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Why Is Bitcoin Price Falling When Several South American Countries Embrace Its Revolution?

Rumors of an FBI hack of Bitcoin are just FUD. Focus on the real signal.

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Rumors of an FBI hack of Bitcoin are just FUD. Focus on the real signal.

Image: Getty Images — Adapted by Sylvain Saurel

For a long time, I’ve been thinking that the first country to make Bitcoin a legal tender will go down in history forever. Just as Michael J. Saylor will forever be remembered as the first CEO of a major publicly-traded company to embrace the Bitcoin revolution, it would seem that El Salvador will hold that role as far as countries are concerned.

In early June 2021, El Salvador’s President Nayib Bukele has just announced to the world his intention to make Bitcoin a legal tender in his country.

This proposed law will have to be passed by the Congress of El Salvador before it becomes a reality. In any case, it is a strong signal sent by El Salvador to the rest of the world. Nayib Bukele explains that Bitcoin will be used alongside the US dollar, which is currently the country’s official currency.

For the president of El Salvador, Bitcoin will make it easier for Salvadorans living abroad to send money back home.

This is a bold move by Nayib Bukele, who believes it will create jobs in the short term while contributing to the financial inclusion of thousands of people outside the formal economy. It must be said that 70% of Salvadorans do not have access to a bank account. Bitcoin would give them direct access to basic banking services.

El Salvador’s economy relies heavily on remittances, i.e. money sent from abroad, which represent 20% of the country’s GDP. Current services charge prohibitive fees and can take days to arrive while having to be picked up in person.

For President Bukele, “Bitcoin will improve the lives and futures of millions of people”.

In the wake of El Salvador’s announcement, several other South American countries have decided to publicly embrace the Bitcoin revolution. This ranges from Paraguay to Argentina, Panama, and Nicaragua. Many Brazilian politicians are also starting to give Bitcoin a wide berth.

Official recognition of Bitcoin in these countries would be a response to the will of the people, who did not wait for an official authorization to massively use the digital currency invented by Satoshi Nakamoto at the end of 2008.

For all these countries, Bitcoin is an opportunity to be seized to find a solution to the American dollar system which leaves them little chance of a better future.

Despite all this great news for the revolution, you may have noticed that the price of Bitcoin has dropped again in the last few hours from just over $36K to $33K as I write this. A low of $32.2K has even been hit.

Many people have asked me over the past few hours why Bitcoin is seeing its price fall as countries announce their intention to embrace the Bitcoin revolution. This may indeed seem paradoxical.

There are two main reasons for Bitcoin’s price drop.

The first is an announcement made by the US authorities on June 7, 2021, that $2.3 million paid in BTC to the hacker group DarkSide has been recovered. As a reminder, this hacker group had demanded ransomware from the American government during a cyber attack against the Colonial Pipeline in May 2021.

The U.S. authorities released a document explaining that the FBI was able to access the private keys of one of the hackers to recover the ransom directly from his wallet on the Bitcoin network.

For the media, it was very easy to make a shortcut with disastrous consequences for the general public’s opinion: Bitcoin was hacked by the FBI. The spread of such a rumor necessarily frightened the market, which then quickly collapsed within minutes.

As is often the case, it is important to take a step back and analyze the facts. In the world of Bitcoin, you must learn to filter out the noise and focus on the real signal. That’s how you can take advantage of this incredible revolution.

Those who have taken the time to analyze the documents can see that Bitcoin was not hacked by the FBI. No Bitcoin wallet has been hacked, and that is simply not possible. The Dark Side hackers had rented a cloud server on which the private keys were hosted.

The FBI obtained a subpoena to seize the server and take control of it. Once they had the private keys, it was a simple matter for the FBI to recover the stolen Bitcoin. It was simply a matter of performing standard transactions on the Bitcoin network. Nothing the average person can do.

So Bitcoin remains the most secure decentralized network in the world. A network that has never been hacked. It is important to repeat this so that you can understand that the media has simply propagated FUD (Fear, Uncertainty, and Doubt) information as it often does.

To this first reason was added the second classic reason: the psychology of 99% of the investors who do not know how to distinguish between the true and the false.

As soon as a rumor appears, these people panic and sell their BTC rather than trying to understand what the realities behind this rumor are. All these people who have a short-term way of thinking are missing out on the Bitcoin revolution.

Meanwhile, you have people who can take the long view and will take every opportunity to accumulate more BTC. This is how Michael J. Saylor announced on June 7, 2021, that MicroStrategy would issue $400 million in debt to buy more BTC.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.inbitcoinwetrust.net/why-is-bitcoin-price-falling-when-several-south-american-countries-embrace-its-revolution-28d8d940881c?source=rss——-8—————–cryptocurrency

Blockchain

Hedge Funds Plan to Allocate 7% of Portfolios in Cryptocurrencies by 2026: FT Survey

A survey with 100 hedge funds concluded that CFOs plan to allocate over 7% of their portfolios in bitcoin and other cryptocurrencies by 2026.

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Large hedge funds expect to increase their cryptocurrency holdings to 7% in five years, a recent survey conducted by the Financial Times concluded. This comes after the increased involvement from prominent names like Stan Druckenmiller, Paul Tudor Jones III, SkyBridge Capital, and more.

Hedge Funds to Increase Crypto Holdings

It’s safe to say that 2020 was Bitcoin’s breakout year in terms of institutional adoption. The COVID-19 pandemic and the financial catastrophe it caused ultimately highlighted BTC’s merits over most traditional investment tools, which attracted corporations and institutions that steered clear of it up until that moment.

According to a survey by the FT, this will only increase in the next five years. Following a survey among officers from over 100 global hedge funds, the paper concluded that “executives expect to hold an average of 7.2 percent of their assets in cryptocurrencies in five years’ time.”

Although the current holding numbers are unknown, the publication concluded that such an allocation would “represent a large increase” in funds put in various digital assets.

Per David Miller, executive director at Quilter Cheviot Investment Management, hedge funds are “well aware not only of the risks but also the long-term potential” of bitcoin and other cryptocurrencies.


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However, analysts from the consulting company Oliver Wyman argued that digital asset purchases still “remain limited to clients that have a high-risk tolerance, and, even then, investments are typically a low proportion of investable assets.”

Who Bought In?

While some institutions contemplate on whether or not they should buy or increase their crypto holdings now, others have already done so.

Perhaps it all started with the billionaire hedge fund manager – Paul Tudor Jones III. He was among the first to openly praise BTC after the COVID-19 pandemic because he considered it a proper safe haven instrument against the rising inflation in the US.

He allocated up to 3% of his portfolio in BTC at the time but said he wants to have 5% in the primary cryptocurrency just recently. Stan Druckenmiller, another legend of the legacy financial markets, echoed his words shortly after.

Anthony Scaramucci, the founder and CEO of SkyBridge Capital, was next. He and his organization came on board in late 2020 through a Bitcoin Fund with an initial multi-million dollar investment.

It’s also worth highlighting that US banks, some of the biggest critiques until recently, have also expressed interest in entering the space. Some, like BNY Mellon, have revealed plans to launch cryptocurrency custodians. Others, like Morgan Stanley, will enable their institutional clients to receive BTC exposure through several funds.

Goldman Sachs filed for a Bitcoin ETF, while JPMorgan is reportedly developing an actively managed BTC fund.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/hedge-funds-plan-to-allocate-7-of-portfolios-in-cryptocurrencies-by-2026-ft-survey/

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Blockchain

Hedge Funds Plan to Allocate 7% of Portfolios in Cryptocurrencies by 2026: FT Survey

A survey with 100 hedge funds concluded that CFOs plan to allocate over 7% of their portfolios in bitcoin and other cryptocurrencies by 2026.

Published

on

Large hedge funds expect to increase their cryptocurrency holdings to 7% in five years, a recent survey conducted by the Financial Times concluded. This comes after the increased involvement from prominent names like Stan Druckenmiller, Paul Tudor Jones III, SkyBridge Capital, and more.

Hedge Funds to Increase Crypto Holdings

It’s safe to say that 2020 was Bitcoin’s breakout year in terms of institutional adoption. The COVID-19 pandemic and the financial catastrophe it caused ultimately highlighted BTC’s merits over most traditional investment tools, which attracted corporations and institutions that steered clear of it up until that moment.

According to a survey by the FT, this will only increase in the next five years. Following a survey among officers from over 100 global hedge funds, the paper concluded that “executives expect to hold an average of 7.2 percent of their assets in cryptocurrencies in five years’ time.”

Although the current holding numbers are unknown, the publication concluded that such an allocation would “represent a large increase” in funds put in various digital assets.

Per David Miller, executive director at Quilter Cheviot Investment Management, hedge funds are “well aware not only of the risks but also the long-term potential” of bitcoin and other cryptocurrencies.


ADVERTISEMENT

However, analysts from the consulting company Oliver Wyman argued that digital asset purchases still “remain limited to clients that have a high-risk tolerance, and, even then, investments are typically a low proportion of investable assets.”

Who Bought In?

While some institutions contemplate on whether or not they should buy or increase their crypto holdings now, others have already done so.

Perhaps it all started with the billionaire hedge fund manager – Paul Tudor Jones III. He was among the first to openly praise BTC after the COVID-19 pandemic because he considered it a proper safe haven instrument against the rising inflation in the US.

He allocated up to 3% of his portfolio in BTC at the time but said he wants to have 5% in the primary cryptocurrency just recently. Stan Druckenmiller, another legend of the legacy financial markets, echoed his words shortly after.

Anthony Scaramucci, the founder and CEO of SkyBridge Capital, was next. He and his organization came on board in late 2020 through a Bitcoin Fund with an initial multi-million dollar investment.

It’s also worth highlighting that US banks, some of the biggest critiques until recently, have also expressed interest in entering the space. Some, like BNY Mellon, have revealed plans to launch cryptocurrency custodians. Others, like Morgan Stanley, will enable their institutional clients to receive BTC exposure through several funds.

Goldman Sachs filed for a Bitcoin ETF, while JPMorgan is reportedly developing an actively managed BTC fund.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/hedge-funds-plan-to-allocate-7-of-portfolios-in-cryptocurrencies-by-2026-ft-survey/

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Blockchain

Solanax Launches Private Token Sale, IEO Starts on June 28

[PRESS RELEASE – Please Read Disclaimer] Solanax, a Solana-based DeFi protocol is currently conducting a private token sale that ends on the 25th of June. They are also aiming to proceed with an initial exchange offering (IEO) that is set to commence on the 28th of June. Solanax went live recently with their automated market […]

Published

on

[PRESS RELEASE – Please Read Disclaimer]

Solanax, a Solana-based DeFi protocol is currently conducting a private token sale that ends on the 25th of June. They are also aiming to proceed with an initial exchange offering (IEO) that is set to commence on the 28th of June.

Solanax went live recently with their automated market maker (AMM) and decentralized exchange (DEX) platform on the Solana Blockchain. Regarding the launch, the team said, “SOLANAX are attempting to eliminate centralized intermediaries and pave the way for full decentralization, censorship-resistant, and safe trading within the Solana ecosystem and beyond”

Introducing Solanax

Solanax is a decentralized exchange built on top of the Solana blockchain that leverages the exciting features of the fastest-growing blockchain. The project resolves a long-standing problem with scalability and transaction throughput in DEXes, driving the adoption of DeFi products and services.

Solanax also allows peers on the Solana blockchain and beyond to trade directly between themselves without intermediaries through self-custody or non-custodial wallets.

SOLD Token Distribution

Solanax will distribute at least 20 million $SOLD tokens before getting listed on a centralized exchange. The project currently offers crypto enthusiasts and investors a chance to get a hold of their native token through their private sale which ends on the 28th of June. In this sale, Solanax is offering 10 million tokens at $0.1 per token, considering a three-month vesting period, or $0.15 per token without a vesting period. The private sale aims to raise at least $1 million.

In the subsequent IEO that launches on June 28th, another 10 million SOLD tokens will be distributed in multiple rounds with a target of at least $2 million from the offering. The private sale and IEO will distribute a combined 25% of the total tokens.

Solanax Features

Solanax is unlike any other DEX in the crypto space. The protocol’s versatility powered by Solana builds a trader-first DEX design, where trading features are optimized for investors to buy, sell and transfer crypto assets seamlessly. Solanax is the ultimate CEX-killer, offering at-par if not better features that traders look out for in a crypto exchange.

Listed below are some of the notable features/experiences that set Solanax apart:

  • Hassle-free trading with high liquidity across Solanax, as investors are incentivized to provide liquidity to low-volume assets while maintaining high liquidity in popular assets.
  • Rapid and seamless transaction settlement powered by Solana’s high transaction throughput.
  • Very low transaction fees for swapping SPL tokens.
  • Open-source Liq and DeFi protocol. There are several ways people will be able to earn rewards.
  • Plans for cross-blockchain Bridge implementation via Wormhole / Binance Bridge / Solanax Token Converter
  • Runs on the more powerful and highly scalable Solana blockchain.
  • Fully decentralized, censorship-resistant with a secure hybrid consensus model

Apart from the aforementioned features, the platform will offer unmatched flexibility for traders to access digital assets on the Ethereum blockchain. In this ecosystem, developers can convert ERC-20 tokens into SPL tokens compatible with the Solana ecosystem, then deploy the tokens to decentralized apps (dApps) like Solanax.

The team has reserved 40% of the 80 million total supply of $SOLD for platform incentives. These include staking and liquidity mining rewards. Solanax DEX also has a farming platform where traders can stake LP tokens and earn farming rewards. The aim is to increase use cases and incentives on the platform to make this ecosystem a community-based decentralized exchange. To be a part of the community while the project is in the early stages, be a part of the IEO and the private sale using the information given below.

Contact

Website

Private Token Sale: email – sales AT solanax.org

Twitter

Telegram

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/solanax-launches-private-token-sale-ieo-starts-on-june-28/

Continue Reading

Blockchain

Solanax Launches Private Token Sale, IEO Starts on June 28

[PRESS RELEASE – Please Read Disclaimer] Solanax, a Solana-based DeFi protocol is currently conducting a private token sale that ends on the 25th of June. They are also aiming to proceed with an initial exchange offering (IEO) that is set to commence on the 28th of June. Solanax went live recently with their automated market […]

Published

on

[PRESS RELEASE – Please Read Disclaimer]

Solanax, a Solana-based DeFi protocol is currently conducting a private token sale that ends on the 25th of June. They are also aiming to proceed with an initial exchange offering (IEO) that is set to commence on the 28th of June.

Solanax went live recently with their automated market maker (AMM) and decentralized exchange (DEX) platform on the Solana Blockchain. Regarding the launch, the team said, “SOLANAX are attempting to eliminate centralized intermediaries and pave the way for full decentralization, censorship-resistant, and safe trading within the Solana ecosystem and beyond”

Introducing Solanax

Solanax is a decentralized exchange built on top of the Solana blockchain that leverages the exciting features of the fastest-growing blockchain. The project resolves a long-standing problem with scalability and transaction throughput in DEXes, driving the adoption of DeFi products and services.

Solanax also allows peers on the Solana blockchain and beyond to trade directly between themselves without intermediaries through self-custody or non-custodial wallets.

SOLD Token Distribution

Solanax will distribute at least 20 million $SOLD tokens before getting listed on a centralized exchange. The project currently offers crypto enthusiasts and investors a chance to get a hold of their native token through their private sale which ends on the 28th of June. In this sale, Solanax is offering 10 million tokens at $0.1 per token, considering a three-month vesting period, or $0.15 per token without a vesting period. The private sale aims to raise at least $1 million.

In the subsequent IEO that launches on June 28th, another 10 million SOLD tokens will be distributed in multiple rounds with a target of at least $2 million from the offering. The private sale and IEO will distribute a combined 25% of the total tokens.

Solanax Features

Solanax is unlike any other DEX in the crypto space. The protocol’s versatility powered by Solana builds a trader-first DEX design, where trading features are optimized for investors to buy, sell and transfer crypto assets seamlessly. Solanax is the ultimate CEX-killer, offering at-par if not better features that traders look out for in a crypto exchange.

Listed below are some of the notable features/experiences that set Solanax apart:

  • Hassle-free trading with high liquidity across Solanax, as investors are incentivized to provide liquidity to low-volume assets while maintaining high liquidity in popular assets.
  • Rapid and seamless transaction settlement powered by Solana’s high transaction throughput.
  • Very low transaction fees for swapping SPL tokens.
  • Open-source Liq and DeFi protocol. There are several ways people will be able to earn rewards.
  • Plans for cross-blockchain Bridge implementation via Wormhole / Binance Bridge / Solanax Token Converter
  • Runs on the more powerful and highly scalable Solana blockchain.
  • Fully decentralized, censorship-resistant with a secure hybrid consensus model

Apart from the aforementioned features, the platform will offer unmatched flexibility for traders to access digital assets on the Ethereum blockchain. In this ecosystem, developers can convert ERC-20 tokens into SPL tokens compatible with the Solana ecosystem, then deploy the tokens to decentralized apps (dApps) like Solanax.

The team has reserved 40% of the 80 million total supply of $SOLD for platform incentives. These include staking and liquidity mining rewards. Solanax DEX also has a farming platform where traders can stake LP tokens and earn farming rewards. The aim is to increase use cases and incentives on the platform to make this ecosystem a community-based decentralized exchange. To be a part of the community while the project is in the early stages, be a part of the IEO and the private sale using the information given below.

Contact

Website

Private Token Sale: email – sales AT solanax.org

Twitter

Telegram

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/solanax-launches-private-token-sale-ieo-starts-on-june-28/

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