Archives for November 2020

The top bitcoin news of the week

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Game of Thrones actress Maisie Williams recently asked her 2.7 million followers on Twitter if they thought BTC was appropriate . Although the majority voted against the cryptocurrency with skepticism, some popular Bitcoin bulls gathered among its supporters. In addition to Tron boss Justin Sun, investor Mike Novogratz, Tesla and SpaceX founder Elon Musk also gave his approval. The 49-year-old quoted the song „Toss A Coin To Your Witcher“ from the Netflix series „The Witcher“ in his comment. However, with one decisive change: he wrote The News Spy instead of Coin. Regardless of the results of the Twitter survey, Williams reacted exactly as one would have expected from GoT-Arya: She still bought Bitcoin.

Miners can no longer pay electricity bills

Mining pools in China suffer from the limitations on their ability to make payments. The Chinese authorities have been trying to curb money laundering in the country since mid-2020. Hence, they have also taken tough measures against crypto exchanges. This has resulted in the closure or suspension of accounts, credit cards, and other payment methods from mining pools and major economic losses. Around 74 percent of the miners surveyed in the country stated that they had ceased operations for a month.

Bitcoin turnaround in Washington? US Senator makes BTC plea

Wyoming’s first female senator, Cynthia Lummis, wants to campaign for BTC . Thus, the soon-to-be senator from Wyoming is probably the highest-ranking politician to appear as an advocate for the market-leading cryptocurrency. She denies that Bitcoin would be used for tax evasion and money laundering. According to her own statements, the senator started investing in BTC seven years ago. Now it remains to be hoped for the crypto community that Lummis will be the first MP to seriously support Bitcoin.

$ 29 billion giant offers customers access to Bitcoin

Mariner Wealth Advisors, a registered investment advisor with advisory assets of more than $ 29 billion, is now partnering with crypto firm Eaglebrook Advisors. They want their customers d s provide access to the most popular cryptocurrency . This means that the investment advisory service first taps into a separately managed account. In addition, your financial advisors can allocate Bitcoin to customers who want to include the leading cryptocurrency in their investment strategies. With this decision, the investment company joins the consortium of well-known companies and investors that Bitcoin has put under its spell.

PwC: Blockchain will grow GDP by $ 1.76 trillion in ten years

As the study “Time for Trust” by the auditing and consulting firm PwC recently forecast, blockchain technology will already contribute around 66 billion US dollars to global gross domestic product (GDP) in the coming year. According to the economists surveyed by PwC, it also has the potential to increase global economic output by 1.76 trillion US dollars by 2030 . This corresponds to a share of 1.4 percent of global GDP. In addition, the experts expect that the technology will be used globally by the majority of companies in the next five years.

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Galaxy Digital Bitcoin Funds returnerede 17% i tredje kvartal

Galaxy Digital Asset Management har aktiver på over $ 400 millioner, ifølge den seneste kvartalsrapport. Og dets Bitcoin-investeringer klarer sig godt.

Crypto-aktivforvalter Galaxy Digital, ledet af milliardærinvestor Mike Novogratz, rapporterede i dag, at dets Bitcoin-fonde har givet investorer 17,3% i afkast i løbet af 3. kvartal 2020.

I henhold til virksomhedens „Tredje kvartal 2020 finansielle resultater“ tilbyder Galaxy Bitcoin Fund, LP, Galaxy Institutional Bitcoin Fund, LP og Galaxy Institutional Bitcoin Fund, Ltd „institutionelle og akkrediterede investorer institutionelt indpakket bitcoineksponering understøttet af kontrollerede tjenesteudbydere.“

“Galaxy Bitcoin Funds sporer Bloomberg CFIX-prisfastsættelse af bitcoin (“ XBT „), og XBT returnerede 17,3% i tredje kvartal af 2020 og har returneret 125,7% på årsbasis gennem 12. november 2020, rapporterede manager.

Samtidig returnerede virksomhedens kryptofokuserede Galaxy Benchmark Crypto Index Fund LP (som sporer Bloomberg Galaxy Crypto Index) 32,3% i 3. kvartal eller 126,7% på et år til dato.

Galaxy Digital afslørede også, at det i øjeblikket har aktiver på 407,4 millioner dollars under sin ledelse.

Som Decrypt for nylig rapporterede, er Galaxy Digital Holdings blandt de syv bedste offentlige virksomheder med de største Bitcoin-porteføljer. Og indtil videre betaler dens investering udbytte.

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Tim Draper: with Bitcoin, I want to ‚decentralize the venture capitalist profession‘.

Tim Draper remains strongly bullish on DeFi and Bitcoin, although in his opinion the regulations are not yet able to provide certainty

Tim Draper, a well-known venture capitalist and investor in Bitcoin, publicly stated two years ago that BTC would reach $250,000 by 2022. Yet while Bitcoin continues to attract the interest of more and more players, Draper revealed to Cointelegraph that such a prediction may have been overly cautious:

„I think it will certainly reach that price level. But many people think that $250,000 was a bit too conservative a prediction.“

Draper also discussed the impact of the COVID-19 pandemic on the blockchain sector, noting that tokenisation will play an important role in solving global logistics and real estate problems. In addition, Draper shared his thoughts on decentralized finance, or DeFi, arguing that he would like to „decentralize the venture capitalist profession“ in the future.

Cointelegraph: What do you think about the impact of the pandemic on the blockchain world?

Tim Draper: Several things have happened since the beginning of the pandemic. Some say it is accelerating the development and adoption of new technologies. People are stuck in their own homes and wonder, „Why not try VR for telemedicine or distance education? Some of the projects that our community has been supporting for a long time have gained a lot of attention during the pandemic, because people could not leave their homes.

In addition, the US government printed $13 trillion, immediately diluting the dollar value by 20 or 30%. This was a real shock to the system. People then began to ask: „Well, wait, where do I put my money? Do I put it in gold or do I put it in Bitcoin, which is a very good reserve of value?“. A lot of people decided to transfer their money to BTC.

Another point to make is that millions of people will die as a result of this pandemic, but 135 million could starve to death because of the government’s reaction. Generalized lockdowns have blocked several supply chains worldwide, and as a result people are hungry.

But every time there is a crisis, there is a great opportunity to do something extraordinary. During the last financial crisis, for example, Satoshi Nakamoto invented Bitcoin. And I think that when we will be able to implement the blockchain better, we will be able to use Bitcoin in a dollar-equivalent way.

CT: Right now the world is in the middle of a very serious crisis. What technological innovation will help humanity come out of it stronger?

TD: Tokenisation will advance. We see it in real estate, in logistics and in all the markets where valuables have to be moved from one side to the other. These objects can be transferred through the Internet: in the case of real estate, you could buy a part of a house, or you could token the property and own a piece of it without having to buy the whole thing.

Tokenisation is also a great way to track the movement of goods. I think we will make huge strides forward in the logistics sector.

CT: Another phenomenon we are observing is the rise of DeFi. Do you think that Decentralised Finance is just a bubble or will it increase the adoption of crypto?

TD: I think the DeFi phenomenon couldn’t not happen. For a long time people who own Bitcoins or other cryptos have been standing still watching their growth rate, instead of using those funds. But every investor wants his money to be constantly used.

Basically, I want to decentralize the venture capitalist business: I raise funds only in Bitcoin, I invest only in Bitcoin, entrepreneurs pay their employees and suppliers all in Bitcoin. All the accounting of this system is on-chain. My relationship with the entrepreneur and my investors is fixed by a smart contract, so that if the project goes well the revenues can be distributed in many different Bitcoin wallets. I think this will happen eventually, but at the moment the accounting side is not ready yet. We are still facing the first cases of using DeFi, but in the long term accounting, taxes… everything will be done using Bitcoin!

DeFi will then become a bridge to „ReFi“ where „King“ stands for „Retail“: we will use crypto as the main currency for all our purchases. It will become a part like any other of the world economy. I think this will include Bitcoin along with four or five other cryptocurrencies.

In conclusion, I think that the fiat coins will slowly disappear: the governments that want to launch some centralized crypto anchored to the own currency are frustrating our efforts. The purpose of all this is to make that the currency is not tied up to the politics. We cannot inflate debts and we cannot act as Argentina has done for 100 years.

We must operate fairly on all fronts. This is the beauty of cryptocurrencies, governments will never be able to replicate it with a fiat currency.

CT: Are you still sticking to your forecast that Bitcoin will reach $250,000 by 2022?

TD: Yes, Bitcoin will reach $250,000 by 2022 or early 2023. That $250,000 is a forecast based on the fact that BTC will reach a 5% share of the currency market. I think this is an easily achievable level, especially since more and more women are starting to use Bitcoin, and they control 80% of retail spending. It’s really interesting: before there was only 1 woman in 15 Bitcoin wallet holders, but the numbers are changing. When women start using wallets, they will realize that it is very simple. So, yes, I think BTC will definitely reach that level, but a lot of people even think that my prediction was a bit too cautious.

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Earn bitcoin by building the Lightning Network? The Lightning Pool is coming, and it’s pretty crazy!

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Discover “Satoshi farming” – Yields and DeFi are not the preserve of the Ethereum network alone.

Bitcoin is also doing it via its Lightning Network (LN) . The Lightning Pool will thus make it possible to both improve liquidity on the LN network, while encouraging node operators to sell payment channels.

A liquidity market on the Lightning Network

Via a publication by its engineer and developer Ryan Gentry , the company Lightning Labs has just revealed the creation of the Lightning Pool .

The latter is intended as a marketplace where it will be possible to earn rewards by selling access to liquidity on the Bitcoin Storm lightning network.

“The Lightning Pool makes it easier to accept payments instantly on Lightning and opens up the new possibility of earning a return on bitcoin by selling access to cash on Lightning. “ – Ryan Gentry

This over-the-counter (P2P) market allows LN node operators to buy and sell payment channels .

A Bitcoin version DeFi

Like decentralized finance on Ethereum, the Lightning Pool allows its users to earn a return on their BTC capital while maintaining control over their funds.

“(…) Node operators can now be paid to open new [payment] channels and provide inbound liquidity. This opens the door to new sources of revenue for leasing cash and deploying capital on the Lightning Network. “ – Ryan Gentry

The alpha version of the Lightning Pool is available to everyone now, so it can be tested to earn real bitcoin returns. Be careful though! The interface remains for the moment still in command line (CLI) and will therefore not be easy to learn.

This incentive to create new channels and liquidity on Bitcoin’s Lightning Network is a great initiative on the part of Lightning Labs. Let us hope that the Lightning Pool will develop quickly, in order to be accessible to as many people as possible and to be able to earn a few satoshis with a decentralized return (without intermediary) !

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