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Turkish Soccer Team Sign A Player Using Bitcoin

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Harunustaspor have signed 22-year old Omer Faruk Kiroglu for 2,000 liras (£377.6) worth of Bitcoin and 2,500 liras in cash, for a sum total of 4,500 liras.

Club chairman Haldun Sehit declared that the move was the first of its kind by a sports club in Turkey and worldwide. “We did it to make a name for ourselves in the country and the world… We are proud of this,” he was quoted as saying.

“This is a first for me and for the world,” Kiroglu said

Turkey’s government have in the past warned against the use of the cryptocurrency. Is this the beginning of Cryptocurrency entering the sporting industry?

 

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Bull Cycles Will Likely Propel BTC to $400,000: Morgan Creek CEO – Bitcoin, XRP, Ripple, Cardano Updates

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From a six-figure Bitcoin prediction to a potentially game-changing prototype for Cardano, here’s a look at some of the stories breaking in the world of crypto.

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The CEO of Morgan Creek Capital Management says he believes Bitcoin’s fundamentals will fuel explosive growth for the leading cryptocurrency over the next 10 years.

In a new interview with Business Insider, Mark Yusko says the number of users on the network and the rising number of Bitcoin wallets is key. According to Blockchain.com, the number of BTC wallets rose sharply in 2019, from 31,422,703 at the start of the year to 44,207,970 at time of publishing.

Yusko also says he believes Bitcoin is a viable alternative to fiat currency, comparing its total supply of 21 million coins to the seemingly endless printing of money by governments around the world.

In the long run, Yusko predicts a new parabolic rally for Bitcoin by 2021, and says that number could increase by a factor of four or five by 2030.

“Between now and 2021, we’re likely to see $100,000 Bitcoin.

By 2025, we’re likely to see $250,000 Bitcoin, and then sometime out 2030 we could see $400,000 or $500,000 Bitcoin as it reaches gold equivalence.”

Morgan Creek Capital currently has $1.5 billion in assets under management.

The company launched Morgan Creek Digital in 2018 to offer institutional investors a way to gain exposure to cryptocurrencies and invest in enterprises that are building on crypto and blockchain technology.

Ripple and XRP

The cryptocurrency trading platform Luno is exploring the addition of XRP in Malaysia.

The company’s general manager of Southeast Asia, David Low, says the third-largest cryptocurrency by market cap could debut on the exchange as early as next year, reports The Malaysian Reserve. He also cites Ripple’s efforts to use the crypto asset to power cross-border remittances.

It is definitely a possibility we are exploring. However, it is not yet listed on Luno…

Ripple also has a remittance use case which we are excited about. That’s why we want to introduce it to Malaysians, as it allows people on the platform to access and learn about it, and figure out new ways to use this technology for their benefits.”

Luno is one of three exchanges that has been approved to sell crypto assets in the country.

Cardano

Cardano creator Charles Hoskinson is promoting a new low-power prototype that he says could help power the network using a small amount of energy.

The Cardano Rock is designed to give people a way to run staking nodes on Cardano. It runs on the Linux operating system and uses about $30 of electricity per year.

Hoskinson says the device highlights the energy efficient nature of the Cardano blockchain.

“10 kilowatts of power to run a global social operating system with billions of users and transactions. That’s the power of Cardano.”

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Will Bitcoin’s Price Soon Rise?

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  • This year has been a big leap forward for the Bitcoin ecosystem.
  • A number of different big financial institutions entering the industry.
  • As the end of the year approaches, investors are focusing on next year’s halving and the consequences it will have.

This year has been a big leap forward for the Bitcoin ecosystem, especially regarding Bitcoin’s adoption, with a number of different big financial institutions entering the industry and widening the spectrum of Bitcoin financial vehicles being available. 

Among the most recent examples are the Bitcoin-oriented services from Fidelity, which just won the New York Department of Financial Service (NYDFS) approval for a trust license, and the launch of Bakkt’s Bitcoin Futures as well as regulated options for Bitcoin futures. 

As the end of the year approaches, investors are focusing on next year’s halving and the consequences it will have. Two previous halvings triggered bullish market movements, but current market sentiment is clearly bearish. So, will Bitcoin’s price rise anytime soon? 

Bitcoin could benefit from a stock market crash and increasing geopolitical uncertainty

As Bitcoin is considered to be ‘Digital Gold’, it tends to rise in times of geopolitical uncertainty and instability, as investors will tend to look for alternative investment vehicles. This is, in part, due to the fact that crypto-currencies were developed as a way to give back control to ordinary people, not banks. As such, they deftly avoid the consequences of central bank monetary policy decisions and their market effects. 

As American indices are currently hovering at all-time highs, Lisa Shalett, Chief Investment Officer at Morgan Stanley Wealth Management, thinks that the rise in the financial markets is directly tied to the Fed’s monetary stimulus. As “financial conditions are extraordinarily loose and accommodative” according to Lisa Shalett, market valuations do not accurately reflect the actual state of the American economy, which could lead to a new financial crisis. 

Once again we’re on the brink of potentially being in this bubble, where valuations are about the story and the narrative and not about the cash flow and profits,” she added, as “the Federal Reserve has been pumping billions into the financial system after the mid-September tumult in very short-term lending markets known as repo” declared CNBC. As Bitcoin was created during the last financial crisis when the population lost confidence in their money and their government, there is little doubt that it would benefit from a potential market crash. Now, it’s just a matter of timing…

Bitcoin was a better investment than American indices throughout 2019

In one of its reports, Coinbase explains that Bitcoin has outperformed most of the popular stock market indices for the year to date. While Bitcoin had gained more than 132% on the report’s publication since the beginning of the year, the Nasdaq 100 has so far increased by 17%, the S&P 500 by 12%, the FTSE Europe 100 by 11% and the FTSE ASEAN 40 would have lost 3%. 

Therefore, the Bitcoin was a much better investment than most global indices in 2019, but also a riskier one. 

Before investing in any asset, including Bitcoin, you first need to determine your investment profile and your risk tolerance, so you select the right assets and financial products for your investment style.

There are two main ways to take advantage of the Bitcoin market, either by using an exchange to buy Bitcoin tokens and store them in a wallet, or via a Bitcoin CFD to take advantage of quick price movements. 

With CFDs (contracts for difference), you don’t own Bitcoin; you only trade the underlying Bitcoin asset price through leverage and margin trading. But one of the greatest advantages is that you can make profits from falling markets as well as rising markets. CFD providers are also usually regulated by financial authorities in one or more countries, which can provide more peace of mind when trading. 

While the Bitcoin (BTC) is hovering at around the $8,100 level at the time of writing, investors are wondering if the price of the first crypto-currency will soon rise. The recent fall of the BTC has been weighing on the crypto-market, which has triggered great trading opportunities. 

Will the first crypto-currency keep falling, or will it rise in December? Is it time to buy Bitcoin? Let us know your thoughts! Leave a comment!

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Bitcoin Withdrawals Now Supported By BitMEX Exchange

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  • BitMEX has just revealed that its support for the Bech32 address format.
  • So now, users on the platform will not be able to take out Bitcoin through the native SegWit format.
  • BitMEX also went onto reveal that customers are still going to have to send BTC through the Pay to Script Hash (P2SH) format.

One of the biggest platforms in the crypto space, BitMEX, has just revealed that its support for the Bech32 address format. So now, users on the platform will not be able to take out Bitcoin through the native SegWit format.

The platform wrote the following in a blog post:

“As of today, BitMEX is delighted to announce that customers can withdraw to all three address formats.”

BitMEX also went onto reveal that customers are still going to have to send BTC through the Pay to Script Hash (P2SH) format address. This is because of the feature of multi-signature wallet and that users are only able to facilitate Bitcoin withdrawals through Bech32 addresses. 

Optimisation

The blog post further went onto mention that the current upgrade is all in part of BitMEX’s endgame plan to optimise its Bitcoin wallet. This would help reduce their usage of block weight so that customers are charged with lower transaction fees. 

There are several advantages that this brings in but the main positive is of the dedicated support for Bech32 addresses which is the fact that users would no longer have to add 20 bytes of overhead while simultaneously transacting through a non-native wallet using SegWit, hence, generating savings in terms of transaction fees.

The platform further said:

“Since the savings are generated by the witness discount on the signature/scripts, the more inputs a transaction has, the higher the percentage savings. Therefore larger transactions, with more than one input, will typically experience higher savings.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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