At the beginning of the year, the dominant narrative permeating cryptocurrency markets was that institutions were going to add large swaths of bitcoin to their assets. Big, established investors from hedge funds to Wall Street mainstays and blue-chip companies would be quick to jump on the bandwagon. 

Now, as bitcoin (BTC) trades close to half of the all-time high of almost $65,000 reached in April, things are starting to look slightly different: Despite what looks like a clearance sale on the cryptocurrency, data shows that institutions have shown a reluctance to take advantage of the bargain, apparently rattled by the same concerns that have pushed prices down. 

Bitcoin “whale” addresses – those holding 1,000 BTC or more – tumbled to about 2,150 in May from almost 2,500 in February, according to the blockchain-analysis firm Coin Metrics. Since then, the number has languished around that lower level. 

Glassnode, another blockchain analysis firm, noted in a report on Monday that a stagnation in the balance of bitcoins held on the cryptocurrency exchange Coinbase offers another view of the same dynamic. 

CoinDesk reported last week that open positions in bitcoin futures had tumbled by 59% from an April 13 peak, an indication that institutional investors are being cautious. 

“Institutional demand appears to remain somewhat lackluster,” Glassnode wrote in its Monday report. 

The latest data might show why bitcoin has been stuck between $30,000 and $40,000 for the past month, after prices had risen over the past year partly on the expectation that a wave of new buyers was set to come in. 

Signs continue to mount that institutions are preparing to pounce: The likes of BlackRock, Goldman Sachs, Morgan Stanley and JPMorgan are on the list of traditional financial institutions that have set up bitcoin funds and services in the past few months or that have acknowledged considering a move into cryptocurrency. On Tuesday, financial services firm TP ICAP announced it is launching a crypto-trading platform alongside the financial heavyweights Fidelity Investments and Standard Chartered. 

But nagging concerns over bitcoin’s potential environmental harm, a regulatory crackdown on bitcoin trading and mining in China and, more recently, a decline in the underlying blockchain network’s computational power appear to have given big investors pause. 

Another worry is the possibility that the U.S. Federal Reserve may tighten its monetary policy in an effort to fight inflation. The prospect of fast-rising consumer prices after trillions of dollars of central bank stimulus had been a key source of demand for bitcoin, because the cryptocurrency, with its hard-coded limits on new issuance, has been cast as a steady bulwark against dollar debasement. 

Cryptocurrency industry executives say they see few signs that investors are going away or liquidating en masse: 

Then there are the corporations.

At the beginning of the year, MicroStrategy was the first U.S. corporation to invest its dollarized treasury in bitcoin, and CEO Michael Saylor has since been viewed as an influential presence to emerge from corporate America among the bitcoin community. 

MicroStrategy’s investment kindled speculation that other big companies might follow suit. Guesses at the time pointed to Twitter, Tesla, Apple, Warren Buffett’s Berkshire Hathaway and even the burger chain Wendy’s.

MicroStrategy has kept up its buying, saying earlier this month that it is borrowing $500 million to purchase more bitcoin. And some small companies are still “active” in moving toward bitcoin, said John Todaro, vice president of crypto asset and blockchain research at Needham & Co.

But few additional big corporate buyers have materialized.

Bitcoin adoption announcements have “appeared to slow for larger companies,” Todaro said.

Now is the age of cryptocurrency, and no comparison shows that better than the two charts you are about to see side-by-side.

Bitcoin was designed by Satoshi Nakamoto as the first form of peer-to-peer digital “cash,” but also sought to give the cryptocurrency several traits of of a commodity such as rarity. This was achieved through the asset’s 21 million BTC hard cap.

The cryptocurrency creator’s early comments showed a distinct fascination with gold, and appears to have been attempting to create a digital representation of the hard money standard.

Related Reading | Stablescoins Act As “Rocket Fuel,” Propels Bitcoin To Another ATH

The term gold standard is used to describe a time when all fiat currencies were pegged to the shiny precious metal, and it was a time that was much more prosperous and wealth gaps weren’t nearly as wide.

The evolution of the dollar and all fiat money into what it is today, did away with the gold standard decades ago. As a result, the price per ounce of gold skyrocketed form around $30 to $2,000 this past year.

At the gold bull market peak, however, a passing of the torch took place. The moment gold topped in August, coincides with the moment hedge funds and public companies began buying BTC.

From that moment forward, Bitcoin has been in its most powerful uptrend yet and spiked from $10,000 to $50,000 with not even a trillion in capital to show for it. Gold outflows began to rise the same time Bitcoin trading volume and futures open interest started to climb to previous highs.

Related Reading | Altcoins Bleed After Tesla Bitcoin Buy, BTC Dominance Hints At Deception

The chart above shows exactly when the deviation took place, and gold’s downtrend began. Prior to that, both assets initially performed well as a safe haven post-pandemic, however, the digital currency has completely taken over since.

The digital gold narrative has been effective, and now Bitcoin is ready to set it sights on replacing the dying dollar instead.

Bitcoin was once following a gold fractal closely for years, which has thus far benefited the young cryptocurrency well. But now that the torch has been passed, will Bitcoin soon be the asset to catch up to?

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This story originally appeared on WIRED UK. 

A few weeks ago, Grill listened to El Salvador president Nayib Bukele’s announcement, at a Bitcoin conference in Miami, that the country would adopt Bitcoin as a legal tender—and shrugged it off as the usual politico bluster. When the country actually passed a law implementing Bukele’s promise on June 9, Grill packed his bags and descended to the Central American country. Despite the house’s slow internet and lack of hot water, he's optimistic.

As the CEO of Chainbyte—a company that manufactures Bitcoin ATM machines converting dollars into the cryptocurrency and vice versa—Grill decided to relocate his company’s production here from China. “We were having a lot of shipping problems with China,” he says. “We're gonna export them from here to the United States. But we're going to keep a lot of them here.” He expects that, as the Bitcoin law starts being applied on September 7, El Salvador’s demand for his machines will grow; he is already receiving inquiries from several local banks.

The passing of Bukele’s Bitcoin law has been met with skepticism and worry by essentially every financial institution on the planet, starting with the World Bank and the International Monetary Fund. Bitcoin’s volatility, exemplified by its plunge to about $30,000 this week, after grazing $65,000 in April, has been lambasted as a recipe for financial disaster. Citizens will be allowed to pay taxes in a currency that might depreciate in hours, suddenly draining the government’s coffers. Trust in Salvadoran government bonds is expected to be shattered. Anti-corruption experts worry that local and foreign gangs may take advantage of an announced governmental trust fund to swap bitcoin of dubious provenance with US dollars—El Salvador’s other currency, with which convertibility will be ensured. But one crowd has welcomed Bukele’s initiative with enthusiasm, and that is the bitcoin crowd.

Young, bearded, brash, and fluent in memes, 39-year-old Bukele always had the physique du role to cater to the laser-eye brigade. Since his Miami announcement, he has become a regular on Bitcoin podcasts and English-language crypto-confabs on Clubhouse. Building on his hobnobbing with the crypto-initiated, he has deftly landed more PR coups, announcing that anyone ready to invest 3 bitcoin (today, about $100,000) in El Salvador will be immediately granted permanent residency, and that capital gains on bitcoin will not be taxed. Bukele has also talked up the country’s volcanoes as ideal locations for Bitcoin miners hungry for cheap geothermal energy amid China’s crackdown on cryptocurrency. The volcano touting, in all its Bond villainesque glory, was bound to stick, and now a bunch of Bitcoin entrepreneurs sport volcano emojis—alongside El Salvador’s flag—in their Twitter bios.

The high point of El Salvador’s publicity offensive was the invitation of some 30 Bitcoin entrepreneurs to visit the country and meet with government officials, two weeks ago. Leading the delegation was Brock Pierce, a flamboyant former child actor and current cryptocurrency investor and advocate who last year ran for US president on a pro-technology platform. (Ahead of his visit, Pierce was mocked for tweeting the front page of a Spanish-language Long Island newspaper apparently reporting on his trip, which was nowhere to be found in the newspaper’s online archive. The front page eventually appeared in the archive two days later as a “special edition.”)

Pierce says he is impressed by the government’s drive. “This government is incredibly entrepreneurial,” he says. “They are like just getting things done at lightning speed.” He says that he is working to organize a “big conference” in the country. 

Lauren Bissell, a former Cambridge Analytica employee who later converted to blockchain and Bitcoin entrepreneurship, and was part of Pierce’s delegation, says she was “beyond impressed” by the government figures she met during the trip. 

Yet Bissel admits that the road map to Bitcoin adoption looks very ambitious. “There's going to be a lot of hours of no sleep. There's a lot of work to do,” she says. “But I think that the launch will go successfully.”

With the countdown to Bitcoin Day down to just 69 days, the nuts and bolts needed to make the cryptocurrency work as legal tender are still a mirage. Athena, a company that had been initially tipped to install 1,000 ATM machines in the country (and challenged by Bukele on Twitter to deploy 1,500) will start with just 14. Going from volcano emoji to reality will also take time. “What you have in El Salvador is, seemingly, an abundance of geothermal energy and, at least for the time being, a friendly jurisdiction,” says Alex Brammer, vice president of business development at Luxor, a cryptocurrency mining company. “Providing the infrastructure there is going to take years.” Even the Bitcoin law looks like unfinished business: Its redrafting of an entirely new monetary system is hastily sketched in two pages and 16 articles, which is why a more detailed regulation is expected to be issued soon.

What is really Bukele’s game? One oft-repeated case for his move is that Bitcoin would be “banking the unbanked.” That fusty mantra is usually balderdash, but it might have some merit here, as 70 percent of El Salvador’s population does not have a bank account or access to easy payment solutions. By this line of thinking, a government-backed Bitcoin wallet, as a smartphone app, could arguably reach more people than existing banking service providers do, and might offer a convenient, low-commission medium for the Salvadoran diaspora to send back remittances. A small-scale Bitcoin project in El Zonte—a seaside town in northern El Salvador—was moderately successful in making the local economy function more efficiently and is credited for inspiring Bukele. In this reading, Bukele is the edgy maverick wielding liberating technology to lift his people from the state of deprivation to which financial institutions have consigned it.

There are problems, however, with that narrative. Some have pointed out that only 45 percent of the country’s population has internet access—and that an internet connection will be required to use the app. Ricardo Barrientos, chief economist at ICEFI, a Guatemala-based research institute focused on fiscal studies, predicts that Bitcoin will be treated as a “weak currency,” with employers keeping their savings in dollars and using the more volatile Bitcoin to pay salaries to their workers. “This class divide could trigger social tensions—that’s a recipe for disaster,” Barrientos says. The report Barrientos cowrote for ICEFI on this subject subtly suggests that by making Bitcoin legal tender without installing any anti-money-laundering checks, the government plans to encourage a “certain kind of acquisitions or investments” by creating a parallel market where “opaque operations” can take place.

Barrientos expects Bukele to backtrack before September 7 under pressure from international financial institutions and of some of his own advisers. Were that not to happen, Barrientos hopes that Bitcoin won’t catch on among the population. “The best-case scenario for it is that no one uses it and everyone keeps using dollars, apart from some narcos,” Barrientos says. “Hopefully there will be a natural debitcoinization.”

Like other critics, Barrientos dismisses the whole enterprise under the rubric of Bukele’s dangerous antics. The president is widely criticized for his links to corrupt individuals and browbeating of the judiciary, all the while enjoying an incredible level of popular approval. For Barrientos, Bukele’s embrace of Bitcoin is just a “political show,” a bit of muscle-flexing aimed at demonstrating that “he can pass almost any law.”

A third way of looking at this falls somewhere in between the “Bukele-as-a-genius” and the “Bukele-as-Nero” arguments—and it is, simply, that Bukele loves the buzz. The cryptocurrency world is reeling from China’s repression of Bitcoin mining (over 60 percent of which was taking place in China as of April 2021). In the US, Bitcoin is in for a regulatory battering as nearly everyone from Elon Musk to Elizabeth Warren is chastising the technology for its energy consumption and potential involvement in criminal deeds. Bitcoin needs a safe redoubt, and along came El Salvador, ready to be just that. Regardless of whether El Salvador’s unbanked are eventually banked, if Bukele manages to get the crypto industry to come basking in El Salvador's sun for a while, he may color himself satisfied. Until recently El Salvador was mostly known for having the world’s highest murder rate—now, it has graduated to farsighted Bitcoin proving ground. Interestingly, neither Bissell nor Pierce or Grill appear worried by El Salvador’s crime or gang violence.

“Crime is a problem everywhere: violent crime, specifically. In my presidential run, you can see some of what I had to say about criminal justice reform,” Pierce says. “The best way to address these issues is typically by creating opportunity and economic prosperity.”

It is worth wondering whether the advent of cartloads of English-speaking, techno-literate bitcoiners on their shores will necessarily elicit Salvadorans’ joy. Pierce’s own initiative, launched in 2018, to establish a crypto hub in hurricane-stricken Puerto Rico was met with hostility by some locals. But El Salvador might be just the first of a string of small, relatively poor countries gunning for a piece of the spurned crypto-elite. Last week, rumors about Paraguay also making Bitcoin legal tender made the rounds, before legislators clarified that that was not the case, even if a “digital assets” bill is in the works. Panama is working on its own bill which, according to Aldo Antinori, cofounder of the Panama Digital Blockchain Chamber of Commerce, is likely not to focus only on Bitcoin and will be “broader” and “more inclusive” of other cryptocurrencies.

Pierce, who claims he has become the first port of call for many national leaders looking into Bitcoin’s opportunities, is bracing for a deluge of phone calls. “Panama, Brazil, Nicaragua—half of Latin America, almost half—is now looking into it. I mean, I was on the phone with another prime minister this morning,” he says. “It looks like El Salvador has just kicked off a chain reaction.”

This story originally appeared on WIRED UK. 

The price of gold rocketed to $2,075 per oz in August last year, since when it has fallen 20%, hitting relative lows of $1,675 on Wednesday. During the same period Bitcoin has risen 417%, with a flow of gold to Bitcoin being pointed out by several commentators. Responding to a question about the huge outflows from gold ETFs alongside its declining price, Mobius said that Bitcoin is partly to blame:

I think there…is a relationship between Bitcoin and gold because you talk to all these people and they say “gee, Bitcoin is like gold, it’s a store of value, so I think there’s some relationship between these two, and one of the reasons why gold is down…

Bitcoin’s use case as a store of value is one of the reasons behind the huge surge in institutional buying that has taken place in the past year, with many seemingly preferring it over gold.

Mobius added that one of the things he “fears” is a decline in the Bitcoin price, a sentiment that has been taken out of context in some mainstream outlets, who took it to mean that he was expecting a reversal – despite adding that it was “not a prediction”. Mobius was instead talking in context of tech stocks, saying that a decline in the Bitcoin price, if it were to happen, would result in a drop in tech stocks on the Nasdaq:

I think the relationship between the Bitcoin price and the tech market is very close, so watch that indicator. If the Bitcoin price goes down I think the tech stocks will get hit very badly.

The link between Bitcoin and tech stocks is in some ways unsurprising given that tech companies are starting to buy up the asset and also because it has a technological background, but we are yet to see a definite correlation between the two.

In this article, we discuss the 10 best cryptocurrencies to buy for early retirement. If you want to skip our detailed analysis of these cryptocurrencies, go directly to the 5 Best Cryptocurrencies to Buy for Early Retirement.

Cryptocurrencies have exploded in value over the past few years as a younger generation of internet enthusiasts, who are wary of big finance and eager to exploit the potential of a globally-connected digital network, devote their energies to the development and marketing of new crypto products and offerings. However, Bitcoin, the most popular crypto coin, and Ethereum, the second largest coin in terms of market capitalization, still maintain a stranglehold over the crypto world, accounting for close to $1 trillion and $400 billion in value respectively.

Companies eager to ride the crypto boom, like Tesla, Inc. (NASDAQ: TSLA), Square, Inc. (NYSE: SQ), and Alphabet Inc. (NASDAQ: GOOG) have poured billions into making the new technology mainstream so that they can profit off the process. However, in recent weeks, these firms have been experiencing the price volatility often associated with crypto stocks but have so far continued to underline their bullish outlook on the crypto industry for the long-term. Hedge funds have also been piling into crypto-related investments in the past few months. 

The influx of institutional investors is a very welcoming sign for an industry that many claim is still in its infancy. Naturally, there is also some resistance to the adoption of the new technology, as crypto is often called a disruptor in the finance world that will one day upend the entire system. However, these polarizing points of view exist side by side and no one has thus far been able to dominate the narrative around digital currencies in general single handedly. A growing US-China cold war over crypto, though, is a major concern among crypto enthusiasts. 

Even as a Chinese crackdown against crypto firms intensifies, crypto startups and crypto-linked IPOs have been generating a lot of buzz in investor circles in the United States. According to a report by Fortune Business Insights, the cryptocurrency market will grow to close to $2 billion in overall value within the next four years, growing at a compound annual growth rate of over 11% during the period. It remains to be seen how investors, who are aware of the growth potential of the industry, treat the current dip in the prices of cryptocurrencies.

The entire hedge fund industry is feeling the reverberations of the changing financial landscape. Its reputation has been tarnished in the last decade, during which its hedged returns couldn’t keep up with the unhedged returns of the market indices. On the other hand, Insider Monkey’s research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 124 percentage points since March 2017. Between March 2017 and February 26th 2021 our monthly newsletter’s stock picks returned 197.2%, vs. 72.4% for the SPY. Our stock picks outperformed the market by more than 124 percentage points (see the details here). We were also able to identify in advance a select group of hedge fund holdings that significantly underperformed the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 13% through November 16th. That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.

Photo by Ovidiu Gruescu on Unsplash

With this context in mind, here is our list of the 10 best cryptocurrencies to buy for early retirement. These currencies were picked based on their price, the growth potential they offer in the long term, and their ease of use across the globe. 

Uniswap is placed tenth on our list of 10 best cryptocurrencies to buy for early retirement. Uniswap uses the Ethereum blockchain network primarily to facilitate crypto transactions between different types of digital coins. These exchanges take place on the Uniswap exchange through the use of Uniswap coins. The exchange was created by Hayden Adams just three years ago and already, in terms of daily trading volume, Uniswap is among the top five cryptocurrency exchanges in the world. 

Another good investment in the crypto sector is CME Group Inc. (NASDAQ: CME), the financial derivatives exchange also popular for offering trades in cryptocurrencies. CME Group Inc. (NASDAQ: CME) announced on Jun2 that micro bitcoin futures volume, launched last month, had crossed 1 million contracts. 

At the end of the first quarter of 2021, 60 hedge funds in the database of Insider Monkey held stakes worth $2.3 billion in CME Group Inc. (NASDAQ: CME), up from 58 the preceding quarter worth $2.2 billion.

Just like Tesla, Inc. (NASDAQ: TSLA), Square, Inc. (NYSE: SQ), and Alphabet Inc. (NASDAQ: GOOG), CME Group Inc. (NASDAQ: CME) is one of the best crypto investments for early retirement.

In its Q1 2021 investor letter, Cooper Investors, an asset management firm, highlighted a few stocks and CME Group Inc. (NASDAQ: CME) was one of them. Here is what the fund said:

“CME has been owned by the portfolio for five years. CME’s strategic positioning as a monopolistic global financial exchange operator will continue to afford the business a highly attractive margin profile. CME is well managed however we can no longer identify clear value latency opportunities for the management team to execute against and so decided to exit our position.”

Bitcoin Cash is a cryptocurrency that was launched in 2017 as a spinoff of Bitcoin, the most popular cryptocurrency in the world today. Bitcoin Cash further split into Bitcoin Cash and Bitcoin SV a year later. It is different from the parent coin as it can process transactions quicker. This also translates into other benefits, like lower fee per transaction as wait times are reduced. The Bitcoin Cash network can also handle more transactions per minute than the parent network. It is ranked ninth on our list of 10 best cryptocurrencies to buy for early retirement.

Cryptocurrencies like Bitcoin Cash are mined using the equipment developed by companies like Canaan Inc. (NASDAQ: CAN), the Chinese firm offering microprocessing solutions for crypto mining. Canaan Inc. (NASDAQ: CAN) recently announced that it had started a crypto mining operation in Kazakhstan. Beijing is cracking down on crypto firms in China. 

At the end of the first quarter of 2021, 9 hedge funds in the database of Insider Monkey held stakes worth $47 million in Canaan Inc. (NASDAQ: CAN), up from 4 the preceding quarter worth $3.8 million.

Just like Tesla, Inc. (NASDAQ: TSLA), Square, Inc. (NYSE: SQ), and Alphabet Inc. (NASDAQ: GOOG), Canaan Inc. (NASDAQ: CAN) is one of the best crypto investments for early retirement.

Polkadot is a cryptocurrency created by Gavin Wood, one of the founders of Ethereum, the second most popular coin, in 2017. Polkadot is different from the parent coin as it was created on the basis of research identifying hurdles blockchain networks might face in the future as crypto became more mainstream and trying to come up with solutions. Polkadot placed eighth on our list of 10 best cryptocurrencies to buy for early retirement. One of the distinguishing features of the currency is functioning on a network that connects to other blockchains.

The mainstreaming of the new technology is being supported by firms like Mastercard Incorporated (NYSE: MA), one of the largest payments companies in the world. Mastercard Incorporated (NYSE: MA) recently announced the launch of a new credit card that offers users incentives for qualifying purchases in cryptocurrencies.

Out of the hedge funds being tracked by Insider Monkey, Virginia-based investment firm Akre Capital Management is a leading shareholder in Mastercard Incorporated (NYSE: MA) with 5.8 million shares worth more than $2 billion. 

Just like Tesla, Inc. (NASDAQ: TSLA), Square, Inc. (NYSE: SQ), and Alphabet Inc. (NASDAQ: GOOG), Mastercard Incorporated (NYSE: MA) is one of the best crypto investments for early retirement.

In its Q4 2020 investor letter, Bretton Fund, an asset management firm, highlighted a few stocks and Mastercard Incorporated (NYSE: MA) was one of them. Here is what the fund said:

“While consumers resumed much of their spending by summer, what and how they used their Visas and Mastercards changed. For obvious reasons, people shifted to contactless payments—one of the Covid-era changes we think is permanent—and replaced travel purchases with online shopping and food delivery. Consumers spent more on their debit cards and less on their credit cards; Visa and Mastercard make more per transaction on the latter. They also make more on cross-border transactions that come mostly from international travel, which ground to a halt early in the pandemic. Visa’s and Mastercard’s earnings per share fell by 7% and 16%, respectively, compared to their usual mid-teens growth. We’re not too worried, and we think they’ll catch up nicely in the post-vaccine world. Visa’s stock returned 17.1% and Mastercard’s 20.2%.”

Ripple is a digital payments platform that uses the Ripple cryptocurrency for transactions. It is ranked seventh on our list of 10 best cryptocurrencies to buy for early retirement. The Ripple platform debuted in 2012 and was originally developed by Arthur Britto, David Schwartz, and Ryan Fugger. More than a hundred banks around the world have utilized the services offered by the Ripple network, including a secure messaging service named XCurrent Messaging. Ripple is now one of the largest cryptocurrencies in the world in terms of market capitalization.

The crypto mania that has swept the world in the past few years has forced firms like PayPal Holdings, Inc. (NASDAQ: PYPL), the payments firm renowned for facilitating cross-border transactions at low fees, to jump on the bandwagon as well. PayPal Holdings, Inc. (NASDAQ: PYPL) stock was recently rated Buy by DA Davidson with a price target of $325.

At the end of the first quarter of 2021, 143 hedge funds in the database of Insider Monkey held stakes worth $14.7 billion in PayPal Holdings, Inc. (NASDAQ: PYPL), down from 147 in the preceding quarter worth $15.9 billion.

Just like Tesla, Inc. (NASDAQ: TSLA), Square, Inc. (NYSE: SQ), and Alphabet Inc. (NASDAQ: GOOG), PayPal Holdings, Inc. (NASDAQ: PYPL) is one of the best crypto investments for early retirement.

Cardano is a blockchain platform and cryptocurrency from the Ethereum family of coins. It was initially released in 2017 and a stable release did not take place until just a month ago. Cardano is placed sixth on our list of 10 best cryptocurrencies to buy for early retirement. On June 27, the platform reached a new milestone as the number of staking addresses on the network crossed 650,000 for the first time. Cardano is now among the top five cryptocurrencies in the world in terms of market capitalization, after gaining 5% in value more than a day ago.

The role of companies that make and sell equipment for cryptocurrency mining, like NVIDIA Corporation (NASDAQ: NVDA), cannot be understated in the digital currency universe. NVIDIA Corporation (NASDAQ: NVDA) recently partnered with internet search giant Google for an artificial intelligence-based 5G innovation laboratory. 

At the end of the first quarter of 2021, 80 hedge funds in the database of Insider Monkey held stakes worth $6.2 billion in NVIDIA Corporation (NASDAQ: NVDA), down from 88 the preceding quarter worth $8.6 billion.

Just like Tesla, Inc. (NASDAQ: TSLA), Square, Inc. (NYSE: SQ), and Alphabet Inc. (NASDAQ: GOOG), NVIDIA Corporation (NASDAQ: NVDA) is one of the best crypto investments for early retirement.

In its Q1 2021 investor letter, Vulcan Value Partners, an asset management firm, highlighted a few stocks and NVIDIA Corporation (NASDAQ: NVDA) was one of them. Here is what the fund said:

“NVIDIA Corp. is the dominant supplier of Graphics Processing Units (GPUs) worldwide. NVIDIA’s GPUs are at the intersection of a number of important computing trends including the movement to the Cloud, artificial intelligence, autonomous vehicles, edge computing, gaming, and more. We previously owned NVIDIA and sold it in the third quarter of 2020 as the price to value gap closed and our margin of safety was reduced. As with all our MVP companies, we continued to follow NVIDIA closely. Since that time, NVIDIA reported excellent results and its value has compounded rapidly. The technology selloff at the beginning of the year negatively affected the stock price while our estimate of NVIDIA’s value per share increased. This happy combination of events created a margin of safety and an opportunity to once again add NVIDIA to the portfolio.”

Click to continue reading and see 5 Best Cryptocurrencies to Buy for Early Retirement.

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Disclose. None. 10 Best Cryptocurrencies to Buy for Early Retirement is originally published on Insider Monkey.

Every week there’s usually at least one article in CoinDesk, a blurb in a newsletter and several charts in the Twittersphere about bitcoin’s correlation with something or other.

This week, we were told that the 60-day correlation between gold and bitcoin (BTC) had reached all-time highs. Last week, our monthly report featured a chart of BTC’s correlation with the DXY dollar index. A few weeks before that, the correlation with the S&P 500 was in the headlines.

If you feel dizzy from the rapid turns in attention on which correlation metric matters, you’re not alone. But, you had better get used to it because the fascination with BTC’s correlation status is unlikely to fade any time soon.   What this reveals about bitcoin is intriguing. It’s not so much the correlation measures per se – they are fun to watch go up and down, but they’re not the deeper story. The deeper story is why it matters so much to us.

When we point to BTC’s increasing correlation with the S&P 500, gold, avocados or whatever, we are searching for a handle on its prevailing narrative. We hope that correlations will give us a clue.

BTC is a difficult asset to pin down. It is a scarce asset like gold, yet with a harder cap. It can be used for pseudonymous transactions, as can cash. It is a speculative holding for many, like equities. It is a bet on a new technology, like a growth stock. It is a hedge against a dollar collapse, a way to spread financial inclusion, an investment in financial evolution, a political statement. It is all of these, or none of these, depending on your intellectual leanings, economic philosophy and mood. 

The narrative we choose for bitcoin matters, though. Not only does it form our investment thesis around the asset, but it also influences our valuation methods. Do we extrapolate its potential price using the size of the gold market? The payments universe? Transaction fees? Something else entirely?

So, faced with such a slippery narrative, we look to correlations to tell the story. If it’s highly correlated with gold, then the market views it as a safe haven. If it’s more closely correlated to the S&P 500, then it’s a risk-on investment. If bitcoin’s correlation to the dollar index plummets, then it’s a hedge. 

We look to the market to tell us what bitcoin’s narrative is. But this creates a feedback loop (Follow gold! Follow Nasdaq!) that helps to perpetuate bitcoin’s momentum-fueled volatility, and which is often thrown off course by the evolving nature of markets. 

Make it a good one

BTC’s 60-day correlation with the S&P 500 has been coming down recently. That must mean it’s no longer a risk-on asset. Its increasing correlation with gold corroborates that, putting BTC back in the safe haven story.

But wait. You’ll have heard that BTC has not had a good run over the past few days. You’ll probably also have heard that Tesla has had a particularly bad time this week. I wonder if they’re correlated.

What do you know, it looks like BTC’s correlation with TSLA is increasing! BTC is now more correlated to TSLA than to the S&P 500. That must mean that bitcoin is now being seen as a tech stock. No wait, it’s being seen as a proxy for market hype. No wait, I mean it’s being seen as a moon shot. 

Obviously, I’m kidding, but point I’m trying to make is that short-term correlations can tell a good story, but they’re not that meaningful.

Correlations are based on price movements, which, especially in these crazy times, do not always respond to common sense. Prices have, on the whole, become untethered from fundamental factors and are being pushed around by sentiment. Sentiment fuels momentum, which we often mistake for a trend; it also perpetuates the directionality of prices, which can exaggerate correlations.

Yet, sentiment can turn fast when investors are jittery, and there’s plenty to be jittery about. The story changes again. 

This grasping for data to back a story reveals our very human need to put bitcoin in context of things we’re already familiar with. If it goes into a certain mental box, it’s easier to understand and easier to make decisions about. Boxes are comfortable. Yet, in the long run, they are unsustainable.

In the short run, too: These markets are nuts, and boxes are being smashed all over the place. Bitcoin, which never did belong in any box that we know, is hopping from one story to another, as told by correlation metrics.

I like a good chart as much as anyone, probably even more so (after all, I am an analyst), and I plan to continue to watch the numbers stories with interest. But rather than use return relationships as a narrative crutch, I’ll be keeping an eye on what they say about what investors are looking for. 

For short-term market movements, what we think bitcoin’s narrative is doesn’t matter as much as what other people think bitcoin’s narrative is. Other people move the market, so we should know what asset framework they’re using. The correlation stories are useful for that.

For long-term market movements, correlations matter more for portfolio diversification than for anything else. In the not-too-distant future, markets will hopefully be less confusing and even short-term covariance and other relationships might be steadier, and easier to use for planning purposes. By then, even bitcoin’s correlations might start to matter less for the story and more for the allocation calculations.

By then, we will hopefully no longer need to put bitcoin in a pre-conceived box. It will have found its own narrative, understandable by all. 

Investor activism comes to crypto. Technically it’s not the first time, but as far as I know it’s the first initiated by an institutional investor, which pushes it into a more public arena with potentially far-reaching consequences. 

California-based hedge fund manager Arca is stepping up its campaign to overhaul decentralized exchange and prediction market platform Gnosis, which raised $12.5 million in a 2017 initial coin offering (ICO). Arca’s complaint is that the project has seen its initial ICO proceeds and therefore its balance sheet multiply simply due to the increase in the price of ETH, and yet has not produced any products that accrue value to the token holders.

Arca insists Gnosis should at least trade at the net asset value of its treasury, which is at current prices $139 per GNO (the platform’s token, which at time of writing has a market price of $67), and that the mispricing is due to poor decisions on the part of management.The investor has suggested to management that it use the bulk of its treasury to make a tender offer for all outstanding GNOs. This would value each token at approximately $90, providing a decent return for early investors. Since the report of Arca’s proposal came out last week, GNO has increased 34% in price (at time of writing), while bitcoin has fallen 4% over the same period.

The interesting part is not the potential flip for investors as they crowd out the upside. What’s important about this is how it changes the conversation around token investments, on so many levels.

First, it will unleash a healthy discussion around responsibility. Token sales, especially those issued in the heyday of 2017, are lightly regulated if at all, with no clearly defined lines of obligations. This discussion could professionalize the field and encourage other institutional investors to take an interest.

Second, it could refine the definition of “token.” Is it like a venture investment, where investors are expected to help their portfolio companies in exchange for greater potential returns? Yet venture investments aren’t liquid, and tokens to some extent are. So, is it more like equity, in which case, do token holders have stakeholder rights? Arca CIO Jeff Dorman believes his firm’s holding is like an interest-free loan, which comes with the expectation that lenders are kept informed of the borrower’s progress and plans for the proceeds.And, third, it could influence investment strategies. We’ve seen the price of GNO jump over the past few days, presumably in the expectation that management will listen to Arca’s demands. Will we see activists intentionally accumulate tokens in order to influence a company’s direction? 

Finally, this could trigger some governance innovations. Apart from investors collectively insisting on more transparency and accountability, we could start to see some protocol or algorithm adjustments. What could investor activism look like on staking networks, where the amount of tokens you hold programmatically determines the say you have in certain governance issues? What if an investor wants to leverage that position to influence more than the protocol had contemplated? How can a project protect itself against predator stakes?

Given the scope of the problem and what it means for the evolution of token issuance as a fund-raising mechanism and as a value proposition, this situation is worth keeping an eye on. Arca’s initiative will most likely end up being about much more than a fair return on an investment. 

As the relentless growth in COVID-19 cases around the world shines greater focus on the bumpy road to a vaccine, uncertainty in the timing of an economic recovery seems to be spilling over into stock market valuations. The S&P and Nasdaq look on track to have their second week of declines, for the first time since March.

Amidst the growing uncertainty, BTC also had a down week, significantly underperforming gold and equities and giving a boost to its 30-day volatility.

While it may feel like stock market volatility is back with a vengeance, the VIX is still well below its June level, and about where it was in December 2018. In other words, this isn’t too unusual. 

Both the latest U.S. unemployment and consumer price index figures came in slightly higher than expected, adding to the overall unease. As renowned investor Stanley Druckenmiller re-ignited the heated debate between those that expect inflation and those that expect deflation, expect greater focus on bitcoin’s narrative as an inflation hedge.

My colleague Nathan DiCamillo shows how we can follow the initial public offering of INX, the first registered offering of security tokens in the U.S., and gives more insight into how the issuance will work. TAKEAWAY: This is an eye-opening peek at the transparency of a security token offering, vs. a normal security offering. You can actually watch the securities move, in real time. That, plus the innovative business model behind them, and the evolution of capital markets they represent, and the fact that it’s the first token sale to register for retail distribution with the U.S. Securities and Exchange Commission, make this issuance worth following. 

Another issuance worth watching is that of Diginex, the Hong Kong-based company behind the newly launched EQUOS.io crypto exchange. This week it announced that it has raised $20 million from four family offices and a hedge fund, ahead of an anticipated Nasdaq listing later this month via a special-purpose acquisition company (SPAC). TAKEAWAY: This will be the first crypto exchange to publicly list in the U.S., as well as an indication of public interest in crypto market infrastructure. For investors, it’s a listed play on the growth of the ecosystem. For analysts, it’s a welcome peek at the accounts of a market infrastructure participant, which could be even more interesting as rumors of a Coinbase listing continue to circulate.

Options market data shows an upward trend over the past couple of months in the traded volume of ether (ETH) puts vs. calls, which hints at a growing fear of a price drop. TAKEAWAY: The bitcoin (BTC) put-call ratio is flat over the same period, which implies that the hedging is specific to ETH. This could indicate greater concern about the fragility of the recent inflows into some decentralized finance (DeFi) platforms, and the potential impact on the network’s congestion and token price. 

The recent growth in bitcoin “accumulation addresses,” or addresses with at least two incoming bitcoin transfers in the last seven years and no spends, could indicate growing support for bitcoin in spite of lackluster price performance. TAKEAWAY: That we can even extract this metric is an example of the unique data sets available to crypto asset investors. Imagine having this level of information with traditional assets.

Investment management firm Wave Financial has received its first round of investment from clients for the Wave Kentucky Whiskey 2020 Digital Fund, which it plans to tokenize in a year or two. TAKEAWAY: I include this as an example of how interesting the tokenized security field will soon get. It should be clarified that holding a fund token does not give you access to the whiskey. It does allow you to share in the profits when the whiskey is eventually sold to wholesalers. Yes, this could be achieved without tokenization. And it remains to be seen how comfortable investors will be with this concept. The investment so far is still relatively small, but will be worth watching.

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Everyone knows the story. When the first block of Bitcoin (BTC) was mined, the protocol itself entered a world of grave economic uncertainty. Not long before the market would hit its lowest point of the 2009 recession, Bitcoin was quietly created, dropped like a life raft alongside a then-sinking economy. The now infamous phrase “Chancellor on brink of second bailout for banks” was cribbed from the headlines, immortalized in code in the origin story of one of the most compelling, innovative, best-performing assets of the last decade.

But Bitcoin did not immediately take root beyond a small community of true believers. Bitcoin and digital assets, in general, have been a lot of things in their relatively short histories, from purely speculative investments and “magical internet money” to a crisis-time safe haven and an attractive hedge against “the great monetary inflation.”

In the face of the COVID-19 pandemic, an associated market meltdown and huge amounts of central bank stimulus, cryptocurrencies have proved themselves to be remarkably resilient.

But as we watch vaccines being distributed around the country, cautiously optimistic that the end of the pandemic is within reach, where will crypto fit in a post-pandemic world? If its history of resilience shows us anything, we expect crypto to adapt to whatever the next few years will bring — crisis or not.

Related: How has the COVID-19 pandemic affected the crypto space? Experts answer

Just three years ago, leaders of some of the largest banks in the world refused to even talk about Bitcoin in interviews, calling the asset itself a “fraud” and referring to those who would buy it as “stupid.”

Today, the general sentiment across banks is markedly different. On the heels of the United States Office of the Comptroller of the Currency’s Interpretive Letter #1170, which made explicitly clear that federally chartered banks can provide banking services to legally operated companies in the digital asset space and custody digital assets on behalf of their clients, banks have been looking for the best way to get their clients the crypto exposure they demand. We anticipate legacy financial players’ interest in crypto to only grow in the coming years, with crypto becoming a mainstream requirement of financial services.

In the short term, banks will almost certainly rely on subcustody relationships with digital asset specialists to safely and effectively get crypto into their clients’ hands. And this is because the complexity is easier to address from the crypto-native side than the other way around.

Related: The need for a dialogue between crypto businesses and regulators

We also anticipate some number of acquisitions to occur, with some crypto service providers being swallowed up by banks with pockets deep enough to buy them. As demand for crypto services grows, and as regulatory clarity comes, more and more institutions will enter.

Just as Bitcoin was built in response to the failings of a legacy system, decentralized finance has emerged as crypto’s answer to financial intermediaries. Until recently, though, entire portions of this ecosystem have been unavailable to institutions, mostly for lack of a secure means to participate.

Slowly but surely, institutional-grade DeFi tools are coming to market, and we anticipate this trend to continue. Not only will we see a continued proliferation of DeFi growth, but institutional-grade tools will make institutional participation far more accessible.

Despite its significant growth, the DeFi space is still very much fragmented. Cross-chain interoperability — or lack thereof — is still a problem. Institutions want to be able to put their assets to use across the DeFi ecosystem. We anticipate significant growth in this area, with more and more layer-one protocols being bridged to DeFi and the broader Ethereum ecosystem — a development that also has the potential to improve liquidity along with market stability and efficiency.

Related: Tesla, Bitcoin and the crypto space: The show Musk go on? Experts answer

Another factor at play is the lowered barrier to entry on the retail front. With tools like Celo’s Valora coming to market, Diem expected to launch in 2021 and firms like PayPal making it easy for their clients to buy crypto, we expect to see more of crypto as a tool for banking the unbanked — for putting financial tools into the hands of the millions without access to traditional banking services.

Related: Will PayPal’s crypto integration bring crypto to the masses? Experts answer

By virtue of being built in response to one economic crisis, crypto seems to be locked into a crisis narrative. In reality, digital assets have more than proved to be resilient in even the most challenging economic times. Just this past year, crypto proved itself in the grips of a once-in-a-century global emergency, earning a place in the portfolios of institutional and retail investors alike.

As the pandemic (hopefully) fades into the rearview, it’s exciting to think about what crypto can do without being forced into a defensive posture — without being defined against legacy assets like gold. It would be naive to say that crypto will never face another crisis — it almost certainly will. But from here, at what feels like the tail end of the pandemic, it’s exciting to think about what crypto can do in whatever “new normal” comes next.

Decred X / Part I -Narrative 5 min readHe who can make you believe absurdities, can make you commit atrocities VoltaireIm a realist.I fully know that despite the upward progression of both Bitcoin and Decred in their respective lifelines, both need 3 vital criteria in order to continue this upward progression (and adoption) as hard, sound store-of-value money mechanisms.HashpowerA marketNarrativeAs both hashpower and market continues to grow for both protocols, it should be stated thus that the easiest backdoor of attack will underlyingly be narrative.We are watching this unfold even now, and have been for sometime now.Its what drives most FUD that enters the psyche of the average market participant or short term hodler.The defining difference that I want to point out about narrative is that , up until now, the FUD narrative has come primarily from different financial media outlets and it has been overwhelmingly about crypto itself, the protocols, etc etc.This FUD did its respective damage, creating an 18 month bear market where we saw Bitcoin fall by 83+/-% , Decred by 88+/-%.And then something happened.There was a market reversal.Bear turned to Bull. Bitcoin , Decred, and other protocols began to accumulate value once again.In like manner, a narrative reversal began to supercede the former. The FUD narrative that has become the norm of recent is one that targets the individual userof Bitcoin and other crypto.The source has also changed.Now rather than simple financial outlets that viewed crypto as a threat, we see the narrative coming from State controlled institutions as well as Oligarchy.In short time, we have devolved from banks attacking sound financial protocols to the centralized State attacking sound financial protocol users, or atleast their character.Weve seen them denounced as drug dealers, as tax evaders, as individuals who participate in criminal activity and who support terrorism. They have been denounced as individuals with the narrative that their push for decentralized finance is driven by an underlying fact they have something to hide.Spot the character assasination narrative being pushed?Its no longer about the protocols, its about the users and the distrust that must be birthed about them. This is quite simply why narrative is currently the easiest backdoor of attack. There is no imminent need to attack hashpower or the market when you can simply attack the individual that creates both.Its a game theory tactic, used in both political and a-political spectrums alike.In retrospect, one must look at the alternate face of the coin. Just as negative narrative has become part of the Machiavellian game that has encompassed money, banks, governments, crypto, and society as a whole, so has the positive narrative that has followed Bitcoin and a host of other crypto projects.Up until now, Bitcoin has had a root story of being a rebellious form of store of value with the potential to usher in financial stability for a world that is facing financial uncertainty.This is why the narrative attack is systematic.Bitcoin and crypto have become a threat against Rome, against Caesar, against the State.Thus a narrative vs. narrative war ensues.The Narrative of Decred Every successful institution, from a marriage to a superhero to a firm to a nation, needs an origin story. Ben Hunt, Epsilon TheoryWith all this perceptional story telling going on before us, we must now ask ourselves what is the narrative of Decred?We know the origin story:A handful of Bitcoin devs begin searching to create multiple implementations of Bitcoin. The devs paths cross that of a Monero dev whose ideas lead to a more sound governance model that leads to coin holders having sovereign voice in the direction of the protocol.Other Bitcoin core team see this as a threat and make it known to the devs who are working on this implementation. The implementation team, taken back by the hostility of the core team, sense the Oligarchy governance control the Bitcoin devs maintained, and eventually opt to turn time and energy of their new governance model into its own implemented project which would later be known as Decred [ Decrentalized Credits ].Now this is merely the cliffnotes to the Genesis of the Decred narrative; of how it came to form. Since then, Chapter 1.0 has been penned in the form Decreds infancy years. It has consisted of its genesis block, an airdrop, its initial development, and its early adoption by the market.Chapter 2.0 is currently being written out. It has thus far consisted of larger cultivation in governance integration, of Politeia implementation, the introduction of privacy, as well as growth in sovereign individual use. As this chapter of the narrative continues to be penned , it should be noted that a growing aspect of the story will in oft consist of a duality with its precursor, Bitcoin.The very governing users and stakers of [Decentralized Credits] decide what the next narrative of the protocol will encompass. The ticket holders wave the pen. The most significant and compelling aspect of the Decred narrative lies in the fact that it is adaptable. It can be or become what its governing peoples decide it should be. Sovereign voices not only uphold this decision, but applaud it.So while Rome, Caesar, and the State may continue to spread narratives of fallacy and dissimulation about individuals who partake in the Decred protocol ecosystem, these very individuals will continue to press their own narrative of sovereignty, individual and public rights, and sound governance.To loosely paraphrase writing analyst Lisa Cron, Narrative, as it turns out, was crucial to our evolution more so than opposable thumbs. Opposable thumbs let us hang on; narrative told us what to hang on to.May our best narrative evolve.Disclaimer: The preceding is not intended as investment advice but rather blockchain philosophy and monetary theory.This article is open source, uncopyrighted, free to use for public domain as anyone may see fit. Attribution, although appreciated, is not required.

EllioTrades discusses what he thinks is the future for Bitcoin, how long the current bull cycle will last and talks about the NFT hype.

The entire market is looking poised for more upside as Bitcoin recovers from the recent pull backs. Bitcoin’s price action is following the historical stock-to-flow model and it shows there is significant months of bullish trend to continue. The model predicts a Bitcoin top between $300-500k, which would mean exponential growth from the current price and once that settles down, altcoins are expected to go parabolic (0:42).

The NFT mania has seen insane growth since the hype started. With a tonne of the world’s most influential artists, creators, brands and celebrities looking to get into NFTs as a medium to reach out to their fans and monetize. Ellio says he invested early in Ethernity Chain (ERN) and made it public because of their approach in the types of personnel they are bringing on the blockchain. He thinks Ethernity Chain is going to make an interesting splash which differentiates them from other NFT platforms. Ethernity Chain has done a 24x going on a parabolic run from 3$ to 73$ (5:21).

ECOMI (OMI) is a Singapore-based technology company in the digitible collectibles marketplace, for users to buy and share their collectibles across the social network service. Ellio says the now second biggest NFT project with a market cap of $1.8B has partnerships with brands like Pokemon, Batman, Street Fighter etc. These partnerships are important and makes Ecomi one of the crucial players in the NFT space (7:24)

Other discussed NFT projects include WHALE, the first social token backed by the best NFT collection around (9:14). Gaming dominating NFTs with gaming blockchains like Enjin, Decentraland, Sand box, RedFox all making NFTs top 10 ranking (10:25). He believes gaming is going to be the biggest opportunity in the NFT ecosystem.

This episode premiered on March 28th, 2021.

Polygon Network’s MATIC token continues to rally in a sign of persistent demand for layer 2 scaling projects helping decentralized finance (DeFi) protocols bypass Ethereum’s high transaction costs and attract more users. 

MATIC reached a new record high of $0.9459 early today, surpassing the previous lifetime high of $0.92 reached on Thursday, according to data provided by CryptoCompare. Messari puts the cryptocurrency’s daily high at $1.05.

The token has rallied by 150% this month, outperforming ether’s 45% rise. 

“The ongoing capital rotation into all things Polygon is showing no signs of abating,” Denis Vinokourov, head of research at Synergia Capital said. “The layer 2 scaling solution is attracting capital inflows at an astronomical rate, as evidenced by the recent sharp rise in the total value locked through $1.5 billion.”

Scaling refers to increasing the throughput of the system, as measured by transactions per second.

Layer 2 scaling solutions facilitate faster and cheaper transactions by running sidechains or tangential networks alongside the main Ethereum blockchain. Demand for these projects has picked up in the wake of network congestion and high transaction costs on Ethereum’s blockchain., with prominent DeFi protocols like Aave announcing integration with Polygon earlier this month.

Derivatives market data shows the focus has shifted to Ethereum-based scaling solutions in recent weeks from rival blockchains like Solana.

Open interest in MATIC futures listed on Binance, FTX, and Huobi has skyrocketed along with the cryptocurrency’s price. Open interest refers to the number of contracts traded but not squared off with an offsetting position. 

Open interest in Solana’s SOL token has turned south since mid-April, having seen a solid rise in preceding months. Vinokourov expects continued growth in Polygon at the expense of Solana.

“Non-ethereum based solutions, such as Solana, may suffer in the short term due to Polygon’s growth,” Vinokourov said. “The dominance of Polygon will most likely strengthen going forward, and its positioning as an aggregator could boost interest in the sector as a whole and support a wide variety of Ethereum-scaling solutions.”

Indeed, Ethereum’s scalability could improve, bringing transaction fees down once the sharding upgrade is implemented. However, Polygon’s Sandeep Nailwal doesn’t foresee Ethereum’s improved scalability affecting demand for sidechains.

“Ethereum 2.0 will become 64 times more scalable than Ethereum is now, but the demand is 1,000 times than where we are. You will need L2 scalability,” Nailwal told CoinDesk.

Ethereum’s founder Vitalik Buterin plans to implement the sharding upgrade after the completion of the switch to proof-of-stake mechanism by early next year.

Also read: Polygon’s Ethereum Scaling Project Is Never Complete: Sandeep Nailwal

Peak narrative With that lens, 2019 has a number of contenders for the title of Most Important Narrative.DeFi, mentioned above, has to be considered, given how much it became the mainstream focus of the ethereum community, led by projects like MakerDAO and Uniswap.Another narrative worthy of consideration is the ascendance of bitcoin maximalism. As ICO projects crashed and burned and lagging regulatory scrutiny followed, bitcoin broke out, and it wasnt just the price but mindshare that came with it.To me, however, these lag far behind what I believe is the (nearly) indisputable narrative of 2019: the emergence of a true global digital currency war and the way it has raised the perceived stakes on the crypto industry as a whole.The emergence of a true global digital currency war is the most important narrative of 2019. Historians are fond of pointing to pivotal events within big pattern-shifts and saying thats when everything changed. When it comes to Facebooks announcement of Libra, it really was an everything changed moment.Libra was like a starting gun for the governments of the world to take seriously the prospect that the future of money wouldnt come from them and their central banks, but from private actors. While many hadnt been particular fans of bitcoin, none seemed to take it seriously as a true threat to fiat currencies. Indeed, around the time of the Libra announcement, both Fed Chair Jerome Powell and Treasury Secretary Steven Mnuchin argued bitcoin in practice was much more like digital gold than a dollar competitor.Maybe it was the backing of Mark Zuckerberg, who had shown so much willingness to smash the rules, rather than work within them. Or maybe it was the threat of 2.3 billion potential users right out of the gate. Whatever it was, governments from the US to the EU and beyond immediately took the threat of Libra more seriously.In the US, both Congress and the Senate called special hearings within weeks of the announcement. In the EU, defiant pols declared that Libra would never be allowed there.China, meanwhile, had a different response. Almost immediately, it announced the acceleration of what they called five-year R&D efforts into a digital yuan, indicating that the first pilots could be seen before the end of the year. In certain communiques, they even referenced Libra explicitly.In turn, in a second round of Congressional hearings in the US, Zuckerberg himself brought the threat of a China-led digital currency future as the boogeyman of the proceedings, effectively arguing that if Facebook wasnt allowed to do this, China would.The year ends with the digital currency wars in full effect. China seems poised to launch trials imminently. The US government seems no more decided than before about Libra, but some US Congressmen have called on the Fed to explore creating a digital dollar. Bank of England Governor Mark Carney called for the creation of a Synthetic Hegemonic Currency to replace the US dollar as the worlds reserve currency. Other governments, including France and Germany, have launched their own digital currency explorations. And this is all to say nothing of the corporations like JPMorgan and Wells Fargo, which are building their own internal currencies that may eventually have larger ambitions.The net of all of this is a fundamental leveling up of the significance of the industry. For governments and enterprises around the world, the questions arent just around potential criminal applications on the one hand or business opportunities on the other.Instead, the stakes are now seen as a question of the future of the global reserve currency and of the future of money as a whole. When this year began, not many government officials anywhere would have imagined a future much different from the present. The year ends with teams of officials racing to at the very least understand new potentials and in many cases actually implement new technologies.The emergence of a true global digital currency war is the most important narrative of 2019.Disclosure Read More The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.Categories: CryptoCurrencyCryptoNewsTags: BNBbtccryptocurrencyEthIndiaLTCnewsPeopleYear in Review 2019Signup on Binance Price Rates

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___________________________________________ Disclaimer: I am not a licensed financial advisor. All videos on this channel are intended for entertainment purposes only. You should not buy, sell, or invest in any asset based on what I say in these videos. You should know that investing carries extreme risks. You could lose your entire investment. This is not trading advice and I am in no way liable for any losses incurred. source

Artificial Intelligence is the most efficient, simple, safe, and affordable way to invest money and trade the Forex Market.

You have probably already heard about Artificial Intelligence (AI) and how it is helping people across various industries in many daily activities. According to JPMorgan, nowadays, 90% of trading is run by computers, algorithms, and passive managers. This means that if you want to invest, you will need equivalent trading tools to compete.

What is AI and How does it work in Forex Trading?

Artificial intelligence is a developed Powerful Automated Trading Robot (AI) that can make projections about the forecast of forex market prices and automatically trade for you in your Broker’s account. It is the most efficient, simple, safe, and affordable way to invest money and trade the Forex Market.

From research so far, fundamental and manual forex trader’s account is about 10% of Forex Trading Volume, so how do you compete against super-fast trading systems with humans or manual trading system? With the use of AI trading, anyone in the world can trade efficiently and increase the chances of achieving above-average forex returns, regardless of the level of trading experience.

The dynamics of the market have changed, and we must agree that we need machines to do many things better, especially in the field of the forex trading market. From this point of view, the providers of manual forex signals and analysis are no longer a great choice. AI is the best forex trading solution.

Unlike humans or other technological resources, AI can make an enormous number of accurate decisions in a fraction of the time, down to milliseconds. These skills make AI an enormously powerful tool for use in forex trading.

To learn more about the use of Artificial Intelligence, click FxPrimeBolt

NM Partners represent articles published in paid partnerships with corporate organisations. They include press releases, targeted content, and other forms of corporate communications on behalf of our Paid Partners.

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I do alot of financial reads on Nairametrics. But guys, it’s safer to always do your due diligence on every information especially before you make financial decisions. Always look before you leap!

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Remitano P2P crypto exchange is an escrowed marketplace where crypto buyers meet crypto sellers.

It’s no longer news that the Central Bank of Nigeria popularly called CBN has placed a ban on cryptocurrency in Nigeria. With this ban in place, it is no more possible for Nigerians to buy Bitcoin from their usual exchanges with their debit cards or directly from their Nigerian bank accounts. What’s worse is that a lot of crypto traders now have their assets stuck in their exchanges as they can no longer withdraw directly to their Naira account. This sudden move by the CBN put the Nigerian crypto community in a state of frustration.

In compliance with the crypto ban, Nigerian commercial banks have begun to freeze the bank accounts of people that are associated with crypto. This ban on crypto placed by the Central Bank of Nigeria has indeed affected the people’s ability to buy bitcoin in Nigeria. A lot of people have now resorted to buying Bitcoin the old fashion way, offline purchase.  Unfortunately, many of these people have been scammed of their hard-earned money simply because they had to deal with some unscrupulous few who set out to defraud those who want to buy Bitcoin. It’s like being stuck between the devil and the red sea!

So the question on every Nigerian crypto lover’s mind is – “How do I buy bitcoin safely without getting my bank account blocked or getting scammed?” Well, the answer to your question is – “Remitano P2P exchange!”

Simply put, Remitano P2P crypto exchange is an escrowed marketplace where crypto buyers meet crypto sellers. With Remitano P2P, you can sell and buy Bitcoin in Nigeria from anyone without fear of being scammed or fear of your bank account being frozen. This is because Remitano acts as an escrow between the seller and buyer to ensure a smooth transaction process.

Remitano P2P is currently the leading P2P platform in Nigeria, South Africa, and several other countries. After being in existence for quite a number of years, Remitano has continuously evolved over the years to provide the perfect marketplace for both crypto buyers and sellers thereby creating a high level of trust in the crypto community.

Remitano is so confident in their ability to deliver that they guarantee all transactions are completed within 15 minutes of initiation. In the event that a transaction is not completed, compensation of 50% of the transaction fee will be refunded to the user.

In addition to this awesome service, Remitano offers the simplest and easy-to-use user interface that anyone with or without computer knowledge can interact with. Remitano also has a responsive and friendly customer service available 24/7 to provide help to buyers and sellers whenever needed.

It takes only a few steps to buy Bitcoin and other cryptocurrencies on Remitano. All you need to do is to choose a buyer you would like to buy Bitcoin from, send the Naira equivalent to the seller’s bank account. Once receipt of payment is confirmed, Remitano releases the Bitcoin into your Bitcoin Wallet.

Remitano is a product of Babylons Solutions Limited based in Seychelles. Remitano’s purpose is to offer a robust, quality trading experience to all users as a fast-moving marketplace. With necessary safety standards in place, buyers and sellers can come together, store, trade, and withdraw assets, thus avoiding issues common to other crypto exchanges.

Launched in 2014, Remitano is a global cryptocurrency exchange serving international markets, such as Malaysia, China, Nigeria, Vietnam, Australia, Cambodia, and Indonesia.

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At a time when African investors are pursuing global opportunities to improve their bottom lines and deliver greater value to their shareholders, their intentions are increasingly frustrated by the limited access of the Nigerian passport in regard to global travel.

Among other West-African passports, the Nigerian passport is restricted in its reach to only 54 visa-free destinations, many of whom are other African countries like Ethiopia. This modest number falls short next to that of Ghana, Cameroon and even Côte d’Ivoire, who have visa-free access to 73, 61 and 67 destinations respectively.

But it gets worse– when the Nigerian passport’s visa-free listings are viewed through the lens of La Vida’s Passport Value Report which combines metrics of GDP and international travel popularity to ascertain the true value of each country’s passport, it makes for even grimmer viewing as the access value is only a meagre 2.1% of the world’s GDP and 3.1% of the world’s international travel popularity.

For Africa’s most populous country preparing itself for a future without oil by leading the continental charge to export technology and talent globally, these numbers are simply unacceptable.

One instance of the myriad opportunities that exist beyond the continent for Nigerian business executives and buttresses the need for global travel is remittance. According to global Audit Firm, PWC, there are an estimated 15million Nigerians living in the diaspora whose remittance is projected to hit $34.8bn in 2023 with 40% of these remittances coming from 5 European countries alone.

This presents one of the greatest opportunities to set up banking and technology infrastructure across the EU to help more Nigerians and Africans send money back home, which even at a modest 0.1% margin could add around $17m in revenue to their bottom line.

To achieve this however, executives would need to jet in and out of Europe to set up, conduct business and oversee operations. But the limitations of the Nigerian passport mean they will require visa approvals to travel, which may not only delay the speed of execution, but also bring with it the possibility of their requests being outrightly denied.

Enter the need for a second passport and visa-free travel through Citizenship By Investment Programmes.

As African countries grapple with insecurity, inflation and currency devaluation, the need for second citizenships have never been more apparent, especially as a ‘Plan B’ to hedge against whatever may come. And as the continent’s affluent middle class are becoming wealthier, their needs are evolving, from global business mobility, better visa-free travel to high-quality education opportunities abroad for their children.

It is at this juncture that the opportunity offered by La Vida Golden Visas to acquire a Grenadian citizenship through investment in the soon-to-be-completed Kimpton Kawana Bay Resort serves to transcend this existing gap and provide the much-needed hedge African HNWIs and executives need to expand and safeguard their earnings, businesses and families.

Upon acquiring Grenada’s lifetime citizenship, the combined value for the Nigerian passport grows to 58.7% of the world’s GDP; with the Grenadian passport granting visa-free access to over 163 countries and territories including the UK, EU Schengen zone and uniquely China and Russia. At once, African HNWIs and leading execs gain unrestricted access to the countries at the forefront of global development.

“Grenada’s Citizenship by Investment (CBI) programme offers several added attractions that many of its competitor countries do not”, says Chief Executive Officer of La Vida Golden Visas, Paul Williams, in a recent interview. “The application takes only 60-90 days, has low family fees, and no interview, education, language test or management experience is required. There is no residency requirement and dual citizenship is permitted as well. Grenada also does not tax worldwide income, wealth, gift, inheritance or capital gains- which make it more attractive to business elites”.

Grenadian citizenship can be obtained by investing in Government-approved real estate at a minimum of $220,000, as is the case with title deeded studios in the island’s prime project—Kimpton Kawana Bay Resort, the new beachfront 5-star luxury resort currently under construction in Grenada by True Blue Developments—a company with an impressive 20-year record in development.

“The resort, which is 79% sold out, is ideally positioned on Grand Anse Beach, voted by CNN and Condé Nast Traveller as one of the world’s best beaches. The hotel will feature an infinity-edge pool overlooking the turquoise Caribbean Sea, state-of-the-art gym and spa facilities, exquisite fine dining restaurant, roof-top bar, beach bar, lounge with terrace, and, water sports facilities,” says Tom Scott, Managing Director of Kimpton Kawana Bay.

The resort, heralded by forbes as one of the most anticipated luxury openings in the world is set to open in 2022 and will come under the operation of the internationally recognised hotel brand—Kimpton Hotels & Restaurants, part of the InterContinental Hotels Group, one of the largest in the world.

The nature of the real estate investment also allows for personal accommodation usage for up to 2 weeks, while generating a projected rental income of 3-5% through the transparent revenue-sharing model. The investment also provides the option of recouping the initial investment after 5 years without effect to the acquired Grenadian citizenship.

In further providing global access, an investment in Kimpton Kawana Bay Resort would grant citizens access to live in the UK for up to six months every year, as Grenada forms a part of the commonwealth. Another peculiarity is the E-2 Visa option, which is a secondary application open to Grenadian citizens who want to live and work in the US.

At a time when African investors have their sights firmly trained on the opportunities existing beyond the borders of the continent in search of growth and starring roles in shaping the present and future of global business, technology, medicine and so on, Kimpton Kawana Bay is finely positioned as the bridge between hopeful thought and ground-breaking reality.

For once, African investors are finally equipped for expansion and global domination. The rest of the world better take notice.

Manuel writes at juandemariana.org, is a perpetual student of monetary theory, and is a Bitcoin quasi-maximalist (he is almost there).If youd like to contribute a post, please reach out on Slack!Since Bitcoins inception, there has been an endless debate about the explanation of its value. What backs Bitcoin? Does Bitcoin have intrinsic value? Why is Bitcoin demanded? To answer these questions many Bitcoin advocates refer to the principles established by the Austrian School of Economics concluding that Bitcoins main source of value is being a store of value. I believe this conclusion is the result of the toxic block size debate by which both sides of the debate wrongly narrowed the concept of a medium of exchange to money (cash).To make my position clear about the block size, I absolutely advocate for small blocks. I believe that running a Bitcoin full node should be as easy and affordable as possible so the system is not only decentralized but fully distributed where final users have full sovereignty over their Bitcoins.Going back to the principles of the Austrian school, the most widely followed monetary theorist of this school, Ludwig Von Mises, developed the Regression Theorem in his book titled The Theory of Money and Credit. The theorem states that for an economic good to be money it must primarily have other non-monetary uses before it can become money. Bitcoin does not fit this description. Some economists like Block and Davidson have tried to reinterpret this theorem in order to shoehorn Bitcoin into it by claiming that the Regression Theorem applies only to barter economies and does not apply when there are already monetary prices. I dont think that interpretation is correct and it is also incoherent in and of itself (see Juan Ramn Rallo rebuttal).Mises Regression Theorem is based on the observations made by Carl Menger in his seminal work On the Origins of Money where he describes the process of how money arose from commodities. But, what Menger did was make a historical observation, not a theoretical explanation. It was Mises who wrongly took those observations into theory with his unfortunate Regression Theorem.In an attempt to dodge the Regression Theorem debate others have retorted with Nick Szabos views in his remarkable essay Shelling out: The Origins of Money, using the collectible and store of value arguments. Szabos excellent work is also a historical explanation like Menger, but more detailed and precise from an anthropological point of view.I shall not spend much time rebutting the claim that Bitcoins source of value at the very beginning was being a collectible in the literal meaning of the term. That was not what Szabo meant and it is not credible at all to say that the first Bitcoin owners demanded it because it was a whimsy, rather than demanding it because they thought it could potentially become a medium of exchange. Bitcoins first owners knew well why Bitcoin was invented and for what purpose it was intended.A popular narrative amongst Bitcoin supporters that apply Szabos views claim that money always evolves through the following stages:CollectibleStore of ValueMedium of exchangeUnit of accountIn my view, the above narrative is scientifically inconsistent and as such, it could be easily utilized against Bitcoin by academia and governments to spread negative propaganda like accusing Bitcoin of being a reckless speculative bubble and that there is no scientific support of its value other than Its valuable because people value it. Its not that I fear too much that they can stop anything - I believe Bitcoin will thrive or not regardless of what haters and supporters claim - though, they might be able to slow down the adoption process a bit.The narrative is scientifically inconsistent because it deviates from the Subjective Theory of Value as it puts value in front of utility. I dont want to claim that this theory is set in stone but, if it has to be amended, it has to be very well justified. In my view, there are absolutely no grounds for amendment within the above narrative. As I fully reject the collectible whimsy argument to explain Bitcoin bootstrapping, the only argument left is that the collectible is valuable because it is a store of value, which is obviously circular and therefore explains nothing. Game theory does not resolve that circularity either. Moreover, it is also confusing that the narrative assigns to store of value the properties which belong to medium of exchange (portable, fungible, divisible, quickly verifiable, etc).Here I will explain how Bitcoin fits very well within the Subjective Theory of Value and also within the historical stages of exchange described by Carl Menger. Leaving apart deferred exchanges (i.e. credit), the basic first three stages of spot exchange are the following:Direct exchange : Barter.Indirect exchange : When exchange is done in two steps using an intermediate good. Szabos concept of collectible is a particular case within this category, which is using goods for long term indirect exchange.Money : When a good used for indirect exchange is widely accepted.We would deal separately with the concept of Unit of Account because this function fulfills the need for economic calculus which is an extremely important need, but different than fulfilling the need for exchange. Regarding the store of value function, it is not exclusive to money or proto-money, as all economic goods are by definition a better or worse store of value.So going back to Menger, we find that to overcome the problems of direct exchange (barter) humans began to use some goods for indirect exchange, that is, demanding or hoarding a good not for consumption but for exchanging it for other goods in the future. For example, if they had the possibility to decide on hoarding cereal or eggs, it is reasonable that they chose cereal as it is more durable and divisible. As the concept of a medium of exchange is still not imaginable for them, they wouldnt be able to assess how cereal could be demanded by others to use it also for indirect exchange. They would just rely on others demanding it as food in the future (durable) while they could potentially use it for several different exchanges (divisible). Once this experience is repeated, the concept of medium of exchange clearly reveals itself and it is immediately picked up by human entrepreneurship to be further exploited. Each individual might choose completely different goods for indirect exchange depending on what they have available and when they are expecting to need them for exchange, so a convergence between individuals to choose the same good for this purpose is initially not necessary. The convergence would come naturally afterward, once humans have discovered the concept of medium of exchange, and thats when the most salable goods begin to compete for being a generalized medium of exchange (i.e. Money). The game theory concept of focal point kicks in at this stage reinforcing the demand for the most salable good.A key concept in this debate is the term of the exchange. For a good to be money it is implicit that it serves well its purpose in the short term. This is also implicit in the words most salable within Mengers definition of money the most salable of commodities, which Carlos Bondone has generalized to the most salable present economic good. If it only serves its purpose in longer terms it might not be money but, it would still be a medium of indirect exchange.But, in this post, we are interested in the bootstrapping process to achieve that salability. Lets refer back to the stage of goods being just a medium of indirect exchange. I stated above that humans would rely on cereals utility as food to foresee its future demand because the concept of medium of indirect exchange would still be an unknown abstraction for them. If we fast forward to a context where humans already conceptually grasp a medium of exchange, why should they not be able to foresee the monetary demand of any good, regardless if it has other uses or not that is, its ease of transport, divisibility, durability, and unfalsifiability. This is clearly the case for Szabos collectibles and also Bitcoins case. From a historical point of view, I find it rather unlikely that humans used otherwise useless goods as a medium of exchange without first having discovered the medium of exchange concept through other consumptive goods, but it is certainly theoretically possible.In the same way that discovering the concepts of adding and subtracting quantities is more natural through comparing physical quantities (i.e. beads, as in an abacus), that does not necessarily prevent humans to skip that step and directly invent written numerals and ledgers. Even though we once used the abacus and its sexagesimal numeral system, it does not mean that all other numeral systems must first be accounted through the sexagesimal system.. We must not confuse the supporting medium by which we historically experiment and discover a concept (i.e. beads or commodities) with the concept itself (arithmetics or Money).If something arises (bitcoin) that can fulfill the sole use case of a medium of exchange better than the incumbents (barter, salt, gold, fiat etc.), then that is where the demand can be found. Can this demand can be speculative? Yes, it is speculation on the possibility of the good becoming money in the future.Mises had the following concern regarding new monetary goods that have no other use than a medium of exchange: (Human Action Chapter 17 section 4 The determination of purchasing power of money)A value judgment is, with reference to money, only possible if it can be based on appraisement. The acceptance of a new kind of money presupposes that the thing in question already has previous exchange value on account of the services it can render directly to consumption or production. Neither a buyer nor a seller could judge the value of a monetary unit if he had no information about its exchange valueits purchasing powerin the immediate past.So, how is it that a completely new monetary goods price is discovered? That is the least of the problems. The owner of Bitcoin might arbitrarily ask for a price and buyers can accept it or bid at a lower price until they agree on the same price. At that point, the first exchange takes place. In the beginning, the price might be totally erratic, but as more market participants are interested, demand and supply builds and the price stabilizes. This continuous auction process is indeed how prices of goods have always been discovered and it is nothing special for money nor anything new that Bitcoin brought. The fact that many other speculators join in later just for the lambos without caring about Bitcoins monetary utility is completely irrelevant in relation to Bitcoins primary source of value. A subject for another blog post is whether or not speculators and traders are beneficial for Bitcoin.Conclusion Bitcoins origin of value can be fully explained on the grounds of the subjective theory of value and Mengers definition of money. Because the need for exchange is a basic human need, any good that has the qualities to satisfy that need, (even if it only satisfies that one need), is useful and therefore subject to being demanded.

The narrative that China is buying up bitcoin is very dubious, according to a local investor and Primitive founder, Dovey Wan. However, as a foil to moon BTC, she is behind it all the way.China Unlikely To Be Loading Up On BitcoinBitcoins most recent rally, along with the seemingly synchronized devaluation of the Chinese Yuan, prompted speculation that the two were linked. Could Chinese investors be fleeing the weakening Yuan and running into the open arms of BTC?However, Dovey Wan took to Twitter to pour cold water on the suggestion, chiefly for two major reasons:On Chinese-centric exchanges, bitcoin is actually trading at a negative premium.Over The Counter (OTC) bitcoin price denominated in RMB (Yuan), is within its normal range, at a 1% premium."Chinese buying up Bitcoin" is a VERY dubious narrative IMO1. Bitcoin is trading at a negative premium in Chinese centric exchanges like Huobi and Okex2. RMB denominated OTC price is now at 1% premium, within its normal range since the bull Dovey Wan (@DoveyWan) August 5, 2019https://platform.twitter.com/widgets.jsGlobal Financial Uncertainty IncreasingThe ongoing trade war between the United States and China has caused global financial uncertainty, which can certainly help to boost the bitcoin market. But Wan feels that the capital is more likely to be coming from outside of China.Most recently, U.S. President Donald Trump vowed to impose 10% tariffs on an additional $300 billion worth of Chinese imports. China pledged to retaliate, and the U.S. has accused it of being a currency manipulator, following the devaluation of the Yuan yesterday.But Wan suggests that a surer hedge against global financial uncertainty would be Tether, although this is also currently selling at a negative premium in Chinese markets.In fact, in Yuan terms, it was gold which saw a spike in volume and prices yesterday.But If It Gives BTC A Boost, Why Not?After pointing out her reasoning against the Chinese buying up bitcoin narrative, Wan conceded that we would all be pretty happy with a sound narrative to encourage bitcoin price to moon.On this basis, she concurred, tongue firmly in cheek: I totally buy into thisDo you think the Chinese are stacking sats as the yuan is tumbling? Let us know in the comments below!Images viaThe post Chinese Buying Up Bitcoin Narrative Very Dubious appeared first on Bitcoinist.com.Source: bitcoinist.com