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Here’s How Bitcoin Could Go to $1 Million, According to Morgan Creek Digital’s Anthony Pompliano

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Morgan Creek Digital’s Anthony Pompliano is mapping out a scenario in which Bitcoin hits the $1 million mark.

In an interview with Stansberry Research, the co-founder and partner at hedge fund Morgan Creek Digital divulges his modest 2021 Bitcoin price prediction as well as his very bullish long-term prediction for the flagship digital asset.

As for his 2021 price target, Pompliano stands by his 2019 Bitcoin forecast, in which he estimated that Bitcoin would reach $100,000 by December 31st, 2021, even if the prediction appears conservative compared to some other bets circulating around the crypto world.

“In order to have a true prediction, you have to predict price and also timeline… In 2019, I wrote a piece that said I believe that Bitcoin was going to go from around $10,000 at that time to $100,000 by the end of 2021… I still believe that. I haven’t changed it.

Somehow I’m now the most conservative guy in the room because now there’s people saying $200,000, $250,000, $300,000, $500,000. Whatever the numbers are, I’m still gonna stick with $100,000.”

In the long term, Pompliano has his eyes set on a head-turning BTC evaluation. However, the Bitcoin bull warns that he’s unsure whether the high price tag will be primarily due to BTC’s popularity or the devaluation of the dollar.

“When we look out over a very, very long time horizon. So if you give me the benefit of the doubt and say, ‘Hey don’t put a time prediction on it just tell me where the value of this thing goes,’ I absolutely think at some point in my lifetime we’ll see a $1 million Bitcoin price.

But I don’t know if that necessarily has more to do with Bitcoin value accrual as much as the devaluation of the dollar over a long period of time – everything goes up in dollar prices from real estate, stocks, precious metals etcetera.”

Pompliano says his evaluation is all but guaranteed and that for individuals to benefit from BTC’s incredible potential ascent, they will have to be prepared for major volatility.

“I think it’s a foregone conclusion. You just have to be able to stomach tons and tons of volatility… All that volatility scares a lot of people but if you’re a long-term holder, you do your research, and you get comfortable with it, then I think it can be a pretty amazing thing to put in a portfolio.”

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Featured Image: Shutterstock/Daniel Prudek

Source: https://dailyhodl.com/2021/01/23/heres-how-bitcoin-could-go-to-1-million-according-to-morgan-creek-digitals-anthony-pompliano/

Blockchain

Ledger Live Adds Self-Custody Staking for Polkadot (DOT)

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The popular hardware wallet provider, Ledger, will add Polkadot to its wide variety of supported tokens as of March 4th. Additionally, Ledger will also enable users to stake DOT coins directly on the platform, thus increasing the total number of staking options to five.

Ledger Adds Polkadot and DOT Staking

Founded in 2014, Ledger is a digital asset wallet provider describing itself as the “global leader in security and infrastructure solutions for safeguarding critical” cryptocurrencies. In a press release shared with CryptoPotato, the company announced plans to add another blockchain project with its own cryptocurrency to the Ledger ecosystem – Polkadot (DOT).

The statement reads that the wallet provider will support Polkadot in its software application and will add it to Ledger Live – the mobile application working in parallel to the Ledger hardware wallet. Apart from storing crypto assets, Ledger Live also enables users to follow and manage the holdings even if the wallet is nowhere nearby.

Polkadot’s native digital asset – DOT – will become just the fifth coin that Ledger Live users can deploy for staking. According to the announcement, the mobile application “offers the most secure way to manage and stake DOT tokens as the private keys are stored on a dedicated hardware device that is not connected to the Internet.”

The installing process will be simplified as users need to install a designated Polkadot app on their respective devices, create a DOT account on Ledger Live, add the token to the bounded balance, nominate a validator, and confirm the information.

“Polkadot is one of the most promising projects in the entire crypto ecosystem, and we are happy to provide our users with additional options to earn rewards and participate in the expanding Polkadot ecosystem.” – commented Head of Coin Integration at Ledger – Fabrice Dautriat.

Ledger spokesperson told CryptoPotato that the integration will be fully live starting from March 4th, 2021.

DOT Price and Staking Stats

DOT has been among the best price performers as of late. The asset entered the new year at about $8 but has taken full advantage of the bullish developments in the following months and even breached $40 for a new all-time high.

Despite retracing slightly during last week’s market crash, DOT is still 350% up YTD as it currently hovers above $36.

Additionally, the token is the second-most utilized coin for staking, per data from stakingrewards.com. With over $24 billion worth locked for staking, DOT trails only to Cardano (ADA) by $4 billion. About 64% of all DOT in circulation has been staked as of writing these lines.

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Source: https://cryptopotato.com/ledger-live-adds-self-custody-staking-for-polkadot-dot/

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Change of Heart: Shark Tank’s Kevin O’Leary Joins the Bitcoin Club With a 3% Allocation

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The growing in popularity “I changed my mind on bitcoin” club has another prominent representative. The Canadian businessman and star of Shark Tank, Kevin O’Leary, went from calling BTC garbage to allocating 3% of his portfolio in the asset.

O’Leary Has Bought Bitcoin

Born in Montreal, Canada, O’Leary is a popular businessman, author and is perhaps best known for his role in the reality TV show – Shark Tank. Also referred to as Mr. Wonderful, O’Leary recently announced his entrance into the bitcoin ecosystem.

Apart from allocating 3% of his portfolio in the primary cryptocurrency, the businessman also pledged to invest in BTC miners using clean energy to avoid “blood coins.”

Furthermore, O’Leary said that all companies he had invested in are currently examining the possibility of putting bitcoin on their balance sheets. He attributed this to “changes in the regulatory environment,” but he failed to provide details regarding their precise nature.

Another Change of Heart Moment

Prior to his 3% BTC allocation, O’Leary rarely had anything positive to say about the cryptocurrency. Just the opposite, he was openly bashing it.

Back in 2019 he O’Leary was predominantly negative on this “digital game” called bitcoin, which was “worthless” to him. He went even further by naming it a “useless currency” and “garbage because you can’t get in and out of it in large amounts.”

“Let’s say you want to buy a piece of real estate for $10 million in Switzerland. They want a guarantee that the value comes back to the US currency. You have to somehow hedge the risk of bitcoin. That means it’s not a real currency. That means the receiver is not willing to take the risk of the volatility it has. It’s worthless.”

Fast-forward to February 2021, he was still neglectful of BTC’s potential. O’Leary said he’s not against it and actually respected the asset but dismissed any chances of putting a lot of capital in it.

“No, I don’t want to own something that goes up and down 30% in a day or a week.” – O’Leary noted and added that bitcoin is “not backed by anything. It’s just backed by your faith.”

However, it seems now that this “worthless, not backed by anything digital game” has earned at least 3% of his investment portfolio.

With this change of heart, O’Leary has joined a prominent club with several similar examples. Names such as MicroStrategy’s Michael Saylor, CNBC’s Jim Cramer, and the former Fed Governor – Kevin Warsh.

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Source: https://cryptopotato.com/change-of-heart-shark-tanks-kevin-oleary-joins-the-bitcoin-club-with-a-3-allocation/

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NFTs are changing the world of art and it is just getting started

TL;DR Breakdown Non-fungible tokens (NFTs) are changing the way art works in a crypto-related world. The subsector is bringing power back to the artists by ensuring authenticity and originality. The industry has seen a re-emergence in recent times as record sales are being recorded. If you mention the words “Bitcoin,” “Ethereum,” or “Cryptocurrency” next to […]

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TL;DR Breakdown

  • Non-fungible tokens (NFTs) are changing the way art works in a crypto-related world.
  • The subsector is bringing power back to the artists by ensuring authenticity and originality.
  • The industry has seen a re-emergence in recent times as record sales are being recorded.

If you mention the words “Bitcoin,” “Ethereum,” or “Cryptocurrency” next to any digital savvy individual, they probably have an idea of what you’re talking about. But if you should mention NFT, only a few familiar with the cryptocurrency market and blockchain technology would actually be able to understand you. A non-fungible token (NFT) is a cryptographic token that represents something unique. They are ideal for unique digital items. While they are built on a blockchain network like cryptocurrencies, its difference lies in the fact that one token cannot be interchanged with another.

The crypto industry has been with us for close to a decade but NFTs did not start gaining public attention until the Crytptokitties project became popular around 2017. Cryptokitties is a game on the Ethereum network in which players buy, sell, and breed cats which are represented by unique tokens that are created by a smart contract. The game made many people aware of NFT and opened many to its potential, however this was short-lived. But towards the tail end of 2020, the crypto subsector began to re-emerge and today, news of how multimillion sales are being made dominates the headline.

One sector that has benefited most from NFT is the art world. For years, digital artists have struggled with protecting their copyrights and monetizing their works online. This has now changed with NFT. With these tokens, digital artists are able to create their works and sell them online, with the buyer getting a unique token which certifies authenticity. 

NFTs and its Smart contract possess unique attributes like owner identity, accurate location of the artwork, web links, etc., which can be embedded in the work of art. Beyond this, Defi platforms and apps such as Raribles, Zora, Nifty Getaway, Foundation, and SuperRare have also emerged. All these platforms enable creatives of any kind, including digital artists, to monetize their creations.

What has spurred the growth of this space is the quest to own collectibles. For years, people have paid huge amounts of money to own physical collectibles like baseball cards, Pokémon Go cards, etc. This mania is now re-enacting itself in the digital space as well. Dapper Labs, the company that created CryptoKitties is leading the scene with NBA Top Shots.

The growth of the digital art space due to non-fungible tokens is unprecedented. In the opinion of some analysts, it is reminiscent of the Renaissance period in art. According to Ben Gentili, the digital artist whose work Block 21 sold for more than $130,000 back in 2020, “non-fungible tokens have created a paradigm shift in the art world with power returning to the hands of the artist.” He made reference to a similar scenario during the Renaissance. 

What he forgot to mention is that the present phenomenon has more in common with the Renaissance than just giving the artists the power back. According to Art historian Alexander Nagel, concepts such as authenticity and forgery meant nothing in art until the Renaissance period. Today, it is that same concept of authenticity that NFT is bringing back to art. This is what made it possible for Chris Torres to sell his Nyan cat meme for $590,000 by adding an NFT, which distinguished that particular copy from the millions that are on the internet.

Recently, the musician Grimes collaborated with the digital artist Max Boucher to release the WarNymph collection that sold for a record $5.8 million. This is quite close to the record made by Beeple with his $6.6 million sale of CROSSROADS on Nifty Getaway. At present, the total value of NFTs sold is over $250 million.

The traditional art auctioneers are not missing out on the action either. As far back as October 2020, Christie’s auctioned Ben Gentili’s digital artwork, Block 21, which had 18 bidders and sold for more than $130,000. In its first purely digital art auction, a collection of Beeple artworks reached over $1 million in bids under 10 minutes of going up for sale. These further point to how in-demand NFT artworks are at present.

NFT and the crypto space

The crypto market stands to benefit a lot from the growing popularity of NFT. This boom also means that the adoption of crypto will increase substantially as the transactions for these non-fungible tokens are usually in cryptocurrencies. Even Christie’s is accepting ETH for its latest digital art collection auction.

With the ability of NFT to be applied across various industries such as art, gaming, ticketing and events, collectibles, and even in real estate, the growth of NFT will spur crypto adoption at an incredible rate.

Is NFT all glittering?

While NFT is already making waves and has a lot of uses and potential, it is important to understand that it is still in its early stages. Even the blockchain technology it is built on is still evolving. Thus, it is not without its challenges.

At present, the technicalities involved in using NFT platforms are a major challenge. The additional charges also represent a challenge, and the safety of the artwork, which is generally not stored on blockchain but a different website, remains questionable. However, it is too early to know how these challenges will be dealt with.

Conclusion

There is no doubt that NFTs have disrupted the paradigm of the art world, giving digital artists control over their works. While many critics have criticized the simplicity of the artworks that sell for so much, it is impossible to ignore the positive possibilities that this means for the industry as a whole.

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Source: https://www.cryptopolitan.com/nfts-are-changing-the-world-of-art/

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