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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

Legacy Records, The First Record Label Paying Music Artists In Crypto

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From painters to digital artists to musicians, crypto continues to find integration across artistic mediums. Music continues to be a field that is ripe for revitalization, from a business standpoint. Accordingly, a number of different musicians have been releasing songs and albums as NFTs. Now, we have what’s being reported as the first official record label looking to get involved. The label looks to have artists join the ranks of other musicians getting involved in crypto.

Two-Pronged Approach

In a press release issued to start this week, Legacy Records CEO Keishia McLeod said it came down to “either get involved or get left behind”. McLeod cited unique income stream opportunities for artists and closed by saying that “this is the future, not a trend”. McLeod has stated previously her intent to drive the label to be at the forefront of leveraging emerging technology in music.

There are two major buckets contributing to Legacy’s approach. The first is the most notable, as the label will become the first to offer artists an opportunity to receive their advance and royalty payments in the form of crypto. The second is to engage artists with NFTs, allowing fans to participate in auctions for unique content. The label’s specific plans around NFTs, and number of artists seeking to get paid in crypto, have not yet been disclosed.

Related Reading | The “Hottest” NFT: Max Denison Pender Creates And Destroys A Self-Portrait In A Volcano 

As the crypto market grows, both artists and businesses are getting involved | Source: CRYPTOCAP-TOTAL on TradingView.com

Legacy Music’s Broader Business Growth 

Las Vegas-based Legacy Records, not to be confused with Sony’s Legacy Recordings, will look to take advantage of the potential press buzz from the announcement. However, in tandem with the release, the label also announced a to-be-name music distributor who has also agreed to pay Legacy Records artists in bitcoin. The label also merged with New Jersey entertainment lawyer Navarro Gray’s ‘The Gray Firm’, to provide legal guidance around digital execution.

McLeod has noted previously that the label has desired being a mainstay in revolutionizing the way music artists do business. In a January interview with the LA Tribune, McLeod cited Netflix’s impact on the film industry, adding that “we haven’t seen that yet in this industry, but it’s coming. We’re going to be a large part of making that happen”.

Related Reading | Reviewing Topps MLB’s First Swing At NFT Tech

Music Artists Emerging Into Crypto

Legacy’s roster has the potential to join a growing list of music artists that continue to engage with crypto and NFTs. Last month, we wrote about long-time hip-hop artist Eminem partnering with Nifty Gateway to release original instrumental beats. Saturday Night Live promptly had a sketch explaining the digital collectibles parodying Eminem’s “Without Me”.

Other musicians engaging with NFTs include DJ Premier, 3LAU, The Weeknd, Linkin Park’s Mike Shinoda, and more.

Each week, our team recaps the week’s NFT action with ‘NFTs In A Nutshell‘ – covering everything NFT, from sport, music, and more.

Featured image from Pixabay, Charts from TradingView.com

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/the-first-record-label-paying-music-artists-in-crypto/?utm_source=rss&utm_medium=rss&utm_campaign=the-first-record-label-paying-music-artists-in-crypto

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Blockchain

Speculation Tesla Dumped Its Bitcoin Holdings Denied By Musk

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Elon Musk puts to bed rumors that Tesla has sold its remaining Bitcoin holdings. The comments came following his second attack on the leading cryptocurrency. This time, he called out the dominance of Chinese mining pools in a now-deleted tweet.

Bitcoin continued from its weekend slide with another drop today, currently down 5% at the time of writing. Given Musk’s apparent influence on markets, some insist he exercises more restraint on social media.

Tesla Has Not Dumped Its Bitcoin

Last week, the Tesla boss announced his firm would no longer accept Bitcoin as payment for its EVs. The reason he gave was a growing concern about the use of highly polluting coal by miners.

This coincided with a mass sell-off in which Bitcoin was hit particularly hard, closing the day down 13% to $49.5k.

Today, Musk tweeted that Bitcoin is highly centralized due to the small number of mining pools that control the network. He maintains that coal is a significant power source for miners, despite counter claims that the network runs mostly on renewable sources.

“A single coal mine in Xinjiang flooded, almost killing miners, and Bitcoin hash rate dropped 35%. Sound decentralized to you?”

In amongst the responses, @CryptoWhale suggested that Tesla will sell their Bitcoin holdings. Adding that, if that happened, Bitcoiners would only have themselves to blame. He was referring to the outpouring of hate directed at Musk.

Musk replied to the tweet with a response of “Indeed.” Some publications interpreted this as confirmation that Musk had already dumped his Bitcoin holdings.

But in a semblance of grace, Musk put the record straight by saying Tesla has not dumped its BTC holdings.

“To clarify speculation, Tesla has not sold any Bitcoin.”

However, with everything that has gone on since last week, is it only a matter of time before Tesla sells up?

Musk Should Be Aware Of His Influence In Moving Markets

Key crypto figures have rallied together in support of Bitcoin. Michael Saylor announced a $15 million BTC buy adding to MicroStrategy’s already substantial war chest, while Jack Dorsey tweeted a message of support in improving its green credentials.

However, @PlanB took a less nuanced approach by accused Musk of deliberating trying to destroy Bitcoin. The comment came in a poll asking his followers whether Musk has derailed Bitcoin from meeting expectations per the stock-to-flow model (S2F).

S2F refers to a predictive model based on scarcity over time. PlanB, who adapted it for Bitcoin use, puts the price of BTC at a minimum of $100,000 by year-end.

The Managing Partner and Co-founder of Nexo, Antoni Trenchev, said Musk should “wake up” to his influence in moving markets.

“He has to wake up to the reality that with his following, even single-worded tweets can move markets.”

But as some would suggest, he is already well aware of his clout in that regard.

Bitcoin daily chart YTD

Source: BTCUSD on TradingView.com

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/speculation-tesla-dumped-its-bitcoin-holdings-denied-by-musk/?utm_source=rss&utm_medium=rss&utm_campaign=speculation-tesla-dumped-its-bitcoin-holdings-denied-by-musk

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Cardano, Ethereum, Polkadot Price Analysis: 17 May

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Cardano could witness an extended rally if losses are maintained at $2.17. Ethereum broke south from a descending triangle and lost a key support region at $3,620. Finally, Polkadot was in danger of a sharp sell-off in case of a break below $38.5.

Cardano [ADA]

Source: ADA/USD, TradingView

Volumes on Cardano took a dip over the last 24 hours as buying activity came to a halt. After an impressive run that saw ADA post weekly gains of 22%, a correction had finally hit the market. A fall of 8% dragged ADA towards a newly discovered support zone at $2.17. A stronger support area lay between $1.82-1.48 and even clashed with the 20-SMA (blue). This confluence between the moving average and support zones would see a re-emergence of buyers should another dip take place.

Post the pullback, ADA presented the next target at $2.50. This psychological level could be snapped during the current bull run if buyers trimmed losses at $2.17. RSI moved south from the overbought zone but would likely stay in bullish territory above 55. ADX rose north of 32 and highlighted a strong trend in the market.

Ethereum [ETH]

Source: ETH/USD, TradingView

The more price-sensitive 4-hour timeframe highlighted certain bearish conditions in the Ethereum market that were hard to overlook. A descending triangle breakdown showed losses of 11% from the bottom trendline. This trendline also represented a strong defensive point at $3,620 and a southbound move saw extended losses up to $3,200. A green candlestick did indicate some bullish response and a rise above $3,620 could initiate a recovery towards $3,800.

Lower lows on RSI indicated weakening and confirmed ETH’s short-term bearish movement. Awesome Oscillator highlighted profit-taking as selling pressure was on the up. In case of further losses, 200-SMA around $3,000 could form another defensive barrier. Alternatively, the level around $3,800 saw some interplay between the 20-SMA (blue) and 50-SMA (yellow) and reclaiming this could trigger another bull run.

Polkadot [DOT]

Source: DOT/USD, TradingView

The formation of three candlesticks or ‘three black crows’ following an uptrend highlighted a strong shift of dynamics for Polkadot. Sharp bearish action dragged DOT below multiple support levels mentioned in a previous analysis. However, the daily timeframe outlined another buy zone at $38.5- a region that coincided with the 20-SMA and 50-SMA.

A break below this critical point could lead to an extended sell-off all the way towards $21.6 and 200-SMA (green). Conversely, a break above $44.5-$48 resistance could initiate a price hike. A bearish crossover in Stochastic RSI thwarted chances of a favorable outcome. Squeeze Momentum Indicator noted weakening buying pressure and a move below half-line would present sell signals.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/cardano-ethereum-polkadot-price-analysis-17-may

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