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NFL Player Tom Brady: I Really Believe in Bitcoin

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Bitcoin is continuing to suffer as of late. The world’s number one digital currency by market cap has fallen into the darkest realms of the financial space and has lost about $30,000 from its previous all-time high of roughly $64,000, which it achieved in mid-April. Nevertheless, there are many people that stand by the asset, including NFL player Tom Brady.

Tom Brady Sure Likes His Crypto

In a recent interview, the star quarterback – formerly of the New England Patriots – explained that he was looking at cryptocurrency and that he was going to be a long-term investor despite the recent state of the industry. He acknowledged that cryptocurrency was a “marathon” of sorts, but that he was intrigued by all that bitcoin had to offer.

Brady commented:

In this space of crypto, I am still learning so much. It is something I am going to be in for a long time. It is definitely a marathon.

Not long ago, Brady garnered attention for himself after he changed his Twitter profile pic to one that featured laser eyes, something that many crypto advocates and traders have been known to do in recent months. The image of laser eyes suggests that the person using the picture believes bitcoin will eventually reach a six-figure price of at least $100,000, and thus many crypto advocates later took to social media to suggest there was a new BTC believer in the sports world.

Responding to the attention he garnered, Brady responded with:

I have been following that community for a while on Twitter. Someone has called me out to change my profile picture and use the laser eyes. In my understanding, it was really a vote of confidence to really get into the conversation as I am such a big believer in crypto and where things are headed in the world. I am listening to everybody, and I am excited to continue to learn.

It’s a Heavy Topic for Everyone On the Team

Now playing for the Tampa Bay Buccaneers, Brady says that bitcoin has become a serious topic of conversation amongst his fellow players and coaches. This is what initially got him involved, and he has since grown to respect the industry greatly. He says:

One of my quarterback coaches has been on it for eight or nine months, so we talk about it basically every day. The prices of the different tokens, how the space is doing, so it is something that is on all our minds. We are very interested. We are learning more and more about these emerging markets. I am a big believer in it. I do not think it is going anywhere. I think absolutely there is going to be volatility, but at the same time, knowing when there is a lot of change and disruption in the markets, there are a lot of people that will fight that.

Tags: bitcoin, NFL, Tom Brady Source: https://www.livebitcoinnews.com/nfl-player-tom-brady-i-really-believe-in-bitcoin/

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‘It might get ugly with’ Bitcoin…BUT

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Prices are a reflection of investor sentiment, they say. In a span of a little over two months, Bitcoin’s price has promptly halved, and now, after China’s recent crackdown on mining, a section of the market participants believe that BCT is a less attractive prospect. 

Talking on similar lines in a recent Kitco News interview, Saifedean Ammous, the author of ‘The Bitcoin Standard’ said that the current hiccup would not have a long-term impact on crypto’s price. He said,  

“You can’t really ban Bitcoin, you can ban yourself from Bitcoin, but Bitcoin continues to operate and I think even if it’s going to be a 50%, 60%, 70%, 80% crash, ultimately, the ability to bounce back is what’s going to win the day for Bitcoin.”

Nevertheless, he concurred that the Chinese crackdown was a serious issue because a major proportion of the mining operations have been halted. Ammous further stated that BTC’s price would most likely drop further as and when more machines go offline. Miners, indeed, are facing one of their worst nightmares at this stage. What’s more, the author also expects a panic sell by the Chinese hodlers in the coming days. 

As a matter of fact, miners are large hodlers themselves, and now, according to Ammous, “you’re forcing them to sell large quantities.” Nevertheless, at the time of writing, Glassnode’s data underlined that miners’ outflow volume had touched its lowest point in 6 months, which ultimately implies that miners are still hodling their BTC. However, the sell-off that Ammous pointed out might likely take place in the foreseeable future.

Source: Glassnode

The author further opined that the clampdown would only impact traditional assets like gold. He stated that, unlike gold, BTC’s prospects aren’t influenced by political and banking systems. After witnessing a minor 0.32% price drop in the past 24-hours, Bitcoin was trading at $34,000.69 at press time.

Additionally, it should be noted that BTC’s hash rate has been falling over the past few days. Nevertheless, Ammous was positive that it would soon recover. With respective to Bitcoin’s inevitable comeback, the author concluded, 

“It might get ugly with BTC, but it thrives on adversity. If you do try and knock it down, if you do try and hurt it, you’re just setting up a great comeback story for BTC. This has been the case for over the many years.”


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Source: https://ambcrypto.com/it-might-get-ugly-with-bitcoin-but

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Blockchain

Why this ‘Biggest Bitcoin challenge’ is a bonus

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Bitcoin‘s rising popularity with institutions and investment professionals such as BlackRock CEO Larry Fink and hedge fund legend Stanley Druckenmiller has helped Bitcoin stand its ground against Gold. Considering the former’s prospects as a scarce store-of-value over the latter, a war of words often emerges between gold bugs and the bitcoin community.

While many Bitcoin proponents saw Bitcoin as Digital Gold or Gold 2.0, Peter Schiff, (of Euro Pacific Capital) one of the loudest proponents of gold, maintained his skepticism towards bitcoin.

The latest war (of words) on Twitter resurrected the age-old debate of Bitcoin vs gold. Billionaire investor and entrepreneur Mark Cuban and Oliver Renick, Gold bug (from TD Ameritrade), exchanged their thoughts on both assets.

In a tweet, Renick slammed Bitcoin’s comparison to digital gold because “Bitcoin is making no discernable progress towards digital gold. Why are we still assuming it will at some point in the future?”

The Shark Tank star responded, by stating a few reasons why bitcoin was indeed better than gold.

“Its BETTER than gold. No worries about storing it. Easy to transfer. Easy to trade. Easy to convert. Doesn’t require an intermediary. Can be fractionalized. Biggest BTC challenge? No William Devane type commercials and all the people who believe gold is an inflation hedge.”

TD Ameritrade’s Oliver Renick, in response to Cuban, stated that he doubted Bitcoin’s progress by adding that bitcoin’s ‘relationship with real interest rates was as random as it was on day 1 ten years ago’.

Source: Oliver Renick| Twitter

In a report published by Renick recently, he opined:

“See any trends? Me neither. It looks completely random with no trend over the past nine years of data; sometimes positive, sometimes negative. But what’s most important here is that it’s not getting more negative over time. “

Cuban responded:

“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,”

Gold, according to, Renick was remarkably consistent in its negative correlation with real interest rates i.e., its utility. He added ‘Until BTC does something resembling this, not sure why we call it gold. At least from a financial sense,’

Source: Oliver Renick| Twitter

Following this argument, Cuban acknowledged one aspect: even though Gold at the press time had more demand than Bitcoin, the narrative will flip; he stated:

“So are a lot of assets including stocks. That isn’t a utility. That’s supply and demand. Gold has more demand. IMO, that will change going forward. Why? Because BTC is easier to transact. In the time it will be better understood and marketed and the gold market will shrink.”

Reality Check: BTC vs Gold

Philipp Sandner from Frankfurt School Blockchain Center made a comparison between three assets: Gold, Bitcoin and Fiat (euro),

Source: Medium


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Source: https://ambcrypto.com/why-this-biggest-bitcoin-challenge-is-a-bonus

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Bitcoin: What does this mean for the ‘trapped bulls’?

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Bitcoin, the world’s largest cryptocurrency has been bleeding for quite a while now as bears overtook the bull. As things stand, it was trading just above the $33k mark with a correction of about 2% in the last 24 hours. BTC witnessed a major decline in its volume as well, a 44.5% plunge within the same period. Earlier this week, Bitcoin plunged to a five-month low of $28,600.

As per On-chain analysis platform Glassnode: ‘Bitcoin Amount of Supply Last Active 1w-1m (1d MA) just reached a 7-month low of 985,098.597 BTC.’

Source: Glassnode

To add to this bearish sentiment, the ‘Big Short’ famed investor, Michael Burry recently tweeted a word of caution.

Last week, to add to his bearish narrative, Burry warned his followers about the “mother of all crashes” in a now-deleted tweet.

Continuing the same thread, he added:

“All hype/speculation is doing is drawing in retail before the mother of all crashes. FOMO Parabolas don’t resolve sideways; When crypto falls from trillions, or meme stocks fall from tens of billions, MainStreet losses will approach the size of countries. History ain’t changed.”

Furthermore, he stated:

“The problem with Crypto, as in most things, is the leverage. If you don’t know how much leverage is in crypto, you don’t know anything about crypto, no matter how much else you think you know,”

Robert Kiyosaki, the best-selling author of ‘Rich Dad Poor Dad,’ too had similar speculations against the largest crypto token.  According to his tweet, he cautioned his followers about the crash in world history. He stated: “The biggest bubble in world history getting bigger. The biggest crash in the world history coming…”

In contrast, Crypto bull, and analyst, Michael van de Poppe didn’t see any cause for alarm with the current scenario. He stated:

“Consolidation on the markets, that’s completely fine.”

Another crypto enthusiast, a few weeks ago published a post directed at Burry, contradicting the latter’s views.


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Source: https://ambcrypto.com/bitcoin-what-does-this-mean-for-the-trapped-bulls

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