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Prominent Bitcoin advocate and investor Kiyosaki believes BTC is becoming even more important in currently unfolding crisis

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Investor, nonfiction writerand entrepreneur Robert Kiyosaki, particularly famous for his book on financial literacy "Rich DadPoor Dad," has taken to Twitter to make another prediction of an upcoming economicand financial collapse.

He mentioned Bitcoin in his tweet, reminding the audience that he believes the flagship cryptocurrency, along with a few other assets, to be vitally important now.

Kiyosaki has again drawn the attention of his large Twitter audience to the current crisis in the banking sphere and the recent collapse of three major banks Silvergate Bank, Silicon Valley Bankand Signature Bank. All three of these were also crypto-friendly, dealing with crypto exchanges, collaborating with stablecoin issuers, and storing part of the cash balance of some crypto companies.

The chief executive of Ripple, Brad Garlinghouse, recently admitted in a statement that Ripple did hold part of its cash balance at Signature Bank. However, it was a really small portion,and the bank's collapse has not impacted the daily operations of Ripple.

The U.S. government also promised to maintain the access of SVB and Signature Bank's customers to their balances and allow withdrawals without spending taxpayers'money. Kiyosaki then tweeted a sarcastic comment tothat.

In today's tweet, he stated that "crash and crisis"are just beginning, and that pensions, U.S. corporate pension program 401k andIRAs (individual retirement accounts) went woke and are going broke now, as arethe banks.

Kiyosaki concluded his tweet with a traditional call to buy Bitcoin, physical goldand silver for users to hedge their risks in the current difficult period for the economy.

Earlier this year, Kiyosakitweeted that he expects BTC to surge to the astonishing level of $500,000, gold to hit $5,000 per ounce and silver to surge to $500 by 2025. The main driver for this, he believes, is going to be the cumulative effect of the U.S. government printing "billions in fake dollars."

The printing started back in 2020, when the pandemic broke out, lockdowns were implemented and the U.S. government began supporting average citizens with "survival checks"worth $1,200 per adult. Banks and large businesses were supported with bailouts.

Now, Kiyosaki reckons that Bitcoin is the "answer to the sick economy." BTC, goldand silver are the best inflation hedges, according to him.

Bitcoin is currently changing hands at $24,553, after briefly peaking at the $26,000 level on multiple factors, including a positive February CPI report, which made economists think that the Federal Reserve is likely to begin decreasing rate hikes at the March FOMC meeting.

Originally posted here:

'Rich Dad Poor Dad' Author Says Buying Bitcoin Is Vital as 'Crash and Crisis' Just Starting - U.Today

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Bitcoin Core developer James OBeirne has proposed a new way to run a Bitcoin pruned node. His proposal overhauls the conventional method for pruning Bitcoins blockchain.

Pruning, of course, has been available to Bitcoin node operators for years.

With standard Bitcoin Core software, node operators enable pruning by setting a maximum number of megabytes they are willing to store in their bitcoin.conf file. They can also modify this setting in the settings area of Bitcoin Cores graphical user interface (GUI).

The two largest software clients for Bitcoin nodes, Bitcoin Core and Bitcoin QT, can be pruned. However, once the node owner has activated pruning, they may not transmit old blocks over the Bitcoin network nor verify old wallets.

Of course, pruning has trade-offs. First, however, to OBeirnes proposal.

OBeirne has proposed an update to the method by which full nodes prune. This proposal is part of his largerassumeUTXOprotocol project.

Rather than the status quo setting a number of blocks and compressing historical blocks prior to that milestone OBeirnes assumeUTXO is an experimental way for new Bitcoin full nodes to delay their need to verify historical transactions until the user receives recent transactions.

AssumeUTXO-compatible node clients would contain a hard-coded hash of the conditions necessary to spend all bitcoin (the UTXO set) as of a safe, recent point in time (OBeirnes variant of the popular Bitcoin Core client, Bitcoin Core #25740, supports assumeUTXO).

Read more: This Bitcoin Core update will protect full node operators from hacks

Because of its importance, developers would have to check any revision of the hard-coded assumeUTXO hash for correctness during code review. As long as the snapshot hash is correct, it would allow pruned node operators to opt-in to disregarding full data prior to that hash. This trimmed blockchain file would be much smaller than Bitcoins entire, half-terabyte blockchain.

In addition, OBeirnes proposed update could add background validation to the assumeUTXO protocol. The assumeUTXO proposal adds serialized UTXO sets, reducing the time needed to sync a new Bitcoin node. It also reduces the storage space required to save the Bitcoin blockchain.

In summary, James OBeirne proposes that pruned node operators may optionally trust a developer-reviewed snapshot of the blockchain at a specific point in history. A pruned node can use that snapshot hash to reduce the large file size of Bitcoins blockchain.

Once the node has passed an accuracy check of Bitcoins ledger using that hash, the node can delete the information used to perform the check the next time the software client restarts. After abridging this data, the node has become a pruned node. Like other pruning techniques, OBeirnes proposed feature reduces blockchain storage requirements.

Developers are still working on finalizing the assumeUTXO proposal. To be clear, assumeUTXO is not in consensus with the main Bitcoin network today. Development, safety checks, and code review are ongoing. Bitcoin Core developers are discussing OBeirnes proposal, debating its pros and cons, and debugging drafts of code.

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Originally posted here:

Bitcoin Core developer proposes new type of pruned node - Protos

As the global bank crisis spreads, Credit Suisse Group AG, a Switzerland-based global investment bank and financial services firm, seems to have been caught in the contagion, which could lead to more gains for Bitcoin and the crypto market. The banks shares CS dropped by nearly 25% over the week.

This plummet comes after the banks largest shareholder Saudi National Bank (SNB), reportedly disclosed that it could not provide further support for Credit Suisse. According to Reuters, citing an SNB statement, the bank stated it would no longer buy more shares in the Swiss bank on regulatory grounds.

Saudi National Banks latest withdrawal of support to the struggling Credit Suisse has raised several speculations on whether this could eventually lead to the downfall of the struggling bank. SNB currently holds a large stake in Credit Suisse of up to 9.88%. SNB chairman Ammar Al Khudairy told Reuters the bank could not go further than 10% due to regulatory concerns.

After the announcement, Credit Suisse shares plummeted 24% on Wednesday, March 15. Credit Suisse shares have since been on a downtrend following the collapse of Silicon Valley Bank; itsrecent plummet due to SNB support withdrawal has made it hit a new record low with a value of $2.10 at the time of writing.

As of last year, after its 10% stock acquisition, SNB committed a $1.5 billion investment in Credit Suisse. The struggling banks latest major dump came just months after publishing its 2022 annual report, resulting in a massive withdrawal of funds from the financial institution.

While the company has continued to seek financial assistance after seeing a decline in customer activity, experts have suggested the bank could eventually fall, given the recent collapse of three major banks in the United States in the past week.

With the previous Bitcoin (BTC) rally attributed to the collapse of prominent banks, speculations have been raised around the crypto community on whether another significant bank fall, such as Credit Suisse, could again lead to the cryptocurrency extending its bullish trend.

Over the past week, since the fall of three major US banks Silvergate, Signature bank, and Silicon Valley, many investors in the financial sector have sought an alternative way as a store of value. So far, crypto assets such as Bitcoin have shown to be the best option. The latter has been reflected in their prices.

This has made Bitcoin and the rest of the market go into a bullish period over a short period. Furthermore, the BTC price chart indicates another potential upcoming surge after the previous rally.

Recent events hint at bad news for the global economy, but the crypto market and Bitcoin, in particular, have benefited. The continuous downfall of banks could gear BTC and the rest of the crypto market for another spike as the store of value narrative re-gains momentum as an appealing alternative to the fiat system.

Featured image from Unsplash, Chart from TradingView.

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Credit Suisse Shares Drop Nearly 25%, Is Bitcoin Gearing For Another Rally? - NewsBTC

Image Credits: Yuichiro Chino / Getty Images

The value of major cryptocurrencies rose Monday in the wake of U.S. government plans to protect Silicon Valley Bank and Signature Bank depositors.

The Federal Reserve issued a pair of statements on Sunday with one clear message: Silicon Valley Banks depositors, both insured and uninsured, will receive help in a manner that will fully protect their deposits.

The risk of a banking contagion was lower at the start of the week than last Friday, but not zero.

Following a rally in the price of bitcoin and other crypto assets, the overall crypto market surpassed $1 trillion in value on Monday, up about 14% day over day.

In the past 24 hours, bitcoin rose 18.4% to over $24,000, while ether rose 15% to about $1,700, CoinMarketCap data showed. The two cryptocurrencies, which are the largest by market capitalization, are trading in parallel with one another.

USDC, the second largest stablecoin, also recovered about 4% in the past 24 hours following the news that deposits would be protected, CoinMarketCap data showed.

The alleged stablecoin depegged from its $1 peg for three days, going as low as 88 cents, after uncertainty circulated around the $40 billion USDC empire and the company shared that $3.3 billion, or about 8.2%, of its total supply of reserves were held in SVB.

Circle announced the reserve risk was removed since the funds became available on Monday morning.

Trust, safety and 1:1 redeemability of all USDC in circulation is of paramount importance to Circle, even in the face of bank contagion affecting crypto markets, Jeremy Allaire, co-founder and CEO of Circle, said in a statement. We are heartened to see the U.S. government and financial regulators take crucial steps to mitigate risks extending from the banking system.

USDCs market capitalization is about $40.5 billion, with $10.9 billion in daily traded volume, down 1% in the past 24 hours, according to CoinMarketCap data. At the time of publication, USDC was millicents away from its $1 peg at $0.993, up 3.9% in the past 24 hours.

The crypto market, alongside other major industries, had a volatile week after Silvergate Capital, one of the largest banks to provide services to crypto companies, shared it was winding down operations and liquidating its banking division.

Shortly after, Silicon Valley Bank collapsed on Friday, and Signature Bank, a major crypto lender, was shut down by regulators on Sunday.

This market turmoil has seemingly propped up the crypto market, however, as traders responded positively to the news and the overall market cap rose on Monday.

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Bitcoin rallies over 18% in 24-hour span in wake of SVB crisis - TechCrunch

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Its a common question: Is bitcoin (BTC) a store of value? While proponents say, Yes without hesitation, skeptics note its historically large drawdowns. And thats fair. Not long ago, in November 2021, bitcoin reached nearly $70,000 but is now around $20,000. That said, BTC also used to trade below 1 cent so, using just prices, the answer to the initial question is, Its hard to tell.

For an asset in its speculative, price-discovery phase, volatility should be expected. New opportunities and technologies often capture the attention of speculators and traders, often resulting in wild fluctuations as participants seek to determine true value.

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Pair growing interest with the skepticism, controversy and industry speed bumps experienced thus far, and the roller coaster of highs and lows makes sense at just 14 years of age.

While the asset exhibits qualities of sound money (its durable, portable, scarce, uniform and divisible), acceptance is the final uncertainty.

Through the following on-chain metrics, I aim to prove that bitcoins users believe its a store of value (SoV), despite the volatility.

Realized capitalization

One measure of bitcoins use as an SoV is its realized capitalization. Different from traditional market cap, this alternative considers the last transfer price of each bitcoin rather than the current market price.

In doing so, realized capitalization is an aggregate cost basis of bitcoins on-chain users. The total realized cap is the amount of money that has been stored in the network over time.

To me, this is a proxy for inflows. Realized capitalization rises when transfers are made at higher prices than before and declines when transfers are made at lower prices.

Story continues

According to Glassnode data, bitcoin stores a total of about $380 billion in value, down from a peak of $460 billion. But, importantly, this is four times more than in December 2017 when bitcoin was priced around where it is today. So, money has flowed into the network to store value.

(Joe Orsini, Glassnode)

Holding trends

Not only that, but bitcoins users also are holding the asset for longer and longer. Just last week, the percentage of supply that has been held for long periods has hit all-time highs despite the drop in prices since late 2021. As of March 7, according to Glassnode data:

% Supply Held for 1+ Years: 67.7%

% Supply Held for 2+ Years: 51.4%

% Supply Held for 3+ Years: 39.2%

% Supply Held for 5+ Years: 28.3%

(Joe Orsini, Glassnode)

Conclusion

There is a saying that perception is reality. Remember, bitcoin has essentially been willed into existence. Despite the noise and skepticism, money continues to flow into the network and its users are holding their assets for longer periods of time.

The next time somebody questions bitcoins use as a store of value, show them these charts. As Satoshi Nakamoto wrote, If enough people think the same way, that becomes a self-fulfilling prophecy.

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Evaluating Bitcoin as a Store of Value - Yahoo Finance