Musk praises Bitcoin, but not really

„Almost as bad as fiat currencies“ – Musk praises Bitcoin, but not really

Due to negative interest rates, the Tesla boss thinks it would be „stupid“ not to look around for alternatives like Bitcoin.

On 19 February, Elon Musk responded to an interview by Binance CEO Changpeng Zhao, who told Bloomberg he was surprised that the Tesla boss was so effusive in his promotion of Dogecoin (DOGE).

In response, Musk countered that „it would be stupid“ not to Financial Peak consider alternatives in the face of negative interest rates on assets in the form of fiat currencies.

Zhao had earlier speculated in the interview that Tesla’s recent massive Bitcoin investment, valued at US$1.5 billion, is probably evidence that Musk is in fact convinced about Bitcoin (BTC).

Investment in the market-leading cryptocurrency

The Tesla CEO then clarified that Tesla’s actions do not necessarily reflect his personal opinion. He adds to this denial by arguing that „Bitcoin is merely a less stupid form of money than cash“. Accordingly, an investment in the market-leading cryptocurrency by a company listed in the important S&P 500 stock index would be „adventurous enough“.

Commenting on Musk’s objection, Samson Mow, CEO of Blockstream, said: „You’re just sad you didn’t get in [on Bitcoin] sooner.“

In arguing that it would be foolish not to consider an „alternative to fiat currencies“, the carmaker did make an apparent plea for Bitcoin, however he put this into perspective in the very next sentence:

„If negative interest is charged on assets in the form of fiat currencies, then it would be stupid not to look elsewhere. Bitcoin is almost as bad as fiat currencies. The emphasis is on ‚almost‘.“

Elon Musk’s Twitter account is, for many observers, the catalyst for Dogecoin’s resurgence after it was first „pumped up“ and then „dumped“ (pump-and-dump) by Reddit forum investors in January. The „richest person in the world“ then later referred to the DOGE on Twitter as „the people’s cryptocurrency“, reigniting the popularity of the „dog“.

On 15 February, however, Musk warned that much of the DOGE’s available circulating supply would be in the hands of a few, so he offered to buy these big investors‘ assets from them to make the „joke cryptocurrency“ truly decentralised again.

„Crypto Mom“ ​​Hester Peirce: Institutional acceptance underscores the need for clear crypto regulation

Regulatory clarity is now more necessary than ever in the crypto industry, said SEC Commissioner Hester Peirce.

As institutions move into the cryptocurrency space, it is imperative to have clear rules about digital assets, according to SEC Commissioner Hester Peirce

Peirce believes clear cryptocurrency rules are needed now more than ever as companies like Tesla and Mastercard actively embrace the alternative asset class.

Peirce spoke to Reuters on Saturday about the impact of institutional crypto adoption. There have been some big events in the crypto room over the past couple of weeks. After Elon Musk’s company Tesla indicated they would accept payments in Bitcoin Code, other companies, including the oldest US bank BNY Mellon and the payment giant Mastercard, also announced their intention to introduce crypto services.

„It is imperative that we do something in this area to create more clarity,“ said the Commissioner. Peirce, referred to as „Crypto Mom“ ​​in the crypto community, has consistently advocated clear crypto rules . She has called on the SEC to create more clarity so the crypto industry can thrive without fear of breaking the law.

Peirce noted that the new government, combined with the interest in crypto from institutional investors, could offer a new perspective on crypto regulation:

„It’s not only that there have been calls for clarity for some time and that a new government offers an opportunity to change your perspective, but it’s also a moment when others in the market are likely to change their perspective as well.“

Peirce has also commented on the GameStop controversy, stating that it is too early for regulators to draw conclusions from this stock surge through a meme that could lead to new guidelines. But she supports the new generation of traders who participate in the market.

As previously reported, US regulators are investigating popular trading app Robinhood for suspending trading with GameStop after Reddit group r / WallStreetBets triggered a so-called short squeeze that drove the price above $ 370 .

Robinhood CEO Vlad Tenev and Citadel CEO Ken Griffin are expected to testify before Congress on Thursday, along with other participants.

Bitcoin’s (BTC) hashrate all-time high, as price rises above $ 40,000 again

A month after crossing $ 40,000, the price of Bitcoin (BTC) has once again allowed itself to break through this crucial threshold. And the hashrate of the network is also at its highest …

Bitcoin’s hashrate (BTC) is at its highest

As CoinWarz data indicates, Bitcoin’s hashrate today has exceeded 180.24 Eh / s , an all-time high. It has been growing almost steadily for a year: on February 8, 2020, the average hashrate stood at 106.94 Eh / s:

The rise in the price of Bitcoin Optimizer encourages more miners to participate in the network, which is why it has experienced this hashrate record. It should also be noted that transaction costs are higher in the middle of a bull run, which also encourages miners to work more.

The network’s mining difficulty has therefore also logically been increased, by + 2.93% on February 6. Currently, estimates it will grow again in ten days, by + 4.27%.

Bitcoin revisits $ 40,000

All this represents a new way of e Bitcoin above $ 40 000 during the weekend. As a reminder, BTC hit an all-time high about a month ago, at nearly $ 42,000. The largest cryptocurrency has since caught its breath, but it is once again on the rise. This morning, the price of BTC is flirting with $ 40,000, after losing almost 9% immediately after this new jump:

This still corresponds to an increase of + 18% over the last seven days . Bitcoin’s market cap exceeded $ 727 billion this morning. If it manages to consolidate above $ 40,000, we will enter a new period of price discovery for the largest cryptocurrency.

Usuários de bitcoin para chegar a mais de um bilhão? Quando?

Independentemente de sua volatilidade, e das críticas de reguladores proeminentes, Bitcoin tem atraído a atenção de pessoas como Elon Musk e outros grandes influenciadores nas últimas semanas.

A Bitcoin está em sua „quarta onda“ de adoção

Nas palavras de Marshall Hayner, CEO da Metal Pay, a Bitcoin está em sua „quarta onda“ de adoção. O chefe executivo acreditava que o ativo atingiu máximos históricos nos últimos meses, e com ele vieram instituições que acrescentaram o criptograma ao seu balanço patrimonial. Além disso, Hayner afirmou que a popularidade da Bitcoin está levando as corporações a ver o ativo como uma cobertura contra a inflação do dólar e do euro.

Enquanto isso, o CEO da Visa, Al Kelly, apontou o potencial de armazenamento de valor do ativo ao chamar o BTC de „ouro digital“. Kelly fez a referência ao anunciar o roteiro criptográfico da Visa.

Tais movimentos de entidades financeiras notáveis só poderiam significar que Bitcoin está de fato caminhando para a adoção generalizada. Recentemente, o criptófilo e analista Willy Woo previu que um bilhão de usuários poderiam adotar o Bitcoin nos próximos anos. Woo apontou que a Bitcoin agora tem aproximadamente o mesmo número de usuários que a Internet tinha em 1997. No entanto, a Bitcoin parece estar crescendo mais rapidamente:

„Nos próximos 4 anos [o] caminho atual levará os usuários de Bitcoin a 1b pessoas; isso é o equivalente de 2005 para a Internet“.

E terceiro maiores adotadores do BTC

Em todas as regiões, o Índice Global de Adoção Crypto 2020 de Chainalysis classificou a Ucrânia, a Rússia e a Venezuela como primeiro, segundo e terceiro maiores adotadores do BTC, respectivamente. Isto foi seguido pela China em quarto lugar, enquanto os EUA ficaram em sexto lugar.

A previsão de Woo pode ou não se tornar realidade, mas o que permanece certo é o atual aumento na demanda por BTC e outros ativos criptográficos não apenas de instituições, mas também de investidores de varejo. De fato, as bolsas Binance, Bitrue, Coinbase e Kraken enfrentaram recentemente dificuldades técnicas para gerenciar a súbita atividade comercial a partir de um afluxo de novos usuários em seus sites.

Na época da imprensa, Bitcoin estava negociando a $37.049, e havia aumentado em 1,2% na última hora.