Elon Musk Is Unwittingly Pumping His Favorite Cryptocurrency Again

Elon Musk Sees Dogecoin Engulfing the Global Financial System like A Sandstorm

By Bernice Nyambura – July 18, 2020

SpaceX and Tesla CEO is adamant to promote Dogecoin as his favorite cryptocurrency over Bitcoin. As one of the prominent public figures whose account was hacked during the twitter-bitcoin scam, Elon musk now thinks that Dogecoin will soon sweep over the global financial system like a sandstorm.

Within minutes of his tweet, Dogecoin’s price shot up by 8%, going up to 14% at the time of this writing. Last week, Dogecoin enjoyed a massive 150% spike after a TikTok user endorsed other users, saying that buying low could make a lot of people millionaires when the coin hits $1.

Elon Musk Only Sells Dogecoin

Loved for his high interaction with his Twitter followers, the crypto-verse often takes the opportunity to get him talking about Bitcoin and altcoins. Being one of the many public figures whose accounts got hacked during the twitter scam, Musk responded on a lighter note to one of his followers asking about his promised “Bitcoin giveaway” with:

“I only sell Dogecoin.”

However, his response doesn’t mean that he is totally against Bitcoin, evident as is from his earlier tweet in May, in which he said that he owns 0.25 BTC. Musk was on the frontline to advocate for more Bitcoin awareness when Harry Potter’s author J.K Rowling asked about how Bitcoin works, shortly after the third halving event.

Bitcoin vs Dogecoin

Musk’s advocacy for Dogecoin started in 2018, when he recruited Dogecoin’s creator, Jackson Palmer, to help him put a stop to multiple crypto spambots, some of which were impersonating him. In response, Palmer told him to send him a direct message, to get the script to fight annoying spammers.

In a 2019 April’s fool joke obviously aimed at advertising the coin, Dogecoin made Elon musk its CEO after conducting a twitter poll, that Elon won by 54% against prominent personalities, including Ethereum’s co-founder Vitalik Buterin and Metal Payments’ CEO Marshall Hayner.

Again in March this year, Elon Musk made crypto headlines by saying that Dogecoin is the best cryptocurrency, in two separate tweets that reference an inside joke about Dogecoin’s origin.

Compared to the 21 million total Bitcoin supply, Dogecoin has over a 100 billion supply which according to its creators will ensure it will always have a low price and lower transaction fees than Bitcoin.

Currently, Dogecoin has a market cap of approximately $429 million, with its highly vibrant community believing it is a worthy investment and likely to hit $1 price in 2020.

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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 Bernice Nyambura and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

ZCash (ZEC) is Overtaking Monero as the Go-To Privacy Coin – Weiss

John P. Njui   •   BITCOIN (BTC) NEWS   •   May 10, 2020

Quick take:

• According to Weiss Ratings, Monero (XMR) is losing its appeal as the choice privacy coin.
• Users who value privacy are leaning more towards ZCash (ZEC).
• ZCash recently went through the Heartwood upgrade that enables more third-party integrations and better privacy.
• ZCash (ZEC) also has a halving event in November of this year.

The team at Weiss ratings have concluded that Monero (XMR) is losing its appeal as the choice coin for privacy-centric crypto users. The same users now prefer ZCash (ZEC) due to the addition of new features through the recent Heartwood upgrade. The team at Weiss Ratings elaborated on the shift toward ZEC via a tweet that stated the following.

#Zcash has successfully hard forked in the planned network update “Heartwood.” Now, miners can receive transactions directly to their private address. Privacy coins are very important for the space, and Zcash is overtaking #Monero as the go-to privacy coin. #XMR #ZEC

ZCash’s Heartwood Network Upgrade

The mentioned heartwood upgrade was activated at block 903,000 of the ZCash network on the 16th of July at approximately 11a m UTC. This upgrade enables more third-party integrations and better privacy through shielded coinbase. Furthermore, the upgrades were as a result of the two ZCash improvement proposals of ZIP-221 and ZIP-213.

Flyclient, specified through ZIP 221, enables efficient proofs of Proof-of-Work for light clients. In addition to enabling improved light-client wallets, this improves many cross-chain protocols. This ZIP specifies modifications to be made to the Zcash block header format to include Merkle Mountain Range (MMR) commitments.

Shielded Coinbase – ZIP 213 defines modifications to the Zcash consensus rules that enable coinbase funds to be mined to shielded Sapling addresses. It does not disable the use of transparent addresses in coinbase transactions.

ZCash Halving in November 2020

Also worth mentioning is the fact that ZCash (ZEC) has a halving event later this year in mid-November. The halving will happen at block 1,046,400 which is estimated to occur on the 16th of November. With the ZCash halving, mining rewards will be reduced from the current 12.5 ZEC to 6.25 ZEC.

The event exactly four months away and ZCash could have adequate bullish momentum to retest the $75 resistance zone that was last visited in mid-February this year. Other zones of considerable resistance for ZCash on its way up include $64, $66, $69 and $73.

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In the meantime, the daily ZEC/USDT chart indicates that ZCash could be due for a pullback. This can be seen through a reduction in trade volume; the MACD turning bearish; and a high daily MFI of 74.

As with all analyses of ZCash, traders and investors are advised to use adequate stop losses. Additionally, having an eye out for sudden Bitcoin movements is highly recommended when trading altcoins.

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

More Darknet Entities Are Making Use Of Bitcoin Mixers, Study Finds

By Vincent Mislos – July 15, 2020

Everyone in the world can use Bitcoin, which means it is available for legitimate purposes and to those with malicious and criminal intent. The study by analytics firm Crystal Blockchain has revealed the growing use of Bitcoin in the darknet, made increasingly possible through the use of mixers.

According to the report, darknet entities actually sent a lesser amount of Bitcoins between Q1 2019 and Q2 2020, from 64k BTC to 50k BTC this year. However, this 50K BTC is of higher value when considering Bitcoin’s price in USD, which means darknet users have transacted $411 million worth of BTC in Q1 2020 vs. $384 million worth of BTC in Q1 2019.

Because of the requirements imposed by the Financial Action Task Force (FATF), darknet users are increasingly not using exchanges with KYC requirements. FATF actually imposed its cryptocurrency regulations, especially the “travel rule” to its member countries and supervised regions. The countries’ governments are the ones who imposed the FATF regulations on exchanges within their jurisdiction. The ‘travel rule’ would require the exchanges to disclose the names and personal details of anyone who transacted above a certain amount (usually above $1,000) so naturally, darknet and criminal entities will not use this route.

However, Crystal Blockchain noted that in USD terms, the value that darknet entities received via exchanges with verification requirements have increased from $36 million in Q1 2019 to $73 million in Q1 2020.

The analytics firm also said darknet entities might also be using other, more private cryptocurrencies for transaction purposes.

Since the blockchain made it possible to identify the route of transactions, Crystal Blockchain also found out that darknet users are increasingly sending Bitcoins to one another. This activity grew by 10% vs last year. The analytics firm thought this indicates cooperation between the criminals or perhaps the criminals are trying to hide the Bitcoin within the darknet. This will avoid the risk of exposing their activities and entities.

Notable in Crystal Blockchain’s report is the darknet’s increasing use of mixers. In Q1 2019, darknet entities sent 790 BTC to mixers. In Q2, they sent 7,946 BTC. The number of Bitcoins these entities received via mixers has also increased, 288 BTC in Q1 2020 from just 106 BTC in Q1 2019.

“From this analysis, it seems that exchanges with verification requirements are becoming less popular as a way to withdraw bitcoin from darknet entities, while mixers are becoming more popular for withdrawing from darknet entities,” Crystal Blockchain noted.

Mixers are used by some individuals to mix their coins with other users, in order to preserve their privacy. But because exchanges can easily mark Bitcoins coming from mixers, some of them would refuse these “marked Bitcoins” from being deposited to their wallets. Paxos Global discouraged the use of mixers while Binance flags coins coming from mixing services. Paxos reaffirmed that they do not necessarily deny service to users who used mixers, but it is within their responsibility to ensure that their customers are not engaged in illegal activities.

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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 Vincent Mislos and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Crypto Traders See ChainLink (LINK) Hitting $10 Before BTC Hits $10k

John P. Njui   •   CHAINLINK (LINK) NEWS   •   July 14, 2020

Quick take:

• ChainLink (LINK) recently hit an all-time high of $8.50 on the 13th of July.
• LINK is now a top 10 coin on Coinmarketcap.
• In a Twitter poll, Crypto traders are confident LINK will hit $10 before Bitcoin retests $10,000.

Since mid-June, ChainLink (LINK) has more than doubled in value from around $3.65 to the new all-time high of $8.50 on the 13th of July. At the time of writing this, LINK is hovering around $7.50.

The rise of LINK in the crypto markets has been attributed to two factors. To begin with, ChainLink (LINK) has proven to be immune to the price movements of Bitcoin. Secondly, the LINK network continues to grow at an impressive rate. The team at Cane Island had found that the user growth rate on ChainLink has seen an increment of approximately 17% per month.

LINK Becomes a Top 10 Coin on Coinmarketcap

The incredible run of LINK in the crypto markets has resulted in the digital asset edging out several ‘heavyweights’ on Coinmarketcap. On its rise to the top 10, LINK has zoomed past the prominent digital assets of Stellar (XLM), Tezos (XTZ), EOS and Crypto.com Coin (CRO).

If the current bullish momentum of ChainLink is maintained, LINK could also edge out Binance Coin (BNB), Litecoin (LTC) and Cardano (ADA) in the near future.

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ChainLink (LINK) Will Hit $10 Before Bitcoin Retests $10,000

It is with this brief background surrounding the crypto market activity of ChainLink, that crypto traders are optimistic that LINK will hit $10 before Bitcoin retests $10,000. Their confidence in LINK outperforming BTC was captured in a poll by Timothy Peterson: an Investment Manager at Cane Island Alternative Advisors and a believer that LINK will outperform Bitcoin.

With three hours till the end of the poll, 66% of respondents believe that LINK will most likely break its all-time high of $8.50 and hit $10 before Bitcoin revisits $10,000. A quick glance at the daily LINK/USDT chart reveals that there is plenty of bullishness present around LINK.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

BitTorrent Adds Binance's Stablecoin BUSD As Payment Option

By RTTNews Staff Writer | Published: 7/13/2020 10:23 AM ET

U.S.-based torrent client BitTorrent, Inc. has teamed up with major crypto exchange Binance to add its US dollar-backed stablecoin Binance USD (BUSD) as a payment option to purchase BitTorrent and µTorrent Classic Pro, Pro+VPN or Ad-Free. BUSD is a NYDFS regulated stablecoin.

Binance's native token BNB was already an option for payment. However, it is replacing the BNB token on Ethereum blockchain (ERC-20) with a faster and more liquid BNB token on Binance Chain (BEP2) as the payment option.

BUSD joins as the sixth cryptocurrency accepted by BitTorrent after TRX, BTC, BTT, OKB and BNB with the help of CoinPayments.net, a leading integrated payment gateway provider for cryptocurrencies. The replacement of BNB also follows the recently announced adoption of Binance Chain by CoinPayments.net.

The addition of the stablecoin as a payment option provides the speed of cryptocurrency with the stability of the U.S. dollar. This enables consumers to spend the volatility-free stablecoins at businesses around the world and also eliminates costs and delays of bank transfers or wires.

Stablecoin transactions are verified by a decentralized network and recorded on an immutable public ledger, providing security, efficiency and transparency of blockchain payments, while eliminating traditional payment fraud associated with credit cards.

Following the addition of BUSD and BNB (BEP2), BitTorrent has announced a discount of 25 percent for BitTorrent Classic Pro on all crypto-based purchases for a limited time.

BUSD users may purchase one-year subscriptions of BitTorrent or µTorrent Classic products, including Pro, Ad-Free, and Pro+VPN for Windows. Pro includes advanced malware protection, no ads, an HD media player, file conversion, and premium customer support.

By using BUSD or the other supported cryptocurrencies, millions of BitTorrent customers can unlock powerful features such as advanced malware protection for its popular desktop torrent clients.

San Francisco-based BitTorrent is the company behind the largest decentralized P2P communications protocol for distributing data and large files over the Internet. With over 100 million active users each month,the protocol is responsible for moving a significant percentage of the world's Internet traffic each day.

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

Cameron Winklevoss: Bitcoin (BTC) Has Been Hiding in Plain Sight

John P. Njui   •   BITCOIN (BTC) NEWS   •   May 10, 2020   •   2 Min read

In brief:

• The Co-Founder of Gemini Exchange, Cameron Winklevoss, has pointed out that Bitcoin (BTC) has been hiding in plain sight for over a decade.
• Mr. Winkelvoss was responding to news that Quantitative Easing was likely to continue with US House Democrats asking for Trillions of Dollars in a second stimulus bill.
• For over 10 years, Bitcoin has been available as a hedge from such practices that will ultimately lead to inflation.

The need for Bitcoin (BTC) and other digital assets has never been clearer than now as The Fed and other prominent global central banks continue on their money printing to cushion their respective economies from the effects of the Coronavirus. Keen investors have already hedged for inflation using Bitcoin (BTC) and precious metals such as Gold.

US House Speaker, Nany Pelosi, Wants Trillions in Another Stimulus Bill

The Quantitative easing by the US Fed looks set to continue as long as President Trump is in power. Furthermore, there have been murmurs of a possible second stimulus bill by the US Congress that could run into the Trillions.

On the 9th of June, it was reported that the speaker of the US House of Representatives, Nancy Pelosi, was confident that Congress would pass a second stimulus bill that could run into the Trillions and higher than the May relief package of $3 Trillion.

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Bitcoin has Been Hiding in Plain Sight For Over A Decade

It is with this background of a possible second stimulus bill, that the Co-Founder of the Gemini Exchange, Cameron Winklevoss, pointed out via Twitter, that the continual money printing could only be hedged by owning Bitcoin (BTC).

He also pointed out that Bitcoin has been in existence for over 10 years as he responded to a comment highlighting the fact that not too many regular investors are aware that they can hedge against inflation using Bitcoin.

Bitcoin’s Barriers Towards Mass Adoption

One is then left with the question of why the mass adoption of Bitcoin is not at a fever pitch given the current global economic climate.

To begin with, Bitcoin has long had a ‘bad reputation’ of being a Ponzi or fool’s gold. Even Warren Buffet once called Bitcoin ‘rat poison square’. These harsh words from a legendary investor confirm that not too many people understand the concept of digital money and/or transactions on a peer to peer level.

Secondly, owning and trading Bitcoin requires some technical know-how thus leaving the task to more tech-savvy individuals between the ages of 13 and 35. However, there is hope on the horizon as traditional institutional investors, such as Grayscale, are providing BTC based investment products. Furthermore, the recent direct endorsement of Bitcoin by Paul Tudor Jones has led to many boomers considering Bitcoin as an investment option.

Conclusion

Summing it up, the money printer by the Fed and other global central banks will continue to go 'Brrrrrr'. The continual money printing is surely to cause inflation and Bitcoin will provide the perfect hedge against such a possibility.

Additionally, and as pointed out by Cameron Winklevoss, BTC has been around for over a decade…hiding in plain sight. Therefore, it might not be too late to grab a few Satoshis as a hedge against the money printer continuing to go Brrr.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Texas Regulator Shuts Down Fraudulent Multilevel Marketing Crypto Firm

By RTTNews Staff Writer | Published: 7/10/2020 11:07 AM ET

The Commissioner of the Texas State Securities Board (TSSB) has issued an emergency cease-and-desist order against a South African cryptocurrency firm running an unregistered international, multilevel marketing get-rich-quick scheme in the State of Texas.

The Commissioner's order stopped Mirror Trading International Pty Ltd., controlled by Cornelius Johannes "Johan" Steynberg, from offering any security for sale in Texas until it is registered with or is exempted from registration by the Securities Commissioner.

The Commissioner has also named four of Mirror Trading's stateside, multilevel marketing agents – ForexAndBitcoin.com, Michael Cullison, Steve Herceg and Brian Knott – accusing them of illegally soliciting Texas investors.

According to the order, Mirror Trading is accused of recruiting multilevel marketers to illegally sell fraudulent investments in a bitcoin (BTC) and forex pool, which can be purchased by transferring bitcoin to Mirror Trading.

The bitcoins received from investors are then pooled and transferred to various unidentified forex brokers, the order says. The bitcoin is then supposedly somehow traded on the forex market using artificial intelligence, generating 'conservatively' projected profits of 10 percent per month.

The order alleges that Mirror Trading concealed material information from potential investors, including important information about Steynberg, its forex brokers, its handling of cryptocurrencies, the artificial intelligence used to place trades and the significant risks associated with the product.

The order accuses Mirror Trading of perpetrating the fraud though an illegal international multilevel marketing program. Mirror Trading is also recruiting unregistered securities salespersons by promising to pay up to four streams of lucrative commissions, based on their success in recruiting new investors and multilevel marketers.

Mirror Trading also boasted about the accomplishments of its multilevel marketers, claiming it has now enrolled almost 76,000 members from more than 170 countries, including more than 22,500 since March 1, 2020.

The TSSB has been one of the most active state regulators with regard to cryptocurrencies for the well-being of investors in Texas. It was the first to enter an order against a cryptocurrency firm and is among those who entered the most orders of any state regulator.

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

Bitcoin (BTC) & Crypto Briefly Knocked Down by New COVID19 Cases

John P. Njui   •   BITCOIN (BTC) NEWS   •   July 10, 2020

In brief:

• In the last 48 hours, Bitcoin, Ethereum, XRP and all the major cryptocurrencies, have suffered a pullback as data suggests that COVID19 is still spreading.
• The spread of the Coronavirus has also affected the stock markets.
• BTC and the entire crypto market is highly correlated to the traditional financial markets.
• The crypto markets might never decouple from the influence of COVID19 stats.

In the last 48 hours, Bitcoin (BTC) and the entire spectrum of digital assets have suffered a setback in the crypto markets as new statistics indicate that global COVDI19 infections are continuing to increase. At the time of writing this, the global confirmed cases of the Coronavirus now stands at 12.2 million.

Yesterday, the U.S set a one-day record with over 60,000 confirmed new cases. Furthermore, the rise in infections has had an impact on the stock market on fears of new lockdowns to curb the spread of the pandemic.

Bitcoin, Ethereum, XRP and other Cryptocurrencies Suffer a Pullback

Checking the charts, the S&P 500 and the Dow Jones Industrial average were hard hit by the news of new infections. As a result, Bitcoin, Ethereum, XRP and the entire cryptocurrency spectrum were also briefly knocked down in the markets by the news.

Since the news broke, Bitcoin’s journey above $9,500 was halted and the King of Crypto dropped to the $9,150 support area and is currently trading at $9,133. Additionally, Ethereum’s attempt at breaking $250 was cut short by the news and dropped to the $232 support area. ETH is now trading at $238.

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In the case of XRP, the remittance coin has had to halt its mission of reclaiming the number 2 spot from Tether on Coinmarketcap. XRP is battling to maintain the familiar $0.20 support zone and is trading at $0.197.

Bitcoin and Crypto Will Continue Being Affected by the Global Spread of COVID19

It is clear that Bitcoin and the entire crypto market is highly correlated to the global spread of the Coronavirus as well as its effects on the traditional markets.

Therefore, it might be prudent to conclude that Bitcoin, Ethereum, XRP and the crypto markets, are still very much tied to the progress made in combating the spread of the Coronavirus. As a result, if the numbers keep increasing, all digital assets will continue being affected by the statistics related to COVID19.

However, there is a glimmer of hope as 145 vaccines against COVID19 are currently in development with 22 of them already in human trials. This means that the world could be a few months away from a working vaccine, and with it, relief for Bitcoin and all digital assets.

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Galaxy Digital’s Mike Novogratz Urges Investors To Buy More Gold Than Bitcoin — Here’s Why

By Brenda Ngari – July 9, 2020

Gold is aiming for a new all-time high after zooming past $1,800. The last time the precious alloy breached this level was back in September 2011. Following this impressive rally, gold is now approximately 6% shy of its lifetime high.

Bitcoin, by contrast, is still struggling to get a foothold above $10K. Even so, Galaxy Digital founder and chief executive, Mike Novogratz, believes the top cryptocurrency will outperform gold in the future. He, however, cautions investors against putting a majority of their wealth in bitcoin instead of gold due to the crypto’s extreme volatility.

Have More Gold Than BTC: Novogratz

Multi-millionaire and ex-Goldman Sachs partner Mike Novogratz is a well-known bitcoin bull. Earlier this year, he predicted that the flagship crypto will reach an all-time high by the end of the year. He even posited that he would give up on Bitcoin if it didn’t. In a recent interview with CNBC’s Fast Money, Novogratz has reaffirmed his bullishness for the cryptocurrency.

He noted that bitcoin will outshine gold in the future because we are still in the early stages of the adoption curve. The bitcoin advocate acknowledges that it is still quite hard for most people to buy the cryptocurrency. But there are several experts currently working on making it easier, and when this finally happens, BTC will be the crème de la crème.

Regardless, the Wall Street veteran thinks investors should buy more gold and less bitcoin because of the level of risk associated with the big price swings in crypto:

“And so my sense is bitcoin way outperforms it [gold], but I will tell people to have a lot less Bitcoin than they do gold, just because of the volatility.”

Bitcoin’s Future Looks Green

Bitcoin rallied from a shade under $4,000 to $10,400 in just two months right before the block halving in May. But since then, the strong momentum has faltered and BTC has on several instances failed to keep its head above $10,000. Moreover, the cryptocurrency’s correlation with the S&P 500 index has grown stronger — tainting its image as a digital safe-haven asset.

Nonetheless, bitcoin’s perception by the traditional finance class is improving. In other words, traditional investors are growing increasingly confident about the asset’s potential in the long-term. For instance, Wall Street hedge fund manager Paul Tudor Jones allocated 1%-2% of his portfolio to BTC just a couple months ago as a hedge against inflation.

In his interview, Novogratz pointed out that the current economic climate where central banks across the globe are printing insane amounts of money is perfect for assets like gold. It’s for this exact same reason that the bullish prognosticator loves bitcoin. 

And, perhaps more importantly, bitcoin has noticeably outperformed gold in terms of year-to-date gains. What could possibly stop it from continuing its great ride in the coming months or years?

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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

Most Crypto Investors Worry What Happens To Their Assets After They Die: Study

By RTTNews Staff Writer | Published: 7/8/2020 11:11 AM ET

Most cryptocurrency investors are found to be worried about what will happen to their digital assets after they die, according to a new research conducted by The Cremation Institute.

They are worried that their digital assets will simply disappear after they pass away and not passed on to their loved ones.

89 percent of crypto-asset investors worry about losing their digital assets after they die. Despite this worry, only 23 percent of the investors have a documented plan.

The overall planning disorganization is attributed to the combined issues of lacking crypto estate services and government regulation covering estate planning & crypto assets. Complacency is also seen as a large factor.

The study says younger generations are 10 times more likely not to have a plan in comparison to older generations. 59 percent of youngsters between the ages of 18 to 25 years have no plan, while 35 percent of Millennials reported no plan.

The results analysed by The Cremation Institute also showed that 39 percent of women are significantly more likely than men to have some sort of cryptocurrency contingency plan if they were to pass away.

If a user dies, the program will transfer the contents of his/her cryptocurrency wallets to a specific account, which had been set up and prepared beforehand.

The online survey was conducted between October 20, 2019 and June 3, 2020. In total, there were 1,150 participants between the ages 19 to 73 years. The margin of error for the total survey sample size was recorded at 3.5 percent.

According to Coinmetrics.io, there are currently 12,000 Bitcoin millionaires in the world. There are also many of them who have passed away and their families are unable to access their funds. It is estimated that around 4 million Bitcoin, valued at about $40 billion, has been forever lost due to death, according to Coincover.

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