Category: Cryptocurrency News

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Mike Novogratz has once again reiterated his support for the $500,000 future prediction for bitcoin. The Galaxy Digital CEO who was recently at the Bitcoin 2022 conference held in Miami had spoken in favor of the cryptocurrency once more, highlighting the future potential of the digital asset. Novogratz gave his prediction speaking at the conference but this is not the first time that the billionaire would be making such a prediction. Pushing Bitcoin To $500,000 Novogratz who put bitcoin at $500,000 in the next half-decade had shared thoughts behind this prediction. One of those had been the economy and the growing inflation rates that have been plaguing it. The Federal Reserve had been working non-stop with increasing interest rates and stuff but the billionaire notes that once the Fed begins to take a pause from all of this, then the digital asset would resume its upward movement. Related Reading | Bitcoin Trading Volume Continues To Remain At Low Levels The billionaire expects that not only will the central bank raise interest rates due to the high inflation, but it will also likely raise these interest rates by as high as 50 basis points. However, this cannot continue on forever and the Fed will eventually need to ease up. This is when Novogratz predicts that bitcoin will go “to the moon”. This is what the billionaire expects will push the price of the digital asset as high as his $500,000 prediction. BTC trading at $43,800 | Source: BTCUSD on TradingView.com Novogratz did not stop at $500,000 though. The Bitcoin proponent and maximalist also explained that he expects the digital asset to eventually reach as high as $1 million apiece. Wary Of The Dollar It seems bitcoin was not the only asset of concern for Novogratz during the Miami conference. He also touched upon the United States dollar as he expressed hope that the currency would continue to be strong instead of continuing to fall.  Piecing together the relationship between bitcoin and the dollar, the billionaire explained that the dollar going to infinity would mean Bitcoin going to infinity which would overall not be good for the Western world in any way. Related Reading | Bitcoin Exchange Traded Products Near 1% Of Total BTC Supply “I go to bed and I pray that the stewards of the U.S. economy don’t screw it up,” said Novogratz. “I really do pray that the dollar is going to be strong and it doesn’t go to infinity because Bitcoin going to infinity means the rest of the Western world has really fallen apart.” The Galaxy Digital CEO had previously said that he sees bitcoin going to $500,000. He had explained that he saw most cryptocurrencies dying out with time but that more people would want to own the digital asset which would be the major driver behind it hitting this price point. Featured image from Somag News, chart from TradingView.com

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I am currently holding some ETH and with the merge coming I am considering buying more. If you had 15k cash on hand (excludes additional emergency 10k). How much would you consider investing? submitted by /u/AzzWrangler [link] [comments]

The National Bank of Georgia is taking steps to regulate the crypto market in the Southern Caucasus country, its governor revealed in a recent interview. While companies in the industry are to expect a licensing regime, financial institutions have already been banned from providing crypto-related services. Central Bank of Georgia to Propose Cryptocurrency Regulations Georgia’s […]

Since I assume most people here don't watch Bitcoin Conference live streams, I'll cut to the chase: Jack Mallers just announced that a shit ton of retailers (including McDonals, Walmart, Whole Foods, Starbucks, etc) will now be able to accept Bitcoin, dollars, yen, or any other dirty fiats, instantly and nearly free, using new a…
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Crypto Insiders founder Zoran Kole revealed the possible launch of a Near Protocol native stablecoin. Via a substack post, Kole claimed the digital asset will be announce on April 20 as an algorithmic stablecoin called USN. Related Reading | TA: Terra (LUNA) Surges, Is It Eyeing A Correction Now? The digital asset will be deployed in cooperation with “other well capitalized stablecoins”, according to the post. At the time of writing, there seems to be no official announcement other than this post and speculation from the crypto community. Therefore, users might want to take this potential launch with a grain of salt. In addition to the USN allege launch, the stablecoin could possibly offer a 20% Annual Percentage Rate (APR) on a product similar to the Terra ecosystem’s Anchor Protocol. This product enables users to stake their stablecoins, in the form of Terra’s native UST, and leverage a 19% APR. If the launch is executed, Near could gain an edge against Anchor and similar products on the decentralized finance (DeFi) and centralized finance (DeFi) sector. Kole wrote the following on the implications of a native stablecoin on Near, as he argued in favor of a bullish thesis for this protocol: They will offer an extremely attractive ~20% APR, which will ignite DeFi capital rotation into the Near ecosystem, siphoning the total value locked from other alternative layer-one protocols. Data from DeFi Llama records a $29 billion in total value locked (TVL) for Terra. In contrast, Near records $300 million in total value locked (TVL). In terms of market cap, the contrast is similar as Terra stands at $40 billion and Near at $10 billion. Kole argues that the launch of an algorithmic stablecoin will contribute to Near increasing its market cap and surpass Terra. Near To Destroy The Competition Th USN revelation was part of a bigger study on the Near Protocol and its potential to take market share over its competitor in the long-term. Therein, Kole compared this protocol with a live version of the upcoming Ethereum 2.0. Kole believes Near is superior to ETH 2.0 and other layer-1 blockchains in terms of scalability, and incentives that could boost its adoption. Data shared by Kole from Electric Capital indicates that Near is one of the most active network in terms of development. As seen below, this network’s monthly active developers far surpass those on Cardano, Binance Smart Chain, Tezos, Avalanche, Terra, Algorand, Fantom, and Internet Computer. Kole believes this trend will continue as the network has the advantages of ETH 2.0 and its own Ethereum Virtual Machine (EVM) network. This will support the network’s growth in terms of activity and usage. Kole concluded: This will lead to a comparison of Near to Terra ($LUNA) as the narrative for attractive stablecoin yields proliferates. Terra currently has a market capitalization of approximately $40 billion while Near sits at $10 billion. The catalysts above will strengthen Near’s fundamentals in both the short and long term and likely cause its market capitalization to appreciate by 100% at minimum over the next few months. Related Reading | Terra (LUNA) Surpasses Ethereum Becoming Second Most Staked Asset At the time of writing, NEAR trades at $16 with a 1% profit on the 4-hour chart.