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Personal Good Karma Refund : Since launching in 2019, PointsBet has operated what it calls the “Good Karma Kommittee” to refund all customers in cases of extream bad beats.Live bets bitcoin, VolleyballLive bet:Soccer Brazil – Brasileiro Serie A RED BULL BRAGANTINO SP vs. CR FLAMENGO RJ Paraguay – Primera Division CLUB OLIMPIA vs. LIBERTAD ASUNCION Football NFL KANSAS CITY CHIEFS at TAMPA BAY BUCCANEERS Table Tennis Russia – Liga Pro ALEXANDER SEREBRENNIKOV vs. DMITRY PETROV ANATOLY ILIN vs. VASILY SHIRSHOV Lewandowski bet bitcoin prediction, lewandowski bet bitcoin tips    Instead if a team is predicted to win by 7 points, the spread would be -7 towards that team. You then must place on a bet on whether you think the favorite would beat the underdog by at least 7 points, or if you think the underdog could cover and lose by less than 7 or win. 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However, by the end of september the cryptomarket has made a u-turn within a 24-hour period. Bitcoin (btc) has collapsed under $9,000, losing more than 15% in an hour during a mysterious rapid market crash. Top 3 coins for huge roi in 2021? if you would have bet on the right coins last year you could easily have 10xed your capital… you could even have made as much as 100x which means you could have turned $100 into as much as 10k. Compare bundesliga betting odds odds & lines in real time. Up to date offshore betting odds of over 40+ sportsbooks available including money lines, point spreads, totals and futures. <?php echo $description; ?>. Paypal and certain deposit types and bet types excluded. Min £5 bet within 14 days of account reg at min odds 1/2 = 4 x £5 free bets. After being locked below the 9-day and 21-day moving averages on the price charts a few days ago, ltc/usd undergoes a much-needed break to the positive side as the market opens today. That number is is 0. 25 per 90 better than bayern munich star robert lewandowski, who sits in second place in the category. Sancho, along with marco reus and gio reyna, have excelled as an attacking group. They are the best contingent in the league when it comes to expected goals so far this season. Betting analysis & picks. The bundesliga top scorer award is officially known as the torjägerkanone and it very likely will once again be taken by lewandowski. Lewandowski has won in back-to-back years and in four of the past six seasons. The problem is the value is just not there at this point at -500 odds. About our website lewandowski-bet. We are offering to our website users free football (soccer) predictions for more than 150 leagues and cups, including matches from international competitions like uefa champions league and europa league, sport events with national teams like the world cup, euro, copa américa and international friendly games        Today’s winners: Thunderpick American Football – 119.9bch   

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The intersections between the crypto space and rap music are getting quite extensive as several hip-hop artists appear to be getting more aware of digital assets. Grammy-nominated rapper Lil Yachty has joined the fray of crypto affiliates in the music industry, dishing out fan tokens in some record time.

Social tokens are digital assets that allow artists and other famous personalities to monetize their fan engagement. With the entertainment industry affected significantly by the coronavirus, many artists have looked into several ways to keep their revenue streams flowing.

Data from the Fyooz app showed that the token began selling on Thursday for $15 each. In just 21 minutes, the tokens sold 25,000 units, worth a total of $375,000.

Fyooz added that each token would allow fans to get exclusive access to the rapper. These includes surprise boxes from his mother, Venita, who recently released a book titled “Raising a Rapper.” Token owners can also participate in online parties with the rapper and get personalized items from his entourage.

Lil Yachty’s digital token comes after the successful launch of a similar project from Selah’s Christian music group. The group launched its token earlier this month, following its latest album, “Step into My Story.” While the album is the group’s 16th studio project, it is also his first under its record label, 3Cre8tive.

The group explained that the token – named 3CR8 – will give fans access to exclusive benefits like video chats, private messages, and signed merchandise.

At launch, fans will be able to spend $200 worth of tokens to have a 10-minute video call with a member of the three-person band. They could also spend $150 on a personalized greeting and $20 to get a signed album or CD.

The tokens are available on Rally, an open platform that allows creatives to launch their cryptocurrencies. All assets are minted on an Ethereum sidechain, with supply and pricing determined by a token bonding curve. The more coins are available, the more expensive they get.

While fan tokens are growing in popularity, some rappers are also getting into mainstream crypto investments. Last month, Logic – real name Sir Robert Bryson Hall II – bragged about a Bitcoin purchase in an Instagram post.

The rapper, who recently quit music following his “No Pressure” album, has been building his business portfolio. He explained that he invested $6 million in Bitcoin in October. With the asset on a rally, he most likely already made some impressive gains on that investment.

In the Billiard hall, "running the table" is well understood.

In Crypto, right now, AI is doing the same.

As NYC goes, so does LonDon, when these big league finance sharks enter the fray, anything goes and most everything goes in the market, up and down more frequently, the way such Sharks like it.

So you better be a Killer Whale hodling a very fast bunch of "bottle-nosed porpoise" like , agile cryptos, all of which are able to "hold their own" against the sharks (A well aimed series of deceptive thrusts from many porpoises  in the ribs sometimes take sharks out completely, if they aren't paying attention). 

As the Sharks run the table Top 100 in crypto, their next few "shots" aimed at "pocketing BIG profits" look to be emerging on the backs of IOTA and BAT, two long standing well known cryptocurrencies focused on very different markets, the former on the Machine Economy, the latter on the emerging Permissioned-based Advertising market set to show  under different country laws in 2022.

In this ISSUE #007, lets first take a look at the resurgent fortunes of #BAT and what the Brave Browser Co. is doing to steer themselves and their Hodlers toward even greater prosperity.

How Much BAT remains un-issued? BAT Inflation Tsunami coming = BIG price suppression/drop shock ?

Much has been said about the un-issued BAT sitting on the sidelines. Yes, their have been 'security' and 'policy' challenges, all now well addressed.

Is the #BAT development and management team absolutely Tier 1? IMO yes. Are they focused with a good roadmap and delivering value well?

Personally I don't worry so much about the extra BAT "on the sidelines" waiting to get into the game, Brendan Eich at #Brave is a lot smarter than that, as the consumption and re-spend of BAT on Permissioned based Advertising placement as distributed, to the ever more popular Brave Browser (5X faster) growing Legion of Brave Fans (12M strong and largely techie and crypto types?), Advertising protection ready for the 2022 regulations and, the pooling of BAT in liquidity pools or balancers with more exchanges adding direct conversion liquidity pair will easily absorb the extra BAT now parked on the sidelines. Absorption  of BAT into the Main St. and Crypto Financial market segments will be  largely Advertising market segment driven. Heck even the popular crypto hardware wallets support BAT (as they do IOTA).

What is as interesting,  is the BAT commercial network growth,  which went well in 2019 (those placing ads via the Brave Advertising network paying in BAT), only to take a growth hiatus for most of 2020, after the big Crash in March 2020 of the entire worldwide market of everything for WEC/CB related reasons, which we wont "get into" in this post. ;)

The Publish0x BAT Vanishing Act, Revisited with hindsight.

As a result of the economic downturn, BAT essentially 'spun sideways' to such an extent, that our own champion of crypto blogging, Publish0x decided to shift their own tip pools into Ethereum, as well as shifting that hard earned (writing and reading is tiring some days)  BAT value with a two step buy into FARM via wrapped Ethereum offers or by stepping through Stable coins and into  sophisticated  crypto "DEFI" finance plays with that previously BAT earned hard store of value into  Ample and FARM (Harvest.finance), leaving BAT completely on the sidelines, with Publish0x trying to minimize what had become exorbitant ETH GAS fees for each transaction move.

Hindsight is always 20/20, so it's very easy to say Publish0x made a mistake. In reality, the market dynamics have shifted generally to be largely powered by NYC and LonDon sharks showing up to playing a big way "running the table" potting big profits while driving up the market cap prices of BTC, ETH, DOT, XRP, and by shear volume TETHER. Many other alt-coins have benefited with lesser volumes in play, but none so much as ADA (CArdano) in the last week or so.

AI Sharks, Captains of the Crypto Seas, with their heads "on a swivel", buying up BAT

Well now it looks like the AI algorithm List (the table) has focused algorithmic trading on BAT, collectively building the Buy Price wall strike price ever higher with hodlers playing a role to some degree in this upward movement, selling off to take profits on the way up. In reality the oscillation of hi-frequency, hi-velocity trading between buy and sell is what magically drives the price up or down, is small transaction amounts. 

That said Shark knowledge of these crypto seas is well, catching up to the Whales who really understand and sympathize with the crypto porpoises. Will their be Shark causalities? Absolutely, so small investors please, don't just follow their AI trends blindly, remember, Sharks will also eat a wounded Shark. ;)

The good news the Crypto centric Whales are suitably "AI"  Order Router armed as well, in fact maybe better armed in some camps with "AI" tech and a better understanding of the  school of crypto porpoises such, they can better avoid getting jabbed in the ribs by a school of crypto porpoises,  due to better crypto market intelligence, especially in the alt-coin space, where as the Sharks avoiding such hits (corrections or fast rises), not so much.

Will BAT prosper in 2021? Will their be a 2021 pullback correction? Is 2022 the big breakout year for BAT? Yes, Yes and Yes to all three imnsho.  ;)

Some crypto prices need re-inflating too

especially the ones creating real value

Do you really give one IOTA? 

Well yes, you should,  especially to the ones you love, maybe Feb 14th is a good day to start that Tradition. :)

All joking aside, IOTA is a very serious investment opportunity with  big brand name players in the automotive space behind IOTA, check out their site here to learn more.

Personally I am deeply invested in the #IOTA technology scene as a member of the IEN and, subsequently, VERY happy to see IOTA announce on Feb 8th, 2021 IOTA are really going to deliver on their oracle external data feed tech so as to marry such tech up with IOTA's emerging Smart Contract Capabilities. Why? Because I am working solo right now building some open source of value in SOVRINTown  on github which requires both pieces of that IOTA puzzle to really make transparent secure combo  paper/plastic vote card/ online eVoting and similarly handled eGoverance work (with multi sig wallet support of course). So expect more  SOVRINTown code to show up in github repository for SOVRINTown over the coming three quarters, with the idea there is a complete set of "lego" in place, for any developer groups to use from that project by year end, 2021.

In my day Job, we also need the same IOTA oracle and SC components to make some other value we are creating work in the Colo as a Service space at CloudProx, in commercial projects, also partnered with Accipiter Systems of Pittsburgh, PA. That same joint project work will at some point, also tie into the value created by XLM and also ADA.  Not to mention such links via Oracles will also be enabling payment for colo and WAN/MAN operator  Tenant hosted and Networked Services in  BTC and ETH and maybe anything ERC20 via DOT, all of which I consider to be "the Big 5"  emerging to power the new crypto enabled economy as the same sharks engineer the controlled demolition of the fiat world ensuring maximal profit taking along the way. (WEC Great Reset? lol. good luck with that Dr. Evil. ;)  )

Pocketing Profits in Parallel : These Sharks are the Best in the Business driving BAT and IOTA to new heights.

As the NYC and LonDon sharks run the Top 100 Crypto table "pocketing profits" along the way, now buying up IOTA & BAT, the original crypto Whales and small investor hodlers of IOTA and BAT are being rewarded after a long wait, one that began in early 2018 after the 2017 market hype spike. 

As far as IOTA  development goes, despite the youth of the founders at their 2015 start, IOTA Foundation "IF" has adroitly added both age and experience  to transform from what was seen as an experimental, IoT  "research" (Science experiment) project  and team , doing so largely this past eighteen months , moulding their development effort into a small  group of very competent, very roadmap focused core developers, with much tighter , realistic road maps which has as team, made good on most delivery promises more or less on time (its software so get over any dealys please, bugs happen), where for the most part, like #CARDANO, that small group of IOTA developers is delivering together WITH their IOTA developer community on the promise of realizing IOTA's Smart City and Connected Car powered Machine Economy value add.

For that combined Herculean Effort alone, IOTA should and has been (most recently) rewarded with a higher coin price.

Also, IOTA didn't try to boil the ocean all at once by "opening up too many development fronts" like ETH.  As a result many IOTA hodlers were disappointed the IOTA price had  languished  this past 18 months and,  IOTA did indeed slip out of the Top 20 this past year.

Now IOTA is back at position #26 after slipping into the 40s, IOTA is back and on its way to the top, largely rewarded by good planning, a coherent roadmap and strategy, to to mention a great vision which they have stuck to, sporting a Market Cap Valuation of US$3.1B.

As IOTA's Smart Contract capabilities get discovered by old C++/C developers migrating to #RUST and #GO languages, expect IOTA to be used more and more to develop most all IoT  applications. Why?  For this simple fact alone: IOTA's TANGLE distributed public ledger today does scale TPS in a linear fashion as transaction volume grows (lightweight PoS or energy efficient PoW consensus take your pick) , scaling reliably.

TK Tech Note- both Rust and Go programming languages  support 'thread safe concurrency' without 'memory leaks' because they employ programmable 'Garbage Collection' memory management capabilities). As a result IOTA's core team use of both languages, combined with  their extremely large #IoT centric community having strongholds of developers worldwide and a rapidly expanding footprint in North America (Linux foundation, Automotive Linux, et al),  are well positioned to raise IOTA's Market Cap up  back into the TOP 20 , as IOTAns deliver more and more scalable crypto value to their target verticals markets (IoT, Smart Cities, Connected Cars) via community developers building these nextgen industrial  and machine economy solutions with  both Smart Contracts and oracle the IOTA way.

Too the Moon,  for vastly Different Reasons: IOTA and BAT take off

IOTA , like BAT have a "rosy" future.

In IOTA's specific case, the caveat is IOTA must keep the IF grants powering community development  and their core team energy focused on those applied research and early commercialization efforts which are IOTA core competencies, packaged as easily consumed developer units of value, as promised and, IOTA must keep encouraging & promoting the rapidly growing IOTA worldwide Community to do the rest.

BAT, on the other hand, needs the advertising buy and placement part of that social media market to 'wake up' to the fact Brave's permissioned Ad placement and the BAT BD team are doubling up their effort to get retailers and service outlets on board to place ads on their network. Now that consumer product manufacturers such as Tesla Cars now allow purchase BTC, the ETH to BTC wrapper and balancer offers will be important to  Brave to ensure their developers (BAT which is ERC20 can effectively support double entry accounting based ETH conversion to UTXO format (BTC). Brave  will also need liquidity pair exchange partnerships in this new DEFI segment of the Crypto market to facilitate such conversion of BAT ERC20 to the UTXO format of BTC (also used by IOTA) to allow BAT to be spent and or staked and loaned out to be part of such Big value purchases (Which is what will move the BAT price upward more imo). So there is work to be done in the Brave BAT camp before Brave and BAT Main Street Ad Revenue results really take off.

2021 TK Outlook- IOTA and BAT to the Moon? Yes!

My call for IOTA in 2021 is to regain their position in the TOP 20 solidly, and for BAT to climb back into the TOP 30 and stay there for quite awhile, once this latest 2nd big historic market hype in 2021 settles and, we all see where the real value is and who is executing best to deliver that value.

A Tale of Two Coins? Both are winners in my books, so what are you waiting for?

Stay safe, don't worry about short term corrections and go for it. Think Long. Hodl like Heck. :)

For IOTA and BAT, imo It's really just the start of much greater returns to come, AI Sharks included. 

TK over and out. 

Register now at Publish0x to claim your $$$. It only takes 15 seconds and it's free.

Ethereum pushed higher on Saturday despite Bitcoin flatlining. The cryptocurrency is up 7.5% in the past 24 hours and has moved past $1,300 for the first time since January of 2018.

The cryptocurrency remains below the all-time high price of $1,450 despite the recent push higher and the recent Bitcoin rally to $42,000. ETH is the best-performing crypto asset in the top 10 by market capitalization except for Bitcoin Cash (BCH).

Related Reading: Wall Street Veteran Kickstarts Own Bitcoin Fund With $25m Investment

Popular Youtuber “KSI,” also known as Olajide Olayinka Williams “JJ” Olatunji, recently tweeted out “Ethereum” on Twitter. The tweet from the influencer can be seen below.

The tweet went crypto-viral, garnering tens of thousands of likes and thousands of replies.

Many in the cryptocurrency space responded to KSI’s tweet, telling him about Ethereum and joking about it being the future of finance.

This appears to be the first time the Youtuber has mentioned Ethereum or other cryptocurrencies. A search on Google for “KSI Youtuber Bitcoin” results in nothing relevant to the Youtuber or his interactions with cryptocurrency.

— KSI (@KSI) January 9, 2021

Of note, it is unclear whether or not the celebrity actually owns ETH or was just commenting on it to capitalize on the ongoing attention given to the cryptocurrency.

KSI is the latest celebrity to have dabbled in Bitcoin, Ethereum, and cryptocurrency amid the recent price rally.

Previously, rapper Sir Robert Bryson Hall II, also known as “Logic,” put a material amount of his net worth into Bitcoin late last year. Assuming he hasn’t sold (which is something he hasn’t announced), he should be up over 150% on his investment in the leading cryptocurrency.

Related Reading: DeFi Founder Targeted in $8m Hack Says He Has His Hacker’s IP

Data shows that Ethereum may be ready to surge even higher in the weeks and months ahead, which may validate KSI’s tweet about the cryptocurrency.

A crypto-asset trader recently shared the chart seen below, which shows that there is little overhead resistance for Ethereum past $1,400. This means that like Bitcoin, once the previous all-time high region breaks, there may be little resistance as the cryptocurrency enters a phase of a market known as price discovery.

The trader says that Ethereum could face some resistance in the $1,350 range, though, which is just a few percent above the current price.

I feel like the books just aren't really at all for this type of FOMO. There's tiny bit of resistance at 1350. A lil more at 1400, and then… Nothing.$ETH pic.twitter.com/EUN1HCRTPj

— Byzantine General (@ByzGeneral) January 10, 2021

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing

Article source

Rush to bitcoin? Not so fast, say keepers of corporate coffers (finance.yahoo.com) By Tom Wilson, Anna Irrera and Jessica DiNapoliLONDON/NEW YORK (Reuters) - When Elon Musk's Tesla became the biggest name to reveal it had added bitcoin to its coffers last month, many pundits were swift to call a corporate rush towards the booming cryptocurrency.Yet there's unlikely to be a concerted crypto charge any time soon, say many finance executives and accountants loath to risk balance sheets and reputations on a highly volatile and unpredictable asset that confounds convention."When I did my treasury exams, the thing we were told as number one objective is to guarantee security and liquidity of the balance sheet," said Graham Robinson, a partner in international tax and treasury at PwC and adviser to the UK's Association for Corporate Treasurers."That is the fundamental problem with bitcoin, if those are the objectives for treasurers, then breaking them could get them in trouble."Tesla Inc's $1.5 billion bitcoin bet saw it join business software firm MicroStrategy Inc and Twitter boss Jack Dorsey's payments company Square Inc in swapping some traditional cash reserves for the digital coin.Proponents of the cryptocurrency see it as a hedge against inflation at a time of unprecedented government stimulus, a falling dollar and record-low interest rates that make attractive high-yielding assets hard to find.While the moves have prompted more boardroom discussions though, headaches from bitcoin's volatility to accounting for it and storing it are likely to preclude a big wave of companies holding large amounts on balance sheets in the short term, according to over a dozen financial officers, board members and accountants interviewed by Reuters."It will take more than a small handful of disruptive companies investing in bitcoin to impact the narrative in boardrooms," said Raul Fernandez, an entrepreneur and investor who sits on the audit committee of the board of chipmaker Broadcom Inc as well as other companies."Larger global companies, I can't see those conversations happening right now."GRAPHIC: Betting on bitcoin age%201614856822322.pngBITCOIN'S INTANGIBLE TANGLEOne problem could lie in the devil of the accounting detail in a bookkeeping industry that, like many others, is still taking stock of the nature of cryptocurrencies.The Financial Accounting Standards Board, which sets accounting standards for U.S. corporations, does not have guidance specific to the accounting for cryptocurrencies. However, consistent with discussions among a separate U.S. trade body, companies apply existing FASB guidance on the accounting for "intangible assets", which usually includes intellectual property, brand recognition or goodwill.Under these rules, companies other than investment firms or broker-dealers cannot book gains in the value of holdings should the price of bitcoin rise - but must write down their investment as an impairment charge if it falls.Furthermore, once a company writes down its holdings, it cannot record subsequent gains until it sells.By contrast, companies periodically reflect the impact of fluctuations in traditional currencies in their financial statements.The FASB has no immediate plans to review its treatment of bitcoin as the issue affects few of its constituents, according to a source familiar with the matter."I don't think it's the best accounting so far," said Robert Herz, a former FASB chairman. "I am hoping that if more mainstream companies get into bitcoin, the accounting standards board may revisit the accounting treatment."Outside the United States, cryptocurrencies are usually treated as intangible assets too. But in contrast to guidance under the FASB rules, writedowns can be reversed in future years. In certain cases, companies can record bitcoin at market value. See EXPLAINER:COMPANIES' CRYPTO BILLIONSPublicly listed companies together hold around $9 billion of bitcoin, data from the Bitcoin Treasuries website shows. Around 80% is held by Tesla and MicroStrategy, the latter with over $4.5 billion.Square, which allows users to buy and sell bitcoin, said last month it had added an additional $170 million of the virtual coin to its coffers.Of course, if the price of bitcoin rises, a company can always simply sell its holdings, thus realising some gains. Yet it is still a risky investment, given the cryptocurrency's record of wild swings.In 2013, for example, bitcoin started at around $13 and spiked to over $1,000. In 2017, it went from about $1,000 to around $20,000. In early 2020, it sunk below $4,000. It fell more than 25% late last month only a week after hitting a record high above $58,000. It has now recovered part of its losses.About 5% of chief financial officers (CFOs) and senior finance leaders said they planned to hold bitcoin on their balance sheets in 2021, a survey of 77 executives by U.S. research firm Gartner found last month.Some 84% of respondents said they did not plan to ever hold it as a corporate asset, citing volatility as the top concern, followed by board risk aversion, slow adoption as a widespread method of payment and regulatory issues."I think for the most part you will find companies will avoid that sort of thing," said Jack McCullough, president of the CFO Leadership Council and a former CFO."CFOs are likely to be very conservative in managing corporate treasuries. They're happy sinking money into very safe places with low interest. Their job is to help grow the company through its operations, and the treasury needs to be safe and secure."WHY PUT MY NECK ON THE LINE?Cryptocurrency supporters, however, say the rationale for companies to buy bitcoin is clear, not least the decline of the dollar - the dominant reserve currency - which has fallen about 4.5% against a basket of major currencies in the past year."The value of the dollar over time is getting weaker and weaker," said Dave Sackett, CFO of ULVAC Technologies Inc, the U.S. subsidiary of a Japanese vacuum equipment maker, and an active cryptocurrency investor."Bitcoin flips the script on that."Sackett pitched ULVAC executives on investing in bitcoin last April, suggesting they take a chance and then cash out with potential gains. They passed on the opportunity, he said.Other potential headaches for executives include questions over how a company can safely hold a cryptocurrency, and how much it should disclose to shareholders about security precautions, said Tim Davis, principal in the financial and risk advisory practice at Deloitte & Touche, which advises firms on holding crypto on their balance sheets.High-profile thefts from exchanges have highlighted problems over safely storing digital assets. The loss of passwords for digital wallets is also a risk. Offline or "cold" storage is widely seen as the best defence against hackers but there are few, if any, regulatory standards."Do you custody it yourself?" Davis said. "Do you have an exchange custody it? How much of it do you want to have in a hot wallet versus a cold wallet?"Ultimately, experts added, the expansion into bitcoin by companies without existing ties to the cryptocurrency market may depend on the willingness of financial executives to take on risk."The general consensus among treasurers is that very few of them are going to follow this trend initially," said Naresh Aggarwal at the UK's Association for Corporate Treasurers."As a treasurer, if I am right and the price doubles, the company may sell its holding and make a profit. Whilst the company may be worth more, it won't be reflected in my compensation," he added."But if the price falls, I am pretty confident I will be fired. Why bother putting my neck on the line?"(This story fixes spelling in Robert Herz's name)(Reporting by Tom Wilson and Anna Irrera in London and Jessica DiNapoli in New York; Editing by Pravin Char) Mar 8 by Admin in Blockchain News 1 comment 1 like Like Francisco Gimeno - BC Analyst Post Comment   1 Francisco Gimeno - BC Analyst This is common sense. Bitcoin, crypto is more than a fashion, but any big company understands they can't act on FOMO. Crypto is very volatile yet, and companies also look at liquidity issues. There will be a moment when having crypto in their Treasury is normal, but not yet. 10 1 vote Reply 5 days ago

Blockchain-backed digital art is continuing to make waves and this week an artist who calls himself ‘Beeple’ raised $3.5 million during his latest non-fungible token (NFT) art collection auction. The “Everydays” collection auction included 21 original single edition Beeple pieces, a 100 piece series, and three open edition variations sold in five-minutes.

During the first week of November, news.Bitcoin.com reported on a piece of blockchain-backed election art that sold for $66,666, and the animated piece changes after the official U.S. Electoral College decision. That artwork was created by Mike Winkelmann, otherwise known as ‘Beeple,’ and his non-fungible token (NFT) art collections have been extremely popular.

This week, Beeple raised a whopping $3.5 million in a NFT auction that sold his collection of art dubbed the “Everydays” collection.

One of Beeple’s pieces had an auction that raised $777,777 for the art and the bid was entered with only a second left to spare according to the NFT online auction house Nifty Gateway. After that sale and all the art was sold, Nifty Gateway’s official Twitter account tweeted about the milestone auctions gathering over $3.5 million in ether.

“And that’s all she wrote,” Nifty Gateway tweeted. “The auction ends on a ridiculous last-second bid of $777,777. This brings total primary market sales from Beeple’s collection to over $3,500,000+,” the Twitter account added.

Winkelmann or Beeple, previously worked for well-known companies like Louis Vuitton, Nike, and celebrities such as Katy Perry and Justin Bieber before jumping into the NFT space. According to his website, the “Everydays” collection is something he has been working on since 2002.

“These pictures are all done from start to finish every day,” Beeple’s web portal details. “The purpose of this project is to help me get better at different things. By posting the results online, I’m ‘less’ likely to throw down a big pile of ass-shit even though most of the time I still do because I suck ass,” the artist added.

Some of the most valuable pieces sold on Nifty Gateway this past weekend featured subjects like Star Wars, Tom Hanks versus the coronavirus, and one dubbed “Mario 2020.” Beeple now joins the ranks of the NFT artists who have made large sums of ethereum (ETH) for their art.

For instance, the NFT piece called Forever Rose was purchased by collectors for $1 million. Further a piece of NFT art from the Robert Alice art project called “Block 21 (42.36433° N, -71.26189° E) (from Portraits of a Mind)” sold at the leading auction house Christie’s in October.

Many other artists have been flocking from the traditional art space to the world of blockchain-backed art. The acclaimed comic book illustrator Jose Delbo has been selling NFTs and the popular 4K digital video artist Terry Flaxton has also joined the movement. A Scotland-based NFT artist, Trevor Jones, has sold work for $55k (“Picasso’s Bull”) and $111k (“Genesis”) as well.

The web portal nonfungible.com, which measures the NFT market history and statistics shows there have been 5,094,912 NFT sales to-date worth over $146 million. The average price across the aggregate of $146 million worth of NFT sales is $28.84 per NFT on December 15, 2020. Beeple’s “Everydays” collection for 2020 hosted on Nifty Gateway can be viewed here.

What do you think about Beeple raising $3.5 million selling his “Everydays” NFT collection? Let us know what you think about this subject in the comments section below.

Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here.

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When Elon Musk’s Tesla became the biggest name to reveal it had added bitcoin to its coffers last month, many pundits were swift to call a corporate rush towards the booming cryptocurrency.

Yet there’s unlikely to be a concerted crypto charge any time soon, say many finance executives and accountants loath to risk balance sheets and reputations on a highly volatile and unpredictable asset that confounds convention.

“When I did my treasury exams, the thing we were told as number one objective is to guarantee security and liquidity of the balance sheet,” said Graham Robinson, a partner in international tax and treasury at PwC and adviser to the UK’s Association for Corporate Treasurers.

“That is the fundamental problem with bitcoin, if those are the objectives for treasurers, then breaking them could get them in trouble.”

Tesla Inc’s US$1.5 billion bitcoin bet saw it join business software firm MicroStrategy Inc and Twitter boss Jack Dorsey’s payments company Square Inc in swapping some traditional cash reserves for the digital coin.

Proponents of the cryptocurrency see it as a hedge against inflation at a time of unprecedented government stimulus, a falling dollar and record-low interest rates that make attractive high-yielding assets hard to find.

While the moves have prompted more boardroom discussions though, headaches from bitcoin’s volatility to accounting for it and storing it are likely to preclude a big wave of companies holding large amounts on balance sheets in the short term, according to over a dozen financial officers, board members and accountants interviewed by Reuters.

“It will take more than a small handful of disruptive companies investing in bitcoin to impact the narrative in boardrooms,” said Raul Fernandez, an entrepreneur and investor who sits on the audit committee of the board of chipmaker Broadcom Inc as well as other companies.

“Larger global companies, I can’t see those conversations happening right now.”

Bitcoin’s intangible tangle

One problem could lie in the devil of the accounting detail in a bookkeeping industry that, like many others, is still taking stock of the nature of cryptocurrencies.

The Financial Accounting Standards Board, which sets accounting standards for US corporations, does not have guidance specific to the accounting for cryptocurrencies. However, consistent with discussions among a separate US trade body, companies apply existing FASB guidance on the accounting for “intangible assets”, which usually includes intellectual property, brand recognition or goodwill.

Under these rules, companies other than investment firms or broker-dealers cannot book gains in the value of holdings should the price of bitcoin rise—but must write down their investment as an impairment charge if it falls.

Furthermore, once a company writes down its holdings, it cannot record subsequent gains until it sells.

By contrast, companies periodically reflect the impact of fluctuations in traditional currencies in their financial statements.

The FASB has no immediate plans to review its treatment of bitcoin as the issue affects few of its constituents, according to a source familiar with the matter.

“I don’t think it’s the best accounting so far,” said Robert Herz, a former FASB chairman. “I am hoping that if more mainstream companies get into bitcoin, the accounting standards board may revisit the accounting treatment.”

Outside the United States, cryptocurrencies are usually treated as intangible assets too. But in contrast to guidance under the FASB rules, writedowns can be reversed in future years. In certain cases, companies can record bitcoin at market value.

Companies’ crypto billions

Publicly listed companies together hold around US$9 billion of bitcoin, data from the Bitcoin Treasuries website shows. Around 80 per cent is held by Tesla and MicroStrategy, the latter with over US$4.5 billion.

Square, which allows users to buy and sell bitcoin, said last month it had added an additional US$170 million of the virtual coin to its coffers.

Of course, if the price of bitcoin rises, a company can always simply sell its holdings, thus realising some gains. Yet it is still a risky investment, given the cryptocurrency’s record of wild swings.

In 2013, for example, bitcoin started at around US$13 and spiked to over US$1,000. In 2017, it went from about US$1,000 to around US$20,000. In early 2020, it sunk below $4,000. It fell more than 25 per cent late last month only a week after hitting a record high above US$58,000. It has now recovered part of its losses.

About five per cent of chief financial officers (CFOs) and senior finance leaders said they planned to hold bitcoin on their balance sheets in 2021, a survey of 77 executives by US research firm Gartner found last month.

Some 84 per cent of respondents said they did not plan to ever hold it as a corporate asset, citing volatility as the top concern, followed by board risk aversion, slow adoption as a widespread method of payment and regulatory issues.

“I think for the most part you will find companies will avoid that sort of thing,” said Jack McCullough, president of the CFO Leadership Council and a former CFO.

“CFOs are likely to be very conservative in managing corporate treasuries. They’re happy sinking money into very safe places with low interest. Their job is to help grow the company through its operations, and the treasury needs to be safe and secure.”

Why put my neck on the line?

Cryptocurrency supporters, however, say the rationale for companies to buy bitcoin is clear, not least the decline of the dollar—the dominant reserve currency—which has fallen about 4.5 per cent against a basket of major currencies in the past year.

“The value of the dollar over time is getting weaker and weaker,” said Dave Sackett, CFO of ULVAC Technologies Inc, the US subsidiary of a Japanese vacuum equipment maker, and an active cryptocurrency investor.

“Bitcoin flips the script on that.”

Sackett pitched ULVAC executives on investing in bitcoin last April, suggesting they take a chance and then cash out with potential gains. They passed on the opportunity, he said.

Other potential headaches for executives include questions over how a company can safely hold a cryptocurrency, and how much it should disclose to shareholders about security precautions, said Tim Davis, principal in the financial and risk advisory practice at Deloitte & Touche, which advises firms on holding crypto on their balance sheets.

High-profile thefts from exchanges have highlighted problems over safely storing digital assets. The loss of passwords for digital wallets is also a risk. Offline or “cold” storage is widely seen as the best defence against hackers but there are few, if any, regulatory standards.

“Do you custody it yourself?” Davis said. “Do you have an exchange custody it? How much of it do you want to have in a hot wallet versus a cold wallet?”

Ultimately, experts added, the expansion into bitcoin by companies without existing ties to the cryptocurrency market may depend on the willingness of financial executives to take on risk.

“The general consensus among treasurers is that very few of them are going to follow this trend initially,” said Naresh Aggarwal at the UK’s Association for Corporate Treasurers.

“As a treasurer, if I am right and the price doubles, the company may sell its holding and make a profit. Whilst the company may be worth more, it won’t be reflected in my compensation,” he added.

“But if the price falls, I am pretty confident I will be fired. Why bother putting my neck on the line?” —REUTERS

By Tom Wilson, Anna Irrera and Jessica DiNapoli

LONDON/NEW YORK (Reuters) – When Elon Musk’s Tesla (NASDAQ:) became the biggest name to reveal it had added bitcoin to its coffers last month, many pundits were swift to call a corporate rush towards the booming cryptocurrency.

Yet there’s unlikely to be a concerted crypto charge any time soon, say many finance executives and accountants loath to risk balance sheets and reputations on a highly volatile and unpredictable asset that confounds convention.

“When I did my treasury exams, the thing we were told as number one objective is to guarantee security and liquidity of the balance sheet,” said Graham (NYSE:) Robinson, a partner in international tax and treasury at PwC and adviser to the UK’s Association for Corporate Treasurers.

“That is the fundamental problem with bitcoin, if those are the objectives for treasurers, then breaking them could get them in trouble.”

Tesla Inc’s $1.5 billion bitcoin bet saw it join business software firm MicroStrategy Inc and Twitter boss Jack Dorsey’s payments company Square Inc (NYSE:) in swapping some traditional cash reserves for the digital coin.

Proponents of the cryptocurrency see it as a hedge against inflation at a time of unprecedented government stimulus, a falling dollar and record-low interest rates that make attractive high-yielding assets hard to find.

While the moves have prompted more boardroom discussions though, headaches from bitcoin’s volatility to accounting for it and storing it are likely to preclude a big wave of companies holding large amounts on balance sheets in the short term, according to over a dozen financial officers, board members and accountants interviewed by Reuters.

“It will take more than a small handful of disruptive companies investing in bitcoin to impact the narrative in boardrooms,” said Raul Fernandez, an entrepreneur and investor who sits on the audit committee of the board of chipmaker Broadcom (NASDAQ:) Inc as well as other companies.

“Larger global companies, I can’t see those conversations happening right now.”

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BITCOIN’S INTANGIBLE TANGLE

One problem could lie in the devil of the accounting detail in a bookkeeping industry that, like many others, is still taking stock of the nature of cryptocurrencies.

The Financial Accounting Standards Board, which sets accounting standards for U.S. corporations, does not have guidance specific to the accounting for cryptocurrencies. However, consistent with discussions among a separate U.S. trade body, companies apply existing FASB guidance on the accounting for “intangible assets”, which usually includes intellectual property, brand recognition or goodwill.

Under these rules, companies other than investment firms or broker-dealers cannot book gains in the value of holdings should the price of bitcoin rise – but must write down their investment as an impairment charge if it falls.

Furthermore, once a company writes down its holdings, it cannot record subsequent gains until it sells.

By contrast, companies periodically reflect the impact of fluctuations in traditional currencies in their financial statements.

The FASB has no immediate plans to review its treatment of bitcoin as the issue affects few of its constituents, according to a source familiar with the matter.

“I don’t think it’s the best accounting so far,” said Robert Hertz, a former FASB chairman. “I am hoping that if more mainstream companies get into bitcoin, the accounting standards board may revisit the accounting treatment.”

Outside the United States, cryptocurrencies are usually treated as intangible assets too. But in contrast to guidance under the FASB rules, writedowns can be reversed in future years. In certain cases, companies can record bitcoin at market value. See EXPLAINER:

COMPANIES’ CRYPTO BILLIONS

Publicly listed companies together hold around $9 billion of bitcoin, data from the Treasuries website shows. Around 80% is held by Tesla and MicroStrategy, the latter with over $4.5 billion.

Square, which allows users to buy and sell bitcoin, said last month it had added an additional $170 million of the virtual coin to its coffers.

Of course, if the price of bitcoin rises, a company can always simply sell its holdings, thus realising some gains. Yet it is still a risky investment, given the cryptocurrency’s record of wild swings.

In 2013, for example, bitcoin started at around $13 and spiked to over $1,000. In 2017, it went from about $1,000 to around $20,000. In early 2020, it sunk below $4,000. It fell more than 25% late last month only a week after hitting a record high above $58,000. It has now recovered part of its losses.

About 5% of chief financial officers (CFOs) and senior finance leaders said they planned to hold bitcoin on their balance sheets in 2021, a survey of 77 executives by U.S. research firm Gartner (NYSE:) found last month.

Some 84% of respondents said they did not plan to ever hold it as a corporate asset, citing volatility as the top concern, followed by board risk aversion, slow adoption as a widespread method of payment and regulatory issues.

“I think for the most part you will find companies will avoid that sort of thing,” said Jack McCullough, president of the CFO Leadership Council and a former CFO.

“CFOs are likely to be very conservative in managing corporate treasuries. They’re happy sinking money into very safe places with low interest. Their job is to help grow the company through its operations, and the treasury needs to be safe and secure.”

WHY PUT MY NECK ON THE LINE?

Cryptocurrency supporters, however, say the rationale for companies to buy bitcoin is clear, not least the decline of the dollar – the dominant reserve currency – which has fallen about 4.5% against a basket of major currencies in the past year.

“The value of the dollar over time is getting weaker and weaker,” said Dave Sackett, CFO of ULVAC Technologies Inc, the U.S. subsidiary of a Japanese vacuum equipment maker, and an active cryptocurrency investor.

“Bitcoin flips the script on that.”

Sackett pitched ULVAC executives on investing in bitcoin last April, suggesting they take a chance and then cash out with potential gains. They passed on the opportunity, he said.

Other potential headaches for executives include questions over how a company can safely hold a cryptocurrency, and how much it should disclose to shareholders about security precautions, said Tim Davis, principal in the financial and risk advisory practice at Deloitte & Touche, which advises firms on holding crypto on their balance sheets.

High-profile thefts from exchanges have highlighted problems over safely storing digital assets. The loss of passwords for digital wallets is also a risk. Offline or “cold” storage is widely seen as the best defence against hackers but there are few, if any, regulatory standards.

“Do you custody it yourself?” Davis said. “Do you have an exchange custody it? How much of it do you want to have in a hot wallet versus a cold wallet?”

Ultimately, experts added, the expansion into bitcoin by companies without existing ties to the cryptocurrency market may depend on the willingness of financial executives to take on risk.

“The general consensus among treasurers is that very few of them are going to follow this trend initially,” said Naresh Aggarwal at the UK’s Association for Corporate Treasurers.

“As a treasurer, if I am right and the price doubles, the company may sell its holding and make a profit. Whilst the company may be worth more, it won’t be reflected in my compensation,” he added.

“But if the price falls, I am pretty confident I will be fired. Why bother putting my neck on the line?”

Cryptocurrency is not controlled by any government or central agency or central banking systems. It is a decentralized system. Wherein, the value of the crypto is controlled by the users over the internet.

Many people consider Bitcoin to be the first Crypto. Although the technology used by Bitcoin has a revolutionary effect on the cryptocurrency, it is not the first crypto. The origin of cryptocurrency dates back 20 years before Bitcoin.

According to our Cryptocurrency Guide in the Netherlands to avoid nighttime thefts on petrol stations, a group of developers tried to link money to master cards. The truck drivers were required to carry these cards and the stations would not have money lying around. These were the earliest examples of cash having a link to digital currencies.

The Cryptocurrency Guide says that American cryptographer David Chaum around the same time or earlier than the Netherlands came up with another form of electronic cash. He developed a blinding formula to encrypt information between individuals. It could be transferred between individuals with a signature of authenticity and to be changed without traceability

In the 1990s many startups tried to come up with their versions of digital money. Among them was PayPal which left a lasting impression. Another one was B-Money by Wei Dai in 1998. Bit Gold was another electronic currency system that was there around the same time as B-Money. Hash Cash is considered to be the most successful pre–Bitcoin Digital currency.

To get started with crypto, here is the Cryptocurrency Guide. If you are new to the cryptocurrency world, it can be challenging to understand the ins and out of it. It is a reasonably new concept. The cryptocurrency is getting old by the day but the functions or usage are still unclear to many.

If you are thinking of investing in cryptocurrency, there are things that you need to understand first.

The possibilities are endless. Cryptocurrency can change your world. So be patient and add your experiences to your learning.

According to our Cryptocurrency Guide, the top Cryptocurrency today available are:

Bitcoin: It’s the most famous and well-known Cryptocurrency available. There are 17.6 million Bitcoin tokens in circulation.

Bitcoin Cash: It was introduced in 2017. The only difference compares to the original Bitcoin is its block size which is 8MB to Bitcoin’s 1MB.

Litecoin: It was created by Charlie Lee in 2011. It has become as famous as Bitcoin. Litecoin has shorter transaction times, lower fees, and more concentrated miners.

Ethereum: Ethereum can be considered as an app store. The idea behind was to give back the control of apps to its creators removing the middleman. The tokens are called Ether, which is the currency used by app developers and users.

Stellar: Stellar was designed by Ripple’s co-founder Jed McCaleb in 2014. Its main focus is on money transfer. Stellar’s goal is to help developing economies that might not have access to investments and traditional banks.

NEO: It was developed in China. NEO wants to become the next major cryptocurrency. Its main focus is on digital contracts that allows its users to create and execute agreements without the need for a middleman.

Cardano: It was founded by Charles Hoskinson, the co-founder of Ethereum. In the world of Cryptocurrencies, it has a more balanced and sustainable ecosystem. It is based on the scientific approach and research-based philosophy.

IOTA: It started in 2016. IOTA stands for Internet of Things Application. IOTA works with smart devices. To use the IOTA, the user needs to verify the previous two transactions on the ledger known as Directed Acyclic Graph (DAG). In the IOTA world, it’s called The Tangle.

DAG –It stands for Directed Acyclic Graph. DAG comes from the mathematical term for a graph. You have these sets which have vertices and edges. DAG-based cryptocurrency represents every transaction in the form of a vertex. There are no Blocks in a DAG nor mining is required. So, each transaction is built on top of one another. DAG also avoids double-spending.

In this Cryptocurrency Guide, you will know as a beginner, what all things you need to know about digital money.

Let’s start with the basics, what is cryptocurrency? Cryptocurrency is digital money that is secured by cryptography. The last decade or so has seen a rise in cryptocurrency. The world of cryptocurrency can be difficult for dummies to navigate through.

Cryptocurrency uses mathematical concepts and techniques to secure information with the help of cryptography. It does not come under any central government or regulating body. It works on a peer-to-peer basis. The Crypto world is managed by a community of developers.

So, now the basics are out of the way. Let us understand how it works. Suppose A sends money to B. The money is sent through a digital wallet that stores the cryptocurrency. This payment is not done by a central bank. But it is transferred directly from person to person or in crypto language peer to peer.

This block will include all the information about the transaction. The sender, the recipient, the sum, and the timestamp will be included in this block. It also includes the cryptographic proof of the transaction. This is a complex mathematical problem that requires a lot of computer power.

This is not the Ultimate Guide to Cryptocurrency Mining but we will try our best. Now comes Mining. Mining is nothing but the process of producing the codes that connect each block to the chain. Miners are developers with insane computer power behind them.

Cryptocurrencies are definitely safe, provided you know the technology nuances and store it safely in a hardware wallet. Things that you should keep in mind before investing in cryptocurrency

There are a lot of things that are still not clear to the layman or beginners. They don’t understand the system or how it operates. This ignorance makes them vulnerable.

Cryptocurrencies may be used for illegal transactions as well. Since it’s not regulated by any government or a central body, which makes it riskier.

Cryptocurrency value doesn’t have a fixed pattern of rise and fall. It is exchanged peer to peer without any regulatory standards.

A currency or an investment needs stability and cryptocurrencies are nothing of the sort.

So, the Cryptocurrency Security Guide says that if you have enough after you have saved for the things that you need, like your retirement. You can try and invest in crypto. But it’s still going to be all those things mentioned above.

There are over 1000 cryptocurrencies in the world, according to our Cryptocurrency Guide. Some of them are very private and you cannot trace them. Some of the cryptocurrencies are not so private and can be easily traced. Some of the cryptocurrencies are semi-anonymous. Let’s take some examples:

Another crypto is the champion of privacy. The name of the cryptocurrency is Monero. In this crypto, nothing can be traced. The transaction does not carry any plain text. Some of the other anonymous coins are DASH, ZCash, Pivx, etc.

Ripple is another cryptocurrency that can be traced easily.

So, to summarize any cryptocurrency that comes under private or semi-anonymous can be traced.

Researchers have come up with the fact that in today’s time 90% of the cryptocurrencies will not survive a crash in the markets. Those who will survive will dominate the market and will boost the returns for the investors as well.

The more the cryptocurrency in the market, the more and more security holes are appearing. Some of these security issues are fundamental to the way cryptocurrencies were built. Initially, this was just theoretical. But in the past, some of the well-known crypto’s have come under attack. Ethereum classic saw a 51% attack. In total hackers have stolen approx. $2 billion worth of cryptocurrency since 2017. The attacks are not only done by loners but sophisticated cybercrime organizations are doing it too.

According to the Cryptocurrency Guide, it shouldn’t be a surprise. These cryptos are attractive because fraudulent transactions can’t be reversed as is done in a traditional system. With unique security features comes great vulnerability as well.

It would not be exactly right to call cryptocurrency hack-proof. Susceptibility to 51% of attacks is inherent to most cryptocurrencies. Aside from this 51%, there are other security weaknesses as well. The researchers of the field have just started to explore the implications of these weaknesses. A fund called DAO (Decentralized Autonomous Organization) was set up in 2016. An attacker stole more than $60 million worth of cryptocurrency by exploiting an unforeseen flaw.

Cryptocurrencies, because of the value it holds, hackers or unlawful activity is attracted toward them. The makers have tried to make it as secure as possible. But some loopholes have led to the losses.

These facts make you think about the Invest in Cryptocurrency Guide. The crypto world is fairly new and we don’t want to make many mistakes.

In the Cryptocurrency guide, we have already explained what cryptocurrency is. It is a form of digital money. It uses cryptography for converting information into an untraceable code. This code helps in tracking the purchase and transfers.

Initially, cryptocurrency enthusiasts only served as miners. But now it has become a lucrative business. 

We have tried to explain in as much detail as possible. For these purposes, you should always think of going for a Cryptocurrency Guide for Beginners.

In our Cryptocurrency Guide, we have already discussed mining and how it’s done. Now let’s discuss which are the best cryptocurrencies to mine in 2020.

So, now you can choose among the different choices we have provided you with, from our Crypto 101 the Average consumers guide to cryptocurrency.

In our Cryptocurrency guide, the main uses of cryptocurrencies are:

The most well-known use of crypto is for receiving and sending money or payments at a very low cost. This low cost attached to crypto makes it an excellent payment system.

There are ways to earn interest in crypto. Examples are De-Fi and crypto staking. With the low-interest rate offered by the traditional banks, lending your crypto is certainly a better option. However, this type of lending doesn’t come without risk and it is not issued by PDIC or similar government bodies.

It’s not unheard of to have your bank account frozen. The crypto in a situation like this is of great help. The digital token-based fundraising has enabled anyone to invest in an innovative early-stage tech start-up. You only need a good internet connection.

The cryptocurrency enables users to make anonymous financial transactions. The individuals don’t have any explanation to do. With the use of cryptocurrencies, people can send non-cash remittances from anywhere in the world to selected African nations. You can receive financial rewards in the form of cryptocurrency for posting content on the network.

Cloud storage solutions like storj, enables users to earn cryptocurrency by asking them to rent out their hard drive storage space.

You can now even travel the world by spending cryptocurrency. You can now book flights, rent cars, hotels, and even apartments using cryptos like bitcoin, ETH. With the growth of bitcoin ATM travelers can now also convert their cryptocurrency into local currency.

Lastly, individuals can also buy a Lamborghini says Cryptocurrency Guide with these cryptos. The market also offers other luxurious goods like art, wine, real estate, etc.

Anyone who owns a cryptocurrency needs to know where it’s stored. It is like the money which you keep in your wallet. This is a digital wallet with a public key and a private key.

To understand the concept of how it’s stored, we need to take it step by step. First comes the private key which can be considered your physical key in real life. This private key allows the owner to unlock the coins they have. The private keys allow access to the crypto asset. So, it needs to remain private and confidential to the user.

Second, comes the public key. If you have a private key you can use it to recover the public key, but not the other way round.

The coins are never located on a single device. Your cryptocurrency is directly related to public and private keys. Crypto is never stored in a hardware wallet. These hardware wallets only provide safe storage for your private keys.

According to our Cryptocurrency Guide, anybody trying to understand the storage of cryptocurrency needs to understand the importance of keys in the world of crypto.

Cryptocurrency is legal in the following countries; says Cryptocurrency Guide

As you can see many countries around the world have started accepting cryptocurrency. This does not mean that it has been accepted by the government as well.

The exchanges send cryptocurrency to the user’s cryptocurrency wallet. To understand the wallet in detail, you should refer to Guide to Cryptocurrency wallet. You can even receive the digital currency balance in anonym cards. These cards can be used to withdraw funds worldwide.

The creators of crypto are usually independent of the digital currency exchange. A cryptocurrency exchange can be either a physical business or an online business. If it’s physical then it exchanges traditional payment methods and digital money. If it’s an online one then it exchanges electronically transferred money and digital money.

Cryptocurrency exchanges are nothing but websites. These websites are used to buy and sell cryptocurrency. These exchanges don’t have anyone’s authority regulating them. Unlike stock exchanges which are regulated to prevent fraud. Whereas these exchanges are not.

Cryptocurrency exchanges are not controlled by any central regulatory authority. For example, in the U.S the regulation on crypto varies from state to state. The cryptocurrency exchange regulations are uncertain. There are no formal rules to regulate the exchanges.

In our Cryptocurrency Guide, we will tell you about crypto trading. Cryptocurrency trading is simple. You trade on crypto for another. Here you hope that the coin you buy value increases. The concept of trading in the crypto world is the same as the stock exchange. While trading you need to use a cryptocurrency exchange. There are two types of trading short-term trading and long-term trading.

You will buy a cryptocurrency thinking that it will increase in a short time. This is short term trading. The advantage of short-term trading is that you can make high percentage gains.in the market today, there are more than 1,500 different cryptocurrencies to trade. The more crypto in the market the higher the opportunity to make huge profits.

Short-term trading comes with a disadvantage as well. The crypto market is very volatile. The prices change very quickly. So, if you are into short term trading, you will have to spend a lot of time understanding the market. There is one more disadvantage to short term trading. In short, if you want to see good returns, you are expected to invest a large amount with which many can’t be comfortable.

In the crypto world, long term trading means holding onto the coin for more than a year. The idea behind this type of trading is that though the market is volatile, the prices will increase over time The advantage of long-term trading is that you don’t need to spend a lot of time. Another advantage is that you can even start with a small amount. The disadvantage is that you might miss out on a quick short-term profit. Sometimes the value rises and falls very fast. This chance will be missed to make a quick profit from long-term traders.

According to our Cryptocurrency Guide, we will let you know in detail which crypto to buy or invest in 2021.

It’s been sometime now when cryptocurrency started to exist.  Bitcoin has been the most accepted choice. But this doesn’t mean that there aren’t any other good options. The market is flowing with more than 500 different kinds of cryptocurrency. In 2021 you should take a look at these crypto’s as well.

So, for everyone who is planning on investing in digital currency, our cryptocurrency guide has provided you with the insights. Additionally, you can keep an eye on the crypto market and decide.

It is difficult to say which will be the next bitcoin among the several cryptocurrencies we have in the market. The major players are Cash, Ripple, Ethereum, and Litecoin. The current market of all cryptocurrencies is approx. $237 billion. In this two-thirds is represented by Bitcoin and Ethereum.

Ethereum was developed by a Russian, Vitalik Buterin in 2015. Ethereum carries a market capitalization of around $40.6 billion. It was built to create ‘smart contracts. When many smart contracts are put together, we get something called a dApps. The vast majority of cryptocurrencies are dApps.

Litecoin was launched in 2011. It was co-founded by a former Google engineer. Litecoin allows for fast, low-cost global payments through its decentralized network. It is the next option after Bitcoin and Ethereum.

Ripple was launched in 2012. Its main focus is on multi-currency transactions. These transactions are cheaper and faster compared to Bitcoin. The Ripple market in 2020 is up 300%. It is estimated to have a market capitalization of $332 billion.

So, in our Cryptocurrency Guide, we have provided you with the facts. It’s Up to you how you want to proceed.

Well, it’s easy, you need to buy a cryptocurrency when it’s cheap, or the value is really low.  You sell your cryptocurrency when the prices have risen considerably. That will enable you to make a considerable amount of money or profit.

At this point, all cryptocurrency prices are based on assumptions. You will know in our Cryptocurrency Guide any hype can raise the prices. Some cryptos don’t have a network yet. This means that the prices of these cryptos completely depend on the investors.

If the investors think that the prices will go up, then they will be buying. This buying will send the prices up. And if the investors think that the prices will go down, then they will sell. This will take the price down.

If you think it has anything to do with reality, then you might be wrong. It has nothing to do with reality but rather it’s all based on sentiments, educated guesses, and point of view.

In the long term, usage will lead to higher cryptocurrency prices. The use will create sustained demand for cryptocurrency. This demand will lead to higher prices. The cryptocurrency platform is for people to come up with new concepts, create new businesses that were not possible with traditional money.

People, in general, don’t think about the price of the underlying assets, only the price they pay for jewelry, etc. we are going to see the same thing with cryptocurrency.  They will only use the things that run on cryptocurrency. They will never think about the price.  This pattern will outpace the rate at which new coins come into the market. These new coins will increase the demand of the user which in return will drive the prices very high.

So, the Cryptocurrency Guide says cryptocurrency can rise in the long run. But, it’s difficult to say anything. We will have to see whether our assumptions stand true.

It’s very important to understand when to make a profit in the crypto world.  The Cryptocurrency Guide says, to make a profit you need to have a sound plan in place.

The volatile nature of cryptocurrency is a slippery road. Multiple 4-5% moves within an hour with an occasional 40-50% increase is not unheard of in the crypto world. The crypto markets are more accessible because it doesn’t require a minimum balance for trading.

If you take the two scenarios from above and combine them, we can end with a situation where not so experienced traders can face a life-altering situation. But at the same time, the inexperienced ones can let their emotion dictate the trade. And this not smart.

You should not let your emotions run wild. Don’t wait for more rise, more rise. If you are getting a good increase in your initial amount. That’s your clue to make a profit, according to the Cryptocurrency Guide.

Cryptocurrencies are not legal in any jurisdiction. They are not regulated by a government entity or a central body. Their price is also determined by the supply and demand of their market.

The question is can it be regulated?

Our Cryptocurrency Guide predicts that It can only be regulated by its makers or if they decide to run it as any other government entity. That has not happened yet.

It has its own set of regulations but they are not your traditional regulatory standards. The government of any country has no control over the currency.

The cryptocurrency is regulated by its makers. According to the Cryptocurrency Guide SEC and the Commodity Futures Trading Commission (CFTC) have some statutory authority to oversee crypto-markets. They have recently started enforcing regulations on the sector. But the regulations are not enough because they lack the budgets.

The SEC regulates the crypto assets that can be considered “securities” like stocks and bonds. On the other hand, CFTC considers bitcoin a commodity like gas or oil. It has the power to regulate any product involving commodities.

The Cryptocurrency Guide says yes. You can convert your cryptocurrency to cash. The main ways to cash out your crypto are-

The first option is the quickest and safest. This option is known as exchange or margin trading. In this, you can sell your holdings at the current market price. This way of selling is with minimum risk. The most popular exchanges for this purpose are Coinbase and CEX.

Another way to get cash for your crypto is through peer-to-peer services which are Localbitcoins or BitBargain. This option takes some time as you will be asked to send the required documents. And once these documents are verified then only you will be able to sell.

The last way to get your cash by selling your crypto is to do it face to face. There are crypto markets to sell your cryptocurrency in person. Usually, these are public places where you can meet crypto enthusiasts and sell yours for cash. This is the most profitable way to get cash as you can charge high commissions.

All the options mentioned have their pros and cons. It’s for you to select the best way to get cash suited to your requirement.

If you sell your home or property. You take the profit of these properties. So, these properties are considered capital assets. It’s the same thing with digital currency. You are required to pay taxes on capital gains whether short or long term.

If you are selling your property as a part of a business then it is taxed as ordinary income. The same thing applies to digital currency as well.

Cryptocurrency Guide states that according to the tax laws anything that is bringing in profits is taxable, whether it is a cryptocurrency or traditional money.

For the first time, this year the federal tax forms asked about cryptocurrency activities. Cryptocurrency is a “digital representation of value” as the IRS puts it. In our Cryptocurrency Guide let us see the implications when you file your taxes.

You are not compliant with the IRS regulations if you’ve been using cryptocurrency. But, not paying taxes on these cryptocurrency or related transactions.

Since 2014, cryptocurrency has been considered property by the IRS. Taxpayers are requested to report the transactions involving crypto.

As far as the tax preparation websites go, TurboTax is the only one that walks you through the process of recording a crypto sale.

There are a total of four scenarios that would require you to attempt this section.

To sum up according to our Cryptocurrency Tax Guide, if you have any of the above events under your belt. In that situation, you should consult a professional who can suggest you on tax issues. You can give virtual money as a gift, transfer it between wallets or exchanges, and purchase it with US dollars without creating a taxable situation.

We can predict a collapse or predictions of a collapse of a speculative bubble in cryptocurrencies have been made several times. To think of cryptocurrency as a safe harbor would be wrong. If a financial crash happens, the famous volatile asset class that is cryptocurrency is going to get affected.

The question is whether it will go negative? The Cryptocurrency Guide has the answer to that question. The cryptocurrency world until now had never lived through a recession or a crash. That changed with this pandemic. Bitcoin’s price collapsed completely in 24 hours. It went down from $8000 to $4,400.

In a situation unique like a pandemic, who in their right mind would invest their money in an even riskier asset.

The mere nature of the digital currency has tempted the people in the government or authority to ban it. It has not completely been banned because the number of users is very high.

According to our Cryptocurrency Guide, the legal status of cryptocurrency is very unclear at the moment. The majority of the countries do not make the usage of crypto illegal. But, it’s status as money varies. It maybe currency in one country, exchange token in UK, commodity somewhere else and security elsewhere. There is not much clarity for cryptocurrency all around the world.

While some states have allowed its use and trade. Many have banned them.

The only clarity we currently have is Bitcoin and Ethereum are not securities in the US. For other cryptocurrencies, the regulation is still not clear. The lawsuit between SEC and Ripple may set the precedence in getting regulatory clarity.

In this Cryptocurrency Guide, we are going to discuss if cryptocurrency can change the world. We can only make assumptions at this point. What will happen if cryptocurrency becomes as widely used as our traditional money.

Cryptocurrency is expected to revolutionize future payments, services, and businesses, says Cryptocurrency Guide by affecting these, cryptocurrency is going to affect the world at large.

It seems like cryptocurrency is expected to change the e-commerce scene. The number of people shopping online has increased considerably. Cryptocurrency gives individuals plenty of reasons to become online shoppers. It eliminates the risk of fraud for both vendors, sellers, and shoppers.

 It also eases consumer concern for the safety of their personal information. It is also believed that cryptocurrency can make online shopping more convenient compared to traditional money. It will become more convenient because cryptocurrency doesn’t have to follow international rules or comply with trade restrictions.

Another area that the cryptocurrency Guide thinks where crypto challenges traditional money is money transfers across borders. Their fast execution time and very low transaction cost compared to traditional money is a success. It is not a surprise that they are taking over cross border transactions.

Cryptocurrency also helps increase global remittances.

 Older money transfer firms are not cost-effective. You are charged a high percentage if you want to send money home or a foreign country. The transfer takes a lot of time to get processed as well. On the other hand, cryptocurrency transfers are very cost-effective and fast.

Cryptocurrencies might also bring stability to the unstable traditional currency. It can give more control to the people, provide scalability among other things.

One of the leading financial services companies Deutsche bank has predicted that cryptocurrency could replace cash by 2030 entirely. In one of its research, the bank said that the structure that keeps the traditional money in place could crumble. Allowing the cryptocurrency to take its place.

According to the Bank, the forces that hold the traditional money in place look very fragile. Some of these forces, over the next decade, could start to demand alternative options like cryptocurrency or gold.

Things can change over the next decade. Cryptocurrencies have been additions up till now. This fact may change. If they can overcome regulatory hurdles, it will broaden their appeal and raise the possibility of replacing cash.

So yes, according to our Cryptocurrency Guide it is possible that crypto can replace cash. But with this, there are huge challenges attached as well.

If cryptocurrencies replace cash, then the traditional currencies will lose their value. If cryptocurrency takes over entirely then the world will need new infrastructure to run on. There would be difficulties with the transition, as cash could become useless pretty quickly. It will leave some people with lost assets.

Established financial intuitions will collapse overnight. The decisions of the government regarding the currency will not be needed as cryptocurrency is run independently. Regardless of how you feel about your investments, to switch it from standard cash to cryptocurrency would be out of your hand.

Once Thomas Edison thought that gold would be worthless. It is difficult to say whether crypto is going to change the investment and money game altogether. There are mostly assumptions at this point. Cryptocurrency is about changing the value of money through coins. The value these crypto’s hold is way higher than any investment or stock price.

If the future becomes the cryptocurrency, then it is going to be a different ball game altogether.

In this Cryptocurrency Guide, we will explain to you whether crypto can make you rich or not.

We are sure everyone once in their lifetime must have transferred money overseas. The process is very lengthy. With cryptocurrency, it is possible to send money overseas with a few clicks. Those people who didn’t have access to decent banking are happy. They had to rely on brokers and were charged heavy brokerage. Now there are crypto firms that specialize in overseas remittances.

Some of the small or medium-sized business conducting business overseas are using crypto. Many South American companies that are sourcing goods from overseas are making payments using crypto. That way they are saving both on cost and effort.

Instead of waiting for a few days, the remittance is processed immediately and for free.

Rather than using Bitcoin, which is very volatile crypto, the transfers are done by ‘stable coin’ which has a one for one exchange rate with the US dollar.

There is a new term De-Fi in the world of crypto. It means Decentralized-Finance. A few years ago, peer to peer lending was a new thing in the investment world. It meant providing small loans to individuals or businesses through an app. In return, one got a very high-interest rate on the loan.

So, crypto introduced a P2P platform. Initially, it was not very good. But in recent years, many companies are offering financial products in this manner.

The ecosystem of cryptocurrency is slowly evolving to something similar to that of the traditional financial world. i.e., custodian bank, brokerage services. The crypto world is getting more regulated too. Now many of the legitimate ex-bankers want to see the cryptocurrency as an asset. And to them, regulation is the answer.

The central banks globally are finding the technology sensible enough. They want to experiment through their pilot programs. There is a government-issued CBDC which stands for Central Bank Digital Currency. Japan, Thailand, Sweden, Hong Kong, Singapore, Uruguay, The US have also been testing digital currency pilot projects.

If cryptocurrency works, it works great. There is an asymmetry that is there. You should put an amount that you are okay to lose. If the whole thing works out then that small investment can turn into a life-changing amount of money.

There are many bitcoin ETF’s in the US, which are waiting for SEC approval. Once approved, eventually, the retail market can buy as many coins as possible.

As mentioned earlier, in our Cryptocurrency Guide the market of crypto is opening up even for the people who didn’t want to take the unregulated road. If done carefully it can increase your finances.

I am a data analyst by profession who loves to crunch numbers at daytime and come home wondering how my passive income numbers for the day look like. I believe in being rich rather than looking rich. Follow me for Cryptocurrency, FIRE, Personal Finance, Credit Cards and Digital Nomad updates

This week Saifedean Ammous, legendary author of The Bitcoin Standard, and George Gammon, Rebel Capitalist, joined Swan Signal live to discuss gold, central banking, the deval­u­a­tion of curren­cies and how Bitcoin is going to suck value out of every store of value. George and Saifedean connected well and needed nearly no prompting for a lively discus­sion hosted by Brady Swenson, Swan Bitcoin Head of Educa­tion.

Subscribe to the Swan Signal YouTube channel and Swan Signal podcast.

0:00 Intro­duc­tion

1:59 Micros­trategy holds Bitcoin on balance sheet

8:32 Bitcoin vs Gold

15:01 Bitcoin vs Real Estate

21:07 Infla­tion’s conse­quences

29:00 Nation-state responses to Bitcoin

41:01 Histor­ical transi­tions between curren­cies

55:28 Fed Coin as compe­ti­tion

1:02:02 Which country will adopt Bitcoin first?

1:05:43 How will Bitcoin narra­tives change?

1:15:57 Closing thoughts

Brady Swenson:

Welcome to the Swan Signal podcast, a produc­tion of Swan Bitcoin. The best way to accumu­late bitcoin with automatic recur­ring buys at swanbitcoin.com. Swan Signal pairs great guests for compelling discus­sions and this week we have author and educator, Saifedean Ammous and George Gammon, host of The Rebel Capitalist Show. Pairing up great guests is a unique format in the bitcoin content space and has produced some incred­ible content so far. In my opinion, Swan Signal absolutely deserves a spot in your rotation. So subscribe today if you’re not already. Glad you found your way here. Hope you enjoy.

Hello and welcome back to Swan Signal live, a produc­tion of Swan Bitcoin. Swan Signal is a weekly show that pairs up great guests for compelling discus­sions about bitcoin and economics. I’m your host, Brady Swenson, head of educa­tion at Swan. But before we dive in, a quick word about the service we provide here at Swan. We’ve built the best way to accumu­late bitcoin with automatic recur­ring buys. It’s a very simple setup. One, you just connect your bank account to auto fund USD.

Two, we automat­i­cally stack for you. Three, you can set up automatic withdrawals to your wallets. We do all this with very low fees in the industry up to 80% lower than Coinbase, absolutely crushing Coinbase and up to 57% lower than Cash App for automatic recur­ring purchases.

Today, I have some big news for you all. We are launching our Daily Buys beta. We’ve had a huge demand to add Daily Buys to our weekly, bi-monthly, and monthly purchase frequen­cies. So we’re about to roll that out. You can sign up at swanbitcoin.com. Just add your email address, click get started to be added to the beta list or you can DM us on twitter @SwanBitcoin.

We have about 400 out of our thousand Daily Buys beta slots filled up, so get in there. All right. I’m really excited to welcome our guest to the show today. First, we have the inimitable, Saifedean Ammous with us today. He’s author of a staple of the bitcoin canon, of course the Bitcoin Standard and he’s an economics educator researcher. You can find Saif’s work at saifedean.com. Saif, welcome to the show, man.

Saifedean Ammous:

Thank you very much for having me. It’s always fun to join you, Brady.

All right. And we have finance and wealth manage­ment YouTuber, host of The Rebel Capitalist show and investor, George Gammon with us today as well. You can subscribe to George’s channel at youtube.com/georgegammon. Gammon is G‑A-M-M-O‑N. Welcome, George. How’s it going today?

George Gammon:

Doing very well. Thank you very much. I appre­ciate you having me on the show.

I really appre­ciate your time. Okay. Let’s dive in and get started with the big news from yesterday that bitcoin Twitter is a buzz about the news that MicroS­trategy announced that they made a $250 million bitcoin purchase. Black­Rock, the largest asset manager in the world and Vanguard, the largest provider of mutual funds in the world, both hold a signif­i­cant stake in MicroS­trategy. The two of them together hold over 25%.

So it seems likely that they had prior notice of this buy and if so, that means that these two finan­cial behemoths just essen­tially approved a massive bitcoin buy. The MicroS­trategy stock price is up around 15% on the news. So that means I’m sure that other CEOs are taking notice. We’ve also seen in the past few months big macro investors are publicly announcing their bitcoin positions. Paul Tudor Jones, Raoul Pal, Lyn Alden who we had on the show recently.

For instance, Raoul Pal recently tweeted that bitcoin is the future and is wildly under­priced. So George, let’s start with you on this one. What do you think of these devel­op­ments and their impli­ca­tions for bitcoin?

Well, I’d have to go with Lyn Alden. She’s my partner in Rebel Capitalist Pro. So anything she says, I’m definitely going to go along with because she is definitely one of the smartest people I have ever met in my life without excep­tion. But I think the best infor­ma­tion I can give you is just some insider infor­ma­tion right here from St. Barts and I came here maybe three weeks ago because I wanted to find a place in the world where I could just go to the gym or I could go to the beach where things were as close to normal as you could find.

And if your viewers or your listeners have never been to St. Barts, it’s right in the Caribbean. It’s basically like Monaco. So there’s 9,000 people on this little island and it’s extremely affluent. I mean 90% of the people here are in finance. They’re hedge fund managers, they’re invest­ment bankers, they’re straight from Wall Street. This is the group that you were basically just mentioning. And I’ve gone to several social gather­ings, let’s say. And you’re having drinks with the guys just saying, “What do you do?” I’m not going to mention any names, but a lot of the people that I’ve met here, you’d recog­nize from CNBC, you’d recog­nize from Bloomberg.

I would say pretty much every single one of them that I spoke with after a few drinks, we ended up talking about bitcoin. So you can take that for what it’s worth and I don’t really know what’s going on as far as the news. I don’t know what’s going on with this company or Black­Rock, but I do know that every hedge fund manager I’m talking to here in St. Barts after a couple drinks. That’s where the conver­sa­tion goes.

Great. Tell them about my book.

Yeah. It’s a great place to start for sure. It’s widely recom­mended. Saif, what are the impli­ca­tions here for bitcoin. I’ve got a follow-up after this, but I’d like to hear just your initial thoughts.

I think it’s quite signif­i­cant because a lot of people have spent the last few years discussing bitcoin from the perspec­tive of payments and retail adoption, and the idea was when am I going to be able to pay for my coffee or for my McDon­ald’s with bitcoin? The point that I made in my book in the Bitcoin Standard is that bitcoin is not competing with Visa, with Master­cards, with all these payment methods. Bitcoin is not an alter­na­tive to these things. It doesn’t compete with them. It’s orthog­onal to them. You can install all of those things on top of bitcoin.

Bitcoin is competing with the actual assets that are being traded on these networks. It’s competing with the curren­cies, with national curren­cies and with gold as a form of money and as a store of value. I think this devel­op­ment bears it out and of course it’s absolutely massive. It’s $250 million of bitcoin, which is not chump change. I mean, it’s a large company that makes about a half a billion dollars of revenue a year.

It’s a company that has a signif­i­cant cash balance and it has reached the conclu­sion that the best thing for us to do with the signif­i­cant part of our cash balance is to hold some bitcoin. Somebody dug up there, I think it was the investor letter from a few weeks or a few months ago where they had discussed… I’m not sure if it was a confer­ence call or the letter, but they discussed their cash position and they said, “Our outlook on our cash position is becoming negative now because of all the devel­op­ments of the last three months with the coron­avirus lockdowns and so on. They have a negative outlook on their cash position and now we see that they’ve acted upon that and they’ve replaced part of their holdings of US dollar cash with bitcoin and I think a lot of people are going to see the benefit of this.

I think really this is how bitcoin adoption happens. Bitcoin is going to become part of people’s cash balances and if it continues to work, if it continues to operate and it continues to appre­ciate, it’s going to become an increas­ingly signif­i­cant part of other people’s cash balances partic­u­larly as other curren­cies continue to lose value more and more over time. So the phenom­enon I described in my book is that in the long run, value accrues to the hardest money. I think Microsys­tems recog­nizing that, I think is I find it to be very exciting because it’ll be inter­esting to see what happens when more compa­nies really do that.

I mean, if we look at bitcoin’s average perfor­mance over the last 10 years, I think it’s gone up. Last time I ran the numbers, it was maybe 500 or 400% per year on average. So if bitcoin has an average year for bitcoin next year, every company is going to pay atten­tion because this move is likely to end up being more profitable than anything else the company has done. I think that just shows the value propo­si­tion for investing in an alter­na­tive to central banks. The market is telling the world, invest in this central bank alter­na­tive that works well.

Go ahead, George.

I’m sorry. I don’t know the format here, but just to dovetail on that thought, I think going back to the people that I’m speaking with who are the profes­sionals, short term, I think it’s more of a specu­la­tion, and I don’t really see gold as competing with bitcoin or silver just because I see them as two completely separate asset classes. I would never buy bitcoin for the reasons I buy gold and vice versa because gold to me is just an insur­ance policy. It’s not a way to get rich, it’s a way to stay rich. And with bitcoin, it’s a fantastic asymmetric specu­la­tion.

So I just see them as two completely separate things. Now, that said, I think long term what you were saying with your book is really inter­esting because you’re talking about how in the long run every­thing goes into hard curren­cies or hard money like we’ve seen in the past with gold. When you were saying that, it reminded me of Gresham’s law. Brady, if your viewers aren’t familiar with Gresham’s law, it’s basically the bad money chases out good money.

So let’s use an example of Ancient Rome or some society where they used physical gold coins and when they get over indebted, what happens is the presi­dent or king or whomever says, “Okay. We’ll just solve this problem by making these new coins and we’ll just paint them gold. But really, they’re nickel or they’re copper or something like that. They’re trying to pull the wool over your eyes and they issue more and more of this currency, we’ll call it. But everyone knows it’s fake. So the more they issue these curren­cies, the more the real gold coins come out of circu­la­tion because smart people see the value, they see the intrinsic value and they start hoarding all of the real money. It’s Gresham’s law. Over the long-term, I’m not saying it’s happening today, but it could happen with bitcoin. It’s a very inter­esting concept.

Yeah, but I think the nickel coins are nowhere to be found today, but gold coins are still around today. So I think Gresham’s law talks about which coins will be used for legal, commer­cial trans­ac­tions in the country. And the answer is clearly in Venezuela today, every­body wants to spend their Bolivars if they can, but nobody wants to take them. So officially, yes, the bolivar has driven out the US dollars because it is the worst money many, many times over. But in reality, the bolivar continues to drop further and further and further. And any actual real wealth that exists in Venezuela is stored in the US dollar or in bitcoin or in gold.

It’s misin­ter­preted by Keyne­sians to suggest that, “Oh, if it’s an easy money, then it’s just going to win out over the harder money.” Well, no, it’s going to win out because people are just going to get rid of it, but eventu­ally it’s not going to be money very quickly because it’s going to just lose its value quickly and eventu­ally the harder money will remain.

Yeah, I think that’s my point.

Yeah. I think this is effec­tively what’s happening with bitcoin and you’re right that it is in this asymmetric bet now, but it’s an asymmetric bet where the positive upside outcome is that it becomes something like gold. It stops being an asymmetric bet. It becomes just the predom­i­nant monetary asset. We’re at least 100X away from there or maybe 50X away from there or a thousand X away from there. God knows how much more bull run we have to get there. But bitcoin keeps going up. It eats every­thing else. I’m not saying it will happen, but it hasn’t looked like it’s been stoppable over the last 10 years. So we’ll see.

I’m sure you guys have done the math. I’d be curious to know how much the price of bitcoin would have to go up in order for it to be equiv­a­lent to the market value of gold or the market cap of gold.

It’s at about the price of one gold bar like the 12 1⁄2 kilogram, 400 ounce bar. So basically one bitcoin would be worth about 400 ounces of gold.

Yeah. The math I’d like to do is figure out how much gold is in the world right now?

I think it’s about 180, 170,000 tons.

Yeah. How much is that in dollar terms and then figure out how much bitcoin would have to go up to equal that amount?

I think it’s about $10 trillion at this point if I’m running-

Gold is about $10 trillion, yeah because it’s about 180,000 tons and then 1 kilogram is I think around $60,000 or something. I think you multiply these, you end up with around 10 trillion. It’s in that ballpark. So bitcoin is around 200 billion so far.

Yeah. I think that’s your upside.

Exactly. 2% of gold.

That’s not the upside actually. That’s just one way station on one base camp on the real launch because that’s just gold. Right now in a world in which all kinds of other monetary assets are used because gold is not allowed to be in a free market. If we could have a free market of money, I believe gold would win and every­body would be using more of the instru­ments back for gold.

In that case, probably gold would be worth a lot more than what it is today because we would have all these national curren­cies. So there’s also that. So gold and then there’s the national curren­cies. And then there’s the question of how much of the store value market in the world. How much of the finan­cial markets in the world and the art market, and the real estate market is actually just store of value demand that could better be repli­cated by just going into bitcoin.

How many people are just buying houses and real estate invest­ments not because they want to own houses, but because they want to store their wealth. So you think that could lead to poten­tially more stuff for bitcoin to eat as it rises.

Another fantastic point. I do a lot of business in South America, and I’ve been doing so since, call it 2014. And for the Ameri­cans or people in more devel­oped economies, they might not get this. But in South America, I mean I’m going to call it almost 100% of the popula­tion stores their wealth in real estate. That’s just what you do. I mean, when I was in Ecuador, even the poor people in the fishing villages, if they earned an extra even hundred thousand dollars, what they do is they just build another 10 or 20 square feet on their house and they just keep building, and building, and building, and building.

And the same thing in Medellin, Colombia where I’ve been doing real estate since 2015. I would say and I had the numbers for this, but almost like 90% of the apart­ments that are owned there are owned just outright. There’s no mortgage on them, because people really don’t have savings accounts there. Their currency hasn’t been a store of value at all. It’s lost a lot more than the dollar a lot faster. So for them, their house, their apart­ment, their property, their FINCA, it’s a store of value. It’s their savings account. So I think you just hit the nail on the head there, very inter­esting point.

Yeah. I think in my book, I argue basically bitcoin is the most advanced technology for saving that we’ve ever invented because it’s strictly scarce. Gold was the most advanced because gold by nature of its chemistry can never increase it more than 1 or 2% per year, but bitcoin is even more advanced because in a few years, it’s going to go below gold’s growth rate and eventu­ally drops to zero. So it’s the one thing, one liquid asset that we have in the world that is strictly scarce. There’s never going to be more than 21 million. That’s it.

When you think about it this way, there’s no better thing in which if you want to store value in the future, this offers, in my mind, the expla­na­tion for why we’ve seen so much gains in bitcoin and I think as long as this continues, the case is arguably very strong that this is quite useful as a store of value simply because nobody can make more of it. We’ve had 10 years, 11 years of this thing running and nobody managed to find a way of making one bitcoin more than what should be made in the schedule by this block height. And I think that’s an aston­ishing inven­tion really.

Just thinking about it, it’s almost… Robert Breedlove on Twitter compares this to the inven­tion of zero. It’s a mental construct. Once we’ve invented… It changes the way that we can do math just by thinking of zero and in a sense inventing this first strictly scarce asset just changes the way that we deal with scarcity and with storing value and with saving for the future. It’s an aston­ishing idea.

I would even take it a step further and that I don’t even think it’s a fixed number of bitcoin. I think it’s a decreasing number. These human beings are always going to lose them. That may be a crude way of looking at it, but there might be more than one billion, but sure next year, there’s going to be maybe 20.5 and as the years go on, you lose more, and more, and more of them. So it’s a scarce asset as is that becomes more and more scarce just because us, clumsy human beings are just going to lose our thumb drive or who knows what we’ll do.

We call those donations, George.

It’s philan­thropy. Defla­tionary philan­thropy.

So Saif, I want to circle back to this idea of monetary premiums in other assets especially real estate. So how much do you think that the monetary premiums in these actually hard assets drives wealth inequality or inequality of access to these assets that are needed?

I think it’s quite signif­i­cant because it makes the market for people who are looking for homes. It’s not just young people who are looking to leave their parents home and start their own family and have their own home. On top of that, you have people who already have a house, but are looking for a savings account that can’t be confis­cated through capital controls and infla­tion by their govern­ment. The people in Latin America instead of putting money in a bank account or a stock market or something, some advanced technology for saving like bitcoin, they end up having to buy a new apart­ment.

So you see this all over the world so many apart­ments are empty or are owned by people that are renting them out. It’s increased demand. Most people have no business specu­lating in the real estate business. This should be something that is provided by profes­sionals who have exper­tise in this business. If you’re a doctor, you’re not providing any value to the real estate business by investing in real estate proper­ties. In a healthy finan­cial system, what you’re looking for in terms of savings, you would keep in a decent saving vehicle like gold or bitcoin.

Then what you’re looking to invest, you’d invest in things in which you have, some kind of specific edge that allows you to under­stand probably your own business. You’d open your own clinic, your own practice or some business that you have some exper­tise with. But I think this notion that every­body needs to be a real estate specu­lator just so that they can retire is in my mind massive ineffi­ciency in the housing market. I think we’d have cheaper houses avail­able for people if it was just the people who… If the people bidding for houses were only the people who were looking for houses to live in, to buy. And if credit for housing wasn’t so easy to get, houses would be far cheaper.

I mean, I think that’s a huge point that I hope everyone just under­stands and I would take it and say all finan­cial assets. Let’s take it back to 1930 and if you look at a chart of infla­tion from 1930 to today, you see that every single year, it’s just pretty much going up. We’ve got a few years it just goes down a fraction. It might stay the same, but it’s just up, up, up, up. Take it prior to 1930 and you see that infla­tion and defla­tion was more like a heart­beat. It would go up, it would go down, it go up, it would go down and most of the time it stayed pretty consis­tent.

If you look at the 1800s as an example, the late 1800s, we had about 3% defla­tion per year. So the price of goods and services were going down. Now most people especially Keyne­sians would have a heart attack and say, “Oh my gosh, that must have been the most horrible time in history.” But it wasn’t. We had nominal GDP growth and we had nominal wages increase. We also had about 4% nominal rates. So you could put your money in a bank back then and you could get a 7% real return. So you didn’t need to specu­late on real estate or in the stock market or in bonds.

But now that we have a two or 3% per year infla­tion, I would argue that it’s higher going back to 1980. You don’t have a choice. The average Joe and Jane, whether they know it consciously or subcon­sciously, they realize that if they keep their money in the bank, they’re never going to be able to retire. The way that you get ahead is you buy a home or you take and you put as much money as you possibly can in your 401k to go in the stock market and then maybe, just maybe you’ll have enough money to retire.

But if you think about it, that’s because we have lived in a state of infla­tion where those currency units are losing value every single day. If they were gaining in value every single day, it’s the complete opposite. I would go so far as to say it would not only alleviate the misal­lo­ca­tion of resources through just pure specu­la­tion of the overall economy, but it would make society so much better because people… Just as an example, a McDon­ald’s worker. Let’s say they’re making $1,500 a month. Their expenses are $1,500 a month.

If you take and run that math over 20 years at 3% defla­tion and a 1% raise in their nominal wages, at the end of the 20 years, they’re making $1,800 a month doing the same job flipping burgers. If they don’t get a raise, if they don’t get a promo­tion. And you say, “George, that’s only a 300 raise over 20 years.” Right, but their expenses have gone from $1,500 down to $800.

So now they have a thousand dollar delta right there and they have a thousand dollars every single month of dispos­able income. They’ve gotten richer just debt, but the problem is they still have a really unstable economy because it’s built around oil where we would have the same thing. You could wipe out all these things that people perceived to be the problem, but it wouldn’t rearrange our economy.

Our economy still is the same. You look at the zombie corpo­ra­tions in Japan. Even if you could wipe out their debt, zombie corpo­ra­tions are still there. So would anything really change if you just do a couple accounting tricks? Not really. So what bitcoin does or what any hard money system does is it starts from the ground up and every­thing that you build on top of this infra­struc­ture, on top of this founda­tion is solid, it’s secure, it’s sustain­able. I mean I know that’s a buzzword now with everyone in the green commu­nity and whatnot. But for me, something that’s sustain­able, number one is something that is profitable. I know it’s a bizarre concept in today’s stock market.

It’s profitable, but also it doesn’t require massive amounts and ever expanding amounts of debt in money printing and fiat currency. That’s sustain­able. So again, my main point is that whether it’s Bitcoin Standard, whether it’s gold, anything that fixes these currency units and provides us with natural defla­tion, a free market economy where entre­pre­neurs are always producing more efficient goods and services at lower and lower prices, that’s where we want to be. And I think looking at this through an optimistic lens hopefully I think we could get there. I know we could get there as human beings because we’ve done it many, many times before we’re very resilient and I think that’s how we kind of come out the other side.

Yeah. And I really think it’s shaping up to be bitcoin. That’s the solution. Bitcoin really is the… Because you identify the problem exactly in terms of the problem of not having a hard money and how govern­ment captures that and bitcoin just routes around the way govern­ment is able to capture it. And this is why I think… I’m not one of the people who puts a high proba­bility on there being the violent crack­down on bitcoin because I think it’s just… The natural techno­log­ical limita­tions of physical gold naturally led to govern­ment having the ability to abuse its authority over gold and then having that ability led to all these insti­tu­tions that were built around it.

When new technology is created, it creates its own reality and the world adjusts to it. So people deal with it from a self-interest perspec­tive, and that’s eventu­ally what bitcoin does. That’s the cycle of skepti­cism. You start off thinking, of course, this can’t work, of course, it’s going to fail. Then it continues to work and then you’re starting to appre­ciate why it continues to not fail. Then eventu­ally you under­stand that there’s value related there and that it’s relevant to you and you could use it yourself.

Yeah. I think that every day that goes by, as we see more adoption with bitcoin, the better proba­bility you have that that’s the default mecha­nism. So many people say, “Oh, we’ll never go on a bitcoin center. We’ll never go on a gold standard again. It will never ever happen. Govern­ments will never choose to go on XYZ standard.” But what they’re not under­standing is it might not be govern­ment’s choice.

You might not have an alter­na­tive.

Yeah. The Roman empire didn’t choose to go out of business.

Exactly, right. So if you get this gradual adoption, the more time goes on, the more bitcoin isn’t a new thing. It’s not a bizarre thing. You don’t have these grand­mothers like, “Bit what? Bit who? What’s going on here?” I think it’s very inter­esting and I’m not sure the specific countries in Africa, but I know many of them, the people aren’t even using cash. They’re just trading their their cellphone minutes back and forth on their cellphone or whatever little… I forgot the name of the little unit of exchange, but it just goes back and forth on their cellphone.

Although it might not be bitcoin directly, the bottom line is it’s a currency that’s completely digital that’s going back and forth that people are already starting to adopt. And of course the millen­nials are doing it. Even on your twitter feed, I know someone was making fun of both of us calling us boomers like, “Oh, I’m not watching that one. You got two boomers on there.” Right? But my point is obviously, it’s being more and more adopted by the younger gener­a­tion. So as those kids get older, it’s not so bizarre to them and that benefits bitcoin even more, I think.

You get to that point where govern­ments don’t have a choice because of a total loss of confi­dence in fiat current.

Yeah. All right. So I’m going to sneak in two questions here because you guys are going for 45 minutes on one question, which I love. It’s great. I’m going to sneak two in here.

Making your job easy, huh?

Yeah, exactly. And I want to check in, we’re about 15 minutes away or so from end time.

I forgot where we’re at.

So I want to know if you guys can go a little longer than we had planned or if you have a hard cut off?

I’m fine. Go ahead and let me look at my calendar here. Are people-

You check it out. All right. So here’s the questions. To follow up on the question about transi­tions. So we have some chatter in the YouTube chat about central bank digital curren­cies like a fed coin, right?

So Saif, what do you think about the prospects of a fed coin and the compe­ti­tion that it might bring against bitcoin?

I think ultimately we might get some forms of more digiti­za­tion. I think there will be things like that, but ultimately it’s not a digital currency. It’s still any national currency. And it’s orthog­onal to bitcoin, it’s irrel­e­vant to bitcoin or I shouldn’t say irrel­e­vant, it’s different from bitcoin because it doesn’t do anything that bitcoin does. In partic­ular, there are two things that are distin­guishing bitcoin from current national curren­cies, which is that bitcoin’s monetary policy is algorithmic, it’s not discre­tionary. Nobody wakes up in the morning and decides what to do with bitcoin’s monetary policy.

Also, the bitcoin payment final­iza­tions, clear­ance, and settle­ment is also algorithmic and crypto­graphic and program­mable rather than discre­tionary. So nobody can freeze your bitcoin account, nobody can confis­cate it. So those are the two main functions of central banks. That’s why central banks are there to decide who can pay and who can’t pay on one hand and secondly to decide what’s going to happen with the monetary policy.

So the notion that central banks would invent a digital currency or intro­duce a digital currency that takes away those two things, I think is a non-starter. They’re not getting themselves out of business. They’re not going to intro­duce a currency who supplies algorithmic or whose payment clear­ance is totally crypto­graphic. They’re still going to want what programs call god mode. They’re still going to want the ability to say, “No, you can’t send them money.” And they’re still going to want to set the money supply.

All they’re doing is that they’re just making it more digital­ized and there­fore hopefully making it, just as George was saying getting bitcoin accep­tance into people’s minds. So we thank them for the free PR.

Basically like a last gasp like rebranding of the dollar basically.

I think bitcoin could get us there a lot faster. And going back to what we’re talking about of the collapse of confi­dence in fiat currency itself. So I don’t want to get too wonky on everyone here, but if we create, let’s call it a fed coin and I actually talked to Ron Paul about this the other day. Basically what would have to happen is everyone would have to have a bank account with the fed with bank reserves just like the primary dealer banks and the banks under the fed’s umbrella because the fed right now can’t really create broad money directly as of right now. I think that may change, but right now they just create base money.

And I don’t want to bore anyone with details, but that’s why quanti­ta­tive easing, they could take it up to 10 trillion, 20 trillion and it wouldn’t neces­sarily affect consumer prices because the transfer mecha­nism there is A, the debt moneti­za­tion with the govern­ment. If they’re not doing that, then it has to be lent out into new money by the commer­cial banking system. And those bank reserves, they’re not lending those out directly. Those only just backstop additional loans and increase the capacity of their balance sheet, okay?

So that’s the way it works right now, but I’m thinking that maybe very soon here and we saw this how cumber­some it was to get out these stimulus checks that the fed because, they’re thinking okay, we’re going to take on more power. We want more control over the currency and how money is spent and we want to know where you’re spending every single dollar. We want more and more control over that whether it’s the fed, the govern­ment just the central planners, let’s call them. They want to micro­manage every­thing. So they take that. They set up this fed coin and say, “What you have to do is download this app on your phone and every single month, we’ll send you these stimulus checks or UBI,” whatever you want to call it of let’s say $2,000.

Then you can go right to Starbucks and use that on your phone. Okay. Well, everyone is going to… In my opinion, most people will adopt that because it’s free money and then you are on this fed coin system, if we look at the work of Dr. Lacey Hunt who’s one of my favorite econo­mists, he’s someone that’s really in the defla­tionary camp, but he says that once you change the Federal Reserve Act to allow the federal reserve to change what he calls their liabil­i­ties into actual currency units, into broad money, increase M2 money supply directly, that’s where he goes from being a defla­tionist to someone who sees us being on the path to hyper infla­tion.

Those are his words, not mine. And if you don’t know who Lacy Hunt is, not a tin foil hat guy. He goes all the way back to the Milton Friedman days. He is an OG. He is legit. You can look him up, google him for sure. So that’s how he sees this. So my point is that by creating this fed coin, what they’re doing is they’re getting us on the path to hyper­in­fla­tion. And the faster we get to hyper­in­fla­tion, obviously, that’s by defin­i­tion a loss of confi­dence in fiat currency. That’s when as a society, as a global society, we start looking for an alter­na­tive, whatever it is.

So you see my point? I think they’re going to a fed coin. Obviously, it’s not a cryptocur­rency, it’s just a more digital currency that gives them more control, but I think inadver­tently if they do that, they put us right on the path that will lead to their own destruc­tion.

All right. So here’s the second question I was going to ask then because I didn’t get it in. That was my mistake. All right. So we’re talking about how bitcoin might global, talking about hyper­in­fla­tion, hyper­bit­coiniza­tion. We’ve talked about the path that might be taken to get to a bitcoin future. So yeah, I wanted to go back to that idea, but ask a more specific question. What country do you guys think will be the first to publicly disclose that they have bought some bitcoin for their own treasury if they’re sover­eign treasury.

Again, remem­bering that at the top we talked about how we have macro investors, big investors buying in. We have compa­nies now buying in. It seems like the last kind of stone to fall is a sover­eign nation. Obviously, the game theory says that because it’s an asymmetric bet, you could make an asymmetric bet on the future of your country’s power and really rise and increase your country’s power on the global stage signif­i­cantly by accumu­lating bitcoin now. So what do you guys think? Saif, you want to start?

I think Venezuela.

Because what’s their downside? I mean obviously, the guy running the show there is a complete nut, but if you got someone that actually had some sense, then why not start going on what’s called a Bitcoin Standard. Because if you look at hyper­in­fla­tions throughout history, the way you partic­u­larly get rid of that like with Zimbabwe as an example. You say, “Okay. Just automat­i­cally overnight, we’re not using this Zimbabwe thing anymore. We’re using the dollar.” It’s just a change of confi­dence.

I employ a lot of them in Colombia, so believe me, they’re no fans of what’s going on there to say the least. I mean, viscer­ally it makes them sick when I even talk about it on my videos. So they’re going to have this complete loss in anything that the govern­ment comes out that even resem­bles a fiat currency which just puts them right back in the same position. So why not just say, “Okay. We’re on a bitcoin standard. We are no longer going to control…” I mean, the only other thing they could do is like dollarize something like that. But I don’t think Venezuela would do that because they want nothing to do with the US govern­ment. Although Ecuador did it, but I think that’s kind of what have you got to lose? There’s no downside. The only thing you have is upside so why not?

We know that Venezuela is using bitcoin. We know that Venezuela that some govern­ment depart­ment, I think for passport renewal, they were charging people in bitcoin because they can’t get their money from the regular banking system because they’re bankrupt and they were charging bitcoin. But I think it’s not so much about charging and holding it or using it, it’s about holding it for the long term. That’s the really inter­esting thing.

With a govern­ment like Venezuela, it doesn’t matter how much bitcoin they buy and sell and spend. I mean, it doesn’t matter how much bitcoin they get in, they’re going to continue to spend it and so they won’t really benefit from holding and appre­ci­ating in the long run. It’s really hard to say. I mean, it’s 200 govern­ments or something in the world. It’s really hard to say which one of them is going to take the plunge on it.

If I were to make a wild guess, I’d say Switzer­land just because they were the ones who had the gold standard for the longest time and they went off the gold standard the most recently. So perhaps, they might be the ones that are most percep­tive to it.

Yeah. I’d like to dive into talking a little bit about the market narra­tives in bitcoin and we’ve seen the narra­tive change quite a bit. It seems like the prevailing narra­tive now is probably digital gold in terms of like the widespread view of bitcoin. So Saif, how do you see bitcoin narra­tives evolving as adoption happens and works its way up the S curve?

I mean, I think the main evolu­tion is going to be the one that we mentioned earlier from asymmetric bet on this happening in over long-term into it becoming more and more of just a boring monetary asset that every­body holds and that’s ultimately it. I think we’ve seen a lot of narra­tives come and go and we’re going to continue to see a lot of narra­tives come and go that missed the point. But it may just be that hard money is really… It’s just going to be the narra­tive that is dominant.

Yeah. What I’d be curious to know and I’m sure you guys have your finger on the pulse of this more than I do is what is the proba­bility of the tech around bitcoin advancing to the point where it could legit­i­mately be a medium of exchange? Because correct me if I’m wrong right now, it’s rather cumber­some. The amount of trans­ac­tions that happen on a daily basis would just completely overwhelm the system and it would be slow or the amount of electrical needs what not. But I’m assuming there’s tons of people that are trying to figure out workarounds for that.

Yeah, there are. The thing that I argue in my book is… And that’s why the title of my book is The Bitcoin Standard is that you can’t really compare bitcoin trans­ac­tions with credit card payments. Bitcoin trans­ac­tions are final settle­ment trans­ac­tions so you have to compare them with settle­ment payments across inter­na­tional borders. That’s the advan­tage. If I send you a bitcoin trans­ac­tion and you’re in the same room, it costs let’s say five cents and it takes a few minutes or a couple of hours to confirm.

But if I send that same trans­ac­tion across the world to China, that’s also going to cost the same thing. So the trans­ac­tions that are going to be used in… I mean bitcoin is going to be used, in my opinion more as a settle­ment layer rather than for individual payments. I don’t think individ­uals are going to be using bitcoin to pay for their coffee, the bitcoin tune. And scaling limita­tions, and I show some numbers in my book, bitcoin does, what is it, half a million trans­ac­tions a day or something like that and Visa does I think something like 2 billion.

Even if we improve bitcoin in all kinds of way, there are limita­tions because it’s decen­tral­ized that mean that it will always be different from Visa. But you can’t compare Visa payments to bitcoin payments because Visa payments are credit payments. Visa payment is my credit card goes to your machine and in your shop and then my bank tells your bank that they’re going to settle with them and then they sort it out and it takes several weeks for it to finally settle. But a bitcoin trans­ac­tion is final.

Once you’ve gotten six, 10 confir­ma­tions, whatever, it’s going to take a few hours. Once you’ve gotten a few of these confir­ma­tions, then you’ve gotten to the point where the trans­ac­tion is completely secure. Well, completely is obviously a big word, but it’s secure and it’s irreversible. So in this regard we need to think of the bitcoin chain base layer as being similar to physical gold or physical money and that it’s going to be moved around. Central banks will exchange gold and they will exchange physical cash with each other and banks will move physical cash around, but ultimately the majority of trans­ac­tions will be done digitally without the physical under­lying asset having to move.

I think bitcoin is going to scale with that like there will be second layer solutions that are settled with the second layer bitcoin. It’s the second on the first layer, settled on the first layer of bitcoin chain.

How do you see the exten­sion of credit, if we’re on a bitcoin standard because obviously, you’re not lending… or how does that… Let me just…

My feeling… Well, I wouldn’t say feeling. I think the way that I think about it is that in that kind of situa­tion where we have hard money and what would happen is that banking would have two functions. Deposits where you pay people in order to store your money for you and have it avail­able for you and use it to settle payment around the world. And I think this is a very valuable service that your money is at once safe from theft and also a click of a button away from being sent to China.

So you pay people for offering you that service, so deposit banking and then there’s equity banking in my mind or equity invest­ment. I don’t see the possi­bility of… I don’t think credit really makes sense in this world, but I don’t think that’s neces­sarily a bad thing. I don’t see why it wouldn’t be a problem. I think deposit banking and equity are all that anybody needs. If you want your money to just remain safe or if you want your money to be there, then you pay people to store it.

Now, if you want your money to earn a return, they can’t just store it for you, they have to put it out, which means that there’s going to be a risk involved, which means that it’s going to be invested. And in a world in which nobody has a money printer and central banks can’t bail out banks, I don’t see how you can give depos­i­tors guaran­tees on their invest­ment. If lenders are not offered the guarantee on the downside because the central bank can’t bail them out, I don’t see why they would want to lend with a fixed interest rate rather than just taking equity, which has unlim­ited upside.

Right. So if I’m hearing you correctly, we’re not looking at a fractional reserve system there?

I don’t think it would work. I think bitcoin fixes the glitch in gold that makes fractional reserve banking work, because gold requires banks and places so much value in bank’s ability to clear money that it almost allows them to print money because they almost have like a monopoly network on banks. So bitcoin, by making settle­ments so cheap and open to anybody an open source and not monop­o­listic, anybody can set up their own bitcoin node and settle payments for people all over the world. I think by making it into an open market, it makes it very hard for banks to engage in things like fractional reserve banking or maturity trans­for­ma­tion. That’s also something I get into in detail in the fiat standard.

Yeah. I just wonder how that would work with the growth of the economy needing a growth of the money supply or if it just comes through defla­tion like you’re talking about.

Maybe we get five, 10% defla­tion a year.

Yeah, right because that in essence would increase the amount of… I want to call them units of measure­ment avail­able. Let’s just say that we had one bitcoin or had one dollar. A lot of people say, well, then the economy could never grow. But it could if you just divided the dollar into small amounts. Such as pennies, right?

And then everyone that was saving those quarters or in this case bitcoin, they would just get richer and richer and richer just by holding it. So anyway, it’s just kind of a thing that I’ve tried to think through there. I appre­ciate your feedback.

Yeah. It’s an absolutely amazing idea when you think about it that anybody can have their wealth, hold its value and appre­ciate over time, and that’s avail­able for anybody anywhere. Then if you want to take on extra risk. Once you’ve estab­lished an amount of saving that can protect you from say a rainy day or losing your job or whatever, and then you’re able to take risk, then you’re able to put invest­ments in. You’ll only invest and take risk once you find something that’s extremely compelling as an invest­ment. I think in that world, we’d only get resources diverted toward really valuable invest­ments that produce value in the long-term.

100%. We go back to what I said with a sustain­able business because your hurdle is so much higher. I mean, think what your hurdle rate is when you’re getting a business loan that costs 3% fixed rate over 30 years compared to if your hurdle rate was 10%. I mean, how much stronger would the cash flows of those businesses need to be? So, yeah.

Okay. Yeah, absolutely.

We had Jeff Booth on a couple of episodes ago with Lyn Alden. In his book, The Price of Tomorrow, he talks a lot about the defla­tionary forces that technology brings. We’ve actually like with the fiat standard been overcoming or suppressing the defla­tionary forces of technology.

Yeah, I’d agree.

I think the risk of defla­tion causing some problems or making… I don’t believe in the hoarding effect anyway or bringing the economy to a stand­still anyway. But with the defla­tionary effects of technology then there’s like no risk at all. I think we’re going to see really quick defla­tion especially with the hard money economy. Okay, guys. Time is up there. I want to respect you guys’ time and we’ll wrap it up. Any closing words?

No. This has been a fasci­nating conver­sa­tion. I appre­ciate you both for your time and expressing your views. I’ve learned a lot.

Likewise. Thank you. I really enjoyed this as well. I want to pick your brain about refer­ences on a couple of things that you mentioned, the 7% return in the 1890s. If you can give me refer­ences-

I was just using the 4% combined with 3% defla­tion to get the 7% real.

I’m looking for sources on this and a couple of other things. I’ll probably email you about them.

Okay. I think you’ve got my email, don’t you?

I’ll make sure, Saif has it.

All right. Thanks so much guys. And again, you know can find Saifedean’s work at saifedean.com. That’s S‑A-I-F-E-D-E-A‑N and George Gammon at youtube.com/georgegammon. It’s been a fantastic episode, guys. Of course, you can start stacking some bitcoin. I know you want to now. You can go stack some bitcoin regularly and steadily with automatic recur­ring buys at swanbitcoin.com. Thanks everyone for being here today.

Thank you so much, Brady. Take care. Bye-bye.

Thanks so much again to Saif and George for joining us today. You can find Saif on Twitter at @saifedean. That’s at S‑A-I-F-E-D-E-A‑N and George @GeorgeGammon. I am @CitizenBitcoin. On behalf of the Swan team, thanks so much for joining us. We hope you enjoyed this episode of the Swan Signal podcast. It’s fun to join us live on the YouTube broad­cast at youtube.com/swansignal. So head over there, subscribe, and turn on the notifi­ca­tion. We have a lot of fun in the live chat and we often are able to work in some questions for listeners.

Swan Signal is a produc­tion of Swan Bitcoin at swanbitcoin.com, the best way to accumu­late bitcoin with automatic recur­ring buys. Follow us on twitter @SwanBitcoin and subscribe to the podcast at swansignalpodcast.com.

Episode 8 –Andy Edstrom and Ansel Linder

Episode 9 –Rockstar Devel­oper and Jeremy Rubin

Episode 10 – Bitcoin TINA and CK Snarks

Episode 11– Gigi and Knut Svanholm

Episode 12 –Adam Back and Preston Pysh

Episode 13 –Alex Gladstein and Matt Odell

Episode 14 –Robert Breedlove and Tuur Demeester

Episode 15 –Isaiah Jackson and Max Keiser

Episode 16 –Gigi and Udi Wertheimer

Episode 17 –Aleks Svetski and Jimmy Song

Episode 18 –Stephan Livera and Marty Bent

Episode 19 –Mark Moss and Ben Prentice

Episode 20 –Samson Mow and Parker Lewis

Episode 21–Lyn Alden and Jeff Booth

Episode 22– Robert Breedlove and Cory Klipp­sten

Saifedean’s Personal Website

Saifedean on Twitter

The Bitcoin Standard– Saifedean’s book

George Gammon on Twitter

George Gammon on Youtube

as a result of letting the free market do its job, create goods and services at lower and lower prices.

Absolutely. That’s all music to my ears. People don’t get the idea that economics is not a rat race. Economics is we produce stuff and then that makes life better for us. And really by burning the value of our money, we’re making it so that every person is constantly watching… The alter­na­tive is that you’re just going to watch your wealth be dissi­pated. So you have no reason to save, you have no reason to think about the future. Your focus is going to be about what can I do with this money right now.

So that destroys the incen­tive for saving. In fact, think about it. With a hard money that appre­ci­ates at 1 or 2 or 3%, children could start getting their birthday gifts in small little sums of money and then they can start watching them appre­ciate over time. From the age of three, five, 10, you start saving and you watch them appre­ci­ating. And it makes sense that you’d work little jobs in the summer as a kid. You do a little bit of work here and there and you could see people actually saving up from their own money with the help of some savings, some work and some defla­tion.

It’s not impos­sible to imagine that any normal person working any kind of menial job given the techno­log­ical capacity of our society today. It’s normal that people should be able to afford normal and decent homes with 24-hour electricity and running hot water. It’s just something that is so cheap to produce given our techno­log­ical capac­i­ties today that really any burger flipper should be able to afford it. If you spend eight hours a day flipping burgers, that’s an extremely valuable thing. You should be able to afford saving up to that after a few years. You should be able to afford to buy a house.

I think it would be something that would be taken for granted in this world. For most of the 19th century, you’re right, people could save. People had that ethic of saving. They had that idea that you put your money aside and you save and you watch it grow. Now, that’s completely replaced with the idea that no, you just continue to spend and all of your life you spend, you spend, you spend and then when you have major expenses, you just take out a loan, and you get into the debt. Then the more income you get, the bigger debt you can take on.

Yeah. It’s ironic that we’ve got the people in the central bank, all these PhDs that see infla­tion as the solution, right? They see it as the solution to every­one’s problems instead of looking at it as the cause of the problem.

If we could just get people to rearrange their thinking and say, “Okay, wait a minute. If all this additional govern­ment spending, let’s say through welfare, this creates infla­tion. It creates additional money supply. Now, whether that comes out in the CPI due to velocity, that’s a whole other story. But you’re increasing the money supply through the debt moneti­za­tion of the fed and let’s say they’re spending it on welfare, that’s the solution that as a society we look to or the govern­ment just has to spend more money, the govern­ment just has to provide health­care or whatever. But if we turned it on its head, so to speak and said, “Well, if we just go back to defla­tion, we don’t need the govern­ment to solve all these problems, which they just make worse, that society could handle it on their own because they’ve got a hard money that stays consis­tent or appre­ci­ates over time.”

Listen, if that’s where bitcoin can take us, then I think everyone should be on board. Philo­soph­i­cally, I don’t think anyone is more aligned with bitcoin than I am whether it pans out, only time will tell, but I think if you under­stand really the ramifi­ca­tions for society at large to have a currency or a store of value, that’s scarce, that’s limited. You almost solve every single problem that we have at least in the devel­oped economies today.

Yeah. A lot of people make fun of bitcoiners because one of the things that we’re always saying is whatever problem there is bitcoin fixes this. But really, if we do manage to put central banks out of business and replace them with a form of software where every­body in the world can have access to a hard money that they could save in, really that’s going to fix an enormous amount of problems all over the world.

It’s all about hard money.

It’s all about hard money whether it’s gold, whether it’s bitcoin, whether you want a price in oil, whatever you want to do. As long as you got that hard money, that’s what it’s all about.

Yeah. But oil is not a hard money.

I’m just saying you use anything you want. I don’t care what you plug into the equation. As long as-

I mean, the reason gold was used is because it is hard, but I think the inter­esting thing about bitcoin is that it gets over the one limita­tion of gold, which is that gold is physical and clunky to move around. Bitcoin is native to the internet so there’s no physical asset to it anywhere. There’s nothing in the world that is a physical manifes­ta­tion of bitcoin that is needed for bitcoin to operate. So it exists purely digitally. So it can travel around the world very fast, very cheap. That’s the really powerful thing about it.

And so far, the past 11 years we don’t really have time to get into the technical details, but judging by results, we’ve had 11 years in which the supply has not been inflated by anybody or corrupted by anybody. That’s the really inter­esting thing.

Yeah. Where do you… I’m sorry, Brady. Do you have another question, Brady? I was going to…

No. Go ahead man. Go ahead. This is great.

How do you guys recon­cile the advance­ment of bitcoin? Let’s say that it triples in values. It quadru­ples in value. So now all of a sudden, it’s a competitor where the govern­ment really sees this as competing with the dollar. And I under­stand that they can’t ban it from a stand­point that it’s decen­tral­ized. I totally get that, but they make it illegal to where the conse­quences of being caught although very few people actually do get caught, but the conse­quences are so extreme that it prevents people from using it or holding it or want to. How do we get around that with bitcoin?

I mean, first of all, there’s no promises and no guaran­tees. So obviously this is a risk that any investor needs to assume and assess on their own. But I would say the… First of all, the fact that trying to pass a ban like this is highly unlikely to succeed. You can see it from the fact that you can still get drugs in pretty much any major city in the world even though drugs are illegal and even though drugs need to be physi­cally produced and processed and trans­ported and sold, and yet you can still secure them.

So bitcoin requires people to just run code on their computers and it can be encrypted. Of course, there’ll always be surveil­lance mecha­nisms, but there are always ways to get around them. It’s a compli­cated cat and mouse game, but I think ultimately it’s very hard to ban it and I think it seems that… At some point, it might even be ridicu­lous that we are discussing this because it’s been 11 years now and some govern­ments have issued recom­men­da­tions against it here and there, but practi­cally we haven’t seen any kind of real crack down on bitcoin.

It’s getting to a point where it’s entering into the mainstream and I think the way that I look at it is that in a sense this isn’t a superior technology and this is a point that I make repeat­edly in my talks. People think about this as if it’s just like a new gimmick, whether they let us adopt it or they won’t let us adopt it. But I think it’s better to think about it as something like dynamite. So when you’ve invented dynamite, govern­ments can make it illegal, but the smarter ones would rather have the dynamite themselves.

I think this is the case with bitcoin. I think the ultimate security of bitcoin rests not on maybe the technical speci­fi­ca­tions, but it rests on the fact that it’s going to be compelling as an economic option for every­body including people in govern­ment. I think we see this increas­ingly. Members of congress are open about the fact that they hold bitcoin and we see more and more finan­cial insti­tu­tions getting into it. It’s more likely that people once they under­stand the impli­ca­tions of bitcoin, it’s more likely that they would want to be on the side of bitcoin rather than fighting it because fighting it is extremely expen­sive and it has an extremely high oppor­tu­nity cost because if you failed, you could have spent all that time and money on securing yourself more of the scarce bitcoin buy.

Inciden­tally, I think the point where I started really paying atten­tion to bitcoin was in 2013 when it didn’t really collapse after the Silk Road incident. After that was shut down and bitcoin continued to operate. Later on, I remember hearing from one of the inves­ti­ga­tors where she I think said something along the lines of, “Once I started learning about bitcoin, my initial intuition was all right, we should just shut this thing down. But then as I dug into it, I thought to myself no, we should use this to identify the drug dealers and to work with them.”

I’ve heard several stories of this both in person to talking to people as well as reading about them. Inter­est­ingly enough, that same inves­ti­gator ended up also working in bitcoin and holding bitcoin, and using it. Now, she works in some bitcoin compa­nies as well. So I think there’s this allure to hard money that I think you clearly obviously under­stand the value propo­si­tion of gold. And in a sense, if you under­stand gold and you see bitcoin as digital gold, it starts to make sense that people don’t want to ban gold. They want to get their hands on it.

So they if they’re banning it, they’re probably taking it away from you so that they would have it rather than banning it because they don’t want to touch it. Because it’s really scarce and if it’s banned, I’d rather have it banned while I possess it rather than take my chances and not own it because I can’t get it back again because of that scarcity.

I see what has happened, let’s just say, since we can go back a long time, but let’s just take recently what has happened 2020 with the the coron­avirus and the fed coming in and doing limit­less quanti­ta­tive easing, commit­ting to a trillion dollars a day and repo. Just taking their balance sheet from under four trillion up to seven trillion. Or war. Bitcoin would prevent them from going into war, which I’m all about. I think everyone would be in favor of that except for the people in politics that gain polit­ical power through going to war and doing all of these, what I would consider nefar­ious things.

But I think that it’s just… If we were to say, “Okay, listen. We want to use this bitcoin that takes away the power of the central bank to increase the money supply and it elimi­nates the warfare state, it elimi­nates the welfare state. I don’t think govern­ments are going to… Or at least the United States govern­ments and the devel­oped economies are going to jump on board with that. But what I do think is inter­esting, if we get to a point where if bitcoin rises in value that much, then my guess is there’s going to be a lot of skepti­cism at that time even more so than today with fiat curren­cies.

One thing that I’ve looked into just recently because of how hard it is to travel right now, and I don’t even want to go into the story of me trying to get from Medellin, Colombia just to St. Barts. I mean it was like a mission impos­sible movie with Tom Cruise. I mean it was just crazy having to get a human­i­tarian flight out of Medellin to Fort Lauderdale. Then in Fort Lauderdale, I couldn’t get a COVID test in time to get to St. Bart’s because every­where in the Caribbean right now, you have to have a negative test that had been taken within three days.

And in Florida, when I was there, the fastest you could get the results was five days. So effec­tively, you’ve got a Berlin wall around Florida right there if you’re trying to get even somewhere like Puerto Rico. So I had to fly from Fort Lauderdale to St. Thomas in the Virgin Islands just to get a COVID test. Get it in 24 hours or 48 hours. Then once I got the test done, then go to Puerto Rico then down to St. Barts on a semi charter flight.

I mean, it was insanity. But my point is I’m like, “Okay. I’m in the process right now of getting my Colom­bian passport to have dual citizen­ship, but I’ve looked into some of these Caribbean islands.” Now, the passports in these islands right now as an example St. Kitts, St. Lucia, the ones that you always hear about that are actually very good passports, they’re a fraction of the price of what they were prior to COVID because all of their revenues are decreasing so they have to lower their prices to compete with other countries that are selling these passports.

So fast forward or go back to what I was saying about bitcoin and the lack of confi­dence in fiat currency, maybe if we have a United States, Japan that takes those draconian measures, because they want to keep the warfare and the welfare state alive and well, and give the the federal reserve the power to create money supply or at least base money supply or M2. Who knows where it goes in the future? But maybe there’ll be other countries that say, “Hey, listen. What we’ll do is we’ll go and we’ll use bitcoin.

Puerto Rico right now with Act 20 and 22. I know a lot of bitcoin guys have gone there for that. So what Puerto Rico is doing, saying, “Hey, guys. Come here and spend your money. We’ll take bitcoin or we’ll lower your taxes. We’ll do whatever needs to be done to encourage you to come here and create jobs, create businesses, do these things.” So maybe if you’re a country that’s an emerging market and you’re saying, “Hey, how do we get out of our debt problem? How do we save our economy? I know what we’ll do. We’ll take bitcoin, guys. Come here. Bring all your money. Bring all your wealth. Bring your human capital. Bring your brain power, your experi­ence. Come here and create a tech industry, create businesses, create jobs. I think that’s where it could go.

Also too, if central banks, and you guys would know this a heck of a lot better than I would, but a few people that I’ve talked to recently that know the bitcoin space have kind of gone over this hypoth­esis when I was inter­viewing them about if central banks start bringing bitcoin on and using that as an asset on their balance sheet a little bit like they do with gold, so then if you had the central banks that were kind of giving it the green light although it might not become and replace their hallowed fiat currency, it becomes more adopted and then you kind of have that boiling of the frog effect, with bitcoin boiling the frog, being the politi­cians, the federal govern­ment and the central bank of that nation.

They just gradu­ally adopt it. So that kind of goes along with what you’re saying. But that’s kind of where I find the argument very inter­esting against what I brought up initially with the govern­ments just not wanting to lose power over the printing press and just saying, “You know what, bitcoin is illegal.”

Yeah, and I think… Go ahead, Brady.

I want to steer this into a certain direc­tion. Excuse me. So the irony that you were trying to point out, George was that govern­ment inter­ven­tions under the guise of trying to fix the problems, fix certain problems in society and the vast majority of them were caused by this singular inter­ven­tion that we all know as the govern­ment take over control of money. As you say, this is how Saif says bitcoiners have this meme and bitcoin fixes this. Saif, in your book, you write that human civiliza­tion flour­ished in times and places where sound money was widely adopted. Whereas unsound money all too frequently coincided with civiliza­tional decline and societal collapse. So question on the table now, how do you guys see the path toward a better society unfolding given that we transi­tion to a bitcoin based economy? And what lessons might we be able to draw from histor­ical transi­tions between global curren­cies? Saif, you want to start this one?

Sure. So gener­ally as a little disclaimer, my friends will probably let you know that I am the most optimisti­cally delusional person or delusion­ally optimistic person.

You must be a great entre­pre­neur.

It’s best reflected in my support of my football team where I’ve believed for every one of the last 30 years, the Liver­pool are going to win the league, and they never do. Of course, until this year they’ve won it. So now I guess-

Like being a Chicago Cubs fan.

Yeah, basically. So now perhaps my delusional optimism is not entirely misplaced since it did work out eventu­ally. I think in this situa­tion, I like to take the optimistic take that it’s not going to neces­sarily… Or bitcoin is what’s going to mean that the collapse of govern­ment money is going to be less painful and less problem­atic. I think this is the way that I would like to think of it. When hyper­in­fla­tion happens, the reason hyper­in­fla­tion is terrible is not just because people lose money, it’s not just because people lost their wealth.

It’s not just that every­body got an 80 or 90 or 99% haircut on their wealth, it’s the fact that businesses are no longer working. Shelves are empty and economic produc­tion breaks down. Farmers can’t grow food and then food can’t get to the shelves. And all that stuff breaks down because money is no longer usable, because there’s no longer a money in society. So that’s the real catastrophe of hyper­in­fla­tion much more than just the finan­cial losses that are attached to it.

Now, in the case of bitcoin, I’m slightly optimistic that perhaps what’s going to happen is that, because bitcoin is avail­able, as we witness more and more of these hyper­in­fla­tions around the world, more and more people will have access to bitcoin. More and more people will be able to hedge against their national curren­cies with bitcoin, hold a 5% position in bitcoin, 10% position in bitcoin, which could end up being 50% of your net worth after a couple of years of national currency infla­tion and a couple of years of bitcoin appre­ci­a­tion 50 or even 90.

So I think with this being there, it means that… And I don’t think bitcoin is yet at that point where the liquidity is large enough, but possibly in a few years, 10 years maybe let’s say when more hyper­in­fla­tionary cases like, say, Zimbabwe and Venezuela and Lebanon start happening, more and more people will have access to bitcoin and these things will start mattering less and less. The way that I see it is, and I discussed this in my forth­coming book, The Fiat Standard, bitcoin is the way that we eutha­nize and get rid of the fiat standard peace­fully and without too much blood­shed.

We don’t have to butcher it and risk it. Jumping and killing us while we’re butchering it. Nobody needs to be reliant upon it and as it starts to collapse, people can choose to opt out and use bitcoin. Bitcoin is better than gold in this regard because you can continue to use it inter­na­tion­ally whereas gold is much harder to use. So I’m going to go with the… I discuss all different scenarios in the book, maybe delusion­ally, but I’m optimistic that bitcoin ends up being more of an upgrade of the finan­cial software of the world rather than messy cataclysmic Roman empire collapse.

Well, I can tell you that if you can get some way to transact, it gets around the swift system that we have right now and around FATCA. The increase in global produc­tivity would be meaning­less. I mean we’re talking about something that I think would be very much like the airplane. Let me explain.

That’s a great metaphor, yeah.

An airplane would, let’s say, go from Phoenix to Las Vegas. Let’s just say we only had cars, right? So it takes you six hours. Well, that’s six hours of your time. Well, if it only takes you an hour to fly, then that’s five hours that you have saved that you could be producing goods and services. Well, times that by however many flights there are, how many hours we save as a result. I can tell you by doing so much business in South America and in Medellin that just getting my own money that it’s not someone else’s, I’m not going to loan. It’s my money from the United States just down to Colombia and then take the dollars and then buy the pesos, and put them in the bank, and go to the paper­work, and go to the reporting system and blah, blah, blah, blah, blah, blah.

Then you’ve got to pay the spread to the bank for doing the transfer. So think about how much money is flushed down the toilet right there and then how much time is wasted. I mean, we’re talking about billions if not trillions of dollars a year. This is completely wasted in economic output and produc­tivity as a result of having to deal with something so cumber­some as the current dollar fiat system we have. It’s not just about the global reserve currency, just these green pieces of paper, but people have to under­stand it’s about the infra­struc­ture.

So that’s why it’s so hard to go from, let’s say the dollar to the euro, or the yen, or the won, or something like that, it’s not neces­sarily it would be hard to change green pieces of paper for red pieces of paper.

No, but every­body’s locked into the infra­struc­ture and the KYC and all that.

The infra­struc­ture. But this infra­struc­ture is very cumber­some. So to your point, if we could get this seamless way to transfer money… I remember the first time I spoke with my buddy, Alex with Nuggets News, he made me… Right when I was talking to him on the phone. I don’t know if we were live or not, but he had me download this app on my wallet while I was talking to him. I think I still got it right here. It’s this Wallet of Satoshi. He told me to open it up like this and I put it right in front of the the camera there and he trans­ferred me like 2 or $3 in Satoshi’s just through the little webcam thing. I mean, to think about how hard that would have been if he would have tried to transfer me, let’s say 100,000 or something like that from Australia to where I was in Medellin, Colombia at the time.

I mean, this is a huge, huge advance­ment. It’s really a game changer as far as global produc­tivity. Also, what I wanted to say is you were talking about how the current system completely distorts the economy and it creates this… Well, let me back up here. So it distorts the economy, but I would go so far as to take it even a step further back. So what I mean by this is we were talking about infla­tion distorting the economy, but if you look at govern­ment debt, it distorts the economy as well and people say, “Well, yeah. But it’s when the debt gets to a certain level.” But what they don’t realize is it’s getting from A to B that really matters.

I think most people really don’t get that. So let me give you an example. Right now, the United States govern­ment is almost 50% of GDP. The govern­ment spending is over 50% of GDP. So that means that private sector economy or the produc­tive part of the economy is only 50%. Take that back before we had the federal reserve and it was over 90% of the govern­ment was the actual private sector that really produced the goods and services.

So now even if we could just elimi­nate all 26 trillion in debt, the problem is that our economy has been built around this govern­ment spending and these ineffi­cien­cies just like Venezuela using them as an example. You could solve all their debt problems or the dollar denom­i­nated

If you have been following the FTX cryptocurrency exchange, you might have heard about Serum, a coin co-founded by Sam Bankman-Fried, the FTX CEO. In this article, we will talk about the Serum project – created to solves the major problems that decentralized finance and blockchain are facing. Our focus is going to be on Serum price prediction for 2021.

The Serum is a fully decentralized exchange (DEX) platform that was built on top of the Solana blockchain platform.

The goal of the project is to bring high-speed and low-cost transactions. Since DeFi started growing in popularity and coupled with the on-going popularity of DEXes in the Ethereum space, there have been situations of high gas cost and slow transactions.

The Serum was built to address the centralized gaps that exist in the current Defi space.

The digital coin will be interoperable with other cryptocurrencies like Ethereum But, unlike other DEXes, SRM features order book-based trading, such as the centralized cryptocurrency exchanges. It can process between 50.000 – 65.000 transactions per second, which is the current TPS of the underlying Solana blockchain.

Serum’s history is linked to Sam Bankman-Fried, an MIT graduate with over three years of experience trading ETFs with the Jane Street Capital, a well-known wall street trading firm.

Sam, who is the CEO of FTX cryptocurrency and Alameda research (a cryptocurrency trading firm), led the FTX team that founded Serum.

Some of the cryptocurrency community advisors that supported the project include; Robert Leshner, founder of Compound; Gary Wang, CTO at FTX; Long Vuong, founder of Tomochain, etc.

From what was told, Sam and his friends at FTX exchange were thinking about a Defi protocol to build. They decided to build a DEX. But, knowing that it could not be built on Ethereum because of the network-intensive features they wanted it to have, the team eventually choose Solana (SOL), a blockchain designed with efficiency in mind.

The historical market price is one factor to consider when predicting a cryptocurrency’s long-term price. It is one of the significant factors that crypto investors consider before investing in a crypto coin.

Since the launch of the Serum and its native SRM token in August last year, the coin’s price chart has been on the bullish run.

The listing of the project in popular cryptocurrency exchanges such as Binance has contributed to the rising SRM token price.

Data from Coingecko showed that the transaction volume of SRM’s token surpassed $350 million in the first 12 hours of its launch.

The SRM token is also listed in other popular Defi exchanges and protocols like Uniswap, BitMax, HBTC, TomoDEX, and its co-founder FTX.

The listing of the SRM in popular DeFi exchanges has increased the popularity of the coin. These have led to some predictions on the digital coin price and these forecasts cannot be overlooked when investing in SRM.

Different crypto experts have aired their opinion on the price of Serum (SRM) in 2021. So, we have decided to share with you these price forecast for the year by both the crypto prediction websites and the individual predictions.

No one can accurately predict the prices of cryptocurrency with total certainty. This means that it is imperative to note that SRM price predictions serve as a suggestion of possible price development and not to be used for investment advice.

Let us look at the various market prediction by the different crypto prediction websites for 2021.

The top crypto website is widely known for predicting the future price of digital currencies. The website based its predictions on the historical data and a combination of linear and polynomial regressions. According to the SRM forecasts by Tradingbeasts, the digital coin price will have an average price of $2.97.

They went ahead to say that the coin will have a minimum price of $2.52 and a maximum price of $3.71 by the end of 2021.

The top prediction website’s SRM price forecast shows a bearish price movement of the digital coin in 2021.

From the analysis by Walletinvestor, the price of the coin will fall to an average of $0.70. Their analysis also predicted that the coin’s price could fall as low as $0.06 or rise as high as $1.33.

Information from the platform shows that they based their forecasts on technical analysis by artificial intelligence.

In summary, the experts in the platform think that Serum is a 1-year bad investment.

But, looking at the prediction from this website, you will discover that the price of the Serum surpassed their prediction in January (although the prognosis on the website was written in late 2020). Does it mean that their prediction was right or wrong? Or maybe, they should have predicted higher like others. Well, we still think that there is still room for growth.

The CoinArbitrageBot prediction is neutral on a 1-year investment in the digital currency but gives the green light on investing in the coin on a longer-term – like five years investment.

The price prediction of the coin on the platform shows a bearish run in the year.

According to Coinarbitragebot, the SRM price could be $2.04 before the end of the year, by 2025 predicts more than $ 10 for SRM.

The platform’s forecast is based on the historical price chart of the coin.

The analyst at Digitalcoinprice, who specializes in crypto price predictions, has dropped their SRM price prediction for 2021 and for the next five years.

Their analysis shows an increase in the price of the cryptocurrency. They believe that SRMtoken will reach $4.17 before the end of the year.

From their forecast, they think that SRM is a profitable investment for the year. Their prediction is based on their algorithm and the historical price data of the coin.

From the data on the website, the experts think that the coin’s price will continue to surge in 2021.

The website, which based its prediction on the historical price analysis, thinks that Serum is a good investment capable of yielding high ROI.

According to Cryptocurrencypriceprediction, Serum’s price will reach $5 by the end of 2021.

This is another crypto prediction website that has dropped its Serum price prediction for the next five years.

The Pickacrypto website used the prior price history to forecasts the price of the coin.

From their analysis using support/resistance, and simple indicators like the RSI, they think that the price of SRM will reach between $7 to $10 by the end of the year.

They also went ahead to forecast the coin’s price for the subsequent years.

One amazing thing with their Serum forecast is that they think that the coin will increase in value in the future.

As we usually do, we have gone to Twitter to look out for the year’s SRM price prediction. While going through the projections, we have chosen the most interesting ones that caught our attention. These predictions will guide you to forecast the future price of the coin before investing.

This crypto enthusiast’s price prediction caught our attention. In his tweet, he predicted a bullish run for the coin in 2021. From his tweet, he predicted the SRM price to be $20.

The Twitter user based his forecast on the current market price. “Price Predictions this Bullrun that would not suprise me: $80 $ftt $50 $sol $50 $rune $50 $grt $20 $srm $15 $alpha $8 $ocean $5 $dag $3 $rsr $1 $vet I come to these price predictions by taking their current prices and make them bigger”

I come to these price predictions by taking their current prices and make them bigger

— Spookus🐇 (@SynphZ) January 26, 2021

From his forecast, you can see that the user is very optimistic about one thing and which is that the coins will have a bullish run this year. Most of the users that commented on his tweet agreed with his methodology.

The user is another person that has made an SRM price prediction. In the tweet, he asked his followers to vote on the price of SRM for the year. “$SRM price prediction by 15th Aug 2020. @ProjectSerum #DeFi #Blockchain #Crypto #cryptocurrency #cryptocurrencies #SRM $BTC $ETH $XRP $LINK $XTZ $ADA $AMPL $BAND $DeFi”

— Gold Dust FinTech (@golddustfintech) August 11, 2020

The user listed four price variations; $0.60, $1.8, $3.6, and $5.4.

From the voting, the majority agreed that the price will reach $5.4 while the minority believes that the coin will hover around $1.8.

But, one common thing among the voters is that majority agreed that the coin will have a bullish movement.

Going through YouTube, these are the SRM price predictions that have caught our attention the most.

Sammy sun based his prediction on the historical price of the coin. The YouTuber agrees with Digitalcoinprice, a prediction website, on several points. One of which that the coin will have a bullish run in the year.

From his prediction, the coin will increase to $4.17 by the end of the year.

The user predicted the top five crypto coins that will make people millionaires in 2021.

And guess what, Serum is among them. But, do you believe that crypto can make people millionaires?

Well, from his prediction, he thinks that the Serum price will hit between $10 and $20 before the end of the year. You can check his full prediction in the video.

The user of this YouTube channel made his SRM prediction on the Arabic language.

So, if you don’t understand the language, you might need to bypass it. However, we are going to bring the channel prediction to you.

From his prediction, he thinks that the price of SRM will reach $5 before the end of the year. However, his forecasts are based on assumptions.

The YouTube channel with the name “The Wolf of Trading” has made an SRM prediction for the year.

The channel used support/resistance, trendlines, moving averages, and simple indicators like the RSI to forecast the SRM price for the year.

You might need a little bit of knowledge of trading to understand his prediction.

But he foresees a bullish run for the coin. According to his prediction, the coin will reach $3 by the end of the year.

The FTX CEO is satisfied with Solana and has tried to bring a fully decentralized project in the Defi space, and that has been achieved. The Serum is powerful, scalable, stacked with loaded features that users want.

With the innovations going on in the Defi space, it is safe to say that the decentralized exchange is not the same anymore as new projects are bringing something unique that matches users’ expectations.

From the project description, Serum is a pure Defi project, and they really mean it, which is while the project is gaining popularity.

From our prediction, you can see that majority of the crypto prediction platforms are very optimistic that the coin will have a bullish run this year. Some of the Twitter users even went as high as quoting that the coin will reach $20 before the end of the year.

But even in the midst of that, some predictions didn’t think that the coin is capable of increasing in the year. Some even quoted $1.33 as the forecast for the year.

What side are you on? The bearish or the bullish team? let us know below. And don’t forget to tell us how you arrived at your forecast.

Bancor (BNT) Price Prediction for 2021

Stellar (XLM) Price Prediction for 2021

Prominent investor, Robert Kioysaki, is talking Bitcoin again, saying that holders of ‘fake USD’ printed by the Fed will lose their wealth unlike BTC and XAU holders Contents The investment guru who made his wealth on real estate investments and investing in gold and silver and the author of books on financial literacy, including ‘Rich Dad, Poor Dad’, Robert Kiyosaki, has taken to Twitter again to talk Bitcoin to his followers. Such talk seems to be his new hobby horse. Kiyosaki now explains why owning Bitcoin, as well as major precious metals is important these days. The ‘Rich Dad, Poor Dad’ author is now discussing the issue of why billions of people could now become poor amid the economic crisis caused by the COVID-19 virus. As per him, the thing is that many people are storing unbacked dollars printed by the US government (given to them as stimulus checks), believing USD to be a store of value. Instead of doing that, Kiyosaki tweets, people should be buying real stores of value – gold, silver and Bitcoin. Earlier, he mentioned that Bitcoin and silver are easy to buy in fractions (BTC) and coins (XAG) and are affordable to anyone. People saving fake USD are losers, he tweets. Prior to this, Robert Kiyosaki also discussed the difference between being wealthy and being rich, saying that the latter is unreliable and does not last long. Being wealthy, he says, is much better since it refers to how long you can last without having to work if you suddenly lose your job. If being rich is only about how much money you own, being wealthy is also about how much of your own time you own (without having to work), while earning passive income. Being wealthy is more important than being rich, Kiyosaki says. Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions! Source link

JP Morgan pro-crypto approach is a complete shift from the anti-Bitcoin stance it has been holding until now. It has been many years that J.P. Morgan, the largest bank of the U.S. in terms of assets, has been battling Bitcoin and other cryptocurrencies with words.

Back in September 2017, the chief executive of JP Morgan, Jamie Dimon, labeled Bitcoin as a fraud. The price of Bitcoin has been swinging wildly from $20,000 per Bitcoin to below $4000.

However, it seems that the turbulent relationship between JP Morgan and Bitcoin has started to soften now with the JP Morgan pro-crypto approach taking over. Following the addition of its very first crypto exchange customers by the bank, reportedly, Jamie Dimon has hosted a secret meeting with Coinbase, a major crypto exchange.

Per the Wall Street Journal reports, earlier this month, following an extensive vetting period, J.P. Morgan signed Coinbase and Gemini crypto exchanges. The accounts of these two Bitcoin exchanges were approved by JP Morgan last month.

They had already been dealing with the transactions, potentially indicting and end towards the banking woes of the crypto industry.

For years, the crypto community complained about the banks, including the JP Morgan denying services and blocking accounts dealing with cryptocurrency businesses.

In the meanwhile, Jeff Roberts, author of the book ‘Kings of Crypto’ has revealed that secret meetings have been conducted by Jamie Dimon with the chief executive of Coinbase Brian Armstrong since 2018. In the promotion event for his book, Robert revealed that Brian Armstrong and JP Morgan’s Jamie Dimon were conducting secret meetings in 2018. Ironically, Jamie Dimon was thought to be the biggest enemy of Bitcoin.

Though, the JP Morgan pro-crypto approach extends Bitcoin. The head of digital treasury service and blockchain at JP Morgan, Umar Farooq in 2017, stated that JP Morgan is supportive of cryptocurrencies subject to their being properly regulated and controlled.

Last year, J.P. Morgan launched its own JPM Coin as an answer to Bitcoin. However, unlike the Bitcoin, JPM Coin is pegged to the dollar and aims to speed up and reduce the costs of the global payment.