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Bitcoin is a financial instrument against the mass printing of fiat currencies and that is why Barry Sternlicht owns some.
Despite saying that it is “crazily volatile,” the American billionaire Barry Sternlicht admitted he has personally invested in bitcoin. Apart from it, he also has some holdings of the second-largest digital asset – ether.
Barry Sternlicht – Co-Founder of the investment fund Starwood Capital Group – opined in a recent interview with CNBC that bitcoin is a financial tool that can help against the mass printing of fiat currencies. Unlike traditional government-issued currencies, the digital asset has a pre-determined maximum supply of 21 million ever to exist, which has urged Sternlicht to purchase some:
“The reason I own bitcoin is because the US government and every government in the western hemisphere is printing money now to the end of time. And this is a finite amount of something and it can be traded globally.”
Nonetheless, the 60-year-old billionaire does not seem to be a BTC maximalist, for example, arguing that the only real purpose of the leading digital asset is a store of value.
Sternlicht seems to be more supportive of ether, describing it as “a programable bitcoin” with more use-cases than its rival.
“I own some of that too,” he revealed.
Subsequently, Starwood Capital Group’s Co-Founder said he is very interested in the “blockchain technology as a whole,” which has the potential to change the entire financial network.
The list of notable names who have allocated some of their wealth in the cryptocurrency market stretches from politicians to investors and celebrities. One of the most prominent names from the traditional financial industry that started this idea of buying BTC to protect himself against the rising inflation was Paul Tudor Jones III. The billionaire investor has made several allocations to do so.
In June, the Republican Senator Cynthia Lummis revealed she owns five BTC, which she bought in 2013 when its USD value stood at $300 apiece. Last week, she admitted that she topped up her holdings with between $50,001 to $100,000 worth of the digital asset in August.
The billionaire investor and owner of the Dallas Mavericks – Mark Cuban, is the next in line. Being a keen proponent of bitcoin, he said that 60% of his cryptocurrency investment is stashed in it. 30% is in ETH, while the remaining 10% is allocated to other altcoins such as Dogecoin.
Arguably the most famous person on that list is Tesla’s CEO – Elon Musk. Despite his controversial stance on bitcoin, specifically its energy usage, the entrepreneur confirmed he owns an amount of it alongside Ethereum and Dogecoin.
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Read full article at Business Insider
14 October, 2021 - 07:13pm
Though the crypto market has exploded this year, not all digital coins and assets are equal, according to billionaire investor Mark Cuban.
When asked what cryptocurrency he'd suggest for beginners or new investors in the space, Cuban explained how he views many of the most popular digital coins.
"As an investment, I think ethereum has the most upside," Cuban tells CNBC Make It. And bitcoin is "better gold than gold."
To learn about cryptocurrency and how the space's rich communities can impact the markets, Cuban recommends meme-inspired dogecoin. Earlier this year, dogecoin became one of the top 10 currencies by market value, in part due to influence from the dogecoin community and its supporters.
Cuban also recommends dogecoin for "fun," he says.
However, it's important to remember that financial experts generally consider cryptocurrency risky, volatile and speculative, and they warn that investors should only invest what they can afford to lose.
This isn't the first time Cuban has touted ether, bitcoin and dogecoin.
The smart contracts, or collections of code, on the ethereum blockchain "really changed everything" in the crypto space, the "Shark Tank" investor and Dallas Mavericks owner said on "The Delphi Podcast" in April.
In fact, "I wish I had bought [ether] sooner," Cuban said. That's partly because "I think it's the closest we have to a true currency."
Cuban has also repeatedly called bitcoin a better alternative to gold due to its algorithmic scarcity, since only a limited amount of it exists by design.
And though dogecoin was initially created as a joke, Cuban sees a unique use case for it. "It's a medium that can be used for the acquisition of goods and services," he previously told CNBC Make It. "The community for doge is the strongest when it comes to using it as a medium of exchange."
In February, Cuban bought a small amount of dogecoin with his 11-year-old son, Jake, saying that the purchase was meant to be "fun and educational" for his son while also helping Cuban learn more about the space himself.
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14 October, 2021 - 05:12pm
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Popular cryptocurrencies Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH) are on the verge of closing out a good week. As of this writing on Thursday afternoon, the cryptocurrencies are up 5.6% and 4.2% respectively since last Friday afternoon, according to data from S&P Global Market Intelligence.
But not all popular cryptocurrencies are up. For its part, Dogecoin (CRYPTO:DOGE) is down 6.5% over this time frame. And perhaps these divergent trends are best explained by why these cryptocurrencies are popular. It's not the same in each case.
Cryptocurrencies are speculative investments, but Dogecoin is perhaps more speculative than most. It was initially created as a joke and it went largely unnoticed for years. Then in 2020, the tokens started rising in value as people on social media theorized what would happen if it ever reached $1 per coin -- coins were well below a penny at the time.
The buzz kept getting louder and eventually reached the ears of Tesla founder Elon Musk, who used his social media clout to further bring attention to Dogecoin. During this time, Dogecoin wasn't necessarily getting adopted in commerce but rather people were speculating on its value.
This isn't to say that Dogecoin doesn't have utility -- indeed, it can be used for things. For example, AMC Entertainment will soon accept Dogecoin as a payment option. But I believe it's fair to say people are investing in Dogecoins more than using them, hoping the value will rise.
The problem here is it seems like social media attention has shifted from Dogecoin to Shiba Inu coin -- itself a parody of Dogecoin. In fact, it appears Musk has found a new love, sharing memes of Shiba Inu in recent weeks. And now that Coinbase supports trading for Shiba Inu, it's easier than ever for speculative trading to go to Shiba Inu. For evidence of this shift, consider that trading volume for Shiba Inu coin was more than double that of Dogecoin today, according to CoinMarketCap, even though neither was making headlines.
Dogecoin appears to be losing steam as other speculative cryptocurrency investments like Shiba Inu gain prominence. This doesn't mean that utility won't increase for Dogecoin in time -- it could. And this doesn't mean traders won't come back to Dogecoin -- they could. It just stands in contrast to cryptocurrencies like Bitcoin and Ethereum, where utility is growing and serving as the catalyst to send tokens higher.
For example, Ethereum is currently transitioning to what some call Ethereum 2.0. This update completely changes how the blockchain works and should make it faster and less energy intensive. This is happening because coins are being used more than ever. The upgrade -- officially known as EIP-1559 -- should not only make it more useful but it could also send the cryptocurrency's value to higher levels.
And regarding Bitcoin, like Ethereum, it's making an upgrade commonly called Taproot. Again, the reason for the upgrade is utility -- it needs to be able to process transactions faster and cheaper while requiring less energy. This is because its adoption is growing. El Salvador has adopted it as legal tender and Brazil has signaled it might do the same.
This doesn't mean that speculation doesn't drive prices for Ethereum and Bitcoin. For example, Dallas Mavericks owner Mark Cuban recently sent Ethereum higher by suggesting it's the best cryptocurrency to buy. And this doesn't mean everyone will adopt these cryptocurrencies. For example, Mexico's president recently said the country won't be using Bitcoin like El Salvador.
So Dogecoin can be used. And Bitcoin and Ethereum can likewise be driven higher by speculation. But there appears to be predominant trends at play with each. It looks like Dogecoin is losing some of its luster with traders whereas Bitcoin and Ethereum continue to gain long-term adopters. I believe this explains the divergent prices this week.
Finally, what happened this past week doesn't really tell us what will happen in the weeks to come. The cryptocurrency space is young and still prone to quick changes. What happened this week could reverse next week.
If you're interested in cryptocurrencies, I'd suggest you start by researching the ones being increasingly used for real-world applications. Those have the greatest chances of long-term success, in my opinion. Bitcoin and Ethereum are strong candidates in this regard but they're certainly not the only ones.
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