Ethereum Upgrades Could Jumpstart $40 Billion Staking Industry, JP Morgan

Ethereum upgrades could jumpstart a $40 billion staking industry, according to a JP Morgan report. JP Morgan estimates that the staking industry is currently worth $9 billion and that this number could balloon to $40 billion by 2025.

The report speculates that the launch of ETH 2.0 would lead to more adoption of the coin and could increase staking payouts to $20 billion in the first years of the launch. While $40 billion is a number that could be reached by 2025.

Related Reading | Scaramucci’s Skybridge Capital Launches Ethereum Fund

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The report was from two JP Morgan analysts who stated that the returns from staking are an attractive investment in this zero rate climate. Referring to the low-interest rates being given by banks on customer savings.

Introducing Ehereum 2.0

ETH 2.0 is an upgrade to the Ethereum network that will help to improve network security and provide more scalability. ETH 2.0 aims to improve the overall efficiency of the network by introducing sharding to the mix. Sharding is simply a process of splitting a database into smaller pieces so the network is better able to accommodate more load.

The ETH 2.0 upgrade will move the network from proof of work to proof of stake. Drastically reducing the amount of energy required to mine the coins and confirm transactions on the network.

Get 110 USDT Futures Bonus for FREE!

Since proof of work requires machines to solve mathematical equations to confirm transactions on a network, the amount of energy it consumes is tremendous. Bitcoin and Ethereum mining still use proof of work mechanisms, leading to growing concerns about energy consumption in the crypto mining industry. Mining is purported to be the 33rd largest consumer of energy in the world.

Total DeFi market cap from

Total DeFi market cap from

Current total DeFi market cap | Source: Crypto Total DeFi Market Cap on

Proof of stake on the other hand achieves the same result of confirming transactions on the blockchain sans solving complex mathematical equations. Proof of stake allows holders of a coin to be validators of a transaction. The mechanism uses a pseudo-random selection process to select a node to be the validator for the next block.

According to the Ethereum website, this will happen in three stages. The first is the Beacon Chain. The Beacon Chain is already live and with it came staking. It will also lay the groundwork for future upgrades and coordinate the entire system.

Next is the Merge. This will be the merging of the Mainnet Ethereum with the Beacon Chain. The merge is estimated to go live in 2021.

Lastly will be the addition of the shard chains. Shard chains will increase the capacity of Ethereum to process transactions and store data. ETA for the addition of shard chains has been set at 2022.

Staking Pays Significantly More Yield

The report went in-depth about why staking might be the new preferred way of investing. Staking provides up to 13% yield on crypto balances, and more in some cases. Compared to traditional banks and investments like bonds, this is a much more attractive investment opportunity for investors.

“Yield earned through staking can mitigate the opportunity cost of owning cryptocurrencies versus other investments in other asset classes such as U.S. dollars, U.S. treasures, or money market funds in which investments generate some positive nominal yield.” – JP Morgan analysts report on staking.

The report also pointed out that rewards from staking could be a way to mitigate against inflation. The rise of staking as a way of earning passive income will be on the rise.

Related Reading | How Ethereum Can Reach $2 Trillion In Market Cap, Matthew Sigel

Already, current market capitalizations of staking tokens have already exceeded $150 billion. And this number will only continue to grow as staking becomes more mainstream.

JP Morgan has been looking to give customers crypto options despite their CEO Jamie Dimon not being in support of crypto. Reports are that the company is preparing to offer customers a Bitcoin fund.

Featured image from CYBAVO, chart from


Tagged : / / / / / /

A ‘Dogecoin Metaverse’ Launches Tomorrow—And It’s Giving Away 1 Million DOGE

In brief

  • The ‘Million Doge Disco’ event kicks off tomorrow.
  • Participants in the augmented reality game will be awarded with NFTs—and receive free Dogecoin.
  • Canadian PM Justin Trudeau’s half brother is behind the event.

Imagine Dogecoin raining out of the sky and dancing Shiba Inu dogs landing in your living room. 

That’s what you can experience tomorrow, if you want to be swept up in the “party metaverse” based on the crypto industry’s biggest meme coin. 

On Saturday, the “Million Doge Disco” event starts. Running in partnership with blockchain development platform, Blockv, it’s as wacky as it sounds: those who sign up will be part of a dance party/augmented reality game where, via a smartphone, one can interact with other Dogecoin fans around the world. NFTs (unique digital tokens that can represent things like artwork or video content) will be dished out to those who take part.

And also one million Dogecoin. Apart from the NFTs, participants will have the chance to get their hands on free crypto. At today’s prices, it’s about $242,000 worth being given away.

If that wasn’t strange enough, there’s another twist: the borderline psychedelic project is being run by Canadian prime minister Justin Trudeau’s half brother, Kyle Kemper. 

Million Doge Disco app
Million Doge Disco app. Image: Million Doge Disco

But it’s not money or fame that Kemper is after here, he claims.

Kemper, who is also the founder of crypto wallet and card, Swiss Key, told Decrypt via a Zoom call that “world peace” was the ultimate goal—through worship of the sixth biggest cryptocurrency by market cap, of course. “I really believe in the strength of this community and the fact that it’s grounded in fun and memetic behaviour,” he said while donning over-sized sunglasses and tiger print American football shoulder pads. The getup, we suspect, was some kind of ode to the Dogecoin community.

But despite laughing and joking during some of the call, he was serious about the way in which the Dogecoin community differs from the rest of crypto. “It’s not insanely tribal like some of the other coins and it hasn’t been about making money so much,” he said. “It’s really been rooted in gifting and doing funny stuff.”

Dogecoin is a cryptocurrency that has exploded in popularity recently. Based on a silly Shiba Inu dog meme, it was created in 2013 as a joke. But in the past year, Elon Musk, CEO of electronic car company Tesla and one of the world’s richest men, has pumped the price on Twitter through seemingly off-the-cuff remarks about his love for the coin.

And while it may not have been “about making money” in the beginning, recent Dogecoin buyers likely don’t share the sentiment. Over the last year, the cryptocurrency has climbed the ranks to become one of the most valuable coins in the market—with a market cap of over $31 billion. It was today trading at $0.24, a 10,000% increase over the past year. 

Dogecoin, according to its current team of developers, is also trying to be a serious cryptocurrency for payments: the team behind the coin told Decrypt that they were working with Elon Musk to make it a rival to Bitcoin. 

Dogecoin can now be bought on most major crypto exchanges, including Coinbase, but tomorrow will be a chance to get hold of it for free: Gary Lachance, an early investor in Dogecoin and co-founder of the event, is the man behind the 1 million DOGE giveaway.

“The power of the Doge community is incredible,” he told Decrypt. “We’re working towards a giant global party on World Peace day,” he said. “This is just the beginning.”

The event will start tomorrow at 1pm Pacific time and will run until September 21.


The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.


Tagged : / /

CBDC: Cognitive Bitcoin Dissonance Cyndrome

Bitcoin has many critics. And while it will never be constructive to simply dismiss criticism for dismissal’s sake, a vast amount of criticism against Bitcoin is often so blatantly false that it is difficult to believe it possible for seemingly intelligent people to perpetuate.

Criticism can lead to improvements and it is often our greatest critics that push us forward to our most important decisions. Case in point: Bitcoin itself is inherently critical. There are deep flaws in the world’s dominant systems of money and governance, and Bitcoin was designed specifically in response to that. It would be somewhat hypocritical of Bitcoiners to dismiss criticism for no reason other than the fact that it is aimed at Bitcoin.

That being said, Bitcoin FUD (fear, uncertainty, and doubt) is circulated ad nauseam. And most, if not all, of it is repetitive nonsense. You can pick your own poison, but as a fun example I would suggest Senator Elizabeth Warren’s recent remarks, which included an old all-time favorite: the idea that “Bitcoin is only useful for criminals.” This point has been so thoroughly debunked that it isn’t really worth going over it again. But for what it’s worth, it’s even been indirectly debunked by her own government.

Enter Exhibit A, and the report released by blockchain analysis firm Chainalysis, which illustrates that, in 2020, cryptocurrency-related criminal activity fell to only 0.34% of total transactions. Funny thing is, one would expect Senator Elizabeth Warren to at least be peripherally aware of that report compiled by Chainalysis, seeing as her own government is one of the firms’ biggest clients.

Agencies like the Federal Bureau of Investigation, Drug Enforcement Agency, and the Internal Revenue Service have spent millions of dollars on the blockchain surveillance tools developed by Chainalysis and have conducted investigations and charged people based on evidence collected with the help of Chainalysis. To say that the U.S. government has a good working relationship with Chainalysis would be a completely fair assessment. But for a prominent U.S. government figure to then completely ignore one of the most significant reports compiled by their partner organization is, at best, somewhat disingenuous.

Let’s take a step back here. Personally, I believe that the world will eventually adopt a Bitcoin standard, sooner rather than later. And I believe that Bitcoiners want to expedite that process for the sake of humanity’s best interests. Therefore it’s useful to understand how seemingly intelligent people like Senator Warren can maintain their grossly inaccurate beliefs around Bitcoin, despite obvious evidence to the contrary. Sure, let’s call it mental gymnastics or plain old stupidity. But does that actually help to understand what is happening here? And can understanding this phenomenon help Bitcoiners navigate the situation without wasting their energy where it serves no purpose?

Question: Why is that intelligent people so often make illogical, repetitive and blatantly false arguments? And not only with regards to Bitcoin.

While I don’t think we can paint all individual motives with the same brush, there is one particular explanation which, I believe, has not been widely discussed and which may prove somewhat useful to be aware of: cognitive dissonance.

Cognitive dissonance is a well-defined term in psychology, having been studied since the 1950s. It is used to describe the reaction of an individual that is confronted by a new reality which contradicts their core belief system at its most fundamental level, to such a degree that the individual simply cannot adjust to that new reality. It causes the mind to experience intense discomfort and stress, which then prompts a course of action aimed at restoring internal consistency, for the sake of maintaining basic mental functionality.

In acute situations, it is crucial to understand that the primary and immediate objective of the response is to keep the individual functional. Having accurate beliefs about reality is (for the time being) of secondary importance. In the long run, of course, an individual with more accurate beliefs about reality will be better adapted for survival. But of more immediate concern is the individual’s basic mental functioning, which demands internal mental consistency. Therefore, very often, the course of action taken is that of rationalization and/or confirmation bias, which will either fabricate a new cognition, and/or avoid information likely to reinforce the new contradictory reality.

Like sleeping, breathing, or a beating heart, the response is automatic, and not under the control of the individual. And like the fight-or-flight response, it is an immediate but ultimately temporary fix to prevent the person from having a mental breakdown.

It requires a monumental amount of mental effort to consider reality-altering ideas which stand in contradiction to one’s established belief system. And in a world where people are often already overwhelmed, core-shattering information can become the proverbial “straw that breaks the camel’s back.” Hence their response blindly leads them to believe whatever they need to, so as to temporarily resolve unbearable internal conflict. Simply put, for the sake of immediate survival, denial is the name of the game.

Seen from this perspective Senator Warren’s remarks may make a lot more sense. “Digital currency from central banks [CBDC] has great promise … Legitimate digital public money … could help improve … [the] safety of our financial system.” Reading between the lines here, it should be pretty obvious that Senator Warren believes (likely very strongly) in the role of government. It is also very likely that she holds the fundamental belief that people cannot — and therefore should not ever govern themselves. So what can one expect when she’s confronted with a real world example that contradicts her core belief system? It’s impossible to determine whether or not she’s suffering from cognitive dissonance. But we do know for a fact that cognitive dissonance is a very real phenomenon. It follows then that there will inevitably be many people who suffer from it, especially in response to Bitcoin, a reality shattering invention if ever there was one. And if Senator Warren happens to be one of those people, it means that she’s gripped by an automatic fight-or-flight-like response. She’s simply doing whatever needs to be done, and saying whatever needs to be said, to remain functional.

The point I’m getting at is this: If Senator Warren, as a possible case study, is suffering from cognitive dissonance, she’s as unlikely to respond logically to factual information (like the above mentioned Chainalysis report) as a person suffering from depression is unlikely to respond positively to good news. If she’s suffering from cognitive dissonance there’s absolutely no point in trying to counter her arguments with factual information. Because, in her case, facts may not matter. That’s the whole point of the confirmation bias and/or rationalization response induced by cognitive dissonance.

And like so many other automatic human responses, if sustained for extended periods of time, the same thing that saved one’s life could eventually end up destroying it. A person can run to escape from a hungry lion, fuelled by a sudden rush of adrenalin, but eventually the body must rest or else it will eventually collapse and die from exhaustion.

And that’s why it’s useful to understand this response. If a person is suffering from cognitive dissonance they’re essentially (and desperately) trying to survive. As such any form of factual and logical engagement or debate will have zero positive effect, and instead only serve to further intensify the effort of denial.

The only constructive thing that can be done is to counter-intuitively, avoid direct engagement with the individual and rest assured that their approach is ultimately temporary. And as long as good content is continually being produced, they will come around when (and if) their mind becomes ready to make a shift.

And fortunately, in the case of Bitcoin, until such time and even if it never happens, it’s of little real concern as there’s nothing they can do to affect the inevitable outcome of a Bitcoin Standard.

This is a guest post by Hermann Vivier. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.


Tagged : / / / / /

Analyst Says Crypto Traders Are Sleeping on One Altcoin As ‘Final Leg’ of Bull Run Approaches

Popular trader Credible Crypto thinks one large-cap altcoin that some are counting out could see new all-time highs in the coming months.

The pseudonymous analyst tells his 222,000 Twitter followers that Litecoin (LTC) could capitalize on the final “legendary” leg of the current bull run.



“Seeing a lot of people saying LTC had its ‘bull run’ and it’s headed to the grave.

I don’t trade fractals, but I do think we will see something similar to what we saw in 2017 on the left. Not just for LTC but for much of the ‘old guard.’ Still think new ATH is on the cards.”

Source: Credible Crypto

As for the timing of his prediction, he thinks the final rally will begin “after some months” of consolidation have passed.

Credible Crypto also thinks Bitcoin Cash (BCH) could see all-time highs. And he warns traders not to count out XRP.



“XRP was also one of the worst-performing majors in 2017, until it wasn’t. In the 30 days following BTC’s peak, XRP rallied over 10x bringing total gains for its cycle to 62,947% or 629x. Don’t count it out simply because it has had a slow start.”

Source: Credible Crypto

Additionally, the analyst says the market is pushing into a key area of demand for the decentralized public network Hedera Hashgraph (HBAR).

“Did not think we were going to get a 3rd chance to buy at these levels but the market felt kind.

Note that each successive drive down is aggressively bought up indicating seller absorption as we push into a key HTF area of demand. Buyers are stepping in here, repeatedly.”

Source: Credible Crypto

Credible Crypto predicts that Bitcoin (BTC) will move towards $45-55,000 if it can break $35-38,000. If it goes higher, he plans to short it.

“If we can get to 55k I’ll look to hedge short. I know if we manage to get there many will be euphoric- calling for new ATH when in reality that region is the most likely place to see a mid-term rejection. Have a plan.”

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix


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.

Featured Image: Shutterstock/Wlad74


Tagged : / / / /

Building The Case For A Potential Bitcoin False Bottom

Bitcoin price action is fickle lately, moving mostly sideways with a number of unsuccessful breakout attempts. The fact that $30,000 simply won’t break brings back memories of bear market support at $6,000 – which after a full year finally broke down to the real bottom.

The leading cryptocurrency by market cap did something similar after the June 2019 peak, settling in around late December, but then sweeping lows with Black Thursday before finally moving higher. Could these clues help build a case for a false bottom currently forming in Bitcoin?

Remembering The Bear Market, Bakkt, And The Black Thursday Plummet

The last four years of Bitcoin price action have been a rollercoaster, and among the wildest ones ever. A speedy rise from under $1,000 to more than $20,000 capped off the 2017 rally, and sent all of the crypto market in the troughs of a bear phase.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Price action grinded for months on end against the same support, but decreasingly lower highs – a signal of a downtrend. A lower low was finally formed in late November 2018, when Bitcoin broke down to its bear market bottom.

Related Reading | Analyzing The Critical Bitcoin June 2021 Monthly Close

From there, news about a potential Facebook-led cryptocurrency and the Bakkt cryptocurrency exchange drove the bullish narrative – and with it prices toward $14,000.

Get 110 USDT Futures Bonus for FREE!

After the rejection, Bitcoin price action hovered sideways for another several months forming yet another false bottom. An early 2020 rally broke the downtrend, but again a false bottom gave way when all of crypto crashed on Black Thursday.

bitcoin false bottom

bitcoin false bottom

Will the pattern of false bottoms finally end?  | Source: BTCUSD on

Bitcoin Price At Risk Of Another False Bottom Fakeout

Bitcoin has once again found itself trading sideways, grinding against support that so far cannot be broken. Weeks worth of attempts have failed, and bears barely got a taste of below $30,000.

But that taste has bears salivating for more, and it is up to bulls to make sure Bitcoin doesn’t get there. The only problem is, the weekly Relative Strength Index has fallen to the level where in the past acted as the so-called “false bottom.”

Related Reading | Bull Signal From Bitcoin Bottom Is Best Hope Yet For Continuation

When this phony bottom holds and a bounce follows, the rejection picks up enough momentum to get back through on the next attempt. The pattern fits the bill of an ABC correction, where the C wave is always lower than the initial correction A wave. B wave is in the opposite direction of the correction and may or may not have happened yet.

Will Bitcoin take another plunge through support eventually? What the cryptocurrency has on its side, is hope, and a rising trend line on the same Relative Strength Index. You can read the bullish take here.

Follow @TonySpilotro on Twitter or via the TonyTrades Telegram. Content is educational and should not be considered investment advice.

Featured image from iStockPhotos, Charts from


Tagged : / / / / / / /

Altcoin Roundup: Smart investors don’t just buy dips, they dollar-cost average

Choppy markets have defined the crypto space since Bitcoin (BTC) sold off on April 19, and indecisive markets like these can test the patience and fortitude of even the most dedicated traders and analysts, especially when the incessant calls for a bottom are met with lower lows.

While the periods of low trading volume and whipsaw price movements may be the perfect conditions for whale-sized traders to play in, the average investor doesn’t stand a chance, especially with multimillion-dollar funds now beginning to get in on the action.

Data shows that instead of day trading and attempting to time the market bottom, dollar-cost averaging (DCA) is the best method for retail investors looking to build long-term profits in both traditional and crypto markets.

In 2020, Coin Metrics pointed out that investors who dollar-cost averaged into BTC starting from the December 2017 peak were still in profit three years later.

Coin Metrics tweeted:

“Despite #Bitcoin is still trading 30% below ATHs, dollar cost averaging from the peak of the market in Dec 2017 would have returned 61.8%, or 20.1% annually. Similarly for #Ethereum (still down 71% from its peak), dollar cost averaging from Jan 2018 would have returned 87.6%, or 27.9% annually.”

Graph illustrating positive BTC returns from dollar-cost averaging. Source: Coin Metrics

While the graph is a little dated now, one can see that over the long term, consistent investments spread over time have led to an overall increase in portfolio value.

Currently, with BTC down more than 47% from its all-time high of $64,863 and the cryptocurrency market continuing to send mixed signals, it may be an opportune moment to deploy the DCA strategy.

There’s more to investing than just “buying the dip”

Let’s take a look at the results of dollar-cost averaging into multiple cryptocurrencies from 2017–2018 through the end of June 2021.

The starting point for each analysis will be the day of the token’s 2017–2018 bull market all-time high value, and weekly investments of $10 will be applied from that point forward.

The peak for Bitcoin during the cycle came on Dec. 15, 2017, when BTC traded for $19,497, according to data from CoinMarketCap.

Using the DCA estimation tool provided by, one can see that if $10 was invested in BTC on a daily basis from Dec. 15, 2017 until June 30, 2021, the total investment of $1,850 would have seen a 306% increase in value to be worth $7,519.

Bitcoin dollar-cost averaged portfolio over time. Source:

If one were to ask the opinions of most fund managers or traders who earn a living in the traditional investing world, a 306% increase in portfolio value over a four-year period is a spectacular rate of return.

Ether kicks back an outsized return

The price of Ether (ETH) exploded from late 2020 through early 2021 as the rise of decentralized finance (DeFi) and nonfungible tokens (NFT) exponentially increased the use of the Ethereum smart contract blockchain and boosted demand for ETH.

Increased demand helped ignite a rally that sent Ether’s price to $4,363 on May 12, 2021, but its price has since fallen nearly 50% to trade below $2,200 at the time of writing.

During the 2017 bull market, the price of ETH reached an all-time high of $1,396 on Jan. 12, 2018. Investors who used the DCA strategy, investing $10 per month starting at the peak, would have spent a total of $1,810 and generated a portfolio value of $15,507 at Ether’s current price. This represents an increase of 757%.

Related: Ethereum 2.0 approaches 6 million staked ETH milestone

Ether dollar-cost averaged portfolio over time. Source:

The percentage gain for Ether is more than double what it would be for Bitcoin, giving some credence to those who have argued that Ether has been a better investment over the past couple of years.