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The Reason Why A Billionaire Wants Everyone to Invest 1% Of Their Wealth In Bitcoins

Chamath Palihapitiya is a well-known name in corporate circles including Wall Street. He is the billionaire CEO of Virgin Galactic and Social Capital. He has founded over six million dollar companies and sits on the boards of nine others including, Syapse and Remind 101. He also has vast experiences having served in high operation roles…

The post The Reason Why A Billionaire Wants Everyone to Invest 1% Of Their Wealth In Bitcoins appeared first on Cryptoverze.

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Chamath Palihapitiya is a well-known name in corporate circles including Wall Street. He is the billionaire CEO of Virgin Galactic and Social Capital. He has founded over six million dollar companies and sits on the boards of nine others including, Syapse and Remind 101. He also has vast experiences having served in high operation roles at Facebook, AOL and other Silicon Valley giants.

During a Podcast with Anthony Pompliano (Morgan Creek Digital Founder), he enumerated how Bitcoin has vast possibilities in the coming future. In this article, we are going to touch upon some of the important bits from the podcast.

On whether he has personally invested in Bitcoins-

When Pompliano asked him whether he has himself invested in the crypto, Chamath Palihapitiya said that he has just invested once, that too in 2013. However, the elaboration of the answer was what made news.

Palihapitiya stated that he bought Bitcoins for around eighty-hundred bucks in 2013. He also says that at one point he had nearly 5 million of all Bitcoins in circulation.   According to him, he did not want to handle the coins personally and placed them with some kind of a trading platform. We believe that one of the major exchanges is holding his Bitcoins.

Experts are of the opinion that it was in late December 2017, when the Bitcoin boom happened, Palihapitiya’s Bitcoin fortune made him a billionaire. Palihapitiya himself says that he placed the coins with the company because he wanted to use it as a hedge in the future.

He also said that it is important to consider Bitcoin as an asset, which delivers you cash and other dividends when you need it. This is an entirely new perspective, which has not yet seen a lot of focus.

Chamath Palihapitiya on the future of Bitcoin and Cryptocurrencies

Palihapitiya states that Bitcoin is something, which has the potential to cross the $100,000 mark in the next few years. He also stated that he would not be surprised if Bitcoin hit the $1 Million mark in the next decade!

According to him, Bitcoin follows a ten-year old trajectory and holds a lot of potential in altering our financial systems. He was however categorical in pointing out Bitcoin’s volatility and stating that it still has a long way to go when it comes to matching the dollar’s stability.

Palihapitiya is of the opinion that it is futile for people to be investing in other cryptocurrencies like Ethereum. He unequivocally referred to all altcoins as second tier or third tier. According to Palihapitiya, if any crypto can really make a mark on the global financial systems, it is Bitcoin.

Why Palihapitiya feels that you should look at Bitcoin as an Insurance

Palihapitiya equated investing in Bitcoins as a kind of insurance. He says that just like in an insurance, a $1 investment in Bitcoins should help you generate $1000. This according to him is something, which is going to be possible moving forward.

On questions as to should normal people invest in Bitcoins, his answer was an emphatic yes. He pointed out that it makes great financial sense to invest just 1% of all your wealth in Bitcoins and forget about them.

Apart from the quirk factor, he points out that there is something empowering in investing in a future, which is not at all connected to the present day world. In other words, it is the future. Palihapitiya also had some harsh words for Warren Buffett (who has been very critical of Bitcoin and crypto) stating that Buffett is not connected to the reality of what is happening around us.

Conclusion

Palihapitiya’s podcast is important for many reasons. For starters, he joins the list of mainstream billionaires who are coming out in the open and defending Bitcoin. Secondly, his point of view of equating insurance with Bitcoin signals a strong element of using the crypto as a hedge. Lastly, his prophesy of Bitcoin hitting astronomical figures demonstrates the viewpoint of those people who are in positions of power on Wall Street.

If you too want to invest in cryptocurrencies like Bitcoin, know about the mining commissions

Source: https://cryptoverze.com/the-reason-why-a-billionaire-wants-everyone-to-invest-1-of-their-wealth-in-bitcoins/

Blockchain

BTG Pactual becomes first bank in Brazil to participate directly in the crypto market

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Financial institutions have been increasingly keen on being part of the booming $2 trillion cryptocurrency market, with over 13 of the world’s largest banks pushing roughly $3 billion in funding so far, into cryptocurrency. The latest major news came from Brazil.

One of the leading Brazilian investment banks BTG Pactual has been trending within the crypto community. It launched a new platform enabling customers to make direct investments in cryptocurrencies. Ergo, making it the first major financial institution in Brazil to participate directly in the crypto market.

According to local news outlet, The Rio Times,

“…the launch of Mynt, a platform that allows BTG Pactual Digital and BTG+ clients to trade directly, cryptocurrencies such as bitcoin and ether.”

Andre Porthilo, BTG Pactual’s head of digital assets, stated,

“At this first moment, we will have the two main assets of the market, but we will include other cryptos for trading over time. We will have a complete platform with blockchain-based assets.”

One thing that remained in common with different banks incorporating these tokens is the fact that they have been responding to “demand from our customers who wish to trade crypto.” This news is no different.

Plans

BTG Pactual CEO, Roberto Sallouti laid out his plan of action with this development. He opined, “As a new asset class, we will also have content to educate and inform our customers about these assets and the technology.”

Needless to say, Brazil has witnessed an immense amount of crypto traction. That said, regulators too have taken steps to curb illicit activities. As asserted by the CEO, the said bank will be regulated by both the Brazilian Securities Commission and the local central bank. Moreover,

“With the support of BTG Pactual, Mynt has fundamental differentials in security and credibility…”

Past

The said bank had previously incorporated digital assets in previous operations as well. In 2019, it launched its real estate-backed security token ReitBZ. This step was executed post-examining digital assets for a couple of years. Just recently, the bank announced collaboration with Gemini, the U.S.-based crypto exchange. Gemini provided custody services to the first Bitcoin fund issued by a Brazilian investment bank.

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Source: https://ambcrypto.com/btgpactual-becomes-first-bank-in-brazil-to-participate-directly-in-the-crypto-market

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Basel Committee Crypto Rules Face Backlash

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Source: https://cryptobriefing.com/basel-committee-crypto-rules-face-backlash/?utm_source=main_feed&utm_medium=rss

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Ethereum NFT Game Sorare Fantasy Soccer Raised $680 Million

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Ethereum NFT game Sorare fantasy soccer just raised $680 million and it is now valued at $4.3 billion while launching a US office so let’s read more today in our latest Ethereum news.

The Ethereum NFT game Sorare fantasy soccer raised $680 million and the french startup now plans to expand into other sports as well as to onboard women’s soccer teams and US office. Sorare is an Ethereum-based fantasy soccer game based on NFT trading cards and grew dramatically in 2021 with a rising base and huge trading volume not to mention the new licensed teams in the mix. Today, however, the startup is using the momentum with the announcement of a new funding round.

NFT Game Founder, scammer, eth, cryptopunks

The $680 million Series B round values the company at $4.3 billion after a $50 million Series A round which was announced back in February and the new series was led by Japanese tech and investment conglomerate SoftBank that has a number of crypto industry dealings through SBI holdings financial services division. Sorare is focused on soccer with players from more than 175 licensed clubs like FC Barcelona, Juventus FC, and Paris Saint Germain FC as some of the most popular. Nicolas Julia, the co-founder and CEO of Sorare said that this week the company plans to expand into other sports and it will open a US-based office in the upcoming months to help “continue to grow with fans and sports leagues.” He continued:

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“We have ambitious plans to keep growing Sorare into a sports entertainment giant. The new funding will be used to help us continue to grow a world-class team, expand to new leagues and new sports, and keep improving our experience for users, including shipping a mobile app.”

nba top shot

Dapper Labs’ NBA Top Shot is similar to Sorare, built around NFTs and based on professional athletes. An NFT acts like a deed of ownership to a scarce digital item so in the case of Sorare, it’s a digital trading card that can be purchased and resold with each available in limited quantity. One NFT card can even reach $290,000. Unlike Top Shot, however, Sorare has an ongoing game component and is similar to other fantasy sports in that you can choose your top players each week as well as the leagues with other users. Sorare also has close ties with Ubisoft as it took the accelerator program this year.

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Source: https://www.dcforecasts.com/ethereum-news/ethereum-nft-game-sorare-fantasy-soccer-raised-680-million/

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