Over 9,500 people around the world were surveyed for Block’s 2022 Bitcoin report which showed that more optimistic individuals possessed a greater self-reported knowledge level of the crypto.
Billionaire Tim Draper On What Will Trigger The Next Bitcoin Bull Market
Bitcoin has been on a bear path given its recent movements and it’s no secret that the digital asset is well out of the bull market. This has sparked speculations as to what will actually trigger another bull rally for the pioneer cryptocurrency. Billionaire Tim Draper who has always been vocal when it comes to his thoughts about the crypto market has weighed in on this and put forward what he believes will be the defining factor for the next bitcoin bull market.
Women Are The Key
It is no surprise that more women are moving into the market. Even though males still disproportionately dominate crypto investing, the number of women moving into the space has been on the rise, reaching as high as one in every three investors now being a woman. Nevertheless, there is still a long way to go when it comes to bringing more women into crypto and billionaire Tim Draper believes that they will drive the next bitcoin rally.
Related Reading | Bitcoin Dominance Remains High As Market Sell-Offs Settle
Draper bases this on the fact that women command an immense purchasing power and if they were to bring this power into the bitcoin market, it will trigger another rally for the digital asset. He is not very far off with this assessment given that he said that women control approximately 80% of retail spending.
BTC recovers above $30,000 | Source: BTCUSD on TradingView.com
Women, who only currently make up 30% of all crypto investors in the United States, are still yet to move into the market en masse compared to their male counterparts, who by comparison possess less retail purchasing power. The factors behind this disparity usually come down to the fact that males are said to be risk-takers compared to women. Hence, are more comfortable playing in a relatively new space with little to no regulation.
Driving Bitcoin To $250K
Draper’s analysis of more women moving into the market could mean that bitcoin will hit new all-time highs. He puts forward where he believes that the price of the digital asset may end up and that number came out to $250,000.
Related Reading | Bearish Indicator: Is Bitcoin Headed For Its Ninth Red Weekly Close?
However, the billionaire explains another factor that will drive the price to this point. Alongside more adoption from women, he cites adoption from merchants who save more money when they accept bitcoin compared to credit cards.
He notes that once the cryptocurrency becomes more widely accepted as a form of payment, it will drive more women to own bitcoin wallets and buy things with BTC. “Then you’re going to see a Bitcoin price that’ll just blow right through my $250,000 estimate,” the billionaire added.
Featured image from Blockchain Journal, chart from TradingView.com
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World Bank won’t support Central African Republic’s Sango crypto hub
The World Bank has said “it will be physically impossible” for the lender to fund the planned Sango crypto hub and voiced concerns regarding the country’s adoption of Bitcoin.
MicroStrategy Will Not Dump Any Of Its Bitcoin, CFO Reveals
MicroStrategy has become a major player in the crypto realm since it began purchasing Bitcoin. Its holdings have seen it solidify its place as the public company with the largest bitcoin holdings in the world. A notable fact is that the company had bought a good chunk of its BTC during the bull rallies of 2021. So as the price of the digital asset has begun to decline, there have been speculations regarding whether MicroStrategy plans to begin dumping its BTC.
MicroStrategy Will Not Sell BTC
MicroStrategy recently appointed a new Chief Financial Officer, Andrew Kang, who so far looks to be committed to the company’s strategy. The firm has revealed in the past that it would hold its BTC for the long term and had no plans to sell. Kang has reiterated this strategy in a recent interview amid many speculations.
Related Reading | More Stress For El Salvador As Bitcoin Dips To $29,000
Kang spoke with The Wall Street Journal where he revealed that MicroStrategy was still committed to holding its bitcoin. More importantly, the CFO explained that the company has not been facing any kind of pressure from its shareholders to actually sell off any of its BTC.
BTC starts another recovery trend | Source: BTCUSD on TradingView.com
Even with its BTC investment currently in the loss, it remains steadfast in its resolve to hold its Bitcoin. This has also been echoed by CEO Michael Saylor who took to Twitter to assure investors that MicroStrategy will not dump any of its BTC even through the bear market. Adding that the firm continues to stand with bitcoin.
BTC Will Be Worth Millions
CEO Michael Strategy is a bitcoin maximalist whose personal investment had been one of the basis for convincing the board to invest in BTC. Saylor has always been vocal about the fact that he believes the digital asset will be worth a lot of money in the future, putting it at over a million dollars.
Saylor revealed in an interview with Yahoo Finance that he sees the pioneer digital asset touching as high as $1 million in the future. He also called it the “currency of the future” while emphasizing its superiority over other cryptocurrencies in the space.
Related Reading | Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To Recover
As for MicroStrategy, the CEO explained that when it comes to buying BTC, there is no “pricing goal”. He believes that the company will continue to buy the coin at its local peaks. Interestingly, the CEO has also said that he sees the market cap of bitcoin reaching as high as $100 trillion one day.
MicroStrategy currently holds 129,218 BTC on its balance sheet. The total entry value for all of its bitcoin is $3.97 billion. While the current value of its holdings is $3.924 billion, putting the company at about $46 million in the loss.
Featured image from Onewsonline, chart from TradingView.com
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More Stress For El Salvador As Bitcoin Dips To $29,000
El Salvador has been on the radar of leading financial and economic institutions since it made Bitcoin a legal tender. It has mainly become a spectacle as cryptocurrency supporters and non-supporters alike watch on to see how this plays out. El Salvador which had made good on its bitcoin promise had made multiple BTC purchases at close to the height of the market last year and some this year.
The country now holds at least 2,300 BTC since it made its first purchase in September of 2021. Now that the price of Bitcoin is down significantly since the country had begun buying, how is this playing out for the North American country?
El Salvador And Its Bitcoin
El Salvador had bought another 500 BTC in May after the market had declined to $1.68 trillion. These bitcoins which were purchased at an average price of $30,774 had brought the country’s holdings to 2,301 BTC so far. It would be the lowest price that the country had been able to purchase the digital asset and given that this purchase was only a small part of its larger holdings, the country still remains in loss from its multiple purchases.
Related Reading | Funding Rates Fall To Yearly Lows Following Bitcoin’s Fall Below $29,000
The first time El Salvador had bought some BTC in September, it had been trading above $44,000. What this means is that the digital asset is down about 45% since then. Its entire stash is now worth about $70 million at present prices. So even with the dollar cost averaging method that has seen the country buy BTC at different prices, it is still down 28% from its total purchase value.
BTC falls to $28,000 | Source: BTCUSD on TradingView.com
The move to accept BTC has not only proved controversial on just the bitcoin price side, but it has also affected the country’s ability to receive international aid in the form of loans.
Last year, it was made public that the country had been looking to secure $1.3 billion from the IMF. However, this does not seem likely to happen given that the IMF has expressed its disdain for the adoption of bitcoin as a legal tender.
It has advised the country to remove the digital asset as an official national currency, citing that this could cause problems for the economy in the long-term, revealing that the current account deficit for El Salvador’s remittance and the external financing-reliant economy is estimated to drift around $2 billion for the next three years. But President Nayib Bukele has turned a deaf ear to this.
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El Salvador is a country that is heavily reliant on remittances from citizens abroad who send money home to loved ones. For this reason, the president has said that BTC will greatly help make these remittances easier and cheaper for its residents.
On the price side, the president is not much bothered by the recent decline either. He has said in the past that he expects the price of the digital asset to reach $100,000 sometime in 2022. If this happens, then the country will be in significant profit from its BTC holdings.
Featured image from Coingape, chart from TradingView.com
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Bitcoin 401k? Fidelity Investments Says Yes
Bitcoin has gradually been finding its way into every part of society and its use as an investment vehicle has been the biggest part of it. There has been some pushback when it comes to using the cryptocurrencies in investment vehicles dominated by traditional finance but even this is starting to wane. Evidence of this is in the recent development from Fidelity Investments, which has announced that it would be allowing employees to invest in their 401k using Bitcoin.
Retire With Bitcoin
The 401k is one of the most popular investment vehicles aimed toward retirement for workers in the United States. These are usually dominated by stocks that appreciate over time while the account holder continues to pay into the account as they work. As time has gone on, account holders have begun to look towards other investment options to diversify their 401k investments and the latest stop is the pioneer cryptocurrency, Bitcoin.
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Fidelity Investments has announced that it would start allowing employees to add the cryptocurrency to their 401k accounts. This will make Fidelity the first major company to offer the option to add bitcoin to its retirement plan. The 401k is currently the country’s largest retirement-plan provider and hosts the majority of the market share. About 23,000 companies currently use Fidelity to administer their retirement plans and bitcoin will be available to employees of these companies.
BTC resting above $40,000 | Source: BTCUSD on TradingView.com
Fidelity announced that it will allow employees to put as much as 20% of their 401k plan in bitcoin. The plan is set to go into effect later in the year. The firm currently holds an estimated $2.4 trillion in 401k assets in 2020 alone, accounting for more than one-third of the total market share.
Fees are placed in the territory of 0.75% and 0.90%. This depends on the employer and the amount being paid into the account. There is also a trading fee but Fidelity is yet to disclose what this will be.
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There is a need for a diverse set of products and investment solutions for our investors. We fully expect that cryptocurrency is going to shape the way future generations think about investing for the near term and long term.” – Head of workplace retirement offerings and platforms at Fidelity.
This decision comes after a directive from the U.S. Labor Department which expressed concerns over adding cryptocurrency options to retirement plans. This was based on the fact that these digital assets remain largely speculative and very volatile.
Nevertheless, it seems that Fidelity’s offering is already starting to catch on as MicroStrategy is rumored to have already signed on to this plan.
Featured image from Investopedia, chart from TradingView.com
Mike Novogratz: Bitcoin Price To Range Between $30k-$50k Throughout The Year
Bitcoin price is struggling to stay over $40,000, but Friday’s options expiry could provide bulls with the $160 million profit they need to keep the positive momentum going.
Bitcoin has had a modestly climbing trend for the past two months, bouncing off its support many times.
Mike Novogratz Predicts Bitcoin Range
In an interview with Bloomberg TV, Michael Novogratz, CEO and founder of Galaxy Digital, estimated that Bitcoin (BTC) will reach $500,000 in the next five years. Despite the current price of BTC, Novogratz’s startling prediction comes as a surprise. He also predicted that Bitcoin will trade between $30,000 and $50,000 this year.
Since the beginning of 2022, the cryptocurrency market has come to a halt and has begun to move downward. Governments all around the world have been pushed to include crypto in their future policies due to current geopolitical crises. Recent events such as Russia’s invasion of Ukraine and the Federal Reserve’s planned rate hike have maintained the market’s skepticism. He said:
“I think literally the FED hasn’t even started hiking rates, they haven’t started pulling liquidity from the system and so the whole year thought would be a $30,000 to $50,000 range in bitcoin risk to the upside, not the downside.”
BTC/USD trades above $40k. Source: TradingView
‘You know five years out, if bitcoin isn’t at $500,000, I’m wrong on the adoption cycle,’ Michael Novogratz remarked, despite the current BTC price. He believes that Bitcoin, the world’s largest cryptocurrency, grew far quicker than the internet did in the 1990s last year.
Related Reading | Bitcoin Shorts Decline On Bitfinex, Players Brace For Upward Trend?
Adoption Will Require A Pause
If the king crypto is to rally, Novogratz believes that a pause is required, as BTC’s narrative story is to pull individuals into a community.
Bitcoin users outnumber Russians by a large margin, and it is difficult to recruit new members in the current climate.
According to Novogratz, the bitcoin revolution is not a one-way street. He cited the explosive expansion of altcoins, non-fungible tokens, and dollar-pegged stablecoins as examples.
There are still some regulatory barriers to overcome. Novogratz argued that BitLicense, New York’s landmark bitcoin regulatory system, should be scrapped.
He also chastised the Securities and Exchange Commission for its divisive enforcement-based regulatory agenda.
Simultaneously, Novogratz welcomed the Biden administration’s crypto executive action once more.
Bitcoin’s price has increased by more than 4.4% in the previous 24 hours and is currently trading at $41,217.
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Featured image from Pixabay, chart from TradingView.com
Through Azteco, BTC Available At 600K+ New Locations In Nigeria, Canada & The UK
Azteco is making big moves. Their vouchers are now available in 600K new locations in Nigeria, 6K in Canada, and 28K in the U.K. Their system was already one of the most accessible ways to buy bitcoin, and now, in those countries, Azteco is basically everywhere. Better yet, clients don’t need to provide neither bank nor credit card details.
Related Reading | Nigerians Move Almost $40 Million In P2P Bitcoin Trading In A Month
“Go to your local store and buy a top up voucher just like the ones you’re used to. Enter your Voucher number to redeem,” buying bitcoin with Azteco is akin to adding credit to your cell phone. “There is nothing to learn or understand; it just WORKS,” the company tweeted. However, if you need a more detailed game plan, here it is:
-
Fill out the form here.
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Receive an email with a barcode.
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Go to a Paypoint, or other location as instructed.
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Show the barcode and pay.
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Receive your voucher instantly via email.
The headline here, though, is the number of locations Azteco recently onboarded.
600K Cash-In Locations In Nigeria
Recently, one of the main topics in bitcoin is adoption in the African country. “Nigeria is the number two leading country in Bitcoin adoption, and now, Nigerians have access to Azteco through 600,000 Cash-In locations. We expect an explosion in uptake.” Since the process is identical to acquiring phone credit, people already know how to do everything required.
We expect this uptake because Azteco is the most simple method of buying Bitcoin on the market, identical in process to the top-up's everyone on the African continent is used to with adding air-time to Mobile Phones. There is nothing to learn or understand; it just WORKS.
— Azteco (@Azteco_) March 3, 2022
“Nigerians have total freedom to send and receive Bitcoin from anywhere instantly, reliably and privately,” Azteco promises.
BTC price chart for 03/05/2022 on Bittrex | Source: BTC/USD on TradingView.com
Azteco Available At 6K Canada Post Locations
In the post office, “you can buy Loadhub and use it to get an Azteco Voucher. Now Bitcoin is within arms reach of 98% of all Canadian Citizens.” Pay with cash or bank transfer and rest assured that Azteco doesn’t “store any personal information longer than required to fulfill your order, after which we delete that information.”
Here are the very simple instruction for Canada Post’s clerks:
There are 6000 Canada Post locations in Canada. And at each one, you can buy Loadhub and use it to get an Azteco Voucher. Now Bitcoin is within arms reach of 98% of all Canadian Citizens.
https://t.co/kFIv8dudVw pic.twitter.com/BZtc0hFWXX
— Azteco (@Azteco_) March 3, 2022
Here’s a map with all of the Canada Post’s locations:
At every Canada Post outlet in Canada you can buy an Azteco Voucher right now. Get a Bar Code from https://t.co/kFIv8dudVw take it to your local post office and the instant you pay, your voucher will arrive in your recipient's email. It's simple, safe, fast, secure and private. pic.twitter.com/DNlhqmSFfe
— Azteco (@Azteco_) March 4, 2022
Azteco At 28K Extra Locations In The U.K.
The vouchers are already available at a very popular chain store, but this is bigger. “Azteco is now available at 28,000 locations across the UK through PayPoint. Now everyone in the UK has easy, instant access to Bitcoin.”
The process is extraordinarily simple. Select the amount of Bitcoin you want to buy, and have your barcode emailed to any email address. Show your barcode at any Paypoint location and pay. The instant you've paid, your Azteco Voucher is emailed to the address you specified. pic.twitter.com/q8lajO7vWc
— Azteco (@Azteco_) March 1, 2022
Conclusions And Solutions
In today’s world, governments proved that they would go after the finances of entire populations just for the fact that they disagree with their politics. A solution like Azteco is welcomed with open arms. It’s not exactly KYC-free, but close enough.
Related Reading | Startup Providing Convenient Bitcoin On-Ramp Lands Google Talent
“Azteco doesn’t have user accounts, just like Pay as You Go SIM Cards. It’s “disposable Bitcoin” for small amounts,” the company states. And Nigerians, Canadians, and U.K. residents now have availability in physical locations that they usually go to. They can pay their electric bill, re-fund their phone, and get some bitcoin without breaking a sweat.
Will this affect the market at all? It’s not likely. Retail buyers are just a small percentage, and, as stated, Azteco is for small amounts. Will this benefit everyday bitcoin users in those countries? Absolutely.
Featured Image by Blake Wisz on Unsplash | Charts by TradingView
U.S. Senator Ted Cruz Reveals Why He’s So Bullish On Bitcoin
Texas senator Ted Cruz has once again shown support for bitcoin. Bitcoin has been gaining popularity among the ruling class and more politicians are coming out in support of it. The Republican who holds a bullish stand on the digital asset has revealed why he supports the cryptocurrency. In a recent talk, Cruz laments issues with the government control over the financial property of citizens, praising bitcoin for deterring this.
Why Cruz Supports Bitcoin
In his talk, U.S. senator Ted Cruz goes into detail about why he supports bitcoin. Pointing to the recent issues in Canada, he explains that control is the major reason behind this support. Canadian Prime Minister Justin Trudeau and the government had been freezing the accounts belonging to the truckers protesters and supporters, even going as far as to try to freeze BTC accounts of these protesters and supporters.
Related Reading | Bitcoin Monthly Cyclicality Paints Grim Picture For Last Week Of February
Cruz explained that things need to be decentralized and broken apart. Further that this is one of the reasons why he is so bullish on bitcoin. The fact that the digital asset cannot be controlled by any entity or government makes the argument for itself.
“It’s one of the reasons why I’m so bullish on crypto, on bitcoin, because it is decentralized and not controllable,” Cruz said.
The senator explained that the events that took place over the past week in Canada were a fine representation of why bitcoin is needed. Cruz goes ahead to read the scathing letter sent by self-custody software provider Nunchuk, to the Ontario Superior Court of Justice, explaining that they in fact could not freeze anyone’s crypto wallets as directed by the latter. The senator praised the response as “spectacular.”
BTC marks sharp recovery above $39,000 | Source: BTCUSD on TradingView.com
Continuing on, Cruz said that this decentralization of BTC is why China had banned the digital asset in the country. The reason behind this is that the government cannot control it, the Senator said. He further said that this is the same reason why Senator Elizabeth Warren is so against the cryptocurrency, because they cannot control it.
“Warren hates bitcoin. The Chinese government and Elizabeth Warren, they both want to control you; your assets, your savings, your speech, your life, your children, every decision, they want to control. And so we need to break up the means of controlling the citizenry.”
Related Reading | Bloomberg Strategist: This Is The Defining Moment To Buy Bitcoin
The Democratic senator has, at various points in the past, criticized bitcoin and cryptocurrencies, which she referred to as the new shadow banks. Warren has also said in the past that the digital assets are not a real path towards financial equality.
Ted Cruz continues to be a staunch advocate of BTC. The Texan Republican revealed in a recent finical disclosure that he had purchased bitcoin up to $50,000 worth during the dip in January.
Featured image from Bitcoin News, chart from TradingView.com
What Could Push Bitcoin Above The $100K Threshold
Despite the recent downfall of the crypto market, the projection of Bitcoin (BTC) to cross the $100k threshold remains seen as a matter of time. Back in December, Bloomberg Intelligence indicated that the anticipated mark would happen eventually “due to the economic basics of increasing demand vs. decreasing supply,” and new data shed some light on that idea.
Bitcoin Vs. Crude Oil
In a new Bloomberg Intelligence report, data shows trends that could favor Bitcoin and Ethereum prices.
The report noted that “Representing advancing technology, Bitcoin is gaining traction as a benchmark global digital asset, while oil is being replaced by decarbonization and electrification.”
Lack of supply elasticity is an attribute shared by Bitcoin and Ethereum that “sets them apart from commodities”.
For commodities, “rising prices thwart demand and increase supply”, but the top cryptocurrencies might tell a different story.
“Increasing Bitcoin and Ethereum demand, and adoption vs. diminishing supply, should follow the basic rule of economics and raise prices.”
In the following chart, Bloomberg shows a juxtaposition of the decreasing BTC and ETH supply along with the excess of crude oil and liquid-fuel production compared to consumption heading toward 13% in 2023, noting that the U.S. “has been a top headwind for commodity prices”.
Source: Bloomberg Intelligence
Related Reading | Why The Bitcoin At $100K Discourse Remains Strong Despite Market Crashes
Mainstream Adoption
Experts think that BTC “is well on its way to becoming global digital collateral”, while its revolution in the “digitalization of finance” is in its early days. Future mainstream adoption will lead to increased demand for bitcoin.
The report predicts that the future developments in the macroeconomics and politics of the U.S. –dollar dominance, jobs, votes, taxes, and the aim to oppose China’s policies and find leverage against them– will lead U.S. policymakers into creating proper regulations for cryptocurrencies and ETFs.
Beyond El Salvador adopting BTC as legal tender, the proximity of the U.S. midterm elections has evidenced the American senators and politicians’ race to follow along. In Wyoming, Arizona, and Texas politicians are pushing to turn the digital coin into a legal tender, pointing at Bitcoin as a new defining factor to get well positioned in the polls.
A wider acceptance of bitcoin is expected to happen with more regulatory clarity because fear and misinformation could diminish, thus more investors would jump in meaning mainstream adoption.
The report also notes that this greater mainstream adoption of Bitcoin is looking unstoppable, which would likely benefit its price.
“The launch of U.S. futures-based exchange-traded funds in 2021 appears as a baby step by regulators that we think culminates with ETFs tracking actual cryptos via broad indexes.”
Bloomberg data shows that “Rising demand, adoption and depth of Bitcoin should leave few options for volatility but to decline.” For this reason, they think it’s going through a “price-discovery stage”.
The following chart shows “the upward trajectory of Bitcoin futures open interest vs. the downward slope in the crypto’s volatility vs. the stock market”, noting that Bitcoin’s 260-day volatility is 3x of the Nasdaq 100, which contrasts its volatility during the launch of futures in 2017, which was closer to 8x.
Source: Bloomberg Intelligence
Regarding the Federal Reserve’s tightening measures, Bloomberg experts had previously predicted that “Bitcoin will face initial headwinds if the stock market drops, but to the extent that declining equity prices pressure bond yields and incentivize more central-bank liquidity, the crypto may come out a primary beneficiary.”
Related Reading | Bitcoin Leverage Ratio Suggests More Decline May Be Coming
Bitcoin recovering at $40,775 in the daily chart | Source: BTCUSD on TradingView.com
Bitcoin Price Rises As El Salvador Rejects IMF Call To Ditch BTC
Bitcoin started rising with the news El Salvador rejected the IMF request to drain BTC as a currency. In response, Bitcoin grew to a 14-day high price level, adding more than a quarter trillion US dollars into the crypto market.
Price tendency follows the pathetic month for cryptocurrency since March 2020. At that time, Bitcoin reached a price level of $5,000 due to panic selling off after the Covid-19 pandemic threat. After that, Bitcoin raised and achieved its all-time high price level of $69,000 in November 2021.
But soon after that, Bitcoin started a downward journey, coming to the seven-month low of $33,000 on January 24, 2022. However, on the same day, Bitcoin began an upward trend and gradually achieved a price level of $39,000 on Tuesday, February 01, 2022, showing positive crypto market growth.
Bitcoin price met the $39K level today. Source: Tradingview.com
Bitcoin price retrieval started after El Salvador declined IMF request to withdraw Bitcoin as a medium of exchange. El Salvador is the first country to do so in the world after many months.
El Salvador Reaction After IMF Call To Ditch Bitcoin
The decision to adopt Bitcoin as an official currency was met with fierce resistance from many governments, but it looks like El Salvador is taking a different approach. Treasury Minister Alejandro Zelaya says that his country sees cryptocurrencies not just for financial transactions and investments but also embracing this new technological advancement.
In a local TV interview, he added by referring to AP report;
“Countries are sovereign nations, and they take sovereign decisions about public policy. No international organization is going to make us do anything, anything at all.”
IMF reported many risks involved regarding consumer protection, financial stability, and financial integrity as reasons for not adopting Bitcoin. In addition, IMF added there is high crypto price fluctuation, and criminals can misuse it for their illegal activities.
IMF had already warned El Salvador that its involvement in Crypto could cause hindrance from getting borrowing from international institutions.
Marcus Sotiriou, a British digital currency analyst at GlobalBlock, said;
“It seems that El Salvador may not need the coercive loans from the IMF any longer by issuing the innovative the Bitcoin Bond. This bond allows them to raise funds to set up mining infrastructure.”
A continuous worldwide crypto acceptance and day by rumors that Latin American countries are accepting Bitcoin as an official exchange source are significant concerns of IMF.
The president of El Salvador, Nayib Bukele, shared a meme from The Simpsons on Twitter. Its caption read “I see you IMF,” and he responded with laughter at its parody nature in his own words.
Featured image from Flickr, chart from TradingView.com
Why Sovereign Nation States May Begin Acquiring Bitcoin In 2022
Bitcoin has grown from being ‘internet money’ used by only a few thousand people during its first few years to being part of the balance sheets of big companies and sovereign states. El Salvador is a case in point for a country that has committed fully to the bitcoin mission, putting millions of dollars into the digital asset as a national reserve.
While bitcoin is still a long way from being the de facto reserve currency of all countries, its growth points to countries not being able to ignore it for much longer. That’s why it is expected that more nation-states will purchase the cryptocurrency in the next year.
Fidelity On Why Countries Will Purchase Bitcoin
In a recent report published by Fidelity, it goes into depth about bitcoin and the role it may play in deciding which countries are the economic leaders of the world. This is because as the asset becomes more widely spread as a reserve currency, the countries who hold bitcoin may see their influence grow higher than those who do not, despite where they might stand today.
Related Reading | Jack Dorsey Launches Bitcoin Defense Fund To Aid Devs Facing Litigation
History has always shown that those who are quick to accept innovation and new technology have always ended up faring better compared to those who do not, and that may well be the case with bitcoin and other cryptocurrencies.
Fidelity also refers to it as a “very high stakes game theory.” If bitcoin adoption continues to grow, then those who got in earlier will no doubt be better off than the rest. This will push other countries to also acquire the digital asset as “insurance” so as to not be left behind even if they do not believe in the investment thesis or the adoption of the digital asset.
Basically, sovereign nation-states would purchase bitcoin sort of as a hedge, in case it does end up being important in the future. “In other words, a small cost can be paid today as a hedge compared to a potentially much larger cost years in the future.”
A Total Ban Will Be Difficult
Touching on the ban debate that has raged on in the space, the report explained that banning bitcoin outright would be hard to achieve. Although not impossible, it could certainly lead to a significant loss of wealth and opportunity, it added.
Related Reading | Highlighting Risk: These Crypto Coins Carry The Most Leverage
There is yet to be an all-encompassing bill passed in regards to cryptocurrencies which provides total regulatory clarity. The infrastructure bill which was passed last year and scheduled to go into effect in 2024 continues to be subjected to numerous amendments, and with such a long time frame till implementation, there is no telling where the bill might end up.
However, Fidelity noted in its report that a digital asset regulation being passed into law will be a milestone for bitcoin, stating that “what we think is most notable is that digital asset regulation becoming law is another milestone as the asset class comes of age and establishes itself.”
BTC trending above $43K | Source: BTCUSD on TradingView.com
Featured image from Bitcoin News, chart from TradingView.com
MicroStrategy Remains One Step Ahead With $94M Bitcoin Purchase
MicroStrategy has once again doubled down on its bitcoin holdings with another purchase. This time around, the company spent almost $100 million to add more BTC to its mammoth holdings. The company which has been buying bitcoin since 2019 has stuck to its promise to invest heavily in the digital asset and has been the only company to continue buying through the dips.
MicroStrategy Buys More Bitcoin
MicroStrategy announced that it has bought more bitcoins to add to its balance sheet. The publicly listed company had bought a total of 1,914 BTC between December 9th and 29th. Each of the BTC was bought at an average of $49,229 and the total cost of the bitcoins purchased came out to $94.2 million.
Related Reading | Bitcoin Only Works For The Wealthy, Senator Elizabeth Warren
MicroStrategy’s CEO Michael Saylor, took to his Twitter account to share the news of the purchase with his followers. Saylor who is a vocal bitcoin proponent is one of the reasons the company had begun purchasing the digital asset after he disclosed his holdings to the board and demonstrated his returns.
MicroStrategy has purchased an additional 1,914 bitcoins for ~$94.2 million in cash at an average price of ~$49,229 per #bitcoin. As of 12/29/21 we #hodl ~124,391 bitcoins acquired for ~$3.75 billion at an average price of ~$30,159 per bitcoin. $MSTRhttps://t.co/tNxDwaT8VD
— Michael Saylor
(@saylor) December 30, 2021
The company also published a disclosure that made the sale known. Funds for the recent bitcoin purchase were apparently raised from selling shares of the company, which MicroStrategy has done at various points in the past to raise money for its buying sprees.
BTC recovers to $47K | Source: BTCUSD on TradingView.com
The Sole Driver Behind Corporate Investing
MicroStrategy has made a name for itself as being the public company with the largest bitcoin holdings in the globe. However, lesser-known is the fact that it remains one of the top drivers of institutional investment in the digital asset.
Bitcoinist reported that MicroStrategy alone accounted for about 71.4% of all BTC holdings by companies. With its most recent purchase, the company has no doubt pushed this figure even higher, widening the gap between it and other companies who currently bitcoin on their balance sheets.
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The company has spent about $3.75 billion on BTC in the past two years. This investment has paid off handsomely as the company’s total bitcoin holdings now sit above $6.1 billion, indicating that it has been a lucrative investment for them. The company now holds a total of 124,391 BTC on its balance sheet with its most recent purchase.
Its announcement of its bitcoin strategy earlier in the year had prompted other companies such as Tesla, Square, Aker, and Meitu to also disclose their bitcoin holdings. However, MicroStrategy is the only company that has continued to purchase BTC, buying an average of 3,000 BTC per month in the third quarter of 2021.
Featured image from Bitcoin News, chart from TradingView.com
Billionaire Ricardo Salinas: Forget Fiat, Buy Bitcoin Bitcoin Instead
Mexican billionaire Ricardo Salinas Pliego has always been a big proponent of bitcoin. The billionaire has numerous times told investors to invest in bitcoin over fiat given the potential of the former and how it can serve as an inflation hedge. He has once again openly shown support for the digital asset in a Christmas video where he has advised investors to steer clear of fiat and invest their money in bitcoin.
Dishing Out Bitcoin Advice For The Holidays
In the video posted on his Twitter account with almost 1 million followers, the billionaire gave out some important life and investing advice. His message spanned from asking his followers to not give in to jealously and to always believe in themselves when they pursue their freedom and innovation. He also gave some pertinent advice regarding investing in fiat.
Focusing on fiat money in general, the successful businessman gives his followers some important bits of advice regarding investing in fiat. In short, he asked them to not do it. He did not limit his advice to a particular fiat currency, instead, he says to stay clear of all forms of fiat currencies.
Related Reading | 74% Of Bitcoin Holders Remain In Profit At Current Prices
“Steer clear of fiat money. Whether it’s the Dollar, the Euro, or the Yen –it’s all the same,” Salinas said. “It’s fake money made of paper lies. Central banks are producing more than ever.”
Salinas then gives out an alternative to fiat; bitcoin. The billionaire advised investors to instead buy bitcoin instead of fiat.
BTC settles above $50K | Source: BTCUSD on TradingView.com
The Government Is Stealing Your Money
In another tweet, the billionaire reiterates his stance on fiat money. This time, comparing the price of things in 2020 versus 90 years ago. This argument has been made a good amount in inflation debates and how much buying power has depreciated over the last century, and Salinas puts this in perspective using two pictures comparing the purchasing power of $20 in two different centuries.
The tweet warned followers that inflation was a tool for the government to keep the masses scared and controlled, as well as stealing their money through taxes.
Related Reading | By The Numbers: Here’s How Much Bitcoin Michael Saylor Holds
“Central banks and governments use INFLATION to steal your purchasing power and keep you where they want to have you … scared, controlled, quiet and without freedom, they set your schedules, they put regulations on you and they keep your money through ‘taxes’.”
He signs off the tweet with a bitcoin hashtag hinting at the digital asset as being the solution to this.
Salinas has always been a bitcoin bull since 2013 when he had purchased his first bitcoin. In 2018, he referred to it as one of his best-performing investments and at one point said he had 10% of his wealth in the cryptocurrency.
Elektra, a Mexican retail chain owned by Salinas, recently became the first to accept bitcoin payments in Mexico.
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Majority Of Bitcoin Investors Got In This Year, Says Grayscale
If there is one thing bitcoin bull markets are good for, it’s drawing investors into the market. This has been the case for all of the past bull rallies and the 2021 rally was no different. The number of investors who bought their first BTC this year has been significant, soaring higher than the number of investors that were already invested in the cryptocurrency.
Grayscale LLC carried out a survey that showed that 2021 has been a remarkable year for new bitcoin investors who flocked to the market en masse. The multiple bull runs this year brought with it heightened interest from both individual and institutional investors and that fact shone through in the data collected by Grayscale.
Related Reading | Croatia’s Largest Supermarket Chain Rolls Out Bitcoin Payments
55% Of Investors Got In This Year
Grayscale LLC carried out a survey that consisted of 1,000 respondents and the results have shown some interesting trends. According to the survey carried out in mid-August, a larger percentage of all investors in bitcoin only started investing this year.
Of the 1,000 respondents, a quarter (25%) said that they already bought and owned BTC but more interesting was the fact that 55% of all respondents who owned BTC said that they started investing in the digital asset this year.
BTC starts another recovery trend | Source: BTCUSD on TradingView.com
This follows the growth trend of the digital asset and other cryptocurrencies as investors placed their stakes in various assets. Another space that has benefitted from the increased interest has been the DeFi space, which has grown exponentially in the space of one year.
Investors Cannot Ignore Bitcoin
Bitcoin is more or less already mainstream and the responses to the survey showed that this is the case. Investors, no matter what their preferred method of investment is, can no longer ignore bitcoin, or even the promise that the digital assets holds going forward. Grayscale noted this fact in the survey report as it stated that “it is becoming increasingly difficult for investors to ignore bitcoin as its price continues to rise.”
Related Reading | SEC Boss Acknowledges That Bitcoin Is A Competitor For U.S. Banking System
About 80% of the respondents also answered that they were likely to invest in bitcoin through an exchange-traded fund, indicating that even those who are yet to invest in BTC have the asset on their radar. However, this is impossible right now as the SEC is yet to approve any bitcoin exchange-traded funds.
Other interesting findings from the survey were that more investors (60%) were willing to purchase BTC through an app. In contrast to this, over 75% of polled respondents in 2020 had revealed that they would rather purchase their bitcoin through an exchange.
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El Salvador Calls Another Bitcoin Dip With 150 BTC Purchase
Bitcoin has now become part of El Salvador’s daily life following the official implementation of the cryptocurrency as a legal tender. Since then, the El Salvador government has pledged to purchase bitcoins and has held up its end of the bargain. Now, every time the price of BTC goes down, the country calls the dip and purchase a significant amount of bitcoin.
In multiple instances spread through the past couple of months, El Salvador has purchased millions of dollars worth of bitcoin. The country had purchased 100 bitcoins during the last bitcoin dip. This time around, El Salvador has taken another opportunity to increase its BTC holdings, adding 150 coins to its coffers.
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El Salvador Calls The Dip
Only a week after its last purchase, El Salvador has deepened its bitcoin bet again. The decrease in the value of the digital asset has seen the country taking advantage of the presented opportunity. While a good portion of the market panics and believes that it might be headed into a bear market, El Salvador has gone the opposite way made evident by its BTC purchases.
Once again, President Nayib Bukele had taken to Twitter to announce the purchase which took place on Saturday. Bukele announced to his 3.2 million Twitter followers that the country had bought the dip, purchasing 150 coins at an average price of $48,670, bringing the total loot to approximately $7.3 million.
El Salvador just bought the dip! 
150 coins at an average USD price of ~$48,670 
#Bitcoin
— Nayib Bukele (@nayibbukele) December 4, 2021
BTC trading below $50K | Source: BTCUSD on TradingView.com
Bitcoin In The Green
Although the move on President Nayib Bukele’s part is praised by many in the bitcoin space, not everyone has been happy with the purchases. There has been a lot of criticism regarding El Salvador’s decision to invest in BTC on a national scale but this has rolled off of Bukele like water off a camel’s back.
Related Reading | SEC Boss Acknowledges That Bitcoin Is A Competitor For U.S. Banking System
Responding to a comment saying that the president was wasting taxpayers’ money on a digital asset that was set to suffer more dips, Bukele explained that the BTC the country has purchased so far has remained in profit. Bukele compared its BTC holdings to its gold reserves which are down 0.37% from a year ago while its bitcoin remains in green.
None.
We’re already in the green from our last purchase, in less than 24 hours.
You know boomer, we have 44,106 oz of gold in our reserves.
Worth $79 million, down 0.37% from a year ago.
If we had sold it a year ago and bought #Bitcoin, it would now be valued at $204 million. https://t.co/e5z9cVsfjg
— Nayib Bukele (@nayibbukele) December 4, 2021
With its latest 150 bitcoin purchase, El Salvador now holds 1,370 BTC.
Featured image from Anadolu Agency, chart from TradingView.com
Croatia’s Largest Supermarket Chain Rolls Out Bitcoin Payments
Bitcoin has spread its wings far and wide and no nation has been left out. All around the globe, there is bitcoin adoption going on, both as a payment method as well as an investment option. The latest company to implement bitcoin as a method is Croatian supermarket giant, Konzum. The move was announced on Wednesday as part of the chain’s mission to drive crypto payment adoption across its stores.
Pay For Groceries With Bitcoin
In the announcement, Konzum states that customers are now able to pay across its stores with bitcoin. Purchases for things like groceries, hygiene and household supplies, among other products can be checked out from the Konzum online stores that currently carry more than 12,000 items.
Related Reading | MicroStrategy Follows El Salvador’s Lead As It Buys Bitcoin Dip
The retail chain is the largest by far in Croatia. There are over 700 Konzum stores in the nation with over 10,000 employees across the chain. Konzum is basically the Walmart of Croatia as its retail outlets are located throughout the country. The chain also expands to Serbia and Bosnia and Herzegovina, serving over 650,000 customers each day.
For now, Konzum customers can only pay with Bitcoin and other cryptocurrencies in its online stores. However, the supermarket chain plans to roll out crypto payments across all of its stores. This move is the first of its kind in Croatia, making Konzum the first and only retail chain in the country to accept crypto payments.
“The introduction of cryptocurrency payments is another indicator that Konzum is constantly monitoring global trends, introducing innovations and setting the standard in the retail sector.” – Uros Kalinic, member of Konzum’s Management Board for Finance and IT
BTC falls to $56K | Source: BTCUSD on TradingView.com
A Faster And Easier Way To Pay
Konzum which plans to implement crypto payments in its physical stores said that crypto payments are a simple way to pay. It likened the payment process to card payments which are a fast and efficient way to pay for everyday items. Customers will be able to choose Bitcoin and other cryptocurrencies as a payment method when they proceed to checkout on the online store.
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Konzum will use the PayCek system to account for the highly volatile nature of cryptocurrencies. Although exchange rates may change in a short time, PayCek will place a fixed exchange rate at the time of checkout with adequate time to carry out the transaction at the rate displayed.
Currently, Konzum’s online store will accept nine cryptocurrencies. These include Bitcoin, Ethereum, Bitcoin Cash, USDC, USDT, EOS DAI, Ripple, and Stellar Lumen.
Kalinic also added that Konzum plans to continue its commitment towards the development of innovative technology.
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MicroStrategy Follows El Salvador’s Lead As It Buys Bitcoin Dip
For those who can afford it, the recent dips in Bitcoin price have been nothing more than an opportunity to buy the digital asset at a discounted price. This has certainly been the case for El Salvador and now MicroStrategy, as both these entities have moved swiftly to take advantage of the price dip to increase their holdings.
El Salvador had quickly snapped up another 100 BTC when the price had fallen to $54,000, with the president once again saying that the country got the coins at a discount. MicroStrategy, the publicly traded firm that holds the largest amount of bitcoin on its balance sheet, followed in the footsteps of El Salvador. This time buying up $414 million worth of BTC.
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MicroStrategy Deepens Bitcoin Bet
MicroStrategy has renewed its promise to keep adding bitcoin to its balance sheet with its latest purchase. The firm which is headed by Bitcoin maximalist Michael Saylor announced that it had bought even more bitcoins to add to its already impressive holdings. MicroStrategy’s latest purchase consisted of a $414 million buy, which amounted to 7,002 BTC added to its balance.
This recent purchase brought the total of MicroStrategy’s bitcoin holdings to a whooping 121,044 coins. The firm bought the digital asset at an average of $59,187 per coin, well below its record $69K high at the beginning of November.
MicroStrategy has purchased an additional 7,002 bitcoins for ~$414.4 million in cash at an average price of ~$59,187 per #bitcoin. As of 11/29/21 we #hodl ~121,044 bitcoins acquired for ~$3.57 billion at an average price of ~$29,534 per bitcoin. $MSTRhttps://t.co/OA8VWG1bZX
— Michael Saylor (@saylor) November 29, 2021
BTC recovers above $57K | Source: BTCUSD on TradingView.coms
MicroStrategy has gradually filled its coffers with bitcoin and has so far spent approximately $3.57 billion in total. Despite bitcoin’s drop from its all-time high, the firm continues to remain in profit with an average price of $29,534 per bitcoin.
Companies Betting Big On Bitcoin
MicroStrategy is not the only company that has thrown its hat in the ring with bitcoin, although it holds the largest volume of all publicly traded companies. Electric vehicle maker Tesla had also announced that it holds bitcoin on its balance sheet. Tesla which is headed by another Bitcoin maximalist in the person of Elon Musk holds 48,000 BTC on its balance sheets, currently worth around $2.99 billion.
Related Reading | El Salvador Buys Bitcoin Dip As Omicron Variant Ravages Market
Galaxy Digital is headed by Mike Novogratz, an outspoken crypto bull that has reiterated the potential of bitcoin numerous times. The firm also holds16,402 bitcoins on its balance sheet, $956.69 million in today’s value.
Square Inc. headed by Twitter boss, Jack Dorsey holds 8,027 BTC, while Marathon Patent Group holds around $280.7 million in bitcoin (4,813 BTC).
A recurring theme around all these companies is that no matter when they entered the market, they are all in profit by at least 100% of the value the bitcoins cost at the time of purchase.
Featured image from Forbes, chart from TradingView.com
El Salvador Announces World’s First Bitcoin City, Backed By $1B Bitcoin Bonds
El Salvador is currently the only country in which Bitcoin (BTC) is legal tender. This move has witnessed many developments, as well as some pushback. Amid protests, technical glitches, and inevitable market volatility, El Salvador continues to drive BTC adoption.
Related Reading | There Are More People Using Bitcoin Wallets Than Bank Accounts, Says El Salvador President
In its latest Bitcoin adoption move, the Central American country plans to build a city based on the world’s largest cryptocurrency. President Nayib Bukele announced the Bitcoin City initiative at El Salvador’s Bitcoin Week conference on Saturday night. This conference is a celebration of Bitcoin’s mainstream adoption in the country.
In partnership with crypto firms Blockstream and BitFinex, Bukele plans to issue $1 billion in tokenized USD-denominated 10-year bonds to fund this project.
The Proposed Bitcoin City
Paolo Ardoino, Bitfinex CTO, says the exchange will support the initiative by launching a securities platform to hold the bonds.
Finex will launch a securities platform that will be the home of ES #bitcoin bonds and soon many local and foreign digital assets offerings developing new digital asset regulation for the country!El Salvador, @bitfinex and @blockstream are making history together.
— Paolo Ardoino (@paoloardoino) November 21, 2021
Blockstream Chief Security Officer Samson Mow also clarified the feasibility of sourcing the $1 billion Bitcoin bonds.
“With Bitfinex, they have a lot of whales. I don’t see a problem filling up a $1 billion bond.”
In an announcement by Blockstream, Mow also said that the $1 billion will be split into two parts. $500 million will go towards building energy and Bitcoin mining infrastructure in the region. The other $500 million worth of BTC will be locked up for five years. Mow further stated that after the five-year lock-up period, El Salvador would start selling some of the bitcoin used to fund the bond to give investors an “additional coupon,”
“This is going to make El Salvador the financial center of the world,” he said.
BTC trading at $58.866K | Source: BTCUSD on TradingView.com
The Salvadoran president additionally said that the bonds will be available in 2022. He plans on locating the proposed Bitcoin City near a volcano. The idea, he said, is to provide energy for both the city and bitcoin mining.
According to Bukele, Bitcoin City will be a full-fledged metropolis with residential and commercial areas. It would also have shopping centers, restaurants, a port, an airport, and railway services. There would be no income, property, capital gains, or payroll taxes. Residents would, however, be subject to just value-added tax (VAT). This tax will go towards paying for the municipality’s bonds, public infrastructure, and city maintenance.
“In #BitcoinCity, we will have digital and technological education. Geothermal energy for the entire city and efficient and sustainable public transport” said Bukele.
El Salvador’s Infrastructure Development Projects
After El Salvador adopted Bitcoin as legal tender, the government started reinvesting unrealized profits into several projects.
Earlier this month, the government announced its plans to use some of the profits from its Bitcoin Trust to build 20 new schools. One of the purposes of these new facilities will be to educate locals about how cryptocurrencies work.
Related Reading | New York Mayor Says Cryptocurrencies Should Be Taught In Schools
In October, President Nayib Bukele had announced plans to use the profits for a new veterinary hospital. However, some criticized this move, arguing that investment in medical facilities for humans was more urgent.
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Famed Psychologist Jordan Peterson Says “Inflation Be Damned” As He Buys More Bitcoin
Jordan Peterson’s journey into bitcoin is an interesting one for all intents and purposes. After talking with Dr. Saifedean Ammous, Peterson has now dug his heels deeper into the market.
Dr. Saifedean Ammous is an author that is well-known in the crypto industry for his book titled “The Bitcoin Standard”. Following the success of this book, he had released another book titled “The Fiat Standard” as a follow-up to the first book.
Peterson has grown a large following as an author, clinical psychologist, and podcast host. He regularly talks about finance-related topics on his podcast titled the “JBP Podcast”.
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The Canadian author had hosted four guests/experts on his podcast where they talked about bitcoin and the technology behind the digital asset. Peterson is an investor in the cryptocurrency, convinced of its importance to the future of the financial marketplace, and recently, he announced that he has added to his bitcoin holdings. Here’s why.
Learning More About Bitcoin
Jordan Peterson had Dr. Saifedean Ammous as a guest on his podcast, where the latter talked through some of the important aspects of the digital asset. The monetary system of bitcoin has always been interesting and unique in the way it worked and the author shed more light on this part of it. In addition, Ammous also talked about the tech side of things.
Peterson had his questions answered by his guest who eloquently explained the nuances of the technology in terms that the average listener could understand. One of these was the fact that bitcoin is controlled by no one. The author stressed the fact that there really was no one pushing buttons behind the scenes when it comes to the asset. “There is nobody with a master key,” said Ammous.
BTC price trading below $59K | Source: BTCUSD on TradingView.com
Bitcoin’s decentralization is one of the most attractive features of the asset. This, Ammous said, is what drives the attention being paid to bitcoin.
Fiat money is entirely controlled by governments and more can be printed/created at will. Bitcoin does not have this problem given its lack of central control. “It is a neutral money that nobody can control,” the author pointed out.
Peterson Digs In
After the podcast was completed, Peterson took to Twitter to express his satisfaction with the episode. It seems that conversing with Dr. Saifedean Ammous made a lasting impact on the clinical psychologist judging from his tweet. Peterson revealed that he had purchased some more bitcoin after talking to the author.
My pleasure. Learned a lot. Bought some more Bitcoin. Inflation be damned.
— Dr Jordan B Peterson (@jordanbpeterson) November 16, 2021
Related Reading | There Are More People Using Bitcoin Wallets Than Bank Accounts, Says El Salvador President
In Peterson’s tweet, he uses the phrase “inflation be damned”. Bitcoin, which is widely known as the “digital gold” has proven its value to investors as a hedge against inflation and it seems Peterson is hip to this use case.
Returning 200% year-over-year gains, BTC has become the asset of choice for investors who are looking to protect their portfolios from the devastating effects of inflation. Moreover, with inflation rates predicted to keep growing, demand is expected to rise for bitcoin, in turn leading to higher values.
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