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Kevin O’Leary: BTC Mining Must Become Greener

Kevin O’Leary – aka Mr. Wonderful on the program “Shark Tank” – has been one of the biggest advocates of green crypto mining. He has often called out China for its lack of attention towards this and has even stated that he will not be buying any more crypto mined in China, even likening the

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Kevin O’Leary – aka Mr. Wonderful on the program “Shark Tank” – has been one of the biggest advocates of green crypto mining. He has often called out China for its lack of attention towards this and has even stated that he will not be buying any more crypto mined in China, even likening the asset to “blood coin” in recent statements.

Kevin O’Leary: It’s Time to Become Environmentally Friendly

In a new interview, he discusses why it is so important that bitcoin miners utilize cleaner methods of energy such as hydroelectricity over coal to extract new units of BTC from the blockchain. Among the questions he was asked recently included why it is so important to do this when so many BTC have been mined already.

As it stands, approximately 18.5 million of the world’s 21 million bitcoin units have been extracted. With only 2.5 million left to go, one would think that the world has already been impacted environmentally by BTC mining, and that there is nowhere to go from here. According to O’Leary, this is not quite true.

He explains that one of the big reasons why miners need to change things up to be more environmentally friendly is because right now, common extraction methods are really turning off institutional investors, and without these companies and individuals in play, bitcoin can never become a legitimate or mainstream currency. O’Leary says:

Institutions will not buy it until this problem is solved. I completely understand the discussion about why it could be a red herring, but it does not matter. These institutions will not buy it until we somehow come up with a solution. We need to solve that because there is a trillion dollars-worth of buying power that we are not getting to.

Institutions Need to Be Involved

He says that many institutions are looking to invest approximately three percent of their portfolios in bitcoin and cryptocurrencies should they find it “palatable,” but so long as bitcoin continues to follow old energy methods, these institutions are not likely to consider bitcoin modern enough or different enough to buy it. O’Leary says:

A tremendous amount of interested capital wants to come into this asset class, but it cannot do it right now because it has got the wrong messaging around it. The truth is bitcoin is good for the environment because it is forcing these miners to find the most efficient way to create the power to do the mining. There is no other industry that does that… As a sector, as an industry, as a voice, we have failed. We have not delivered that message successfully. It is going to start here today.

O’Leary is not the only man worried about crypto mining. Elon Musk was quick to rescind his decision of allowing bitcoin payments for Tesla goods due to his concerns regarding the extraction process.

Tags: bitcoin, Bitcoin Mining, Kevin O’Leary Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.livebitcoinnews.com/kevin-oleary-btc-mining-must-become-greener/

Blockchain

Analysts Claim Bitcoin Is Headed Into Short Squeeze Territory, Suggesting Another Price Spike

Is bitcoin about to experience a “short squeeze?” According to many analysts, the answer is yes. A Short Squeeze Is in BTC’s Future, Analysts Say A short squeeze is when an asset that has been doing poorly suddenly skyrockets in price due to several traders making bets against it. As of late, the world’s number

The post Analysts Claim Bitcoin Is Headed Into Short Squeeze Territory, Suggesting Another Price Spike appeared first on Live Bitcoin News.

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Is bitcoin about to experience a “short squeeze?” According to many analysts, the answer is yes.

A Short Squeeze Is in BTC’s Future, Analysts Say

A short squeeze is when an asset that has been doing poorly suddenly skyrockets in price due to several traders making bets against it. As of late, the world’s number one digital currency by market cap has been trading in the doldrums, losing close to $30,000 off its price since reaching its latest all-time high of approximately $64,000 in mid-April of this year. The asset has been in a rather poor state ever since, and everyone seems to have lost their faith in it.

However, according to many industry experts, this is exactly what needs to happen if bitcoin is to ever experience any kind of surge. Flex Yang – chief executive of Hong Kong-based crypto lender Babel Finance – explained in a recent interview:

Given bitcoin’s past market performance, when traders use excessive leverage to short the market during a horizontal price adjustment, there will often be a short squeeze phenomenon.

He has pointed out that a lot of money is now going into bitcoin from short sellers looking to make quick profits off the digital asset. He suggests this has been a relative constant ever since bitcoin began falling into oblivion as despite the currency’s massive dip, trading volumes on popular crypto exchanges such as Binance have increased by approximately 110 percent over the past two months.

Yang further says:

Many people are anticipating a bear market. Bitcoin holders are building hedges. Those who bought at high prices are locked in.

This Has Happened Before

He also claims that a short squeeze could be somewhat expected at this stage given it has occurred a few times in the past with bitcoin. He suggested this while pointing to evidence of bitcoin’s behavior between the months of February and April in 2018 and then again between June and July of 2020. During these periods, bitcoin experienced heavy spikes after dropping to new lows. He says:

In November 2020, there was a temporary sharp increase in the number of short-selling positions at a high price. Afterwards, the price of bitcoin continued to rise, continuing its bull market position. No matter if the market outlook is trending downwards after rebounding or if bitcoin maintains its bull market status, short traders have always suffered the consequence of being squeezed out and liquidated.

Bitcoin’s bull run came to a screeching halt not too long ago after it was announced that Tesla was rescinding its decision to accept bitcoin payments for all goods and services. The price experienced further drops when CEO Elon Musk hinted on Twitter that he was looking to sell his personal BTC stash. In addition, China also took a stance against bitcoin mining, saying that it would limit further activity.

Tags: bitcoin, Flex Yang, Short Squeeze Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.livebitcoinnews.com/analysts-claim-bitcoin-is-headed-into-short-squeeze-territory-suggesting-another-price-spike/

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Blockchain

Bitcoin Is Going Greener But Crypto CEOs Aren’t Done Roasting Elon Musk

Kraken Brings Spot Prices To DeFi With Chainlink's Technology

Even though it’s been weeks after billionaire Elon musk made several bearish statements about Bitcoin, many Bitcoin proponents have continued to slam the CEO over his stances, with many of them opining that although Musk may be very well versed in engineering, he may not be as educated on Cryptocurrencies like Bitcoin, hence their collective […]

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Kraken Brings Spot Prices To DeFi With Chainlink's Technology

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Even though it’s been weeks after billionaire Elon musk made several bearish statements about Bitcoin, many Bitcoin proponents have continued to slam the CEO over his stances, with many of them opining that although Musk may be very well versed in engineering, he may not be as educated on Cryptocurrencies like Bitcoin, hence their collective proposal that he educated himself on the asset.

Elon Musk gets slammed by Kraken CEO

The CEO of the leading cryptocurrency exchange platform Kraken, who had previously reacted to Tesla’s entrance into the Bitcoin market, in an interview, saying “Well, thanks to Elon, everyone who owns a piece of the S&P 500 now owns a piece of Bitcoin, so he’s probably in a single stroke distributed Bitcoin to more people than anyone else on the planet,” has now joined the likes of Changpeng Zhao of Binance to say that Elon Musk might need to go back to his books.

Jesse Powell, whose company Kraken, recently became the leading cryptocurrency exchange in Europe by trading volume told a news outlet in an interview that bitcoin is greener than critics say it is.

He went ahead to tackle Elon Musk’s comments on Bitcoin, firing back at the Billionaire and saying that he thinks “Elon Musk has more studying to do.” Elon Musk who seemed to be just around the corner responded to Powell, asking “Based on what data?”

Energy Concerns may hinder Bitcoin’s adoption process in the short term, but the future remains bullish

The argument that Cryptocurrencies like Bitcoin pose a major threat to the environment has been on for the longest time in the cryptocurrency community. However, since Tesla dropped Bitcoin, the conversation has been amplified.

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BTCUSD Chart By TradingView

While many institutions had previously refused to take a chance on Bitcoin by adding the asset to their portfolio, for reasons surrounding price volatility and regulatory worries, the issue of environmental degradation might be yet another factor that restricts them from entering the Bitcoin market.

Some Cryptocurrency enthusiasts have gone on to speculate that other Blockchains like Cardano (ADA) and many other similar networks might gain traction during this period, as investors and institutions search for an alternative network that uses less energy.

With Jack Dorsey investing $5 million into solar energy-based Bitcoin mining, there’s bound to be an improvement with Bitcoin’s energy usage pattern.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/bitcoin-is-going-green-but-crypto-ceos-arent-done-roasting-elon-musk/

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Blockchain

UK Bank Bans Crypto Purchases From Binance and Kraken, Reports

TSB is reportedly taking actions to prevent its customers from using Kraken and Binance to buy crypto because of their alleged poor safety measures.

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British banks are making it increasingly difficult for their customers to get involved with crypto, citing particular concerns related to security and exposure to fraud.

According to a report by the British newspaper The Times, TSB bank is reportedly about to ban its customers from buying crypto with funds managed by the bank. TSB is reportedly concerned about an “excessively high” fraud rate related to crypto exchanges operating in the country.

TSB Could Be Cutting Ties With Crypto Exchanges For Safety Reasons

The Times claims to have reliable information that TSB is going to ban the purchase of crypto with cash via Binance and Kraken. Apparently, the low security standards of these platforms facilitate the works of scammers, in particular the setup of e-wallets.

According to the reports, TSB has received at least 849 fraud complaints between March 15 and April 15 by Binance users. The bank claims that all attempts to communicate with Binance have been unsuccessful. However, Binance says it has never received any messages from the bank’s security team.

Without directly referring to TSB, a spokesman for Binance reiterated the exchange’s commitment to working for the security of its customers, assuring that it is company policy to prioritize the issue:


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“Binance is very serious about its responsibility to protect users from scams. When we are made aware of these claims, we immediately take action and have an excellent record of working with law enforcement agencies.”

But Kraken was much more direct. Steven Christie, global head of compliance at Kraken, denied TSBs allegations, although he made no reference to the stance they will take on this possible outbreak of new wire fraud:

“We categorically deny the allegation that Kraken does not respond to calls for assistance on incidents of fraud. Kraken responded to well over 1,000 different requests from law enforcement agencies in 2020 alone. Kraken operates in full compliance with law enforcement agencies.”

Investors Are Making Things Easier For Scammers In The UK

Fraud reports are a sensitive issue for the bank as it offers a fraud protection service in which it refunds the money lost in the event that a person has been a victim of a scam. The bank has also asked for caution towards crypto-related scams.

So far, TSB bank has not issued any official statement regarding its stance towards Kraken of Binance, however, the interest of UK regulators in overseeing cryptocurrency-related activity has been on the rise.

Recently, a survey by the UK’s Financial Conduct Authority revealed that the number of cryptocurrency investors had increased from last year, as had the average worth of cryptocurrency holdings by retailers.

However, the FCA also found that the number of people with a poor understanding of cryptocurrencies also increased even though they invested in them.

This is a worrying development for law enforcement and crime prevention agencies, as it provides a breeding ground for scammers and criminals to take advantage of a larger potential pool of victims who are less savvy than in previous years.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/uk-bank-bans-crypto-purchases-from-binance-and-kraken-reports/

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Bitcoin Gets More Popular in The UK, But Few People Actually Understand It

The people in the UK seem more interested in cryptocurrencies, but many lack basic knowledge about them.

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The latest data revealed that 78% of the UK residents have heard of cryptocurrencies, as 2.3 million of them hold some of them. Nonetheless, the overall understanding of digital assets has declined.

More HODLers But Less Crypto Knowledge

Digital assets remain a complicated industry in the UK, and the share of people investing in them is significantly lower than in other countries. However, the public awareness surged by 5% in a year, as in 2021, 78% of the locals have heard of cryptocurrencies compared to 73% in 2020, according to the FCA.

The number of individuals who own virtual assets has also increased as 2.3 million Britons have some cryptocurrencies, representing 4.4% of the population. Last year’s data showed this percentage to be 3.9%.

The locals seem to have invested a bit more this year and pushed the median holding from £260 ($361) to £300 ($417). Most crypto investors are male, wealthy, over 35, and with excellent educational levels.

Nearly half of the surveyed (47%) considered the crypto market a gamble in 2020. Now this percentage decreased to 38%, and more people see it as an option to invest at some point.


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The FCA, though, reported that many of the Britons lack basic knowledge about virtual assets, and their investment could turn to be very risky:

”Some crypto users may not fully understand what they are buying.”

More Britons Prefer BTC Than Stocks

Despite the confusion that crypto seems to cause for the Britons, most have invested in Bitcoin rather than stocks and shares Isas last year. A survey conducted by Find Out Now suggested that nearly 7% of the locals have located some of their wealth in the primary cryptocurrency while 5% have done this in traditional stocks and shares. Laith Khalaf – a financial analyst – commented that according to the data, the society converts to crypto:

”When more people are buying cryptocurrency than investing in a stock market Isa, you have to conclude the world’s gone crypto crazy.”

The vast majority of the investors claimed to have made a profit from their crypto dealings, while 12% reported a loss.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitcoin-gets-more-popular-in-the-uk-but-few-people-actually-understand-it/

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