Tag: Bitcoin News

The Next El Salvador? These Are the Regions Witnessing a ‘Gravitation’ Towards Bitcoin, Says Grayscale CEO

by Dailyhodl

A top executive at Grayscale says emerging nations are gradually being drawn toward Bitcoin (BTC).

In a Yahoo! Finance interview, chief executive officer Michael Sonnenshein of the crypto investment company says certain regions of the world will embrace Bitcoin (BTC) whether their governments take action or not.

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“When we think about where adoption rates are taking place, they are highest in the emerging markets, in places like Africa, Southeast Asia [and] parts of South America.

But certainly, we’re seeing a gravitation towards Bitcoin regardless of government action in some of these countries because a lot of these citizens either don’t have access to financial services… or perhaps their local currencies have been debased or have been eroded in some way because there hasn’t been enough government control over their local currency.”

Sonnenshein says Grayscale predicted that an emerging market would one day support BTC and other emerging economies could soon follow in El Salvador’s footsteps.

“Being a country like El Salvador and actually making Bitcoin a legal tender, I mean that’s an incredible milestone for this community.

We’ve long believed that the emerging markets would be an important place where we’d see Bitcoin adoption, and I think we’re going to see a knock-off effect of other countries also considering this.”

Grayscale manages the Grayscale Bitcoin Investment Trust (GBTC), which launched in 2013 and was the first securities fund to be exclusively invested in Bitcoin.

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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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Forgotten Bitcoin Catalyst Could Ignite Massive Year-End Rally, According to Popular Crypto Trader

by Dailyhodl

A popular crypto trader and market analyst thinks an upcoming Bitcoin upgrade could send the king crypto asset flying in a year-end rally.

The trader, known as Crypto Messiah, makes the case for Bitcoin (BTC) in a new video from Hxro Labs, arguing that BTC will see new highs upon the arrival of the Taproot update in November. The upgrade aims to bolster Bitcoin’s privacy measures and smart contract flexibility.

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Following Ethereum’s highly anticipated EIP-1559 update, which integrates a fee-burning mechanism with transactions that permanently burns Ethereum (ETH) tokens from the supply, the crypto asset shot up to a local high of $3,300.

Messiah believes that Bitcoin will follow a similar trajectory to ETH following its Taproot upgrade.

“Here’s the thing – the same thing was said for [EIP-1559], in that, is it a catalyst or is it not? Honestly, I thought it would be a sell-the-news event, and I couldn’t have been more wrong.

But the thing is, Taproot is going to be the same way. We have a catalyst for Bitcoin, we haven’t really had a narrative for Bitcoin rotation in a minute. That’s your narrative, [in my opinion].”

Messiah thinks that if Bitcoin can successfully maintain current price levels over the next couple of months, the sustained confidence in the market could potentially send altcoins flying.

“I can imagine something like this playing out.”

Source: Crypto Messiah

Looking at the trading volume on the right side of his chart, Messiah says that volume looks relatively low in the $50,000-$60,000 range. He wants to see more volume fill up the gap in that range before he can feel confident about a push to new all-time highs.

“Maybe Taproot is sell-the-news. Maybe Bitcoin pumps into Taproot, and then we have some kind of alt window after that. I’m still thinking this is unlikely, just because we do have this [volume] gap. We do have some ground to make up here. I really do think that we flesh out this volume profile node. That’s going to look really, really good … and then we can rotate into Bitcoin for Taproot.”

Source: Crypto Messiah

Messiah thinks that if Bitcoin can follow price action similar to his outline and fill in the volume gap, then the token will be primed to rally this winter.

“This sets us up perfectly for what we all crave, which is, the December, Christmas, Santa’s-coming Bitcoin moon. It’s weird, Bitcoin seems to be just going nuts a lot of times into the end of December, and this would align perfectly with that.”

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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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Digital insurer Metromile follows through with $1M Bitcoin purchase

by Cointelegraph

San Francisco-based technology firm Metromile has used 10% of the funds it previously said would be allocated towards crypto to buy Bitcoin.

According to an Aug. 10 filing from the U.S. Securities and Exchange Commission, or SEC, Metromile reported it had purchased $1 million in Bitcoin (BTC) in June. However, the firm recorded a loss of $100,000 in the original crypto buy, holding roughly $900,000 in Bitcoin as of June 30, or 25.6 BTC at the time.

Metromile’s financial report for the second quarter of 2021 says the company held $202.6 million in cash and cash equivalents as of June 30, meaning its Bitcoin investment was roughly 0.5% of funds available. Some experts advocate allocating from 1% to 3% of one’s net worth into crypto.

The SEC filing follows the company saying in May it intended to allocate $10 million towards Bitcoin in the second quarter of 2021. At the time, Metromile said it would allow its policyholders — it offers pay-per-mile car insurance — to pay for its services and receive compensation from claims in Bitcoin.

Related: MassMutual Bitcoin purchase proves crypto demand is rising, JPMorgan says

In the second quarter of 2021, Metromile announced the number of its policies in force had been “roughly flat” compared to that of Q1 due to “industry-wide unexpected regulatory delays.” However, the firm’s insurance revenue increased more than 22% over that of the same period last year.

Shares of Metromile stock trading under the Nasdaq ticker MILE dropped sharply on Monday, having stayed above $7.00 since May. The price fell roughly $25% in the last two days from $6.97 to reach $5.24 at the time of publication, making its market capitalization now $660 million.