Blockchain
Jack Dorsey cites Bitcoin as a better model for the internet in Trump ban explanation


Twitter CEO Jack Dorsey cited his passion for Bitcoin and decentralization in a 13-Tweet thread today explaining why the company banned U.S. President Donald Trump from the platform last week. Although claiming this was the “right decision for Twitter,” Dorsey admits it sets a dangerous precedent.
Having to take these actions fragment the public conversation. They divide us. They limit the potential for clarification, redemption, and learning. And sets a precedent I feel is dangerous: the power an individual or corporation has over a part of the global public conversation.
— jack (@jack) January 14, 2021
Trump was banned from Twitter, Facebook, Instagram, YouTube and other social media platforms on January 7 after he was blamed for inciting supporters to storm the Capitol building, resulting in the death of four individuals. The social networks stated concerns that Trump would use them for “further incitement of violence.”
In today’s Twitter thread, Dorsey gives a more in-depth explanation, admitting the decision was not taken lightly, and that it will have “real and significant ramifications.” He said that even though this event was simply “a company making a business decision to moderate itself,” it can feel very similar to “government removing access.”
Dorsey explained that he didn’t want Twitter’s unilateral action to “erode a free and open global internet” and suggested that Bitcoin’s model of decentralization is a better way to approach control and moderation on the internet in future.
Bitcoin demonstrates “what the internet wants to be, and over time, more of it will be,” adding:
“The reason I have so much passion for Bitcoin is largely because of the model it demonstrates: a foundational internet technology that is not controlled or influenced by any single individual or entity.”
The CEO also reminded readers that Twitter is actively trying to progress towards a decentralized future, “funding an initiative around an open decentralized standard for social media.”
Twitter is funding a small independent team of up to five open source architects, engineers, and designers to develop an open and decentralized standard for social media. The goal is for Twitter to ultimately be a client of this standard.
— jack (@jack) December 11, 2019
Dorsey posted the explanation as news emerged of Trump being impeached for a second time by the House of Representatives. The thread, although only two hours old, has already received more than 41,000 likes.
Blockchain
Bitcoin price hits $50K after bullish outlook from Citigroup and Goldman Sachs

On March 1 cryptocurrency investors woke up to the sight of Bitcoin (BTC) rising from it weekend correction to $44,000 as the market found its bullish momentum and altcoins rebounded from their swing lows.
Data from Cointelegraph Markets and TradingView shows that the price of Bitcoin increased 16.6% from its low of $43,504 on Feb. 28 to the $50,000 level which bulls are attempting to flip back to support.

Earlier in the day, MicroStrategy CEO Michael Saylor tweeted that the firm had purchased another $15 million worth of Bitcoin, bringing its total holdings to 90,859 BTC and further demonstrating that institutional demand for the top cryptocurrency continues to grow as firms buy each dip’
Analysis of key BTC price indicators also shows that bulls were eager to buy the $43,000 retest which occurred over the weekend.
Not every analyst is bullish
Bitcoin’s surge above $49,000 has some calling for new all-time highs in the near future, but according to veteran analyst Peter Brandt, nothing is certain when it comes to the cryptocurrency market.
Today Goldman Sachs announced that it would restart its crypto trading desk and Brandt was quick to tweet the following chart and point out that its launch didn’t work out so well for the cryptocurrency market in December 2017.

According to David Lifchitz, Chief Investment Officer of ExoAlpha, it’s still “too early to tell” if the pullback in Bitcoin is over but $44,500 appears to have provided strong support.
In terms of whether the top cryptocurrency could breakout to new highs in March, Lifchitz said he’s uncertain on exactly what might happen as March is historically a bearish trading month for BTC.
According to Lifchitz, tax season in the U.S. could put bearish pressures on the market as investors may need to “sell some of their holdings to pay for earlier realized capital gains.”
From a bullish perspective, the 20% correction during the second half of February may have signaled an “early start” to the usual March weakness, with the worst of the downturn already transpiring.
Lifchitz said:
“Despite the 20% pullback, we’re still in an upward sloping trend since the October $10K breakout. The big unknown is what the miners will do as they are net sellers. They are the real short-term risk.”
Analysis of Glassnode’s Net Unrealized Profit and Loss (NUPL) metric shows that while both 20% corrections experienced during this cycle have created the “signature sideways and choppy” price action typically seen during bull markets, buyers have been stepping in sooner than they had in previous bull cycles and fewer long-term holders are willing to sell their BTC.

Steadying yields help to stabilize traditional markets
The traditional financial markets also rallied on Monday as Treasury yields stabilized and optimism related to the COVID-19 vaccine rollout boosted investor sentiment about the future of the global economy.
The S&P 500, Dow and NASDAQ all closed the day in the black, finishing up 2.38%, 1.95% and 3.01% respectively. The strong performance from each index occurred as global central banks world continue to reaffirm commitments to accommodative policies that will support the global economic recovery.
Altcoins also recovered their recent losses as Bitcoin price broke out to $50,000.

Binance Coin (BNB) was the best performer in the top 10, increasing 21% to $248, while Ethereum (ETH) saw its price rise 9.46% to $1,525. PancakeSwap (CAKE) and Fantom (FTM) both rallied price 36% and currently trade for $12.30 and $0.558 respectively.
The overall cryptocurrency market cap now stands at $1.52 trillion and Bitcoin’s dominance rate is 61%.
Blockchain
Goldman Sachs Plans to Relaunch Its Cryptocurrency Trading Desk


Reports on Reuters today revealed that American multinational investment bank, Goldman Sachs, will offer bitcoin futures and non-deliverable forwards on behalf of its clients starting next week.
According to sources familiar with the matter, the move is part of the bank’s effort to take advantage of the fast-growing crypto space, which is gradually becoming an investment of choice for institutional players.
Notably, the bank is also considering developing a Bitcoin Exchange-Traded Fund (ETF) soon as part of its commitment to fully venture into the industry.
Based on this regard, the unnamed source noted that Goldman Sachs had already “issued a request for information to explore digital asset custody.”
Goldman’s First Shot At Crypto
In late 2017, Goldman Sachs became the first Wall Street biggest firm to ever consider offering crypto-related products, as the bank was planning to open a cryptocurrency desk.
At the time, the Wall Street financial institution was working on how to address security challenges associated with the business, as well as how it would custody the assets.
Plans were on the way for the launch slated for late 2018 when reports emerged in September that same year that the bank has chosen not to offer crypto-related investments.
Sources said that the bank dropped its crypto plans due to the regulatory concerns associated with the industry, with regulators breathing down the neck of most projects.
The issue of regulatory uncertainty has been the major stumbling block that hindered several institutional players from getting involved with cryptocurrencies.
Interestingly, there have been clearer regulations in recent times luring institutional investors like Microstrategy and Tesla.
The entrance of these large corporations has given other institutional investors the greenlight that crypto is safe compared to how it was viewed in 2018.
Thus it could be the reason Goldman Sach is making plans to restart its cryptocurrency trading desk in earnest.
A Change Of Heart?
However, Goldman Sachs’ second shot at launching a cryptocurrency trading desk comes less than a year after the bank told its clients during a conference call that bitcoin and cryptocurrencies are not an asset class.
Reports at the time suggested that part of the reason for the call was to discourage its customers from including bitcoin and cryptocurrencies in their portfolio.
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Source: https://cryptopotato.com/goldman-sachs-plans-to-relaunch-its-cryptocurrency-trading-desk/
Blockchain
Bitcoin Still Has an Uncertain Future: Citibank Analysts


In a 100-page deep-dive report dubbed “Bitcoin, at the Tipping Point,” Citibank’s global perspectives and solutions team noted that the cryptocurrency could potentially “become the currency of choice for international trade.”
The analysts acknowledged that the massive interest shown by several large institutional investors like Tesla, Microstrategy, and PayPal is one of the major propellants for the digital asset gaining mainstream adoption.
The team further noted that several other factors, including a wide range of digital payment options like stablecoins and Central Bank Digital Currency (CBDC), could also increase the chances of bitcoin adoption for cross-border settlements.
An Uncertain Future
The report also pointed out that a side-by-side comparison of the risks associated with bitcoin and the opportunities it presents makes it very easy to conclude that the digital asset is at a tipping point.
They wrote:
“There are a host of risks and obstacles that stand in the way of Bitcoin progress… Weighing the potential hurdles against the opportunities leads to the conclusion that Bitcoin is at a tipping point… Bitcoin’s future is thus still uncertain, but developments in the near term are likely to prove decisive as the currency balances at the tipping point of mainstream acceptance or a speculative implosion.”
Bitcoin Going Mainstream Already
The concluding part of the report quoted the famous philosopher, Schopenhauer, who said,
“All Truths pass through three stages, first it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.”
The team states that the positive change in stance on issues about bitcoin by several financial institutions very well prove these words of Schopenhauer, which he said more than 150 years before the bitcoin idea was born.
Several banks had actively shunned bitcoin in the past, arguing that it has no intrinsic value as it is allegedly backed by mere speculations from its proponents.
However, bitcoin’s immense growth has forced its former critics to re-evaluate their stance and join the bitcoin adoption trend. Some of the biggest banks in the world have started offering bitcoin services to their clients.
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Source: https://cryptopotato.com/bitcoin-still-has-an-uncertain-future-citibank-analysts/
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