Tag: Bitcoin (Btc)

Hedge Fund Legend Ray Dalio Says Gold Has This One Advantage Over Bitcoin

by Dailyhodl

Veteran hedge fund manager Ray Dalio is saying that gold is still his favorite asset because it has qualities that are not found in Bitcoin (BTC).

In a new interview on the Lex Fridman Podcast, Dalio says that in terms of traceability, the yellow metal has an edge over the leading digital asset. 

“Gold is still my favorite because of certain qualities. For example, you can’t trace it. In Bitcoin, you can trace who owns it, where it’s going and so on. Governments can have that ability to trace it and so on. A gold piece of coin, it’s not connected. I think not connected has benefits particularly in a world where maybe connections can be more risky.”

The billionaire also cites other reasons why despite the rising popularity of Bitcoin, he still prefers gold over BTC. 

“Also gold has been, for many thousands of years, universally recognized as a source of money and central banks, it’s the third-largest source of money in central bank reserves and I don’t think Bitcoin is going to serve those types of purposes and so on. So for various reasons, I prefer gold to the other but it’s a little bit part of my mix.”

Although Dalio still favors gold, the investor gives Bitcoin credit for what it accomplished over the years and says it has succeeded in becoming an alternative form of money.

“The evolution of Bitcoin over the years is one of the things that has influenced changes in my view.  It has proven itself…

It has not been hacked. It has operated. It is built.  It has come an amazing way over that 11 years to be probably the most exciting topic among a lot of people and has been used and has obtained the status of having imputed value. 

At the same time, it is one of those assets that is an alternative money. I think we’re entering an era where there’s going to be a competition of moneys because of the printing of fiat money and the depreciated value. There will be a competition of money and Bitcoin is part of that competition.”

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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.

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Billionaire Tim Draper Reveals Two Altcoins He’s Watching in the Crypto Space

by Dailyhodl

Bitcoin bull Tim Draper is naming two altcoins in the crypto markets that he’s keeping an eye on due to their strong fundamentals and unique use cases.

In a new interview on Bloomberg Markets, the billionaire venture capitalist says that open-source programmable blockchain Tezos (XTZ) has the things that he wants to see in a crypto project. 

“What I look for is who are the entrepreneurs and who are the engineers behind a given token. I love some of the tokens. I love Tezos because it’s got a great engineering team, and they’ve redefined how to operate a token. They do it as proof of stake. They use less energy, and they have a new form of governance and that’s exciting.”

Draper says that he is also watching Ethereum-based altcoin Aragon (ANT). Aragon is an open-source software that enables users to build and manage their own decentralized autonomous organizations (DAO). 

Aragon developed a community-governed decentralized court system to handle subjective disputes requiring the judgment of human jurors. According to Draper, this system could “revolutionize the way juries work.”

Looking at Bitcoin, the Draper Associates founder says that the king crypto is a great hedge against inflation, and that its protocol offers superior trust and reliability over government entities.

“For investors, I think holding on to Bitcoin is probably a good place to be because there are only 21 million Bitcoin out there, and they represent the freedom that allows us to use them anywhere and the trust in that you are trusting in the software rather than trying to trust some bank or some government entity.”

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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.

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Market Analysts Explain Why This Correction Is Good For Bitcoin

by NEWSBTC

The recent bitcoin correction down from its all-time high has had the market in a panic in the past week. However, not everyone has seen it as a bad omen. The digital asset’s price had gone down below $60,000 causing investors to believe the bear market had arrived. Mostly, small-time investors had been hit the most by panic as sell-offs happened through the space.

Nevertheless, the correction was bound to happen following the incredible run that bitcoin had. Market corrections are always normal and expected after a bull rally but market analysts have pointed out that this particular correction could have some positive implications for the digital asset going forward.

Related Reading | Bitcoin Whale Wallet Containing 1,299 BTC Activates After Eight Years

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Be Grateful For The Slump

Analysts at BOOX Research recently released their analysis of the market and shared thoughts surrounding current market conditions. The analysts explained that the correction was good for the digital asset. This type of slump is important for a “healthy” market and bulls should be grateful for it, the analysts said.

The recent sell-off has not been bad for the market and although bears believe that bitcoin had already seen its top, this is not true. BOOX Research analysts further explained that the market is nowhere near the “crypto winter” despite its 20% downward retracement. Further stating that the fact that the digital asset had held above $50,000, which is an important psychological level for bitcoin, shows that it is still going strong.

Bitcoin price chart from TradingView.com

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BTC dip continues | Source: BTCUSD on TradingView.com

The analysts pointed out that a major pullback would have been witnessed if the price had broken below $50,000, leading to a $30,000 retest. However, it would take something impactful, like an “unforeseen major regulatory setback” for the asset to break below this level.

Bitcoin Headed For $100,000

Analysts at BOOX Research have echoed a widely held prediction in the crypto space. That is, bitcoin at $100,000. The analysts put the digital asset at this price point in 2022 but not without a bit of a hurdle. In their report, they state that the digital asset would have to first break above $60,000, which would set it up for an all-time high retest. Additionally, the asset is expected to accelerate towards $75,000 until it touches $100,000 next year.

“Bitcoin has made several key pivots around $50,000 going back to February of this year. We expect the bulls to put up a strong fight and hold that line if it gets down there, which could be a good spot to add to positions.”

Related Reading | JPMorgan Lists Ethereum As A Better Investment Than Bitcoin

For the pioneer digital asset, the pullback has done for good for it. Prices have stabilized somewhat – as stable as they can be for the highly volatile crypto market – setting the asset up for another bounce above $60,000. Bitcoin had recovered back up to $59,000 on Thursday and indicators point to a continuation of the bull rally.

Featured image from Republic World, chart from TradingView.com

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Crypto Strategist Unveils Massive Price Target for Bitcoin by December, Says BTC Following 2017 Bull Cycle

by Dailyhodl

An emerging crypto strategist and trader is unveiling a huge price target for Bitcoin in the coming months as he believes the crypto asset is mirroring its 2017 bull market.

The crypto analyst, TechDev, tells his 107,500 followers that the current price action of Bitcoin (BTC) looks very similar to its 2017 parabolic run when it rallied from below $4,000 to $20,000 in a couple of months.

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“After 140 days, a slightly-flattened 2017 fractal continues to predict the day-to-day BTC price action better than most short-term TA (technical analysis) I’ve seen.”

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Source: TechDev/Twitter

Based on the crypto analyst’s chart, Bitcoin can skyrocket to a new all-time high above $180,000 by the end of 2021 if it continues to follow the footsteps of the 2017 bull cycle.

Looking closer at the daily chart, TechDev highlights more similarities between the two cycles in terms of price and timing. The trader says that Bitcoin appears to be reaching higher highs and higher lows at the same Fibonacci levels it maintained during its run from $1,750 to around $6,000 between July 2017 and October 2017.

“Recent BTC daily price action. Seen it all before.”

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Source: TechDev/Twitter

TechDev adds that the resemblance between the two cycles can also be seen in the weekly chart. He says Bitcoin appears to be currently hesitating after a strong three-week rally, which he notes looks very similar to its October 2017 performance.

Should Bitcoin continue to track its 2017 bull cycle, TechDev says BTC’s market capitalization can soar to as high as $11 trillion by early 2022.

“Total crypto market cap on path with 2017 since mid-August.”

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Source: TechDev/Twitter

Bitcoin is currently trading at $63,077 with a market cap of $1.18 trillion, according to CoinMarketCap.

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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.

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Economist Peter Schiff Calls Bitcoin An ‘Imaginary Friend’ In Response To Jack Dorsey’s Hyperinflation Tweet

by NEWSBTC

Peter Schiff is an economist, gold advocate, and one of Bitcoin’s biggest critics. He has never liked the digital currency.

He believes that real value is derived from an asset’s ability to create commercial demand in markets; and always refers to gold as a perfect example of this. In contrast, he says that Bitcoin is nothing but an asymmetric store of value with no other use except attracting an endless supply of buyers for the limited supply of assets. In short, it is a Ponzi scheme. However, he has been proven wrong over and over again.

In his most recent critique of Bitcoin, Schiff said it is not a real asset. This was in response to a tweet by Twitter CEO Jack Dorsey about the possible arrival of hyperinflation in the U.S. soon.

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Schiff Responds To Dorsey

On Saturday, October 23, Jack Dorsey shared his opinion on the current economic situation in the U.S on Twitter. He tweeted about the imminent hyperinflation as a result of the constant money printing in the U.S., and how the rest of the world would suffer from it.

Related Reading | Is Hyperinflation Inevitable? Jack Dorsey Says It’ll “Change Everything”

In response, Schiff tweeted that people should not look to Bitcoin to save them because it is not a real asset. Instead, they should own real assets like gold.

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Another Twitter user commented that Bitcoin is, in fact, real. And that it has just surpassed the Swiss Franc in Market cap. At this point, Schiff replied, calling the cryptocurrency a “make-believe asset” and that it is the adult version of an imaginary friend.

Peter Schiff’s Grudge with Bitcoin

According to this Wikipedia profile, Peter Schiff is an American stockbroker, financial commentator, and radio personality. He is also CEO and chief global strategist of Euro Pacific Capital Inc., a broker-dealer based in Westport, Connecticut. Additionally, he is involved in various roles in other financial services companies, including Euro Pacific Asset Management, an independent investment advisor, Schiff Gold (formerly Euro Pacific Precious Metals), a precious metals dealer, and Euro Pacific Bank, a full-reserve bank.

In addition to all these, Schiff is known for something else – his grudge with Bitcoin. He has always claimed its value will one day drop to nothing.

Earlier this year, Mark Cuban told Schiff to “move on” because “gold is dead.” In Response,  Schiff said, “Mark, a lot of your athletes wear gold jewelry. Ask them why. Gold has many uses outside of jewelry that contributes to its value as a metal. It’s not hyped at all. Gold is money. Bitcoin is 100% hype. It’s nothing.”

Related Reading | Mark Cuban Slams Peter Schiff: Gold is Dead, Bitcoin and Ethereum Are Today

Cuban himself used to be a bitcoin skeptic, preferring bananas to bitcoin because he claimed he could at least eat a banana.

In an interview on Good Evening San Diego a few days ago, Schiff referred to Bitcoin as a fool’s gold and a digital pyramid scheme. He also said that the SEC should not be encouraging people to participate.

BTCUSD Chart on TradingView.com

BTCUSD Chart on TradingView.com


BTC trading at over $62K | Source: BTCUSD on TradingView.com

When asked about the SEC’s recent approval of Bitcoin ETFs, he responded that “we should get rid of the SEC”.

He continued by saying, “I have no problem with the ETF itself, but if the SEC is pretending that it is some kind of watchdog and trying to make sure that investors don’t get hurt, then it makes no sense that they would approve this ETF because ultimately, the ETF is going to collapse to zero and the people who are left holding the bag are going to get wiped out.”

Schiff is also not impressed with futures ETFs. He says, “instead of owning nothing, you own a futures contract to gamble on nothing.”

Featured image by Bloomberg, Chart from TradingView.com

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Over $5 Billion In BTC Paid In Top 10 Ransomware Variants, Says U.S. Treasury

by NEWSBTC

Ransomware attacks in the U.S. have been on a rise since late 2020, but it is particularly booming in 2021. This year, hackers have hit numerous U.S. companies in large-scale hacks. One such attack on pipeline operator Colonial Pipeline led to temporary fuel supply shortages on the U.S. East Coast. Hackers also targeted an Iowa-based agricultural company, sparking fears of disruptions to grain harvesting in the Midwest. Schools, insurance companies, and police departments have also suffered from these attacks.

Related Reading | Questions Linger As FBI Recovers Colonial Pipeline Ransomware Crypto Funds

In response to this, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), charged with safeguarding the financial system from illicit use, released a Financial Trend Analysis. FinCEN published the report on Friday, October 15, 2021.

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The report analyzed the considerable growth in ransomware payments in the first six months of 2021 and the relative difference from last year.

Ransomware Attacks In The U.S.

U.S. Treasury Secretary Janet L. Yellen recently noted, “Ransomware and cyber-attacks are victimizing businesses large and small across America and are a direct threat to our economy.” According to the report, FinCEN analysis of Suspicious Activity Reports (SARs) filed during the first half of 2021 indicates that it is an increasing threat to the U.S.

Between January 1 and June 30, 2021, 635 SARs were filed, and 458 transactions were reported. This was 30% more than the total of 487 SARs filed for the entire 2020. The total value of suspected ransomware payments during the first half of 2021 was $590 million, more than the $416 million reported for the whole of 2020.

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Ransomware chart 2011 to 2021

Ransomware chart 2011 to 2021


Source: FinCEN Financial Trend Analysis

The U.S. Treasury Department said the average amount of reported ransomware transactions per month in 2021 was $102.3 million. FinCEN identified bitcoin (BTC) as the most common payment method in reported transactions. Approximately $5.2 billion in outgoing BTC payments tied to the top 10 variants over the past three years. It noted that USD figures cited in this analysis are based on the value of BTC when the transactions occurred.

BTCUSD Chart on TradingView.com

BTCUSD Chart on TradingView.com


BTC trading at over $60.7K | Source: BTCUSD on TradingView.com

If the trends keep up, hackers could make more from ransomware this year than they did in the previous ten years combined.

The U.S. Government’s Response

The U.S. government has been working to clamp down on attacks from hackers. The Biden administration has made the government’s cybersecurity response a top priority following a series of attacks this year that threatened the U.S. energy and food supplies.

Earlier this month, the Justice Department announced the launch of a National Cryptocurrency Enforcement Team to go after the exchanges that expedite crime-related transactions, like ransomware demands.

Related Reading | U.S. Recovers Millions Paid In Bitcoin For Pipeline Ransomware

In September, Wall Street Journal reported that the Biden administration was “preparing an array of actions, including sanctions, to make it harder for hackers to use digital currency.”

Also last month, the Department of the Treasury’s Office of Foreign Assets Control sanctioned crypto exchange SUEX OTC, S.R.O. (SUEX) for facilitating financial transactions for ransomware actors. This action was the department’s first such move against a virtual currency exchange over ransomware activity.

Coinciding with the release of the report, the Treasury Department released virtual currency guidance. The guidance said, “the virtual currency industry, including technology companies, exchangers, administrators, miners, wallet providers, and users, plays an increasingly critical role in preventing sanctioned persons from exploiting virtual currencies to evade sanctions and undermine U.S. foreign policy and national security interests.”

Featured image by Bitcoin News, Chart from TradingView.com

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Is Bitcoin Bound for New Highs or Have the Bears Taken Over? Crypto Analyst Benjamin Cowen Updates Outlook

by Dailyhodl

Popular crypto analyst Benjamin Cowen says Bitcoin’s future market cycles will be defined by two key trends.

The trader tells his 553,000 YouTube subscribers about a chart that tracks historical BTC market cycles from their respective bottoms. He believes the chart is likely to reveal a lot about future patterns for the largest crypto asset by market cap.

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“We looked at this chart years and years ago, and our speculation was two things… First of all, we would expect we’re going to have diminishing returns. Second of all, we would expect we’re going to have lengthening cycles. Now, these two theories are not mutually exclusive, you can have one without the other, and if $64k does end up being the market cycle top, then rather than having lengthening cycles, we just had diminishing returns.

Now I’m still speculating that the cycle will ultimately lengthen and that we will ultimately take out $64k before we get to the next halving and whatnot. I think we’ll be able to put in new all-time highs if not this year, [then] next year, and I do think we’ll continue moving along the way. I don’t think we’re headed for a three-year bear market/accumulation phase. I’m not thinking that we’re heading towards that at this point.”

Bitcoin is trading at $41,714 at time of writing and is down nearly 15% over the past month, according to CoinGecko.

Cowen says that so far, this cycle doesn’t resemble what happened in 2017 given that Bitcoin hasn’t reached a new all-time high since April. Bitcoin surged to record highs in 2017, followed by a market crash in 2018.

“If anything, it looks more like 2013. This has been our argument all along, that it seems like it’s a stretched-out version of 2013.

“We had this lull in the market in 2013. We’re getting that same type of lull now. And then ultimately I hope we go in another leg. Do we have to go to $300k two months from now? Absolutely not. Just because that [steep run up] is exactly what happened in 2013, does not mean it has to happen exactly like that this year.”



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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.

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2.1 Million Salvadorans Actively Using Chivo Wallet, El Salvador’s President Claims

by NEWSBTC

Nayib Bukele, El Salvador president, has claimed that 2.1 million citizens are using the new government-backed Chivo cryptocurrency wallet. In a tweet, he implied the apparent success of Bitcoin in the country.

El Salvador recently adopted bitcoin as a legal tender on September 7, 2021, being the first country to do so.

Related Reading | Just 10 Days After El Salvador’s “Bitcoin Day”, President Bukele Confirms 1.1 Million Citizens Have Chivo Wallet

On Saturday afternoon, president Nayib Bukele shared this update with his 2.9 million Twitter followers. He claimed that Chivo “now has more users than any bank in El Salvador” after just three weeks in operation. He also said that despite Chivo not being a bank, it already has more users than any bank in El Salvador and that it is only a matter of time before the wallet’s adoption surpasses all banks in El Salvador combined.

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El Salvador’s Chivo Wallet

The state-issued wallet launched in early September as El Salvador officially recognized Bitcoin as legal tender. Chivo enables individuals and businesses to send and receive payments in Bitcoin (BTC) or dollars (USD) from anywhere in the world. Merchants must offer the ability to use both currencies. However, some merchants saying they would rather lose sales than accept bitcoin payments.

Related Reading | El Salvador’s Chivo And Bitcoin Adoption In Mindblowing Facts And Stats

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The wallet is available on both Android and Apple devices. Latin American cryptocurrency exchange Bitso is the core service provider for the Chivo wallet. There are now over 200 bitcoin ATMs in El Salvador, the third-largest number of ATMs after the U.S. and Canada.

President Bukele’s goal is 2.5 million Salvadorans, which is approximately 39% of the population. As an incentive, the government offers $30 in bitcoin when people download the wallet app.

Bitcoin Adoption In The Country

President Bukele’s latest update implies that the Bitcoin Law is being received positively by the citizens of El Salvador. However, many protestors have taken the streets to assert their disapproval.

As reported, some protesters even set fire to a brand-new Bitcoin machine, while others held signs reading “Bukele Dictator”. According to the protesters, the president is using authoritarian means to tighten his grip on power. They gathered in the capital San Salvador on the 200th anniversary of the country’s independence, with placards that read “No to Bitcoin” and “Respect the Constitution”.

BTCUSD chart from TradingView.com

BTCUSD chart from TradingView.com


BTC trading at $43.2K | Source: BTCUSD on TradingView.com

Apart from the protests, there were reported glitches during the initial rollout. In the first week, one machine completed only three successful transactions out of many. A lot of Salvadorans also do not trust bitcoin because of its volatility.

According to a recent survey from Sherlock Communications, an agency in Brazil, 54% of Salvadorans are not familiar with Bitcoin.

Featured image from Nairametrics, Chart from TradingView.com

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Federal Judge Denies Ripple Request To Access XRP and Crypto Holdings of SEC Employees

by Dailyhodl

A federal judge has denied Ripple’s request to compel the U.S. Securities and Exchange Commission (SEC) to reveal whether it previously allowed its employees to trade XRP.

The SEC requires its employees to seek clearance before they trade any security. However, the SEC had not adopted any policy restricting its employees from trading digital assets until January of 2018, according to Ripple.

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Ripple says that the SEC’s early 2018 policy for employees stated that digital assets could be subject to the SEC’s prohibitions against securities transactions, but the agency “neither declared all digital assets to be securities nor addressed whether any particular digital asset is a security in the SEC’s view.”

Four months after the SEC released its internal policy, the agency added XRP to a “watch list” of entities potentially subject to supplemental ethics rules. The regulator eventually prohibited its employees from trading the crypto asset, but not until March 2019, says Ripple. That’s when it issued a “formal order of investigation” on the San Francisco-based payments company.

Earlier this month, Ripple’s lawyers argued that the SEC’s timeline of internal policies indicates it had not concluded whether sales and offers of XRP were securities transactions until at least January 2018.

The San Francisco-based company asked to see whether any employees requested to trade XRP, Bitcoin, and Ethereum during the period when there wasn’t a clear policy on the asset, and what the SEC allowed or didn’t allow them to do.

The SEC then promptly asked the court to reject Ripple’s motion on the basis that any information regarding their employees’ trading history is irrelevant to the case. The regulator also said it would be an invasion of privacy.

U.S. Magistrate Judge Sarah Netburn sided with the SEC on Tuesday, ruling that such information wouldn’t provide any clarity on whether XRP is a security or not.

“Because the preclearance process does not consider whether an asset is a security, Defendants have not shown that such individual trading decisions bear on the issues in this case. Although the SEC’s policies (or absence of policies) may provide relevant evidence related to fair notice or recklessness, how an Ethics Counsel viewed a trading decision is more likely to cause confusion or create collateral litigation disputes.”

Netburn also says the information isn’t meaningful enough to justify intruding on the private financial conduct of SEC employees, even in anonymized or aggregated form.

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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.

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Recent Analysis Compares Waste From One Bitcoin Transaction To Throwing Out Two iPhones

by NEWSBTC

There have been many studies that have highlighted the carbon footprint and electricity usage problems of Bitcoin transactions. Founder of Digiconomist Alex de Vries and researcher at MIT’s Center for Energy and Environmental Policy Research, Christian Stoll, released a new study that shines a light on the electronic waste that Bitcoin generates.

Related Reading | How Elon Musk Is The Answer To Bitcoin Energy FUD

This study, “titled Bitcoin’s growing e-waste problem”, provides new insights into another major component of Bitcoin’s wasteful design.

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The Electronic Waste Problem Of Bitcoin

Most studies have ignored the fact that Bitcoin miners go through a large amount of short-lived hardware that could increase global electronic waste growth.

“E-waste represents a growing threat to our environment, from toxic chemicals and heavy metals leaching into soils, to air and water pollutions caused by improper recycling.”

According to the study, a single transaction generates 272 grams of e-waste, the same amount of electronic waste as throwing two iPhone 12 minis in the bin. In 2020 the bitcoin network processed 112.5m transactions (compared with 539bn processed by traditional payment service providers in 2019).

bitcoin electronic waste generation

bitcoin electronic waste generation


“Bitcoin’s annual e-waste generation adds up to 30.7 metric kilotons as of May 2021,” they claim. “This number is comparable to the amount of small IT and telecommunication equipment waste produced by a country like the Netherlands.” This figure could increase to more than 64.4 metric kilotons of waste.

They also point out that the demand for mining hardware already today disrupts the global semiconductor supply chain, which is currently suffering a global shortage due to increased need in the coronavirus pandemic, as well as a US-China trade war and drought in Taiwan.

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BTCUSD Chart on TradingView.com

BTCUSD Chart on TradingView.com


BTC trading at $47.6K | Source: BTCUSD on TradingView.com

Additionally, Bitcoin mining has evolved from a simple activity done on a laptop to a complex and very expensive game done through powerful ASICs (application-specific integrated circuits). These ASICs are specifically designed to mine crypto transactions. And as technology changes, miners have to constantly replace their ASICs with newer, more powerful ones to stay competitive. Therefore, these single-purpose ASIC chips quickly become waste. According to the researchers, “The lifespan of bitcoin mining devices remains limited to just 1.29 years,”

Researchers in Europe and the U.S. also claim that miners have been dumping tens of thousands of tonnes every year of ASIC rigs and contributing to the ever-growing environmental challenge.

Alex and Stoll also warn that the e-waste problem will probably grow further if the price of the cryptocurrency continues to rise since it will incentivize further investment in and replacement of ASIC hardware.

Related Reading | Why Bitcoin Could Rise To $53K, Here Are The Risks Bulls Must Overcome

If the community were to try to reduce its e-waste problem, the paper concludes, it would need to replace the bitcoin mining process in “its entirety with a more sustainable alternative,” One of those alternatives is “proof of stake” instead of “proof of work”, as an experimental replacement. “The first miner who finds a PoW [proof of work] that satisfies predetermined conditions broadcasts the block to all nodes in the network. The receiving nodes express their acceptance of the new block by building on top of it”, the paper explains.

Featured image from Interesting Engineering, Chart from TradingView.com

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Bitcoin (BTC) $ 38,743.38 0.22%
Ethereum (ETH) $ 2,099.87 0.26%
Litecoin (LTC) $ 71.69 0.91%
Bitcoin Cash (BCH) $ 226.59 0.56%