Autor Cointelegraph By Joseph Hall

Bitcoin cycle is far from over and miners are in it for the long haul: Fidelity report

Bitcoin cycle is far from over and miners are in it for the long haul: Fidelity report

Uverejnil používateľ | jan 13, 2022 |

Fidelity Digital Assets — the crypto wing of Fidelity Investments which has $4.2 trillion assets under management–shared their “two sats” on the future of the digital assets space. The key takeaways touched upon miners’ behavior and Bitcoin (BTC) network adoption. In the annual report released last week, the group shared some insights into the world of BTC mining:“As Bitcoin miners have the most financial incentive tho make the best guess as to the adoption and value of BTC (…) the current bitcoin cycle is far from over and these miners are making investments for the long haul.”The report stated that the recovery in the hash rate in 2021 “was truly astounding”, particularly when faced the world’s second-largest economy China banning Bitcoin in 2021. The rebound in hash rate since the ban thanks to BTC’s hash power being “more widely distributed around the world,” showed miners are set on long-term profits.The statements aligned with miners’ recent selling performance. Key on-chain metric indicate Bitcoin miners are in “massive” BTC accumulation mode, as miners show no desire to sell. Related: Fidelity exec says Bitcoin is ‘technically oversold,’ making $40K a ‘pivotal support’When it came to orange-pilling entire countries, Fidelity made some interesting predictions into more nation-states accepting BTC as legal tender: “There i​​s very high-stakes game theory at play here, whereby if bitcoin adoption increases, the countries that secure some bitcoin today will be better off competitively than their peers. We, therefore, wouldn’t be surprised to see other sovereign nation-states acquire bitcoin in 2022 and perhaps even see a central bank make an acquisition.”Their comments come as Tonga’s former MP suggested the country could adopt BTC in late 2022. In essence, more regulation and better products will open up the crypto space, “bringing a greater portion of the hundreds of trillions in traditional assets into the digital asset ecosystem.” Combined with miners’ hodling, it could lengthen the cycle and drive BTC to new highs.

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Tonga to copy El Salvador bill making Bitcoin legal tender says former MP

Tonga to copy El Salvador bill making Bitcoin legal tender says former MP

Uverejnil používateľ | jan 13, 2022 |

Another domino is lined up to fall down the route to Bitcoinization. Yesterday, the Pacific island nation of Tonga shared a play-by-play approach to adopting Bitcoin (BTC) as legal tender. In a series of Tweets, Lord Fusitu’a, a former Member of Parliament for Tonga, released an ETA for Bitcoin becoming legal tender in Tonga. Copying the El Salvadorean playbook, the move could onboard more than 100,000 Tongans onto the Bitcoin network.In his five-point plan, the Chairman of the Global Organization of Parliamentarians Against Corruption (GOPAC) describes the adoption path:1. Sept/Oct Bill goes to Parliament. Passed.2. Sent to Palace Office for submission to His Majesty for Royal Assent.3.

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Institutional investment will boost Bitcoin to $75,000, says SEBA CEO

Institutional investment will boost Bitcoin to $75,000, says SEBA CEO

Uverejnil používateľ | jan 13, 2022 |

The CEO of Swiss-based financial institution SEBA Bank shared his predictions for Bitcoin in 2022. A boon for BTC bulls, Guido Buehler was optimistic about institutional adoption and a price increase to $75,000 per coin.He explained in an interview that, at SEBA, asset pools are looking for the right time to invest. However, they need the right counterparties and the necessary regulation in order to deploy capital. When pressed on whether Bitcoin (BTC) would hit new highs this year, Buehler thinks it’s possible, “the question is always time.” He noted that with BTC dominance bottoming out at 40%, it’s a pivotal moment for investors looking for a directional play. The interview took place at the Crypto Finance Conference in St. Moritz, Switzerland, where “sophisticated” players across the crypto space came together to discuss potential business deals. The reasons behind price increases clash with the CEO of Ledger’s musings. At the same conference, Pascal Gauthier agrees on BTC hitting new highs but it’ll be retail leading the charge. Related: Fidelity exec says Bitcoin is ‘technically oversold,’ making $40K a ‘pivotal support’SEBA bank is building a reputation as a crypto-friendly banking institution. The bank recently completed a Series C funding round of 110 million Swiss francs ($119 million) in which FTX and Alameda Research were investors. In October last year, the bank said that customers would soon be able to earn yields on their crypto holdings. A crypto enthusiast himself, in Buehler’s words, the technology behind Bitcoin will “redefine finance.”

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Bitcoin shoots to $44,000 as US inflation hits 7.8% in December

Bitcoin shoots to $44,000 as US inflation hits 7.8% in December

Uverejnil používateľ | jan 12, 2022 |

The latest figures from the United States Bureau of labor statistics show that the (Consumer Price Index) CPI hit 7% in December. Bitcoin (BTC) was volatile prior to the announcement, fluctuating over $2,000 from lows of $41,000 to $43,000 on Wednesday morning. Upon release of the figures, the price continued its upward climb, touching $44,000. Prior to the announcement, Twitter was rife with speculation. According to a poll by @coinbureau, 53% of his 580,000 followers expected CPI to overshoot the consensus estimation of 7% inflation.Macroeconomic specialist and cryptocurrency soothsayer Lyn Alden was on the money.December CPI comes out tomorrow and has a decent shot at reaching 7%+ year-over-year.But then unless monthly inflation accelerates from here, the year-over-year figure will likely peak within Q1 2022. pic.twitter.com/7hjA3ehAXI— Lyn Alden (@LynAldenContact) January 11, 2022The graph for inflation from the FED over the past 10 years is eye-opening. Since the pandemic, marked in grey, the inflation level plummeted before beginning a dizzying climb to 7%.Related: Bitcoin crash ahead? Expert warns higher inflation could whip BTC price to $30KCastle Island Ventures’ Nic Carter was more tongue-in-cheek prior to the data update. In anticipation of more inflation rises, he joked that he was “looking forward to the inflationista cope if CPI prints double digits”. Inflation rates have become of paramount concern to developed countries around the world, but particularly for the United States. 7% is the highest inflation rate since the 1980s. Traditional markets including the S&P kicked off in the green, up 0.36%, while BTC was up 2.8% during the morning’s action.

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Retail is pushing the Bitcoin price up, says Ledger CEO

Retail is pushing the Bitcoin price up, says Ledger CEO

Uverejnil používateľ | jan 12, 2022 |

As crypto prices recover after a slump last week, Pascal Gauthier, CEO of crypto wallet firm Ledger, addressed questions relating to the state of the crypto market. In an interview taken by CNBC at the Crypto Finance Conference in St. Moritz, Switzerland, Gauthier said the situation panning out with Bitcoin (BTC) comes as no surprise. The retail trend is prominent and it’s “always the same.” He explained: “The number of addresses with the minimum number of BTC is actually growing compared to the number of whales. There is a profound retail trend everywhere in the world; they trust Bitcoin more and more. It’s the people that will push the price up.” Recent data from on-chain market intelligence provider Glassnode supports the claim. The number of BTC addresses with a non-zero balance is at all-time highs, topping out just short of 40 million. Source: TwitterAn insightful metric, the non-zero balance number offers a situation report of Bitcoin adoption. More addresses infer more users are entering the Bitcoin network, a telltale sign that retail is on the march.Related: Bitcoin wallet addresses created in November inched toward 1 millionOn altcoins, Gauthier supplied a note of consternation about projects that have recently outperformed Bitcoin. He suggested that this year could be a year of consolidation for some cryptocurrencies:“Last year they (cryptocurrencies) were projects coming into the light; this year, they have to deliver in terms of applications running on top of these protocols.”Gauthier said that Solana (SOL) has a good value proposition for nonfungible tokens and is in a good place to compete with Ether (ETH). While some of the top 10 protocols enjoyed wild price speculation and price increases in 2021, the market anticipates “good things from these protocols.”He concluded with a steadfast rule for blockchains: “The token of a blockchain is the security of that blockchain. The more expensive the token, the more secure the blockchain.” Ledger hardware wallet currently supports over 50 different protocols. France’s first crypto unicorn, Ledger will launch a crypto debit card over the next three months. It will undoubtedly tap into its crypto experience in order to compete with the likes of Mastercard, which is also introducing crypto-linked cards.

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