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Not only Elon Musk: Most famous 2021 Bitcoin supporters

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  • Bitcoin goes mainstream even among the celebrities.
  • Politicians, pop stars or actor hold crucial role in promoting Bitcoin.
  • Being a Bitcoin supporter implies many things.

Elon Musk is known for being one of the most influential celebrities in the crypto world. But he is hardly the only famous person who now owns Bitcoin. Ted Cruz, Maise Williams, and other celebrities were known to support Bitcoin.

If Bitcoin is a Digital Gold, in 2021, we have entered its golden era. Mainstream adoption of Bitcoin goes hand in hand with celebrities’ endorsement of it, and now, politicians, pop stars, and influencers worldwide seem unable to stop talking about Bitcoin.

Consider Miami Mayor Francis Suarez, who tweeted that he will make his next payment 100% in Bitcoin while tagging Miami Chief information officer Mike Sarasti. This bold move makes him the first US politician to be paid in crypto. But Suarez is the only US politician advocating for Bitcoin.

Bitcoin supporters are a mixed lot

Influential Texas Senator Ted Cruz recently said that Bitcoin mining might be the solution to the Texas power grid problems and spoke in favor of Bitcoin even in the past. This year, the Republican party also sent to the critical US Senate banking committee Cynthia Lummis, well-known for being a big supporter of Bitcoin. If such a trend continues, we might very soon witness long-waited state regulations on Bitcoin.

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Pop stars such as Snoop Dogg, DJ Khaled, Kanye West, or 50-cent have previously made headlines by either supporting Bitcoin or even taking it as payment for their albums, but the true pioneer is a former Spice Girl member Mel B. She was one of the very early adopters and accepted Bitcoin as payment back in 2013, making her a true visionary in digital art. Other important categories are actors and influencers on social media.

People like The Game of Thrones star Maisie Williams or YouTuber Logan Paul, who share almost nothing in common except for stating they own Bitcoin speak to different demographics, and show that digital gold is truly everywhere now.

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Elon Musk is an exception?

It is also true that celebrity support for specific cryptocurrency projects might even be an adversary for public opinion on Bitcoin. We might mention the scandalous appearance of DJ Khaled or Floyd Mayweather in ads for scam Centra Tech’s token, which ended up in them being sued.

Hollywood star Steven Segal has also supported a similar scam project, Bitcoiin2 gen, and faced legal consequences by the American Security and Exchange Commission (SEC). This, by the way, leads us but to Elon Musk, recently again investigated by SEC for manipulating prices of DOGE coin. Thus it is not all roses when it comes to celebrities on crypto.

The SEC describes the Meta 1 coin fraud as still in the market involving a former US Senator. The firm’s website still features a significant pitch, Empowering Humanity, as its Twitter and LinkedIn page remains active and constantly being operated.

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Should you be a Bitcoin supporter?

Celebrity status might bring both good and bad things, but with immense power comes big responsibility. Bitcoin is power, and it can alleviate poverty when applied with goodwill. If Bitcoin power is not involved with wisdom, it can be a tool for oppression. In the hands of a statesman, a whole country is reborn.

In Kenya, the Akon Akoin project targets 5,000 workers within the first six months and 20,000 workers for a successful rollout by 2022. The developers also are working on a major launch event to enable broader adoption after the national rollout in September.

As per a recent Cambridge University survey, only 39% of the energy burned from mining crypto uses renewable energy sources. This means that Bitcoin’s total energy in a year translates to burning 54 billion pounds of coal.

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Bitcoin can be likened to an environmental disaster.Tom Seyer, billionaire and environment advocate

There are good and bad sides to the Bitcoin horizon, so what side should you be?

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Expert calls El Salvador’s Bitcoin volcano bonds, ‘Michael Saylor playbook for a country’

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El Salvador’s “Bitcoin City” and the proposed $1 billion Bitcoin volcano bond have ignited a range of reactions across the world. These are ambitious plans, no doubt, but they come as the crypto market is seeing a downturn and major economies are fighting inflation.

During an episode of the What Bitcoin Did podcast, host Peter McCormack spoke to macroeconomist Lyn Alden about El Salvador’s Bitcoin volcano bonds and whether they make sense.

Fire up the oven

To be issued in 2022, the first volcano bond will have a BTC booster coupon rate of 6.5% and a decade-long duration. Interestingly, $500 million will reportedly be used for Bitcoin mining, while the other $500 million is ideally for buying BTC, which will be stored for five years. If it goes up in value, investors stand to make gains.

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Alden called the volcano bonds the “Michael Saylor playbook for a country,” and said,

“It’s a very similar play to what a lot of entities do with real estate, where you never sell the real estate, you just keep refinancing it over time as it goes up in value. And, Bitcoin is basically a more volatile version of that. Obviously, it’s got less track record – 13 years. But the potential gains, if you’re right, are massive.”

However, Alden stressed the need for experts in the Bitcoin mining process. She said,

“Now, my understanding is that obviously, geothermal is very attractive energy to use. The climate [in El Salvador] is not super ideal for Bitcoin miners. And, so overall, you generally would want to have experts there who make sure that it makes financial sense at the end of the day…”

But what if…

McCormack asked if generating $65 million per year was enough to pay investors. For her part, Alden was cautious and reminded viewers to consider credit risks, interest payments, and the market’s reaction. However, she noted,

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“And this is kind of the game theory of, say, different countries, where El Salvador has less to lose in some sense. They, you know, they basically..have already had economic issues.”

McCormack and Alden agreed that the success of the volcano bond hinged on Bitcoin rallying for the next five years.

Bitcoin below $60,000

El Salvador’s President Nayib Bukele might be bullish, but the market has been seeing bearish momentum, as Bitcoin fell to $54,729.53 at press time. What’s more, the market was hovering around the fear or neutral territory for several days.

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El Salvador Buys the Bitcoin Dip Amid “Black Friday Sale”

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El Salvador took advantage of the sell-off, adding more coins to the country’s treasury

El Salvador’s President Nayib Bukele has taken to Twitter to announce that the country has added 100 Bitcoin ($5.4 million) to its treasury.

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The Bitcoin price plunged by more than 9% earlier today amid the global market sell-off.  

The fact that the plunge took on Black Friday, the day retailers slash prices to attract deal-hunters and cause shopping bonanza, prompted many corny and tired jokes about Bitcoin being actually on sale. Hence, many holders are being encouraged to buy the dip. 

In late October, El Salvador bought 420 Bitcoin that was worth roughly $26 million at the time when the purchase was announced by Bukele on Twitter.

Earlier this month, the tropical country also announced its plan to build the first Bitcoin city in the world, which will be situated at the base of a volcano. It has partnered with blockchain company Blockstream in order to raise $1 billion via a “Bitcoin Bond” and fund the highly ambitious project.           

In early September, El Salvador made history by becoming the first country to adopt Bitcoin as its official currency.        

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Is Bitcoin Entering a Bear Market? Top Analyst Updates Outlook After Sharp Crypto Pullback

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Popular crypto strategist and trader Michaël van de Poppe is looking at where Bitcoin (BTC) might be headed as markets worldwide nosedive amid the discovery of a new coronavirus variant.

In a new strategy session, Van de Poppe tells his 148,000 YouTube subscribers that it’s a combination of concern about more lockdowns as well as a cyclical correction that has investors seeing red.

“Not only the crypto markets are showing weakness at this point, as also the European stock markets opened significantly red today… and also the US stock markets are going to open in the red. But there are certain fears about the coronavirus lockdowns coming again. But there are also discussions about tapering happening at this point, and actually, the markets were due for a correction too. We have been grinding up heavily while the actual impact of a potential lockdown was not visible yet.

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Right now we do see one, and we still have a very natural and healthy corrective move which we haven’t been seeing in the past few months. In September we’ve had one, but since then no real correction has been taking place.

So finally we’re getting it, and when the dollar is showing strength it would make sense that the equities are going to have some pain too. Bitcoin has been seeing this correction already. Equities are following suit in the past week now too.”

The analyst goes on to assess Bitcoin’s latest price dip, going so far as to conclude that while he doesn’t think BTC is entering a bull market, he’s doubtful about relying on traditional four-year models for predicting future price action.

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“I really believe the reason why Bitcoin is dropping right now is because of the macroeconomics taking place. But regardless of that, I’m still very sure that the markets are not going to have a bear market at this stage. I think we are still eager for continuation in a bullish manner, but I do realize that the lengthening cycle’s most likely going to take place. A healthy correction is also happening at this point, in which the question becomes, where is Bitcoin going to bottom out? And how are altcoins going to perform out of that?

We can throw away the four-year cycles, we can throw away PlanB’s stock-to-flow model with these predictions because it’s not valid anymore. We are in a different environment when it comes to the markets right now. Clearly, we are currently having a harsh corrective move… but it shows that the markets are not predictable and expecting Bitcoin to run in four-year cycles is just not the case.”

Moving on to specific BTC price analysis, Van de Poppe is eyeing $55,000 as an important support level, but also thinks the leading crypto asset could fall as low as $48,000 – without signifying an end to the bull run.

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Source: Michaël van de Poppe/YouTube

“When we’re looking at Bitcoin against [the US dollar], at this point we still have a very important support level [approximately $55,000] that we are acting on right now. The crucial thing when it comes to the daily time frame is that we are flipping this level with $66,000 as resistance and started to crack south.

Meaning that currently, we are into higher time-frame support, but definitely depending on how this daily’s going to close, this is going to be weak going into the weekend, and especially going into next week, it will probably cause some more pain across markets.

In that case, when we’re looking at levels that we should be watching, [$55,000 to $55,600] is the first real level that you should be looking out for. However, the crucial level to me is still this level around $48,000. Even if we get in that region, I still believe that we’re bullish in markets and we’re just having a very natural corrective move before we’re going to accelerate again in 2022.”

At time of writing, Bitcoin is down nearly 8% on the day and trading at $55,186.

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