Bitcoin 

$500K Bitcoin Price ‘Flippening’ of Gold Will Come by 2028

Bitcoin (BTC) will surpass the market cap of gold and could ultimately be worth $1 million, well-known industry figure Bobby Lee has said.  In a series of tweets on Nov. 10, Lee, who co-founded Chinese cryptocurrency exchange BTCC and now runs a Bitcoin wallet startup, became the latest voice in the expanding debate on Bitcoin versus gold.  Lee: BTC market cap to hit $8 trillion Gold’s market cap is $8 trillion, while Bitcoin’s is just $160 billion. While around fifty times lower at present, Lee thinks a reversal could come…

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Bitcoin 

Peter Schiff Blames ‘Whales’ After Bitcoin Gains 30% Against Gold

HODLer of a bygone era, Peter Schiff has argued that retail investors are getting squeezed by whales’ tactics on the cryptocurrency markets. In a tweet posted on Oct. 29, Schiff — a diehard gold proponent — said: “Bitcoin hodlers won’t sell as they believe they’ll get rich when #Bitcoin moons. Bitcoin whales get rich by selling now to realize their paper gains before a market crash wipes them out. The whales must make sure the hodlers don’t lose faith and cash out so that they can cash in!” Gold recent tumble…

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Bitcoin 

New Bitcoin ETF Proposal Filed With SEC by Gold Fund Veteran

Delaware-based asset manager Kryptoin Investment Advisors applied with the United States Securities and Exchange Commission (SEC) to launch a Bitcoin (BTC) Exchange Traded Fund (ETF) on Oct. 15. A Bitcoin ETF on the New York Stock Exchange According to the filing document published by the SEC, the Kryptoin Bitcoin ETF Trust is meant to be traded on the New York Stock Exchange Arca. Notably, the ETF product is designed: “[…] To provide exposure to bitcoin at a price that is reflective of the actual bitcoin market where investors can purchase…

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Bitcoin 

‘Source of Truth’ — Winklevoss Says Bitcoin Is More Than Digital Gold

Cameron Winklevoss — one half of the eponymous family office Winklevoss Capital and co-founder of the Gemini crypto exchange — says Bitcoin’s (BTC) possibilities go beyond digital gold.  In a tweet posted on Oct. 23, Cameron argued that: “Because Bitcoin is open source software, its possibilities are boundless. I often talk about gold as a target market cap, but that’s really just the beginning…it’s digital gold, source of truth, etc…” A shared, single “source of truth” Cameron’s argument aims at going beyond the commonplace analogy of Bitcoin with gold, whose…

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Bitcoin 

‘No Borders’ — Alistair Milne Sends Bitcoin Instead of $2.6K Gold Bar

Bitcoin (BTC) investor Alistair Milne was eventually forced to send Bitcoin instead of a $2,600 gold bar as part of his recent giveaway. Following a giveaway announcement on Sept. 19, Milne has revealed the winner as well as other giveaway details in a thread on Twitter on Oct. 22.  Giveaway background As originally envisaged, Milne should have given away a $2,600 Denarium Bitcoin Decennium 2019 as part of the giveaway with the winner expected to be announced on Oct. 19. In the giveaway announcement launch, the entrepreneur specified that in…

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Bitcoin 

Coinshares, Blockchain Launch DGLD Gold Token on Bitcoin Blockchain

A consortium of companies launched a gold-backed token with the DGLD ticker on a Bitcoin (BTC) sidechain. Swiss financial news outlet AllNews reported on Oct. 15 that digital asset managers CoinShares and MKS, as well as wallet service provider Blockchain, announced the launch of the token. Its development took two years and the supply of the token is already worth over $20 million. Meanwhile, the physical gold is held in vaults managed by bullion brand PAMP in Ticino, Switzerland. It is tokenized using the Ocean Bitcoin sidechain developed by blockchain…

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Bitcoin 

World Will Need Gold if Entire System Collapses

Fiat money will become inferior to gold in the event of a total collapse of the world’s financial system, one of Europe’s central banks has said. Gold will rescue the economy from “collapse” In comments which have caught critics of fiat by surprise, the Dutch Central Bank, known as De Nederlandse Bank (DNB), said gold would be indispensable in the event of a fiat meltdown. Retweeted on social media on Oct. 13, a statement from the bank’s website describes gold as “the trust anchor for the financial system.”  “If the…

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Bitcoin 

B2C2 Launches New Gold Derivative Priced and Settled in Bitcoin

Over-the-counter (OTC) trading platform B2C2 has created what it calls the first product for gold trading using Bitcoin (BTC) for pricing and settlement. Macro players eye new BTC gold product Speaking to industry news outlet The Block on Oct. 10, the company’s CEO Max Boonen stated that the move comes on the back of increasing demand from large-volume traders. “Clients trade an ounce of gold priced in bitcoin, and the derivative is settled in bitcoin,” he explained, adding that one ounce (roughly $1,507) is the minimum possible trade quantity. Boonen…

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Bitcoin 

Crypto Not Competitive With Gold: Barrick Gold Exec

Catherine Raw, the North America COO of the largest gold mining firm in the world, Barrick Gold, said that she does not think cryptocurrencies are competitive with gold, Fortune reported on Sept. 18. Raw made her remarks yesterday at Fortune’s Most Powerful Women International Summit, where she stated: “The very tangible nature of gold is what keeps a special place for it. So it will always have value, whatever the price is, I don’t know, but it will not be zero. Whereas cryptocurrency could be zero — that’s the difference.”…

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Bitcoin 

Bitcoin Is the Fraud? JPMorgan Metals Desk Fixed Gold Prices for Years

The United States’ largest bank faced fresh ridicule from Bitcoin (BTC) circles this week after prosecutors said traders had conducted more market fraud. As Bloomberg reported on Sept. 16, JPMorgan Chase is facing an inquiry over the behavior of at least a dozen precious metals traders.  JPMorgan performed “thousands” of illegal moves According to investigators, the employees willfully engaged in price-fixing of precious metals on thousands of occasions. Both market participants and JPMorgan’s own clients suffered losses as a result, they claim.  “Based on the fact that it was conduct…

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