More than 4 months have passed since Bitcoin broke the 2017 record in value and the cryptocurrency keeps breaking barriers. Not only did it reach a value of $50,000 and became as valuable as gold, but indicators show that Bitcoin does not plan on stopping there. It has the potential to go as high as $60,000.
Not only that, but Bitcoin has learned from the mistake made in 2017, when the market was overflown with it, which led to its collapse. This time, even though thousands of people join the network each day, the network remains stable and continues to grow with a controlled pace. The good control is the reason why Bitcoin hasn’t experienced any massive drops in value. Just to compare the results, after Bitcoin reached its peak value in 2017, the price for it plunged in a matter of 2 days.
Since this cryptocurrency is often labelled as the future of payments, we decided to see what the experts think – will Bitcoin become an official payment method in the future or not? Let’s check its current state and then, we’ll take a look at their opinions.
The current state
Right now, Bitcoin is still outlawed by many banks and governments from all around the world. But that does not stop the people from using it. There are over 5 million Bitcoin users in 2021 and they mostly use this cryptocurrency to make a profit. If you are wondering how they do that, we are more than happy to explain.
After spending a lot of time mining it (which is a process of verifying transactions) Bitcoin traders turn to trading sites which can help them sell their assets. Let’s take Bitcoin Profit as an example of a reputable site that provides traders with an extra service which maximizes their profits.
This platform has advanced AI systems which analyze the market and collect all data about Bitcoin. That data helps the AI form pretty accurate predictions on Bitcoin’s future fluctuations. This information is vital to traders as they know when is the right time to sell their Bitcoins. Thanks to the success of Bitcoin Profit’s AI system, thousands of registered users make a profit each day.
It is also worth mentioning that some global brands accept Bitcoin as a payment method today. Some of them are Microsoft, AT&T, Starbucks, Whole Foods, and dozens of other companies.
The experts that believe in Bitcoin’s potential believe that this cryptocurrency will become the official universal global payment method in the future. They claim that due to he fact that Bitcoin is user-orientated, its popularity will continue to grow and reach a point in which the majority of the world’s population will use it as a payment method.
With that being said, the people will put massive pressure on their governments to legalize it and make it official, which will happen eventually. After all, democracy says that the people are the governing body, not a handful of politicians.
Some experts oppose it
On the flip side of the coin, many experts believe that Bitcoin will forever be an outlaw. The fact that it does not bring any profits to banks and cannot be controlled by the governments is the reason why. Governments are not fond of things that they cannot control, hence they will put massive efforts and money into blackballing Bitcoin and making sure that its presence disappears.
One thing is sure – only time will tell whether Bitcoin will reach its goal and become an official payment method. What do you think, does this cryptocurrency has what it takes to reach this milestone or not?
Legendary Trader Peter Brandt Challenges Binance with Four Questions about 88% BTC Crash
Here’s what is unclear for Mr. Brandt about mysterious Bitcoin (BTC) flash-crash of Oct. 21, 2021
Prominent trader and analyst Peter Brandt has taken to Twitter to ask his four questions in the context of the flagship crypto’s 88% dropdown.
What do Binance and Binance.US have in common?
First of all, Mr. Brandt challenged the character of corporate relationships between Binance and Binance.US, its unit focused on American markets.
1. What is exact corp. relationship @binance w/ @BinanceUS
2. Will firm release T&S with all trades/volume/price?
3. Did firm take opposite side of client fills
4. Will firm change low to reflect actual fills
cc: @GaryGensler @CFTC @SECGov @cz_binance @IBKR pic.twitter.com/huqzZbSGIt— Peter Brandt (@PeterLBrandt) October 24, 2021
Also, Mr. Brandt asks whether Binance is planning to release detailed documents to specify statistics for trades, their volume and prices during the flash-crash.
Then, the trading legend asked about the role of the platform in taking the opposite side of a client fills.
Besides the Binance CEO and co-founder Changpeng “CZ” Zhao, Mr. Brandt mentioned the Interactive Brokers platform, U.S. watchdogs CFTC and SEC and Gary Gensler, the SEC chairman.
Most expensive “trading algorithm bug” ever?
Also, Mr. Brandt attached a screenshot of a tweet by CZ when Binance’s boss warned his audience about expected volatility spikes across cryptocurrency markets.
Finally, Mr. Brandt added that he never used Binance for trading.
As covered by U.Today previously, on Oct. 21, 2021, amidst a spending rally, the Bitcoin (BTC) price briefly tanked to the $8,000 level, losing more than 88% in no time.
A similar flash-crash was registered on 26 other low-liquidity exchanges. A Binance.US representative attributed this dramatic plunge to a critical bug in third-party mechanisms by one of the platform’s sophisticated institutional clients.
Dogecoin Looks Ready To Rip As Bitcoin Finds Critical Support, According to Crypto Analyst Justin Bennett
Crypto analyst Justin Bennett says that Dogecoin (DOGE) could be ready to make a run for its next critical level about 37% above current prices.
The popular analyst tells his 88,000 Twitter followers that DOGE is attempting to break out of a long descending resistance line that it has been up against since May.
“DOGE looks ready (as long as $BTC cooperates).
Just needs to get above 0.27 on a daily closing basis to open up 0.34+.”
In the near term, Bennett says DOGE needs to turn the $0.26 level into support and close above $0.27 before continuing higher to his initial target of $0.34. At time of writing, Dogecoin is trading at $0.26 according to CoinGecko.
Looking at Bitcoin, the analyst says BTC’s ability to maintain the $60,000 level is a major show of strength that could have big implications in the broader markets.
“Although the BTC weekly candle might not look great, it still held above $60k.
That’s what I was looking for. Doesn’t mean we can’t see more pullback before further upside, but it does mean $60k is holding as support on a weekly closing basis.
Bennett also has his eye on Bitcoin dominance, which compares BTC’s market cap to the rest of the crypto markets. He says it’s bounced off a support level and is currently on its way up.
“BTC.D is bouncing from 44.5% support.
While surging Bitcoin dominance often suggests that altcoins will underperform, Bennett says this may only hold true in the short term. He says if the king crypto is looking healthy, then altcoins might take it as a signal to move up.
“This isn’t necessarily a bad thing for altcoins.
Will they suffer if BTC.D heats up again?
In the short term and against BTC, yes.
But Bitcoin strength now is massively bullish for alts over the next few months.
Anybody That Does the Homework Eventually Invests in Bitcoin: SkyBridge Capital’s Scaramucci
Founder of SkyBridge Capital believes that anyone who starts looking into Bitcoin seriously will end up buying
Antony Scaramucci, founder and CEO of SkyBridge Capital venture fund that has a branch investing in Bitcoin, has told CNBC that Bitcoin can eventually convert anyone who “does their homework” to invest in it.
He named several billionaires who used to be skeptical on BTC but have been into it since 2020.
Ray Dalio, Paul Tudor Jones, etc, have turned to Bitcoin
According to Scaramucci, Bitcoin has the power to attract even its opponents – if they begin to study BTC carefully and “do the homework” they get convinced of the great potential Bitcoin has.
He has referred to billionaire investors, such as Ray Dalio, Paul Tudor Jones and Stanley Druckenmiller – they used to be opposed to the flagship cryptocurrency and now are holding BTC in their portfolios.
Among these former Bitcoin skeptics are Shark Tank’s co-hosts – Kevin O’Leary (widely known as Mr. Wonderful) and Mark Cuban, billionaire and owner of the Dallas Mavericks baseball team. He now considers Bitcoin a store of value and believes that Dogecoin is a perfect crypto for payments. The Mavericks online store accepts DOGE for tickets and merch, and, according to Cuban, people are spending thousands of USD in Dogecoin on every month. He also likes Ethereum because of smart contracts.
Here’s how much Bitcoin Scaramucci holds
As part of studying BTC, Scaramucci recommended reading the BTC white paper written by Satoshi Nakamoto, the mysterious person or a team of them that created Bitcoin back in 2008-2009.
As for his own crypto holdings, Anthony Scaramucci holds over one billion USD worth of Bitcoin. He believes BTC to be digital analogue of gold.
He also believes that Ethereum and Cardano have a large potential and are going to keep rising in the future.