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McAfee on Bitcoin (BTC) Predictions

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In a surprising turn of events, Tom Lee has decided to alter his price predictions for Bitcoin (BTC) and has explained this change on CNBC’s Fast Money. After gaining quite a bullish reputation for stating that Bitcoin will reach $25,000 before the year ends, he reduced that number to $22,500.

Tom Lee changes his BTC price prediction

Tom Lee has become well-known for his bullish stance towards Bitcoin and its future price. He is the only strategist from Wall Street to do so. However, an earlier statement that Bitcoin would be at $20,000 by the end of the year, considering its historical trade is around 2.5 times the mining cost has left crypto enthusiasts thinking that he might be going bearish on BTC.

Many critics pointed out that the new prediction is up to 20% lower than what he was predicting last year, which did not sit well with them. However, while attending Fast Money, Lee corrected himself by saying that he may have misspoken earlier. According to his statement, what he wanted to say is that the mining costs were usually a relatively safe way to calculate Bitcoin’s future price.

The price was usually 2.5 times higher than the cost of the mining operations. Considering the expected growth of the costs over time, the price of BTC would certainly go over $20,000. According to his new rough estimate, he sees Bitcoin’s price reaching around $22,000. He then returned to his original statement and said that it is not impossible for BTC to go as high up as $25,000 per coin by the end of the year.

He also made a point that, whether the price goes to $20,000 or it reaches $25,000, it will still be a 200% gain when compared to where the coin is today. According to his explanation, the mining cost of BTC, as well as its difficulty, are rising constantly. The cost is currently at $7,000, but he believes that it will reach $9,000 by the end of the year, which will, in turn, increase the coin’s price by 2.5 times.

If he is right, then the increase of the mining cost will effectively put Bitcoin’s end-year price to around $22,500 per coin.

The trend of price predictions

Despite the fact that Lee is very optimistic regarding the future of Bitcoin, his predictions are still relatively tame when compared to some other analysts have stated. or example, BitMEX exchange’s CEO, Arthur Hayes, has stated twice already that he predicts Bitcoin will hit $50,000. When he said this the first time, it was said somewhat jokingly, and nobody paid much attention to it back then.

However, Hayes has made the same claim for the second time, stating that Bitcoin has found its bottom at $6,000, after reaching $20,000 in the previous year. However, with positive regulatory decisions, it could easily climb back to $20,000 and even go beyond that to $50,000 by the end of the year.

Hayes’ statement definitely makes Lee’s stance much more realistic, but both of them are still quite modest in their predictions when compared to John McAfee. McAfee has become quite a well-known crypto enthusiast over the years, but his predictions have shocked even the most hardcore Bitcoin believers.

According to McAfee, Bitcoin is more than capable of reaching $1 million per coin by the end of 2020. He stated that his previous prediction included only half a million per coin, but that Bitcoin’s development has unexpectedly accelerated, which has led him to believe that the new 2020 price can, in fact, be $1 million per unit.

Not only that, but he also believes that Lee’s price prediction is incorrect and that old models used for predicting BTC’s behavior do not work anymore.

Despite McAfee’s reputation, a large part of the crypto community doesn’t see this prediction as legitimate, or even rational. Others, who may have done their own analysis, have stated that they are capable of seeing some truth in McAfee’s predictions.

The only thing to do now is to wait a couple of years and see where Bitcoin will be then, which will give us a definitive answer regarding who was right. Most likely it will be McAfee. He has proven time and time again to be ahead of everyone else.

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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.

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Bitcoin

Wisebitcoin Launches Professional-Grade Crypto Exchange

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Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.

In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.

For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750. 

Beyond leverage, Wisebitcoin additionally offers a simple and…

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Bitcoin

ISW Holdings Continues to Transition Cash Assets into Bitcoin with $20K Purchase Ahead of Mining Launch

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ISW Holdings, Inc. (OTC: ISWH) (“ISW Holdings” or the “Company”), a global brand management holdings company, is pleased to announce that it is in the process of converting $20,000 of the Company’s cash holdings into Bitcoin. The Company also announces that it will be regularly conducting similar transactions on a quarterly basis to convert a percentage of cash flows into Bitcoin.

Management expects this transaction to be completed this week. The Company began transitioning cash resources into Bitcoin with an initial transaction in March 2019 at approximately $4,000/Bitcoin.

“We believe in the future of Bitcoin and digital payment systems, and cash represents an unproductive asset given the degree of monetary expansion, stimulus, and debt dragging down traditional currency systems,” commented Alonzo Pierce, President, and Chairman of ISW Holdings. “We are also on schedule to launch mining operations through our Pod5 solution at the Bit5ive renewable energy project by the end of January.” 

The Company formed a joint venture partnership with Bit5ive, LLC, (“Bit5ive”) in May to build and deliver an elegant, powerful, and efficient data center pod design. The Proceso Pod5ive Datacenter is the result. Designed in partnership with Bit5ive, and geared primarily for the cryptocurrency mining industry, the Proceso Pod5ive Datacenter offers next-generation dynamic self-management functionality, plug-and-play operation, virtually non-existent maintenance needs, and an industry best-in-class 1.06 Power Usage Effectiveness score.

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XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

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