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Will Bitcoin skyrocket as gold did in 2013 after the ETF approval?

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Bitcoin BTC

Gold has exceeded many challenges over the last centuries, and it is seen as the best place to invest. However, some investors are proposing that Bitcoin (BTC) can be an excellent competitor to gold and that it has the greatest opportunity to dethrone gold as the safest haven to invest in.

Over the years, there have been other contenders to gold: florins, salt, and ducats; and none of them have been able to keep up with the market.

Bitcoin is a decentralized digital asset, and it is seen as the biggest competitor to gold’s value at the moment. During the closing part of 2017, the price of Bitcoin increased from $1000 to $19,000, and it is taking the same path as gold as a substitute for fiat currencies.

Gold and Bitcoin market chart

Gold had a big run-up in the 1970s. At that time, however, Richard Nixon unsealed the United States Dollars from gold, and that increased the worth of gold as a result of demand and supply. Gold increased from $20 to $30 an ounce to about $600.

However, the price of gold became bearish and decreased to $300 an ounce. In the year 2003, the gold-backed ETF was introduced into the market by the Rothschilds and the Deutsche Bank; and this skyrocketed the price of gold to $1300 an ounce, which is a 300% increase.

Similarly, if we are to take a look at Bitcoin at the moment, Bitcoin has an all-time high of about $20,000 – at the time of writing, the price of Bitcoin sits at $7,465, with a market capitalization of $128.09 billion, according to CoinMarketCap.

Bitcoin and gold charts look very much alike. Bitcoin (BTC) currently has the same bullish and bear runs as gold had in the year 1980s. It is important to know that gold’s chart happened in a 20-year cycle, while that of Bitcoin occurred within a year, but both charts look very similar. In Bitcoin’s case, it occurred within a year at a fast pace due to demand and supply.

The introduction of ETF could boost Bitcoin’s price to $60,000

As stated earlier, when ETF was approved on gold, there was a massive increase. And now, in the case of Bitcoin, ETF is set to be approved very soon, and we could actually see a massive bullish run if the approval isn’t a lock-down scenario. As in the case of the 300% increase on gold, Bitcoin’s price could rise to $80,000. But let’s just keep 26% off to be on safe side, so even if Bitcoin jumps in value by 273% instead of 300% as Gold did, it could rise to $60,000 – which will be a 940% return.

The market capitalization of gold – with all the gold that has been mined – is about $8.7 Trillion. However, if Bitcoin attains a $60,000 price mark, then, its market capitalization will be about $1.26 Trillion with a circulating supply of 21 million.

Bitcoin’s market capitalization at $60,000 has the tendency to increase further, if it gets more regulation clarity, and if a supreme country backs their currency using Bitcoin (BTC) as a reserve currency. There could be a whole lot more that can increase the market capitalization of Bitcoin at that $60,000. Meanwhile, as things stand, this is the right time to invest in Bitcoin due to the fact that great things are coming up.

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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 Maxpixel.net

Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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