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What is the Digital Euro

April 26, 2021

6:46 pm

bitcoin, cash, central banks, cryptocurrencies, currencies, digital euro, ECB, euro, European Central Bank, eurozone, helicopter money

We all know several central banks are investigating the use of digital currencies. One of them is the European Central Bank. Its aim is to provide a safer and more efficient alternative to cash and cryptocurrencies. In this post, I will answer what is the digital euro and how it would work.

What is the Digital Euro

A digital euro would be the euro in a digital form. It would be produced and guaranteed by the European Central Bank. Also, it would be legal tender.

Reasons to Introduce the Digital Euro

-Due to the covid19 pandemic, electronic transactions have seen a significant surge as the general public tries to avoid paper money over fears they might spread the virus.

-The Europeans do not want to fall behind other digital currency producers such as Bitcoin and Facebook’s project Libra now called Diem.

-The digital euro could be an important tool in case of a natural disaster in case the “traditional payment services” collapse.

-Fintech institutions and cryptocurrencies could undermine the eurozone banks and the euro itself. Also, citizen’s finances are vulnerable to foreign powers and marketing companies, collecting data on their spending habits.

-The digital euro will assist the euro to become a key international currency

Digital Euro Public Consultation

There has been a public consultation regarding the digital euro’s introduction. More than 8,000 (8,221) participants actually responded with their own feedback. The ECB has made the results available to the public.

======>press here to see the digital euro public consultation results

Furthermore, there has also been consultation between the European Commission and the European Central Bank to consider future issues that could arise with the digital euro introduction.

The European Parliament and the European Council are already aware of the public consultation findings along with the European Commission and the ECB findings. Both European governing bodies will have to vote for or against it.

It is more than certain, that the ECB policymakers will go ahead and give the digital euro the green light. That could take place in the summer. It is expected for the whole project to eventuate within four years after its approval.

Digital Euro Pros

-All citizens including the homeless or those without a bank account will have access to a free or a low-cost bank account.

-The digital euro will ensure cash will retain its utility as a public payment system accessible to everyone.

-The digital euro will provide a secure integrated mechanism managed by the ECB

-Governments will maintain their seignorage income no matter what the future of physical cash will be.

-You won’t have to rely on banks FinTech companies and other intermediaries as technology will allow all payments and money transfers to be made in real-time directly from payment to the payee.

-The digital euro will increase competition between banks whose aim would be to attract cash.

-The digital euro could transform the existing problematic monetary policy and facilitate the implementation of helicopter money.

-The introduction of the digital euro could limit the ability of banks to generate money through credit and as a result, it reduces the possibility of a credit-fueled crisis.

-People’s finances will not be vulnerable to foreign powers and private companies collecting data on their spending habits.

-The digital euro will be another tool against crime, money laundering, and tax evasion.

Digital Euro Cons

-The digital euro introduction might lead to deposit runs and financial turbulence.

-Civil liberty activists worry the digital euro could be used by governments to spy on how and where their citizens spend their money.

-There could be a transfer of funds from the Eurozone banks to the ECB as people rush to open digital accounts at the ECB.

How Would the Digital Euro Work

The digital euro will be a useful addition to your wallet. You could use it as an alternative to plastic cash. You could pay your bills, do your shopping or even borrow from your friends and pay them back anytime, anywhere.

All this could be done through a wallet-like application stored in your smartphone. Digital euros will be guaranteed by the ECB and one digital euro will always be worth the same as a one euro coin.

In case you lose your smartphone your digital euros won’t be lost because the ECB will be keeping a record.

The crypto-euro will run transactions at a low cost. The ECB will be recording each transaction using blockchain technology.

Digital Euro Compared to Bitcoin and Other Cryptocurrencies

-Bitcoin is subject to price manipulation along with other cryptocurrencies while the digital euro will not be manipulated in any way.

-The digital euro will be a stable digital currency while Bitcoin never was and I do not think it will ever be.

-Digital euro would be a true 100% digital currency while cryptocurrencies are not real currencies.

-Fast transactions and payments with the digital euro, this is not the case with Bitcoin and other cryptocurrencies.

-The ECB will be backing and guaranteeing the digital euro contrary to Bitcoin and other cryptos where nobody guarantees or takes responsibility for anything.

-Bitcoin and other cryptos have been subject to theft and fraud. Theft and fraud would be difficult with the digital euro.

My Own Thoughts

The Money You Do not Own

Right now people only have two options. To use private banks, or to hide their money under the mattress or some safe place at home. To make things worst, most people are unaware that the money in their bank accounts exists only as a number in a computer screen, and are by law the property of the bank. The bank owes that money to people but the money does not belong to them.

Why Governments Love to Print Money

Physical money, (coins and paper money) is created by central banks and is not tied to a particular obligation from a bank to individuals. In addition, when a central bank prints money it also creates an income for the state. That income is known as seigniorage. This is another reason why governments love to print money without taking a good look at the negative impact money printing has on the economy.

Cash is the Best Payment System

Cash is the only payment system that is accessible to everyone with or without a bank account and it is in every respect free of charge. Truth is that cash offers an important public utility service.

People do not use cash as much as they used to. The reality is, that there is a surge in payments made by credit cards, mobile applications, and cryptocurrencies. Digital technology enables us to make user-friendly payments.

That surge in financial technology poses a great threat to cash. Cash is becoming an endangered species and this is something we should avoid.

A Cashless Society Will Be a Mistake

Think this, if cash disappears then a few very powerful private companies will be in total control of the money system. These companies will monitor our transactions something I do not like.

Something else I do not like is that in a world without cash people will be trapped in our current banking system without having the option to get out. We need to use technology to redesign and improve our monetary system in a way that works for the public interest.

If the monetary system is to work for the public interest then surely it has to include money. There is nothing wrong with money, in fact, money is a public asset.

Final Words

The move from central banks (ECB, China, Sweeden, and so on) to introduce their own digital currencies is absolutely necessary. It will put an order in the cryptocurrency industry where there is a high volume of theft, scams, and other illegal activities. It will force them to improve their security and all that will benefit the consumers, you, and me.

Additionally, the introduction of the digital euro will shake the cryptocurrency world. Imagine a stable digital currency guaranteed by the ECB performing low-cost, secure, and fast transactions.

The digital euro will be exciting news, as it will actually benefit the economy and the consumers and it will also protect cash.

What do you think about the digital euro, would it work or not. Could it be better than Bitcoin and other cryptocurrencies or not. Feel free to leave a comment I always answer back.

I hope this article covered your question about what is the digital euro. If you have any queries do not hesitate to leave me a comment and I will get back to you.

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How Bitcoin is a Scam

by Nektarios

February 23, 2021

10:53 pm

2 Comments on How Bitcoin is a Scam

Gold IRA Investing

altcoins, bitcoin bubble, bitcoin scam, blockchain, central banks, cryptocurrencies, decentralized currency, energy consumption, oins, price manipulation, the ripple scam, Trilemma blockchain problem

When I published that article, that was over a year ago, Bitcoin was rocking. However, there have been several disturbing and alarming facts that actually forced me to write this How Bitcoin is a Scam article. Unfortunately, it looks like all this is actually a fact and the huge Bitcoin price drop is proof of what the markets think about Bitcoin.

Bitcoin is on a roll right now. Its price has been breaking one record after the other. However, there is a question. Is Bitcoin a Scam and How Bitcoin is a Scam? Will bitcoin’s price plummet and when this is going to happen?

In this article, my aim is to answer all these questions by telling you the truth about bitcoin, and frankly, I do not care whether you like it or not, I feel it is my duty to let my audience know what I’ve discovered during my research.

I’ve always been sympathetic towards bitcoin and other altcoins. In fact, I think there must be something that could stop governments and central banks manipulate monetary policy. Bitcoin seemed that it could actually take that role and become the alternative currency-asset, that protects the ordinary folk from government and central bank reckless monetary policies.

After the latest bitcoin price surge, I decided to investigate bitcoin and find out whether bitcoin is actually worth all the hype and expectation or not. Here is what I’ve discovered.

Bitcoin has Old Outdated Blockchain Technology

Bitcoin is the oldest cryptocurrency. At the time it was developed the technology behind it was breathtaking. It is a first-generation technology cryptocurrency.

Nonetheless, bitcoin’s first-generation technology compared to other crypto’s second and third-generation altcoin technology makes bitcoin stone-age crypto. Bitcoin can only handle transactions from one crypto wallet to another and that’s it. Bitcoin needs to innovate again otherwise it will be taken over by third-generation advanced altcoins.

Third-generation altcoins have addressed the famous Trilemma blockchain problem. The concept behind it is to improve scalability without suffering security and decentralization.

Bitcoin’s Huge Transaction Costs

The transaction costs behind bitcoin are enormous. At the moment the fee for a bitcoin transaction is $24,26. The result of this is that bitcoin is totally unsuited for everyday retail transactions. In addition, the proof of work technology does not allow more than five transactions per second whereas the visa network allows more than 24000 transactions per second.

Regardless of the huge transaction costs bitcoin is not a scalable means of payment for goods and services. It is mainly used for speculation and buying other cryptocurrencies. It is a self-service system.

Some argue that bitcoin is actually suited for the transfer of large amounts of money from one country to another. These types of transactions are under constant surveillance from authorities to stop tax evaders, human traffickers, criminals, and drug dealers from transferring large sums of money from one country to another.

There is a crackdown on these types of transactions and there is going to be a similar crackdown on international cryptocurrency transactions.

Bitcoin and Other Cryptocurrencies Are Not Assets

Investment assets like stocks, bonds, real estate, and so on, will give you income, dividends, rent, interest, and so on. Some of them will also provide a use. For example, commercial real estate will give you housing services.

Gold and other precious metals, do not give you an income but they have a use either in the industry, jewelry, monetary use, and store of value.

Bitcoin has no use, no income, and no utility. It is a pure speculative self-fulfilling bubble on price appreciation. They call it an asset but it does not have any of the features assets have. Additionally, it is not a currency because it cannot be used as currency. It is a self-fulfilling bubble with zero intrinsic value.

Bitcoin’s Unsustainable Energy Consumption

In order for the bitcoin network to deal with the everyday transactions and carry on the mining process, the amount of energy it consumes is equivalent to the energy Argentina consumes.

The whole mining process where a number of miners compete against each other with one of them winning the task of verifying the transaction which is an inefficient process that gets put in a ledger to be shared with the bitcoin computer network. This is an inefficient way to verify transactions.

In a normal financial system, there is a small number of individuals or institutions (banks, and so on) whose job is to validate, verify, transactions and make sure there is no double-spending.

If we take into account the huge energy consumption, and the inefficient transaction-mining process and add the carbon tax to it then, bitcoin’s value should be well below zero.

Bitcoin Price Manipulation

Unfortunately, there has been an orchestrated bitcoin price manipulation operation. There have been allegations for pump and dump groups on Telegram who are pumping and dumping the price of it.

We are also aware of the tether issuance which has been bringing a billion dollars into bitcoin almost every single day money coming out of nowhere. Sadly, it looks like tether has been used to buy bitcoin, and of course, all this is not backed by anything.

How Bitcoin is a Scam

Furthermore, there is evidence for spoof trading, wash trading, and front running trading or tailgating. Right now there are several investigations undergoing on whether there has been price manipulation.

The Abundance of Money and the Effect on Bitcoin

With negative interest rates and non-stop money-printing, there has been an abundance of money. The reality is that the financial system has been flooded with money. All that money went to the stock market and cryptocurrencies. Yes, the never-ending money-printing by the Fed helped the creation of the bitcoin bubble. Nonetheless, right now there is a shortage of money affecting bitcoin.

Bitcoin is not a Decentralized Currency

This is another of the bitcoin myths. The reality is that 70% of bitcoin mining is done by six mining firms based in Russia, Belarus, and China. This is an oligopoly. Russia, Belarus, and China are three countries where there is no rule of law and they are all strategic rivals to the United States.

This is not decentralization. True decentralization should apply to all bitcoin operations. Decentralization in mining, in exchanges, in wealth, and in development. The vast majority of bitcoin wealth is concentrated on a very small number of people-companies. I call it the bitcoin oligarchy.

Sadly bitcoin has become a highly centralized system with a very small number of people owning it, controlling it, and manipulating it. All that goes on in countries where there is no rule of law.

What Bitcoin is, or What Bitcoin is Not

Bitcoin is not a currency, it is not a unit of account, it is not a scalable means of payment, it is not seen as a numeral, it is not a stable store of value and it is certainly not a hedge against risk. Some people still argue bitcoin is a hedge against risk. We did not see that during February and March last year when we had the collapse of global equity by 30% and 40%. At that time bitcoin went down 50% and other cryptocurrencies 60%.

The Ripple XRP Cryptocurrency Scam

A month ago Ripple, its chairman, and CEO were all sued by the US Securities and Exchange Commission. Allegedly they illegally marketed and sold securities worth $1,3 billion. According to SEC Ripple raised capital by selling XRP in an unregistered securities offering. In addition, Coinbase was also sued because knowingly sold XRP as unregistered security and on top of that gained commissions on these sales.

The Bitcoin Bubble

The bitcoin bubble is set to explode and many assets will suffer a big blow. There is going to be a bloodbath. This is because bitcoin’s market capitalization is over $1,4 billion dollars. Back in 2018 during bitcoin’s previous collapse, from $20,000 to $3,000 bitcoin’s market capitalization was only at around $200 million.

Final Words

I’ve always been sympathetic to Bitcoin. I thought it could become an alternative to fiat currency and change global payments forever. In the past bitcoin was the holy grail of cryptocurrencies, the number one. If bitcoin collapses and if the ongoing investigations find price manipulation, and it looks like it will, I do not think bitcoin will be able to recover again. What could also happen is that bitcoin might take the whole cryptocurrency industry down.

The Financial Bubble 2021

by Nektarios

February 7, 2021

9:12 pm

6 Comments on The Financial Bubble 2021

Economy and the Stock Market

crisis, cryptocurrencies, Fed, financial bubble, financial crisis, gold, government bonds, negative interest rates, stock market

Joe Biden, the newly elected US President is just about to face a number of issues that will be almost impossible to tackle. One of them is the financial bubble 2021.

The social and political divisions in the US cannot be cured by optimistic calls for unity. Then there is the moral duty to do something about the covid19 pandemic. In addition, sooner rather than later the President will have to deal with the effects of the largest financial bubble ever in the history of the United States of America.

When I say the largest financial bubble ever I am dead serious about it. We are currently living in the largest financial bubble because it includes almost all available assets thanks to the Federal Reserve.

Reasons Behind the Financial Bubble 2021

The Fed’s Irrational Policy

The Fed willingly encouraged investors to buy overpriced assets. Dealing with the Fed’s irrational policy will be a very difficult task. In fact, it will be of the same magnitude as the gold standard exit in the early 70s was, or dealing with the high inflation numbers in the early 80s.

It will take strong political action and a full review of the country’s monetary policy.

The ex-Fed president and now the US secretary of the treasury will not be much of a help. Mrs. Yellen walked the same path set by Allan Greenspan. Unfortunately, it wasn’t just her, all her predecessors did the same.

Alan Greenspan’s recipe during a crisis was to reduce interest rates and thus extend enormously Fed’s balance sheet.

Every time the Fed intervened to “help the economy” by just lowering interest rates, what it actually did was to set up the conditions for the current bubble and consequently the oncoming financial crisis.

Inflation Gradually Accelerates

Nonetheless, this game is now over. Inflation is slowly picking up and personal spending has risen 1,5% more than expected. Certainly, this is not much but in the middle of the covid19 pandemic that number gives us an indication that it will continue to rise.

The truth of the matter is that nobody paid any attention to these figures as everyone followed the GameStop media frenzy.

The Fed’s Money Printing

The Fed prints money nonstop. This way it finances a large chunk of the government deficit. The huge amount of money the Fed has created always finds a way to come out of the banking system. At the same time, there are extensive restrictions in the food chain, processing, manufacturing, and in-services.

Free Money is About to End

The oncoming inflation hike will force the Fed to tighten up its monetary policy. The Fed stretches out moves like that will be slow and take time. However, the markets always react before the Fed, especially in a crisis situation as fear takes over.

No matter which way you turn there are signs of a wild derailment. Most investment and market analysts see it coming, except the bankers. It is expected for most types of investments to lose money over the next years.

The Stock Market Bubble

When it comes to the index that really matters, the index that predicts real returns things do not look good. The US stock market is overpriced in fact, its value is similar to 1929, 2001, and just before the 2008 global financial crisis.

All stock market bubbles tend to keep up with fast credit expansion and the credit expansion we are seeing right now is not the exemption. Business debt compared to GDP has exploded over the last few years. One of the reasons for that was the large GDP drop.

In my mind, the stock market bubble that is on its way will be one of the worst ever. That stock market disaster will be the result of the effects of the financial bubble 2021.

In the past, when the stock market was facing difficulties investors had the opportunity to put their money in government bonds. Nowadays this is not viable. Government bonds in Europe and Japan tend to offer zero or negative interest rates. The return of the US bonds is 1,1% right now, which is poor.

It will also be a bad idea for the investor to buy private company debt. Private company debt is also not worth investing in. Their returns are at all-time historical lows. Even the high-risk bond returns have never been lower.

It looks like there will be a time when investors won’t find a place that offers decent returns to put their money.

The Fed Will Take Swift Action

When investors are about to face a financial crisis, the same goes for the Fed and the White House. The Fed’s duty will be to move carefully because nobody wants the markets to panic. If the markets should panic then, billions of dollars could be lost overnight.

Nevertheless, seeing the oncoming crisis and doing nothing to deal with it is not politically correct. Inflation has a negative impact. It affects the poor more than the rich. A development like that doesn’t do much for social justice, and the politicians will always step up and do something about it. Unfortunately, in most cases what they do doesn’t always work.

Many of you will disagree with me and there is nothing wrong with that. However, in the next few months, we are about to find out how big is the hole the Fed has created. How much it will damage the markets, the bank itself, the ordinary folk out there, and the US.

Final Words

All data indicates that 2021 will be a very interesting year. The financial bubble 2021 built by the Fed will explode with huge implications for the economy and all investors.

When the world’s largest economy gets in trouble then the global economy suffers too. A US financial crisis will turn into a world financial crisis, with stock markets around the world crushing.

Most assets will suffer great losses except for gold and other precious metals. Many market analysts argue cryptocurrencies could also be a safe place to be during those times. I still think cryptos are too unstable but there is a belief that cryptos might attract funds.

Everybody knows gold is a safe haven during bad times. It always has been and it will always be. Every time there has been a crisis situation gold has been called upon to save the day and never disappointed. It always has been and it will always be.

Gold is a non-correlated asset which means when all other mainstream assets take a downturn gold tends to move the opposite way and it actually sees its value grows.

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Cryptocurrency Market News – Unstoppable Altcoin Rally

by Nektarios

August 10, 2020

12:04 pm

Leave a comment on Cryptocurrency Market News – Unstoppable Altcoin Rally

Cryptocurrency News

altcoin rally, altcoins, bitcoin, cryptocurrencies, cryptos, ethereum, ethereum rally, price rally

Cryptocurrency Market News - Unstoppable Altcoin Rally — Cryptocurrencies

The latest cryptocurrency market news is very exciting indeed. We are actually witnessing an unstoppable altcoin rally. No matter what Bitcoin is actually doing, (right now is just below the $1,2000 mark +2,42%) it seems more and more like the cryptocurrency may be in the midst, of what could become an extended “alt season”: a period in which altcoins outperform Bitcoin in terms of price.

For example, Tezos, Cardano, Stellar, LEND, ChainLink, Ethereum, Kyber Network, Compound, and so on, are some of the many cryptos that had a magnificent performance.

Reasons for the Altcoin Price Rally

There is a positive sentiment around alternative cryptocurrencies. The outlook and the prospects for the future in altcoins never looked better.
There is also a massive demand for decentralized finance-related tokens. The crypto market is expanding rapidly with more and more money pumped in.
There is also a large number of new investors coming into the crypto market. People who weren’t interested and even treated the crypto market with skepticism, are now keen to take the plunge and invest.

Ethereum Rally Benefits Altcoins

The current Ethereum rally has and will benefit altcoins. Most analysts expect the Ethereum rally to continue well into the third quarter of 2020.

Ethereum options data suggests traders are expecting the crypto to get over the $400 mark.

The Ethereum options open interest increased by 5 fold over the past 3 months to reach $337 million. Options are a sign of what professional traders expect to take place on the market. Professional traders invest big and their impact on the market is always significant.

In addition, futures contracts also favor a bullish Ethereum. A bullish market will display the base of a future at or below 5%. Right now the ETH futures annualized basis, has been sustaining levels above the 10% for the past. That means Ethereum is at a very bullish momentum.

As a result, investor’s confidence is soaring and we are seeing the results.

Altcoin’s Rally is Backed by Data

The FTX exchange’s index of 50 low capitalization cryptocurrencies, the so-called shitcoin index, is up 111% this year.
According to Binance Futures, data investors are holding long contracts. As a matter of fact, over 50% of traders are holding long contracts on LINK, ADA, KNC, and COMP.
As stated by CoinMarketCap, the overall cryptocurrency market now stands roughly at $295 billion. Bitcoin dominates the index at 60,5%.

Top Performing Altcoins

Aave’s LEND token has increased by over $1,200% so far this year, due to a huge increase in usage since the launch of the main net this year. I think this will be the token with the highest returns so far.
Another example of another token that has seen extraordinary gains is ChainLink. LINK’s price started climbing at a rather steady rate since March however, LINK’s bull run started in July. Right now LINK sells at $14,17, a 517% increase since the beginning of the year. Last thirty days performance had a monthly increase of 131%
Cardano, ADA, saw a 30% price increase during the last thirty days. Cardano has seen its price triple in the last three months from $0,047 to $0,14.
Kyber Network, KNC, had an increase in its price from $1,35 to $1,71 in just seven days and it has also tippled its price in the last three months. From $0,56 to $1,71 right now.
Compound, COMP, started trading at $129,51 and within seven days went to $177,50. That was a 39% increase. In the last thirty days, Compound gained over 80% from $94,51 to $177,50.
Tezos, XTZ, had a seven-day price increase by 26% from $2,97 to $3,63. In 90 days Tezos went from $2,57, to $3,63, a total increase in value of 43%.
Stellar, XLM, had a 2,3% price increase in the last week and in the last 90 days saw gains over 40%
Zcash, ZEC, had a magnificent seven-day run with gains over 11% and total 90-day gains of 124%. It went from $42,37 to $94,00

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Final Words

The Altcoins outlook is excellent. More people are interested in altcoins now and as a result demand for cryptos is neverending. All these combined with the positive sentiment, are a good recipe for more altcoin gains.

As we see altcoins can offer high returns but they are volatile. One day they are breaking one record after another and the next day, they could suffer unprecedented losses. If you are thinking of investing there, the best will be to invest money you can afford to lose.

Disclaimer: The author has no money invested in cryptocurrencies whatsoever.

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What is Bitcoin Halving-Will it Work?

by Nektarios

May 16, 2020

10:43 am

12 Comments on What is Bitcoin Halving-Will it Work?

Cryptocurrency News

bitcoin, Bitcoin halving, Bitcoin miners, bitcoin price, bitcoin value, cryptocurrencies, Litecoin

Bitcoin’s halving consumes investor interest in the industry. What is Bitcoin halving and what does it mean for the cryptocurrency? In this article, I will explain to you what is bitcoin halving and then I will present to you the five scenarios regarding Bitcoin’s future.

What is Bitcoin Halving?

Every ten minutes, new Bitcoins are mined from the Bitcoin network. During the first four Bitcoin years, the number of these Bitcoins produced every ten minutes was 50. Every four years that number was divided by two. In 2012 the number of Bitcoins produced fell from 50 to 25. In 2016, it also fell from 25 to 12,5. Now, It will drop from 12,5 to 6,5 Bitcoins produced every ten minutes.

Bitcoin halving commencing date: 18/5/20
Bitcoins produced: 6,5 every ten minutes.

1-A Handful of Corporations could Control Bitcoin

The miners will see a sharp fall in their rewards. (50%) This will be due to halving, or could also be due to an unexpected drop in Bitcoin’s value. This could cause heavy losses to mining corporations. As a result, their owners will have no option but to cease operations.

In addition, the rewards decline could cause further harm, as the verification of each block could take hours. However, I don’t think that scenario has any chance to take place. We already had two halvings in the past and we also had up to an 80% drop in Bitcoin price. Today’s Bitcoin miners are large corporations, fully professional thus, it’s not easy to just “pull the plug”.

2-Bitcoin Price Increase

Many economists and investors consider Bitcoin to be a commodity and thus, according to economist’s Safedean Ammous algorithm Stock-to-flow, including other predictions, they all agree its price will see a substantial increase. According to the Stock-to-flow algorithm, Bitcoin will touch the $100,000 mark at least one time.

3-Investors Buy the Rumors and Sell the News

This is a possible scenario, due to great anticipation for substantial gains after Bitcoin halving. When investors see chances for substantial gains, they always jump on the bandwagon and once they have profited enough, they are the first to sell.

It is common practice. When there is a big event they will always be there and they will leave exactly when market enthusiasm is at its highest level.

There was a similar event in Litecoin’s halving. Litecoin lost 2/3 of its value only four months after its halving. Nonetheless, at that time most cryptocurrencies suffered losses. The fact is many investors have adopted a similar strategy because Bitcoin’s halving has been heavily promoted.

4-Massive Bitcoin Sales from Miners

There is no doubt halving will cause an increase in Bitcoin production costs. If Bitcoin’s value is equal to or below mining costs, miners have no option other than selling. If not, they will have to deal with heavy losses.

IIn case Bitcoin’s value drops suddenly and sharply as it did in March 2020 then, the fall in miners’ rewards along with Bitcoin’s value will decline. That could lead to a massive Bitcoin sale. A massive Bitcoin sale means further value decline.

5-No Significant Changes

According to many analysts, Bitcoin’s halving will not have a significant effect on its value. Daily fluctuations between 1% and 5% are usual, whereas further fluctuation will definitely be seen as in effect. We might not be able to see this immediately, but after a few months, the data will be there.

Final Words

What will actually happen to Bitcoin’s price after halving remains to be seen? There will be fewer Bitcoins produced, that is certain, we do not know whether Bitcoin demand will stay the same, will drop, or rise.

Will miners continue to operate with new more efficient hardware or they will have to cease operations? Some analysts argue halving has already passed in the Bitcoin market.

My view for halving is that long term, it will have a positive effect not only on the Bitcoin market but on the cryptocurrency market as a whole. Most predictions are just predictions unfortunately, there is not enough data for us to form a definite view, especially now in the middle of the covid-19 pandemic.

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Famous Crypto Owners

by Nektarios

April 20, 2020

8:40 pm

6 Comments on Famous Crypto Owners

Cryptocurrency News

altcoins, AudioCoin, bitcoin, bitcoin wallet, cryptocurrencies, cryptos, Dashcoin, ethereum, famous crypto owners, Litecoin

As Bitcoin and altcoins in general turn into a booming industry, it comes as no surprise when many celebrities and billionaires, Famous crypto owners with disposable income, have chosen cryptocurrencies to invest in. Successful business people, famous actors, politicians, and even musicians are proud crypto owners.

Famous Crypto Owners

Bill Gates

Bill Gates is no stranger to all of us. He is an American businessman, computer programmer, and philanthropist. He is the co-founder of Microsoft. He is one of the most well-known Bitcoin-invested public figures in the world.

Madonna

Madonna is known as “the queen of pop” and rightly so. She needs no further introduction. Madonna is one of many public figures spreading the word about how easy and secure cryptocurrency is as a payment method.

Sir Richard Branson

Sir Richard Branson is a British business magnate, author, and philanthropist. He founded the Virgin group. His net worth is over $5.1 billion and he is a Bitcoin advocate and investor.

Peter Andreas Thiel

Peter Thiel is a German-American entrepreneur. He is the founder of Pay Pal, Palantir Technologies, and so on. His net worth is $2.3 billion and he has over $20 million invested in cryptos.

Lionel Messi

Messi is a well-known Argentinian and Barcelona football player. Messi became a brand ambassador for Israeli company Sirin Labs in 2017. Sirin Labs is producing the world’s first crypto smartphone and the footballer is backing it.

Gwyneth Paltrow

The American actress and singer is a well-known crypto advocate, in fact, she was the face of the Bitcoin wallet, Abra.

Michael Novogratz

Michael Novogratz is an American ex-hedge fund manager of the Fortress Investment Group. Currently, his investment in Bitcoin and Ethereum is worth $250 million. He is a long-standing advocate for cryptocurrency investment.

Floyd Mayweather

Floyd Mayweather jr. the boxing legend does not need an introduction. He has promoted several ICOs including Stox, Hubii Network, and Centra. Mayweather is well known for using Bitcoin, Ethereum, and other cryptos for his everyday purchases.

Tim Draper

Timothy Draper is an American venture capital investor and founder of the Draper Fisher Jurvetson (DFJ) His net worth is 1 billion dollars. Draper is a Bitcoin enthusiastic advocate and investor.

Bjork

Bjork is a musician and singer from Iceland. In 2017 Bjork encouraged fans to buy her new album with Bitcoin. According to reports she accepted Bitcoin, Litecoin, Dashcoin, and AudioCoin as payment.

Eric Schmidt

Eric Schmidt is an American businessman and a software engineer. He is known to be the CEO of Google from 2001 to 2011. His net worth is 14,3 billion. He is another cryptocurrency investor and advocate.

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Here is a small number of well-known celebrities and investors who do not follow the masses and go their own way with their investments. Their number is growing fast and this is indicative of what is could be coming.

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