Connect with us

Bitcoin News

Bitcoin Bull John McAfee Says Bitcoin Will Hit $1 Million In 2020

Published

on

Bitcoin Bull John McAfee Says Bitcoin Will Hit $1 Million In 2020
Bitcoin Bull John McAfee Says Bitcoin Will Hit $1 Million In 2020

Major Bitcoin (BTC) bull, programmer and 2020 United States presidential campaigner John McAfee remains adamant that the world’s largest cryptocurrency will hit $1 million in 2020.

McAfee, known for his brave prediction that BTC will reach $500,000 next year, defended he recently doubled down forecast of $1 million per coin in 2020 during a Forbes interview on Sept. 30. In the interview, McAfee argued that the main trigger for Bitcoin’s surging price will be its scarcity. BTC’s supply is limited to 21 million coins, and a significant proportion of that has been lost forever. McAfee said:

“Let’s get real, there are only 21 million bitcoins, seven million of which have been lost forever, and then, if Satoshi is dead, add a few more million.”

The amount of mined BTC reached 17,850,000 on Aug. 1, this means 85% of its total supply is now in circulation — leaving just 3.15 million coins to mine over the next 120 years. Since then, BTC has added more than 100,000 coins to its supply — and according to Blockchain.com data, it has a circulation of 17,968,000 as of now. 

BTC suffered a major sell-off last week when the major cryptocurrency lost $1,500 in less than a day for the first time in months. Later Bitcoin touched a new multi-month low — below $7,800. At publishing time, BTC is trading at about $8,268 — down 1.1% over the past 24 hours, according to Coin360. After seeing some notable volatility this year, Bitcoin is still up more than 27% compared with this time last year, when it was trading at $6,500.

In the interview, McAfee also emphasized his stance towards the primary function of BTC, urging that it represents simply a store of value. He said digital assets such as stable coins and so-called privacy coins are better suited to transaction purposes. Yesterday, major German bank BayernLB released a report predicting that Bitcoin will hit $90,000 in 2020 due to the upcoming halving.

Bitcoin News

Cryptocurrency And Blockchain News Update 21st October 2019

Published

on

HTC CELL PHONE CAN RUN A FULL BITCOIN NODE
Cryptocurrency And Blockchain News Update 21st October 2019

New York Court Postpones SEC Hearing About Telegram

The United States District Court for the Southern District of New York has postponed the hearing regarding the Securities and Exchange Commission’s injunction filing against Telegram Open Network (TON) and its Gram token to Feb. 18–19, 2020. Recently, the SEC has claimed that not only did Telegram violate the U.S. securities laws during its initial coin offering (ICO), but it also is seeking a preliminary injunction to prevent Telegram from further violations.

Tron CEO – Says He is Not Investing in Poloniex

Tron founder and CEO Justin Sun seemed to have refuted recent reports suggesting that he is leading an investment group behind the acquisition of cryptocurrency exchange Poloniex. In a recent statement Sun has claimed that he is “not buying anything,” noting that he is an investor and disclosing some of his crypto assets

Ethereum Based Token Created As An Incentive For Workers

Enterprise Ethereum Alliance has created a token system to encourage the active contribution of member organizations and their employees to the cooperative.  The tokens are powered by the EEA’s Off-chain Trusted Compute Specification and is said to be trustworthy enough for use both within and between different companies. The system was first demonstrated at the Devcon5 conference at the start of October in Osaka as part of an experiment conducted inside the EEA.

Bittrex Is Closing Operations In 31 Countries

Bittrex International, The Malta-based international unit of United States’ crypto exchange Bittrex, will cease operations in Venezuela and 30 other countries.  In an email to Venezuelan customers, Bittrex International announced that the exchange will halt account and trading access to users on Oct. 29, asking them to withdraw their funds with the exchange before that date.  But Venezuela is not the only country that is going to be parting ways with the exchange. Bittrex will be halting the service for, Afghanistan, Egypt, Bosnia and Herzegovina, Cambodia, the Central African Republic, the Democratic Republic of the Congo, Ivory Coast, Tunisia, Ethiopia, Uganda and Yemen, and others.

HTC Creates A Phone That Can Run A Bitcoin Node

The Taiwanese electronics giant HTC has launched its new smartphone which is called the Exodus 1s, This device enables users to run a full Bitcoin node on mobile. The phone was launched at a Lightning Conference in Berlin on Oct. 19 and started selling the first devices during the even using the Lightning payment network.

Continue Reading

Bitcoin News

Bitcoin Halving to Push Market Cap Into the Trillions?

Published

on

Bitcoin Halving to Push Market Cap Into the Trillions?

May 2020 will signal the third time that Bitcoin’s mining rewards will be halved, and it is set to be exponentially more dramatic than the last two times. Basing predictions on previous performances that followed the drop in the supply of new Bitcoin, it can be expected that the market cap could reach into the trillions.

Bitcoin’s current market cap sits at $142 billion, or $0.1 trillion, and its highest reach was $0.3 trillion back in December 2017. Bitcoin has yet to compete with other larger trillion-dollar markets, such as gold, which sits at $8 trillion.

This could all change in the years following May 2020. Looking over how Bitcoin performed following the previous two halvings, where macro-economic factors saw in an increase in demand due to a vast cut in supply, a trillion-dollar market cap is not just possible, but also probable.

A Look Back in Time

Pointed out by a Reddit user, slvbtc, the years following the cut in supply of new circulating Bitcoins saw dramatic rises in market cap, and prices. The author notes:

“Prior to the November 2012 halving the price was $12 and there were 50 Bitcoin being mined per block ($600) meaning the market was absorbing $604,800 of new Bitcoin per week. That halving reduced the new supply by $302,400 per week causing the market cap to rise by $14 billion dollars over the following year.”

That is a reasonably dramatic boost in the cryptocurrency market cap, but when the next halving came around, in July 2016, the market cap of the major cryptocurrency had compounding growth as, over the next 18 months, it shot up to a staggering $300 billion.bitcoin

“Prior to the July 2016 halving the price was $650 and there was 25 bitcoin being mined per block ($16,250) meaning the market was absorbing $16,380,000 of new bitcoin per week. That halving reduced the new supply by $8,190,000 per week,” added slvbtc.

Bitcoin’s Most Dramatic Move Yet

Basing his predictions on what has come before, slvbtc predicts that, with the price of Bitcoin hypothetically at $10,000 before the supply cut, Bitcoin’s market cap should rise to trillions of dollars.

With Bitcoin at $10,000 before the halving, and 12.5 of it being mined per block ($125,000), that means $126,000,000 worth of new Bitcoin is entering the ecosystem per week. However, with that 50 percent cut after May 2020, the new supply with drop by “$63,000,000 per week potentially causing the market cap to rise by trillions of dollars over the following 2 to 3 years,” he adds.

bitcoin

Entering the Big Time

Bitcoin has made a rather big impression on the global markets – especially for something that does not have such a big market cap relative to other markets and commodities. For Bitcoin to cross over into the trillions and start rubbing shoulders with gold and the like would be huge for the coin and its place in the global markets.

Is history destined to repeat itself? Are we soon going to be seeing Bitcoin overtake gold in market cap with new price highs due to increasing demand from a lower supply? Let us know your thoughts in the comments below.

Continue Reading

Bitcoin News

Cameron Winklevoss Says To Buy BTC to Escape Negative Yield Bonds

Published

on

Bitcoin (BTC) bull and co-founder of Gemini crypto exchange Cameron Winklevoss have noted that the volume of negative interest bonds accounts for $17 trillion and has urged the public to buy Bitcoin.

In an Oct. 17 tweet, Winklevoss wrote:

“17 trillion dollars are currently held in negative interest bonds. 17 trillion reasons why you should own bitcoin.”

In a series of comments to the tweet, one of the users argued that “migrating this over to Bitcoin is a huge challenge,” to which Winklevoss asked which challenges they are referring to, further stating that it takes less than two minutes to open an account on a crypto exchange. However, when the user asked how one can move negative debt to BTC in that volume, Winklevoss did not respond.

Earlier in October, Tone Vays, a veteran trader and Bitcoin expert, expressed a stance similar to Winklevoss, saying: “As more and more Developed nations try to eliminate cash and implement negative interest rates, this can drive many people into Bitcoin.” In mid-August, Deutsche Bank reported that 27% of global bonds traded were negative yield at the time, so expected to pay out less than their initial cost.

This represented $15 trillion worth of debt, or as VanEck digital asset director, Gabor Gurbacs, commented, that was 75 times the total Bitcoin market cap. “It’s time for Plan ₿!” Gurbacs added. At the same time, the Bank of Japan said that central banks can not use digital currencies to enforce negative interest rates. Masayoshi Amamiya, deputy governor of the Bank of Japan, said that states issuing digital currency with a negative interest rate would force inhabitants towards cash. Amamiya argued:

“To overcome the nominal zero lower bound, central banks would need to eliminate cash. Eliminating cash would make settlement infrastructure inconvenient for the public, so no central bank would do this.”

Continue Reading

TRENDING

Copyright © 2015 Crypto Global News Team.