Satoshi Nakamoto’s View On Bitcoin’s Energy Consumption Resurfaces
A riposte from Bitcoin’s creator has re-emerged amid the furor around the cryptocurrency’s energy consumption.
A riposte from Bitcoin’s creator has re-emerged amid the furor around the cryptocurrency’s energy consumption.
Tokens related to gaming, video and music streaming rallied to new highs even as Bitcoin price pulled back to the $54,000 support.
A little less than two years ago, the International Monetary Fund (IMF) published a research paper on the rise of digital money. Much of the text dealt with how Central Banks could mitigate potential risks that digital money and in particular stablecoins posed to the existing system.
Despite its current environmental footprint, Bitcoin can play a part in creating a cleaner, more efficient energy system.
A little more than a month ago, the Toronto Stock Exchange in Canada witnessed the advent of its first-ever Bitcoin ETF. Purpose Investment’s Bitcoin ETF, trading under the ticker “BTCC,” sold more than $100 million worth of shares on its first day of trading and, by the end of the next day, it had garnered nearly $422 million in assets under management.
In his ever bullish position about Bitcoin (BTC), Michael Saylor, the Chief Executive Officer of business intelligence firm MicroStrategy has highlighted that “Bitcoin is an idea whose time has come.”
Google searches for Bitcoin, the largest cryptocurrency, soared 566 percent in Turkey after the Turkish lira nose-dived 17 percent in just one day, recording its worst drop in almost 20 years.
Bitcoin is currently trading at the $56243 level based on price data from CoinMarketCap and at this level in the market cycle, there are retail traders who may have become oblivious to the fact that a price correction may occur. After recovering from what was over a year-long crypto winter, Bitcoin changed hands, and HODLers book unrealized profits from 3-4 years ago.
Bitcoin hasn’t changed. But recently, the narratives around it have. While skeptics still dismiss it, at this point it’s obvious it’s not going away.
Bitcoin, despite the fact that it briefly dropped below $57,000 for a while, has been trading around the $59,000-level for much of the past 24 hours. In fact, a look at the charts would suggest that such rangebound action is meant to precede the crypto’s hike to a new ATH.
The report detailed that big players who buy and sell Bitcoins have considerable market-moving power and as long as asset managers and companies continue to enter the market, Bitcoin prices could continue to rise.
Miami Mayor Francis Suarez says he’s receiving positive feedback on his proposal to expand Bitcoin’s use-cases for residents and employees within his city.
Anthony Scaramucci, head of SkyBridge and its affiliated Bitcoin fund, believes that, over time, Bitcoin may bring returns comparable to those made by Amazon after twelve years of holding: 64x.
Ki Young Ju, CEO of analytics data provider CryptoQuant, has shared some recent data from the company about the amount of crypto held by centralized digital exchanges.
Hedge fund veteran and billionaire Ray Dalio is warning Bitcoin and gold investors to prepare for potentially large tax changes.
The price of Bitcoin has doubled in the past 75 days, prompting some analysts to question whether the market is approaching over-extension.
Morgan Creek Digital co-founder Jason Williams believes investors are about to flock into Bitcoin at the expense of gold.
Long-term holders are continuing to accumulate BTC while short-term speculators are selling.