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Peter Schiff Predicts Bleak Future for Grayscale Investments

Peter Schiff has always made his disdain for cryptocurrencies clear. Right or wrong, he has stuck behind every prediction made thus far. However, a recent prediction […]

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Peter Schiff has always made his disdain for cryptocurrencies clear. Right or wrong, he has stuck behind every prediction made thus far. However, a recent prediction took things further as the gold bug continues his attacking streak on crypto companies.

Ethereum Losses Will Spill Over

This week, Schiff took a swipe at Grayscale Investments, the industry’s top asset management firm, over the latter’s inability to grow its Ethereum-based assets under management. In a tweet from yesterday, Schiff explained that Grayscale had launched a massive TV ad blitz to try garnering investments for its Ethereum Trust, all to no avail. 

“The Grayscale Ethereum Trust just hit its lowest price since March and is down over 80% since its June high. This is likely a leading indicator for the more popular #Bitcoin Trust that was featured in the same campaign,” Schiff noted. 

Grayscale’s TV ad blitz was one of the company’s highlights for the year. Per reports, the company launched ad slots on FOX, CNBC, MSNBC, FOX Business, and others. On its blog, Grayscale pitched the ad — which is titled “The History of Money — by saying: 

“A wakeup call that people everywhere should seize what we feel is a once in a generation opportunity that digital currencies may present.”

Grayscale Still on the Uptrend For Now

The ad blitz helped Grayscale significantly. Barry Silbert, the company’s chief executive, confirmed in a tweet that it had enjoyed its best week ever, netting $217 million in the days following the campaign.

As expected, Grayscale’s Bitcoin Trust Fund was the biggest gainer. The fund added 14,422.01411512 BTC to its asset under management, marking a capital haul of $167,932,466 at the time, per a filing with the Securities and Exchange Commission (SEC).

As for the Ethereum Trust Fund, however, things aren’t doing so great. Grayscale’s Ethereum holdings have taken a nosedive over the past few months, dropping over 78 percent from June. At the time, investors were riding high on Ether, which itself was surging thanks to the boom in the decentralized finance (DeFi) space.

However, Ether has returned to land and is currently being marked down by the day. Grayscale’s collapse also coincided with its decision to make its shares available on the secondary over-the-counter (OTC) market.

The asset management firm is currently holding about $5 billion in assets, of which about $4.4 billion is in Bitcoin. So, while the fact that its Ethereum Trust Fund might be cratering, it’s not much of a surprise since Ether has never entirely been Grayscale’s top priority.

It’s also worth noting that Grayscale’s holdings are still healthy generally. However, Schiff believes that it’s only a matter of time before all these gains are wiped. 

This won’t be the first time that Schiff will be wrong about Bitcoin predictions. The Gold enthusiast has always predicted losses for the top cryptocurrency, and even he had to admit being wrong about a forecast recently. If this Grayscale doom prediction turns out to be false again, hardly will anyone be surprised.

Source: https://insidebitcoins.com/news/peter-schiff-predicts-bleak-future-for-grayscale-investments

Blockchain

This Bitcoin HODLer Metric Has Just Flipped Green For The First Time In 8 Months – Here’s What This Means

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This Bitcoin HODLer Metric Has Just Flipped Green For The First Time In 8 Months - Here's What This Means

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The long wait is over, or so it appears as Bitcoin holders prepare to set foot into a green zone after seven months of red hot drought.

The earliest signs of a bullish rebound for Bitcoin were sighted on Glassnode’s on-chain metrics this week. Bitcoin users joyfully watched as the index flipped an unprofitable red-run that had gripped hodlers of the apex crypto-currency since mid-November.

Popular crypto expert, Will Clemente noted this latest bitcoin development as a sequel to last month’s net holders position outlook which showed a large sales of Bitcoin coming from the camp of inpatient short-term holders.

Image

What Does This Imply?

The biggest take from this new index is that patient bitcoin holders may now finally see positive returns on their long-term investments.

It also may show that the market has fully corrected holding positions as was seen last month, where Bitcoin’s dip below the $35,000 resistance frightened many new entrants, including young whales (who held large amounts of bitcoin for less than three months), leading to a massive liquidation drive that transferred coins from young holders to old and experienced holders.

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BTCUSD Chart By TradingView

Who are the catalysts?

It is unclear what exactly may have spruced the ground for a much-needed leap up, but one cannot underestimate the impact of Bitcoin’s recent acceptance by the government of El-Salvador. Having emerged as the first of its kind to tear through the government’s veil of financial legitimacy, the scale of its operation and use may now become more expanded than ever before. This is most likely to spur more citizens and governments of other countries to innovate their financial system around the digital currency with growing national acceptance. 

Others may attribute part of its recent success to Elon Musk’s turncoat claims about Tesla returning to Bitcoin, after ditching the currency in a precarious moment.

But one thing inevitably clear, in the world of crypto influencers is the role of Michael Saylor to keep the masts of bitcoin sailing amidst the troubled waters of last month. From a conference to address energy concerns to an additional injection of $1 billion into bitcoin, the CEO of MicroStrategy has done a lot to build resistance for the apex currency.

Going Forward

As Will Clemente spots the early symptoms of progress, it is expected that many investors who remained skeptical about buying and waiting through the dip, would want to cast in their lots before the entry price soars to the point of eroding leverage.

This means more activity for Bitcoin, more health value upshot, and more reward for those who took Robert Kiyosaki’s advice to ‘buy the dip.’

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/this-bitcoin-hodler-metric-has-just-flipped-green-for-the-first-time-in-8-months-heres-what-this-means/

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Blockchain

Paraguayan Official Confirms: In July We Legislate Bitcoin

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Paraguay’s Deputy of the Nation, Carlos Antonio Rejala Helman, has confirmed that new legislation in regards to Bitcoin will arrive in July. This comes amid growing adoption in Latin America led by El Salvador, which could be followed by Panama as well.

  • CryptoPotato reported last week when Rejala Helman said his country planned to start working on an “important project” that included Bitcoin and PayPal
  • Although he provided little-to-no information at the time about the precise nature of the project, the official confirmed it’s coming in a more recent tweet.
  • Commenting on news indicating that one of Paraguay’s largest entertainment organizations has started to accept various digital assets, Rejala Helman emphatically asserted, “This is Paraguay. July we legislate! #Bitcoin.”
  • This comes shortly after Gabriel Silva, a Panamanian congressman, laid out plans to present a bill on cryptocurrency adoption as a legal tender as well.
  • He believes Panama should not trail other nations from the region that have already taken steps to legalize Bitcoin.
  • Naturally, he meant El Salvador. The small country located in Central America has been the leader in terms of BTC adoption.
  • As reported recently, the nation officially voted in favor of a new rule making Bitcoin a legal tender within its borders. El Salvador’s President, Nayib Bukele, further outlined his support for the asset and even urged miners to mine BTC with the thermal energy of the country’s volcanoes.
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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/paraguayan-official-confirms-in-july-we-legislate-bitcoin/

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U.K’s crypto-users are growing in number, but do they even understand the asset class?

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The United Kingdom’s approach to cryptocurrency regulations has been measured, but it has matured in the post-Brexit financial landscape. Even though the U.K didn’t ban the whole crypto-sector, there were still some hiccups on the way, however. Looking at how things currently stand, did the crypto-community in the U.K evolve?  Here’s a recent study to highlight the same.

The country’s main regulatory body, the FCA, recently published an in-depth report to provide an overview of cryptocurrencies and their use in the U.K. The research note titled “Crypto asset consumer research 2021” incorporated various factors to account for the current market frenzy. As per this report, various attributes recorded an uptick whereas there were a few concerns as well.

Crypto-holdings  

Talking about the former first, around 2.3 million adults in the U.K currently hold crypto-tokens in their portfolios, a significant hike from 1.9 million in 2020. The number of current owners too surged from about 3.9% to 4.4% of adults.

Source: FCA

What’s more, the ownership volume findings too painted a similar picture. As per the study, the average median holdings rose to 300 British pounds ($420) from 260 pounds ($370) in 2020. Out of these holdings, Bitcoin had a majority share, with 82% of the respondents recognizing BTC, compared to 78% last year.

Public awareness

With respect to the latest boom in crypto-developments in the U.K, it’s natural to witness the roaring demand in the crypto-space. This parameter, likewise, noted a surge as 78% of adults were up to date, a significant incline from 2019 and 2020.

Source: FCA

Quite the contrary now.

However, roaring awareness doesn’t always equate to understanding the underlying asset. Such is the case here.

“Only 71% of those who had heard of crypto correctly identified its definition from a list of statements. This was a statistically significant decline of 4% from 2020.”

According to the FCA,

“This suggests there may be a risk of consumers engaging with cryptocurrency without a clear understanding of it.”

Can this be one of the reasons?

Looking further, traditional media (TV, newspapers, radio, etc) are still the most common source (27%) for the U.K residents to take the first step in this domain. Does this imply that many still rely on the different broadcasts to directly jump onto the crypto-frenzy bandwagon instead of understanding its core? Well, certainly the data points in the said direction.

Here’s what Sheldon Mills, the FCA’s Executive Director of Consumers and Competition, said in a recent discussion regarding the same.

“It is important for customers to understand that, because these products are largely unregulated, if something goes wrong they are unlikely to have access to the FSCS (Financial Services Compensation Scheme) or the Financial Ombudsman Service.”


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/u-ks-crypto-users-are-growing-in-number-but-do-they-even-understand-the-asset-class

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