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Mike Novogratz’s Claim on Bitcoin’s Popularity vs Apple Shares Wrestles With Statistics

Mike Novogratz knows a thing or two about numbers. The former Goldman Sachs partner turned billionaire Bitcoin (BTC) bull has spent most of his career working in finance, so when he publicly makes a claim that involves numbers, people sit up and listen. Speaking on his Twitter account recently, Novogratz claimed that Bitcoin is now […]

The post Mike Novogratz’s Claim on Bitcoin’s Popularity vs Apple Shares Wrestles With Statistics appeared first on BeInCrypto.

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Mike Novogratz knows a thing or two about numbers. The former Goldman Sachs partner turned billionaire Bitcoin (BTC) bull has spent most of his career working in finance, so when he publicly makes a claim that involves numbers, people sit up and listen.

Speaking on his Twitter account recently, Novogratz claimed that Bitcoin is now the most widely owned financial asset in the world, more so than even Apple and Alphabet stocks.

If true, this would be quite the groundbreaking revelation because not only would that make Bitcoin the most in-demand asset on earth, but it would also mean that whether anyone noticed it or not, crypto has already crossed the rubicon of adoption.

While crypto adoption is generally measured against the continued prevalence of fiat currency, this incredible statistic would mean that everyone has possibly been measuring the wrong thing.

So, is it true?

To find our way to the answer, the first thing to do is to establish how many people actually own Bitcoin, and that is where things become a bit tricky.

The thing is — despite the existence of an open blockchain that anyone can scan through with a block explorer — the most information that one can get out of it is what address sends how much to what address and how much is where. It is impossible to extrapolate such data into high quality information about how many Bitcoin owners exist in the world.

Still, it represents a useful start on the journey there, so we could start by looking at this chart showing how many blockchain wallets — including Bitcoin and every other cryptocurrency — currently exist.

Source: Statista

While this does not tell us very much about Bitcoin specifically, it sets the tone for the next bit of visual data, this time from BitInfoCharts showing the total number of Bitcoin wallets in existence containing a BTC value over $1.

Source: BitInfoCharts

According to the measure of (BTC value = >$1) which is generally used to differentiate between active users/holders and dormant wallets, a total of 36,107,965 Bitcoin wallets currently exists. This unfortunately is as far as the data can dig into.

It is impossible to ascertain how many of these wallets belong to unique individuals, so one can not use that figure as the total number of Bitcoin users in the world. One can however extrapolate from this figure that millions — if not tens of millions —of people around the world currently use or hold Bitcoin.

What about Google and Apple stock?

The quest to find out how many shareholders these two mega corporations have included everything from Alphabet’s NASDAQ page to Apple’s  SEC filing records. After several days poring through their books to get an idea of where to get this information, it slowly became clear that only institutional investment information is readily available on American public filing information.

Some supplementary digging brought up independent options trader and economist Thomas Miller, who finally gave a simple and definite answer to this particular question:

“You cannot find this number anywhere and it would be impossible to estimate.”

Simply put, under American law, individual shareholdings and non-institutional stock portfolios are classed as privileged information which cannot be found in the public domain. In fact, putting them into the public domain could possibly even be illegal.

Of course, as a former Goldman Sachs partner, Novogratz possibly has personal knowledge and access that could enable him to make this call. But in the absence of that, one has to assume that it is impossible both to figure out the number of Bitcoin users and the number of stockholders in a publicly listed American company.

As with Bitcoin, the only available workaround is broad and non-specific, but nevertheless offers something of an insight that would otherwise not be available. The chart below is from a U.S. household Gallup poll conducted in June 2020.

Source: Gallup

According to the data, 55% of U.S. households hold some sort of stock or investment, typically in the form of a 401(k). Data from Statista puts the total number of households in the U.S. at 128.58 million, which means that over 70 million U.S. households in fact hold some sort of financial asset, significantly exceeding the 36 million Bitcoin wallets in existence.

It would therefore seem as though Novogratz may have overstated the reality of Bitcoin’s popularity by some distance, but again it is very difficult to tell.

In March, Mexico recorded $4 billion worth of remittances from the U.S. in a single month —remittances which are increasingly being paid in Bitcoin. A scenario exists where a single Bitcoin wallet may be used by multiple recipients such as in a remittance delivery service that receives crypto from the sender and remits its fiat equivalent to the recipient.

In other words, the number of people who actually own or use Bitcoin may be significantly higher or lower than the number of Bitcoin wallets in existence. The real takeaway, however, is that Bitcoin is even being mentioned at all in the same breath as the second and fourth ranked stocks on the NASDAQ. Not quite a decade ago, Bitcoin was still on the far fringes of financial consciousness, taken seriously by only a handful of cypherpunk ecosystem insiders and early adopters.

Now in 2020, Novogratz may or may not have overstated his numbers, but that is no longer the story. Bitcoin is now very much one of the big boys, not just in the world of speculative finance, but also across a new range of real-world applications in the developing world.

That is the real story.

The views expressed here are those of the author’s and do not necessarily represent or reflect the views of BeInCrypto.

Source: https://beincrypto.com/mike-novogratzs-claim-on-bitcoins-popularity-vs-apple-shares/

Blockchain

CoinShares Launches a $75 Million Physically-Backed Ethereum (ETH) ETP

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A month after launching a Bitcoin ETP on Switzerland’s SIX Exchange, CoinShares has released a physically-backed exchange-traded product following the performance of the second-largest cryptocurrency – Ethereum. 

  • Describing itself as “Europe’s largest digital asset investment house,” CoinShares is a cryptocurrency-oriented manager with over $4 billion in AUM. The company, headquartered in London, announced the launch of its latest crypto product – a new physically-backed ETP tracking the performance of Ethereum. 
  • Called CoinShares Physical Ethereum, the product is already listed on the regulated SIX Swiss Exchange under the ticker ETHE and has a base fee of 1.25%. According to the company, the cost is “lower than the industry standard” of 2%. 
  • The statement explained that each unit of ETHE is backed with 0.03 Ether tokens at launch. Thus, it provides investors with “passive exposure to Ethereum’s native asset with the convenience of an ETP.” 
  • “In the early days of 2021, we have seen a continuation of last year’s demand in digital assets from institutions. We have also seen an increase in investor interest in Ethereum. We are encouraged by our client’s trust in our team to guide them in their journey through the digital asset ecosystem, and for many, Ethereum is an important part of that journey.” – commented Chief Revenue Officer Frank Spiteri. 

  • It’s worth noting that this is the company’s second similar product tracking the performance of a crypto asset launched this year. Somewhat expectedly, the first one, released in mid-January, follows the largest digital asset by market cap – Bitcoin. 
  • CryptoPotato reported upon its launch that it started with AUM of $200 million, and each unit is backed by 0.001 BTC. 
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Source: https://cryptopotato.com/coinshares-launches-a-75-million-physically-backed-ethereum-etp/

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Blockchain

Chainlink Price Analysis: 27 February

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Bearish sentiment has been the norm over the past few days, with the same being the case at press time for altcoins such as Chainlink. LINK has seen its price hike by around 164 percent since the start of the year. Over the last 7 days, however, with sellers dominating the market, LINK lost close to 28 percent of its value. While there have been some signs of recovery on the price charts, traders cannot discount the possibility of a further dip soon.

At the time of writing, LINK was trading at $25.5 with a market cap of close to $10.5 billion, making it the ninth-largest cryptocurrency according to CoinMarketCap’s list.

Chainlink 1-day Chart

Source: LINK/USD, TradingView

Chainlink’s price surged within an ascending channel formation over the last two months and as expected, the breakout was bearish for the coin. Additionally, Bitcoin also fell over the past week, adding to LINK’s price woes.

At press time, while LINK had strong resistance around the $35.1-price range, it was testing the support at $23.9, just like it has over the past few days. If this support level fails, it is quite likely that LINK will head towards the next support at $19, creating an opportunity for traders to open short positions.

Rationale

The technical indicators for LINK were quite bearish at press time and one can expect a further price drop for the coin in the coming days. At the time, the RSI indicator was quite far away from the overbought zone and was close to the oversold zone, indicating the absence of a buyer-dominated market.

If the RSI drops even further, LINK’s downtrend will continue. The MACD indicator also painted a similar picture after having seen the Signal line go past the MACD line, resulting in a bearish crossover.

Important levels to watch out for 

Resistance: $35.1

Support: $23.9, $19

Entry: $24.7

Take Profit: $19.4

Stop Loss: $34.4

Risk/Reward: 0.56

Conclusion

Chainlink saw its price surge on the charts over the past two months. However, the sentiment has since changed quite significantly and the coin seemed to be firmly in the grip of the bears. The altcoin may see a further price drop in the coming week if the press time support level fails. Such a scenario will result in LINK’s price going below the $20-mark, presenting an opportunity for short positions in the market.


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Source: https://ambcrypto.com/chainlink-price-analysis-27-february

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Blockchain

Bitcoin Cash, Huobi Token, Zcash Price Analysis: 27 February

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Bitcoin Cash retained the 10th spot on the crypto-rankings, despite being severely impacted by the recent correction in the broader market. Huobi Token flashed bullish signals, but a break above its press time resistance was unlikely. Finally, Zcash was projected to trade within a fixed channel since volatility was low in the market.

Bitcoin Cash [BCH]

Source: BCH/USD, TradingView

Weekly losses on Bitcoin Cash‘s charts amounted to 34% as a correction in the broader market had a negative effect on the crypto-asset. This period also saw $3 billion erode from BCH’s total value as it held on to the number 10th spot in the crypto-rankings by a bare margin, with a market cap of $9.18 billion. At the time of writing, BCH’s price was floating just above its $464-support, while the indicators gave mixed signals on BCH’s future trajectory.

The RSI pointed lower from under the 40-mark and reflected the weakness in price. On the other hand, the MACD moved above the Signal line while the histogram registered rising bullish momentum. With the crypto-market awaiting strong cues, we can expect BCH to remain above its press time support level. If the aforementioned level fails, the next line of defense would be at $421.5.

Huobi Token [HT]

Source: HT/USD, TradingView

The ADX indicator showed that Huobi Token’s uptrend was weakening after the price snapped an all-time high exactly a week ago. In fact, the losses amounted to over 30% following the broader sell-off in the crypto-market. At the time of writing, the altcoin’s price had bounced back from the $15.4-support after the bulls stepped in.

The MACD closed in on a bullish crossover, while the red bars on the histogram moved towards the half-line on the histogram. Either way, its gains would be capped at the immediate resistance and a hike to record levels seemed unlikely over the coming trading sessions.

Zcash [ZEC]

Source: ZEC/USD, TradingView

The Bollinger Bands on Zcash’s hourly charts were compressed as volatility remained low after the price bounced back from its $114.7-support. Weak trading volumes and buying pressure worked against a bullish outcome even though the price looked to breach the $124.75-resistance.

The Awesome Oscillator switched to red from green as momentum moved back and forth over the last few sessions. Moving forward, expect Zcash to remain within its current channel as it awaits stronger signals from the broader market for a definitive move on the charts.


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Source: https://ambcrypto.com/bitcoin-cash-huobi-token-zcash-price-analysis-27-february

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