Bitcoin Going to $1 Million in the Next Decade Says Kraken CEO; Highlights ETH & DeFi

Bitcoin Going to $1 Million in the Next Decade Says Kraken CEO; Highlights ETH & DeFi

Markets are on fire because of all the money printing that’s happening that makes holding USD “a very risky prospect.” Besides HODLing BTC, Jesse Powell says ETH is another asset people should be looking at.

“There is a tremendous amount of momentum behind Bitcoin right now especially as we lead up into the end of the year,” says Jesse Powell, co-founder, and chief executive officer at cryptocurrency exchange Kraken.

In his interview with Bloomberg, Jesse talked about all the uncertainty that is to come about the money printing of the dollar, and publicly traded companies accumulating a position in BTC are pushing the market forward.

Historically, the question has been how do you justify having such an exotic volatile asset on your balance sheet, and this year it’s been how do you justify not having it with Bitcoin’s 300% uptrend YTD and the kind of inflation that we’re seeing now in the market, said Jesse.

“Holding dollars seems like a very risky prospect compared to something like Bitcoin which is completely finitely predictable and even a greater store value than something like gold.”

Jesse Powell Co-Founder & CEO Kraken


When it comes to the Achilles heel of Bitcoin, i.e. volatility, Jesse doesn’t see it going anywhere anytime soon even though institutional investors are here. Jesse said,

“I don’t think that we’re going to see a lower volatility bitcoin for a long time. Maybe not until Bitcoin replaces all of the world’s currencies which is something that the true believers have predicted would happen all along.”

According to him, we are going to see a lot of volatility between $28,000 and a million dollars a bitcoin which he says is “potentially another decade.”

As such, he maintains Bitcoin is “not for the faint of heart,” and instead of day trading this asset, he advises to just HODL.

Got to Go Somewhere

Although Bitcoin hasn’t been alone in this bullish uptrend, as TSLA actually surged more than 675%, tech stocks and BTC are not correlated by any means.

What we are seeing right now is “that both financial assets are just kind of on fire and reacting to the money printing that’s happening,” said Jesse. He goes on to explain how the loads trillions of dollars being poured into the market got to go somewhere.

Instead of going to the individuals that actually need it, it is going to people that are speculating about it. “I think we’re going to see even more stimulus coming,” and that too “is just going to get poured into financial assets,” said Jesse.

So all the run-up going in the markets is a lot of it is to do with the same reasons — “people just want to get out of dollars. They don’t trust national currencies. The Federal Reserve is saying that there’s infinite money out there.”

Now that people understand it, “they are pumping the cash into hard assets that are generating returns or more likely to hold value than a fiat currency.”

Huge Backlash

Even in the crypto market, Bitcoin is not the only asset that is pumping, Ethereum has seen even bigger gains of 465% this year.

DeFi is another story that is “growing and becoming a bigger piece of the ecosystem,” he said, which again is largely happening on Ethereum.

“So that’s a huge success story that’s in the process of a major protocol upgrade. I think the future is extremely bright for Ethereum as well as for Bitcoin. And I think it’s another asset that people should be looking at if they’re looking for something else to get into an encrypted space.”

Jesse Powell

As for all the regulatory scrutiny, Jesse doesn’t think that “there’s a risk of any kind of hasty kind of clamp down on the market” as regulators are getting educated and better at understanding the risks, and if the government tried to crush cryptocurrency, “there would be a huge backlash,” he said.

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Author: AnTy

Miami Mayor ‘Definitely Open’ to Allocate 1% of City’s Treasury Reserves into Bitcoin

Miami Mayor ‘Definitely Open’ to Allocate 1% of City’s Treasury Reserves into Bitcoin

Meanwhile, Francis Suarez is working on accepting Bitcoin as a means to pay for services/bills in 2021.

Mayor Francis Suarez declared his Bitcoin friendliness on Twitter Tuesday when BTC proponent Anthony Pompliano urged him to allocate Miami’s reserves into the world’s largest cryptocurrency.

“Definitely open to exploring it,” said Suarez who is working on bringing tech talent to the city.

With COVID-19 bringing in more remote-working opportunities, many tech entrepreneurs are contemplating or have already moved out of the San Francisco Bay Area. Some are considering Miami as an option thanks to Suarez actively endorsing the city on Twitter.

The Mayor’s Bitcoin positive response has been to Morgan Creek Digital co-founder Pomp’s tweet, “Retweet this if you would move to Miami if Mayor Francis Suarez put 1% of the city’s treasury reserves in Bitcoin.”

The tweet received much love — 1.3k retweets and 5.3k hearts. The Bitcoin community is already on board with this idea which has already seen adoption from public listed companies.

MicroStrategy was the one to herald it which was then taken further by Jack Dorsey’s Square. Now, in small and big enterprises, everyone is slowly replacing cash with Bitcoin as a reserve asset in their balance sheet.

“Would be the first US city to do it. If Bitcoin works out, it would bring significant resources to the city. If it doesn’t work out, it would be best spent economic development dollars because of how many people would move,” said Pomp of such a move.

While Bitcoin in Miami’s treasury reserves may take time, the city could soon accept Bitcoin and crypto as a means to pay for services and bills.

“We are definitely going to be working on that in 2021…” is what Suarez said of this.

Charlie Shrem, host of Podcast UntoldStories also chimed in and called out the state of Florida to be the flag bearer of Bitcoin friendliness.

However, Jimmy Patronis, Florida’s Chief Financial Officer & State Fire Marshal isn’t keen on the idea as he said, “Got to keep public money safe. It’s not the future, it’s now. I love that the Mayor is fired up about expanding the global financial sector in Florida!”

While Florida might not be ready for that now, the crypto community already has Wyoming which has been leading with its digital assets favorable regulations. And of course, the state has already elected the first Bitcoin owner, Cynthia Lummis to the US Senate.

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Author: AnTy

SEC vs Ripple Pretrial Conference Set for Feb; Majority of Customers & XRP Volume Not in the US

Ripple says the action against it is “an attack on the entire crypto industry” and the lawsuit has “affected countless innocent XRP retail holders” that have no connection with the company.

The list of crypto service providers announcing no more support for XRP in light of the SEC suing Ripple and its top two executives now include Coinbase, Bittrex, OKCoin, Crypto.Com, Bitstamp, OSL, Beaxy, Swipe, CrossTower, Stex, Ziglu, Eobot, Sarson Funds, Jump Trading, Galaxy, B2C2, Bitwise, 21Shares, Bitcoin Suisse, Wirex, Simplex, and Grayscale.

An Indonesia-based exchange is also informing its customers of the risk of XRP delisting “in connection with the United States Securities and Exchange Commission (SEC) lawsuit against Ripple Labs, Inc which was deemed to have violated the regulations regarding securities.”

In response to market-wide delisting, Ripple published a statement where it says the “majority of our customers aren’t in the U.S. and overall XRP volume is largely traded outside of the U.S.”

While Ripple will continue to operate and support all products and customers in the U.S. there are “clear rules of the road for using XRP in the UK, Japan, Switzerland, and Singapore,” says the San Francisco-based company.

The company further reiterated that the SEC action against Ripple is “an attack on the entire crypto industry here in the United States.”

This lawsuit has “already affected countless innocent XRP retail holders with no connection to Ripple” and muddled the waters for traders, exchanges, and market makers said the fintech company adding that they will defend themselves and get clarity for the US crypto industry.

Meanwhile, the initial pretrial conference of SEC vs Ripple Labs Inc. is set for February 22nd, 2021.

“The point of this conference is to determine if there is a hope of settling and discovery dates,” said Jesse Hynes, an NJ Attorney.

In this process, the parties will basically learn everything they can about the other side’s facts and get to request documents and take depositions (interviews). “Judge Torres generally sets a 120 day period for fact discovery (which may be shortened if there are exigent circumstances),” said Hynes adding from there, another 45 days are allowed for Expert discovery.

It is after the final pretrial submission date, which is 30 days after, that the trial is set. As such, if case this goes to trial, at best the market is looking at September 5, 2021, “but that is unlikely” because “there are always delays and consents to push back dates and extend discovery.”

So, it will be a long battle that could take years to come to a result. Meanwhile, XRP price is suffering, having fallen to levels not seen since 2017, currently trading around $0.20.

In the meantime, XRP enthusiasts have launched a petition “Granting Ripples (XRP) token as a non security by the SEC” on So far, the petition has only got 132 signatures.

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Author: AnTy

Everyone Wants to Know ‘WTF is Going On With Bitcoin’

What’s happening now, faster than anyone could ever imagine, is that “Bitcoin is moving from a fringe esoteric asset to the mainstream.”

This is why we are still early in the game.

Q4 has been an epic one for the world’s largest cryptocurrency. With a 160% uptrend in this quarter, 4Q20 has become the second-best one after Q4 of 2017 in which BTC recorded over 210% gains and hit $20k.

This time, the quarter started just around $10,500 and we pushed through several all-time highs, with the latest one made just today at above $28,500.

But nocoiners are having a hard time understanding why this is happening.

Youtuber KSI with 6.4 million followers asked about what is happening with the digital asset the day it first jumped past $28k.

Bitcoin’s price action got another no-coiner Sara Mauskopf, co-founder and CEO of daycare and parenting search app Winnie to enquire about this ‘number only go up’ technology.

“Does anyone understand why?? Not complaining just trying to make sense of what’s going on…” was her exact question.

Even China’s state media continue to feature Bitcoin articles, with the latest one titled “Why Bitcoin repeatedly breaks its ATH.”

“What’s happening now — and it’s happening faster than anyone could ever imagine — is that Bitcoin is moving from a fringe esoteric asset to the mainstream,” said Matt Hougan, a chief investment officer of Bitwise Asset Management.

“If it’s going mainstream, there is just so much money on the sidelines that is going to have to come in and establish a position that leaves me very bullish for 2021.”

Relentless Demand

In the meantime, Bitcoiners are throwing caution to the wind and going all the way in. As one degen wrote on Twitter, “I sold my house and borrowed from my 401k twice to buy bitcoin and would do it again at current prices.”

This isn’t’ the first and this won’t be the last.

Recently, Bitcoiner Peter McCormack also shared how he took out a $46,250 loan earlier this month and bought 2.55 BTC from it. “May do this again a few more times,” he had said at the time.

Bitcoin is actually on track for its longest monthly winning streak in over a year.

Thanks to central banks all around the world running the campaign of debasing fiat currencies, people are realizing the value of a hard asset that not only has a fixed supply but offers asymmetric returns.

Just this Sunday, President Donald Trump signed a $2.3 trillion stimulus into law. New stimulus checks, falling USD, and Brexit fueling investors’ risk appetite.

People are increasingly seeing Bitcoin as a hedge against dollar weakness and risk of inflation.

According to Edward Moya, senior market analyst at Oanda, demand for Bitcoin is “relentless.” “Bitcoin is still the trendy trade on Wall Street and that might not go away,” he wrote. “Volatility remains elevated, but for now seems like it will attract buyers on every major dip.”

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Author: AnTy

Grayscale Cuts Down its XRP Holdings to Over 25%; Bittrex & Swipe Removes the Crypto Asset

Grayscale Cuts Down its XRP Holdings to Over 25%; Bittrex & Swipe Removes the Crypto Asset

From Nov. high, the digital asset has lost 79% of its value which crypto market participants say has now “become un-investable for any non-retail investor.”

Cryptocurrency exchange Bittrex has announced the removal of XRP markets on January 15th, 2021 at 4 PM (PST). The markets to be removed are BTC-XRP, ETH-XRP, USDT-XRP, and USD-XRP.

Customers will still have access to their XRP wallets after the markets are removed, that is “until further notice.”

Swipe Wallet is another one that is delisting the digital asset for its US-based users on January 5th at 00:00 UTC. While deposits and trading of XRP will be disabled, users will still be able to withdraw their XRP but only till January 12th at 00:00 UTC. After this, even XRP Wallet will be disabled for USA users.

This long list of crypto service providers has already dropped their support after SEC sued Ripple and its top two executives now include Coinbase, OKCoin, Crypto.Com, Bitstamp, OSL, CrossTower, Beaxy, Jump Trading, Galaxy, B2C2, Bitwise, 21Shares, Bitcoin Suisse, and Simplex.

Grayscale has also started emptying its XRP stash.

A big jump in the largest crypto asset manager’s XRP holdings was seen on Nov 10th when it increased from 26.46 million XRP to 32.04 million XRP then on Dec. 1st another uptick to 35.65 million. But it declined today to 26.46 million, which means the latest 9.19 million XRP accumulation has been liquidated, as per Bybt data.


All the exchanges that serve US customers are taking this step which is to be expected. Those platforms that do not serve the US-based residents like Binance which accounts for the biggest share of XRP trading, are unlikely to follow suit.

However, today even Indonesia-based crypto exchange Indodax informed its users of the risk of XRP getting delisted “in connection with the United States Securities and Exchange Commission (SEC) lawsuit against Ripple Labs, Inc which was deemed to have violated the regulations regarding securities.”

For now, so many delistings have caused the price of the crypto asset to crash hard.

Yesterday, XRP/USD tanked to $0.169, a level last seen in Sept. 2017.

“XRP has simply become un-investable for any non-retail investor. The SEC enforcement action is one thing but the liquidity drain is a bigger issue,” said a partner at crypto fund, The Spartan Group.

According to Stani Kulechov, founder and CEO of popular DeFi project Aave, these XRP delistings from major exchanges will be a stress test for CeFi lending services. “Decreasing liquidity on exchanges would result in increased liquidity risk already on top of current market risk volatility,” he said.

It has only been in November that XRP finally started pumping after topping out in early January 2018. But XRP bagholders couldn’t even rejoice in the gains for even a month that the news of SEC’s lawsuit ended up crashing the price of the crypto asset by nearly 79%.

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Author: AnTy

Ethereum Is A ‘Huge Success Story’ But is ‘Undervalued’ in Terms of Institutional Buying

Ethereum Is A ‘Huge Success Story’ But is ‘Undervalued’ in Terms of Institutional Buying

Bitcoin is not the only asset that is rejoicing in greens. As a matter of fact, compared to Bitcoin’s 285% year-to-date rally, Ether recorded 455% gains in 2020.

It has actually been after 18 months that ETH finally breached the $700 mark.

As Jesse Powell, co-founder and CEO of cryptocurrency exchange Kraken noted, Ethereum has performed “amazingly well” this year, having seen tremendous returns. Powell in his recent interview with Bloomberg said,

“I think the future is extremely bright for Ethereum as well as for Bitcoin. And I think it’s another asset that people should be looking at if they’re looking for something else to get into an encrypted space.”

The second-largest digital asset is actually still down 49% from its all-time high of $1,420, on Coinbase.

Currently trading around $725, ETH’s uptrend only started at the beginning of last week while Bitcoin consolidated some following yet another new ATH.

Institutional Interest

Interestingly for ETH, in just over a month CME will be launching Ether futures contracts which are expected to bring a herd of institutional buyers.

“ETH is undervalued in terms of institutional buying. Institutional investors would eventually consider ETH for their portfolio next to Bitcoin,” says Ki-Young Ju of data provider CryptoQuant.

He further noted that there is a big gap between Grayscale Investments’ Bitcoin and Ethereum stash which he expects to contract soon.

ETHE — Ethereum product of Grayscale, the largest asset manager which caters to accredited and institutional investors and high net worth individuals — holds 2.94 million ETH.

This represents 2.54% of Ether’s circulating supply. ETHE is currently trading at a premium of 115.97%, which is much higher than GBTC’s 18.86% but much lower than the 2963.83% premium institutional investors are paying for buying LTCN, as per Bybt.

However, Grayscale hasn’t added any new ETH to its holdings since Dec. 9, which is unlike their BTC holdings which were last added on Dec. 25.

A huge success story

While mentioning Ethereum, Powell also noted decentralized finance (DeFi), a sector that has more than $14 billion locked in it and 7.1 million of ETH.

“The DeFi story is growing and becoming a bigger piece of the ecosystem. These days you’re seeing middlemen completely removed from financial contracts through DeFi which is largely happening on Ethereum. So that’s a huge success story that’s in the process of a major protocol upgrade.”

Jesse Powell Co-Founder & CEO Kraken

It was on Dec. 1st that Phase 0 of ETH 2.0 was launched, the first step towards making the network faster and cheaper that includes the transition from proof of work (PoW) to (proof of stake (PoS). Since then just over 2.31 million ETH has been locked in its deposit contract.

However, ETH miners continue to pump in hashing power insanely that pushed the network’s hash rate 100% up since the beginning of the year.

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Author: AnTy

Bitcoin Destroys $28k As USD Gets Annihilated; Hitting A New 2020 Low

Bitcoin is facing an imminent supply-side crisis with only 22% of BTC circulating supply available in the market for buying and selling.

As we said, much like last week, this one started on a slight red note as Bitcoin consolidated around $26,000 only to rush higher but much faster this time around.

Breaking into a new all-time high at above $28,500 on the back of $5.88 billion ‘real’ volume, Bitcoin couldn’t sustain the bullish momentum and soon dropped to $27,345. But we are back on the move. Trader SalsaTekila noted,

“BTC looks like it wants to send. No sellers showing up at the highs. I’m not short anymore, nor ‘hedged’, seems like price discovery is about to continue…”

Bitcoin is simply not taking a break, everyone is trying to time the markets, but at this point, it is anyone’s guess how high we will go in the short-term and if and when any meaningful pullbacks will make an appearance.

Meanwhile, Bitcoin proponent Max Keiser, who has been waiting for a $28,000 target to hit, has increased his short-term target to $35,000 now that $28k has been destroyed.

Keiser has “high conviction on &35k,” a target that is hashrate-adjusted. The hashrate of the world’s largest network is at 134.46 Th/s, keeping around the all-time high of 157.65 Th/s, as per Bitinfocharts.

In the light of this strong hashing power being used to generate BTC, the next difficulty is expected to be between 3% to 10% that would be coming on January 9. He said,

“This is the equilibrium price based on the price-lagging-hashrate spread that I flagged last year. Now that $28,000 has been confirmed, $35k target looks like a lock.”

However, for this continuation to $30k Bitcoin needs to sustain the $27,000-27,500 support which could even take us to $32,800 but “losing $27,000 and correction is imminent,” said trader Michaël van de Poppe.

Imminent Bitcoin Supply Crisis

A big bull signal for Bitcoin is the number of BTC actually available for buying and selling. Out of the 88.5% of the total supply already mined, that is ~18.6 million, 78% of the circulating supply is considered illiquid while only 4.2 million BTC (22%) is available in the market for buying and selling, as per Glassnode’s analysis.

In 2020 alone, more than 1 million BTC became illiquid. This illiquidity points to the emergence of a supply-side crisis and “a sustained rise of illiquid bitcoins is an indication of strong investor hodling sentiment and a potential bullish signal.”

Not to mention all the institutional herd that is gobbling up BTC. According to the chief global strategist of Morgan Stanley Investment Management, Bitcoin could replace the dollar as a global reserve currency.

The USD Index in the meantime is at multi-year lows, currently trading under 90. All the money printing has pushed USD to a new 2020 low that was last seen in April 2018.


The greenback has lost 13% of its value since March when it initially jumped while all the other markets, stocks, precious metals, oil, and Bitcoin annihilated. But with the central banks around the world printing money like crazy, fiat is getting debased and every other asset class, especially Bitcoin is rallying hard.

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Author: AnTy

NFL Player Russell Okung to be Paid Half of His $13 Mln Contract in Bitcoin

NFL Player Russell Okung to be Paid Half of His $13 Mln Contract in Bitcoin

While the offensive tackle for the Carolina Panthers finally got his wish to be paid in BTC, about 20 months and multiple all-time highs later, this is just the beginning as several other players have joined the program.

NFL player Russell Okung will now be paid half of his $13 million contract for 2020 in Bitcoin by Carolina Panthers, according to NFL Network’s Ian Rapoport.

The 32-year old has become the first NFL player to be paid in Bitcoin, who first shared his desire to be compensated in the world’s largest cryptocurrency in May 2019 and got his wish on Tuesday.

During these 20 months, the price of Bitcoin rallied more than 225% and hit several new all-time highs.

As for why not 100%, Okung quipped, “My wife isn’t fully on board yet.”

Okung, who is working as his own agent signed a four-year $53 million deal with the Los Angeles Chargers in 2017. In his last year of the deal, he will become a free agent from next year.

This arrangement is facilitated by Zap, a startup founded by Jack Mallers. Zap’s product Strike converts traditional paychecks into Bitcoin. Okung also teased about the service and tweeted that someone should tell Bitcoin skeptic Mark Cuban about it.

Mallers told CoinDesk that unnamed players on both the Brooklyn Nets and Yankees have also joined the program.

Okung has been a Bitcoin supporter for some time now who continuously endorses it on his Twitter and of course professional life.

“The next decade will be about bitcoin’s mass adoption,” he said today.

The two-time Pro Bowler, however, isn’t the first athlete from a major American sports league to explore cryptocurrencies.

Brooklyn Nets guard Spencer Dinwiddie tokenized his contract at the beginning of this year which first made news in September 2019. He also told Shams Charania of The Athletic and Stadium in May that he would hold a fan vote if a GoFundMe campaign he set up raised over $24.6 million in BTC.

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Author: AnTy

Voyager Crypto Trading App Suffered Cyber Attack; Funds Are Safe And Now Back Online

Voyager Crypto Trading App Suffered Cyber Attack; Funds Are Safe And Now Back Online

On Monday, Voyager Digital announced the decision to switch their system to offline after their servers were compromised. Through a tweet, the firm stated that they were forcefully taking their system offline to secure their users’ accounts.

The firm however assured their customers that no personal details or funds had been compromised by the attackers. The firm also explained that it will take at least 24 hours to fully restore its services via the Voyager app.

The firm also took an opportunity to apologize to its clients and asked them to be patient as their engineers were working to restore the systems. The broker stated that more details will be provided after the full inspection was completed. The firm also stated that customer’s safety was paramount and they took drastic measures to secure them. They stated,

“Voyager would like to thank you for your patience while our system is offline. We detected a threat to our system, and as part of our process and procedures to secure funds and customer information, we promptly shut down the system. We want to reiterate that no funds or personal information were compromised. To ensure the on-going safety of customer funds and information, we anticipate it will take us approximately 24-hours to get the app back online.”

System Back Online

However, by the time of publication, Voyager announced that they had managed to restore the system after a thorough inspection and addressing the possible threats adding that trading has been restored and customers only need to log on again as they had been logged off.

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Author: Joseph Kibe

NexTech AR Solutions Announces $2M Bitcoin Investment; Plans to Add More BTC in Treasury in 2021

NexTech AR Solutions Announces $2M Bitcoin Investment; Plans to Add More BTC in Treasury in 2021

The company says “the timing is right for this move,” and “a paradigm shift to digital gold is underway.”

The list of companies adding Bitcoin to their Treasury keeps on getting bigger and bigger.

The latest one to join, NexTech AR Solutions (NEXCF), plans to make an initial investment of $2 million in Bitcoin. The company is planning to add more BTC to its stash in 2021.

This decision has been made in the light of Bitcoins’ widespread adoption by the institutions this year. Besides Grayscale holding 607.14k BTC for its accredited and institutional investors, big names like Guggenheim, Mass Mutual, Square, and MicroStrategy have gone deep into the cryptocurrency.

The company feels that “the timing is right for this move,” as the widespread adoption of Bitcoin continues, as per the official announcement.

Much like other companies, NexTech aims to maximize the long-term value for its shareholders with the new capital diversification and allocation strategy. NexTech CEO, Evan Gappelberg said,

“This initial investment reflects our belief that Bitcoin is a long-term store of value and an attractive investment asset with more long-term appreciation potential than holding cash, which is currently yielding 0.06%.”

Gappelberg further notes that as a digital version of gold, Bitcoin only has a market cap of half a trillion dollars compared to precious metal’s $10 trillion market capitalization. He said,

“We think that as part of the digital transformation a paradigm shift to digital gold is underway and as Bitcoin is seen more and more as a store of value, just like gold, it will catch up to gold.”

As we reported, another company Greenpro Capital announced that it will be launching a $100 million Bitcoin fund and will also replace cash with Bitcoin in its balance sheet.

As Anthony Scaramucci, founder and co-managing partner of Skybridge Capital said while Bitcoin has “caught fire.. we’re still in very very early innings” and this is a “wave of early adoption by the institutional community.”

Currently trading around $26,700, Bitcoin has rallied more than 275% this year.

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Author: AnTy