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Crypto Exchange Exec Calls Bitcoin the New Game That Beats the Rigged Monopoly: Max Keiser Report

Obi Nwosu, the chief executive of the London-based cryptocurrency exchange Coinfloor, says Bitcoin offers a way out for market participants – especially those in the black community – from the rigged and racist financial system. In the latest Keiser Report installment with Heisenberg Capital founder and host Max Keiser, Nwosu explains how Bitcoin is a […]

The post Crypto Exchange Exec Calls Bitcoin the New Game That Beats the Rigged Monopoly: Max Keiser Report appeared first on The Daily Hodl.

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Obi Nwosu, the chief executive of the London-based cryptocurrency exchange Coinfloor, says Bitcoin offers a way out for market participants – especially those in the black community – from the rigged and racist financial system.

In the latest Keiser Report installment with Heisenberg Capital founder and host Max Keiser, Nwosu explains how Bitcoin is a currency that levels the playing field.

“So Bitcoin has a potential to provide an alternative. If you’re playing a game of Monopoly and someone’s got all of the hotels, and you start a new game, and they start with all the hotels, it’s not [a] very fun game to play. 

But we now have an opportunity to exit that game and play a new game from [the] beginning. We’ve got a new currency that has no basis in any other historical system. It’s not like any other store of value that we have available to us like real estate or stocks and shares and so on. It plays by its own rules and the master of the game is a computer program. It has no emotions but it is completely objective, impartial and fair. That’s all you can ask for.”

Nwosu points out that the racial divide, which has triggered worldwide Black Lives Matter protests, is deeply embedded in the current financial system. But with Bitcoin, the Coinfloor CEO says everyone has a chance to prosper.

“It’s a completely meritocratic environment and that’s a game that if you’re playing with the passion and the energy that I’m sure every person would bring into bear and definitely people from the black community can, then they would do very well over time.”

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The post Crypto Exchange Exec Calls Bitcoin the New Game That Beats the Rigged Monopoly: Max Keiser Report appeared first on The Daily Hodl.

Source: https://dailyhodl.com/2020/06/14/crypto-exchange-exec-calls-bitcoin-the-new-game-that-beats-the-rigged-monopoly-max-keiser-report/

Blockchain

Bitcoin Price Has Only Ever Spent 93 Days Above $11,500

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With Bitcoin’s price hovering around $11,500, recent data indicated that the asset had spent only about three months of its existence above that particular level.

BTC: Only Three Months Above $11.5K

The official launch of the first-ever cryptocurrency came in early January 2009. Born during the last massive financial crisis, Bitcoin was this “magical money” that actually lacked any significant attention in its initial years. Consequently, its price traded close to zero for a while.

Since then, however, Bitcoin started gaining traction that ultimately resulted in severe volatility throughout the years. The massive fluctuations took the asset towards an all-time high in December 2017 of nearly $20,000, and just a year later, BTC saw its price beneath $4,000.

Fast-forwarding two years and Bitcoin is currently positioned around $11,500. Although this level is nearly twice as less as the all-time high, recent data from the analytics company Skew informed that BTC hadn’t spent a lot of time above $11,500.

Historical Performance Bitcoin Price. Source: Skew
Historical Performance Bitcoin Price. Source: Skew

More precisely, BTC’s price has hovered above $11,500 for only 93 days (or three months) since January 2009.

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Fundamentals in Place

Apart from the data above, Bitcoin’s hash rate has experienced a significant boost even after the completion of the third halving in May. As CryptoPotato reported recently, the metric measuring the computing power miners use to validate transactions on the BTC blockchain reached a new all-time high of 170 exahashes per second. This represented a 40% increase in the five months following the halving.

Although the hash rate is not correlated with the price, another report suggested an upcoming price increase. By indicating that Bitcoin whales, meaning entities with at least 1,000 coins, have slowed down accumulation, Glassnode asserted that this could ultimately be a bullish sign for the asset price.

Historically, once whales have stopped buying massive quantities, this has led to an opportunity for retail investors. According to the analytics company, Bitcoin may be in the “beginning of a run-up to a market top.”

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Source: https://cryptopotato.com/bitcoin-price-has-only-ever-spent-93-days-above-11500/

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US Fed Chair Jerome Powell Says It’s Better to Be Right Than First on CBDC

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  • US Fed Chair Powell believes that the United States should focus on getting right the development of a central bank digital currency (CBDC), rather than attempt to be first.
  • While speaking on a panel hosted by the International Monetary Fund (IMF), Powell reassured that the US is “committed to carefully and thoughtfully evaluating the potential costs and benefits of a CBDC for the US economy and payments system.”
  • Although Powell admitted that the digital currency has the potential to improve the current payments system, he claimed that the Fed hadn’t made a final decision on launching its own.
  • Reports from earlier this year suggested that the Federal Reserve had started experimenting with a hypothetical digital currency.
  • Nevertheless, today’s speech showcased that the US central bank is still unconvinced by that idea. In contrast, the other global superpower China has been making serious improvements on the matter. 
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  • CryptoPotato reported earlier today that China had taken the CBDC tests to its citizens by airdropping $1.5 million worth of the digital yuan and urging them to buy goods. However, the initial results weren’t promising as users said it didn’t offer anything groundbreaking. 

Featured Image Courtesy Of CNBC

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Source: https://cryptopotato.com/us-fed-chair-jerome-powell-says-its-better-to-be-right-than-first-on-cbdc/

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Bitcoin Price Eyes $12,000 Following US Fed Chair Powell Talks

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  • Bitcoin’s price finally made a worthwhile move after surging to $11,840 on Bitstamp following days of stagnation.
btcusdh_chart
BTC/USD. Source: TradingView
  • The price has since retraced a bit to trade at its current level of around $11,780. Nevertheless, this is a move in the right direction as concerns started crippling up that we might be in for a fill of the CME gap down at $11,100.
  • Bitcoin is trading approximately only $700 away from the $12,500 area – the 2020 highest level that was reached on August 17. The next major resistance for BTC now lies at $12,000 – $12,100.
  • The move came soon after the Chairman of the US Federal Reserve, Jerome Powell, spoke on a panel hosted by the International Monetary Fund (IMF).
  • During the event, he said that the US is “committed to carefully and thoughtfully evaluating the potential costs and benefits of a CBDC (Centra Bank Digital Currency) for the US economy and payments system.”
  • He also said that it’s better to be right than be first on CBDCs.
  • Interestingly enough, BTC’s move appears to be uncorrelated to the US stock market. At the time of this writing, the S&P 500 is down about 0.4%, while the Dow Jones Industrial Average (DJI) is down about 0.3%.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-price-eyes-12000-following-us-fed-chair-powell-talks/

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