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Bitcoin
Bitcoin is the pioneer of blockchains and cryptocurrencies, introduced in a white paper released in 2008 by an apparently pseudonymous person or group of people known as Satoshi Nakamoto. The document described a peer-to-peer method of transferring money without the use of financial institutions. The cryptocurrency known as bitcoin or BTC debuted in 2009. Transactions are recorded on a public ledger (a blockchain) by entities known as miners who engage in process called proof-of-work. Miners are rewarded for doing that by getting newly minted bitcoin. Some proponents view BTC as an alternative to fiat currencies and a hedge against inflation. Bitcoin has inspired the creation of numerous other cryptocurrencies and blockchain projects.
DISCLOSURE: This text was written with the assistance of AI, then reviewed by a person
Fed Holds Rates at Near Zero, Projects Two Possible Rate Hikes by Late 2023
CoinDesk’s Galen Moore reacts to the Federal Reserve, suggesting a faster time frame for interest rate hikes as inflation rises. Plus, his thoughts on Steve Hanke stating El Salvador’s decision to adopt bitcoin as legal tender could collapse its economy.
Wrapped BTC Now Holds More Than 1% of Bitcoin’s Circulating Supply
Bitcoin is getting increasingly locked on Ethereum in the form of wrapped BTC, which now holds more than 1% of bitcoin’s total circulating supply. This trend shows how savvy crypto traders are pivoting to salvage or maintain returns even as bitcoin’s price tumbled.
Report: Hedge Funds See 7.2% of Assets in Crypto by 2026; 81% of Fund Managers Still Think Bitcoin Is a Bubble Despite the Price Pullback
Hedge funds reportedly see 7.2% of assets in crypto by 2026, yet a Bank of America survey revealed 81% of fund managers still think bitcoin is in a bubble despite the price pullback. Jason Deane of Quantum Economics gives his interpretation of the different reports.
Bitcoin Testing $41K Mark
While bitcoin briefly topped $41K on Monday, analysts are watching to see if the week's close can sustain this level before calling it the bottom, which could then pave the way for a bullish revival. Christine Lee breaks down the Chart of the Day.
Paul Tudor Jones Could Go ‘All In’ on Inflation Trades, Wants 5% Bitcoin Allocation
Billionaire hedge fund manager Paul Tudor Jones said Monday if the Fed insists rising prices is transitory, then he will go "all in" on inflation trades and allocate at least 5% of his portfolio to bitcoin. He said he sees BTC as a great way to protect wealth over the long run. "The Hash" panel explores the Fed's narrative around inflation and whether Jones' support for bitcoin fits in.
BlockFi Teams Up With Matt James in Exclusive Partnership Focused on Cryptocurrency Education
Matt James, the star of “The Bachelor,” joins “First Mover” to discuss his partnership with BlockFi, focusing on cryptocurrency education. “The same way that I’m holding onto [my] relationship, I’m holding on to my bitcoin,” he said.
Bitcoin’s Taproot Upgrade Gets Its 90% Mandate
Bitcoin's Taproot upgrade, which opens up possibilities for privacy, multi-signature wallets, security, and scaling, has finally achieved its activation lock-in with a 90% mandate. But who will actually adopt this and integrate the improvements it offers? "The Hash" team weighs in.
Bitcoin Tops $40K as Musk Says Tesla May Accept Crypto in Future
Bitcoin's price after Tesla CEO Elon Musk said the electric car company would resume accepting bitcoin for payments once it can be mined with at least 50% green energy. "The Hash" panel reacts.
BTC Pops as Musk Says Tesla Will Resume Taking Bitcoin as Payment Once Miners Go 50% Green
"If Elon offers [miners] very cheap energy, obviously the incentive will be there for some miners to use," Compass Mining's research director Zack Voell said on "All About Bitcoin." Because for as long as mining has existed, miners only want one thing: cheap energy.
Bitcoin ‘Options Smile’ Shows Market Fearful of Downside Despite Tesla News
Bitcoin's "options smile" chart pattern shows persistent fears of a deeper drop and low expectations for a quick rally. Christine Lee breaks down the data for today's Chart of the Day.