Connect with us

Bitcoin

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

Published

on

Bitcoin
READ LATER - DOWNLOAD THIS POST AS PDF

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.

For the latest cryptocurrency news, join our Telegram!

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

Bitcoin

The rise of the crypto casinos

Published

on

crypto casinos
READ LATER - DOWNLOAD THIS POST AS PDF

In the hyper-competitive world of online casinos, operators are always looking for ways to stand out from the crowd. The most usual methods include using distinctive branding, offering generous bonuses and making sure that they are on all of the major so-called affiliate sites where players can compare and contrast casinos’ different offerings.

But now a whole new generation of casinos are starting to emerge – ones whose key difference isn’t what and how you play, but more in how you pay.

The rise and rise of the cryptocurrency casino is seen by many as the next logical step in a world that is slowly but surely starting to accept that Bitcoin, Ethereum, Ripple, et al. are certainly here to stay.

Of course, it’s the first of these cryptocurrencies that has really grabbed the headlines and led the way with its meteoric performance in 2017 when it seemed like its $20,000 value was just the start of the story. Admittedly, this was short-lived and the value quickly fell back to a more sustainable level but, if it achieved one thing, it was to cement this exciting new kind of currency in the consciousness of the general public.

Why Bitcoin and online casinos are the perfect partners

In many ways, it’s the perfect partnership between Bitcoin and online casinos with multiple benefits for both.

The first of…

Continue Reading

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

Published

on

Bitcoin crash
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

Continue Reading

Bitcoin

The Bitcoin Revolution: Everything You Need To Know To Take Profits

Published

on

Bitcoin
READ LATER - DOWNLOAD THIS POST AS PDF

Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

How to Profit from Bitcoin…

Continue Reading

Elite