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Top Bloomberg Analyst Says Bitcoin Should Be Essential Part of Every Gold Investor’s Portfolio

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Bloomberg Intelligence’s senior commodity strategist Mike McGlone says investing in gold without holding Bitcoin could leave investors exposed to market risks.

In a new interview with Stansberry Research, McGlone says that in a rapidly digitizing world, the yellow metal is inadequate as a hedge on its own.

“Looking forward in a world going digital, I see Bitcoin is adding competition to gold. But I see Bitcoin should actually be in that same bucket because if you’re holding only gold, I feel it’s a little bit naked without Bitcoin.”

The commodity strategist adds that Bitcoin is the “new version of gold.”

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“The key risks for anybody looking forward in gold is I see gold positions somewhat naked if they’re not paired with some Bitcoin. Because Bitcoin is the new version of gold.

And I see that, I sense it. And a lot of the indicators show those flows are going that way. Some of the old guard gold bugs and gold flows have headed towards Bitcoin. It makes sense. I mean, let’s look to the future.”

McGlone further points out that the flagship crypto asset is now enjoying the same levels of volatility as gold was four decades ago.

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“So when people say Bitcoin volatility is high yeah sure it’s only been around 10 years. I mean, gold’s been around since the beginning of time. And Bitcoin annual volatility is around 50 right now.

So it’s a longer-term measure which is about the same volatility that gold was trading at in 1980 right when it had that big rally. So, to me when people say [Bitcoin is] volatile, sure it’s breaking out to all-time new highs. It’s got a lot of unique things happening to it. But compared to other assets its (volatility is) the lowest ever.”

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Bitcoin Forecast and Analysis October 25 — 29, 2021

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Bitcoin BTC/USD ends the trading week at 63433, continues to move within the growth and bullish channel. However, while above the local maximum, the quotes are in no hurry to go further up. Moving averages indicate a bullish trend. Prices went up from the area between the signal lines, which indicates pressure from the buyers of the asset and the potential continued growth of the asset’s quotes. At the moment, we should expect an attempt to develop a correction and a test of the support area near the level of 53665. Where can we again expect a rebound and a continuation of the rise in the Bitcoin rate with a potential target above the level of 76505.

Bitcoin Forecast and Analysis October 25 — 29, 2021

An additional signal in favor of the growth of BTC/USD quotes in the current trading week October 25 — 29, 2021 will be a rebound from the lower border of the bullish channel. The second signal will be a rebound from the support line on the relative strength index (RSI). Now the values ​​of the RSI indicator are testing resistance, so it is too early to expect the cryptocurrency to grow directly from the current levels. Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 47055 area. This will indicate a breakdown of the support area and a continued fall in BTC/USD quotes with a potential target below the level of 36605. Confirmation of the development of the bullish movement will be the breakdown of the resistance area and closing of quotes above the level of 67055.

Bitcoin Forecast and Analysis October 25 — 29, 2021

Bitcoin Forecast and Analysis October 25 — 29, 2021 suggests an attempt to support area near the level of 53665. Then, the cryptocurrency will continue to rise to the area above the level of 76505. An additional signal in favor of the growth of the Bitcoin rate in the current trading week will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise Bitcoin cryptocurrency quotes will be a fall and a breakdown of the 47055 area. In this case, we should expect a continued decline with a target at 36605.

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China Banning Bitcoin Is a Big Mistake, Says Dan Held

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  • Bitcoin OG, Dan Held, tweeted, “China banning Bitcoin may be the biggest geopolitical mistake of the century.”
  • His tweet sparked interesting conversations on the Twitter space, showing that people have varied opinions on the matter.

Dan Held, one of the OG supporters of the major digital asset, Bitcoin (BTC), initiated an interesting topic on Twitter yesterday. He says that China’s decision in banning BTC might be the ‘biggest geopolitical mistake of the century.’

China surprised the crypto space when it suddenly decided to ban BTC in the country. As this ensues, more crypto platforms are exiting the country and continuing their business elsewhere.

Of course, this decision created a massive butterfly effect in the market. There was some period this year that the market saw a drastic change from China’s move.

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With that said, as Dan Held said, China’s decision may be a big mistake, indeed.

The Twitter crypto space, moreover, had different opinions on the matter. One account, @CurrencyWar1, said that “China’s CBDC will be the no. 1 digital currency in 2 years.” Another one, @theswampgirlUSA, said that “They [China] want the Chinese digital yuan to be a global reserve currency, not $BTC. Their #cbdc will incorporate #AI and social credit tracking so they can know everything about everyone.”

On the other hand, some are being speculative on the matter. For example, @Nuno_CFerreia said, “China is currently the number 2 holder of BTC… it doesn’t look like they banned it, they just want us to think they did.. the question is, why?”

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Meanwhile, some took this as a positive thing. @jdubya said,

For China, yes. But it was the next positive step in the evolution of Bitcoin. It was not meant for one country to control so much of the mining resources. Better world distribution means a stronger network.

In any case, we will see if Dan Held’s opinion is true in the coming months or perhaps years. For now, the public is yet to see how China banning BTC will affect the country and the entire market.

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At the time of writing, BTC’s price increased by 0.56% in the last 7 days and trade at around $61,000, according to CoinMarketCap.

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Binance Moves 36,306 BTC Worth Staggering $2,214,339,246, Pays Just $3.47 in Transaction Fees

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Global crypto exchange Binance just shuffled a 10-figure sum of Bitcoin between wallets as BTC clings to the $60,000 level.

Crypto data tracker BitInfoCharts spotted a massive transaction to the tune of 36,306  BTC – worth over $2.21 billion at the time of writing.

The transaction was first broadcast to the Bitcoin network on October 23rd at 4:41 AM GMT+8. The crypto was sent in a batch that includes a request to send 35,236 BTC ($2.15 billion) and 1,069 BTC ($65 million) along with two other transactions involving less than one BTC.

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Source: Blockhain.com

One wallet received 20,000 BTC, worth more than $1.2 billion, less than nine minutes later at 4:49 AM GMT+8. Around the same time, another wallet collected 16,306 BTC ($993.39 million).

The Binance wallet that sent the 35,236 BTC was the 24th richest Bitcoin wallet in existence prior to the transaction.

All in all, Binance paid just 0.00005694 BTC in fees, worth $3.47.

Crypto exchanges occasionally move large batches of digital assets around for security purposes.

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All of the sending and receiving wallets were identified by BitInfoCharts as the exchange’s cold wallets. Cold wallets are physical hardware wallets that can keep digital assets completely offline. They are generally considered more secure than hot wallets, which are software-based and connected to the internet.

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