After Purchasing $250M Worth Of Bitcoin Last Month, MicroStrategy Is Looking To Increase Its Crypto Holdings

By Brenda Ngari – September 15, 2020

The past few weeks have been gut-wrenching for some investors, with the bitcoin price plunging from $12.5K highs to sub-$10K and then rebounding above $10,000. But despite the lack of a clear uptrend, institutional investors are still interested in buying the asset.

Business intelligence software firm MicroStrategy grabbed the headlines last month after purchasing 21,454 BTC valued at $250 million. At the time, the billion-dollar Virginia-based firm argued that bitcoin would be a great hedge against inflation as well as creating an opportunity for the company to earn a higher return than with other investments.

MicroStrategy CEO, Michael Saylor, had stated in August:

“This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”

Most commentators believe bitcoin has become increasingly attractive to investors due to central banks’ liquidity injections in recent months as countries attempt to thwart the economic crisis sparked by COVID-19. Unlike fiat currencies that can be printed ad infinitum, BTC has a 21 million capped supply which makes it an exceptional hedge against the inevitable inflation.

In a filing with the United States Securities and Exchange Commission (SEC) on September 14, MicroStrategy has indicated that it could buy more bitcoin in the near future. This comes after the firm’s board officially acknowledged the bellwether cryptocurrency as its primary treasury asset in a September 11 meeting.

“Bitcoin serving as the primary treasury reserve asset on an ongoing basis, subject to market conditions and anticipated needs of the business for Cash Assets, including future potential share repurchase activity. As a result of this new policy, the Company’s holdings of bitcoin may increase beyond the $250 million investment that the Company disclosed on August 11, 2020.”

Now, this filing does not guarantee that MicroStrategy will make additional bitcoin purchases. However, after splashing an eye-popping $250M into the asset just last month, it is quite evident that the company is not having any second thoughts about that move despite the recent bitcoin market downturn.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Why A Temporary Bear Market Won’t Pull Bitcoin Below $10,000 Again

By Adrian Klent – September 13, 2020

Cryptocurrency rating platform Weiss Crypto Ratings has averted the worries of many Bitcoin users who are all currently witnessing the bearish downtrend that struck the market a few days ago. In a notable tweet, Weiss is confident that the bear trend, speculated to die down quickly, isn’t strong enough to pull Bitcoin below $10,000 in the near term.

At press time, volatility is still high for the most valued digital asset which has declined by more than 10% since the month began. At the time of this writing, Bitcoin is worth $10,317 and according to Weiss, Bitcoin is holding strong at this point. A drop below $10,000 equals Bitcoin dropping by nearly 5.5% and trading at prior support around the $9500 and $9800 mark. But Weiss is certain that the possibility of a swift bearish turn is not in sight.

As the tweet reads:

“Bitcoin price balances at $10K. We don’t think BTC is going to go below 10k anytime soon.”

With reference to Ethereum, Weiss claims that the $10k BTC price peak is simply short term support. “It’s support, just like 350 was support for ETH. For BTC, we’re looking at least at a temporary short-term low.” Weiss asserted.

From the technicals on Bitstamp, a quick look at the 1-week chart will reveal that recapturing $11,000 is not impossible for the big bull. Evidently, the bulls are holding strong with a significant bullish reversal pattern preceding every bearish interference.

Since the 6th of September, every significant bearish trend has been diluted by the bulls who have managed to keep the market in moderation. Although the strength in defense has not been crucial enough to foster a correction in price movement, Bitcoin is well poised for a flip in price, at least to a prior resistance of $10,500 that could potentially become support if a notable upswing in price is realized.

Still, on the topic of Bitcoin being propitious, the number of wallet addresses holding at least 1 BTC has proliferated. 823,000 is now the new all-time high for 1-BTC wallet holders. Bitcoin isn’t the only cryptocurrency investors are tossing their coins into, Ethereum has also witnessed an impressive increase in addresses. And just like Bitcoin, Ethereum investors have turned a blind eye to the volatility in price.

It’s not certain when Bitcoin breaks the $12,000 rooftops as it did at the beginning of this month, but the rise in investment interest is yet another organic indicator that Bitcoin’s intrinsic value is as present as ever.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Adrian Klent and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

DoJ Charges Russian National With Wire Fraud Conspiracy

By RTTNews Staff Writer | Published: 9/11/2020 10:09 AM ET

A Russian national was charged in the Eastern District of Virginia with wire fraud conspiracy for his alleged role in a conspiracy to use the stolen identities of real U.S. persons to open fraudulent accounts at banking and cryptocurrency exchanges, according to a statement by the U.S. Department of Justice (DoJ).

27-year old Artem Mikhaylovich Lifshits serves as a manager in “Project Lakhta,” a Russia-based effort to engage in political and electoral interference operations.

According to the criminal complaint, Lifshits conspired with other Project Lakhta members to steal identification of real U.S. persons and used them to open fraudulent bank and cryptocurrency exchange accounts in the victims’ names.

Lifshits and the conspirators allegedly used these fraudulently opened accounts to both promote Project Lakhta’s influence operations and for personal gains. However, the criminal complaint does not allege that any U.S. citizens knowingly participated in the operations.

Project Lakhta has engaged in disrupting the democratic process in the U.S. since at least May 2014 and spread distrust towards candidates for political office and the political system in general.

“This case demonstrates that federal law enforcement will work aggressively to investigate and hold accountable cyber criminals located in Russia and other countries, which serve as safe-havens for this type of criminal activity,” said Zachary Terwilliger, U.S. Attorney for the Eastern District of Virginia.

Additionally, the Department of Treasury’s Office of Foreign Assets Control (OFAC) has designated Lifshits and two other Project Lakhta actors for sanctions based on the malicious cyber-enabled activity outlined in the complaint.

The charges contained in the criminal complaint are merely accusations of committing a crime, and the defendants are presumed innocent unless and until proven guilty in court, the DoJ said.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

Twitter CEO Jack Dorsey Thinks Bitcoin Remains The Best-Positioned To Serve As The Internet’s Native Currency

By Brenda Ngari – September 11, 2020

Bitcoin has been around for only eleven years and within that short period, it has received recognition from both fans and critics. In fact, the crypto has registered notable accomplishments, leaving other asset classes in the dust. However, being a virtual currency, bitcoin has drawn a lot of criticism from veteran investors, world leaders, and finance gurus.

Nevertheless, Twitter CEO Jack Dorsey is a huge bitcoin supporter. Dorsey said during a recent interview that the OG cryptocurrency has the potential to become the currency of the internet.

Twitter CEO Still Believes Bitcoin Is The ‘Best Manifestation’ Of A Native Internet Currency

Back in March of 2018, Twitter CEO Jack Dorsey predicted that bitcoin would become the internet’s native currency within a decade. Two years later and he still holds the same opinion. Speaking to Reuters on September 10, Dorsey maintained that bitcoin is the best candidate for an internet-native currency.

“I think the internet warrants a native currency and Bitcoin is probably the best manifestation of that thus far. I can’t see that changing given all the people who want the same thing and build it for that potential.”

The Twitter chief, who also doubles as the CEO of payments company Square, shared two key arguments to support his assertion. First, bitcoin is consensus-driven just like the internet. Secondly, the cryptocurrency is community-driven and anyone with a great idea is welcome to join the party.

Dorsey further posited that platforms like Twitter are basically toolmakers that help spread the word about cryptocurrencies to the masses by giving people the information they require about the asset class.

He, however, acknowledged that bitcoin currently faces two main challenges that are preventing it from going mainstream: transaction times & efficiency and overall understanding of the technology. In other words, bitcoin needs to be much more cost-effective and time-effective for it to achieve widespread adoption. Moreover, potential investors need to know the benefits they get from investing in the crypto-asset.

“We have to build Bitcoin in such a way that it is as intuitive, it’s as fast and it’s as efficient as what exists today, and obviously goes beyond that too.”

Dorsey Remains A Vocal Champion Of Crypto

Jack Dorsey is a well-known crypto proponent. The square subsidiary, CashApp, started allowing users to buy and sell bitcoin in November 2017.

Earlier this year, Square Crypto (Square’s bitcoin-focused wing) unveiled a Lightning Development Kit to help developers create better user experience by integrating support for Lightning payments on wallets and apps.

It is worth mentioning that Square’s CashApp has seen huge success. During the second quarter of 2020, for instance, the company generated $875 million in revenue from bitcoin — representing a 600% year-over-year increase.

Most recently, on September 10, Square launched a non-profit called Crypto Open Patent Alliance (COPA) which will discourage individuals and companies from “patent lockup” of useful crypto technology, a tradition that normally smothers innovation and mass crypto adoption.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Bitcoin ATMs On The Rise; Nears 10,000 In September 2020

By Ponvang Bulus – September 10, 2020

As the awareness about bitcoin and other cryptocurrencies grow, so is the need to make these coins and tokens more accessible.

As at present, Bitcoin ATMs, also known as BTMs, hit 9835 ATMs globally. Coin ATM Radar shows this. This is a 167% increase compared to last year.

Bitcoin ATMs facilitates buying and selling of bitcoin and other cryptocurrencies fast and easy. Crypto holders can trade their crypto holdings for local currencies and vice versa.

These ATMs are currently present in 71 countries globally. Presently, the United States, Canada, United Kingdom, Austria, and Spain tops the list of countries with the most ATMs present at 7740, 860, 277, 150, and 104 locations, respectively.

Also, African countries aren’t left behind with countries such as South Africa, Ghana, and the giant of Africa, Nigeria being a few countries where Bitcoin ATMs can be found on the continent.

Out of the total number of Bitcoin ATMs globally, Genesis Coin owns the most BTMs installed in 3469 locations. Presently holding 35.3% of the Bitcoin ATM market share. General Bytes, BitAccess, Coinsource, Lamassu follows with 2883 (29.5%), 991 (10.1%), 602 (6.1%), and 516 (5.3%) BTMs installed at different locations.

Bitcoin and Altcoins Still Largely Used For Trading and Investments

The world still awaits that day bitcoin would be used mainly for what it’s designed to be – the currency for day-to-day transactions. However, presently, most bitcoin and altcoin holders hold for some financial gains – buying when cheap and selling when expensive, investing in reputable projects, or Ponzi schemes.

Hopefully, this will change soon. As the world goes digital, there’s a rising need for freelancers. These freelancers, mostly based abroad, prefer to be paid using cryptocurrencies – bitcoin and any other valuable altcoin. This is because its the fastest means to get paid across borders. Also, converting their holdings into local currencies is hassle-free. The whole payment process can be done within minutes compared to days while using other traditional payment methods.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Ponvang Bulus and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe