Bitcoin will succeed not just because it is the best monetary technology, but because it is the money most aligned to principles fundamental to human nature.
Fidelity Investments has created a 401(k) allowing individuals to invest in bitcoin and MicroStrategy will be the first publicly traded employer to offer it.
As more people and businesses shift towards digital assets, the cryptocurrency space is gaining more popularity. The increasing number of new crypto enthusiasts is skyrocketing daily. More people and brands move into the industry with different purposes. While some people stick to daily speculation of the token in their investments, some opt for long-term investment […]
API3, a first-party oracle solution that makes real-world data accessible by smart contracts, has announced its latest partnership and integration with Metis, a layer-2 protocol for decentralized apps. Now, API3 will be making the API3 Alliance’sWeb3 API Catalog, the largest selection of data providers in Web 3.0, available for dApp devs to use on Metis. […]
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US Congressman Pete Sessions believes bitcoin is consistent with American ideals and will help boost the US dollar. Rep. Sessions also pointed out that cryptocurrency “is going toward becoming a more resilient alternative choice” for hedging against fiat-currency inflation. Bitcoin mining is increasing in popularity in Texas. This is largely because of the fact that prominent politicians […]
Dave, the digital banking software that went public on the Nasdaq two months ago, is stepping up its cryptocurrency ambitions following a new $100 million investment from crypto exchange FTX. Dave Inc. established a strategic agreement with West Realm Shires Services, Inc., the owner and operator of FTX US, on Tuesday to further develop the […]
Dave is the latest in a series of fintech payments apps to offer crypto services, following PayPal, Venmo, and Cash App.
From the situation surrounding the estate case of David Kleiman and Craig Wright, there is no possibility for a new trial. Though an Australian computer programmer, Craig Wright is reputable for his disputed claims as Bitcoin’s inventor. On Monday, Beth Bloom, the Florida judge presiding over the case, denied the request from Ira Kleiman’s attorneys […]
It’s not often that we see a DAO vote on a multi-year, $40M protocol spend on a sports sponsorship. Terra holders have been voting on just that this week, however, in what’s seemingly a first-of-its-kind event. Terraform Labs founder Do Kwon presented a new proposal to the Terra community this week, allowing LUNA holders to vote on a new five-year, $38.5M sponsorship with an unnamed team across one of the ‘big four’ sports leagues in the U.S. (MLB, NBA, NFL, NHL). It is seemingly the first time in sports sponsorship history that a DAO (or similarly structured organization) has had a collective vote to engage in a sponsorship. The proposal is the second of three major announcements that have fallen under the latest campaign for Terra, referred to as “[REDACTED].” Terra & It’s Three Serialized Announcements… What We Know The first piece of the three-part announcement came just a couple weeks ago, with Terra’s ‘Luna Foundation Guard,’ or LFG, announcement. The proposed funding is from the community pool, and the proposal itself pillars it’s pitch on a few major pieces: the first being the narrative, the idea that the leading decentralized stablecoin machine securing a sponsorship of this pedigree is emblematic of a broader “DeFi to the masses” movement. The second being the idea that being bold is essentially for growth. And the final justification is arguably best stated in the proposal itself: “inspiring the creativity of DAO governance to realize its full potential.” A club in the NBA is the likeliest target, with the MLB and NHL certainly being possibilities, and the NFL being a non-zero, but slim chance of featuring the team that this deal is with. Related Reading | McDonald’s Marks Local Bitcoin Bottom With Crypto Tweet Luna is the mechanic behind the UST stablecoin, and now looks to chew a big piece of exposure with the latest sports sponsorship deal. | Source: LUNA-USD on TradingView.com Decentralization Discussion The proposal has led to a heightened debate about the degree of centralization between the Terra network and the Terraform Labs team. The Terraform Labs wallet holds a substantial amount of LUNA, however Do Kwon and the TFL team has been doxxed, giving the community strong reason to believe that Kwon’s eventuality of full decentralization is a vision well on it’s way. Kwon has mentioned a ‘killswitch,’ commonly known as ‘Armageddon,’ that can send the Terra ecosystem into a fully-decentralized mode with no attachment from Terraform Labs required. It’s generally believed that these remaining funds in the aforementioned TFL wallet will be burned once that mode is in place. While today’s state of Terra might not be “as decentralized” as other players in the space, it’s clearly on it’s way – and it will be interesting to see how moves like this one impact this decentralization in the long run. Related Reading | Dave Portnoy Is Now A Bitcoiner, Thinks You’re An Idiot If You Don’t Hold Any Featured image from terra.money, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
A few days ago, Dave Portnoy returned to Bitcoin with an almost $1.1M buy of 29.5 BTC. Today, he thinks “you are an idiot if it’s not part of your portfolio.” The Barstool Sports owner and main personality might have a point, but the whole situation is still funny. Especially, considering everything Portnoy has said about Bitcoin over the years. Related Reading | Barstool’s Dave Portnoy Wants to Buy Bitcoin – Asks Winklevoss Twins to Teach Him The born-again Bitcoiner visited Stuart Varney in his “Varney & Co.” show at the FOX Business Network. This is what happened: Always fun joining @Varneyco to talk Bitcoin, $Penn and Brady pic.twitter.com/NNUV3ALlpW — Dave Portnoy (@stoolpresidente) February 4, 2022 What Did Dave Portnoy Tell Stuart Varney About Bitcoin? In 2020, the Winklevoss twins helped Portnoy to make his first Bitcoin investment. There was a small dip, and Portnoy panicked and sold it all. The community mocked him, and he went on to make questionable investments, but that’s neither here nor there. In the “Varney & Co.” interview, Portnoy reveals “I was waiting for my reentry point.” Impressively, he bought in at $36.9K. Then, Stuart Varney reminds Dave Portnoy that he said he was getting out of Bitcoin because he didn’t understand it, and asks him if he does now. Portnoy responds, “No, no I haven’t figured them out. But here’s what I have figured out, Bitcoin is here to stay. It’s not going anywhere. It’s widely adopted. You see main institutions getting in. It’s the future.” Even though Portnoy has a point, it’s funny that he hasn’t even begun to do the homework yet. He just trusts the main institutions’ research and due diligence and goes with it. Retail investors don’t have that luxury, but Portnoy is a wealthy man and his investment is just a small part of his portfolio. In any case, he promises that he will build on it, and eventually, “I’ll probably have a Billion dollars worth of Bitcoin.” What Gives Bitcoin Its Value? Near the end of the Bitcoin talk, Varney challenges him. He tells Portnoy that he’s too old to wait for Bitcoin to take over, and then, Varney tells him what he really thinks: “It’s a gambling chip. It’s not a store of value.” Portnoy, who hasn’t done the homework, can’t answer in a proper fashion. We can, though. According to Varney, Bitcoin’s price “depends entirely on how many people want to buy it and how many people want to sell it.” That’s true, like every market on Earth the price of bitcoin responds to supply and demand. However, the value of Bitcoin comes from the network. All over the world, thousands of people invested their money in ASICs that validate transactions. They buy energy, secure the network, and get compensated for it by a system that no one controls and has no owner. And, thousands of node operators keep everyone in check. Plus, millions of holders took their money out of the traditional system and bet on this emerging one. And this is just the beginning. Besides that, those “gambling chips” that Varney mentioned happen to have the characteristics of perfect money. Mankind has been looking for something like this since it realized that it needed some kind of technology to organize and facilitate trade, which is the bedrock of society. However, if someone owned the Bitcoin network, “the characteristics of perfect money” wouldn’t be worth a damn. But, no one does. Bitcoin is for everyone. BTC price chart for 02/05/2022 on Gemini | Source: BTC/USD on TradingView.com What Has Portnoy Said About Bitcoin? Mark this as this article’s comedy section. When Portnoy first liquidated all of his bitcoin investment, these were the numbers he was dealing with: “Portnoy clarified a day later that he actually lost $20,000 from his initial $1,250,000 investment, which amounts to a mere 1.6%. Many in the cryptocurrency space referenced the number, noting how Portnoy wasn’t ready for the fast and volatile Bitcoin market.” After being mocked, he doubled down on his stance and tried to get people to focus on the stock market. “I’m begging my crypto friends to get involved in the stockmarket. Bitcoin is stuck in the mud. Let me lead you. We will get back to crypto later. The time to strike is now! No time for weak hands! Make the move!” Related Reading | Seller’s Remorse: Day Trader Dave Portnoy Swears Off Bitcoin To make things funnier, when Portnoy bought Safemoon, he promised: “I’m never buying Bitcoin. Never never, I don’t believe a thing about it. But I do think it’s profitable, and I think there’s enough steam that it may just continue to go up forever. But I don’t buy the underlying junk behind it.” Maybe that’s because Portnoy hasn’t even done the minimum effort to understand “the underlying junk behind it.” However, cheers to him for admitting his assessment of the situation was wrong and correcting his course. Featured Image: screenshot from Portnoy in Varney & Co. | Charts by TradingView