 

So to sum up, there is zero evidence to support Peter Brandt’s theory besides a single event that happened once in the 11 years of Bitcoin trading. Not to mention that the 2017 Goldman Sachs cryptocurrency trading desk rumors had been going for a while.

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/no-goldman-sachs-isn-t-a-bearish-indicator-for-bitcoin

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