It appears that the co-founder of Ethereum, Vitalik Buterin, doesn’t trust the security of infrastructure allowing ETH staking. Consequently, in a recent interview, Buterin stated that he would only stake a limited amount of coins to ensure the network is distributed and remain robust against malicious agents who might try to take over the platform, reversing transactions.

Vitalik Buterin Has Doubts On Ethereum Staking

Buterin has raised concerns about the potential risks of ETH staking through third-party infrastructure, specifically regarding the exposure of private keys and the danger it poses to his entire stake. He believes that implementing a multi-signature system could provide better protection. However, the current process is more difficult to set up, leading to his increased caution.

In a multi-sig system, users have their private key to sign transactions. A specific number of signatures must be provided to approve a transaction, which varies based on the Ethereum wallet’s configuration. This setup boosts security and reduces the risk of unauthorized access to funds.

During the Bankless Podcast, the co-founder explains:

Probably the biggest reason why I personally am not just staking all of my ETH, that I’m instead staking a fairly small portion, is because if you stake your ETH, it has to be all out, like the keys that access it have to be public on some system that’s online, and for safety, it has to be a multi-sig, and multi-sigs for staking are still fairly difficult to set up, and it gets complicated in a bunch of ways.

ETH Prices Stable Below $2,000

His remarks have generated a lot of discussion. Most critics are concerned about the entire security framework of Ethereum. After shifting from a proof-of-work to a proof-of-stake system, Ethereum relies on a network of validators who have to stake at least 32 ETH for a chance to approve a block of transactions and earn block rewards and transaction fees. These validators are also needed to secure the network; without them, the blockchain will be susceptible to attacks.

Related Reading: Binance CEO Goes Bullish On Bitcoin – What’s The Inside Scoop?

According to on-chain data, there are over 643,000 validators spread across the globe who have staked over 20.5 million ETH. On average, each validator has staked 32.17 ETH. Notably, the validator count has steadily risen over the years, and the number of ETH staked has sharply increased despite the recent upgrade permitting stakers to unlock their coins.

Charles Hoskinson, the founder of Cardano and one of the original co-founders of Ethereum, said he was “lost for words,” clarifying that all their ADA is staked as expected in a “properly designed proof-of-stake system.”

At the time of writing, ETH prices remain firm and weren’t affected by Buterin’s comments. However, the coin is yet to breach $2,000 and trends below April 2023 highs in early July 2023.

#ETH #Ethereum #universalcryptoworld

The US Securities and Exchange Commission began cracking down on crypto in 2017. At the time, there was a vogue for what were called ICOs, initial coin offerings, in which some crypto company or project would raise money by selling crypto tokens to public investors. The ICO promoters — the people behind the crypto project — would put out a white paper describing their project and promising brilliant innovations and huge profits, and they would sell a bunch of tokens for money. There would generally be very little in the way of disclosure or investor rights. For promoters, the ICO was attractive because it was a way to raise a lot of money from enthusiastic and gullible retail investors without following securities laws. Many, many, many ICOs turned out to be complete vaporware, either frauds or functionally indistinguishable from frauds.

For the #SEC the ICO was obviously illegal: These tokens were obviously securities, and the ICOs were obviously unregistered securities offerings. (Also, many of them were frauds.) And so the SEC started bringing enforcement actions against ICO promoters, basically making them give the money back and promise not to do it again, and the #ICO boom quickly fizzled.

#BinanceTournament #Binance #universalcryptoworld

Bitcoin hit its highest price in nearly 13 months so far this year on Friday following a major legal victory for crypto industry when a US judge ruled that Ripple Labs did not violate federal securities law by offering its XRP token on public exchanges.

Bitcoin rose to $31,818 , before edging down to trade around $30,935 at 1730 GMT on Friday.

Second-biggest token ether had its best session since March on Thursday and XRP, which the US judge ruled could be legally sold on public crypto exchanges, soared 73% on Thursday and held most of these gains on Friday.

"The regulatory environment is changing," said Matthew Dibb, chief investment officer at crypto asset manager Astronaut Capital. "And by what we have seen in the last 24 hours, it could be for the better."

Justin d'Anethan, head of business development in Asia at Keyrock, a digital assets market maker in Hong Kong, said finding that XRP tokens sold on public crypto exchanges were not securities under law "probably serves as a precedent".

"Ripple stakeholders were waiting for some regulatory clarity. Yesterday the court seems to have provided just that," he said.

Following the decision, several major cryptocurrency exchanges, including Coinbase and Bitstamp, resumed trading of XRP on their platforms, after having suspended trading of the token in 2021 due to the SEC's lawsuit.

Binance.US said on Friday it had also enabled XRP trading on its exchange.

Coinbase, which was sued by the SEC last month for alleged securities laws violations, saw its shares surge nearly 25% on Thursday as investors hoped that the ruling in the Ripple case would bode well for Coinbase.

The case marks the first win for a cryptocurrency company in a lawsuit brought by the US Securities and Exchange Commission.

Although the decision was specific to the individual case, it unleashed a wave of optimism among crypto investors that more cryptocurrencies may also not be deemed securities.

Still, the enthusiasm for some was tempered by a report from the Wall Street Journal that Binance, the world's largest cryptocurrency exchange, has laid off more than 1,000 people in recent weeks. The lay-offs are ongoing and could result in the exchange losing more than a third of its staff, the report said, citing a person familiar with the matter.

#BTC #XRP #universalcryptoworld

David Hirsch, who runs the agency’s office that handles crypto enforcement, says that apart from Coinbase and Binance, there are other exchanges and DeFi straying from the law.
The regulator's crypto enforcer made broad assertions that the SEC has more in store for the crypto industry.Still, David Hirsch acknowledged that the agency's current litigation load is heavy, and the SEC can't go after everything.
The U.S. Securities and Exchange Commission (SEC) isn’t done chasing down crypto exchanges and decentralized finance (DeFi) projects it sees as violating securities laws in the same vein as Coinbase Inc. (COIN) and Binance, said David Hirsch, head of the agency’s Crypto Assets and Cyber Unit.
His enforcement office, which has been litigating at a very unusual pace for the SEC, is aware of and investigating other firms involved in much the same activity seen at those two major platforms and that the industry’s compliance breeches “hold true well beyond any two entities,” Hirsch said Tuesday at the Securities Enforcement Forum Central in Chicago.
“We’re going to continue to bring those charges,” said Hirsch, who said the regulator has a number of other businesses on its radar that are operating in similar ways to Coinbase and Binance. His agency is already embroiled in a number of complex crypto cases in federal courts, and – as seen in its effort to appeal a recent Ripple ruling – not always with complete success.
Hirsch said the SEC’s interest in crypto goes well beyond the high-profile exchanges.
"We're going to continue to be active as to intermediaries,” he said. “That can be brokers, dealers, exchanges, clearing agencies or any others who are active in this space, are within our jurisdiction and not meeting their obligations, either through registration or failure to provide adequate or complete disclosures.”
Hirsch said DeFi projects won’t escape the enforcement division’s attention, either.
“We're going to continue to conduct investigations, we're gonna be active in the space, and adding the label of DeFi is not going to be something that's going to deter us from continuing our work,” he said.
The U.S. securities regulator has previously been accustomed to a relatively sedate approach to enforcement, in which it targets misdeeds at regulated businesses – often large, Wall Street firms with extensive legal departments – that quickly begin negotiating settlements. Because the charges against digital assets companies routinely threaten their existence, they tend to take the agency to court.
The SEC has a finite enforcement budget that is often less than the financial giants it’s used to facing, so its bandwidth is limited.
“We do have a lot of litigation going on,” Hirsch conceded.
“It feels like you're at capacity,” observed the event’s moderator, A. Kristina Littman, who served as the SEC’s crypto enforcement chief before Hirsch and who now works at Willkie Farr & Gallagher.

#SEC #etf #universalcryptoworld

Is the US out to kill crypto?

By Natalie Sherman (Business reporter, New York)

Maybe.

Three years ago, the majority of the firms in the sector that Andrew Durgee's company invested in were based in the US.

This year, he estimates that just one out of every 10 will be - a reflection of his firm's judgement that the country has been growing increasingly hostile to digital assets such as cryptocurrencies and tokens.

"The administration really has a target on the industry," says Mr Durgee, managing director of the crypto division for tech firm Republic. "The regulatory uncertainty makes the investments in the US higher risk."

The sector was already under pressure, after prices of virtual currencies collapsed last year. Further damage came from the meltdown of several high-profile firms, including FTX, run by the so-called "Crypto King" Sam Bankman-Fried, whom prosecutors have accused of conducting "one of the biggest financial frauds" in US history.

Jolted by the turmoil, US regulators stepped up their policing of the sector, which authorities say has been on notice since at least 2017 that their activity runs afoul of US financial rules intended to protect investors.

The campaign has yielded a steady drumbeat of charges against crypto firms and executives, alleging violations ranging from failing to register properly with authorities and provide adequate disclosure of their activity to, in some cases, more damaging claims such as mishandling of consumer funds and fraud.

Bitcoin, which represents the biggest chunk of value in a sector in which thousands of currencies have circulated, is viewed by officials as a commodity, like gold. That means it has been largely unaffected by the current regulatory debate, which hinges on the legal question of what constitutes a "security" - an investment like a stock or bond that is overseen by the SEC.

The efforts have instead ensnared firms issuing tokens or coins to raise money - and increasingly the exchanges on which such digital assets are bought and sold, which often hold customer funds, execute trades and engage in other activity that is separated in traditional finance.

The crackdown culminated this month in legal actions against two of the biggest platforms: Coinbase and Binance.

US sues Coinbase as crypto crackdown widens

Binance accused of 'web of deception' in US

Do Kwon: US regulator charges 'cryptocrash' boss with fraud

Gary Gensler, the chairman of the Securities and Exchange Commission, defended the moves this month, comparing the state of affairs in the industry to the 1920s, before the US put in place many of the rules in question: "Hucksters. Fraudsters. Scam artists. Ponzi schemes. The public left in line at the bankruptcy court."

Will Paige, research analyst for Insider Intelligence, says sentiment has soured significantly since 2021, when the industry was worth more than $3 trillion (£2.4tn) by some estimates and seemed poised for wider acceptance.

"It's very much back on the fringe of finance," he says. "Trust in the system is battered and it's definitely gotten worse."

SEC chairman Gary Gensler has said the sector is rife with "hucksters" but critics say he has been unwilling to engage with the industry

In the wake of the lawsuits, customers yanked billions of dollars of funds. US banks limited their work with Binance, forcing it to stop accepting US dollars and Robinhood, the trading app, said it would stop listing certain assets named in the lawsuits, citing the "cloud of uncertainty" surrounding the tokens.

Critics accuse the SEC under Mr Gensler of hostile "regulation by enforcement" aimed at boosting his own political profile.

They say that despite repeated efforts by the industry to propose new rules, the agency has refused to acknowledge the distinctions between different types of crypto firms and the characteristics of the technology, like decentralised automated processing, that challenge existing frameworks.

"It's been a very frustrating experience," says Bart Stephens, managing partner of Blockchain Capital, a venture capital firm that has invested in hundreds of crypto firms, some of which he says have been struggling to find banks willing to do business with them. "There is no doubt a regulatory attack is going on."

Bill Hughes, senior counsel of Consensys, a Texas-based software company that uses crypto's blockchain technology, puts it even more bluntly: "The SEC has essentially determined that on its watch crypto shouldn't exist in the United States anymore."

Whether the SEC's moves could actually kill the industry - in which by at least one estimate one in every six Americans has invested - is another question.

Crypto's wider market value remains roughly a third of what it was at its peak. Trading volumes have plunged and developer interest is falling. Trust remains low. The failures in March of some of the few traditional banks willing to do business with it marked a further blow.

Hilary Allen, a law professor at American University, thinks crypto is inherently susceptible to boom-and-boost cycles and manipulation by insiders, and thinks it should be banned. She says the SEC's actions could help re-confine crypto to the realm of tech enthusiasts, given the wider state of the industry.

"If we combine these enforcement actions with waning trust from the public, with possibly waning interest from venture capital, then maybe there isn't a future," she says.

Coinbase chief Brian Armstrong is among the crypto firms who has threatened to leave the US over its regulatory approach

But Mr Stephens, who has weathered two "crypto winters" already, says he thinks the future remains bright - if at risk of ending up overseas, given America's current approach, which is seen as less friendly than other jurisdictions, including the UK and the EU.

He points to Bitcoin's price, which is hovering around 2020 levels, but has gained significantly from the start of the year. Ether has also risen.

Some indicators tracked by venture firm and crypto-investor Andreessen Horowitz, such as the number of addresses active on blockchain and the number of smart contracts being executed, are also climbing.

"We're not seeing founders stop forming new companies or protocols," says Mr Stephens, who says Blockchain Capital invested more money in the first three months of 2023 than in any quarter in the previous 10 years, as prices fell and rival firms backed away from the sector.

Even if the sector thrives outside the US, losing the American market would severely limit its prospects, warns Gina Pieters, a crypto expert who teaches at the University of Chicago.

"It would be a mistake to think that the US… could kill the industry. It can absolutely, though, make the crypto industry smaller," she says.

Many in crypto are hoping for a reprieve - from the courts, which could decide the SEC has overstepped its authority; from Congress, where draft legislation for the industry is under review; or from a change in the White House, which could prompt a policy reversal.

However those questions get decided, the issues are finally coming to a head, says Angela Walch, a research associate at the University College of London Centre for Blockchain Technologies.

"We are at a real inflection point," she says. "The showdown is here."

#BinanceTournament #universalcryptoworld #SEC #Binance

$BTC $ETH $BNB

Kiarash Hossainpour, a YouTuber and investor, has become a case study in the dangers of getting rich quick with bitcoin

Kiarash Hossainpour found a shortcut to getting filthy rich. When he still couldn’t grow facial hair, he was online giving seminars on entrepreneurship. But last spring, his fortune vanished during the collapse in the price of cryptocurrencies. From one day to the next, he had lost everything.

However, even after this disaster, the 22-year-old German of Iranian origin is not giving up. After losing up to 90% of his digital investment portfolio, Hossainpour assured the German edition of Business Insider that he will continue to invest in bitcoins. A firm believer in the future of cryptocurrencies, he notes that “accumulating losses… is part of the game.” It builds character.

A crash course in crypto

Hossainpour says that the collapse in the value of his digital assets worries him only slightly, because he is not planning on selling them. He considers himself “a strategic investor” – someone who does not succumb to “sudden panic attacks.”

“I did not sell in moments of uncontrolled boom and I will not sell, of course, in full decline.”

Bitcoin is trading today at €22,542 per unit… far from the all-time high of €67,205 that it reached in November 2021. Still, it remains the most stable of all the cryptocurrencies in which Hossainpour invested. The true lethal bite to his finances has come from Luna, the cryptocurrency on which he was betting with messianic fervor just a few months ago on his YouTube channel. Last May, it lost 99% of its value.

What happened? Hossainpour blames the disaster on the “incompetence” of the team that launched the cryptocurrency. He acknowledges that he did not see it coming. The “sixth sense” that allowed him to accumulate hundreds of thousands of followers on his financial advice channels on social networks has wasted away. This has also impacted his net worth, because the young German is, in addition to being an investor, an “influencer.” Or, in the words of US stock market advisor and radio host Clark Howard, “an irresponsible man who [caused] thousands of unknowing people to go bankrupt.”

The making of a kamikaze entrepreneur

Kiarash Hossainpour was born in Berlin in 1999, into an Iranian family (he prefers to say “Persian”) who took refuge in Germany to flee the turmoil of the Islamic revolution. His father, a computer scientist, gave him his first computer when he was 10 years old.

Young Hossainpour began to use the machine to make sports bets, but his father – “an upright man, a bit old school” – strictly forbade him from this activity. “If you want the computer to help you make money, first learn to code,” his father warned. So that’s what he did.

Largely self-taught – like many members of the first generation of cryptocurrency moguls – Hossainpour discovered the gaming scene, launching his first YouTube channel at the age of 13. But he soon wanted to go beyond simply offering online tips for playing Grand Theft Auto. He started designing custom web pages on WordPress, charging “barely 30 dollars a page.” One day, in 2014, he received his first payment in bitcoins.

His brain began spinning when he discovered this new currency. It was completely virtual – almost clandestine – and could be minted at home to be exchanged with members of a community of technological entrepreneurs. By the end of 2015, he took a decisive step: investing nearly €40,000 into bitcoins.

His parents asked him if this was legal… if it was “real” money, or just a scam.

“My father came from a very rich family that was impoverished by the revolution,” explains Hossainpour. “Maybe that’s why he doesn’t give too much importance to money. He always told me that the most important thing was for me to be careful, to continue with my university studies and not to lose sight of the fact that those millions were nothing more than numbers on a screen.”

In any case, Hossainpour used his rising numbers as a hook to increase his fortune, selling himself online as an example of success. While his financial YouTube channel generally offered relatively sensible advice – such as “invest only what you have left over, nothing you need to live on or to meet the needs of your family” – the photos in which he appeared, at just the age of 20, behind the wheel of a Rolls-Royce or a Lamborghini, or smoking Cuban cigars, told a very surreal story.

#universalcryptoworld

The world’s largest asset manager is close to filing an application for a bitcoin exchange-traded fund, according to CoinDesk. 

BlackRock will use Coinbase (COIN) Custody for the ETF as well as Coinbase’s spot market data for pricing, a source told CoinDesk. 

It is not clear if the ETF will be one based on the spot or futures market — Blackrock did not respond to a request for comment from cryptonews. 

As of Thursday morning, the price of bitcoin stayed close to $25,000 down from close to $26,000 on Wednesday, according to CoinMarketCap.

The SEC’s history with bitcoin ETFs

The US Securities and Exchange Commission has never approved of a spot bitcoin ETF, citing concerns over fraud and manipulation in previous rejections. 

Rejections also go as far back to July 2016 when the SEC disapproved of a proposal from Cameron and Tyler Winklevoss to list and trade shares of the Winklevoss bitcoin trust. 

The agency, however, did approve of several bitcoin futures ETFs when it first allowed the trading of the ProShares Bitcoin Strategy ETF in October 2021. 

Grayscale versus SEC

Grayscale, the world’s largest digital asset manager, is trying to convert one of its funds, GBTC, into a spot bitcoin ETF, which was rejected by the SEC last year. 

The company then swiftly filed a lawsuit over the decision, which is currently playing out in a Washington DC court with a final decision expected later this year. 

Grayscale has argued that the spot price of bitcoin in both spot and futures ETFs is subject to the same risks, and so it does not make sense to approve one product and not the other.

The SEC has said that its disapproval of Grayscale’s spot ETF “was reasonable, reasonably explained, supported by substantial evidence, and faithful to the text of the Exchange Act.”

The agency said spot bitcoin ETFs and bitcoin futures ETFs were different given that the spot market is “fragmented and unregulated” compared to futures which trade on the Chicago Mercantile Exchange, which is regulated.

#ETF #BinanceTournament #CoinDesk #universalcryptoworld

The world’s largest cryptocurrency, Bitcoin has fallen below $26,000 and is trading at three-months low as the U.S. Securities and Exchange Commission, SEC has sued one of the leading cryptocurrency exchanges, Binance and its founder and chief executive officer, Changpeng Zhao (CZ). 

The whole crypto market saw a sharp sell-off once this news broke out in the market affecting most of cryptocurrencies. In this complaint, the SEC has put the allegations on Binance of secretly controlling the billions of dollars related to the user’s fund, and was allowed to divert these funds as per their whims.

According to CoinMarketCap, in the last 24 hours, the global cryptocurrency market has plunged below nearly 4% and Bitcoin has fallen more than 5% and is trading at $25,700, the lowest it has ever been since March 17, 2023. 

Bitcoin has been in a plunging mode since the last two weeks, against the backdrop of halted withdrawals, highest transaction fees and amid the worries of U.S. debt ceiling and inflation data.

But this time, not just Bitcoin but all the other major crypto coins such as Ethereum, Cardano, Solana, Dogecoin, and Polygon are all trading in red. Binance coin (BNB) took the major hit, as it is a native coin of Binance exchange which has plunged almost 9% in the last 24 hours. 

Last week Bitcoin was trading in the downward trajectory as one of the largest cryptocurrency exchanges, Binance, halted the Bitcoin withdrawals twice in a day due to the large volume of pending transactions, citing technical issues. Before this, Bitcoin was comfortably sitting at $29,000 and was eager to touch the levels of $30,000 again. 

Crypto experts believe that, if Bitcoin sticks to its resistance level of $25,700, then a bounce back could be likely from here, however breaking the same level can even lead it to the lowest of $20,000 levels.

In its complaint, the U.S. SEC blamed Binance for creating separate entities as Binance.US and Binance.com , as part of an elaborate scheme to evade US federal securities laws. It has also alleged that a firm owned by its founder CZ, was involved in artificially increasing the trading volume of crypto assets which were listed on its Binance U.S. platform. 

Binance responded immediately on its company blog to the SEC’s complaint on June 5, 2023, saying that, “we will continue to cooperate with regulators and policymakers in the U.S. and across the globe because that is the right thing to do ”. Binance also added that Binance is not a US exchange, so the SEC’s actions are “limited in reach.”

At the time of writing, the global cryptocurrency market capitalization is trading around $1.09 trillion. According to CoinMarketCap, the volume of all stable coins is now $43.45 billion, which is 94.26% of the total crypto market 24-hour volume and Bitcoin’s dominance is currently 45.75%, a decrease of 0.10% over the day, at the time of writing. 

In April, Bitcoin touched the key resistance level of $30,000, for the first time since June 10, 2022 and then started dipping below till the levels of $28,000. 

This year Bitcoin has rallied 80% higher than previous year levels. However, the road to recovery is long, as Bitcoin is still down almost 50%, from it’s all-time high. which crossed $69,000, in November 2021. 

At the time of writing, the global cryptocurrency market capitalization is trading around $1.10 trillion. According to CoinMarketCap, the volume of all stable coins is now $32.09 billion, which is 92.96% of the total crypto market 24-hour volume and Bitcoin’s dominance is currently 46.14%, an decrease of 0.19% over the day, at the time of writing.

Just a month ago, the world’s largest cryptocurrency, Bitcoin, plunged under the levels of $20,000. But post the fallout of technology-focused Silicon Valley Bank in the U.S, there has been a sharp rebound in the prices of the world’s largest digital asset. So it will not be wrong to say that the recent financial crisis in the U.S. has enhanced the appetite for the cryptocurrencies, which are referred to as an alternative to the conventional banking system.

While the future of Bitcoin remains unknown, retail investors need to be very watchful and cautious about each and every move of Bitcoin, as it has been quite a tumultuous year for Bitcoin. Bitcoiners should not forget that the currency is still trading almost 50% low from its all-time high. The reasons for such volatility has been the macroeconomic conditions of the major markets such as the U.S. and the UK. 

Moreover, India’s stance on cryptocurrencies continues to be tough with the government bringing all crypto-related transactions under the ambit of the Money Laundering Act. In a specific gazette notification, the Union Finance Ministry of India stated that all the transactions related to virtual currencies or digital assets would fall under the purview of Prevention of Money Laundering Act (PMLA). 

At the face of it, the new development may appear detrimental to the crypto community in India. On ground, the move has been lauded by the industry-at-large as this is a step towards regulating this space, where in absence of regulators, the enforcement agencies will directly take recourse to any discrepancies.

One of the other reasons why experts are bullish on Bitcoin is that, next year, 2024, is a year for Bitcoin’s halving event. The Bitcoin halving event happens every four years in which Bitcoin rewards to its miners are cut in half, (miner’s payout will be reduced to 3.125 BTC). This event is generally viewed as positive for Bitcoin’s price, as halving helps in contracting supply. Historically, halving has been seen as a very good sign for bringing momentum in Bitcoin’s price.

Bitcoin Halving History

So, if we closely observe the data, past Bitcoin halving events have been able to establish long-term bullish drivers for Bitcoin’s price. The Bitcoin halving event directly relates to its deflationary tendency and squeezes its supply, which helps the BTC price to rise further. As Bitcoin, being a decentralized cryptocurrency, cannot be printed by governments or any central banks, and thus the total supply of Bitcoin is limited. 

Moreover, large investors which are known as “Bitcoin Whales”, have started accumulating BTC once again. According to data from on-chain aggregator Santiment, the large Bitcoin whales are holding between 1,000-10,000 BTC in their wallets, indicating that investors have been filling up their wallets with a lot of BTC, which might show the recovery sign in the price of Bitcoin.

Can Bitcoin Reach $100,000 by 2023?

We all know that BTC has rallied more than 80% since the start of this year. With such massive and unexpected gains, it has surely outpaced several other major assets and given tremendous returns to those who have bought BTC at dips.

The industry is really excited to witness the new peak of the world’s largest cryptocurrency and hoping for more. Marshall Beard, chief strategy officer at U.S. based cryptocurrency exchange Gemini, believes Bitcoin to break all-time highs this year. He said, “$100,000 price figure is an “interesting number, if bitcoin gets to its previous record high of near $69,000”.

If Bitcoin really touches this magical figure, then it has to show an upside of 270% to reach at the level of $1 lakh.

Paolo Ardoino, chief technology officer at Tether, also has quite an optimistic view on Bitcoin. He said Bitcoin could “retest” its all-time high near $69,000.

Nonetheless, 2023 seems to be a good year for Bitcoin advocates, who always consider it as a “safe-haven investment” or “digital gold” which can offer investors a good hedging opportunity or attractive return in times of mayhem. 

Bitcoin, which got a major boost on hopes that the U.S. financial and banking situation can reduce the chances of more aggressive interest rate hikes by the U.S. Federal Reserve.  

Can Bitcoin Reach $1,000,000 by 2025?

Bitcoin lovers always have too bright and at times impossible predictions for their favorite currency. And, post this mini-bull run, there are several discussions running around that the world’s largest digital coin, BTC, could even witness a level of $10 lakh by the year 2025.

This notable and hypothetical figure of $10 lakh has been echoed by a number of prominent personalities in the crypto space.

The Chinese-Canadian Bitcoin entrepreneur and CEO of crypto firm, JAN3, Samson Mow, believes the cryptocurrency will reach $1 million in the next five years.

With more such wild guesses, Balaji Srinivasan, an investor and the former technology chief at Coinbase, took a bet that Bitcoin could reach $10 lakh or even more in mere 90 days.

Srinivasan made this strong statement on the belief that as the world goes in the stage of hyperinflation, the dollar value will get weak and thus people will start buying more and more Bitcoins. “Hyperinflation”  means extreme rapid increase in the price of goods and services over a period of time. 

On the other hand, crypto experts believe Bitcoin might touch $10 lakh in upcoming years, but not so soon, and predicting this level in 2023 or in 90 days is just next to impossible.

Marshall Beard, chief strategy officer at U.S. based cryptocurrency exchange Gemini, stated “Bitcoin to be a million dollars in 90 days, some crazy things are happening in the world, which we don’t want,” he  said, however, that it might take 10 years to reach anywhere close to this extreme prediction.

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#BinanceTournament #universalcryptoworld

The pro-bitcoin mayor of Miami Francis Suarez is running for US president.

Suarez announced his run on Thursday morning on Twitter.

“My Dad taught me that you get to choose your battles, and I am choosing the biggest one of my life. I'm running for President,” he tweeted. 

Suarez joins other Republicans in an increasingly crowded field, including Donald Trump, Florida Gov. Ron DeSantis and Sen. Tim Scott. 

“Bitcoin Mayor”

Suarez, who carries the nickname “Bitcoin Mayor,” has said he wants to transform Miami into a leading crypto hub, and also collects his salary in bitcoin. 

Almost a year ago, Suarez declared that crypto’s growing popularity presented a major opportunity for the city, as it could make it possible for Miami to compete with Silicon Valley.

Bitcoin has become a growing talking point among candidates this year.

Democratic presidential candidate Robert F. Kennedy Jr., made  campaign promises last month advocating for bitcoin users.

“As president, I will make sure that your right to hold and use bitcoin is inviolable,” Kennedy said on May 16 at the Bitcoin 2023 Conference in Miami.

Kennedy, who is the nephew of former President John F. Kennedy and the son of Robert F. Kennedy, announced his run for US president in April. 

Kennedy has also said he would  “the first presidential campaign in history to accept bitcoin donations through the Lightning Network.”

The Lightning Network is decentralized and enables instant payments. 

Republican presidential candidate Rand Paul also said he would accept campaign contributions in bitcoin back in 2015. 

Republican presidential candidate Sen. Tim Scott could also be an influential player in the crypto industry, if he wins. 

Scott has seemingly become more vocal about crypto this year. 

Scott outlined his priorities in February for his role as top Republican in the Senate Banking Committee, which included developing a framework for digital assets. 

#BinanceTournament #universalcryptoworld #BTC