9% of 16-Year Old Americans, Mainly Male, have Traded Cryptocurrency: Survey Reveals

9% of 16-Year Old Americans, Mainly Male, have Traded Cryptocurrency: Survey Reveals

9% of teens claim to have traded cryptocurrency, reveals the latest survey by Piper Sandler.

The Generation Z survey of more than 7,000 U.S. teens with an average age of 16.1 years further revealed that a good majority of these crypto traders, 81% are male.

The survey didn’t share any other insight into which cryptos were favored among the teens or if they are still holding it or just buying and selling.

It is somewhat possible that these teens might be partaking in the burgeoning sector DeFi given that centralized cryptocurrency exchanges follow strict KYC measures. As we have seen in the crypto, especially the decentralized finance sector, the younger generation is taking the reins and has also been involved in the building process.

Out of these teens surveyed, 33% of them hold a part-time job, the same as in the fall of 2020, with parents contributing 61% in the spending. However, “self-reported” spending improved 1% to $2,165.

Food accounts for the number one priority of teens at 23% share of their wallet. In the aftermath of the pandemic, 46% of teens believe the economy is getting worse, while 25% believe it is getting better.

Cash, however, is the king as the top payment method for teens, unlike the worldwide trend of cashless. Cash is followed by Apple Pay, with Venmo being the most used payment app.

When it comes to favorite social media platforms, Snapchat is a favorite among the teens with 31% share followed by TikTok (30%) and Instagram (24%, down 700 bps Y/Y).

As we saw in the past few months, TikTok was also popular among newbie crypto investors, with people shilling cryptocurrencies, especially Dogecoin (DOGE) on the platform, sending its prices closer to $1.

With more and more crypto companies now investing in growth marketing, FTX sealing the deal with Miami Heat and Coinbase planning for sales and marketing to be between 12% and 15% of net revenue in 2021, these insights and social media platforms may help crypto firms bring in the masses and targeting the younger generation to the industry.

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Author: AnTy

CI Global Asset Management Launches Bitcoin Mutual Fund, Also Files for Ether ETF & Mutual Fund

CI Global Asset Management Launches Bitcoin Mutual Fund, Also Files for Ether ETF & Mutual Fund

CI Global Asset Management has launched North America’s first mutual fund, CI Bitcoin Fund, to provide dedicated exposure to the leading cryptocurrency.

The Fund provides access to the Bitcoin market at an “industry-low” management fee of 0.40%, which has an initial minimum investment limit of just $500. Kurt MacAlpine, Chief Executive Officer of CI Financial Corp., the parent company of CI GAM said,

“As investor interest in digital assets continues to grow, it was a natural next step for CI to extend our bitcoin investment capabilities to a mutual fund platform, in addition to the CI Galaxy Bitcoin ETF.”

The firm’s CI Galaxy Bitcoin ETF is already trading on the Toronto Stock Exchange under the ticker BTCX. They are also working on merging their other product, a closed-end investment fund, CI Galaxy Fund (BTCG), launched in Dec. 2020 with BTCX.

The Bitcoin Fund is available to Canadian retail investors in Series A, F, and P units, with Series A carrying a management fee of 0.90% and Series F, a 0.40% the same as that of BTCX.

Mike Novogratz’s Galaxy Digital provides the segregated cold storage system for the secure storage of bitcoin holdings.

Besides Bitcoin, the firm is also working on launching Ethereum products and has obtained receipts for the preliminary prospectuses of CI Galaxy Ethereum ETF (the “Ether ETF”) and CI Ether Fund, a mutual fund. The Ether ETF will be investing directly in Ether, while CI Ether Fund will invest in the Ether ETF units.

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Author: AnTy

Publicly Traded Firm, Bitfarms (BITF), Orders 48,000 MicroBT Bitcoin Mining Machines

Publicly Traded Firm, Bitfarms (BITF), Orders 48,000 MicroBT Bitcoin Mining Machines

Bitfarm is a Canada-based Bitcoin mining company that came to an agreement of buying 48,000 new MicroBT machines-to enlarge their capacity of exahash (EH) or hashrate.

The announcement held on Tuesday reveals that the capacity of hashrate will be expanded to 5 EH/Second from its current 1.0 EH/second.

The implementation of all machines will be completed around Dec 2022. The first batch of the order is expected to deliver by January 2022 and others by the end of that year.

The company would grow its hashrate to 8.0 EH/second when all the machines will have fixed and in force simultaneously. Bitfarms infrastructure will hit 3 EH/second by the end of 2021 and then 8 EH/second in Dec 2022.

Bitfarms generates 5.7 Bitcoins in a day, even with the current capacity of 1 EH per second. The CEO at Bitfarms, Emiliano Grodzki, explained the moto behind the move and said,

”With this equipment purchase agreement, Bitfarms is positioned to remain in the top tier of publicly-traded crypto mining companies in the world.”

“The supply of miners will be one of the greatest challenges in for the foreseeable future due to a global shortage of wafers used to create semi-conductor chips which is a vital component in mining rigs. Our strategy will be to continue to grow our own infrastructure and professional operations and conduct mining in our own facilities, which increases operational efficiency and profitability.”

Other mining firms, especially from North America, also have been placing bulk pre-orders since the last month. The investment in the mining hardware till now is equated to $500 million in which more than 10 firms are involved.

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Author: James W

Yet Another Bitcoin ETF, Mike Novogratz’s Galaxy Digital Positioning Itself to Lead This Boom

Yet Another Bitcoin ETF, Mike Novogratz’s Galaxy Digital Positioning Itself to Lead This Boom

While the first Bitcoin ETF has made its debut in Canada, the U.S. will be the next — “It’s all part of this accelerating evolution of being a store of value,” says the CEO.

Mike Novogratz’s crypto firm Galaxy Digital is filing for a Bitcoin exchange-traded fund (ETF) through CI Global Asset Management.

The preliminary prospectus dated February 16, 2021, with the securities commissions in each of the provinces and territories of Canada, is still subject to completion or amendment. Galaxy Digital is registered in Canada.

Galaxy Bitcoin ETF (“BTCX” or the “ETF”) will be managed by CI GAM, and Galaxy Digital will act as its Bitcoin sub-advisor and execute trades on behalf of the proposed ETF.

The fund will invest directly in Bitcoin with the holdings of BTC priced using the Bloomberg Galaxy Bitcoin Index, designed to measure the performance of a single Bitcoin traded in US dollars. Novogratz said in an interview,

“Crypto is being institutionalized at an accelerating rate.”

“And now an ETF product is showing up in Canada first; it will show up in the U.S. next. It’s all part of this accelerating evolution of being a store of value.”

No Bitcoin ETF has been approved in the US yet.

Already, the company’s closed-end fund CI Galaxy Bitcoin Fund (TSX: BTCG) is offered by CI GAM trading on the Toronto Stock Exchange in Dec. 2020.

Galaxy’s trading desk is one of the several that are providing BTC for the Purpose Bitcoin ETF, the first-ever approved, which debuted Thursday.

According to Novogratz, following Tesla and MicroStrategy buying Bitcoin, many more companies and pension funds are seeking to do the same.

“All of these stories — and there’s a story every day — really point to a sustainable bull market in crypto,” the billionaire former hedge fund manager said.

The price of Bitcoin surged to a new record high of about $56,600 late on Friday, pushing the market cap of the leading cryptocurrency past $1 trillion for the first time.

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Author: AnTy

Bakkt to Become a NYSE-Listed Publicly Traded Company with a $2.1 Billion Valuation

Bakkt to Become a NYSE-Listed Publicly Traded Company with a $2.1 Billion Valuation

Renamed Bakkt Holdings, the company appointed new CEO Gavin Michael from Citi bank as it prepares to launch its App in March.

Bitcoin trading platform Bakkt is now becoming a publicly-traded company with a value of $2.1 billion and will be listed on the New York State Exchange with renamed Bakkt Holdings.

Launched during the bear market of 2018 by Intercontinental Exchange (ICE), Bakkt investors will roll their equity into the combined company, with ICE contributing an additional $50 million in capital.

This is made possible through its merger with Victor VPC Impact Acquisition Holdings that completed its initial public offering in September 2020. Together, they aim to grow Bakkt’s “market-leading position in digital assets.”

The company also announced a new CEO, Gavin Michael, former head of technology of Citi’s Global Consumer Bank, as it focuses on the rollout of its consumer application. Meanwhile, interim CEO David Clifton will sit on the Board of Directors.

The new Bakkt App, to be rolled out in March 2021, will allow the users to buy, sell, store, and spend digital assets. Michael said,

“The average consumer holds a wealth of digital assets but rarely tracks their value and lacks the tools to manage and utilize them.”

“I’m excited to join the management team of a company, at this important time in its expansion, whose vision is to bring trust and transparency to digital assets through innovation and technology and, through that process, unlock trillions of dollars currently held in customer and loyalty accounts and allow consumers to put them to work.”

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Author: AnTy

JPMorgan: Corporate Demand for Bitcoin Is A Strong Vote of Confidence for its Future

The tables have turned.

As Bitcoin gets special attention from the publicly traded companies, the banking giant’s views are also changing about the leading digital asset.

According to JPMorgan, Jack Dorsey’s Payment company Square investing $50 million investment in Bitcoin is a “strong vote of confidence for the future of bitcoin.”

What started with MicroStrategy, the first publicly-traded company to put $475 million worth of Bitcoin in its Treasury, has gained strength with Square’s 1% bitcoin allocation. Yesterday, $10 billion asset manager Stone Ridge also announced that it had made BTC its primary treasury reserve asset.

According to the bank’s strategists, including Nikolaos Panigirtzoglou, this signals that Square sees a “lot of potential” for the cryptocurrency as an asset.

Not only it expects Square to make more BTC purchases in the future, but it also expects other payments companies to follow in its footsteps or risk being left out of a growing segment.

Square already has a deeper connection with Bitcoin; it allows people to buy the digital asset and even actively participates in its development through a special division of Square Crypto. Not to mention, its CEO is a vocal Bitcoin proponent who sees BTC becoming a currency of the internet.

JPMorgan also noted that millennials have been using Cash App to buy BTC; this demand, along with the purchases made by companies like MicroStrategy, indicates the demand for Bitcoin surpassed its supply at a greater level in Q3 than in Q2.

Amidst this source of corporate demand, Bitcoin’s price is trading around $11,400, down from above $11,700 it reached yesterday.

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While BTC has made a good head start this month, JPMorgan only sees a “modest headwind” for Bitcoin in the short term based on its intrinsic value. Although a drop in September eliminated much of the “froth,” it remains 13% higher than the intrinsic value estimate.

Futures show that “there still appears to be an overhang of net long positions.” Meanwhile, options contracts volume is rising, which strategists said is likely that retail traffic is driving this surge.

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Author: AnTy

MicroStrategy CEO: Bitcoin is the “Ultimate Inflation Hedge,” 1000x Better than Gold

Publicly traded MicroStrategy has taken a deep dive into Bitcoin, having bought a total of 38,250 BTC at a rate of $425 million and making the leading digital asset a part of their reserve, replacing cash.

This is a big conversion from MicroStrategy CEO Michael Saylor’s tweet about “bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling,” in 2013.

However, in a conversation with Anthony Pompliano on his podcast, Saylor shared that he is “ashamed” for tweeting what he did, which he didn’t even realize until the crypto community reminded him of when the company first announced buying $250 million worth of bitcoin. He said,

“I’m like oh my god, I literally forgot I ever said that…but I took it as kind of like, kind ribbing like I didn’t get all worked up about. I’m like you’re right, I was wrong, what an idiot I was.”

Because They’re Going to Crush Everything

During his conversation, Saylor further talked about how before agreeing on bitcoin is the right idea, “we all needed to collectively be of the opinion that we were going to be generating cash at infinitum,” for which they went on a journey through corporately over the past year.

The company had $500 million in cash, and they had to decide whether to buy-back stock, buy another company, or keep it for a rainy day.

Saylor credited his friend Eric Rice, who owns bitcoin investment fund and kept on advising him on bitcoin, which the CEO kept on dismissing until “one day we’re sitting around my pool in Miami and he starts explaining it and something clicks in my head that maybe this is a pretty good idea.”

So, here they had to decide between precious metal and bitcoin after dismissing commercial real estate and equities and “I want something that can go up by a factor of 10,” Saylor said.

He compared Bitcoin to Amazon and Apple when they first came out — a good investment that has a digital dominant network and dematerialized something fundamental. So, you invest in that thing when they have a hundred billion dollar market cap because,

“When they’re ten times bigger than the next biggest thing, and they’re a hundred billion dollars, they’re probably going to crush everything.”

This is the Real Deal

Saylor, however, isn’t interested in hundreds of other cryptos available in the crypto space. Because, while it’s “great” to have all that innovation which may or may not work, an outsider needs something in which one can put in their $500 million and,

“Everybody in the community is going to spend every iota of their energy to make sure no one f’s with that network.”

Not to mention, bitcoin is the dominant crypto, and nothing comes close to it. Also, community ethos is one of the key drivers of their belief in its success.

And although BTC is volatile, what other choice does anyone have in the current environment.

“Let’s be honest there’s a negative real yield on everything else,” whether it’s gold, bond, or cash.

“Every other non-volatile asset is a negative real yield, which means that everything else is lifeblood draining out of my veins,” said Saylor, adding he would choose the asset with volatility over “non-volatile cash that bought 30 percent less in a matter of eight weeks.”

Moreover, in the next ten years, with people coming into move hundreds of millions of dollars, they will tend to damp all the volatility because it’s in their interest.

“I think people were kind of oblivious to the need to slash the role of bitcoin and the bitcoin narrative of digital gold – this is the ultimate inflation hedge,” said Saylor, who sees the digital asset as a 1000x better than the yellow metal.

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Author: AnTy

6 Tailwinds that will Push Bitcoin Price to Double in 2020

  • The most widely traded BTC price provides good support, sustaining below this unlikely
  • In 2020, initial resistance would be at $10,000, but breaking this level should a “matter of time”
  • Declining volatility, limited supply, growing adoption, depreciating yuan, Tether dominance, mimicking gold to take us higher

After losing 16% of its value in November, the price of Bitcoin traded above $7,000 in the first week of December, going as high as $7,800. Currently, we are trading at $7,550, up by 2.80%, as per Coincodex.

Source: Coin360

Mike McGlone senior commodity strategist at Bloomberg Intelligence says 2019 was the year of Bitcoin’s transition towards the gold. This maturation process, he says would continue as volatility declines.

Just like with gold, Bitcoin is retracing a bear market, said McGlone in Bloomberg’s Crypto Outlook for December 2019 report. He sees $6,500 — the most widely traded price — as good support for the world’s leading cryptocurrency and sustaining below this “unlikely”.

Actually, he says, there are higher chances of it going to a 2019 high than to revising the $3,360 low. This is because Bitcoin has already declined 50% from 2019’s peak, “which will limit further declines.”

In 2020, the initial resistance would be at $10,000 but breaching this should be just a “matter of time” especially if gold continues to advance as expected.

According to McGlone, there are several tailwinds that makes flagship cryptocurrency capable of doubling in 2020.

Volatility Set to Decline

Bitcoin price volatility will continue to decline next year, marking the completion of the transition from a bear to a bull market. Last time, it signaled the inception of the parabolic rally to the 2017 peak.

“The all-time low in 180-day volatility (41% in October 2015) should be revisited next year,” it reads.

Increasing institutional interest and vehicle for exposure such as futures and options are meanwhile contributing to the market’s maturity process.

Limited Supply

The new quasi-currency store-of-value, the report says will continue appreciating because of the key Bitcoin price tailwind, limited supply. Bitcoin has a limited supply of 21 million and the upcoming third reward halving will further cut down the inflation rate from 3.70% to 1.80%.

The only primary bearish factor McGlone says is the BTC price has appreciated so far so fast. And the normal market maturation suggests, it will take longer to hit the 2017 peak.

Growing Adoption

Among the cryptocurrencies, Bitcoin is winning the adoption race that combined with the asset becoming increasingly scarce favors price appreciation. The fact that most altcoins are too volatile further enhances the allure of Bitcoin.

Moreover, while there are only 17% more BTC to be created, the number of tradable crypto assets has more than doubled in 2019 alone.

Bitcoin will Closely Mimic Gold

Bloomberg analyst believes Bitcoin trading will closely mimic gold’s. The yellow metal has an upward bias and the 52-week beta of the crypto asset-to-gold is also highest since 2010, about 2x.

“Bitcoin’s relative richness was last comparable to its 2017 surge.”

There is greater potential for continued climbs for Bitcoin in the long term and it shares similar factors with advancing gold.

Tether Dominance

Apart from Bitcoin, Tether is another leader of the crypto market. And Tether boosts Bitcoin as crypto standard, with little to dislodge either of them as the crypto asset leaders.

The report says while the popular stablecoin has positive implications for BTC, it has negative ramifications for most crypto assets. It increases the value of Bitcoin as an equivalent of gold while exposing the “fallacy of so-called cryptos.

“The rapidly increasing market cap of Tether is widening the disparity between Bitcoin and the most speculative digital assets (alt-coins).”

Depreciating Yuan

While Tether is appreciating Bitcoin, it is also depreciating Yuan. From 16th position by the end of 2017, Tether has grown to the fourth-largest crypto asset this year and that has been on the back of “an almost 8% decline in the Chinese yuan and 80% retreat in the Bloomberg Galaxy Crypto Index.”

The analyst also sees Bitcoin to keep on gaining recognition as the “standout independent store-of-value digital asset” just like gold.

Escalating trade tension, showing Chinese economic growth, depreciating yuan and unrest in Hong Kong are actually the “incentives” for currency diversification which would work in favor of Bitcoin.

Now as we march towards the end of 2019, 2020 has a pretty bullish picture to look forward to.

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Author: AnTy

Splunk Applies Ethereum-based xDAI Chain at Las Vegas SplunkConf 2019

Splunk, a public traded software company, is using xDai Chain, which is an Ethereum sidechain, to foster payments at a conference in Las Vegas.

Remittance at the SplunkConf 2019

According to reports received by Cointelegraph on Oct. 24, the attendees at the conference were allowed to use a modified and committed version of Pony Purse. That is the xDai’s Burnerwallet.

The head of DLT and blockchain for Splunk, Nate McKervey, on his twitter account recently confirmed that more than 10,000 participants of the conference spent Buttercup Bucks.

His tweet read,

The company advertises itself as “The Data-to-Everything Platform.” According to NASDAQ, the market cap for this company is currently just below $18 billion. Its annual revenue is estimated to be around $2 billion by Crunchbase.

No application is required

McKervey also added that users of this platform did not have to manage private keys or download an app for them to interact with this system.

He noted,

Most users won’t even know they are interacting with blockchain-based digital tokens.

He pinpointed that this distribution method was not common. It entailed tokens being airdropped to around 25,000 ligneous poker chips. Users of this technology just scanned the QR code using their mobile phones, and they acquired the value contained in the wooden chips.

xDai’s block explorer reports that there are more than 22,000 addresses that are already involved with these tokens. Also, more than 48,000 BCB deals have happened. Splunk’s head of blockchain concluded that there would be more announcements about this project in the coming days.

XDAI is a crypto valuable that is pegged to DAI. DAI is an Ethereum-based stablecoin that is decentralized and is traded against the USD. xDAI tokens are initiated by locking up DAI tokens on Ethereum’s blockchain in a smart contract. The tokens can be redeemed as DAI tokens once more after the initial ones that have been destroyed.

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Author: AnTy

‘Bitcoin Price Bullish Momentum to Continue for a Year if $9,000 Support Level is Not Broken’

Bitcoin (BTC) has traded below the $10,000 USD mark for the better part of the past week as bears take over the market. However, one upcoming analyst, Nunya Bizniz, sent a tweet showing the possibility of a bullish run in the coming months. Nunya pointed out the 15 month Volume Weighted Moving Average has crossed below the price which is a bullish signal for BTC’s price. The cross occurred earlier in the year and offers investors hope of breaking the all-time high price before the end of the year.

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Signals are always late, never wrong. BTC’s 15 month volume weighted moving average sees a golden cross (Source: Nunya Bizniz)

While the crossing represents only an indicator of what is to happen in the coming months, bulls in Bitcoin are hopeful for an extended bullish momentum. The last time the price crossed above the 15 month volume Weighted Moving Average in late 2015, the bullish momentum extended for over a year. This shows BTC price may continue appreciating in the coming year or so.

Bitcoin Price in the Consolidation Phase, Targets $9,000 Support Level

Despite the pioneer cryptocurrency showing signs of long term bullish momentum, the short term price looks to fall below the current $9,600 USD mark. A technical cryptocurrency analyst, Yorke780, published a tweet on the possibility of an incoming bearish trend as the directional movement index (DMI) of BTC witnessed a bear cross which shows the BTC’s bullish run is nearing its end.

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The Directional Movement Index (DMI) sees a bear cross showing a possible bear run in coming days. (Image: Yorke780)

The price is expected to drop to the $9,000 USD support level before bouncing back to start a refreshed bullish momentum that may well push it past its ATH.

Bitcoin (BTC) price faces a consolidation towards the $9,000 USD support level. A bullish momentum expected? (Image: TradingView/@KenyanMiner)

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Author: Lujan Odera