A widely-followed veteran trader who’s known in the crypto space for calling Bitcoin’s big crash in January of 2018 is unveiling the key fundamental driver that will fuel Bitcoin’s bull market.
Peter Brandt tells his 435,100 Twitter followers that he believes Bitcoin, along with other assets, will continue to thrive in bull territory in the face of US dollar debasement.
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“The devaluation of the purchasing power of the U.S. DollarDX_Fhas only just begun. This is why BitcoinBTC, real estate, U.S. equities and commodities will continue to trend higher when expressed inUSDfiat terms.”
Source: Peter Brandt/Twitter
Brandt’s latest analysis comes after the U.S. Senate passed President Biden’s Covid stimulus package to the tune of $1.9 trillion. Bitcoin bull Anthony Pompliano says the relief package will have a massive impact on the value of the US dollar and Bitcoin.
“Thinking the dollar is stable in purchasing power terms is completely insane. 40% of all dollars in circulation will be created in 12 months after this $1.9 trillion… Purchasing power is drastically down. Compare dollars to stocks, real estate, goods, services, Bitcoin, etc… The US Senate just agreed to reiterate to the world why Bitcoin is important and valuable.”
In the short-term, Brandt believes that Bitcoin is en route to a new all-time high.
“Two charts to carefully watch in the days ahead.ES_FS&Ps ‘V’-extended bottom. New highs ahead.
BTCinverse head and shoulders pattern. New highs ahead.”
Source: Peter Brandt/Twitter
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
After only three days accepting Dogecoin (DOGE) as a form of payment, Dallas Mavericks owner Mark Cuban is predicting the price of the token will eventually hit $1.
In a Saturday tweet, Cuban said customers had used more than 20,000 Dogecoin — roughly $1,018 at the time of publication — in transactions for the Dallas Mavericks, claiming the franchise was now “the largest Dogecoin merchant in the world.” The billionaire predicted that if basketball fans were to purchase 6,556,000,000 DOGE worth of Mavericks merchandise, the price of the token would “definitely hit $1.”
The @dallasmavs have done more than 20,000 #Dogecoin in transactions, making us the LARGEST #DOGECOIN MERCHANT IN THE WORLD ! We thank all of you and can only say that if we sell another 6,556,000,000 #DOGECOIN worth of Mavs merch, #dogecoin will DEFINITELY HIT $1 !!!
— Mark Cuban (@mcuban) March 6, 2021
The Mavericks were one of the first NBA franchises to recognize crypto as a form of payment for tickets and merchandise, having started accepting Bitcoin (BTC) through wallet company BitPay two years ago. Mavericks fans can also pay for gear and souvenirs with Bitcoin Cash (BCH), USD Coin (USDC), Gemini dollar (GUSD), Paxos Standard (PAX) and Binance USD (BUSD).
Despite being created as a joke, DOGE has surged in the last few months as billionaires including Cuban and Tesla CEO Elon Musk have mentioned the token on social media. Musk’s tweets have likely contributed to the price of the token rising from $0.01 in January to an all-time high of $0.078. At the time of publication, the DOGE price is $0.0509, meaning the token would need to surge 1,864% to reach $1.
The Dallas Mavericks owner previously described DOGE as an “economics teaching tool,” saying the token was the “best entertainment bang for your buck available” on the crypto market. Even with the surge in DOGE payments for the basketball franchise, Cuban said he was still “having fun” and hasn’t changed his opinions about the token.
In 10 years Bitcoin’s finite supply will be nearly exhausted, meaning holders might only need 0.01 BTC to become filthy rich.
Saving 0.01 Bitcoin (BTC) might cost only $5,000 today but according to the current global wealth distribution and the digital asset’s limited supply, 0.01 BTC just might be enough to make one a millionaire in the future.
According to Credit Suisse’s “Global Wealth Report 2020”, there are 51.9 million individuals with a net worth surpassing $1 million. The index considers a person’s net worth, along with their financial and real estate assets, while al deducting their debts and liabilities.
According to the report, the U.S. leads by a reasonably wide margin of 20.2 million, or 39% of the world’s total. China came in second place with 11% of the global total and Japan and the United Kingdom, France and Germany each comprised 5%.
What is interesting is that despite representing just 1% of the global population (excluding children), these millionaires own 43% of the world’s wealth.
The total household wealth of these wealthy individuals equals $400 trillion, with 53% represented by financial assets instead of real estate investments. This number varies between countries w 64% in the U.S., 44% in China and Germany, and 22% in India.
According to Credit Suisse’s individual wealth breakdown, 175,700 people were worth more than $50 million. Of these, 55,800 were worth at least $100 million, and 4,410 had wealth over $500 million.
Bitcoin’s finite supply will reach 98% in 10 years
Bitcoin Supply and equivalent inflation. Source: Medium.com/@CryptoProfG
As of March 1, Bitcoin’s total supply consists of 18.64 million BTC, leaving some 2.37 million to be mined. Ten years from now, the supply will reach 20.6 million, or 98% of the 21 million coins from the total supply.
Excluding the 1.9 million coins that haven’t been touched for over a decade, there is a maximum limit of 19.2 million BTC available for the world’s 51.9 million millionaires.
This leaves 0.37 BTC per millionaire, including the yet-to-be-mined coins. A more conservative assumption based on the currently available supply and deducting coins unmoved for five or more years results in 14.57 million BTC. This leaves a mere 0.28 BTC per millionaire, which is conservative as the number of wealthy people is likely to increase over the next 5 to 10 years.
In the future, the wealthy will fight for 0.01 BTC
In addition to the certified millionaires, there are 590 million individuals whose net worth exceeds $100,000. These people shouldn’t be disregarded as potential holders, even though their purchasing power is less.
Global wealth distribution. Source: Credit Suisse
Assuming the 43.4% global wealth proportion shown in the chart above stays the same, the global millionaires represent 6.32 million coins out of the conservative 14.57 million supply left. This ratio means there is 0.12 BTC per individual.
The remaining 590 million individuals currently worth $100,000 or higher could effectively hold another 5.9 million coins, resulting in a mere 0.01 BTC per adult.
To conclude, buying 0.01 BTC today, roughly a $500 investment at the current price, can assure one a top 13% holder position. This is equivalent to being a millionaire today, at least in terms of the percentage ownership of the total Bitcoin supply.
The views and opinions expressed here are solely those of theauthorand do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Market maker Phillip Gillespie warns that China’s push to launch the digital yuan may not bode well for the future of Bitcoin and other cryptocurrencies.
The chief executive of crypto market maker and liquidity provider B2C2 Japan tellsBloomberg that once China releases a central bank digital currency (CBDC), the country may also clamp down on the cryptocurrency space.
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“Once a digital yuan is introduced, that’s going to be one of the biggest risks in crypto.”
Gillespie says that new regulatory measures can disrupt the “tremendous amount of liquidity” that’s coming from the Chinese market as he sees the possibility that Tether (USDT) could be banned in the region’s crypto marketplace.
Converting yuans to tokens is already prohibited in China, but citizens use the dollar-pegged stablecoin Tether as a work-around to trade Bitcoin (BTC) and other digital currencies.
Gillespie thinks the re-routing could end soon while sounding the alarm that a massive liquidity shock could happen if China bans the use of USDT.
“What would happen is there’s going to be massive panic selling.”
Meanwhile, Tether CTO Paolo Ardoino downplays the potential effect of CBDCs on stablecoins.
“Tether’s success has provided a blueprint for how a CBDC could work. Furthermore, CBDCs are unlikely to be available on public blockchains such as Ethereum or Bitcoin. This last mile may be left to privately-issued stablecoins.”
In October, China’s electronic currency hit a milestone after moving 2 billion yuan or $299 million in four million separate transactions.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Bitcoin’s (BTC) fundamentals received a boost as the U.S. Senate passed the $1.9 trillion stimulus bill on March 7. If traders react to this bill in the same way as they had done to the first stimulus package in April 2020, then the crypto markets may witness a strong rally.
The stimulus package also intensifies the focus on the devaluation of the U.S. dollar. These concerns could lead some investors to park their money in hard assets or Bitcoin instead of keeping them in fiat currencies, according to veteran trader Peter Brandt.
Crypto market data daily view. Source:Coin360
In addition to investors, a growing number of listed companies are choosing to protect their fiat reserves by buying Bitcoin. After the high-profile purchases by MicroStrategy, Tesla, and Square, a Chinese listed company called Meitu revealed that it had acquired $40 million worth of Bitcoin and Ether.
If other companies across the world also follow this lead and invest a portion of their treasury reserves in Bitcoin, that could create a massive supply and demand imbalance, sending prices through the roof.
Let’s study the charts of the top-5 cryptocurrencies that may resume their uptrend in the short term.
BTC/USD
Bitcoin dipped below the 20-day exponential moving average ($48,484) on March 5 and March 6 but the long tail on each candlestick shows buyers are ready to jump in at lower levels. The bulls have currently pushed the price toward the $52,040 overhead resistance.
BTC/USDT daily chart. Source:TradingView
While the 20-day EMA is flat, the relative strength index (RSI) has started to turn up and it has risen above 58, indicating that the bulls are attempting to make a comeback.
If the buyers can propel the price above the resistance, the BTC/USD pair may retest the all-time high at $58,341. A breakout of this level could start the next leg of the uptrend, which may reach $72,112.
Contrary to this assumption, if the price turns down from the overhead resistance and breaks below $46,313, the pair may drop to the 50-day simple moving average at $42,861. This level is likely to act as a strong support.
If the pair rebounds off this support, the pair may spend a few more days in consolidation. But if the bears sink the price below $41,959.63, traders may rush to the exit, which could signal a possible change in trend.
BTC/USDT 4-hour chart. Source:TradingView
The pair has formed an inverted head and shoulders pattern on the 4-hour chart that will complete on a breakout and close above $52,040. This bullish setup has a pattern target of $61,075.
The 20-EMA has started to turn up and the RSI has jumped above 62, indicating a minor advantage to the bulls.
This bullish view will invalidate if the price turns down from the current levels or the overhead resistance and breaks below $47,000. Such a move could open the doors for a decline to the next major support at $41,959.
UNI/USD
After consolidating near $29 for three days, Uniswap (UNI) has broken out of the overhead resistance today. If the bulls can sustain the price above $29, it will enhance the prospects of the resumption of the uptrend.
UNI/USDT daily chart. Source:TradingView
Both moving averages are sloping up and the RSI is in overbought territory, which indicates that bulls are in command. If the UNI/USD pair rises above $33, the next level to watch out for is $38 and then $46.
This bullish view will invalidate if the price turns down from the current levels and breaks below the 20-day EMA ($25.31). If that happens, the pair may drop to $22 and then to the 50-day SMA ($19.78).
UNI/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows that the bears are likely to defend the $32 overhead resistance aggressively. However, if the bulls do not allow the price to dip below the 20-EMA, it will signal strength. A breakout and close above the $32 to $33 zone may start the next leg of the up-move.
This bullish view will invalidate if the price turns down and breaks below the 20-EMA. Such a move will suggest that traders are booking profits on rallies. The pair could then drop to the 50-SMA.
THETA/USD
THETA is in a strong uptrend. Although the altcoin turned down on March 7, the long tail on the March 8 candlestick shows buying at lower levels. Corrections in a strong uptrend generally last for one to three days after which the main trend resumes.
THETA/USDT daily chart. Source:TradingView
The rising moving averages and the RSI near the overbought zone suggest the bulls are in control. If buyers can drive the price above $4.72, the THETA/USD pair may resume the uptrend and rally to $5.73.
On the contrary, if the price turns down from the $4.50 to $4.72 overhead resistance zone, the pair may drop to the 20-day EMA ($3.58). A strong rebound off this support will suggest the sentiment remains positive as the bulls are buying the dips.
If the bears sink the price below the 20-day EMA, a deeper correction to the 50-day SMA ($2.82) is possible. Such a move will indicate that the momentum has weakened and may delay the resumption of the up-move.
THETA/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows the 20-EMA is rising and the RSI is in the positive zone. If the bulls can push and sustain the price above the downtrend line, the pair may retest $4.72. A breakout of this resistance could start the next leg of the uptrend.
On the other hand, if the price continues to correct, it may find support at the 20-EMA. If that happens, the bulls will again try to propel the price above the downtrend line. However, a break below the 20-EMA may pull the price down to $3.85.
VET/USD
VeChain (VET) is currently stuck in a large range between $0.0345 and $0.060774. The price had reached the resistance of the range, but the long wick on today’s candlestick shows profit-booking near $0.060774.
VET/USDT daily chart. Source:TradingView
However, the moving averages are sloping up and the RSI has also inched higher into the positive territory, suggesting that the path of least resistance is to the upside. If the bulls can push and sustain the price above $0.060774, the VET/USD pair may start the next leg of the uptrend.
The first target on the upside is $0.087048 and if this level is also crossed, the pair may rise to $0.10.
Contrary to this assumption, if the price turns down from the current level, the pair may drop to the 20-day EMA ($0.047). A bounce off this support will suggest that the uptrend remains intact, but a break below it may bring the range-bound action into play.
VET/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows some profit-booking near $0.060, but the positive sign is that the bulls have not allowed the price to collapse. If the pair rebounds off the 20-EMA, the bulls will make one more attempt to thrust the price above the stiff overhead resistance.
If they can sustain the price above $0.060774, the next leg of the uptrend could begin. However, if the price dips below the 20-EMA, the selling could intensify and the price may drop to the next support at the 50-SMA.
LUNA/USD
Terra (LUNA) is currently consolidating in a large range between $5 and $8.50 for the past few days. Both moving averages are sloping up and the RSI is near the overbought territory, indicating the path of least resistance is to the upside.
LUNA/USDT daily chart. Source:TradingView
The bulls pushed the price above the range on March 5, but could not build up on the breakout as the price turned down and slipped back below $8.50 on March 6. This suggests that demand dried up at higher levels.
However, if the bulls do not give up much ground, it will indicate that traders are waiting to buy the shallow dips. If that happens, the buyers may make one more attempt to start the next leg of the up-move. If they succeed, the LUNA/USD pair could rally to $12.
LUNA/USDT 4-hour chart. Source:TradingView
The long wicks on the candlesticks above $8.50 show profit-booking at higher levels and the bulls are currently attempting to defend the 20-EMA. If the price rebounds off the current levels, the buyers will again try to resume the uptrend by driving the pair above the $8.50 to $9 overhead resistance zone.
On the contrary, if the bears sink and sustain the price below the 20-EMA, the pair could dip to the 50-SMA. If the price bounces off this level, the pair may consolidate in the upper half of the range for some time. A drop below the 50-SMA will be a signal that the price may settle into the $5 to $6 range.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Using 2020 financials obtained from Celsius, Alpha Sigma Capital has determined that the crypto company has an implied value of $3.13 billion, which is approximately three times greater than its current market capitalization of $1.1 billion.
It appears that “Celsius is currently undervalued,” Alpha Sigma Capital said in its analysis, referring to the $126.14 million in revenue the company generated last year. Based on current year-to-date growth, Celsius appears to have significant upside ahead.
Alpha Sigma Capital explained:
“Our projections are conservative for 2021 and we see AUM growth tapering off with another $3 billion in AUM growth by year end. From there, we project that the company will be able to grow AUM 25% year-over-year through 2025.”
By the end of 2025, Celsius’ AUM is expected to reach nearly $30 billion. One potential growth driver for Celsius in the long term is adding exchange capability, which would significantly enhance the platform’s usability. CEO Alex Mashinsky has also hinted at the possibility of incorporating self-insurance options that would allow users to insure their deposited funds.
2020 was a watershed year for Celsius. Since January 2020, the lending platform has registered a nearly 300% increase in users. By February 2021, Celsius had paid out $250 million in crypto rewards to depositors, up from $80 million in November 2020.
Although decentralized finance, or DeFi, has hogged the crypto spotlight since the summer of 2020, Celsius’ native token, CEL, has been one of the market’s best performers. Unlike DeFi, Celsius offers a centralized platform for users to deposit their cryptocurrencies to receive interest payments. Celsius currently offers over 40 interest-bearing assets, with yields as high as 18.5%.
Crypto lending platform Celsius Network is worth three times its current market capitalization, underscoring the project’s massive growth potential over the next five years, according to new research from Alpha Sigma Capital.
Banksy’s ‘Morons’ was destroyed on camera in a burning ceremony in Brooklyn last month.
A digitized copy of it has been sold as an NFT.
Will the ashes be sold as an NFT next?
A tokenized version of a now-destroyed Banksy painting called ‘Morons’ was sold at an NFT auction for 228.69 ETH or $382,336 to bidder ‘GALAXY’ late this afternoon.
The enigmatic British street artist’s original painting wasfirst sold for £16,250in 2006. It depicts a crowded auction house. The lot for sale behind the auctioneer is a framed canvas that simply reads: “I CAN’T BELIEVE YOU MORONS ACTUALLY BUY THIS SHIT.”
So far so meta, but new layers of social commentary were added to the work when crypto-obsessed financial traders got their hands on it.
Buying it to burn it
Earlier this year a group of blockchain investors and professionalsbought ‘Morons’ for $95kafter it was verified by Banksy authentication body Pest Control. This group included members of decentralized finance (DeFi) projects Injective Protocol and SuperFarm.
The pyro-loving anarchists then proceeded to vex art fans across the globe when theyuploaded a videoof themselves burning the work in Brooklyn, New York. The page appeared to be flame resistant for most of the excruciating three minutes that it was alight, causing the plucky arsonist on film to try lighting it from different corners.
NFTs: A second life for artworks?
“One man’s terrorist is another man’s freedom fighter” goes the old adage, so what edifying purpose could such flagrant vandalism serve? Well, before committing the painting to flames, an NFT copy of it was made.
Thanks to blockchain’s cryptographic coding, digitized tokens have the ability to stand in for physical art assets. The broader point these match-happy traders were making is that Banksy’s work still exists, and while it’s no longer with us in a tangible form, it’s sitting happily somewhere in a block of Ethereum’s blockchain, coded indelibly as the property of GALAXY.
Art doesn’t even need a prior physical existence to be an NFT. A new breed of exciting digital artists are making the NFT space just as valid in the creation and promulgation of new work as any museum or gallery. Just look atRefik Anadol’s intricate data paintings, orFEWOCiOUS’s surrealist illustrations.
And beyond the visual art space, there are all sorts of collectibles entering the NFT space too. MF Doom’s final creative project was aset of augmented reality masks, while the NBA has even licensed official blockchain merchandise in the form of digitized trading cards that are seeing up to$32 million of trading volumein a day.
This exciting and often absurd world blurs the lines between currency, collectibles and art.
A new theory suggests that crypto expert and cypherpunk Len Sassaman could be the anonymous Bitcoin creator Satoshi Nakamoto.
In a Medium article, the author named Leungoffersseveral reasons why Sassaman could be the man behind the number one cryptocurrency.
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First, Leung points out that Satoshi sent his final communication just two months before Sassaman’s death on July 3rd, 2011.
Leung also notes that Sassaman was an expert in the public-key cryptography that underlies Bitcoin and he was on the Internet Engineering Task Force that developed the TCP/IP protocol – the foundation of the internet and the Bitcoin network.
According to Leung, Sassaman also worked with Hal Finney when he joined Network Associates to help develop the PGP (Pretty Good Privacy) encryption. Finney is the first person to have received Bitcoin from Satoshi.
Leung adds that Sassaman’s stance on privacy also aligns with the ideologies that led to the creation of the Bitcoin network.
“…They would have needed the ideological conviction and hacker ethos to ‘roll up their sleeves’ and anonymously build a real-world version of ideas that had previously been relegated to the realm of theory.
When I consider Len’s life, I see many of these same traits and I think there is a real possibility that Len was a direct contributor to Bitcoin.”
He also points out that Sassaman was living in Belgium while Bitcoin was being developed and Satoshi was reportedly based in Europe while working on the project.
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“Strangely enough, Len used the very same British English as Satoshi even though he was American.”
Despite his conviction that Sassaman is a strong candidate for Satoshi Nakamoto, the person who left behind $64 billion worth of BTC in their wallet, Leung notes that the Bitcoin blockchain was the result of years of planning and the combined efforts of many individuals.
“Whoever Satoshi was, they were very much ‘standing on the shoulders of giants’ – Bitcoin was the culmination of decades of accumulated research and discourse within the Cypherpunk community…
To synthesize and implement the myriad ideas Bitcoin was based on, that person or group of people would have required a unique combination of expertise spanning public key infrastructure, academic cryptography, P2P network design, practical security architecture, and privacy technology. They would likely have been deeply engrained in the Cypherpunk community and adjacent to the figures who proved to be major influences on cryptocurrency.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
India’s Finance Minister told CNBC that the country’s reserve bank is not shutting out cryptocurrencies entirely. She said that while the Reserve Bank of India will decide which unofficial cryptocurrencies will be used and regulated, there will be “a window for experiments” in the industry.
New Lease Of Life For Bitcoin In India
India’s minister of finance, Nirmala Sitharaman, spoke briefly on the country’s standpoint on digital assets in a CNBC virtual townhall. She said that several negotiations are being held with the Reserve Bank of India regarding an impending ban.
A lower parliament in India raised a bill to ban all private cryptocurrencies in January. It said that the move was to facilitate the development of the country’s CBDC, which the RBI will issue and regulate. This did not go down well with cryptocurrency enthusiasts and industry stakeholders in the country. In response, they started an online campaign tagged #IndiaWantsBitcoin to get the RBI to reconsider its stance.
Sitharaman’s remarks suggest that the campaign was quite impactful. She said:
“A lot of negotiations and discussions are happening around the cryptocurrency with the Reserve Bank of India. RBI will be taking a call on what kind of unofficial cryptocurrency will have to be planned and how it has to be regulated. However we want to make sure that there is a window available for all kinds of experiments which will have to take place in the crypto world. There will be a very calibrated position taken. A lot of mixed messages are coming from across the world. World is moving fast with technology, we cannot pretend that we don’t want it.”
Sitting On The Fence
India is renowned for its controversial stance on bitcoin after several “back and forth” regulations. The government had initially banned cryptocurrencies in 2018 after warning investors. The halt was later overturned by the Supreme court. The apex court described the ban as “unconstitutional.”
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India’s lower parliament received backlash from the global crypto community for what seemed like a ridiculous exception to its proposed cryptocurrency ban. It said it will “allow for certain exceptions to promote the underlying technology of cryptocurrency and its uses.” Regulatory bodies in the country had severally pushed the motion to advance blockchain technology adoption while banning cryptocurrencies.
Its non-committal approach has raised question marks regarding the country’s future in the digital asset space.
Digital Rupee Still In The Picture
Although Sitharaman did not discuss the progress of the digital rupee, the second most populous nation may take a cue from its neighbors, China.
China has continued trials of its digital yuan and has distributed millions of dollars in the digital currency to its citizens.
India’s Reserve bank governor, Shaktikanta Das, said last month that although there is no set date for the launch, the digital rupee was “receiving full attention.”
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Crypto investments have reportedly been a source of strife in relationships, sometimes leading to breakups and even divorce.
According to a Reddit post from February 2015, a then 28-year-old woman using a throwaway account claimed that she was incredibly upset at her husband, who had not stopped purchasing Bitcoin (BTC) since 2013 without consulting her. She estimated that he had bought more than $22,000 in the crypto asset in the two years prior to the post, when the price reached a high of more than $1,000 but also dipped under $200.
“I kept telling him to sell as the price was rising and he promised me a big year in 2014,” she said. “The price kept falling and he continued to buy more. He makes more money than I do but we are building a future together and we have a shared bank account. He kept telling me this was for our kids’ college fund, to buy a house, etc.”
In the early days of Bitcoin and crypto when digital currencies were often used as a running joke for late night talk shows and comedians, many considered investing in the technology financially immature at the very least. Some people still do, even with the BTC price at more than $50,000 again.
The Redditor referred to her husband as “brainwashed,” saying he was “robbing [her] of happiness” and ruining her job by bringing up Bitcoin at her marketing events.
“After a recent price crash, he actually bought more using our vacation fund that I have been saving away for and planning. All gone, in Bitcoin never to be seen again.”
It’s unclear whether the couple stayed together following the response from the post, or if the husband sold some or all of the Bitcoin to ameliorate his wife’s financial concerns. The user compared her spouse to a drug addict and considered “staying in a hotel for a few weeks” to think about whether divorce was an option.
However, with the benefit of hindsight, the husband’s early investment could have easily paid off in the millions of dollars. Even assuming he purchased BTC after the price surge to $1,000 in November 2013, the 22 coins would now be worth more than $1 million.
Because the story was posted on the r/relationships subreddit rather than a pro-crypto group like r/Bitcoin or r/cryptocurrency, many of the Redditors encouraged the user to separate her finances and consider divorce proceedings. Few crypto enthusiasts jumped on the thread to comment, but one predicted that the BTC would one day be “worth fortunes” and recommended the husband continue to HODL.
Another story from a Redditor following the 2017 bull run — which brought in many newbies to the crypto space — claimed that his girlfriend was considering breaking up with him following “a huge investment in cryptocurrencies.” However, digital currencies seem to have played less of a role in his story, as the user said he crashed a car while driving drunk and was pressuring his significant other to leave her job.
Though many crypto traders know the price of Bitcoin and other digital currencies will likely continue to be volatile, the adoption and investment from major companies have helped push the technology closer to the mainstream, and made it seemingly more responsible for investors to get in on the action earlier rather than later. Already Shark Tank star Kevin O’Leary has claimed to have increased his stake in Bitcoin while asset management firm Third Point CEO Dan Loeb recently said he had been doing a “deep dive into crypto.”
