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Here Is Why Even Goldman Sachs’ CEO Is Warming Up To Bitcoin (BTC)

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A while back, a seasoned trader once advised this author that whether you love Bitcoin (BTC) or not, the cryptocurrency is the King of The Markets. This means that BTC dictates the general direction of all other crypto assets out there. Whenever Bitcoin is doing well or is experiencing sideways movement, the rest of the coins and tokens either increase in value or also experience sideways movement. The converse is also true. If BTC tanks, the entire market falls with it. Referencing old sailing boats such as those popularized by Pirate movies, BTC is the sail needed to carry this ship of cryptocurrency markets to our preferred destination of The Moon!

Similar sentiments have been echoed by the current CEO of Goldman Sachs, Lloyd Blankfein. He says that critics who believe Bitcoin and cryptocurrencies have no future are wrong 100%. Mr. Blankfein has been open-minded about the entire cryptocurrency markets since last year and had this to say at a conference of the Economic Club of New York:

“If you go through that fiat currency where they say this is worth what it’s worth because I, the government, says it is, why couldn’t you have a consensus currency?”

During an earlier interview with CNBC, Mr. Blankfein had reminded the audience that there was a period in US history when the US government abruptly abolished the gold standard and replaced it with a currency of ‘no value’,. This replacement currency was the USD. Back then, everyone embraced the change and has been the case till now where even foreign governments hold their reserves in the US Dollar.

He used this example to reiterate that Bitcoin could one day replace the regular fiat currency used around the globe. He expressed his opinion by saying that:

“A five dollar gold coin was worth five dollars because it had five dollars worth of gold in it. Then they issue paper money that is backed by gold in the treasury. Then one day, they issue paper money that does not have the backing of gold. There was no pledge that if you turn it in, I’ll give you five dollars of gold. It is fiat money. I say this piece of paper is worth five dollars and so therefore it is five dollars and a lot of people did not take that for a long time.”

By this statement, we can conclude that the acceptance of Bitcoin and cryptocurrencies will be a matter of trusting that the asset holds value the same way paper money was eventually trusted as being a store of value.

Mr. Blankfein would later add:

“You move a little bit further and you get bitcoin that is not a fiat currency so I don’t trust it and I don’t like it. On the other hand, if it works, I say maybe it was a natural progression from hard money to digital money.”

In summary, the adoption of Bitcoin will have to come from a global change of mentality that it is a trusted asset that holds value. This will happen in a manner similar to how the USD came to be accepted as the natural store of value across the globe. It might sound ridiculous that the USD is simply paper, but there is a global consensus that it is valuable.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Fortune Live Media via Flickr

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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New Tendencies of Bitcoin Gambling

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Gambling has always been an integral part of human nature. Nothing is sweeter than the money you win, and that’s why wagering games have always captivated people throughout history. Last couple of decades saw the gamblers switch increasingly towards virtual gaming, instead of physically being inside a casino. The popularization of online casinos led to the integration of Bitcoin Gambling into the systems and today a very large share of the casino industry is based on the virtual currency.

Reasons behind the transition

The tendency to switch from classic casino environment was dictated by the fact of mobility and accessibility. But the new age has brought us cryptocurrencies like Bitcoin that revolutionized the gambling business. From now on, the gamblers of the world don’t have to rely on traditional banking transactions to be able to enjoy themselves online. A simple crypto-wallet and ownership of virtual currency is enough to engage in Bitcoin Gambling.

Bitcoin Gambling and Blockchain Technology

The big reason for the heavy shift towards Bitcoin Gambling is the fact that Bitcoin and other cryptocurrencies are based on the blockchain technology. This means that the process is decentralized, resulting in a much faster speed of transactions, when it comes to depositing or withdrawal of funds in or from the casino accounts. It also makes gambling incredibly secure,…

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Bitcoin

Bitcoin will return to the bear market? Bex500 senior investor teaches you how to get profit in the Bear market

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—— Don’t forget to join Bex500 bonus program at the bottom of the article.

Since September, the Bitcoin price has been decline from beyond $10000 to below the $8000, which 20% of the bitcoin value has been removed. The collapse of bitcoin price brings about the new panic in the bitcoin trading market. Many bitcoin investors are scared of the returning bear market as the early of this year. On the contrary, some of the bitcoin-believer, especially the investor who brought Bitcoin in the height of the price still thought that the bitcoin price will rebound very soon. However, it is no doubt that the early stage of the bear market has been shown up in the past month. Many crypto analysts start to predict the bottom price of this market movement.

However, as the market developed, crypto traders have detected more tools to safely pass through the bear market. They realized more ways to avoid the loss of the price decline; moreover, they began to earn profit from the bear market. The key to the tools is the bitcoin futures contracts. We are honored to make an interview with Bex500 senior investor Tom Beck and he introduces the details about bitcoin futures contracts. (Reporter=R, Tom Beck=T)

R: Hi, Tom, Thank you for accepting our interview, Could you introduce yourself?

T: Sure, My name is Tom, I have over…

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