Bitcoin Poised For ‘Massive Transformation’ Into The Mainstream, Citi Says

Bitcoin

Bitcoin could be at the start of a “massive transformation” into the mainstream and on the path to become “the currency of choice for international trade,” according to leading investment bank Citi, which noted the cryptocurrency’s meteoric rise in value in recent years and a growing interest from institutional investors as potentially setting the stage for widespread success.

In a report published Monday, Citi analysts said the world’s most popular cryptocurrency was at a “tipping point” between widespread adoption or a “speculative implosion.”

Bitcoin’s growing use as a payment tool, the increasing availability of digital wallets, and institutional interest from the likes of Tesla and Mastercard have all helped buoy confidence in the cryptocurrency and could see it become the leading medium for international trade in the future, Citi said.

The analysts described Bitcoin as the “North Star” of the blockchain ecosystem, with its underlying technology launching an entirely new domain of the digital economy around it.

However, there are a number of risks and obstacles that could see the Bitcoin bubble burst, the analysts warned, and widespread changes to the market would be required for Bitcoin to be adopted more widely.

Dampened institutional investment in the post-Covid-19 world would remove a key pillar of support for Bitcoin, Citi said, and anticipated regulation and oversight—which runs counter to the anti-establishment ideology underpinning the cryptocurrency—could also “cause many of the most innovative developers and entrepreneurs to exit the ecosystem,” the analysts wrote.

Key Background

Bitcoin is one of the most volatile asset classes around. It has a bumpy and storied history since it was outlined in a paper in 2009, moving from practically worthless to an all time high of over $58,000 a coin in February 2021 (the price has since dropped to around $47,000) with several significant troughs and peaks in between. At its highest, Bitcoin’s market capitalization exceeded $1 trillion. As with the bulk of its history, Bitcoin is still driven by retail investors, who billionaire philanthropist Bill Gates warned not to get drawn in by the “mania” and enthusiasm of Elon Musk who has money to spare should things go wrong.

Crucial Quote

“I think bitcoin is really on the verge of getting broad acceptance by sort of the conventional finance people,” Tesla CEO Elon Musk said on Clubhouse earlier this year.

Tangent

In October, PayPal finally welcomed cryptocurrencies to its platform, believed by many to be a precursor to it moving into the mainstream. PayPal will support four different cryptocurrencies—bitcoin, ethereum, litecoin and bitcoin cash—and will expand the service to Venmo in 2021.

Further Reading

Bitcoin. At the Tipping Point (Citi)

Bitcoin rises 6% as risk assets rally; Citi says at a “tipping point” (Reuters)

Bitcoin’s Long-Term Value Doubted Due to ESG, Tighter Rules (Bloomberg)

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I am a London-based reporter for Forbes covering breaking news. Previously, I have worked as a reporter for a specialist legal publication covering big data and as a freelance journalist and policy analyst covering science, tech and health. I have a master’s degree in Biological Natural Sciences and a master’s degree in the History and Philosophy of Science from the University of Cambridge. Follow me on Twitter @theroberthart or email me at rhart@forbes.com

Source: Bitcoin Poised For ‘Massive Transformation’ Into The Mainstream, Citi Says

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One Of Bitcoin’s Biggest Backers Just Spent $1 Billion Buying More

In this photo illustration a Bitcoin logo is seen displayed...

While bitcoin remains about 15% below its record high from Sunday, a couple of the cryptocurrency’s biggest corporate backers have doubled-down on their bitcoin investments during the recent correction despite concerns over the token’s unshakeable volatility.

Business analytics company MicroStrategy said Wednesday morning that it spent slightly more than $1 billion buying about 19,452 bitcoin tokens during the recent correction, averaging about $52,756 per bitcoin.

As of Wednesday, the firm, which used debt to finance its recent bitcoin acquisition, holds roughly 90,531 tokens that it purchased at a combined price of nearly $2.2 billion–less than half the $4.5 billion they’re worth at current prices.

In a statement, MicroStrategy ژEO Michael Saylor said acquiring and holding bitcoin remains one of the company’s two biggest strategic priorities (in addition to growing its analytics software business) and that the investment “reaffirms [the firm’s] belief that bitcoin, as the world’s most widely adopted cryptocurrency, can serve as a dependable store of value.”

The move comes less than a day after payments fintech Square, cofounded and led by billionaire Jack Dorsey, revealed it’s also doubled-down on its bitcoin investment–investing another $170 million in the cryptocurrency this month after a $50 million investment in October.

At current prices, Square’s October investment is worth approximately $230 million–more than four times the purchase price; combined with the recent purchase, bitcoin represents about 10% of the cash Square had on hand at the end of last year.

MicroStrategy shares have plummeted 42% since a nearly 20-year high on February 9–the day after Tesla disclosed a $1.5 billion bitcoin investment; much of the plunge has been fueled by crashing bitcoin prices, which have similarly tanked Tesla shares.

Crucial Quote

“Bitcoin is a bank in cyberspace for people that don’t have the ability to run their own hedge fund,” Saylor said on CNBC Tuesday. “It’s not a stock; it’s an asset class, and so if I put $1 billion into a bank, and then came back and put another $10 billion in a bank, the bank is not overvalued, it’s just 10 times bigger.”

Surprising Fact

Bitcoin has plummeted about 16% from its record high of more than $58,000 on Sunday, but it’s still up more than 400% in the past year.

Key Background

In addition to corporations bulking up their balance sheets with volatile bitcoin, institutional investors continue to bolster adoption in the space. This month alone, the first two bitcoin exchange-traded funds launched in Canada, BNY Mellon announced that its wealth management arm will process cryptocurrencies alongside stocks and bonds, and news broke that Morgan Stanley’s $150 billion investing arm is considering adding bitcoin to its portfolio.

Chief Critic

Bitcoin prices reversed a recent rally on Sunday after Tesla CEO Elon Musk tweeted that its prices seemed “a little high,” fueling concerns among experts that the token’s volatility makes it an unreliable store of value. “The fall that has taken place since [Musk’s tweet] shows just how wild an instrument bitcoin is, how overbought it has become and how influential the Tesla CEO now is in the space,” Oanda Senior Market Analyst Craig Erlam said Tuesday. “I’m not sure any of that is a good thing.”

genesis-3-1

Further Reading

Not Just Tesla: Big Institutions Keep Piling Into Bitcoin As Price Rockets Past $50,000 (Forbes)

Tesla Has Plunged 25% And Lost $200 Billion In Market Value Since Its Bitcoin Investment (Forbes)

Bitcoin Market Value Shoots Past $1 Trillion Amid Tesla-Fueled Surge (Forbes)

Bitcoin Soars To New High After Tesla Says It Invested $1.5 Billion (Forbes)

Follow me on Twitter. Send me a secure tip.

I’m a reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism and economics while working for UNC’s Kenan-Flagler Business School as a marketing and communications assistant. Before Forbes, I spent a summer reporting on the L.A. private sector for Los Angeles Business Journal and wrote about publicly traded North Carolina companies for NC Business News Wire. Reach out at jponciano@forbes.com.

Source: One Of Bitcoin’s Biggest Backers Just Spent $1 Billion Buying More

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Meet Lily The 3-Year-Old Girl Who Explains How Bitcoin Works With Sweets

Meet Lily, the 3-Year-Old Girl Who Explains How Bitcoin Works With Sweets

Lily, just 3 years old, has her own program in which she explains simple things to her followers on Facebook and Twitter (for now). In her fifth chapter, she explains how Bitcoin works with the help of sweet Skittles , her stuffed animals and of course, her parents.

She started Lily’s Show in August 2020, but on February 2 she posted a video of just over two minutes explaining the basics of Bitcoin , something that many adults still have doubts about.

The information is based on Michael Caras’ children’s book, ” Bitcoin Money: A Tale of Bitville Discovering Good Money.”

The little girl begins by saying that Bitcoin is “decentralized digital money!” In other words, it does not need a bank to exist, in addition to the fact that there are only 21 million of them in the world and it was created by Satoshi Nakamoto, whom he identifies as “a mystery”.

To explain how a transaction works, he uses wallets with sweets and pieces of wood, which represent bitcoin wallets and the blockchain . The various purses belong to her, her Teddy bear, a unicorn and Dolly, her stuffed animals.

In this way, each that a sweet ( Skittles ) passes from one bag to another, it represents a transaction that generates a piece of wood and when several of them are stacked it symbolizes the blockchain , which no one can see because it is anonymous.

Lily wonders “why is it so expensive?” . So he explains that it is because of the security he has; Money cannot be stolen, bank accounts cannot be hacked, only you have access with a 12-digit code, but if you lose it you are in “trouble” and you can lose all your money .

To finish little Lily takes off her glasses and tells her mother that she doesn’t need them to look smart, “silly mommy .” Besides mentioning that he loves bitcoins… and skittles .

Source: Meet Lily, the 3-Year-Old Girl Who Explains How Bitcoin Works With Sweets

When Gold Bugs Join the Crypto Bandwagon — Some Crypto 101
[…] Tierney, For Money Morning PS: If you’re interested in learning more about what Bitcoin is, and how Bitcoin works we have a comprehensive guide […]
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Cost of a single Bitcoin exceeds $50,000 for first time
bangordailynews.com – February 17
[…] As its price keeps rising, here’s a brief look at the bitcoin frenzy: How Bitcoin works Bitcoin is a digital currency that is not tied to a bank or government and allows users to spen […]
Let’s Learn about the working of Bitcoin In detail
incrediblethings.com – February 16
[…] Now, this is the question that how bitcoin works. Here are some important points that how bitcoin works– Basic functions- In simple words, bitcoin is a computer file that is store in one of the compute […]
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No Jargon Answer to What Is Bitcoin? | VanEck
http://www.vaneck.com – February 16
[…] I don’t think investors need to know how bitcoin works technically, but they need to be able to assess the opportunities and risks of investing in bitcoin […]
Bitcoin explained by a 3-year-old girl
en.cryptonomist.ch – February 16
[…]   The video explains in a very basic way how Bitcoin works, and the child’s story makes it so enjoyable that it’s no wonder it’s getting so much attention […]
Craig Wright – How the World Works; or, A Discourse on Fake News
craigwright.net – February 14
[…] who worked with him (of whom many are behind Bitcoin Core even today), created a false tale of how Bitcoin works to deceive those without the knowledge to understand the system […] The truth of how Bitcoin works is simple: the sending system, in step 1, transmits to every system it is connected to […]
When Will We See Bitcoin’s Top? – TECHOSMO
techosmo.com – February 14
[…] That’s because coins in a wallet age, and this age is something data junkies can track thanks to how bitcoin works under the hood […]
Understanding Bitcoin Public and Private Keys (2nd Edition) –
armantheparman.com – February 13
[…] If you do, it makes it easier to understand a lot more about how Bitcoin works […]
What is Bitcoin and Should I Invest in it?
[…] interest again last year when Maisie Williams said she bought some, but how much do you know about how Bitcoin works? The cryptocurrency has seen a seismic return in recent weeks […]
Triumph of the HODLers – Noahpinion
noahpinion.substack.com – February 12
[…] But then as the bubbles keep happening and the skeptics realize that this is just how Bitcoin works, they eventually lose their fear and jump into the market, and Bitcoin’s price rises […]
Money and Bitcoin According to Islamic Law and Economics – IslamicMarkets.com
islamicmarkets.com – February 12
[…] 48 APPENDIX 6: How Bitcoin Works […]
Mastering Bitcoin: Unlocking Digital Cryptocurrencies by Andreas M. Antonopoulos
http://www.goodreads.com – February 11
[…] The book goes over the technicals of how Bitcoin works from keys, addresses, wallets & transactions, the scripting language, t […]  · see review Nov 13, 2020 Alejandro Guariguata rated it it was amazing Do you want to understand how Bitcoin works? Read this book […] 11:34PM   Generate private key from bitcoin address online 1 5 Sep 08, 2020 09:15AM   Understanding How Bitcoin Works And Why It Is A Good Investment 2 5 May 13, 2020 01:06PM   Smart Solutions in Crypto Trading fo […]
How Does Bitcoin Work? | Visual.ly
visual.ly – February 9
[…] shared by nimbleappgenielondon on Feb 09 0 views 0 faves 0 shares In this article, we will see how bitcoin works? These bitcoin wallet apps allow the user to send and receive bitcoins safely and easily […]
Tesla bitcoin buy: Tesla invests $1.5B in bitcoin cryptocurrency
http://www.usatoday.com – February 8
[…] What is Bitcoin? A motion graphic explains what Bitcoin is and how Bitcoin works […]
The Unlucky Bastards Who Lost Bitcoin Fortunes
melmagazine.com – February 8
[…] ironic that the Bitcoin Thomas lost was payment for a video he made explaining — wait for it — how Bitcoin works […]
A German man is keeping $60 million in bitcoin from police by never revealing his password : technology
http://www.reddit.com – February 7
[…] or anything could make all your money go poof, and then it’d be impossible to recover, because of how bitcoin works […]

Just One Major Cryptocurrency Is Outperforming Bitcoin Right Now And It’s Climbing Fast

Bitcoin has rebounded this week, climbing along with gold and other safe-havens as major stock markets struggle.The bitcoin price is up just over 2% over the last week—making strong gains yesterday as investors search for somewhere to put their cash. However, one major cryptocurrency has outpaced bitcoin’s gains over the last week and is still rocketing higher.

The privacy-focused cryptocurrency monero, currently ranked as the 11th most valuable cryptocurrency on data site CoinMarketCap with a total value of just under $1 billion, has added almost 5% in the past week—beating bitcoin’s gains.

Monero, which masks the identity of users better than the likes of bitcoin, is up by over 6% over the last 24-hour trading period, soaring as the broader cryptocurrency market climbed.

The precise reason for monero’s sudden surge wasn’t immediately clear, though there have been a number of positive developments for the bitcoin rival over recent months.

Monero developers recently rolled out an update to its Carbon Chameleon software, designed to improve transaction execution and how the cryptocurrency works with the privacy networks Tor and I2P.

Monero and privacy coins have also recently gained support from some high profile figures in the tech and crypto industry.

“I think we’ll also see privacy integrated into one of the dominant chains in the 2020s,” Coinbase’s chief executive Brian Armstrong wrote in a blog post back in January.

“Just like how the internet launched with HTTP, and only later introduced HTTPS as a default on many websites, I believe we’ll eventually see a privacy coin or blockchain with built in privacy features get mainstream adoption in the 2020s. It doesn’t make sense in most cases to broadcast every payment you make on a transparent ledger.”

John McAfee, the controversial and outspoken antivirus software developer and curve-ball U.S. presidential candidate, named monero as his cryptocurrency of choice earlier this year.

McAfee, who has reneged on his promise to “eat [his] own dick on national television” if the bitcoin price didn’t hit $500,000 per bitcoin by the end of 2020, praised monero, along with ethereum, the second most valuable cryptocurrency after bitcoin.

McAfee made similar allusions to monero’s technological superiority over bitcoin.”Bitcoin was first. It’s an ancient technology. All know it,” McAfee said via Twitter before recommending monero to cryptocurrency users.

“Newer blockchains have privacy, smart contracts, distributed apps and more. Bitcoin is our future? Was the Model T the future of the automobile?”

Follow me on Twitter.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: Just One Major Cryptocurrency Is Outperforming Bitcoin Right Now And It’s Climbing Fast

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Something Very Strange Is Going On With Bitcoin And BTC Google Searches

Bitcoin and cryptocurrency prices are well known to be closely tied to media and general public interest–-though that could be changing.

The bitcoin price has been climbing so far this year, rising some 200% since January, though has recently plateaued at around $10,000 per bitcoin after peaking at more than $12,000 in June.

Now, it appears Google searches for bitcoin and BTC, the name used by traders for the bitcoin digital token, could be being manipulated–-possibly in order to move the bitcoin price.

Source: Something Very Strange Is Going On With Bitcoin And BTC Google Searches

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