Crypto Guides, Knowledge & Insights

Billionaires are backing Bitcoin over gold... but some say Ethereum is even better

Following JPMorgan CEO Jamie Dimons recent comments that Bitcoin is worthless, two well known billionaires have leapt to its defense — although both of them say Ether has some even more desirable properties.　　During an interview with CNBCs Squawk Box on Oct. 13, Barry Sternlicht, the co-founder of Starwood Capital Group said that gold was actually “worthless” and he is hodling Bitcoin (BTC) because every government in the “western hemisphere” is printing endless amounts of money.　　Sternlicht is estimated to have a net worth of around $4.4 billion and is known for his investments in the real estate market via Starwood Capital Group. The investment firm was founded in 1991 and reportedly has around $95 billion worth of assets under management (AUM).　　Sternlicht was asked for his take on Jamie Dimons reiterated skepticism over BTC being “worthless.”　　“Gold is kind of worthless too, and so is silver, I mean they have some industrial uses but they are minor. The reason I own Bitcoin is because the U.S. government and every government in the western hemisphere is printing money now to the end of time,” he said.　　Dallas Mavericks owner Mark Cuban, who has a net worth of $4.3B, echoed similar sentiments when he spoke to

2021-10-14Deep Dive

Experts warn of ‘extreme greed’ territory for bitcoin as crypto pushes toward $60,000

The worlds top cryptocurrency continues to rise, as bitcoin price surpasses $58,000 per coin, marking a nearly 26% surge for the month to date. Experts warn, however, that the sharp increase may lead to a sell-off.　　Bitcoin was trading around $58,000 as of 6:00 GMT on Thursday, up about 5% from the previous close. It dipped below $55,000 briefly on Wednesday, after trading in a tight range over the past few days.　　Some analysts claim the current rally is driven by increased speculation around the possibility of a bitcoin exchange-traded fund (ETF), which could spring up if greenlighted by the US Securities and Exchange Commission (SEC) as early as this week. However, many are skeptical whether the approval will have a beneficial effect on bitcoins price.　　Crypto analysts say the extreme buying in the market could mean the rally may soon run out of steam. According to the Fear & Greed Index, a tool used by investors to gauge whether the market is fairly priced, bitcoin entered ‘extreme greed’ territory last week, and is at the highest level since early September, which preceded a sharp sell-off and may signify another one approaching.

2021-10-14Deep Dive

Ethereum Has The Most Upside As A Crypto Investment,” Mark Cuban

Speaking during an interview with CNBC Make It, the billionaire investor talked about the crypto market, saying that while the market has seen considerable growth this year, he believes that not all digital assets and cryptocurrencies are equal.　　Ethereum For New Investors　　Cuban, when asked which cryptocurrencies he would suggest for newcomers in the crypto space, suggested that new investors and beginners in the crypto space should look at investing in Ethereum, as according to him, it had the most upside. He also elaborated further on what he thought about some of the most popular digital coins in the space.　　“As an investment, I think Ethereum has the most upside, And bitcoin is better gold than gold.”　　Dogecoin Ideal To Learn About Cryptocurrencies　　Cuban also recommended Dogecoin, saying it was the ideal cryptocurrency for beginners to learn about how communities in the crypto space can positively impact the market. Dogecoin had, earlier this year, broken into the top ten cryptocurrencies by market value, thanks in part due to the Dogecoin community. He also recommended the meme coin for “fun.”　　 An Extensive Portfolio　　While financial experts generally view cryptocurrencies as risky investments. Thanks to their volatile nature, Cuban has an extensive portfolio in crypto, including several cryptocurrencies

2021-10-14Deep Dive

Cryptocurrency Addiction: Fact or Fiction?

Cryptocurrency adoption rates are rising steadily with millions of individuals joining the train.　　Alongside the adoption rates, there is the dark side of cryptocurrency addiction, creating losses that run into millions of dollars.　　To reduce the rising cases, a cryptocurrency rehabilitation center has opened its doors.　　Cryptocurrencies are changing the world and offering millions a new window to invest their funds. Although it is debatable, the concept of trading cryptocurrencies is slowly recording rising numbers of addicts.　　Is It Even A Real Thing？　　Oftentimes, the line between addiction and zeal is blurred, making it difficult to tell when a person has crossed the Rubicon. With cryptocurrencies, it is even harder to tell when a crypto trader is descending the slippery slopes of addiction as it can be misconstrued as having an unwavering belief in a coin.　　However, certain telltale signs accompany cryptocurrency addiction. Spending an inordinate amount of time and money trading is often an indication of an addiction. This is linked to borrowing money or misappropriating funds for trading purposes. The need to recoup losses by investing more funds to chase losses is a major red flag and denial of the extent of losses should raise eyebrows.　　Crypto trading addiction shares similarities with gambling and is

2021-10-14Deep Dive

Australia to release its first crypto-ETF, but it wont be backed by Bitcoin, Ethereum

Amid rising fervor for a Bitcoin ETF approval in the United States, the Australian Securities Exchange (ASX) is all set to feature its very first cryptocurrency-focused ETF. Australian ETF provider BetaShares is close to launching the “BetaShares Crypto Innovators ETF,” which will have the ticker code “CRYP.”　　However, there‘s a catch. Instead of being directly backed by any cryptocurrencies, the fund will instead focus on global companies that are working in the digital asset space, as per the company’s announcement.　　The fund aims to provide indirect crypto exposure to institutional investors looking to put their capital into the space with a minimum risk factor. The announcement further quoted BetaShares CEO, Alex Vynokur, as saying,　　“The crypto economy is highly dynamic and growing rapidly, and is built using exciting and disruptive technology. CRYP will be an innovative way for investors to get exposure to the crypto sector in a familiar, liquid, and cost-effective ETF structure.”　　It also mentioned that CRYP will “aim to track an index comprising a focused portfolio of more than 30 leading crypto innovators.” The index in question is the Bitwise Crypto Industry Innovators Index, which had launched earlier this year to provide investors with exposure to top publicly listed firms that

2021-10-14Deep Dive

S. Korea’s first metaverse-themed ETFs listed

Four metaverse-themed exchange-traded funds went listed for the first time on the countrys stock markets on Wednesday, betting on growing interest in the new IT platform.　　The four ETFs are KB Asset Management‘s KBSTAR iSelect Metaverse, NH Amundi Asset Management’s Hanaro Fn K-Metaverse MZ, Mirae Asset Global Investment‘s Tiger Fn Metaverse, and Samsung Asset Management’s KODEX K-Metaverse Active.　　Samsung Asset‘s ETF product is an actively managed fund, while the other three are passive funds, following metaverse-related indexes. For instance, Mirae Asset benchmarks market intelligence service provider FnGuide’s metaverse index which follows some 20 companies.　　NH selected the top 20 stocks by scoring metaverse-related keywords and added 10 stocks to the consumer goods industry, excluding automobile companies. KB follows the iSelect Metaverse Index, which selects companies based on industry exposure, sales linkage, and future growth potential.　　A peek into the list of companies some of these metaverse ETF providers disclosed showed heavy exposure to entertainment and game industries as well as the countrys top portal, Naver.　　Both Samsung and Mirae Asset have unveiled a list of companies included in their funds. As of Tuesday, Samsungs Metaverse ETF consisted of Hybe, Naver, Krafton, Peal Abyss and JContentree while Mirae Asset chose Naver, LG Innotek, Hybe, JYP Entertainment

2021-10-14Deep Dive

The Big Difference Between Bitcoin And Ethereum, According To Founder Vitalik Buterin

Ethereums potential to overtake bitcoin has been a hotly debated topic in the crypto space. Bitcoin maximalists believe that BTC is the original cryptocurrency and thus could never be overtaken by an altcoin. While ethereum supporters have remained strong in their resolve that the altcoin will outshine the pioneer cryptocurrency in the coming years.　　The strongest argument for ethereum‘s superiority has been its varied use cases. Besides its monetary policy utility, bitcoin has little to boast of in terms of real-world applications. On the flip side of this, ethereum’s use cases have continued to expand over the years. The most recent has been decentralized finance, which enables users to take the opportunity of services that would otherwise not be available to them using traditional finance providers.　　Clarifying The Difference　　The Stakeborg Talks hosted its first English version and for the inaugural episode, Ethereum co-founder Vitalik Buterin was a guest. Here, Buterin explained what the difference was between the blockchain he had created and the leading blockchain in the space. Buterin placed more emphasis on how both ecosystems operated and translated into value for their native currencies.　　The founder said that Ethereum was much bigger than just its native token ETH. Whereas the bitcoin blockchain

2021-10-14Deep Dive

More than 900,000 people signed up for Coinbase’s NFT platform waitlist — and it’s only day one

So many people tried to sign onto the waiting list for Coinbases new NFT platform that the traffic broke the site.　　“We are getting a LOT of signups — so grateful for all your interest,” wrote Coinbases Vice President of Product Sanchen Saxena on Twitter. “We are seeing insane loads on our servers and our team is working hard to get this resolved. Check back soon!”　　At the time of publication, 930,263 are waiting to join Coinbases forthcoming NFT marketplace, which is slated to launch in late 2021. Currently, only people older than 18 and who reside in the US can join the waitlist, through the crypto exchange plans to add more countries in the future.　　Coinbases NFT platform will allow users to mint, display and discover NFTs. It will also feature self-custody wallets and forgo the know-your-customer (KYC) checks that the platform requires for its brokerage clients.　　Coinbase is the second exchange this week to announce that it will launch an NFT platform. FTX.US launched the Solana-based NFT platform on Monday.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.

2021-10-14Deep Dive

Bitcoin bulls target prices above $58K ahead of Friday’s $820M options expiry

Everyone is talking about a six-figure Bitcoin (BTC) price now that the digital asset has broken out of its multi-month downtrend and confirmed that a bullish trend is in play. 　　If Bitcoin happens to enter a parabolic move toward $110,000, that would finally match PlanB‘s Stock-to-Flow model prediction. According to the pseudonymous analyst, the scarcity and valuation of gold and other precious metals and “Elon Musk’s energy FUD and Chinas mining crackdown” are a few of the factors responsible for the past five months of 50% or higher inaccuracy in the model.　　Bulls hopes mostly cling to an exchange-traded fund being approved by the United States Securities and Exchange Commission. Currently, there are multiple requests pending review between Oct. 18 and Nov. 1, but the regulator could postpone its final decision.　　Oct. 15s $830 million options expiry was largely impacted by the 20% price rally initiated on Oct. 4, which most likely eliminated 92% of the put (sell) options.　　The aftermath of Chinas mining crackdown was an important event that might have fueled investor sentiment, and research shows the U.S. accounting for 35.4% of the Bitcoin hash rate.　　Furthermore, as Cointelegraph reported, the U.S. states of Texas and Ohio are also expected to receive

2021-10-14Deep Dive

Bank of England's Deputy Governor Says Regulators Need to Urgently Establish Rules

Bank of England Deputy Governor Jon Cunliffe says that a collapse in the cryptocurrency market is certainly “plausible,” stating that regulators worldwide need to pursue crypto rules “as a matter of urgency.” While cryptocurrencies do not currently pose a threat to the countrys financial stability, the deputy governor says there are some “very good reasons” to think that this might not be the case for very much longer.　　Crypto Collapse Plausible, Crypto Rules Are ‘a Matter of Urgency’　　Bank of England Deputy Governor Jon Cunliffe talked about cryptocurrency and its regulation on Wednesday at the SIBOS conference. He emphasized that regulators worldwide need to work quickly and establish rules to regulate cryptocurrencies, given the rapid growth of the industry and how long it takes to put new rules in place. He said: Regulators internationally and in many jurisdictions have begun the work. It needs to be pursued as a matter of urgency.　　As an example of how long it takes to establish new rules, Cunliffe said that last week global regulators proposed that the safeguards they apply to systemic clearing houses and payment systems should also be applied to stablecoins. He added that it took two years to draft this measure, during which

2021-10-14Deep Dive