Kategorie: Crypto News

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Michael Saylor is bullish on Bitcoin but sceptic on all other crypto

  • Michael Saylor reiterates his bullish view on Bitcoin.
  • MicroStrategy Inc currently has about 140,000 BTC.
  • Bitcoin has lost nearly 10% from its high in April.

Bitcoin has lost nearly 10% in recent weeks but the pullback is only an opportunity to build a position as far as Michael Saylor – Chairman of MicroStrategy Inc is concerned.

Saylor is sceptic on other cryptocurrencies

Interestingly, his bullish view is particular to bitcoin only while he remains “sceptic” on other cryptocurrencies in the midst of regulatory uncertainty. Speaking with CNBC today, Saylor said:

I think bitcoin has found the bottom, the leverage is out of it, we are on a bull run. BTC is the one commodity the SEC won’t regulate. I think the way is clear for bitcoin to rally from here.

Earlier this month, the U.S. Federal Reserve signalled a “pause” which could be a tailwind for BTC moving forward as easing monetary policy is known to see investors make riskier bets.

MicroStrategy Inc currently has about 140,000 bitcoin bought for a total cost of roughly $4.17 billion.

Why else is he keeping bullish on bitcoin?

Saylor is convinced that the recent bank failures and the regulatory uncertainty surrounding cryptocurrencies will work in favour of the bitcoin considering its reputation as the safe haven.

Bitcoin is the most secure network, the most secure asset. You’ll see a consistent flow of capital flowing from the rest of the crypto ecosystem to bitcoin.

Other reasons cited for the bullish view on BTC include the “Lightning Network” – a protocol layered over bitcoin that he’s convinced has the potential to be a disruptive payment network.

Also on Friday, Anthony Pompliano also said that bitcoin was like the world’s biggest insurance company.

The post Michael Saylor is bullish on Bitcoin but sceptic on all other crypto appeared first on CoinJournal.

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Jack Dorsey’s TBD launches decentralized web platform Web5

  • The new platform is designed to give users more control over their data and identity
  • Web5 is also targeted at making it easier for developers to build decentralised applications.
  • The platform is powered by the Bitcoin blockchain.

TBD, a fintech startup of former Twitter CEO Jack Dorsey’s company Block, has announced the launch of a new decentralised web platform called Web5. 

Web5: Giving users more control over their data

The announcement that TBD made on 19 May at the Bitcoin 2023 in Miami revealed that the new platform’s focus will be on giving users a way to enjoy more control over personal data and identity.

Web5 is built on top of the Bitcoin blockchain, and it uses decentralised identifiers (DIDs) to create a secure and private way for users to sign in to applications. DIDs are unique identifiers that are not tied to any centralised entity, so users can be sure that their data is not being tracked or sold.

The platform includes a decentralised web node (DWN), which is a personal data store that users can use to store their own data. This data can include things like contact information, social media profiles, and financial records. 

DWNs are encrypted and stored on the blockchain, so users can be sure that their data is secure and private.

Web5 will also look to offer access to the tools and support developers need to build decentralised applications.

TBD primarily focused on Bitcoin

Dorsey is one of the most popular self-taught programmers and a big believer in Bitcoin. He also believes in the power of decentralised technology, which is the path TBD is taking as it looks to create a more decentralised and user-centric web.

While most of the industry is looking to tap into Web3, Dorsey’s Web5 is seeing the potential the new Web5 technology offers in terms of handing control of data and identity to users. Key actors in this quest include wallets, Decentralised Web Nodes (DWNS), and Decentralised Web Apps (DWAS).

Dorsey teased the development of TBD in June 2021, which CoinJournal covered here.

The post Jack Dorsey’s TBD launches decentralized web platform Web5 appeared first on CoinJournal.

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Miami International Securities Exchange acquires FTX subsidiary LedgerX

  • The Miami International Securities Exchange (MIAX) is owned by Miami International Holdings (MIH).
  • The acquisition deal was announced in April and approved by the bankruptcy judge on May 4.
  • LedgerX is one of the FTX assets the bankruptcy court approved for sale in January.

The Miami International Securities Exchange (MIAX) has today completed acquiring LedgerX, which is one of the FTX assets the court had approved for sale.

LedgerX operated as an exchange and clearinghouse and was regulated by the United States Commodity Futures Trading Commission (CFTC).

MIAX expansion into the swaps and futures industry

According to the CEO of MIAX, Thomas Gallagher, the acquisition of LedgerX is “an important part of our growth strategy, expanding our ability to offer new and innovative products to the swaps and futures industry.”

In an April tweet, the CEO of OPNX, a cryptocurrency exchange co-founded by Three Arrows Capital (3AC) founders claimed that MIAX was also an investor in the firm.

The acquisition process started in April when the involved parties entered into a $50 million purchase agreement. The agreement was, however, approved on May 4 by Judge John Dorsey of the U.S. Bankruptcy Court for the District of Delaware and it has taken almost 15 more days to complete the purchase.

FTX assets approved for sale

LedgerX was among the four FTX subsidiaries that were approved for sale in January by the Delaware court. The other three are FTX Japan, FTX Europe, and the stock-trading platform Embed.

On May 17, FTX filed a lawsuit against the former FTX CEO Sam Bankman-Fried, former engineering director Nishad Singh, and co-founder Gary Wang for failing to apply due diligence when acquiring Embed. FTX paid $200 million when acquiring the stock trading platform.

It was reported that 117 prospective buyers expressed interest in the four assets out of which 56 wanted to acquire LedgerX.

The post Miami International Securities Exchange acquires FTX subsidiary LedgerX appeared first on CoinJournal.

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Crypto market stalls as investors weigh debt ceiling talks: Should you buy Metacade now?

Key takeaways

  • The cryptocurrency market has stalled its movement over the past few days as investors consider their positions.

  • Investors are keenly observing the ongoing debt talks, with the United States’ debt now above $31 trillion.

  • With prices now down, this could be an excellent opportunity for investors to purchase cryptocurrencies like Metacade. 

The cryptocurrency market has been in a consolidating stage this week, with prices of most cryptocurrencies currently in the red zone. 

Investors have been keenly observing the ongoing debt ceiling talks in the United States, with many of them conservative in their approach. This has led to a poor performance from the crypto market this week. 

As the prices of most cryptocurrencies declined this week, could this be a perfect opportunity to purchase more coins and tokens like Metacade? 

The debt ceiling and how it could affect the cryptocurrency market

Treasury Secretary Janet Yellen recently stated that the United States could surpass its debt ceiling by June 1st. If that happens, market experts believe that the US could default on its debt.

According to the official data obtained from the US Treasury Fiscal Data website, the US’s current debt stands at $31.46 trillion. The debt limit is the highest amount the United States government can borrow to service the economy.

Due to the ongoing talks, the cryptocurrency market has underperformed this week. Bitcoin, the world’s largest cryptocurrency by market cap, continues to trade below $27k. At press time, the price of Bitcoin stands at $26,884, down by 1% so far today.

The total cryptocurrency market cap also stands at $1.13 trillion, down by 1% over the last 24 hours.

What are experts saying about the debt ceiling? 

Some market experts believe that the US will not default on its loan but will likely print more dollars. This will effectively weaken the dollar and strengthen assets such as cryptocurrencies and commodities.

Jesse Meyers, the chief operating officer of investment firm Onramp, believes that the US government will print more money, resulting in a 2020-like rally by Bitcoin and other cryptocurrencies. He stated that;

“When the debt ceiling is lifted, and credit-contraction leads to an economic crisis. They will have to print money on a massive scale. Bitcoin was the winner during the last round of stimulus.“

Market analysts are predicting that Bitcoin and other major assets could experience a boost if the US government prints more dollars to service its debts, as there would be liquidity available for investors to purchase BTC and other cryptocurrencies. 

How does this affect projects like Metacade? 

Bitcoin’s rally is usually duplicated by other cryptocurrencies. Metacade could be one of the projects that could be a big winner if the market experiences another bull cycle soon.

At press time, the price of Metacade stands at $0.02002, down by 10% over the last 24 hours. The token is down by 56% from its all-time high price of $0.04569. This could represent an excellent buying opportunity for investors. 

What makes MCADE one of the tokens investors could consider is the potential of the Metacade project. 

Metacade is a web3 project that is powered by the Ethereum blockchain. The development team is working to improve the existing play-to-earn (P2E) ecosystem, allowing users to enjoy new web3 experiences. 

With Metacade, players will be able to play, connect, build, and earn seamlessly. In addition to that, Metacade will transition into a decentralised autonomous organisation (DAO) by 2024, giving token holders control over the ecosystem. With such plans in motion, MCADE could be one of the biggest winners in the upcoming Bull Cycle. 

Is Metacade a good investment now?

Down by more than 50% from its all-time high, MCADE could be trading at a discount at the moment. Investors looking to take advantage of the project’s potential could purchase MCADE tokens now. 

After raising $16 million during the presale event, the Metacade team is working hard to list the token on several cryptocurrency exchanges and roll out its GameFi platform. 

These events could ultimately lead to a surge in the value of Metacade over the next few months and possibly years. 

The post Crypto market stalls as investors weigh debt ceiling talks: Should you buy Metacade now? appeared first on CoinJournal.

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Anthony Pompliano: Bitcoin may be world’s largest insurance company

  • Pompliano argues that Bitcoin’s unique properties make it an attractive insurance asset for a variety of reasons.
  • He says Bitcoin provides insurance against a variety of risks, including, currency debasement and sovereign default.
  • Bitcoin critics however point to things like the volatile nature of crypto assets and meagre adoption as reasons why it might not be the global insurance company.

Anthony Pompliano, a venture capitalist and popular Bitcoin advocate, argues that BTC could be considered the largest insurance company in the world.

The investor says the idea was proposed to him at a breakfast meeting with two investors, whose point suggested that the world’s largest insurance company may not “look like” the typical insurance company.

Why Bitcoin could be the insurance

Pompliano’s argument, published in the latest edition of The Pomp Letter, is based on the idea that Bitcoin provides insurance against a variety of risks, including, currency debasement, sovereign default, undisciplined monetary and fiscal policy, and economic censorship. 

He explained:

“Just as there are different insurance policies that serve different purposes, Bitcoin is different things to different people. And just as most policyholders don’t want to ever have to use their insurance, most bitcoiners realise that bitcoin’s success will likely come on the heels of major issues in the legacy financial world.”

On what exactly makes Bitcoin an insurance, the entrepreneur listed a number of reasons.

He says Bitcoin is a one-time purchase, and it comes with certain advantages. Unlike traditional insurance policies, BTC doesn’t require ongoing premiums. If you buy early, Bitcoin comes as a cheap premium and much more expensive when done later.

The second reason is that cryptocurrency is a decentralised asset that is not subject to the control of any one entity, which makes it more reliable than traditional insurance companies. It also has an inverse relation to catastrophe in traditional finance, the latest example being when BTC price rose amid the US banking crisis.

Also, Bitcoin is a global asset that can be accessed by anyone, anywhere in the world, which makes it more accessible than traditional insurance products. As an insurance, its programmatic nature means holders don’t need to submit claims and wait for someone to judge whether to honour it or not.

Bitcoin critics may disagree, but…

Although Bitcoin continues to see major adoption across the globe, the argument such as the one highlighted by Pompliano has not escaped crypto critics.  

For some, BTC remains too volatile to be considered a reliable insurance asset. Another argument is that the digital asset hasn’t achieved the adoption levels that would make it a practical insurance choice for most people.

Pomp says the idea is still a viable one, especially with the possibility that Bitcoin can be an insurance against events like inflation and economic collapse. Most of these events have largely been “uninsurable.”

“No insurance company is going to write you a legitimate policy against high inflation. They won’t write you a policy against government seizure of your assets. The insurance companies historically have not covered hyperinflation or economic collapse,” the investor argued.

He also thinks one doesn’t need to hold huge amounts of BTC to tap into the benefits. Putting about 1-3% of investment allocation into bitcoin can be an effective hedge against negative impact of economic risks.

The post Anthony Pompliano: Bitcoin may be world’s largest insurance company appeared first on CoinJournal.