BTC Bitcoin Cryptocurrency Betting
Bitcoin is the cryptocurrency that started it all. There are dozens of other cryptocurrencies you can use to deposit at BookMaker and hundreds more on the periphery, but Bitcoin is the most well-known of the bunch, and the only one your aunt Ethel and uncle Fred know. The coin that dominates the crypto space surged past $60,000 in March 2021 and might be poised for an even bigger run ahead of the holidays.
Monday, July 22, 2024, News Update
Positive U.S. election forecasts caused bitcoin to briefly rise beyond $68,000 before it settled at $67,500 during early Asian trading hours on Monday. Some traders believed that President Biden's statement that he would not be running in the forthcoming election could be advantageous for the digital asset market, At the beginning of Asian trading hours on Monday, Bitcoin (BTC) experienced a brief increase above $68,000 before dropping to $67,500 as traders' optimism was mostly fueled by a positive view for the US election. Alt coins increased as a result of the strength of BTC. For a brief moment, Ether (ETH) crossed $3,500, Dogecoin (DOGE) gained more than 8% before retreating, and Cardano's ADA and Solana's SOL both saw rises of up to 5%.
Gains in Bitcoin began late on Sunday, when US President-elect Joe Biden announced in an X post that he would not run in the November elections. On the cryptocurrency betting app Polymarket, however, this caused the odds for Republican candidate Donald Trump to drop from 71% on Sunday to 65% on Monday morning in Asia. Kamala Harris's chances of becoming president increased from 16% to 30% throughout this time.
Industry participants have been overwhelmingly supportive of Trump's pro-cryptocurrency stance in recent months. His scheduled appearance at the Bitcoin 2024 conference in Nashville later this week has furthered the feeling among observers of the market.
Looking ahead to this week, now that significant US inflation data is about to be released, focus is shifting back to economic concerns. The Federal Reserve's "preferred" inflation indicator, the Personal Consumption Expenditures (PCE) Index print, will be used to provide this. The PCE print is scheduled on July 26, one day after the release of the second-quarter GDP and rolling unemployment statistics. This might lead to a tumultuous conclusion to the week for riskier assets and cryptocurrencies.
The market anticipates that there won't be any rate changes until the September FOMC meeting, according to the most recent projections from CME Group's FedWatch Tool.
“More evidence of disinflation would help lock in expectations for rate cuts starting with the Fed’s September meeting,” trading firm Mosaic Asset said in their regular newsletter, The Market Mosaic.
In other news, the difficult times that Bitcoin miners had following the block subsidy halving event in April might be almost over. The hash ribbons indicator, which tracks two versions of Bitcoin's hashrate and is monitored by the onchain analytics company Glassnode, is showing signs of recovery following a several-month period of "capitulation."
These times are characterized by a relatively low near-term hashrate, which is indicated by hash ribbons, which are the 30-day moving average dipping below the 60-day one. Such periods have been frequent throughout the history of Bitcoin, even in bull markets, but traders are mostly focused on the subsequent BTC price rebound when they conclude.
Another critical juncture in the institutional acceptance of the cryptocurrency space occurs this week, but this time the attention is on Ether, the largest altcoin. Ethereum exchange-traded funds (ETFs) are set to debut six months after the US spot Bitcoin ETFs went operational.
Although the consequences for the price action of ETH are yet uncertain, traders are preparing for volatility similar to what hit BTC/USD at the beginning of the year.
Bitcoin Weekly Price Per CoinMarketCap
| WEEK |
BITCOIN PRICE IN USD |
| July 22, 2024 |
66,921.14 |
| July 15, 2024 |
62,886.70 |
| July 8, 2024 |
56,855.49 |
| July 1, 2024 |
62,574.71 |
| June 24, 2024 |
61,589.72 |
| June 17, 2024 |
65,681.86 |
| June 10, 2024 |
69,346.83 |
| June 3, 2024 |
69,384.47 |
| May 27, 2024 |
68,929.23 |
| May 20, 2024 |
67,097.94 |
| May 13, 2024 |
62,811.16 |
| May 6, 2024 |
63,321.99 |
| April 29, 2024 |
63,513.72 |
| April 22, 2024 |
66,391.01 |
| April 15, 2024 |
64,465.15 |
| April 9, 2024 |
71,912.80 |
| April 2, 2024 |
68,641.42 |
| March 26, 2024 |
70,121.49 |
| March 19, 2024 |
67,287.32 |
| March 12, 2024 |
72,295.01 |
| March 5, 2024 |
66,548.57 |
| February 27, 2024 |
53,419.20 |
| February 20, 2024 |
52,057.41 |
| February 13, 2024 |
49,546.53 |
| February 6, 2024 |
42,541.37 |
| January 30, 2024 |
43,061.49 |
| January 23, 2024 |
40,406.51 |
| January 16, 2024 |
42,433.84 |
| January 9, 2024 |
45,009.74 |
| January 2, 2024 |
42,728.28 |
| December 26, 2023 |
43,396.24 |
| December 19, 2023 |
41,366.73 |
| December 12, 2023 |
41,752.77 |
| December 5, 2023 |
41,720.85 |
Monday, July 15, 2024, News Update
Bitcoin saw a sharp jump in price on Sunday and Monday following an attempt on the life of former President Donald Trump, as investors increased their bets on the former president winning the US presidential election in November. Trump is now more than a 2-1 favorite in U.S. Presidential odds to win the election. “The probability of a Donald Trump victory has increased significantly,” said Grzegorz Drozdz, market analyst at currency company Conotoxia. With his pledge to defend individuals' rights to possess bitcoin and his announcement as the keynote speaker at the Bitcoin 2024 conference later this month, Trump has become the front-runner for the bitcoin and cryptocurrency community. "I will make sure that the future of bitcoin will be made in the U.S. and not driven overseas," Trump said during an event in Washington, D.C. last month. "I will support the right to self-custody."
After gaining millions from a series of cryptocurrency-based digital trading card non-fungible tokens (NFTs), Trump has become increasingly interested in bitcoin and cryptocurrency in recent months, which puts him at odds with the Biden administration's anti-crypto position. Late in May, Trump announced his support for cryptocurrencies and started taking donations in the form of dogecoin, ethereum, bitcoin, shiba inus, and solana.
"[The] announcement that [Trump] will be addressing the global bitcoin community is recognition of bitcoin’s adoption and progress towards that original vision," Bitcoin 2024 conference organizer and the chief executive of Bitcoin Magazine David Bailey said. Trump is due to speak at 2:00 pm Central Time for 30 minutes on the last day of the July 25 to July 27 conference in Nashville, Tennessee.
After Trump was shot in the ear during a weekend campaign rally murder attempt by a shooter, the price of bitcoin surged as much as 9.1% to $62,830, its highest level in two weeks. With his remarks supporting US-based bitcoin mining and his hosting of business executives at Mar-a-Lago, the Republican is perceived as the more pro-crypto contender.
As a first for a major US political party, Trump's campaign has accepted bitcoin contributions, sparking expectations that the recent governmental onslaught on the sector in the US may end. Live trade on political betting website PredictIt shows that quickly after the incident, the implied odds of Trump winning in November increased.
Trump's Truth Social media company saw a 37% increase in shares during early morning trading in New York. Following a merger with a blank-cheque company, Trump Media & Technology Group became public in March and mobilized ahead of the debate between President Joe Biden and President Trump last month.
The likelihood of a second Trump administration declining was also observed in the larger financial markets. US Treasury yields increased, reflecting a more subdued response to Biden's appalling performance in the debate.
Many investors think that Trump's tax-cutting measures will increase inflation and deficits, which would strengthen the dollar and impact US Treasuries, much to what happened after he won the presidency in 2016.
The US dollar index, which measures the US dollar against a basket of six other major currencies, remained stable on July 11 after initially weakening in July due to speculators' increased expectations on a Federal Reserve interest rate drop in September.
The benchmark 10-year Treasury yield increased by 0.04 percentage points to 4.22 percent, which was in accordance with a slight decrease in price. The tech-heavy Nasdaq Composite and the blue-chip S&P 500 on Wall Street both saw 0.6% and 0.5% gains, respectively.
Midway through March, the price of bitcoin reached a peak above $70,000. However, since the so-called halving event in April, when miners were required to split 450 bitcoins per day to secure the network, the price of bitcoin has not increased. After the halving, some analysts had predicted a bitcoin rise.
Monday’s moves “chime[s] with the Trumpian theme given the popular narrative of his being good for business and?.?.?. his pro-crypto stance”, said Rabobank analysts in a note to clients. “For the markets, the complexities of the US political backdrop have been boiled down to the assumption that the weekend events will lead to an increased chance of Trump winning the November presidential election,” they added.
Monday, July 8, 2024, News Update
Prior to paring losses, bitcoin values dropped more than 6% early on Monday morning. As of 3:15 a.m. EST, they were trading at about $55,500, down 4% from the previous day's same time. The price of the most valuable digital asset in the world is at its lowest point in months, having dropped by about $18,000 from its peak of slightly under $74,000 in March—a loss of roughly 25%.
Due to concerns about impending selloffs by the German government and creditors of the defunct cryptocurrency exchange Mt. Gox, values of other significant tokens have also plummeted, with bitcoin prices hitting a four-month low on Monday. Similar events occurred with Ether, the second-largest cryptocurrency in the world by market capitalization behind Bitcoin. It fell by almost 7% before rising to trade at about $2,900 at 3:15 a.m., down 4% for the day.
With drops of between 9% and 11% paring to losses of between 2.5% and 7% by 3:15 a.m., the course was also replicated by Binance's BNB, Solana, XRP Ripple, Dogecoin, and Cardano's Ada — the next major cryptocurrencies, excluding stablecoins tied to established currencies like Tether and USDC. By 3 a.m. EST, the value of the whole cryptocurrency market had decreased by over $20 billion in only one day, or about 2%, compared to the previous day.
The widespread cryptocurrency's selloff on Monday raises the possibility that it may continue its gloomy, weeks-long downward trend as it descends from all-time highs in March. The decline coincides with waning interest in bitcoin exchange-traded funds (ETFs), monetary policy uncertainty, and concerns that the insolvent Tokyo cryptocurrency exchange, Mt. Gox, may cause a meltdown when it honors its debt to creditors. The exchange, which was previously among the largest cryptocurrency platforms globally, filed for bankruptcy ten years ago as a result of hackers stealing the majority of its cryptocurrency holdings between 2011 and 2014. According to CNBC, bitcoin is currently trading at a rate that is about ten times greater than it was when the exchange filed for bankruptcy. The total value of bitcoin at that time is estimated to be close to $58 billion. After filing for bankruptcy, the exchange was able to recover some money, with tokens currently valued at about $9 billion. Markets have reacted to this anticipated large selloff of Bitcoin, as creditors are expected to pay out at a significantly higher price than when they lost the cryptocurrency tokens. More than half of the cryptocurrency market's value is derived from Bitcoin, and smaller crypto tokens and the market as a whole often follow its fortunes.
The German government is causing a stir by hurriedly selling off hundreds of millions of dollars' worth of Bitcoin for fiat money, adding to the factors contributing to the declining value of the cryptocurrency market. Since June, Berlin has been moving its bitcoin holdings to Bitstamp, Coinbase, and Kraken exchanges as part of the European government's efforts to sell off and liquidate assets that it had seized from different criminal organizations. Concerns over large market selloffs have increased as a result of the transfers, and Germany is said to still possess roughly $2.2 billion worth of Bitcoin, according to Arkham Intelligence.
Monday, July 1, 2024, News Update
According to data from blockchain analytics Arkham, the German and US governments appear to have transferred more bitcoin and ether recently, further indicating their possible intention to sell the assets. According to data from Arkham, the German government sent 1,500 bitcoin ($94 million) to a few addresses, including those at Coinbase, Kraken, and Bitstamp. According to the data, the German authorities sent 200 Bitcoin to an address at Bitstamp, 100 Bitcoin to a Coinbase address, and 100 Bitcoin to a Kraken address, while sending 600 Bitcoin and 500 Bitcoin to an unidentified address in two transactions. According to the data, the German government presently owns 44,692 bitcoin, which is valued at almost $2.81 billion.
Additionally, according to Arkham data, wallets purportedly associated with the US government transferred 3,375 ether, or around $11.75 million, to an unidentified address from an account containing assets confiscated from Estonian businessmen Sergei Potapenko and Ivan Turwgin. According to Arkham, the wallets believed to be connected to the US government currently contain roughly 50,524 ether, valued at roughly $175.9 million, and roughly 213,534 bitcoin, valued at $13.42 billion.
These two nations rank among the biggest states that are known to possess bitcoin. According to Bitcoin Treasuries, the United States now leads the list, followed by China, the United Kingdom, Germany, and the Ukraine.
In other news, a local bitcoin exchange called Amber Japan (previously DeCurret) was quietly acquired by Sony last year. Many media sources claimed that Sony intended to open a cryptocurrency exchange; nonetheless, Amber Japan carried on when Sony purchased it in August 2023. Due to the acquisition being made through the Sony subsidiary Quetta Web—which doesn't seem to have a website—it remained under the radar. Amber Japan confirmed its ownership by Sony today and stated it is renaming to S.BLOX.
According to S.BLOX, the WhaleFin cryptocurrency offering was enhanced in January and is currently being improved. It intends to work with several companies within the Sony Group. For consumers of Nuro Mobile, the Sony mobile contract reseller, it does, however, already provide a promotional offer. WhaleFin offers new users Yen 3,000 in Bitcoin, which is equal to $18.60. A division of Sony Network Communications is Nuro Mobile.
The same division made an investment in Startale Labs, the Polkadot parachain's originator, Astar Network, last year. It has established a joint venture with Startale to develop a blockchain for Sony, with the goal of utilizing the collective's intellectual rights throughout the metaverse. Owning Sony Pictures, Music, and PlayStations gives the firm a wide range of brands at its disposal.
In the meantime, Sony Bank plans to introduce the Sony Bank Connect app, which will provide NFT entertainment credits associated with financial items. Two weeks ago, it began accepting pre-registrations for the web3 app. Additionally, the organization offers SNFT, an NFT marketplace where users can rate their NFTs.
The digital bank has been involved in blockchain development quite a bit. It intends to release stablecoins on the Polygon blockchain, for instance. After launching its own real estate token, it piloted a $1 million issuance of a green finance security token in March that was aimed at regular investors using dollars. With the Sony Group possessing so much intellectual property, it is easy to see how blockchain could bring together products from many divisions.
Monday, June 24, 2024, News Update
The price of bitcoin continued its steep fall from the previous week on Monday as traders remained heavily weighted in favor of the dollar due to worries about U.S. interest rates and the release of important inflation data. A strong dollar also put pressure on the pricing of other cryptocurrencies, as the dollar nearly reached a two-month high after solid U.S. purchasing managers index data. The biggest cryptocurrency in the world had suffered severe losses during the previous week as investors lost faith in the Federal Reserve's decision to decrease interest rates at this time.
This week's sentiment is probably not going to get much better, especially in front of this Friday's important PCE price index data. The Fed's favorite inflation indicator, the reading, will probably have an impact on the central bank's view for interest rates in the upcoming months. The inflation rate is predicted to remain considerably above the Fed's 2% annual target on Friday's data, even though there may be a slight slowdown in inflation. This will give the central bank more leeway to maintain high interest rates. High rates are bad news for cryptocurrency because they make riskier, speculative assets like cryptocurrency less appealing.
Due to a number of token unlocks, a decline in institutional demand, and a fair dose of profit-taking, major altcoins witnessed losses far greater than those of Bitcoin. According to recent capital flow data, institutional demand remains mostly focused on Bitcoin, particularly for cryptocurrency investment products. However, early in June, significant withdrawals from Bitcoin were seen.
The second-most valuable cryptocurrency in the world, Ether, fell more than 5% to $3,320.76, reaching a low of one month as it mostly maintained gains gained because to excitement over a spot ETF for Ether. While ADA and SOL fell 3.5% and 4.6%, respectively, XRP fell 1.9%. In recent sessions, there had been some rises for both tokens. Meme tokens saw declines of 5.5% and 6.5%, respectively, for DOGE and SHIB.
In other developments, Mt.Gox plans to begin paying back Bitcoins in July. After years of pushing deadlines, Mt. Gox announced on Monday that it will start releasing assets that were taken from customers during a 2014 breach the first week of July. On the bitcoin market, selling pressure is anticipated to rise as a result of these repayments. According to experts, early investors will acquire assets that are now worth a lot more than their pre-2013 entries, which will force many of them to sell at least some of their holdings.
“The Rehabilitation Trustee has been preparing to make repayments in Bitcoin and Bitcoin Cash under the Rehabilitation Plan. The repayments will be made from the beginning of July 2024,” Nobuaki Kobayashi, the Rehabilitation Trustee, said on the Mt. Gox website. He added that due diligence and safety steps are necessary before payments can proceed.
In the early days of bitcoin, Mt. Gox, the most popular cryptocurrency exchange in the world, handled more than 70% of all transactions. A cyberattack at the beginning of 2014 caused the loss of almost 740,000 bitcoin, which is now worth $15 billion. Between 2010 and 2013, there were multiple attacks on the exchange.
Monday, June 17, 2024, News Update
Bitcoin has dropped near the $65,000 mark over the past week and many people are asking the question: Is now the time to buy Bitcoin? One of the greatest investments to possess since the beginning of 2023 is Bitcoin. Its price has increased by around 300% in that time, outpacing the Nasdaq Composite Index's 69% growth. But since Bitcoin reached its peak in March, things have been quite volatile. The leading cryptocurrency is currently down 11% from its peak. Is it wise for investors to purchase Bitcoin at its current price of less than $70,000?
Case Against Buying Now
The most evident criticism of Bitcoin is probably that it might be outlawed in the United States, as it was in China. Some others believe that developments in artificial intelligence or quantum computing could lead to a breach in the cryptography of Bitcoin. All of these points are legitimate. And the longer the network exists and becomes more well-known, the higher those threats may be.
Case For Buying Now
Getting a whole picture of an asset requires comprehending the bear case. However, the bull arguments for Bitcoin are stronger. Spot exchange-traded funds, which facilitate the purchase of Bitcoin, have added more capital to the mix. However, the Securities and Exchange Commission's approval of these funds in January gave the cryptocurrency legitimacy. Years from now, when we reflect on this occurrence, it will likely be recognized as a turning point in the history of Bitcoin.
Another halving of Bitcoin occurred in April; this occurrence occurs approximately every four years and reduces the amount of new coins entering the market by half. This has always been the driving force behind Bitcoin. Investors who are bullish predict that Bitcoin may hit a new all-time high in the next 12 to 18 months. Additionally, investors want to consider what initially distinguishes Bitcoin as special. It is frequently likened to gold. For thousands of years, people have considered precious metals to be the best places to keep value. But there is a mathematical cap on the overall amount of Bitcoin, so there will never be more than 21 million coins. Additionally, Bitcoin has a simpler transaction value than gold and is simpler to transfer and keep.
But at $1.3 trillion, Bitcoin's market capitalization now stands at a mere 8% of gold's $15.7 trillion. In an increasingly digital, tech-enabled, and connected society, it's realistic to anticipate that the leading cryptocurrency will eventually be valued at par with gold. That implies a 1,100% upside.
The fact that Bitcoin offers an alternative to the debt-driven and inflationary fiscal and monetary policies that have defined the United States and other nations in recent decades is another reason why it is unique. Several economists have contended that this course is unsustainable.
If more individuals begin to believe those claims, it's possible that they will desire to hold a non-centrally bank controlled asset like Bitcoin. Since Bitcoin has a finite supply, its value could continue to rise as it has in the past while fiat currencies lose value over time. Purchasing some of this coin for less than $70,000 seems like a wise choice.
Monday, June 10, 2024, News Update
Bitcoin has already exceeded almost all forecasts, estimates, and expectations during the previous 15 years. The value of the cryptocurrency has increased dramatically in less than ten years, from a few cents to over $50,000 by 2021, and it is now a global phenomenon. As of June 2024, its price is about $70,000. The next significant milestone is the much sought-after six-figure threshold. As unbelievable as it may sound, historical evidence indicates that a $100,000 price tag is becoming more and more likely. The actual query, though, is when Bitcoin will surpass $100,000. 2024 might be the year.
This kind of prediction is by its very nature speculative. However, some speculation might be constructive and make us consider the long-term prospects of an investment. It is essential to take into account the trends around the halving in order to predict Bitcoin's performance. The halving is a predetermined occurrence that takes place roughly every four years. It is the cornerstone of Bitcoin's strong monetary policy and cuts the reward for mining new blocks in half.
Over time, this mechanism effectively lowers the rate at which new bitcoins are created, which has historically increased the scarcity of bitcoin and raised its price. April 2024 saw the fourth halving of Bitcoin, which sent its inflation rate to just 0.85%.
We can develop our projection around the halving by taking a look at past halvings because it is evident how the halving affects the dynamics surrounding the supply and demand of Bitcoin. When Bitcoin experiences a halving, its price typically rises by 125%. A 125% increase in price would bring it to $99,000 if we base our calculations on the starting price of $44,000. With any luck, this halving will have the same impact as previous ones, meaning that by late in 2024, Bitcoin should be quite close to hitting $100,000.
But there's one more factor we need to take into account in order to increase the likelihood that 2024 will be the year that Bitcoin achieves six figures.
In contrast to previous halving cycles, this one features a novel element that can provide the cryptocurrency with the extra boost it needs to achieve $100,000: Spot Bitcoin ETFs. For the majority of its existence, ordinary investors like you and me have been the main forces behind Bitcoin's ascent. However, wealthy institutional investors can begin amassing Bitcoin without worrying about custody or regulations thanks to spot Bitcoin ETFs.
Institutions entering the market and making Bitcoin more accessible to regular investors who might not have felt comfortable purchasing it directly from a cryptocurrency exchange should put more strain on the cryptocurrency's supply. In actuality, the overall impact of this new Bitcoin exposure vehicle is already apparent.
The ETFs were purchasing around 900 bitcoins a day in February, which is ten times the daily manufacturing rate of bitcoin and contributed to the cryptocurrency's record high price. Even though the rate of purchase has since decreased, it's probably reasonable to conclude that this is just the beginning. More importantly, though, is that because of the just completed halving, ETF purchases would surpass Bitcoin's daily supply at a rate of 20 times higher if buying were to resume at present levels.
In summary, 2024 appears to be the year that Bitcoin hits $100,000. Its current price of close to $70,000 makes it an excellent possibility for a big 40% return. But we also need to remember that Bitcoin typically sees its biggest increases the year following the halving. In those years, Bitcoin has increased by an average of more than 400% when the full impact of the halving becomes apparent. 2025 would be a safe guess if, for some reason, Bitcoin doesn't reach $100,000 this year.
One thing is certain, regardless of when it occurs: continuous halvings, expanding use, and institutional support form a compelling argument for Bitcoin to continue shocking us for years to come.
Monday, June 3, 2024, News Update
Donald Trump has made history by becoming the first American president to accept funds for his campaign via the Bitcoin Lightning Network. The declaration highlights Trump's commitment to boosting Bitcoin's future in the US and is a critical milestone in the integration of Bitcoin into mainstream politics.
To make these payments possible, the Trump campaign has teamed up with OpenNode, a well-known supplier of infrastructure for Lightning Network and Bitcoin. Supporters can now use Bitcoin to donate to Trump's 2024 presidential campaign through the Lightning Network, a technology that facilitates quick and inexpensive transactions.
"OpenNode is proud to partner with Anedot to bring Bitcoin into the political donation process," OpenNode said to Bitcoin Magazine. "This is a perfect marriage of OpenNode’s leading Bitcoin tech stack and Anedot’s robust platform for political and nonprofit organizations. The Trump campaign’s adoption of our solution is a powerful proof-point of how political campaigns and nonprofits across the country can seamlessly accept Bitcoin donations."
Trump highlighted his commitment to creating a Bitcoin-friendly climate in the United States last weekend while speaking at a Libertarian Party convention. He declared that he "will ensure that the future of crypto and Bitcoin will be made in the USA" and that he "will support the right to self-custody for the nation's 50 million crypto holders."
Trump is a proponent of Bitcoin even outside of political contributions. In the same address, President Trump made the historic promise that, should he win the presidency, he would commute the sentence of Ross Ulbricht, the creator of Silk Road and an early proponent of Bitcoin, to time served. He declared, "He's already served 11 years." "We're going to get him home."
Being the first American president to accept Bitcoin for political contributions highlights Trump's larger approach to win over the nation's 50 million bitcoin aficionados and investors. The front-runner for president has further established his credentials as a progressive leader who values financial independence and technology breakthroughs by allying with the Bitcoin movement.
With Trump coming out in support of Bitcoin, current U.S. President Joe Biden has had to soften his stance on the cryptocurrency. Recent veto of legislation that would have been a major victory for Bitcoin by U.S. President Joe Biden further demonstrated his unwillingness to back the sector. The bill that Biden vetoed would have let Bitcoin and other cryptocurrencies to be held in custody by heavily regulated financial institutions.
However, staff members of Biden's reelection campaign started a cryptocurrency marketing program in earnest two weeks ago. They started modifying Biden's remarks to impending crypto legislation, such as FIT21 and SAB 121, and sure enough, the media started covering his new initiatives to engage the crypto community.
Speakers on the main stage at the biggest cryptocurrency conference of the year talked about Biden's shift in policy. Critics referred to the alteration as an "about-face." Even though Biden hasn't made any official announcements about changing his position on any particular cryptocurrency law and his reelection campaign is still refusing to take donations in cryptocurrency, it is obvious that his staff is trying to improve his messaging. Given Trump's complete 180-degree turn from "seems like a scam" to "I'm good with it," Biden appears ready to make a crypto-policy announcement that will gain him swing votes from the cryptocurrency community.
There are less than six months left until the country votes for a new US president. As a result of Biden's unambiguous identification of cryptocurrency as a key policy area to win over swing voters, millions of swing and single-issue voters may take his remarks into account when casting their ballots, but there is still no doubt that Trump has the edge in terms of swing voters who support Bitcoin.
History
In January 2009, Bitcoin was created by Satoshi Nakamoto. The identity of Nakamoto remains hotly debated to this day, but that person or group changed the world with this invention. Like many major breakthroughs, it took a while for people to grasp why Bitcoin was special. Bitcoin was created in the midst of the banking crisis, and one of its major goals was to give people another option to buy and sell products outside of a heavily regulated and centralized banking system.
The first entities to fully embrace Bitcoin were black market enterprises like Silk Road. For a while, Bitcoin became synonymous with the notorious website, but its use became more and more widespread starting in 2013.
That led to the price of Bitcoin skyrocketing and reaching incredible heights in 2017. On January 1, 2017 a single Bitcoin was worth $998, but that price rose by nearly 20-fold near the end of the year, hitting an all-time high of $19,666 on December 17, 2017. Bitcoin has left those prices in the dust in 2021, as the price of Bitcoin is approaching $50,000.
Stability
One of the major criticisms of Bitcoin is that the currency wildly fluctuates and that has proven to be true in 2021. As Bitcoin has become more accepted and understood, investors are getting a better understanding of what leads to price changes, and that has led to the Bitcoin market looking a lot like the stock market.
Security
There have been fears over how secure Bitcoin is over the years, but transactions are even more secure as they are in the traditional marketplace thanks to blockchain technology.
Whereas we are constantly hearing stories of companies having their databases hacked and identities being stolen, the nature of blockchain presents this from happening with Bitcoin.
For a transaction to occur, the sender must know their private key and digitally sign the transaction, and the signature must be verified by the network using the public key. The number of private keys makes it nearly impossible to hack into another person’s account, but there is one thing to keep in mind. You MUST keep your private key backed up somewhere or else you will lose access to your Bitcoin. Don’t make the mistake of not backing up your private key and risk losing your hard earned money.
How do I buy Bitcoin?
You can buy Bitcoin by using one of the major currency exchanges such as Coinbase or Gemini. These exchanges allow you to use a credit or debit card or bank transfer to buy Bitcoin. You can then send Bitcoin to your sportsbook account and you can withdraw Bitcoin from your sportsbook account to your digital wallet.
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