Tesla CEO Elon Musk On The Future Of Bitcoin And Crypto

On Monday, Tesla and SpaceX CEO Elon Musk appeared on the Third Row Tesla Podcast to discuss a variety of topics regarding his past companies, current work, and thoughts on the future of technology. At one point in the conversation, Musk was asked for his thoughts on Bitcoin and other cryptocurrencies, a subject he has been known to tweet about somewhat frequently.

“I’m neither here nor there on Bitcoin,” said Musk in terms of his general thoughts on the financial technology.

Musk was then asked to share how he felt after he read Satoshi Nakamoto’s Bitcoin white paper for the first time, to which the Tesla CEO responded, “I thought it was pretty clever.”

While Musk sees value in Bitcoin as a tool for illegal transactions, he does not appear to be a fan of the “digital gold” thesis around the asset as a store of value.

Crypto is For Censorship Resistant Transactions

As Musk dove deeper into his general thoughts and feelings on Bitcoin, his general thesis on crypto became much clearer.

“This sort of gets the crypto people angry, but there are transactions that are not within the balance of the law,” said Musk. “And there are, obviously, many laws in different countries. And, normally, cash is used for these transactions. But, in order for illegal transactions to occur, cash must also be used for legal transactions. You need an illegal to legal bridge. That’s where crypto comes in.”

When asked if he was specifically referring to dark web activities, Musk responded…

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Why did Ray Dalio warn investors from holding Bitcoin?

Ray Dalio, multi-billionaire and founder of investment firm Bridgewater Associates, said investors should not miss out on traditional markets, CNBC reported on Jan. 21.

Dalio warned from holding Bitcoin, saying that it’s neither a medium of exchange nor a store of value.

Dalio was interviewed at the World Economic Forum in Davos, Switzerland, where he advised investors to hold a global and diversified portfolio in this market, while increasing their stake in stock markets.

While Dalio acknowledged recession concerns, he argued that “cash is trash” due to the government’s ability to print it at will — something he believes they will be forced to do during a market downturn. Due to this, jumping into cash just before the eventual market fall is ill-advised, according to Dalio.

The billionaire still cautions balance, advising investors to hold “a certain amount of gold” in their portfolios.

His stance on Bitcoin (BTC) was far more negative, however, noting that it is not currently functioning as money:

“There’s two purposes of money, a medium of exchange and a store hold of wealth, and Bitcoin is not effective in either of those cases now.”

He added that the volatility of Bitcoin makes it unattractive for serious investment, while something like Libra could be a better option. Elaborating on his preference of gold as a store of value, he noted that central banks are some of the largest metal holders:

“What are they going to hold as reserves? What has been tried and true? Are they going to hold Bitcoin digital cash… They’re going to hold gold. That is a reserve currency.”

Bitcoin and the global economy

Bitcoin is often touted as “digital gold,” a reserve asset independent from government control.

But while many believe in the store of value thesis of Bitcoin, its performance so far has not indicated meaningful correlation with global markets. While it does appear to have slightly positive correlation to gold, the indexes are small enough that they can be attributed to coincidence.

These may still be teething problems due to…

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Bitcoin Dips And Recovers As Altcoins Continue The Mini-Season

After last week’s surge to nearly $9,200 and the following retracement, Bitcoin has been trading mostly in a range between $8,500 and $8,750. Yesterday, it noted a quick dip to $8,480 on Bitstamp and immediately surged back to over $8,700, which is where it currently stands.

If Bitcoin’s bullish 2020 price movements are to continue, it has to break the first major resistance level of $8,730, which is also the 38.2% Fib level. If successful, $8,900 will follow, which is the Golden Fib of 61.8%.

Alternatively, $8,400 serves as a support resistance line and further down is the $8,000 level, which is also a strong psychological point.

BTCUSD1h. Bitstamp. Source: TradingView
BTCUSD1h. Bitstamp. Source: TradingView

Even though it seems that Bitcoin has stabilized around $8,700, its dominance over the market has reduced to 65.7%, which is the lowest point in 2020. Combining this with the rising alternative coins, the community speculates on whether or not a new altcoin season is already in the making.

Ethereum (+1.41%) is just a shy of $170, while Bitcoin SV continues its remarkably positive year with another 4.6% gain to $319.

Binance completed the 10th burn of its native coin yesterday, and BNB rises with 4% today to $18.15. Litecoin also registers around a 4% gain and is close to $60.

Cryptocurrency Market. Source: coin360.com
Cryptocurrency Market. Source: coin360.com

Total Market Cap: $242 B | Bitcoin Market Cap: $159 B | Bitcoin Dominance: 65.7%

Major Crypto Headlines

Major Central Banks Announce Cooperation On Efforts Regarding Cryptocurrencies. The central banks of Britain, the Eurozone, Japan, Sweden, and Switzerland will reportedly create a dedicated group to discuss the eventual benefits of launching their own cryptocurrency.

At Davos: Billionaire Ray Dalio Says Bitcoin Fails The Purposes Of Money. Speaking at Davos, the famous U.S. investor Ray Dalio said that Bitcoin fails the two purposes of money because of its volatility. He also says that people should avoid fiat currencies, as “cash is trash.”

Another One Bites The Dust: SEC Brings Charges Against Another ICO. The Securities and Exchange Commission (SEC) has recently brought charges against another allegedly fraudulent ICO of unregistered digital asset securities. It appears that the U.S. market regulator is becoming much more stringent in this manner.

Significant Daily Gainers and Losers

Komodo (24.87%)

KMD is the most significant gainer in the last 24 hours against both USD and BTC, with a similar rise of around 24-25%. Komodo’s price is $0.76, and it trades that 8775 SAT.

The company recently updated its documentation for developers, which now consists of over 1000 pages of tutorials.

Golem (24%)

GNT’s impressive surge of 24% has returned it to the top 100 coins by market capitalization. Golem is now at over $0.04, and its increase of 23% against Bitcoin means that GNT/BTC trades at 473 SAT.

Golem will stream its first 2020 AMA later today, where it should announce the upcoming updates and developments from the team.

MCO (-6%)

In the predominantly positive market, MCO stands on the opposite side with a 6% decline since yesterday. It has dropped to $4.77 against the dollar and to 55000 SAT against the largest cryptocurrency.

Moreover, the recent negative price movement also means that MCO’s total market cap has decreased to around $75 M.

The post Bitcoin Dips $300 And Recovers As Altcoins Continue The Mini-Season: Wednesday Market Watch appeared first on CryptoPotato.

Source: Crypto Potato

Ethereum Price to Set a New 6-Month High: CRYPTO ANALYST

Ethereum price was recently on its way back to $200 until it met strong resistance and was subsequently driven back beneath $140. One analyst however, believes that a much stronger bull run is in the works.


ETHEREUM RECOVERS AFTER UNSUCCESSFUL RALLY

The entire crypto community held its breath recently, as Bitcoin broke the $9,000 mark and started surging further up. Many believed that this was the start of a rally that will finally bring BTC not only to $20,000 but maybe to an entirely new ATH.

Unfortunately, this did not happen. However, BTC is not the only one that was recently predicted to start breaking down resistances and pushing for new highs. Ethereum was recently predicted to return to its August high at $240, and the coin was seemingly well on its way of actually reaching this level. Unfortunately, a resistance at $180 overpowered the uptrending momentum and forced ETH back into decline before the target was achieved.

Ethereum quickly fell to $165, but it is currently once again trading in the green, with its price moving up by 2.35% against USD in the last 24h, and by 1.93% against BTC during the same period. At the time of writing, the coin’s price sits at $168, and it slowly continues its growth.

One of crypto Twitter’s leading traders, @TheCryptoDog, commented on Ethereum’s recent momentum, stating that the #2 ranked asset looks very promising right now.

A NEW FORECAST

With Ethereum price remaining highly volatile this month, many in the crypto industry are unsure what to expect from the world’s second-largest cryptocurrency. But, one analyst provided his prediction which states that ETH has a chance to make a break for it and reach as high a price as $335 in the coming days. Obviously, this seems incredibly optimistic, and it would mean that the coin would have to surge by more than 100%.

Been telling you guys to buy $ETH after the bottom reversal – we started at $131 and it’s almost $180. If you believe the $BTC halving is not priced in like I do and that #Bitcoin is going to have a very bullish year, then you can be certain that #Ethereum will follow along. Raising my #Ethereum target to $335

Satoshi Flipper also provided his reasons for giving this forecast. Basically, he expects that Bitcoin will soon skyrocket and that it will take the entire crypto market with it. And, with Ethereum being the second-largest coin, it will definitely be among the first to follow.

Here’s what we’re looking at with $ETH on LTF. Important support level here. If $BTC closes above 8600 today, #Ethereum will see a nice bounce here.

WHY IS EVERYONE SO BULLISH ON BITCOIN?

Naturally, this assumption makes sense. After all, Bitcoin is currently approaching its third block reward halving, which is scheduled to take place in May. Historically, this should be an extremely bullish event for the coin, which is why many have predicted that BTC is likely to exceed…

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New Bill In Congress Could Have Massive Impact On Bitcoin, Ethereum, And Other Cryptocurrencies

Last Thursday, the Virtual Currency Tax Fairness Act of 2020 was introduced in Congress. The bill has the potential to solve a major issue with payments made via Bitcoin, Ethereum, and other major cryptocurrency networks in that an exception would be created for the potential capital gains taxes that often occur when these digital assets are used in everyday commerce.

The bill was introduced with bipartisan support from U.S. House Representatives DelBene, Schweikert, Soto, and Emmer. Coin Center, which is a group that advocates for regulatory policy on behalf of the cryptocurrency industry, has been working on this tax-related issue with Bitcoin payments since at least 2017.

Notably, 2019 saw a number of different members of Congress comment on Bitcoin. With Congressman Brad Sherman (D-CA) claiming the crypto asset is a threat to the U.S. dollar and Congressman Patrick McHenry (R-NC) sharing his own bullish comments on the long term utility of Bitcoin.

Bitcoin’s Tax Issue

A key usability issue with Bitcoin payments is that taxes may need to be paid in a situation where a capital gain has occurred, which could be when someone is simply buying a meal with Bitcoin at a local restaurant. Under current U.S. law, the use of Bitcoin to pay for goods or services is treated as a sale of those Bitcoin holdings, which is a taxable event.

In addition to dealing with the wild price fluctuations found in the cryptocurrency space, users must also track the gains made every time they want to use Bitcoin or another crypto asset as a medium of exchange — at least if they plan on paying the proper amount of taxes.

While a previous version of this bill was focused on implementing a tax exemption for transactions in the amount of $600 or less, a different approach has been taken with the 2020 version of the bill. In the Virtual Currency Tax Fairness Act of 2020, capital gains taxes are only exempt in situations where the gains made by an individual as a result of the transaction would be greater than $200.

This is somewhat similar to exemptions that already exist for foreign currencies, so cryptocurrencies like Bitcoin are at a huge disadvantage when it comes to their potential use in daily commerce. That said, moves by governments to issue their own digital currencies this decade could be extremely helpful to Bitcoin’s value proposition.

If passed, the tax exemption would be instated for the 2020 fiscal year.

While the vast majority of Bitcoin users are focused on the speculation and store of value use cases, this sort of legislation could be massively helpful in a situation where more people want to start using the digital currency for smaller payments, especially as the Lightning Network continues to develop as a second layer protocol layer for fast, cheap Bitcoin transactions.

The progress of this bill should be…

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Bitcoin Price Tests $9,000 As Altcoins Flourish

2020 has so far been particularly positive for Bitcoin and the rest of the cryptocurrency market. Starting the year at around $7,100, BTC currently trades at almost $9,000, charting notable increases throughout the entire week. 

In the past 24 hours alone, Bitcoin gained another 3% to its value, increasing from around $8,650 to about $9,000 from where it retraced a bit and it currently trades at $8,900. 

BTCUSD
BTC/USD. Source: TradingView

Bitcoin’s total market capitalization has increased to $162 billion. However, its dominance has sized down to 66.1%, meaning that altcoins have managed to recover and to claim new grounds. 

Indeed, looking at how other cryptocurrencies besides Bitcoin performer, it’s rather clear that they are flourishing. All of the projects from the top 20 are in the green, charting serious gains throughout the entire week. The past 24 hours are no exception. 

Bitcoin SV is once again one of the best-performing altcoins, increasing by 10% throughout the past 24 hours. Others who marked serious gains include Binance Coin (9.14%), EOS, (8.84%), Bitcoin Cash (7.8%), and so forth. 

Total Market Capitalization: $245B | Bitcoin Market Capitalization: 162B | BTC Dominance: 66.1%

Major Crypto Headlines

$3.2 Million ETH Stolen From UPbit Is Already Laundered: Report Claims. Following the hack of UPbit which took place in November 2019, it now becomes clear that $3.2 million from the stolen cryptocurrency has already been laundered. The report also claims that this happened by using small transactions in a lot of different exchanges. 

YouTube Crypto Purge Is Back: Popular YouTuber Davinci Reports He’d Been Blocked From Streaming. Despite issuing a formal apology and saying that the cryptocurrency purge has been a mistake, it appears that YouTube is taking a charge at content creators once again. Popular cryptocurrency YouTuber Davinci has said that his channel has been flagged and that he has been blocked from streaming. 

Craig Wright’s Defamation Case Against Hodlnaut Reportedly Dismissed By UK’s High Court. Self-proclaimed Satoshi Nakamoto, Craig Wright, has reportedly seen his defamation case against popular Twitter user Hodlnaut dismissed. The merit for the order is the is lack of jurisdiction but the case will supposedly continue in Norway.  

Significant Daily Gainers and Losers

Ethereum Classic (31.45%)

Ethereum Classic (ETC) is undoubtedly the most significant daily gainer throughout the past 24 hours, at the time of this writing. Up 31.45% so far, ETC stands at a price of $10 and a total market capitalization of about $1.1 billion. More interestingly, ETC saw a surge in its 24-hour trading volume which is now more than $3.2 billion. 

MonaCoin (24.72%)

MonaCoin is another altcoin that managed to impress in today’s trading session. It’s up about 24 percent in the past day alone, bringing its price to $1.22 at the time of this writing. MonaCoin now sits on a market cap of about $80 million and is the 61st largest cryptocurrency. In terms of 24-hour trading volume, MonaCoin stands at about $21 million. 

Swipe (-11.83%)

Unfortunately, not all altcoins managed to increase with the rest of the market. Swipe is down about 11.8% and its price reduced to $1.30. The cryptocurrency stands on a total market cap of about $79 million and saw a trading volume of $14 million in the past 24 hours. 

The post Bitcoin Price Tests $9,000 As Altcoins Flourish: Friday Crypto Market Watch appeared first on CryptoPotato.

Source: Crypto Potato

An NBA star plans to turn his contract into digital tokens and sell them

It appears that Spencer Dinwiddie, who plays guard for the National Basketball Association’s Brooklyn Nets, may get the chance to be the first professional athlete to “tokenize” his contract after all.

To do what? Basketball and other sports stars are typically given multi-year contracts that work out to a certain dollar amount per year. Dinwiddie hopes that by tokenizing his three-year, $34.36 million contract, he will be able to collect its value up front, instead of having to wait.

Dinwiddie plans to sell 90 tokens for $150,000 each to accredited investors. After a year, they will be tradeable. The digital security will pay out 4.95% interest on a monthly basis, and fully pay out when it matures in 2023, according to Forbes. Dinwiddie says the structure he and his legal team have created can be used by other players too.

Delay of game: After months of negotiations with the NBA, Dinwiddie tweeted on Friday that the digital investment vehicle will launch on January 13. He had originally announced the plan in September but met resistance from the NBA, which said issuing the blockchain-based “tokenized security” backed by his contract was prohibited by the league’s collective bargaining agreement.

Gambling? Dinwiddie told Forbes that the league’s biggest objection related to the third year of his contract, which gives him leeway to opt out and pursue a more lucrative one. He had promised investors “significant dividends” in the case he did land a richer deal in the third year. Apparently the NBA opposed that aspect, calling it gambling. Dinwiddie has removed this element from the plan and is convinced that the NBA will now let it move forward.

Stay tuned: Meanwhile, the NBA hasn’t exactly confirmed that Dinwiddie has the all-clear. A league spokesperson issued the following statement yesterday…

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Top 5 Best Performing Cryptos in Yesterday’s Big Rally

Crypto asset markets are starting to settle following an epic pump that added $20 billion to total capitalization. Several altcoins made their largest daily gains for several months, and here are the top five.

Over the past 24 hours, cryptocurrency markets have made their largest move for several months pushing total market cap to almost $245 billion. Since the beginning of the year, the market has grown by 26% adding over $40 billion in total.

Altcoins, which are still in a two-year bear market, are driving momentum at the moment as bitcoin dominance falls back to 67%, but which ones are leading the pack? We’ll take a look at the top one hundred cryptos.

Bitcoin SV
Craig ‘Faketoshi’ Wright’s bitcoin spinoff is grabbing all the headlines at the moment. As rumors of private key discovery emerge, the premise that the Satoshi claimant may have access to a multi-million dollar BTC ‘Tulip Fund’ has sent speculators into a frenzy.
BSV has surged almost 130% over the past 24 hours to flip its brother Bitcoin Cash as its market cap tops $7 billion. It hit an all-time high just over $400 a few hours ago.

Bitcoin Gold
Another spawn of BTC is also one of the top performers of the day. BTG, which has done nothing since April 2018, lifted off a few hours ago surging from $8 to just below $20.
This epic move has added almost 140% to the price in less than 24 hours and has largely been driven by the movements of BSV and BCH.

Bitcoin Diamond
It is no surprise then that the third peculiar knock-off of bitcoin has also made a massive pump today. BCD mirrored the moves of its hard forked brethren surging over 80% on the day from $0.42 to $0.77.
There appears to be nothing specific driving momentum for these chains aside from general FOMO and their perceived low price. Halvings of the hard forks are all set for this year also.

Dash
This privacy-based crypto asset has surged back up the coin cap charts to take 14th spot with a monumental pump today.
A 70% surge took Dash from an intraday low of $76 all the way up to $130. The altcoin is big in South America where FOMO appears to have taken hold over the past few hours.

Ethereum Classic
ETC is the fifth top performer today outpacing its big brother by a factor of two. Ethereum Classic has notched up a 36% gain from $5.70 to reach $7.75 today.

Again there appears to be little specifically driving this momentum aside from general altcoin bullishness.
The next five top performers in the top fifty altcoins according to Coinmarketcap.com include Bitcoin Cash, BAT, Zcash, EOS, and Ontology. Altseason hopium has returned but cryptos have a long way to go before their in a true bull market.
Will the bitcoin hard forks continue to crank higher? Add your thoughts below.

The post appeared first on Bitcoinist.com.

Source: Bitcoininst

Bitcoin Reaches Its Highest In More Than 2 Months

Bitcoin prices rallied today, reaching their loftiest value since mid-November as the broader market pushed higher.

The digital currency climbed to $8,848.92 at roughly 1:15 p.m. EST, according to CoinDesk data.

At this point, the cryptocurrency was up 3.6% for the day, and was trading at its highest level since November 12th, additional CoinDesk figures reveal.

The digital asset has been following a broad, upward trend for the last several days, pushing higher after reaching a 2020 low of $6852.09 on January 3rd.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

When explaining bitcoin’s recent gains, analysts cited both technical and fundamental factors.

Christopher Brookins, founder and CIO at Valiendero Digital Assets, spoke to these developments.

“The sharp move is the confluence of uptick in fundamentals” and technicals, he stated.

“I think the bottom is firmly in,” said Brookins, pointing to the “strong uptick” in bitcoin’s hash rate and his analysis of the Hurst exponent, a momentum indicator that helps determine the strength of…

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As Bitcoin Struggles, This Minor Cryptocurrency Is Up Almost 500% Over The Past 12 Months

Bitcoin has had a mixed start to the new yearThe price has climbed, most likely for potentially controversial reasons—but, meanwhile, at least one minor cryptocurrency is going from strength to strength.

The bitcoin price has climbed over the first few days of 2020 but has failed to make meaningful gains and breakout of its long-running malaise, leaving many cryptocurrency traders and investors disappointed.

However, chainlink, a top 20 cryptocurrency traded under the name link boasting an $800 million market capitalization, has risen 25% already in 2020—bringing its year-on-year rise close to a staggering 500%.

The chainlink price reached its highest in late June of 2019, hitting $4.55 and up over 1800% from the start of 2019.

he massive rally was caused by interest in chainlink from China, the world’s largest bitcoin and cryptocurrency exchange by volume, Binance, working with chainlink developers so-called decentralized finance products, and search giant Google using chainlink’s blockchain to bridge legacy databases.

“As with most blockchain projects in their infancy given the low liquidity initially, any surge in demand is likely to cause significant impact on price,” said Simon Peters, bitcoin and crypto analyst at investment platform eToro.

The chainlink price has fallen back somewhat from its all-time high but has broken the broader cryptocurrency downward trend—with almost all so-called altcoins failing to recover after the brutal crypto winter of late 2018 and early 2019.

“With chainlink developers working with the likes of Swift to help connect banks to smart contracts, as well as major companies like…

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