Mediaboss Marketing

Fri 10 May 2024 4 min of reading by Evans S.

Jack Dorsey, co-founder of Twitter and fervent defender of Bitcoin, recently made a bold prediction: he envisions Bitcoin reaching the symbolic threshold of one million dollars by 2030. But what is fueling such a prognosis, and what could be the implications for the future of digital finance? This article delves deeply into Dorseys vision and the current dynamics of Bitcoin.

Jack Dorsey is not a newcomer to the crypto universe. Boasting a history of significant investments and initiatives to bolster the Bitcoin ecosystem, his enthusiasm for this digital currency is not recent.

He describes Bitcoin not just as a mere currency, but as a fascinating ecosystem and movement where every contributor, whether a developer, investor, or user, plays a critical role in enhancing its value.

Dorsey and his payment firm, Block, have developed Bitcoin wallets and ASIC mining chips, evidencing their commitment to supporting the growth and adoption of this cryptocurrency.

The decision by his retail payment solution, Square, to allow stores to convert a portion of their daily sales into Bitcoin, illustrates a strategy aimed at further integrating Bitcoin into the daily business transactions.

Jack Dorsey has always advocated for a more decentralized internet, a vision that extends to his view of Bitcoin.

Moving away from centralized platforms like Twitter, through projects like Nostr, he seeks to promote a tech approach that better respects user freedom and independence.

As reported by decrypt, this philosophy deeply resonates with the foundational principles of Bitcoin, which is itself a challenge to the traditional centralized financial system.

In interviews, Jack Dorsey has expressed his disappointment in decentralization attempts that end up replicating the same mistakes as centralized models, citing Bluesky as an example.

His support for Nostr, which he describes as a truly open protocol, shows his commitment to infrastructures that support anonymity and autonomy, values he seems to believe conducive to a future significant appreciation of Bitcoin.

However, the future of Bitcoin and its rise to a million dollars are not without challenges. The recent investigation by US federal prosecutors into Blocks compliance practices, including the handling of crypto transactions linked to terrorist groups, casts a shadow over the whole industry.

These issues underscore the importance of regulation and security in the cryptocurrency domain, aspects Dorsey and other industry leaders must address to realize their vision.

Jack Dorseys prediction that Bitcoin will hit one million dollars by 2030 is certainly bold, but it is part of a consistent long-term vision marked by a commitment to decentralization and technological innovation.

Yet, as contagious as Dorseys optimism may be, we cannot overlook the regulatory, technological, and economic hurdles that litter the path to this stratospheric valuation. The future of Bitcoin remains, as always, as uncertain as it is fascinating. Meanwhile, an ETF makes all the difference.

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Fascin par le bitcoin depuis 2017, Evariste n'a cess de se documenter sur le sujet. Si son premier intrt s'est port sur le trading, il essaie dsormais activement dapprhender toutes les avances centres sur les cryptomonnaies. En tant que rdacteur, il aspire fournir en permanence un travail de haute qualit qui reflte l'tat du secteur dans son ensemble.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

The rest is here:

Bitcoin: Jack Dorsey predicts that the flagship cryptocurrency will reach 1 million - Cointribune EN

After its sharp rally earlier this year, the summer doldrums may have come early for bitcoin . The cryptocurrency is up 48% for the year thanks to bullish enthusiasm surrounding the debut of U.S. bitcoin ETFs in January and the April 19 halving . Bitcoin is on pace for its first positive week in the past six, according to Coin Metrics. However, it's fallen 11% in the second quarter and is off about 14% from its all-time high above $73,000, reached in March. Analysts remain optimistic on bitcoin long term, but they say the coming weeks will require some patience. "It could take three to five months for bitcoin to re-test recent highs," H.C. Wainwright analyst Mike Colonnese told CNBC. "So [we're] short-term neutral to cautious and bullish medium- to long-term on bitcoin and by extension the miners." BTC.CM= 3M mountain Bitcoin has fallen 11% this quarter Bitcoin miners offer high beta exposure to bitcoin and have historically outperformed it during bull cycles, he added. His top pick in the space is CleanSpark . Wolfe Research technical analyst Rob Ginsberg shared a similar view on bitcoin. "While we reiterate our stance that from a multi-year timeframe it makes sense to remain long, the signs of further near-term downside continue to compound," he said in a note this week. "We continue to ask ourselves if the latest rejection at $70,000 was the beginning of an epic double top." Colonnese also pointed out that corrections between 25% and 30% are "par for the course" for bitcoin, even in bull cycles. "We would not be surprised if bitcoin were to retrace to the low-to-mid $50,000 range over the short term as stubbornly high inflation, slowing economic growth and geopolitical issues remain key risks," he said. Bitcoin has held above $60,000 since the beginning of May, when it broke below that level for the first time since February. But analysts who study price charts see that level as vulnerable and have warned about downside risk as low as $49,000 . It's still early innings for bitcoin this cycle, however, according to Colonnese. Between the increased demand this year from bitcoin ETFs and the reduced supply from the halving, the cryptocurrency's supply-and-demand dynamics are attractive. His base case is that bitcoin will reach $100,000 this cycle. "Looking at previous price cycles, bitcoin has historically peaked between one to one and a half years after a halving event with the bull stage running longer in each subsequent cycle," Colonnese said. "Bitcoin rallied to over $67,000 in November 2021, 546 days after the third halving event occurred in May 2020." "Assuming a similar duration for this bull stage of the price cycle, bitcoin may not reach its cycle peak until October 2025," Colonnese added. CNBC's Michael Bloom contributed reporting.

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Bitcoin price may not retest this year's highs for another five months - CNBC

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Bitcoin (BTC-USD) traded in a narrow range this week, as the price correction in the top cryptocurrency following the halving event continues.

The oldest cryptocurrency, started off the week strongly, as it touched $65K, following a broader market upswing fueled by weaker-than-expected jobs data last week, which added momentum to speculation that the Federal Reserve may consider an interest rate cut.

However, BTC stuck to the narrow range of $60K- $64K for the rest of the week.

"Bitcoin topped out in mid-March at $73,793 and has pulled back significantly since then," said SA analyst, Florian Grummes.

Bitcoin (BTC-USD)and Nasdaq are strongly correlated, hence expect both asset classes to grind lower during the seasonal rather weaker summer months into the typical bottom in September or October, Grummes added.

Cryptocurrency trading volume took a breather in April, as it declined for the first time in seven months as rising geopolitical tensions and slower inflows into U.S.-listed spot ETFs weighed over the digital assets market, a CoinDesk report stated.

"The market has seen a slight rebound from the recent correction, indicating a stabilizing sentiment among investors," Lucy Hu, senior analyst, Metalpha, said.

Inflows into the U.S. spot-Bitcoin exchange-traded funds have slowed, but some traders believe BTC will continue its bull run in the year.

"The bull run will continue and the price of Bitcoin could reach new highs after the halving based on historical patterns. Investors should still practice appropriate hedging tools to manage risks effectively," Hu added.

Notable News

Bitcoin, Ether prices

Bitcoin (BTC-USD) was down 2.3% to $60.8K at 3:13 pm on Friday, and Ether (ETH-USD) fell ~3.4% to $2.9K.

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Bitcoin falls 3% week on week as price correction continues (Cryptocurrency:BTC-USD) - Seeking Alpha

Key Takeaways

Bitcoin (BTCUSD) traded flat while spot bitcoin exchange-traded funds (ETFs), which have been driving up bitcoin demand and consequently its price, experienced a rare week of net outflows as the markets geared up for the halving event later this week.

Uniswap Labs received a Wells notice from the U.S. Securities and Exchange Commission (SEC). Monad Labs raised $225 million from Paradigm and others.

Last week, U.S. spot bitcoin ETFs experienced net outflows, a rare occurrence that has only happened three times since these funds were introduced in January.

Between April 8 and April 12, the category, which comprises 11 funds, reported a loss of about $83 million in assets, according to data from BitMEX Research. This represents a significant swing from the previous week's net inflows of $485 million. Despite this setback, spot bitcoin ETFs have amassed $12.5 billion in net positive inflows since they were launched.

Notably, the Grayscale Bitcoin Trust ETF (GBTC) continued to post a decline, with $767 million exiting the fund last week alone. In contrast, other leading funds such as BlackRocks iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC) brought in $487 million and $90 million, respectively, but these gains were insufficient to counterbalance the substantial outflows from GBTC.

Demand generated by spot bitcoin ETFs has been credited for the recent rally in bitcoin prices, and it is also considered a key differentiator for the upcoming bitcoin halving versus prior instances.

Decentralized crypto exchange Uniswap last week disclosed receiving a Wells notice from the SEC, indicating impending enforcement actions.

This led to a sharp drop in the price of Uniswap's native token, UNI, falling from above $11 before the news broke to under $8. Uniswap Labs CEO Hayden Adams shared his disappointment and readiness to contest the charges on X. Wells notices serve as preliminary alerts about potential regulatory charges and often precede formal enforcement actions.

The SEC's concerns centered on allegations of Uniswap operating as both an unregistered securities broker and exchange, Uniswap executives Mary-Catherine Lader and Marvin Ammori clarified at a press conference, according to CoinDesk. The specifics of whether UNI itself might be classified as a security weren't clear from the notice. Ammori referenced a favorable recent court decision for Coinbase, which he sees as a positive indicator for Uniswap's defense against similar charges.

Monad Labs has secured $225 million in a funding round led by Paradigm, enabling the company to expand its team and advance the development of its blockchain, which is designed to contend with Ethereum.

This financial backing aims to transition Monad's test version of its blockchain into a full production stage. Its Layer 1 blockchain maintains compatibility with the Ethereum Virtual Machine (EVM). According to Monad's announcement on Substack, the EVM processes more than 96% of all investments in decentralized finance (DeFi).

While Ethereum is currently limited to processing fewer than 20 transactions per second, Monad's newly operational testnet, launched in March, demonstrates a capacity to handle approximately 10,000 transactions per second. This significant increase in transaction throughput is part of a broader trend in the crypto community, which sees various entities, including both Layer 1 and Layer 2 solutions, striving to enhance DeFi's efficiency. Monad's approach incorporates parallel execution to significantly boost performance across the protocol.

This round of funding also attracted investments from several notable firms, including Electric Capital, Castle Island Ventures, Animoca Ventures, Coinbase Ventures, and CoinFund, underscoring broad industry support for Monad's technology.

All eyes are on the anticipated bitcoin halving this week, as the fourth iteration of the scheduled decrease in the cryptocurrency's issuance rate is expected to take place by the end of the month.

Halving, which occurs after every 210,000 blocks, or roughly every four years, cuts the pace of new bitcoin mined and halves miner incentives.

While previous halvings have led to bull runs for bitcoin in the past, multiple industry reports have indicated the spot bitcoin ETF market may have a bigger impact on the cryptocurrency's supply-and-demand dynamics at this point.

Despite the upcoming decline in bitcoin-denominated revenue for miners, it's possible miners could enjoy an increase in revenue in dollar terms due to the potential for a bitcoin price run-up combined with the developments of Ordinals and various Layer 2 networks.

Excerpt from:

Cryptocurrency Market News: Spot Bitcoin ETFs Shift to Outflows Ahead of Halving - Investopedia

Proposed rules for marijuana banking and cryptocurrency regulation may be combined into a single bill.

The legislation has not been finalized, but there have been talks in the U.S. Congress about combining a cannabis bill, the Secure and Fair Enforcement Regulation (SAFER) Banking Act, and a stablecoin measure, Marijuana MomentreportedSunday (April 14).

Senate Majority Leader Chuck Schumer (D-NY) has said that he aims to pass legislation to safeguard cannabis banking and achieve that in the weeks and months ahead, according to the report.

The SAFER Banking Bill has been awaiting action by the Senate since being passed by the Senate Committee on Banking, Housing and Urban Affairs in September 2023, Seeking AlphareportedMonday (April 15).

The bill could impact a number of multistate operators and cannabis exchange-traded funds (ETFs), according to the report.

It was reported April 1 that while more than half of all Americans live in a state that has legalized marijuana, banks wont work withcannabis sellersbecause the drug is still illegal under federal law.

As a result, legitimate cannabis businesses still find themselves wondering what to do with all their cash, as it is nearly impossible for them to accept payments in anything other than cash.

While the U.S. House has passed a bipartisan bill that would make it easier for cannabis companies to find banking services, the Senate has never voted on its version. However, that vote could come this year.

Some saw a possible opening of the door to more cohesive payments systems in the sector in August 2023, when U.S. health officials recommended easingrestrictions on cannabisand reclassifying it as a Schedule III drug under the Controlled Substances Act.

Currently, cannabis is classified as a Schedule I substance, which implies a high risk of abuse and no accepted medical use. If cannabis were to be reclassified as a Schedule III drug, it would be seen as less dangerous and could be obtained legally with a prescription.

As an indicator of the size of potential business payments, the business-to-business (B2B) cannabis platform LeafLinkreported that it passed the $1 billion transaction mark in September 2022 with its payment solutions and expected more growth.

Continued here:

Marijuana Banking, Cryptocurrency Regulation May Be Combined Into Single Bill - PYMNTS.com