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Warren Buffett Will See His Wealth Hyperinflate While Bitcoin Price Does 40-80x, Says Max Keiser

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Popular TV host and long-time Bitcoin proponent Max Keiser believes that futures traders suppress Bitcoin’s price at current levels. However, once the asset explodes to Keiser’s intermediate target at $28,000, BTC’s amount for sale will evaporate as governments and institutions will purchase directly from miners.

Keiser: Governments And Institutions Will Rush To Buy BTC

Keiser recently tweeted that “the (temporary) Bitcoin price suppression scheme is a godsend for poor people to stack sats *now* before retail liquidity dries up and the price vaults to gold-parity levels around $400,000.”

CryptoPotato reached out to the popular TV host to elaborate on his views regarding the price suppression and potential surge in value. Keiser asserted that “for the world’s poor, the current price and availability of BTC are a once in a species-existent opportunity to acquire unconfiscatable Hard Money before a 40-80x move on the upside.”

He commented that his “forensic analysis of the BTC market, corroborated by insiders, is indicating futures traders are suppressing the price of BTC to give institutional players a chance to load the boat.” He also gave his intermediate price target of $28,000 per coin. Once the cryptocurrency reaches that level, it would be a significant game-changer for people’s perception of the asset.

“When this happens, we’ll see something quite unexpected. The retail market for BTC will dry up. The amount of BTC for sale AT ANY PRICE will be increasingly tiny.

Institutions, corporations, and governments will be buying BTC directly from miners, presumably at a huge premium.”

Max Keiser. Source: RT
Max Keiser. Source: RT

People Like Warren Buffett Will Suffer

Keiser, who previously said that Warren Buffet will start panic buying Bitcoin when the asset price jumps to $50,000, said that people like the prominent investor, who have no Bitcoin exposure, will see “their wealth hyperinflate to nothing.”

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It’s no secret for the community that Buffett isn’t a fan of the primary cryptocurrency.. He once called Bitcoin “rat poison,” and even a charity launch with TRON’s Justin Sun couldn’t change his mind. Shortly after the event, Buffett insisted that BTC has no value “and never will.”

However, Buffett recently purchased a massive share in a mining company producing gold while reducing his exposure in significant banks such as JPMorgan Chase & Co and Wells Fargo & Co.

Keiser believes that those who had taken a similar path and purchased gold and silver will be less impacted. Nevertheless, even gold holders “will see their wealth take a relative nosedive against investors that are 100% BTC.”

Featured Image Courtesy of RT

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Source: https://cryptopotato.com/warren-buffett-will-see-his-wealth-hyperinflate-while-bitcoin-price-does-40-80x-says-max-keiser/

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Bitstamp appoints Gemini’s former managing director as new CEO

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One of the oldest crypto exchanges, Bitstamp today announced that it has appointed Julian Sawyer as the firm’s new CEO, who was Gemini crypto exchange’s Managing Director for Europe. Sawyer will be taking over from Bitstamp founder, Nejc Kodrič, who will now remain as a member of Bitstamp’s Board of Directors, in a non-executive role. Bitstamp said they chose Sawyer after a global search to find Nejc Kodrič’s “successor.” This idea took root after Kodrič himself decided to transition into a “less hands-on role” after being with Bitstamp for the past nine years.

Bitstamp’s new CEO, Sawyer, is also an advisor to the board of the leading Australian challenger bank. His previous roles began in traditional finance as the co-founder of Starling Bank, where he served as Chief Operating Officer until 2019. According to Bitstamp: 

Julian’s expertise in the complexities of global finance makes him uniquely suited to lead Bitstamp into its next chapter. He understands the possibilities that cryptocurrency holds for the world and how to integrate it with existing financial structures. 

Sawyer will be joining the Bitstamp team at a time of the firm’s rapid developments among which its implementation of a new matching engine built by Nasdaq had grabbed headlines. With this move, Bitstamp became the first major fiat to crypto exchange with a matching engine that would be on par with traditional exchanges.

The exchange had also been in news for the listing of GBP in May this year which followed the listing of other digital assets. According to data from CoinMarketCap, Bitstamp is the sixth largest crypto exchange in terms of trading volume while Sawyer’s ex-employer Gemini ranked 22nd on the list, at the time of writing.  

Source: https://eng.ambcrypto.com/bitstamp-appoints-geminis-former-managing-director-as-new-ceo

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Trail of Destruction: Bitcoin’s $13,000 Rally Liquidated $360m in Short Positions

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  • Bitcoin’s price has stabilized at just below $13,000 following its immense surge seen yesterday
  • The cryptocurrency has been flashing continued signs of strength as of late, and its ability to maintain its recent gains is decisively bullish
  • While looking back on the aftermath of yesterday’s move, its magnitude and influence over the market grows clear
  • According to one data platform, a total of $360 million in BTC short positions were liquidated throughout the course of the rally
  • Traders are now actively jumping into positions, with open interest for Bitcoin surging past $4 billion

Bitcoin and the entire crypto market have been caught in the throes of a strong bull trend throughout the past few days.

Although Bitcoin kicked off this bull trend in the absence of altcoins rallying, smaller digital assets are now catching up.

While speaking about the effects this latest push towards $13,000 had on the underlying market, one research firm noted that it was a bloodbath for bears.

In total, $360 million in short positions were liquidated.

Its price is now rapidly ascending back towards $13,000 despite a slight rejection here earlier, and it does appear that further upside could be imminent.

Bitcoin Maintains Recent Gains; Enters Consolidation Phase 

At the time of writing, Bitcoin is trading up marginally at its current price of $12,850. This is around where it has been consolidating in the time following its massive surge up to highs of $13,200 yesterday afternoon.

This movement’s intensity throughout the past couple of days suggests that Bitcoin truly is entering a full-fledged bull market and may indicate that further gains are right around the corner.

For it to rally higher, however, it is imperative that bulls firmly surmount $13,000.

Data Shows Over $300 million in BTC Shorts Were Liquidated Yesterday

While sharing insights into the impacts of the recent rally on the markets that underpin BTC, one data platform observed that over $300 million worth of Bitcoin short positions were liquidated.

They also note that open interest is once again surging, now sitting above $4 billion for the first time in quite a while.

“Bitcoin yesterday, a summary – Price hit $13,250 – Open interest above $4 billion – One of the most intensive trading day over the last 5 months. $30 BILLION traded on [the futures] markets! – Shorts worth $360 million got liquidated.”

Growing open interest following this surge indicates that further volatility could be imminent in the coming days and weeks ahead.

Featured image from Unsplash.
BTCUSD Pricing data from TradingView.

Source: https://bitcoinist.com/trail-of-destruction-bitcoins-13000-rally-liquidated-360m-in-short-positions/?utm_source=rss&utm_medium=rss&utm_campaign=trail-of-destruction-bitcoins-13000-rally-liquidated-360m-in-short-positions

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HODLers: Most Crypto Investors Hold Majority In Bitcoin Over Altcoins, Survey Finds

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As Bitcoin price recorded a new yearly high, most of the participants in a recent survey shared that they hold the majority of their holdings in Bitcoin rather than altcoins.

Bitcoin traders are basking in profit as October turns out to be a good month for BTC.

46% Of People Allocate More Than 50% To BTC

Crypto commentator and analyst Josh Rager took to Twitter to ask crypto users how much of their portfolio is allocated to Bitcoin. Voters had to choose from one of four options that best describe their portfolio.

The result of the poll was quite interesting. As much as 35% of traders revealed they dedicated less than 10% of their portfolio to the most valuable cryptocurrency. This category is bullish on altcoins and had the highest number of votes in the poll.josh_rager_poll

A total of 23.2% maintained that Bitcoin holds a significant percentage in their portfolio. According to the results, these people dedicate between 51% to 89% of their portfolio to Bitcoin.

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The third-highest category consists of Bitcoin maximalists who are very bullish on Bitcoin. These voters, which made up 22% of the poll result, said that 90 to 100% of their portfolio is allocated to the king coin.

Lastly, the fourth category, consisting of 18% of voters, said they allocate between 11 to 50% to BTC.

In other words, almost 46% of the respondents shared that they hold over half of their portfolio in Bitcoin rather than altcoins.

Bitcoins Hits $13,200, Altcoins Suffer

Elsewhere, altcoins have been experiencing terrible nightmares since last month. An earlier report suggested that Bitcoin’s fresh surge is crushing both altcoins’ prices and market dominance.

At the time of writing, Bitcoin has blasted through important resistance levels, reaching a fresh 2020 high of $13,217 on Binance. The cryptocurrency now holds a market dominance of about 61%.

Although the speculation around is the current surge is caused by money flowing from altcoins into Bitcoin, a fresh analysis debunked has debunked that. As CryptoPotato reported, Bitcoin’s rising value is likely caused by new money entering the crypto market.

Moreover, the latest surge seemed to be primed largely by the news that PayPal, the world’s largest online payment processor, will start allowing users to buy, sell, and hold Bitcoin and other cryptocurrencies.

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Source: https://cryptopotato.com/hodlers-most-crypto-investors-hold-majority-in-bitcoin-over-altcoins-survey-finds/

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