Bitcoin [BTC] has niche investors, Apple and Twitter CEOs invest!

During an interview with CNBC, Apple co-founder, Steve Wozniak calls Bitcoin [BTC] ‘pure’. In addition to this, Steve also mentions that he is not a Bitcoin [BTC] investor but only bought Bitcoin [BTC] to experiment.


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Steve Wozniak talks about how much he is intrigued with Bitcoin and mathematics. He also mentioned that he currently owns one Bitcoin and two Ether. He also constantly emphasizes on how similar Bitcoin is to the internet and expects Bitcoin to bring across the revolution internet has brought across.

The Apple Co-Founder talks about his strong belief in mathematics, purity, and science as defining the world. According to him, Bitcoin is mathematically defined as a circle and there’s a way that it’s distributed. He considers Bitcoin [BTC] pure as there’s no person or company running it despite which it continues to grow and survive and this to him is ‘something that is natural… and more important than human conventions.’
He also says that the main reason he sold his $700 BTC was due to the overwhelming price fluctuations in the market. He says:
“I never invested in Bitcoin, I was actually a little worried. Once, all of a sudden the price went up and I had a lot of money in Bitcoin, I said, wait a minute, I only bought to experiment.”

When asked whether Bitcoin will continue to dominate the market with the rise of other platforms like Ethereum and Ripple, he replied:

“We’ve seen a hundred sort of Bitcoin copies, some are faster, some are centralised control, some have other advantages, only Bitcoin is pure digital gold… I totally buy into that…How the math on Bitcoin that it was so correct that it still works.”


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He also talks about Bitcoin [BTC]’s price in the future and says that because of Bitcoin’s regulated quantity, the value is down to the demand and supply, and Bitcoin saw a hike to $20000 for a period because ‘more and more people want it.’ He adds:
“So if the demand increases and becomes more and more popular for more things and people start using it, there is no supply; it’s limited. In terms of dollar, yes bitcoin will go up and up in time… things might be sloppy at first and things that change that much in life take a long time to change, they tend to go slowly. We had a crash in the internet age and I see that going on with a lot of blockchain things including Bitcoin itself right now.”

Steve further says that it’s going to take about 10-15 years for Blockchain to become the next widespread technology. He compares blockchain to the internet and says that just the way internet had promised to provide so many services online like bank reservations and airplane reservations, it faced a big crash as all the companies had competed. He continues:
“And here it is, in 2018 all of our life, everything we do with these third-party apps to this day, oh my gosh, this saved me, such a wonderful world. It was the world we talked about than but it just doesn’t happen instantly because people will have to have their mind set changed, culture and tradition and status quo and the way things are doesn’t change that rapidly/ instantly when it’s that huge.”


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Bitcoin ‘Dies’ for the 300th Time, Trading At $7,300

Bitcoin (BTC) has recently “died” for the 300th time, according to 99Bitcoins Bitcoin obituary list. The cryptocurrency faced its “most recent death” in the latest “obituary” provided by Forbes.


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Bitcoin celebrates its 300th death anniversary following an article from Forbes published May 30. The article claims that Bitcoin’s “Achilles Heel” is the huge amount of electricity required by crypto mining operations.

According to Forbes, Bitcoin miners underestimate the risks associated with energy consumption on the global scale. The report also stresses such issues as power theft and the cost of mining equipment that is becoming more and more expensive:
“Predictably, Bitcoin miners downplay both their energy usage and the threat it poses to ordinary people, ordinary businesses and the planet that they occupy.”

At the time of the latest “death” recorded by 99Bitcoins, BTC was trading at $7,312. In December, when Bitcoin died it’s 200th death, the BTC price hit the $11,000 mark. According to 99Bitcoins stats, the major cryptocurrency “died” 62 times this year.


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This year, various pundits and public figures proffered their own suggestions as to why Bitcoin is doomed to fail, including the notorious Warren Buffet statement that Bitcoin is “probably rat poison squared,” and Bank of England Governor Mark Carney’s claim that BTC has “failed” as a currency.

While Bitcoin has recently faced its 300th death and dropped in value by around 20 percent last month, several prominent figures in the tech and business worlds have made bullish statements on its future. Recently, Apple co-founder Steve Wozniak said that “only Bitcoin is pure digital gold,” reiterating the statement of Twitter CEO Jack Dorsey that in a decade BTC will be the “single currency” of the world and the Internet.

According to Cointelegraph’s price index, BTC is trading at $7,407 at press time, having gained around 4 percent over the past week.


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Charlie Shrem: May 2018 Will Be ‘Last Time’ Bitcoin Costs Under $10,000

Bitcoin Foundation founder Charlie Shrem has gone on record to forecast that May 2018 will be “the last time” Bitcoin costs less than $10,000.


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In a Tweet from May 3rd, Shrem, who since returning to the cryptocurrency industry has vowed to propagate Bitcoin’s benefits to a wider audience, claimed this month would mark a significant turning point in Bitcoin markets.

May 2018 will be the last time we ever see under $10,000

Shrem’s enthusiasm comes at a time when Bitcoin prices continue to reverse the downward trend which began in December 2017.

Reaching lows of under $6,500 in Q1 this year, BTC/USD gained over 30% in April and has continued climbing since, reaching $9,750 for the first time since March 8th this week.

At press time, slight volatility was visible on markets, with swings of several hundred dollars occurring on hourly charts.

Bitcoin price

A Familiar Trend

While Bitcoinist previously reported on research showing long-term trends pointing at the start of a ‘hodl’ period in Bitcoin, this week saw one of the clearest signs yet that a trading spree could soon begin.

Goldman Sachs, the investment bank whose CEO Lloyd Blankfein said in December last year that Bitcoin “isn’t for him,” revealed to the New York Times it plans to offer Bitcoin futures trading within weeks.


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Afterward, an executive said that more direct buying and selling could roll out to clients who have “inundated” the bank with Bitcoin access requests.

The move echoes that of CME Group and CBOE, both of which released licensed Bitcoin futures in mid-December, at a time when prices were propelled to over $20,000 on some exchanges.

On social media, commentators were debating the likelihood of history repeating itself when Goldman clients enter the market. As with the first round of Bitcoin futures, which subsequently produced lackluster performance in the bear market, Goldman’s performance will also be watched closely.


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Up 33%: Bitcoin’s Price Just Had Its Best Month of 2018!

Bitcoin’s price rose 33 percent against the U.S. dollar in April, making it the best month of 2018 for the world’s largest cryptocurrency.

Data from CoinDesk’s Bitcoin Price Index (BPI) shows that May began with bitcoin’s price at the $9,244.32 mark – a 33 percent jump from its April 1 start of $6,926.02. This marks the greatest rise in bitcoin’s price this year, and one of only two months where it rose at all within the period.


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Bitcoin’s price fell overall in January and March, and only rose 1.4 percent in February, according to BPI data.

Indeed, bitcoin fell by nearly a third in each of the negative months, dropping from $13,860 on January 1 to $10,166 on February 1, and even more drastically – from $10,309 to just below $7,000 – in March. While bitcoin has rallied this past month, it has yet to recover to the $10,000 mark, which it last fell below in mid-March.

That being said, these numbers hide the fact that bitcoin actually rose to past $17,000 in January before falling by nearly half to its February 1 level.

Similarly, bitcoin reached a low below $6,000 before recovering, as shown by the BPI. In other words, while it may have begun spending periods of time trading sideways, it remains volatile year-to-date.

Notably, bitcoin’s transaction volume jumped by 93 percent month-over-month, while the number of off-chain transactions through exchanges jumped by a similar 95 percent. However, fees saw a similar jump, rising 90 percent in April.

Bitcoin derivatives had a similarly positive month. Both the CBOE and CME saw their futures contracts trading volume spike this month, with CBOE in particular seeing more than 18,000 contracts traded in a single day on April 25, as previously reported.
Similarly, CME saw more than 11,000 contracts traded that day, roughly double its daily average.


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Bitcoin will replace gold and soar in price $700,000, says major investors!

Bitcoin is better than gold “on every front” and could eventually be worth around $700,000, according to an institutional investor.
John Pfeffer, a partner at UK-based Pfeffer Capital, made the remarks at the Sohn investment conference in New York. That event traditionally serves as a place for investors to recommend the best stocks to invest in – and has never seen anyone recommend cryptocurrency before.

“Bitcoin is the first viable candidate to replace gold the world has ever seen,” Mr Pfeffer said. “So if bitcoin becomes the dominant non-sovereign store of value, it could be the new gold, or new reserve currency.”

He added: “Most [other] crypto assets out there are bad bets.”
Mr Pfeffer said that if bitcoin displaced 25 per cent of foreign reserves, the total worth of the bitcoin network would be somewhere in the region of $6.4 trillion. Bitcoin’s current market cap is currently around $150 billion, while one bitcoin is worth just under $9,000.

What is Bitcoin and why is its price so high?
It is the first time a speaker has mentioned bitcoin or any other cryptocurrency as an investment opportunity at Sohn, and comes at a time that major hedge fund investors are placing their bets on the digital asset.
The renowned investor George Soros is reportedly preparing to invest in bitcoin, having previously called it a bubble. Billionaire investor Bill Miller revealed in December 2017 that half of his hedge fund was tied up in bitcoin. At the time, the value of one bitcoin was close to $20,000.


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To reinforce his faith in bitcoin, Mr Pfeffer donated 10 bitcoins to the Sohn Foundation on the condition they did not cash them in for five years, saying: “Buy the ticket, take the ride.”
The fund manager also warned that there were “substantial risks” still associated with cryptocurrencies, however unlike gold their utility went far beyond a store of value.
In countries with struggling currency, bitcoin and other digital currencies could offer a legitimate alternative. This supports recent research from Investing.com that found countries with unstable economies were increasingly interested in cryptocurrency.

By taking a percentage of users from each country that used its cryptocurrency services, the investment website determined that the top five countries most interested in cryptocurrency are Venezuela, Kosovo, Lithuania, Belarus and Georgia.
“In addition to cheap [cryptocurrency] mining costs, another thing that the Eastern European countries which appear on this list have in common is that all have gone through prolonged periods of war and recession recently, which has resulted in the poor working class losing trust in government and banks,” Jesse Cohen, a senior analyst at Investing.com, said in an emailed statement to The Independent.

“Another factor that could be aiding the crypto boom in these countries is that all of them at some point in the past 10 to 15 years have experienced a currency crash. Such a devastating experience has led both old and young traders to seek out cryptoes as hedges against another failed currency episode.”


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Three Possible Ways to Destroy Bitcoin

Nine years after Satoshi Nakamoto came up with Bitcoin, it is by far the biggest cryptocurrency we have.
But since success breeds competition, Bitcoin could well be made redundant by copycats in three scenarios brought to us by TechnologyReview.

The first option would be a government takeover. Not too unlikely to happen, given that many government officials, especially in the West, recognize the merits of the blockchain technology, but are wary of Bitcoin and other cryptocurrencies due to their decentralized and pseudonymous nature.

This option was described by David Andolfatto, a researcher at the Federal Reserve Bank of St. Louis, and later refined by Sahil Gupta, an undergraduate at Yale University. Gupta created a system where everything works just like Bitcoin does, except the ledger is managed by institutions certified by the Federal Reserve.


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Option two would be Facebook pulling a Telegram. Just like Telegram, a messaging app, that is trying to make its own coin that users could send each other or use to pay for services within the network and raised USD 1.7 billion in its pre-ICO, the same thing could happen with Facebook, given that they claim to have around two billion active users around the globe. They wouldn’t even have to make a new coin: they could just fork Bitcoin into a corporate version – or take it over completely.

According to TechnologyReview, this would include building a user-friendly Facebook-hosted Bitcoin wallet, integrating it into every profile on the platform, and voila: the whole wallet-alphanumeric-string thing would be much less confusing to your average Joe. They could let users watch ads or write posts to earn coins, or even let the platform mine on their computers. After having 2.2 billion users hooked onto Bitcoin through their own platform, seizing it and making it centralized would only be a step away.

Option three is quaintly named: go forth and multiply, in light of what’s already happening. There would be coins for everything, from specific services to groceries, even coins that are exclusive to stores. “My vision of the future is that there would be thousands if not millions of ways to pay for stuff,” Campbell Harvey, a professor of finance at Duke University, was quoted as saying. This is not a new idea: for example, Kodak announced a KodakCOIN, that people could use to license the rights to their photography on their platform.

Although evocative of gift cards and coupons, blockchain would now make them easily and securely transferable. In the article by TechnologyReview Harvey suggests to think of this as a barter system: “If you have a network and you tokenize the goods and services and enable it with a blockchain, it can become very efficient.”

This would then include moving tokens from one chain to another – an idea similar to exchanging fiat from one currency to another when traveling to another country. A broker would facilitate these exchanges and help you find the coin you need, in exchange for one you already have.

The seven billion people not yet using Bitcoin might not care about the freedom of Bitcoin. As TechnologyReview puts it, convenience would always win: “If cryptocurrencies are to be widely used, it will be the habits of the masses, not the wishes of Bitcoin’s early adopters, that determine what becomes of Satoshi Nakamoto’s vision.”


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Author: Sead Fadilpasic
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Bitcoin Price Climbs to 40-Day High Above $9,200!

Bitcoin’s price climbed above $9,200 on Tuesday to hit a 40-day high, according to data from CoinDesk’s Bitcoin Price Index (BPI).

Following a steady increase over the past week, the price of world’s largest cryptocurrency by market capitalization jumped above $9,000 soon after the morning trading session began around 00:30 UTC, after which it continued to climb up to as high as $9,220.97 at around 2:00 UTC.

The price is at its highest point since March 14, when bitcoin dropped $800 within one trading day to reach a one-month low around $8,000. Following the plunge, the cryptocurrency’s price declined to as low as $6,593 on March 30, reflecting what is now a 39% gain since that market bottom.


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The wider cryptocurrency market has seen price growth in the past month as well, climbing above $400 billion in terms of total capitalization, according to data from CoinMarketCap. That figure has shifted between $200 billion and $300 billion since March 18.

Currently, four out of the five largest cryptocurrencies by market capitalization are all seeing their prices at one-month highs, market data shows. Ethereum, the world’s second largest cryptocurrency, is now above $660 after recently dropping below $400. The price of bitcoin cash has nearly doubled in the week since April 18, climbing back above $1,500 as of press time.


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Bitcoin Cash [BCH] hits $1250 – the biggest gainer in the past 24 hours!

The week has been consistently good for all the cryptocurrencies with Bitcoin [BTC] breaching the $9000 mark after a long time followed by Ethereum [ETH] which crossed $600. But the real winner of the week amongst the top coins turned out to be Bitcoin Cash [BCH].

According to CoinMarketCap, Bitcoin Cash [BCH] at press time was trading at $1250 with a market cap of $21 billion. The coin has seen more than 59% hike in the past 7 days and more than 9% hike in the past 24 hours.


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Bitcoin Cash breaches $1250
Many market speculators believe that the reason behind the sudden rise of Bitcoin Cash [BCH] is because of the hard fork which is due on May 15th. The announcement of Bitcoin Cash [BCH] hark fork was made in November 2017 by the ABC developers with plans of reactivating some of the Bitcoin Opcodes which was deactivated earlier. In addition, the team has declared that they will be upgrading the block size to 32 MB.

Following the announcement of the hark fork date, Bitcoin Cash [BCH] trading rose from $757 on 18th April to $1229 today. There are speculations that the coin will continue to be green for a long time. Some people even believe that Bitcoin Cash has already begun to take over Bitcoin [BTC] in the crypto-space.

Eli Afram, the Head of Bitcoin Cash Australia says:
“People are waking up. Bitcoin Cash follows the original implementation designed by Satoshi to become global programmable money.”

ReformedShortTrader, a Twitterati says:
“Bitcoin Cash is achieving all what it was meant to be as the original BTC. When I read about BTC I was excited about all the possible use cases. But those use cases did not come to fruition due 2 the block size limit. That is going to change come May 15! Bitcoin Cash is BTC!”

Mark Lamb, the Co-Founder of Coinfloor says:
“‘I’ve been investing in and using Bitcoin Cash since 2012. The changes happening in the May Hard Fork bring back the original spirit of Open Source money I fell in love with. 32MB blocks and OP codes show the ability to think freely and innovate. Excited for the future.”

But many analysts also have been warning the community against the dump that could possibly take place on May 15th once the fork is done. They believe before the fork on May 15th, BCH could breach $2000 again before dropping back down to $1200.


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$10K Test? Bitcoin Price Hits 4-Week High! Altcoins Do Even Better!

Bitcoin hit four-week highs in Asian hours but continues to underperform when compared to alternative cryptocurrencies (altcoins).

Having scaled a long-term bearish trendline, the world’s largest cryptocurrency by market capitalization rose to $9,021 at 07:30 UTC – the highest level since March 22, according to CoinDesk’s Bitcoin Price Index (BPI).

As of writing, bitcoin (BTC) is changing hands at $8,700 – up 34 percent from the April 1 lows below $6,450. The market capitalization hit a one-month high of $152 billion earlier today and was last seen at $148 billion, according to CoinMarketCap.

But BTC’s rally, though impressive, looks flat when compared to the performance of the top 25 cryptocurrencies by market capitalization.

Clearly, it has been the altcoin show so far. The lesser-known cryptocurrencies like populous are leading the cryptomarket rally.

EOS is now the fifth largest cryptocurrency by market capitalization, courtesy of the 106 percent price rise from April 1 low. Litecoin has dropped to number 6. Meanwhile, bitcoin ranks fourth from the last, despite having rallied 34 percent since April 1.

BTC’s underperformance could be an indication the cryptocurrency is fueling the rise in the altcoins. Moreover, most altcoins are traded against BTC. So, investors pouring money into crypto markets tend to buy BTC first and then rotate the money into altcoins. The recent drop in the bitcoin dominance rate from 45.62 percent to 37.98 percent (today’s low) also seems to suggest so.

History shows the altcoins surge happens after BTC reaches dizzy heights. For instance, BTC rally looked overdone in December and was followed by a rotation of money into cheap altcoins in late December and early January.

However, this time, the alternative cryptocurrencies have outshone bitcoin at a time when the crypto market leader is recovering from a three-month sell-off. This indicates growing confidence in the alternative currencies and also adds credence to the argument the crypto market has bottomed out.


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Moving forward, the crypto markets could remain solidly bid as the world’s largest cryptocurrency has witnessed a major bullish breakout.

The above chart (prices as per Bitfinex) shows:
The long-term descending trendline has been breached in a convincing manner, signaling a long-term bullish-to-bearish trend change.
The 5-day moving average (MA) and the 10-day MA are trending north, indicating a short-term bullish setup.
The 200-day MA resistance is lined up at $9,737.

Despite the pullback from $9,060, the outlook remains bullish. Cryptocurrency may crowd out weak bulls (risk-averse traders) by revisiting the trendline support (former resistance) before finding acceptance above the $9,000 mark.

The bullish breakout suggests the cryptocurrency will likely test 200-day MA hurdle of $9,737 in the short-run.

Only a daily close (as per UTC) below the ascending (bullish biased) 10-day MA would signal bullish invalidation.


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Author: Omkar Godbole
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The end of a cycle like no other – Saxo Bank analysts’ positive notes about Bitcoin

Analysts from a major Danish Bank, Saxo Bank has called for the beginning of a new period of growth for cryptocurrency prices, eyeing Q2 2018 as a springboard for fresh upside. The bank continued to express its optimism in the second quarter with its analyst, Jacob Pouncey from the SaxoStrats in-house team of strategists supporting the promise of a new era in the digital assets cycle.

The famous pro-Bitcoin institution said a number of factors like a mixture of global and political uncertainty, credit access limitations, and volatile commodities could altogether see fresh money pouring into the markets. They are well-known for their Bitcoin price predictions joining a growing number of crypto industry sources who have turned increasingly price-positive off late.

Jacob said:
“In addition to the possible increase in regulations leading to further declines in the short term, the continued selloff of large blocks of cryptocurrency, such as the Bitcoin cache of the MtGox trustee, could result in continued selling pressure across the market.”
He continued:
“Historically, many of the blue-chip cryptocurrencies have seen price increases in the face of global uncertainty and risk-off events such as Brexit, the election of President Trump, and the North Korean missile tests. The inflow of institutional capital to the cryptocurrency market due to the increase in regulation and investor protection could lead cryptocurrencies to a positive quarter.”

The crypto market has been receiving a wave of Wall street talents and money recently like the new CFO, Alesia joining Coinbase and Goldman Sachs executive joining Blockchain.com

Jacob concluded saying:
“In my opinion, we will eventually see the end of the current, negative cryptocurrency cycle, as many of the weak hands have been shaken out by the bear market and the remaining investors are on the ready to latch onto any good news after the bad start this year.”

Bitcoin’s [BTC] current trading value is $8,524 as seen at 13:13 UTC, breaking through to make a new all-month high. The last time Bitcoin touched $8500 was on March 20th.


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Author: Sthuthie Murthy
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