Kategorie: Bitcoin News

Munger said China was “wiser” for banning crypto trading and that the US’ failure to act is like letting a “bad genie out of the bottle.”

Charlie Munger, the Vice Chairman of Berkshire Hathaway says the US government made a “huge mistake” in not banning cryptocurrency trading, noting that the “bad genie” got out of the bottle.

The Daily Journal Chairman made the remarks during an interview with Yahoo Finance on Wednesday.

In the wide-ranging interview, Munger told Yahoo Finance’s Andy Serwer that Bitcoin, despite its massive success over the years and growing mainstream acceptance, remains the ideal currency for extortion and racketeering among other negative things.

The veteran investor, who has remained critical of Bitcoin and crypto trading, believes the government should have cracked down on the sector.

„I don’t think it’s good that our country is going crazy over bitcoin and its ilk,“ he adds.

He noted that he doesn’t understand why a “civilized government” would want to allow Bitcoin to come into the payment system, given its “run by a bunch of people who want to get rich quick for doing very little for civilization?”

In his opinion, China was “wiser” than the US for banning crypto trading.

Asked about his predictions on what he thinks is going to happen regarding crypto regulation in the US, Munger was even more critical.

“You let a bad genie out of a bottle, God knows what happens. I think it was a huge mistake to allow it at all,” he said.

The Berkshire vice-Chair also criticized regulators who join crypto firms after they exit their government jobs, noting that such moves make it difficult for authorities to come up with “wise decisions about something like Bitcoin.”

Munger’s comments mirror those of Warren Buffet, the billionaire investor and Chairman of Berkshire Hathaway. Buffet has previously criticized Bitcoin as ‘rat poison squared.”

The remarks also come as the US government looks to regulate the crypto sector, but with the Fed and the US Securities Exchange Commission noting in 2021 that they were not considering a ban on crypto.

Apart from China, countries that have come close to banning crypto trading are Russia and India. Both have however not taken the Chinese route yet.

The post Charlie Munger on crypto trading: The US made a ‘huge mistake’ allowing it appeared first on Coin Journal.

After hitting lows of around $32, 000 in January, Bitcoin (BTC) has rebounded sharply. The coin has surged past the $40000 mark and is looking to return to $50,000 in the near term. Bitcoin, at least in the short term, also looks bullish. Here are some highlights to note:

• BTC has retreated sharply every time it has tested $45,000 as demand appears to die off at this zone.

• But the coin has found sufficient support around the $42,000 mark and remains poised to trade above that.

• At press time, Bitcoin was trading at $44,278, up by about 5% in 24-hour intraday trading.

Data Source: Tradingview.com 

Bitcoin (BTC) – Can it swing by 15% today?

After surging by nearly 5% over the last 24 hours, Bitcoin (BTC) has approached a crucial zone. As noted above, the coin has fallen sharply when it has tried to rise above $45,000 before. 

But this time it could be different. First, it seems like the security risks in Europe are starting to ease off. But more so, we have seen a decisive climb above the $42,000 support. This could indicate that there is enough bullish momentum to take BTC above the $45, 000 threshold and even beyond that. 

But if it falls below $42,000, more weakness will follow, with a drop below $40,000 quite feasible.

Is Bitcoin (BTC) a good buy now?

Estimates in 2022 show that Bitcoin will end the year on a high. Some analysts are in fact, looking at $100,000 by mid-2022. There are of course, many downside risks to that. But BTC remains the gold standard in the crypto market. 

While it may not deliver insane returns like newer altcoins, it can offer superb and steady long-term growth, especially for investors who want to diversify their portfolios.

The post Bitcoin (BTC) Could jump by nearly 15% today – Here is the analysis and predictions appeared first on Coin Journal.

SoFi Technologies owns the naming rights of the home stadium of Super Bowl LVI champions the Los Angeles Rams

Anthony Noto said his family owns Bitcoin and Ethereum but advises that volatility continues to hinder greater adoption of the crypto asset class.

SoFi Technologies Inc. CEO Anthony Noto has revealed that his family holds crypto, including Bitcoin, Ethereum and several other digital assets.

Noto, speaking to CNBC in an interview on Monday, however, noted that the family’s crypto holdings make just a small portion of the total family investment.

Stating that the family is invested in crypto, the SoFi CEO added.

“We own Bitcoin, we own Ethereum, we own some of the more obscure and different cryptocurrencies, but it’s a very small part of what we own.”

Noto said that companies that do not invest in blockchain technologies might be making a mistake. Such companies risk being left behind, he noted. In his view, companies need to look at how to include innovation in their business, including the use of crypto “as a technology platform.”

Despite his positive remarks about investing in crypto or integrating the underlying blockchain technology, Noto points out why he thinks one should not have crypto as the majority of their portfolio. 

He notes that the crypto market is highly uncertain and volatile, aspects that he says mean it should only form a small part of the portfolio.

In other remarks, Noto talked about SoFi’s big bet on the naming rights for a stadium that is now the home of reigning Super Bowl champions the Rams

He noted that the desire to see SoFi grow into a household name, and being part of the NFL was behind its move for the deal.

“It’s all played out the way that we had thought and then some,” he said.

SoFi Technologies has also made huge strides in getting all the necessary regulatory boxes ticked, the executive explained. These include the US Federal Reserve, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp (FDIC) all key to the firms’ move to offer crypto-related services.

The company has a bank charter through its acquisition of Golden Pacific Bancorp Inc. and offers access to Bitcoin among other 30 digital assets.

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• Bitcoin’s adoption is at an early stage, according to Wells Fargo

• Like the 1990s, when the internet saw an explosion in mass adoption, crypto is set on a similar trajectory

• Marcus Sotiriou, an analyst with London-based digital asset trading platform GlobalBlock, says “it’s only a matter of time” before major banks and companies still on the sidelines join the crypto bandwagon.

Multinational financial services firm Wells Fargo this week published a report that was highly bullish on cryptocurrencies, suggesting that it’s only a matter of time before we see an explosion in crypto adoption.

The banking giant looked at the adoption of the internet in the 1990s and the current trend for Bitcoin and other digital assets to conclude that crypto is on a path to exponential growth and adoption.

According to the company, crypto’s “adoption percentages” today mirror those recorded during the nascent years of the internet. With use cases in the digital asset space getting the recognition that they deserve across the globe, Wells Fargo predicted that people are quickly embracing the technology.

But at just 3% of the global population, or about 221 million people, the future is bright for crypto should the trend hold and reflects that seen with the internet, the report added.

Chart showing internet usage compared to crypto user growth. Source: Wells Fargo

While Wells Fargo expects crypto to “hit a hyper-infliction point” not far in the future, its call also includes a warning that many projects will likely also fail.

Sotiriou: Just a matter of time

Some of the world’s largest banks still hold a negative outlook for Bitcoin and other cryptocurrencies. 

But Marcus Sotiriou, an analyst with UK-based GlobalBlock digital asset trading firm, believes this won’t be the case for long.

According to him, the likes of Bank of America will soon take a different stance on crypto as did JPMorgan, led by its CEO Jamie Dimon.

Institutional investors are already increasingly interested, the analyst points out. This week, KPMG Canada became the lasted when it revealed it had added Bitcoin and Ethereum to its treasury.

Bitcoin price

Bitcoin could be a primary beneficiary of the massive adoption, GlobalBlock’s Sotiriou noted on Friday. 

Bitcoin’s retreat from highs of $45,500 this week means bulls are facing prospects of further weakness. The outlook, according to Sotiriou, is likely to be exacerbated by the broader sentiment across markets following yesterday’s hotter than expected US inflation data.

He also notes that the rejection after BTC/USD jumped nearly 40% since its January lows suggest bulls need will to bounce above this week’s intraday highs and hold off sellers to confirm a bullish continuation.

BTCUSD was trending around $43,643 at the time of writing.

The post Wells Fargo says crypto is headed for hyper-adoption appeared first on Coin Journal.

The following list contains the ten best coins you should invest in before February runs out.

1. Bitcoin (BTC)

 Amidst the environmental concerns, some countries are already legalising Bitcoin and using it as a store of value. Bitcoin is worth $44,199 with a market cap of $841 billion. The available supply is 2 million lesser than its total supply. Due to the halving that occurs every four years, experts predict that its price will surge between now and the next halving in 2024.

2. Ethereum (ETH)

 Ethereum is the first smart contract platform and has since been enjoying the first-mover advantage. Due to the concerns around the proof of work mining model, there are plans to move the blockchain to the proof of stake consensus algorithm. A move that experts believe would do its adoption and price good. It costs $3,193.3 as of today, with over 110 million in circulation, having peaked at $4,878 in November 2021.

3. Binance Coin (BNB)

 This is the native token of the giant exchange- Binance. It is used for settling transactions and staking purposes. It has a market cap of $70.8 billion with a unit price of $421.05. For a coin that is regularly burnt, it has maxed out its entire supply.

4. Polkadot (DOT)

 Polkadot is a blockchain of blockchains that run at low costs and high speed. It is aimed at combating the three key issues of pioneer blockchains. DOT peaked at $54.98 in November 2021 but is worth $21.95 right now. DOT is used to run the network.

5. Polygon (MATIC)

 Polygon is a layer-2 blockchain created to solve the problems of the Ethereum blockchain. Asides from that, it supports Ethereum Virtual Machine. MATIC is used to run the platform and participate in governance. It costs $2.03 right now, with a market cap of $13.8 billion.

6. Tether USD (UST)

 UST is the stablecoin created by Terraform Labs on the Terra blockchain. Unlike most popular stablecoins, it is stabilised by smart contract algorithms. It is used to avoid the volatility of other cryptocurrencies during bear runs. It costs $1.00 with an available supply of 11.3 billion.

7. Monero (XMR)

 Monero is the biggest privacy blockchain that supports private and censorship-resistant transactions. Ring signatures, stealth addresses, and ring CT are some tools used to make its transactions confidential and untraceable. XMR, the native token, has an available supply of 18.1 million. It costs $183.52 right now, with a market cap of $5 billion.

8. Terra (LUNA)

 Terra is a DeFi platform that enables users to create stablecoins. These stablecoins are stabilised by LUNA and smart contract algorithms. LUNA can be staked and used to participate in the platform’s governance. It costs $57.22 right now but peaked at $103.34 in December 2021.

9. Ripple (XRP)

Ripple is a blockchain that supports borderless transactions among banks, with over 200 banks already using it. It is faster and less costly than the traditional method. XRP is used to provide liquidity for these transactions. It costs $0.89 with a total supply of 100 billion and a market cap of $42.6 billion.

10. The Sandbox (SAND)

 The Sandbox is a metaverse that enables creating and monetising gaming experiences. SAND is used to power the platform and to settle transactions. It experienced a price increase of over 7000% and costs $4.78 right now. It has a market cap of $4.9 billion, with over 1 billion currently in circulation.

 While all these coins have great potential, you shouldn’t go ahead and invest in them without proper research. Cryptocurrency investment is very risky, so deal wisely.

The post 10 Best Cryptocurrencies to Buy in February 2022 appeared first on Coin Journal.