Mutual fund legend Bill Miller told CNBC Friday that the risks of bitcoin going to zero are “lower than they’ve ever been before” and predicted more institutional investment in the cryptocurrency.

“The bitcoin story is very easy, it’s supply and demand,” Miller said. “Bitcoin’s supply is growing around 2.5% a year and the demand is growing faster than that.”

On Friday, Miller warned of inflation “coming back” with the Federal Reserve “gunning the money supply” and future fiscal relief coming from Congress. 

Miller, who serves on the investment committee for the endowment of Baltimore-based Johns Hopkins University, said that the endowment’s chief investment officer told him that “everybody is going to want to own at least some bitcoin” because of its “asymmetric properties.” 

“[The endowment] may never own bitcoin,” Miller said. Yet, “for a college endowment that’s a bold statement,” he added.

Source: www.bit-cointalk.com

Amid election throes, Bitcoin goes: Bad Crypto news of the week

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Source: icryptodesk.com

Author: admin

Bad Crypto news of the week

It’s been a week. Whether the politics made it good or bad week depends on your view but if you’re holding Bitcoin, it was certainly good. The price is up more than 8.5 percent over the last seven days. It’s now well over $14,000 and has spent 100 days above $10,000. That has some experts predicting a new jump. Others are looking back to 2016 for positive signs. Then too a period of pre-election stability was followed by a rally. The next level of resistance could be at $17,000. Will Bitcoin get there? Much depends on how far it falls first. 

Whales certainly appear optimistic. Election day saw 58,861 BTC moving out of Binance. That’s about $816 million. That might be the result of a deal but it could also be whales preparing for a price rally. About a billion dollars also moved out of a Silk Road wallet for the first time since 2015. That might be the result of a hack.

But Paypal is optimistic about the future of Bitcoin. The company is increasing weekly buying limits from $10,000 to $15,000. And the coin has a new friend in the US Senate. Republican Cynthia Lummis won her race to represent Wyoming. Lummis first bought Bitcoin in 2013, and sees the digital currency as a reliable store of value.

It’s not just Bitcoin that’s doing well, though. The technology that underpins it is also on a roll. The Associated Press used a blockchain to publish election results while ensuring that those numbers couldn’t be hacked. Andrew Bragg, a member of the Australian Senate, has been pushing the blockchain as a way of easing financial compliance. Gibraltar has joined the Global Blockchain Business Council as an observing member. The British Overseas Territory joins more than 50 countries on the council, and plans to promote blockchain use across the island. In Bangladesh, the local arm of HSBC has made the country’s first international blockchain trade finance transaction. The digital letter of credit took less than a day to process. Without the blockchain, it would have taken five to 10 days.

Bitcoin and the blockchain might be on the rise but the DeFi markets are starting cool. Ethereum fees are down. But Electroneum is up and partying. The crypto payments network is celebrating its third anniversary. It’s looking forward to expanding use of its ETN coin and growing its AnyTask gig platform.

Finally, if you fancy driving out of the year in a new Tesla Model 3, CoinZoom is giving one away. Just use a CoinZoom VISA card or trade some backs on the platform’s exchange and you’re in with a shot. That would make for a good week.

Check out the audio here:

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Source: www.bit-cointalk.com

Famous Rapper Logic Just Made a “Big Investment” In Bitcoin – Cripto News World

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Bitcoin trended on Twitter this past week as its price shot higher in the biggest move in months. In the span of a day, the price of BTC rallied by approximately $2,000, shocking most investors.

The move garnered so much attention that famous celebrities began to discuss the cryptocurrency once again. One such celebrity was Sir Robert Bryson Hall II, also known as Logic. Logic is a now-retired rapper and content creator whose records have topped the charts on many occasions. His net worth is estimated to be $15 million.

Logic tweeted on November 6th, a day after the $2,000 move higher, that his manager Chris Zarou convinced him to buy Bitcoin. Zarou is the chief executive of Visionary Music Group, the label for Logic, along with a number of other artists such as Jeremy Zucker.

“My manager @ChrisZarou has been bugging me so I finally made a big investment in #Bitcoin.”

My manager @ChrisZarou has been bugging me so I finally made a big investment in #Bitcoin

— Bobby Bathroom Break (@Logic301) November 6, 2020

Days prior to Logic announcing his support for Bitcoin. Zarou tweeted that he is “irresponsibly long” on Bitcoin.

Irresponsibly long is the term phrased by Raoul Pal, CEO of Real Vision and a retired hedge fund manager. Pal has over 60% of his liquid net worth in either Bitcoin or Ethereum, citing how he expects macroeconomic trends to send the cryptocurrency much higher than it is today.

Pal said that the price of Bitcoin could hit $1,000,000 in this market cycle due to institutional interest. He says that central banks and large corporations may soon own BTC to hedge their portfolios against inflationary risks.

While Logic and other celebrities such as TikTok star Bryce Hall are buying Bitcoin, public interest is not yet on the rise as per Google Trends.

Google Trends shows that the search interest in the term “Bitcoin” and other crypto-related terms are still at multi-year lows.

Many see this as a sign that it is largely institutional players and those in the know like Logic that are driving the rally. This is made clear by institutional investment numbers reported by Grayscale, Stone Ridge Asset Management, and other fund managers and institutions dabbling in the space.

Analysts hope that once retail investors begin to enter the market, then the true market will begin. Retail investors are believed to be what drove the previous Bitcoin rally from the thousands of dollars range toward $20,000.

Source: criptonewsworld.com

Author: Editor’s Choice

4 on-chain metrics suggest Bitcoin price rally may not stop at $16,000

After rejecting at $15,960 on Nov.6 Bitcoin (BTC) price has been defending the $15,000 support level with strength. Based on four on-chain data points, analysts believe the rally might continue beyond $16,000.

Analysts have pinpointed lower Bitcoin exchange reserves, unmoved supply, a rise in “stronger hands,” and unrealized profits as factors for the rally to continue.

Recently, Delphi Digital, an independent cryptocurrency research and consulting firm, released a report on the outlook of the Bitcoin market.

Paul Burlage, an analyst at Delphi, said that on-chain metrics generally portray strong momentum for Bitcoin.

Since Feb. 11, Bitcoin exchange reserves dropped from 2.96 million to 2.41 million. In dollar terms, a drop of 550,000 BTC is equivalent to $6.36 billion.

Falling Bitcoin exchange reserves is an optimistic occurance because it means fewer sellers are depositing BTC to exchanges. Burlage said:

“On Feb 11th, 2020, $BTC on exchanges hit its all-time high of ~2.96M. As of writing, $BTC on exchanges sits at ~2.41 M. This current trend has seen a divergence between BTC stock and price, which suggests a more sustainable move upwards for $BTC.”

While fewer sellers have been moving their funds to exchanges, the unmoved supply of BTC remains high.

On Sept. 9, Burlage explained that the percentage of unmoved supply for BTC hit an all-time high at 63.5%. Since then, it has declined slightly to 62%, but considering that price has risen substantially, it is a positive metric. He explained:

“We have seen a slight dip in the % of unmoved supply in the past year over the past week. After reaching an all-time high of around 63.5% unmoved supply on September 9th, we currently sit at around 62.0%.”

This shows investors are increasing “HODLing” BTC despite the recent rally, not taking large profits just yet.

The number of “weak hands” or speculative buyers have noticeably declined in recent weeks, while stronger hands strengthened.

The flush out of short-term buyers and the entrance of long-term “HODLers” indicate that Bitcoin could see a prolonged rally.

This trend coincides with the resilience of Bitcoin above $15,000 and shows that the once heavy resistance level is close to evolving into a support area. Burlage noted:

“While local maximums for ‘weak hands’ trends downwards, we can not confirm that the recent speculative base increase has formed a top. With that said, the larger trend suggests stronger hands are populating short-term age bands rather than speculators.”

In July 2019, the price of Bitcoin peaked at around $14,000. At the time, Glassnode chief technical officer Rafael Schultze-Kraft said Bitcoin’s Relative Unrealized Profit hit 0.64.

Currently, despite the price of Bitcoin being above $15,000, the Relative Unrealized Profit is at 0.53. This shows BTC has the potential to see a broader rally before a strong pullback.

Source: www.bit-cointalk.com

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