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#DropGold campaign drops another truth bomb on why Bitcoin [BTC] is the future

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DropGold campaign drops another truth bomb on why Bitcoin is the future
Source: Unsplash

Barry Silbert’s much-hyped campaign/movement, DropGold, has been trying to motivate people to dump gold as an investment asset and take Bitcoin as their mistress. Their recent article highlighted why investing in Bitcoin is better than doing the same in gold, listing out four reasons.

Although it has been more than 10 years since the inception of Bitcoin, the article says that “it’s still early” and that the value of it is only a tiny fraction of the trillion dollar market it stands to disrupt.

The chart attached below shows Bitcoin’s market valuation and its disruption potential in these markets.

Source: Grayscale

 

As seen below, global debt has reached a whopping $244 trillion. Bitcoin’s hypothetical price at 10% penetration for global debt would be $1.16 million.

Source: Grayscale

The second point that was outlined by Grayscale is the “generational shift in wealth.” The article stated,

“With an estimated $68 trillion in generational wealth changing hands over the next 25 years (including $48 trillion from Boomers), we may see more investment dollars make their way into uncorrelated assets like Bitcoin.”

Bitcoin’s ability to send money across borders without a trusted third-party has changed how we view banks and financial institutions, which is also another reason to invest in Bitcoin, Grayscale said. Further, the network becomes stronger as more people get into mining Bitcoin, as a result of which the price has skyrocketed.

Diversification of portfolio for investors would be another reason to look at Bitcoin, which has been performing splendidly as compared to other traditional assets. In addition, the article stated,

“Bitcoin has historically performed as an uncorrelated asset, meaning it does not necessarily move with stock or bond markets. As a result, it may provide benefits to an investment portfolio that previous generations of investors could only have dreamed of.”

Below is a chart of hypothetical returns on a diversified portfolio with Bitcoin.

Source: Grayscale





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time writer at AMBCrypto and a part-time novice trader.

Bitcoin

Bitcoin falls by over 5% in an hour as major correction ensues; altcoins follow suit

Namrata Shukla

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Source: Pixabay

Bitcoin [BTC], the largest cryptocurrency in the world, revisited its glorious highs over the past few weeks. However, it would seem that Bitcoin is falling back to earth since the coin was falling by 5.88% in an hour, at press time.

The coin while falling by 5.88% over the hour, was being traded at $12,251 on Bitstamp exchange. The market cap of the coin was reported to be $224 billion and the 24-hour trading volume was $41.813 billion. Over the past 24 hours, BTC fell by 9.55%, while noting a growth of 35.78% over the week.

Source: Trading view

Source: Trading view

The Bitcoin community was rooting for the coin to cross $14k and after the strong bullish momentum showcased by the coin, the target was not a far fetched one. However, the crash suddenly pulled its price below $13k. Twitter user, @aquinastheory, explained the trend,

“First MA/EMA cross to the downside since June 2nd and the time before May 4th. Either new distribution/accumulation is gonna occur here within the next few days, weeks or we’re going down for sure. #bitcoin $btc #crypto #forexsignals”

Source: Twitter

Source: Twitter

The coin was highly traded on Binance with BTC/USDT pair, reporting a trading volume of $1.881 billion. BW.com followed Binance, noting a volume of $1.686 billion with BTC/USDT pair. The third place was taken by Huobi Global with BTC/USDT pair, with the volume reported to be $1.578 billion.





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