Day: July 19, 2020

‘Worthless Coin’ — McAfee Says He Never Believed Bitcoin Would Hit $1M

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In July 2017, John McAfee said he would “eat his own dick” if Bitcoin does not hit $500,000 within three years. Today, BTC is hovering at a mere $9,130 and its price must increase by more than 5,376% to meet McAfee’s prediction. John McAfee tweets he would eat his dick if Bitcoin doesn’t hit $500k. Source: John McAfee Twitter In general, Bitcoin quite clearly got nowhere near $500,000 in the past three years. Not only that, but McAfee is also seemingly backtracking from his $1 million per BTC prediction. Last…

On-Chain Bitcoin Scaling En Masse Requires Bigger Blocks, Abra CEO Says

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Bill Barhydt, CEO and founder of the Abra digital finance wallet and exchange app, said he sees Bitcoin’s (BTC) blockchain struggling when it comes to on-chain mass adoption of the asset as a store of value, given the asset’s current technology.  “Bitcoin can certainly scale ‘off-chain’ today via third-party custodians such as exchanges and wallets like Abra or other so-called second-layer technologies such as Lightning,” Barhydt told Cointelegraph on July 15.   He added: “When held in that manner Bitcoin’s scalability is probably limitless. However, Bitcoin doesn’t yet have the scalability…

Bitcoin Could Be the Next Big Inflation Hedge

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As reports hit the United Kingdom in mid-June warning that inflation rates had fallen to a four-year low, high-profile fund managers were conversely worrying that the COVID-19 stimulus from governments and central banks would ultimately drive up prices.  In a recent market outlook note, famed hedge fund investor Paul Tudor Jones warned that:  “We are witnessing the ‘great monetary inflation’ — an unprecedented expansion of every form of money unlike anything the developed world has ever seen. High debt accommodated by money printing is difficult to banish. Inflation expectations could…

Will Ether Price Hit $400 if DeFi Keeps Eating Bitcoin’s Lunch?

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Not a day goes by without someone shilling something related to Decentralized Finance (DeFi). It’s being touted as being bigger than the 2017 altcoin boom, and when you look at things like the monstrous Tether market cap, the recent surge in the price of Chainlink as well as DeFi platform Celsius recently exceeding $1 billion in crypto deposits, it’s clear that these are well-founded claims.   However, the one problem that this potentially presents for Bitcoin is the value proposition to high-net-worth-individuals and institutions considering entering the space.  Earn as much…

Analyst: Bitcoin Looks Exactly As It did Prior to 2017’s 2,000% Rally

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Multiple analyses have shown that Bitcoin looks primed to see a macro rally despite the ongoing uncertainty and lack of volatility. Related Reading: BTC Just Confirmed a Signal That Preceded Historical 5,000% Rallies Bitcoin Looks Extremely Similar to the Start of Previous Macro Rallies According to a cryptocurrency trader, the simple chart below explains why he is currently bullish on Bitcoin. It shows the asset’s macro price action with annotations of the halving and key cycle events. In sharing the chart, the trader is suggesting that Bitcoin currently looks almost exactly…

Digital Yuan CBDC Momentum Grows as More Chinese Firms Get to Testing

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Despite the global economic crisis and the consequences of the coronavirus pandemic, the development of the Chinese national cryptocurrency, the Digital Currency Electronic Payment, is steadily progressing. The increase in the number of large companies joining the digital yuan initiative as partners in testing and implementing the technology is clear evidence of the progress the project is making in its development.  Meituan Dianping, the country’s largest wholesale and delivery platform for products, has become the latest corporation to agree to assist the People’s Bank of China in testing and implementing…

Key Reasons Why It Could Tumble

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Ethereum started a fresh decline from the $245 resistance against the US Dollar. ETH price is currently correcting higher, but upsides are likely to remain capped near $238 and $240. ETH price is facing a strong resistance near $240 and the 100 simple moving average (4-hours) against the US Dollar. The bears are likely to remain in control as long as the price is below $240. There is a key connecting bearish trend line forming with resistance near $240 on the 4-hours chart of ETH/USD (data feed via Kraken). The…

Here’s Why BTC Could Rally Above 100 SMA

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Bitcoin is struggling to clear the main $9,200 resistance area against the US Dollar. BTC is likely to start a strong rally if it clears the $9,200 resistance and the 100 SMA (H4). Bitcoin is facing a strong resistance near the $9,200 level and the 100 simple moving average (4-hours). The price could start a strong rally if it settles above the $9,200 barrier. There is a significant breakout pattern forming with resistance near $9,200 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair must…

Criminal Extradited from Cyprus for Allegedly Stealing Bitcoin

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Two alleged criminals, one suspected of stealing thousands of Bitcoin and the other a money launderer with connections to Hezbollah, were extradited from Cyprus, according to the Department of Justice or DOJ. One of the suspects is wanted in Georgia and Arizona for cyber intrusion and extortion and the other is wanted in Florida for money-laundering in support of Hezbollah.  Joshua Polloso Epifaniou, a Cypriot national, is accused of wire fraud, conspiracy to commit wire fraud, conspiracy to commit computer fraud and identity theft and extortion. The DOJ said Epifaniou…

Is Dogecoin Really a Valid Currency? Elon Musk Asks Bitcoin Twitter

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Elon Musk has trolled the Bitcoin and wider crypto community once again: The Tesla and SpaceX chief executive just mentioned Dogecoin (DOGE) for the second day in a row on July 18th.  Elon Musk Mentions Dogecoin… Again Minutes ago as of this article’s writing, Musk sent out the tweet seen below. Attaching a picture of himself in a pensive mood, the prominent entrepreneur jokingly asked: “Is Dogecoin really a valid form of currency?” Despite it being posted just minutes ago, the tweet has already racked up hundreds of comments and…