Top 10 Bizarre Facts About Bitcoin

Bitcoin has fast become a global phenomenon. Since its launch in 2009, the digital currency has won the approval of young, tech-savvy investors. Unlike the dollar or the euro, there is no central government regulating Bitcoin, which has made it particularly popular among anti-authoritarians and libertarians. Elon Musk recently invested $1.5bn (£1.1bn), sending the price skyrocketing. At its peak, one Bitcoin was worth over $48,000.

But the currency has a weird side. A really weird side. Retailers sell sex toys that mirror its fluctuations in value. A co-founder of LinkedIn made a YouTube rap battle to explain its pros and cons. There was even a dodgy action movie starring Kurt Russell about money laundering. Robin Hood hackers, tricksy TikTokers, and Marxist broadcasters. Bitcoin has inspired all manner of weirdness. Here are ten bizarre facts about the contentious cryptocurrency.

Man Accidentally Throws $290 Million Into Landfill

We have all lost a bit of money through thoughtless mistakes. Who among us has not left a banknote in their jeans pocket and accidentally put it in the wash? But imagine throwing an old hard drive into landfill, then finding out it contains over $290 million (£210 million) in Bitcoin. For James Howells from Newport in South Wales, this nightmare scenario is a living reality.

Howells purchased 7,500 Bitcoins shortly after the currency’s launch in 2009. After spilling drink on his laptop, he decided to stash the hard drive away in an office drawer. Years later, Howells had “totally forgot about Bitcoin altogether,” and, in 2013, he binned the hard drive. At the time, it contained around $7.5m (£4.6m).

As you can imagine, Howells is desperate to retrieve his lost hard drive. He has even offered to pay the local council a quarter of the money for permission to excavate the site. But Newport council says this is not possible under their licensing permit. Given the cost and potential environmental damage of excavation, they refuse to do so “without any guarantee of either finding it or it still being in working order.”

‘Robin Hood’ Hackers Donate Stolen Bitcoin

In October 2020, the shadowy altruists announced that they had given $10,000 to The Water Project. The Water Project is a charity that provides clean water to sub-Saharan Africa. They also donated to Children International, but the charity declined their money on moral grounds.

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10 Amazing Facts About Bitcoin http://blockgeeks.com

“We think that it’s fair that some of the money the companies have paid will go to charity,” the group explained. “No matter how bad you think our work is, we are pleased to know that we helped changed someone’s life.

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BitCast Sex Toys

Most investors enjoy the feeling of making a profit from their financial ventures. But now, thanks to BitCast, users can derive sexual pleasure from Bitcoin.

In December 2017, Camsoda launched an online service that allows people to link their sex toys to Bitcoin. BitCast tracks the currency’s market performance and feeds the information in real-time to your vibrator. If Bitcoin suddenly increases in value, you might feel an acute surge of pleasure. But if it drops, BitcCast will tell your toy to dial down its intensity.

7 Journalist Broadcasts The Communist Manifesto Into Space

JORDAN PETERSON Perfectly Explains Why MARXISM Will ALWAYS FailWorkers of the world, unite. You have nothing to lose but your blockchains. In March 2019, a technology journalist used Bitcoin to transmit a short extract from The Communist Manifesto into space. Jordan Pearson beamed his rabble-rousing message up into the atmosphere then back to Earth via a network of satellites.

Blockstream offers a satellite service that broadcasts Bitcoin-related information to most of the world. In 2019, the company updated that service to include messages. So Pearson decided to send a section of Marx and Engels’ famous text because, in his words, “why the hell not?”

With help from journalist Dan Williams, Pearson confirmed that Blockstream had beamed his Marxist message across the globe. As Williams explained, anyone with the right setup can send and receive satellite messages.

6 TikTok’s Misleading Trading Advice

In 2021, the Financial Conduct Authority (FCA) issued a warning about unsound financial advice on TikTok. The FCA alerted users to accounts using the app to push high-risk trading practices. The worry is that TikTok users, many of them young and naive, are being drawn in by get-rich-quick schemes.

Some astrologers are even getting in on the act. Among the most popular is Maren Altman, an influencer with over a million followers. Altman creates surreal content that combines unsound financial advice, horoscopes, and a “sexy, Goth, dominatrix vibe.” In a recent video, she encouraged people to invest in Bitcoin based on the positions of the planets. “Venus is crossing Bitcoin’s sun,” she explained. “The sun is crossing Bitcoin’s Jupiter, and Bitcoin’s Jupiter is still doing cute shit.”

5 Crypto, The Bitcoin-Based Crime Drama Starring Kurt Russell

CRYPTO Official Trailer (2019) Kurt Russell, Luke Hemsworth Movie HDIn 2019, Kurt Russell appeared in a strange financial crime drama based around corruption in the New York Bitcoin market. The movie, Crypto, received a tepid reception from both critics and regular viewers. Some described it as a “so-bad-its-good” tech drama. They said it reminded them of the cheesy Internet movies of The 1990s, like The Net and You’ve Got Mail.

The plot is mostly nonsense. It centers on a lucrative money-laundering scheme set up by a shadowy gang of Russian cybercriminals. And the cringe-worthy tagline—”Fear is the ultimate currency”—does the movie no favors either.

4 Larger Energy Consumption Than Argentina

Bitcoin uses more energy than the whole of Argentina, say analysts at Cambridge University. Bitcoin is created through an energy-expensive process called mining. Mining is a strange mix of puzzle-solving and verifying transactions. Both of these tasks eat up a vast amount of computer power.

In total, mining consumes 121.36 terawatt-hours of energy a year. That same amount could power every kettle in the UK for the next 27 years. Researchers say that if Bitcoin were a country, it would be in the top thirty global energy users.

The amount of energy used depends on the price of Bitcoin. As the price rises, the currency becomes more desirable. Miners are willing to burn through more electricity to get their hands on the next batch.

3 Some Say It Could Save The Porn Industry

The pornography industry is in crisis. Sex workers are increasingly struggling to put food on the table. While major platforms like PornHub generate hundreds of millions of dollars a year, some performers are expected to work for little money or the empty promise of exposure.

Some porn actors say that Bitcoin could hold the solution, but not everyone is convinced. For the last few years, Pornhub has allowed viewers to pay for content in cryptocurrency. For many sex workers, this is a key component of their online revenue. Viewers can pay their favorite performers directly over the internet. Porn actors are profiting from what they see as a more democratic way to sell their content, offering custom videos and live streams to a considerably-sized audience of customers.

But not everyone in the industry has welcomed Bitcoin with open arms. They point out that only a handful of users are prepared to pay for porn using Bitcoin. Many, they argue, are unwilling to pay at all. In 2018, a study by The Next Web found that less than one percent of Pornhub accounts paid in cryptocurrency. With MasterCard and Visa both recently parting ways with the adult platform, online payments are expected to dry up.

“There is no empathy or compassion for creators, at any level. If they are amateurs, then their porn ‘isn’t good enough to be paid for.’ If they are pros, then posting their content for free is ‘fine because they’re hoes with too much money,”’ argues Canadian performer God Ciara. “They view men who make money from porn as geniuses, but the women are just sluts with an iPhone.”

2 India’s Bitcoin Kidnappings

India has been hit by a wave of kidnappers demanding payment in Bitcoin. In December 2020, an eight-year-old boy was kidnapped in Karnataka while walking with his grandfather. They insisted that his father, a wealthy investor, pay 100 Bitcoin ($2.3m) for his son’s return.

Luckily, state police rescued the boy before his father paid. Six people were arrested. This kidnapping was the third case of attempted Bitcoin extortion to take place in the country since 2018. In Gujarat, one businessman even tried to fake his own kidnapping, hoping to scam $3m in Bitcoin.

1 LinkedIn Founder Creates Bitcoin Rap Battle

Bitcoin Rap Battle Debate: Hamilton vs. Satoshi (BITCOIN GIVEAWAY) [feat. EpicLloyd, TimDeLaGhetto]. In September 2019, Reid Hoffman released a Bitcoin-themed rap battle video on YouTube. Hoffman, the co-founder of LinkedIn, was inspired after watching the musical Hamilton. He thought hip-hop would be an excellent way to explore the “vigorous debate raging between cryptocurrency and centralized currencies.”

The video sees Alexander Hamilton go head to head with Bitcoin’s enigmatic creator Satoshi Nakamoto. The unlikely MCs throw a wild array of boasts and insults at each other. “The banks serve Wall Street. Crypto serves all streets,” Nakamoto declares. Hamilton fires back, “Untraceable money—wow, so clever. One typo in your address? Now it’s gone forever.”

Although it seems like a gimmick, Hoffman’s video neatly sums up the conflicting attitudes towards Bitcoin. The rap battle shows how stubbornly some investors reject digital currencies. But it also explains that diehard Bitcoin fans refuse to grasp the currency’s many flaws.

By: Benjamin Thomas

Source: Top 10 Bizarre Facts About Bitcoin – Listverse

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Bitcoin, Tesla And GameStop: 10 Numbers That Sum Up The Fastest Market Recovery Ever

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Within just five weeks last year, the longest bull market on record erased three years worth of stock gains, crashing more than 30% from an all-time high in February to a pandemic low on March 23, the day Federal Reserve Chair Jerome Powell pledged to use the central bank’s “full range of tools to support the U.S. economy in this challenging time.” Exactly one year and trillions of dollars in government spending later, stocks have staged a historic rally, taking investors on a wild ride.

Some highlights: Electric-carmaker Tesla is now one of the most valuable companies in the world, the cryptocurrency market has swelled to more than $1 trillion and so-called meme stocks dominate Wall Street commentary with volatile swings that force exchanges to halt trading. It’s still unclear how long the new bull market can last, but one year after one of the worst stock-market crashes in history, here’s a look at its monumental recovery.

S&P 500

Up 76%

 The S&P 500 has skyrocketed over the past year, hitting its latest high on Wednesday and marking what LPL Financial Chief Market Strategist Ryan Detrick calls the “best start to a bull market ever.” It took just five months forthe index to recover its steep Covid-induced losses, the fastest recovery ever for a correction of more than 30%. To compare, it took the S&P a staggering 20 months to recover after the index crashed by 34% in 1987.

High-flying technology stocks like Amazon, Zoom and Tesla led the market to new highs last year, but this year, energy stocks have been heading up the index’s resurgence. The S&P 500 Energy Index is still about 10% off its pre-pandemic levels, but it’s surged 103% over the past year. Materials and financials aren’t far behind, climbing 92% and 90%, respectively.

Dow Jones Industrial Average

Up 76%

The Dow, which counts 30 market leaders in its ranks, has also soared 76% over the past year, though its pandemic low was on March 16, one week before the S&P’s trough. A testament to the economy’s impending recovery, cyclical stocks–which tend to outperform during periods of growth but fall hard during recessions–have driven the index’s gains.

Top-performer Boeing tanked more than 70% in the pandemic’s early days, but it’s rocketed 165% over the past year. Meanwhile, storied investment bank Goldman Sachs nabs the Dow’s second-biggest gain, surging 145% as analysts look toward financials to lead the market this year. Equipment-maker Caterpillar, commodities giant Dow Inc. and Walt Disney round out the top five Dow stocks over the past year–all surging at least 125%.

Nasdaq

Up 95%

A new stay-at-home normal that catapulted stocks like Peloton, Zoom and Slack helped the tech-heavy Nasdaq climb to meteoric highs during the pandemic, but tech’s dominance has been threatened in recent weeks. The index is down about 5% from a high on February 12, as rising Treasury yields fuel concerns that investors may sell-off high-priced tech stocks in favor of the risk-free asset class. But experts aren’t too worried yet. “It’s a buckle-your-seatbelt moment for tech stocks, but we believe this sell-off has created a golden opportunity for investors to own secular tech winners for the next 3 to 5 years,” says Wedbush analyst, Dan Ives.

Russell 2000

Up 126%

Massive fiscal stimulus spending, including nearly $720 billion in forgivable loans doled out to small businesses, has been a boon to the Russell 2000, a basket of small-cap stocks with market values that are typically less than $1 billion. The index has outperformed the broader market and posted its best quarter ever during the pandemic. With President Joe Biden’s lofty $1.9 trillion stimulus plan shoring up fresh funding for the economic recovery–and an even bigger $3 trillion infrastructure plan in the works, Bank of America analysts say they think small-caps will continue to outperform larger companies this year.

Meme Stock Mania

GameStop: Up 5,005%

Perhaps most emblematic of the market’s bullish mania are the staggering gains in the meme stocks popularized by an army of Reddit traders in late January. Heading up gains is GameStop, the past year’s best-performing stock in the Russell 2000. The Grapevine, Texas-based video game retailer reached a meteoric high on January 27 as retail traders coordinated an effort to buy up Wall Street’s most heavily shorted companies, stirring a panic among hedge funds that exited their positions with steep losses. Short interest has plummeted since, and the rally’s taken a breather, but two months into the frenzy GameStop’s still sporting eye-popping gains that have landed prices at more than 10 times analysts’ average one-year price expectations. Meanwhile, meme stocks AMC Entertainment and Blackberry are also holding up, climbing 300% and 200%, respectively, over the past year.

The S&P’s Biggest Gainer

ViacomCBS: Up 790%

ViacomCBS, the S&P’s best-performing stock over the past year (save for a couple new additions on Monday–Penn National Gaming and Caesars Entertainment), is another testament to the recent retail trading frenzy. The company, founded in 2019 by the merger between CBS and Viacom, has long garnered bearish calls from analysts, but with short interest that’s roughly five times greater than the S&P’s average, shares have skyrocketed in the months since Reddit traders started plowing into heavily shorted stocks. Though its Paramount+ streaming service has helped improve its outlook, one analyst last week said the stock has “run too far” and climbed too high.

The S&P’s Few Losers

Gilead Sciences: Down 10%

The past year’s raging bull market is not without its losses. The S&P’s worst-performing stock over the period belongs to California-based Gilead Sciences, which surged alongside other biotech companies in January 2020 as the pandemic took hold, but has floundered ever since. The company’s Covid-19 treatment, remdesivir, pulled roughly $3 billion in sales last year, and it was even hailed as a miracle treatment by former President Donald Trump, but like with other biotechs last year, investors lost interest. Only four S&P stocks have fallen over the past year, and three of them, including Biogen and Viatris, are biotechs.

Tesla’s New Dominance

Up 670%

Shares of electric carmaker Tesla–last year’s best-performing S&P 500 stock–are down for the year and have plunged nearly 25% from a late-January high—yet another sign the recently booming market for tech stocks could be over once post-pandemic spending drives growth into other industries. Tesla made its S&P debut in December and now carries about 1.5% of the index’s weight, but some experts are worried the stock’s increased volatility could spell trouble for the index-tracking funds that represent trillions in market value.

Bitcoin’s Resurgence

Up 730%

The price of the world’s largest cryptocurrency has skyrocketed over the past year amid booming institutional adoption and heightened inflationary concerns fueled by massive government spending to combat the pandemic. Just this month, Morgan Stanley became the first big bank to offer up bitcoin exposure to wealthy clients (though it’s limiting the funds to investors with “an aggressive risk tolerance”), and Goldman Sachs is also dabbling in the space with a cryptocurrency trading desk that opened up this month.

Oil’s Wild Ride

Up 160%

At $61.55, the price of a barrel of U.S. oil benchmark West Texas Intermediate stands at nearly three times the price of $23.36 one year ago, but the oil market’s volatile ride has been anything but a straight shot up. Prices seeped into negative territory for the first time in history last April, when pandemic lockdowns led to a glut in supply that became too expensive to maintain. Now, experts are bullish that prices can continue to bounce back as the world reopens.

“We’re going to need more supply as demand comes roaring back, and add to that all the stimulus that’s been pumped out by governments, the massive growth in money supply and I think we’re headed toward a global synchronized economic recovery that’s going to be pretty strong,” NOV Inc Chair and CEO Clay C. Williams said in an earnings call last month of energy’s impending boom.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: Bitcoin, Tesla And GameStop: 10 Numbers That Sum Up The Fastest Market Recovery Ever

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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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Ethereum Miners Are Likely to Accept EIP-1559 Activation
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[…] One of the biggest problems with first-price auctions currently used by Bitcoin and Ethereum is fee estimation […] Consider a stablecoin project or Wrapped Bitcoin (WBTC) – they represent claims on an asset in the real world, yet duplicating the claim would no […] Dominance to Drop – Pantera Capital CIO – What’s in Store for Ethereum in 2021? – Brace For More Bitcoin Flash Crashes In This Bull Market – Hut 8 Founder – BitMEX Explains the Attack to Doubtin […]
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Russian Orthodox Church will not accept Bitcoin in offering plate –
cryptowatchdaily.com – Today
[…] YOU MAY ALSO LIKE BITCOIN BLOCKCHAIN BUSINESS MARKETS POLICY & REGULATION TECH BITCOIN OPINION BITCOIN BLOCKCHAIN BITCOIN BLOCKCHAIN BLOCKCHAIN TECH BITCOIN INVESTMENT BY J […] SMITH One of Southeast Asia’s biggest crypto exchanges is blaming a technical glitch for the price of Bitcoin dropping down to 300,000 PHP, roughly $6,100, on Feb […]
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There may now be as many as 100,000 bitcoin millionaires – CBS News
[…] That’s up from just 25,000 bitcoin millionaires three months ago. A year ago, there were about 15,000 millionaire bitcoin accounts. The biggest reason has to do with the highly volatile price of bitcoin, which has soared recently, in part because Tesla, Elon Musk’s car company, last month said it ha […] 5 billion in bitcoin. The move suggests that other companies might also decide to move more of their idle cash into bitcoin. The price of a bitcoin topped $50,000 earlier this month, and hit a high of just over $58,000 on Sunday […]
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Elon Musk loses $20 billion in single day after bitcoin warning | Stuff.co.nz
http://www.stuff.co.nz – February 23
[…] Tesla’s biggest decline since September was fuelled in part by Musk’s comments over the weekend that the prices of bitcoin and smaller rival Ether “do seem high” […] Zhong Shanshan, Asia’s wealthiest person, was the second-biggest decliner on the Bloomberg index, dropping by $5 […]
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Whale Who Sold BTC Before 2021 Crash Cashed Out $156M Before Latest 20% Plunge – Cryptovibes.com – Daily Cryptocurrency and FX News ⋆
[…] Santiment data published on February 23 indicated that bitcoin dropped to $47,400 after BTC’s second-biggest transaction of 2021 happened. Bitcoin Sell-Offs Return The transaction involved 2,700 BTC that was worth $156 […] This sale piled pressure on the market which resulted in the formation of the biggest one-hour candle in bitcoin’s history […]
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Ethereum Miners Are Likely to Accept EIP-1559 Activation – Analysts
trading.rodeo – February 23
[…] One of the biggest problems with first-price auctions currently used by Bitcoin and Ethereum is fee estimation […] Consider a stablecoin project or Wrapped Bitcoin (WBTC) – they represent claims on an asset in the real world, yet duplicating the claim would no […] BTC Dominance to Drop – Pantera Capital CIO- What’s in Store for Ethereum in 2021?- Brace For More Bitcoin Flash Crashes In This Bull Market – Hut 8 Founder- BitMEX Explains the Attack to Doubtin […]
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Elon Musk loses $19 billion in a day after Bitcoin warning
http://www.smh.com.au – February 23
[…] Tesla’s biggest decline since September was fuelled in part by Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high […] Zhong Shanshan, Asia’s wealthiest person, was the second-biggest decliner on the Bloomberg index, dropping by $US5 […]
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Many feared dead as Boko Haram attacks Maiduguri
thecable.ng – February 23
[…] Bitcoin drops 17% after Elon Musk’s comment on valuation Bitcoin, world’s biggest cryptocurrency, plummeted as much as 17 per cent on Tuesday, with prices tumbling below $50,000 as investors grew nervous at sky-high valuations.Advertisement Bitcoin has been on a […]
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Tesla shares drop 13% after Bitcoin plummets to below $50k | Daily
[…]   Musk, whose tweets on bitcoin have added fuel to the cryptocurrency’s rally, said at the weekend that the price of bitcoin and ethereum – the second-largest cryptocurrency – seemed high  BITCOIN DAILY: Bitcoin, which Tesla boss Elon Musk has been heavily touting, faced its biggest daily drop in a month, falling 17 percent to as low as $45,000 on Tuesday […]
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Analyst: Tesla’s Share Price Is Now Directly Tied to Bitcoin Value
http://www.breitbart.com – February 23
[…] Tesla shares dropped in premarket trading on Tuesday, down over 7 percent a day after the stock’s biggest loss in months. Tesla shares closed down 8.55 percent on Monday. This marked Tesla’s biggest drop since September 23, 2020, when it closed down 10.34 percent. Bitcoin’s price took a hit on Tuesday following a warning from U […] Bitcoin prices dropped by 16 percent in the last 24 hours, dropping below $50,000 to trade as low as $45,389 thi […]
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Troops recapture Borno town — after army chief’s 48-hour ultimatum 
http://www.thecable.ng – February 23
[…] Bitcoin drops 17% after Elon Musk’s comment on valuation Bitcoin, world’s biggest cryptocurrency, plummeted as much as 17 per cent on Tuesday, with prices tumbling below $50,000 as investors grew nervous at sky-high valuations.Advertisement Bitcoin has been on a […]
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Tesla’s share price is now directly tied to the value of bitcoin, analyst says
Tesla’s share price is now directly linked to the price of bitcoin after Elon Musk’s company invested $1 […] It was Tesla’s biggest drop since Sept. 23, 2020, when it closed down 10.34%. Bitcoin’s price descended further on Tuesday after U […] his Twitter bio to BTC last month, causing it to surge 20%, and over the weekend he said the price of bitcoin and Ethereum seemed “high,” resulting in a sharp fall […]
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Elon Musk Isn’t The World’s Richest Person Anymore
jalopnik.com – February 23
[…] This is all because Elon’s net worth is inextricably tied with Tesla’s stock price, and Tesla’s stock price has been down in recent days […] Tesla’s biggest decline since September was fueled in part by Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high […]
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Whale Who Bought BTC Earlier than 2021 Crash Cashed Out $156M Earlier than Newest 20% Plunge – Cryptovibes.com – Every day Cryptocurrency and FX Information
money-stacks.com – February 23
[…] Santiment knowledge revealed on February 23 indicated that bitcoin dropped to $47,400 after BTC’s second-biggest transaction of 2021 occurred. Bitcoin Promote-Offs Return The transaction concerned 2,700 BTC that was price $156 […] wrote on Twitter: “As we famous yesterday, there was an 11x alternate influx spike that initiated #Bitcoin’s price correction from its $58 […]
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Bank of Korea chief says crypto has no intrinsic value, expects volatility
marsmasters.com – February 23
[…] The official stated that he expects more price swings on the market, saying, “It is very difficult to predict the price, but its price will be extremely volatile […] 22, bitcoin saw a steep correction with its price plunging from above $58,000 to below $48,000 […] In an interview on Monday, United States Treasury Secretary Janet Yellen criticized Bitcoin and stated that the world’s biggest cryptocurrency is an “extremely inefficient way of conducting transactions […]
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Stocks making the biggest moves premarket: Home Depot, Palo Alto Networks, Shopify, AMC
http://www.cnbc.com – February 23
[…] (TSLA) — Tesla shares fell more than 5% in premarket trading on Tuesday, after suffering their biggest single-day loss in months on Monday. Wedbush analyst Dan Ives warns Tesla’s share price is now directly linked to the price of bitcoin after the electric vehicle maker’s investment in the cryptocurrency […]  The miss came despite a rebound in oil and gas prices. Shares fell 2.2% premarket. Shopify (SHOP) – Shopify priced a 1 […]
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Stocks making the biggest moves premarket: Home Depot, Palo Alto Networks, Shopify, AMC
cnbc-us.com – February 23
[…] Tesla (TSLA) — Tesla shares fell more than 5% in premarket trading on Tuesday, after suffering its biggest single-day loss in months on Monday. Wedbush analyst Dan Ives warns Tesla’s share price is now directly linked to the price of bitcoin after the electric vehicle maker’s investment in the cryptocurrency […]  The miss came despite a rebound in oil and gas prices. Shares fell 2.2% premarket. Shopify (SHOP) – Shopify priced a 1 […]
0
The FUD for every top 10 coin and why you should be aware of it : CryptoCurrency
http://www.reddit.com – February 23
[…] Tether – Although its a stablecoin, Tether has possibly the biggest FUD even when compared to bitcoin because of its lack of auditing and what many believe to be “fake” money propping up the price of bitcoin. If tether is ever found out to be artificially pumping Bitcoin with fake reserves, it would make the value of Bitcoin artificial and cause a large crash […]
2
Bitcoin Falls Below $50K
http://www.dailyforex.com – February 23
In its biggest daily drop in a month, Bitcoin fell below the $50,000 level after Elon Musk commented that prices were too high […] The cryptocurrency had been rallying since Musk put #Bitcoin in his Twitter bio and since some major companies, including Tesla and MasterCard, decided to adopt […] reference to the necessity of cryptocurrency regulation, Treasury Secretary Janet Yellen said that Bitcoin was extremely inefficient. “I don’t think that Bitcoin…is widely used as a transaction mechanism,” Yellen said during an interview at CNBC […]
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Operator of World’s Biggest Bitcoin Mine Planning $500 Million IPO: Report
latestcrypto.news – February 23
Home Decrypt News Operator of World’s Biggest Bitcoin Mine Planning $500 Million IPO: Report Decrypt News Operator of World’s Biggest Bitcoin Mine Planning $500 Million IPO: Report By Andrew Asmakov February 23, 2021 In brief Northern Dat […] 6 Billion in Bitcoin Long Positions Shaurya Malwa – February 23, 2021 In brief Bitcoin traders lost over $1.6 billion yesterday betting on higher prices. The liquidations were some of the biggest ever. Bitcoin has continued its decline today […]
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Elon Musk loses $15B in a day after Bitcoin warning
[…] Tesla’s biggest decline since September was fueled in part by Mr. Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ethereum “do seem high […] Zhong Shanshan, Asia’s wealthiest person, was the second-biggest decliner on the Bloomberg index, dropping by $5 […]
0
Top headlines: RIL to spin off O2C biz; Airtel, Qualcomm tie up in 5G boost | Business Standard News
[…] Tesla’s biggest decline since September was fueled in part by Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high […]
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Crypto selloff sends Bitcoin tumbling below $50,000
http://www.cityam.com – February 23
[…] Bitcoin suffered its biggest daily drop in a month to fall as low as $45,000 before recovering to just over $48,500 […] Analysts pointed to Elon Musk, who commented the price was too high, for the sharp fall in bitcoin over the past day. Musk’s electric vehicle firm Tesla recently invested $1.5bn in bitcoin but as a result of his tweets is set to open lower later today […]
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Elon Musk’s wealth tumbles by $15 billion after Tesla shares dropped 9% in one day | Currency News | Financial and Business News | Markets Insider
[…] The slide appeared partly fueled by Musk’s tweets that bitcoin and Ethereum’s prices seemed high. Tesla also announced it would halt new orders for the lowest-priced version of its Model Y SUV […] The drop appeared to be fueled partly by Musk tweeting over the weekend that bitcoin and Ethereum p

$8.7 Trillion Asset Manager BlackRock Is Exploring Bitcoin As Institutions Flood Crypto

Glowing dark background with bitcoin symbol.

Rick Rieder, BlackRock’s chief investment officer of global fixed income, told CNBC Wednesday that the investment giant has “started to dabble” in bitcoin—it’s the latest instance of a major financial player dipping its toes into digital assets.

Reider did not elaborate on BlackRock’s cryptocurrency strategy, but last month the investment giant filed documents with the Securities and Exchange Commission showing that it wants to include cash-settled Bitcoin futures as eligible investments for two of its funds.

BlackRock is the world’s largest asset manager—it managed some $8.7 trillion at the end of the fourth quarter.

Rieder told CNBC that he believes bitcoin’s recent rally is gaining momentum in part because of stronger regulations and better technology.

“My sense is the technology has evolved and the regulation has evolved to the point where a number of people find it should be part of the portfolio, so that’s what’s driving the price up,” he said.

Big Number

$51,000. That’s the new record price bitcoin hit early on Wednesday morning. The most popular cryptocurrency started the year with prices around $30,000.

Key Background

A spate of major corporations and financial institutions including MicroStrategy, BNY Mellon, and MasterCard,and PayPal have announced cryptocurrency initiatives this month, and there are reports that a $150 billion investment division at Morgan Stanley is considering investing in bitcoin. A portion of bitcoin’s recent gains are likely attributable to a surprise announcement from Tesla that the electric car maker had invested $1.5 billion into the cryptocurrency and has plans to start accepting it as payment.

Further Reading

BlackRock’s Rick Rieder says the world’s largest asset manager has ‘started to dabble’ in bitcoin (CNBC)

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

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

BlackRock Files To Add Bitcoin Futures To Funds (Forbes)

By: Sarah HansenSarah Hansen

 

 

Source: $8.7 Trillion Asset Manager BlackRock Is Exploring Bitcoin As Institutions Flood Crypto

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