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Author: StanNordFX   |   Latest post: Wed, 24 Nov 2021, 10:31 AM

 

CryptoNews of the Week

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- Film director Quentin Tarantino will present a collection of seven NFTs (non-fungible token) based on the 1994 film Pulp Fiction. Each NFT contains an uncut movie scene and bonus content available only to the owner, including original handwritten pages of the script, Tarantino audio commentary and other details about the movie and the director. The auction will be held on the OpenSea trading platform and will be announced later.
NFT is a non-fungible unique token. NFTs work on the blockchain, they first appeared back in 2017 in the Ethereum system. Secret NFT technology allows content creators to decide which collectibles are public and which are private to owners.

- Burger King fast food chain will give away cryptocurrency prizes to visitors in the United States. The prize pool contains 20 BTC, 200 ETH and 2 million DOGE. it is required to spend more than $5 at Burger King to participate in the draw.

- As bitcoin's math and logic do not allow copying or forgery of the first cryptocurrency, it surpasses the US dollar. This was stated by Apple co-founder Steve Wozniak in a recent interview with Yahoo Finance. He also noted the decentralized nature of digital gold, which allows it to maintain a level of predictability that is difficult to achieve with the US dollar. In his opinion, regulators can create new paper notes on their whim, and therefore it is difficult to predict inflation.
“Look at the US dollar, the government can create new banknotes and borrow, it's like it will never be corrected. Bitcoin is mathematics, mathematical purity. Another bitcoin can never be created,” said Steve Wozniak.

- The author of the book “Rich Dad Poor Dad”, writer and investor Robert Kiyosaki, like Steve Wozniak, has criticized the administration of President Joe Biden and has declared his distrust the US federal government. He believes that the authorities "rip off people", promote inflation and do not try to reduce it.
“Inflation undermines the income of the poor. Inflation makes the rich richer. Biden and the feds are corrupt. Get ready for an economic collapse and a new depression. Be smart. Buy gold, silver and bitcoin,” said Kiyosaki, who has always been very enthusiastic about bitcoin. “I love bitcoin because I don’t trust the Fed, the Treasury or Wall Street,” this investor said.

- The development team does not stop working on improving the Ethereum network, which inspires experts to make the most daring price predictions. So a reputable cryptanalyst known as CryptosRUs predicts that ETH will soon reach $10,000. Moreover, he is confident that now is almost the last opportunity to purchase ETH at a price below this mark.
Among the reasons for the increase in the price of this altcoin, we can consider the recent activation of the London hard fork. In addition, thanks to the latest Ethereum Altair update, a new all-time high of almost $4,500 was set on October 29. However, after this update, network fees have almost doubled, which cannot be considered a factor accompanying the growth of ETH.

- Cryptotrader hamster Mr. Goxx has its own collection of non-fungible tokens (NFT) called Goxx Capital. The tokens are made in the form of animated insert cards.
With NFT sales, the “business partner” (aka owner) of the hamster plans to assemble a new “trade office” for his pet. According to him, the updated workspace will expand the functionality for the hamster's activities, as well as provide more interactive elements for the so-called "wheel of intentions" and "decision tunnels".
Recall that the trading process boils down to the following: Mr. Goxx spins the wheel of intentions, on the basis of which one of 30 tokens is selected. Then the hamster must run through one of two decision-making tunnels: to buy or to sell a token. Mr.Goxx showed a profit of almost 50% in early September. Bitcoin, for example, was only 41% higher, the S&P 500 brought 6-7% to investors, and the Katie Wood ARK Innovation fund was 5%.

- The high price of bitcoin indicates that the economy is facing real inflation, and the rise in prices is not a temporary phenomenon. This opinion was expressed by PayPal co-founder Peter Thiel, Bloomberg writes. “You know, bitcoin is already worth $60,000 and I'm not sure it should be bought aggressively. But, of course, this tells us that we are in a crisis moment," Thiel said and expressed regret once again that he had not invested more money in the first cryptocurrency.

- It was 13 years ago, on October 31, 2008, that a person or a group of people known as Satoshi Nakamoto published the bitcoin white paper. The nine-page whitepaper described how the peer-to-peer payment system worked that would revolutionize the financial technology world. Nakamoto summarized the main characteristics of the first cryptocurrency in the foreword to this document: “A fully peer-to-peer version of electronic money would allow sending online payments directly from one side to the other, bypassing financial institutions.”
The bitcoin network was launched in January 2009. Satoshi Nakamoto disappeared in April 2011, and the public was never able to find out who wrote these 9 pages, which marked the beginning of a multi-billion-dollar industry.

- Chinese crypto analyst Willie Woo said in an interview with Bitcoin Fundamentals that the current “bullish” growth cycle for bitcoin is very different from previous similar periods. Woo noted that the latest wave of BTC accumulation began at the end of last year, when institutional investors began to enter the crypto market, aiming at the long-term accumulation of digital assets. This factor indicates that the current growth cycle will be longer, will continue for another six months to a year, and the price of bitcoin during this period will exceed $100,000, Woo predicts.

- TV presenter, best-selling author and former hedge fund manager Jim Cramer said during the Mad Money program on CNBC that he supports investors buying cryptocurrencies if they are aware of the risks associated with this asset class.
According to him, all the arguments in favour of cryptocurrencies are based on the “theory of a greater fool”, according to which there is always someone who is ready to buy an asset for a higher price, expecting to quickly resell it at a profit to someone else. However, when the "fools" are no longer found, the value of assets drops sharply. If people understand this, why not speculate in cryptocurrencies, Kramer said.
“I bought bitcoin and ethereum not for protection from inflation,” the TV presenter admitted. - To be honest, it was a kind of gambling for me. I was just playing on the psychology of the crowd, and I have no idea why the rate of these crypto assets went up. Most likely, there are a lot of overly enthusiastic people who want to sell them for a higher price. I have no attachment to ethereum, but I keep it, because millions of even bigger fools can buy it,” Kramer said.
Previously, he preferred to invest in gold and stocks, but now he believes that it is important to diversify the investment portfolio, 5% of which can be bitcoin or ethereum.

- Investors should invest in hedge funds and real estate, as traditional assets, including stocks and bonds, will lag behind them in the next year and will show a return of only 5%, according to analysts at JPMorgan Chase.
Cryptocurrencies can continue to grow, but are unlikely to be stable, so they cannot be recommended as a key asset, JPMorgan says. At the same time, the growth of cryptocurrencies is projected at 15% per annum, which is twice the expectations from hedge funds and exceeds the real estate sector with 12.5%.
As for bitcoin, analysts estimate its fair value at $35,000. They came to such an assessment based on a comparison with gold, noting that the volatility of the cryptocurrency is about 4 times higher than that of the precious metal. If the BTC volatility drops by half, the $73,000 target will “look reasonable”.


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