2 hours ago
The prominent economist and Bitcoin ( BTC ) skeptic , Peter Schiff, was quick to take to social media after the Trump family launched a series of meme coins to proclaim the world’s premier cryptocurrency no better than them. Remember, Bitcoin is a meme coin. — Peter Schiff (@PeterSchiff) January 21, 2025 The inciting incident and major source of inspiration, as Schiff himself explained in an X post, was Anthony Pompliano’s appearance on CNBC , in which the finance manager seemingly struggled to explain what meme coins actually are. Based on the interview, the economist and gold bull concluded that a major reason for what appeared like dancing around the question is that Bitcoin is, itself, ‘a meme coin.’ It`s funny watching @APompliano on CNBC trying to explain what a meme coin is. The reason it`s hard for him to do that is there`s no real difference between $TRUMP and #Bitcoin . So it`s a fine line to walk when explaining a meme coin without exposing the same fraud about Bitcoin. — Peter Schiff (@PeterSchiff) January 21, 2025 Pompliano uses Berkshire Hathaway to explain meme coins As for the interview, Pompliano reached for Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A , BRK.B ) when asked by the host to explain the tokens launched by the Trump family ahead of the inauguration ‘like she was five.’ The finance manager, as it quickly turned out, attempted to explain the launch of cryptocurrencies, such as the ‘official Trump meme’ and the ‘official Melania meme’ as part of two greater phenomena. The first of these is that few major assets are entirely rooted in reality. Along with Berkshire, which owes the majority of its success to a savvy business approach but also a non-trivial amount to the reputation of Warren Buffett , Pompliano explained that Tesla Motors (NASDAQ: TSLA ) is 50% a high-quality company and 50% a ‘meme.’ A ‘meme’ has become something of a catch-all term for online jokes of varying variety, though it was first defined in the 1976 Richard Dawkins Book The Selfish Gene as a ‘unit of culture’ that replicates itself through imitation or mimicry. Donald Trump: America’s biggest brand, America’s biggest meme The second phenomenon Pompliano described was that Donald Trump himself has become something of a meme. The financial manager, for example, defended cryptocurrency traders as no worse than other investors as Trump Media (NASDAQ: DJT ) behaves similarly to the meme coin – and was estimated as 80-90% meme – and people have been willing to buy things like Trump trading cards, whether physical or digital. Why Schiff says Bitcoin is a meme coin As for the Bitcoin connection Schiff made, it appears to have arisen from the CNBC host initially rejecting the Berkshire analogy and proposing one centered on BTC. The rejection was itself rejected by Pompliano. Still, the economist has a point, at least to an extent, given Bitcoin’s recent performance. The world’s premier cryptocurrency has been trading on sentiment – whether it be fearful, optimistic, or hyped up by the ‘bullish’ internet meme. Part of the reason is that the entire industry has somewhat devolved into another meme frequently seen on social media, such as X: calling the market a ‘casino.’ However, it is worth pointing out that the moniker has been widely applied beyond cryptocurrencies and is frequently used for the stock market . Simultaneously, the fact that a concept or a technology is abused does not mean it is without a foundation and perhaps the bigger issue of cryptocurrencies is that they have decisively become risk assets without doing much to address the ‘currency’ part of their name. Indeed, using them as payment vehicles remains, nearly two decades later, complicated due to various factors, such as a lack of accessibility or unreasonably high transaction costs . Featured image via Shutterstock The post U.S. economist blasts Bitcoin ‘a meme coin’ appeared first on Finbold .
Finbold
You can visit the page to read the article.
Source: Finbold
Tags :
Cryptocurrency news Bitcoin BTC cryptocurrency meme coin
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Bitcoin Whale Accumulation Surpasses $2.24B in 72 Hours ????
Bitcoin whales have made waves in the crypto market with massive accumulation activity over the past three days. According to renowned crypto analyst Ali Martinez, entities holding between 1,000 and 10,000 BTC added over 22,000 BTC to their wallets, equating to a staggering $2.24 billion. This development comes as Bitcoin’s price surged to $105,908.67, reflecting a 4.19% increase in the last 24 hours, as per CoinMarketCap data. To learn more about the innovative startups shaping the future of the crypto industry, explore our article on the latest news, where we delve into the most promising ventures and their potential. The Magnitude of Bitcoin Whale Accumulation Whale activity often serves as a key indicator of market sentiment, and this recent accumulation underscores growing confidence in Bitcoin’s potential. Key highlights of the event include: Over 22,000 BTC Acquired: Equivalent to $2.24 billion, the purchase reflects a strategic move by large-scale investors. Significant Price Movement: Bitcoin’s value rose by 4.19% in the last 24 hours, signaling bullish momentum. Why Are Whales Accumulating Bitcoin? 1. Long-Term Confidence Whales often accumulate during periods of consolidation, indicating confidence in Bitcoin’s long-term potential as a store of value. 2. Hedge Against Economic Uncertainty Amid global economic instability, Bitcoin continues to be a preferred hedge against inflation and traditional market fluctuations. 3. Anticipation of Future Bull Runs With Bitcoin halving expected in 2024, whales may be positioning themselves for the price increases typically seen after such events. Impact on the Market Whale accumulation of this magnitude often has ripple effects across the market: Increased Buying Pressure: Large-scale acquisitions reduce circulating supply, potentially driving prices upward. Boost in Investor Confidence: Whale activity can reassure smaller investors, attracting additional participation. Heightened Volatility: Sudden price movements may lead to short-term market fluctuations. Bitcoin’s Current Market Performance As of January 22, 2025, Bitcoin is trading at $105,908.67, reflecting a steady upward trend. The cryptocurrency has gained 4.19% in the last 24 hours, bolstered by whale activity and growing adoption. Key Metrics from CoinMarketCap: Market Cap: Approximately $2.07 trillion 24-Hour Trading Volume: Over $68 billion Dominance: BTC maintains its position as the leading cryptocurrency, holding 48.2% of the total market share. How Whale Activity Signals Market Trends Whale behavior is closely monitored by analysts and investors for its ability to shape market trends. Large-scale purchases often precede: Price Stabilization: Accumulation during dips can mitigate downward pressure. Market Confidence: Whales’ involvement often suggests a belief in Bitcoin’s resilience and growth potential. Long-Term Growth: Historical data shows that whale accumulation often aligns with upcoming bullish cycles. What This Means for Retail Investors For retail investors, whale activity offers critical insights: Potential Entry Points: Significant buying by whales often indicates favorable conditions for investment. Market Sentiment Analysis: Whale accumulation suggests bullish sentiment, signaling confidence in Bitcoin’s future performance. Risk Management: While whales can influence prices, retail investors should exercise caution and focus on long-term strategies. The Bigger Picture: Bitcoin as Digital Gold Bitcoin’s role as a store of value continues to strengthen, drawing comparisons to gold. Key advantages include: Portability and Divisibility: Bitcoin’s digital nature makes it more accessible than traditional assets. Scarcity: With a capped supply of 21 million BTC, its value is expected to rise as demand increases. Global Acceptance: Bitcoin is gaining traction as a universal currency and hedge against economic uncertainty. Conclusion The recent $2.24 billion Bitcoin whale accumulation over 72 hours underscores the growing confidence in cryptocurrency as a key asset class. As Bitcoin’s price climbs and adoption widens, this activity highlights the strategic moves of large-scale investors anticipating future gains. For retail investors, whale activity serves as a reminder of Bitcoin’s potential for long-term growth, even amid market volatility. With its position as a digital asset strengthening, Bitcoin continues to attract both institutional and individual investors. To learn more about the innovative startups shaping the future of the crypto industry, explore our article on the latest news, where we delve into the most promising ventures and their potential. FAQs What does whale accumulation mean? Whale accumulation refers to large-scale investors acquiring significant amounts of cryptocurrency, often signaling bullish market sentiment. How much Bitcoin did whales accumulate recently? Whales acquired over 22,000 BTC, valued at $2.24 billion, in just 72 hours. Why is whale activity significant for the market? Whale activity impacts market trends by creating buying pressure, boosting investor confidence, and potentially driving prices higher. What caused Bitcoin’s recent price increase? Bitcoin’s 4.19% price surge can be attributed to increased demand from whales and broader market optimism. How does Bitcoin compare to gold as an investment? Bitcoin offers advantages such as portability, divisibility, and scarcity, making it a modern alternative to gold. What should retail investors consider during whale accumulation? Retail investors should analyze market sentiment, identify favorable entry points, and adopt long-term strategies while considering volatility risks. To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries. Finbold
MicroStrategy Buys 11,000 BTC for $1.1 Billion, Expanding Holdings to 461,000 BTC
MicroStrategy , the leading Bitcoin investment firm, has made another bold move in the cryptocurrency space by purchasing 11,000 BTC for approximately $1.1 billion . Co-founder Michael Saylor shared the news on X (formerly Twitter), revealing an average purchase price of $101,191 per Bitcoin . This acquisition raises MicroStrategy’s total Bitcoin holdings to a staggering 461,000 BTC , acquired at an aggregate cost of $29.3 billion , with an average price of $63,610 per Bitcoin . To learn more about the innovative startups shaping the future of the crypto industry, explore our article on the latest news, where we delve into the most promising ventures and their potential. MicroStrategy’s Unwavering Bitcoin Strategy MicroStrategy has consistently demonstrated its confidence in Bitcoin as a long-term store of value. Key highlights of the company’s Bitcoin investment strategy include: Massive Accumulation With 461,000 BTC, MicroStrategy holds one of the largest Bitcoin reserves among institutional investors, reinforcing its position as a key player in the cryptocurrency market. Long-Term Vision The company’s average acquisition price of $63,610 reflects a commitment to Bitcoin’s potential for future growth, despite market volatility. Strategic Timing The recent purchase, at an average price of $101,191 per Bitcoin, underscores the firm’s belief in Bitcoin’s value proposition, even at higher price levels. Bitcoin Holdings by the Numbers Here’s a breakdown of MicroStrategy’s Bitcoin journey: Metric Value Total Bitcoin Held 461,000 BTC Aggregate Cost $29.3 Billion Average Purchase Price $63,610 per Bitcoin Latest Acquisition 11,000 BTC Recent Purchase Cost $1.1 Billion Average Price for Latest Buy $101,191 per Bitcoin Michael Saylor’s Vision for Bitcoin Michael Saylor, a vocal advocate for Bitcoin, has consistently championed the cryptocurrency as a hedge against inflation and an alternative to traditional fiat currencies. Key elements of his vision include: Store of Value : Saylor believes Bitcoin is the digital equivalent of gold, offering superior portability and security. Institutional Adoption : He has called on corporations and governments to adopt Bitcoin as a reserve asset. Long-Term Growth : Saylor projects that Bitcoin’s price will continue to rise as adoption increases globally. The Broader Impact of MicroStrategy’s Investment MicroStrategy’s aggressive Bitcoin accumulation has several implications for the cryptocurrency market: Increased Institutional Confidence The firm’s continued investment signals strong institutional belief in Bitcoin’s long-term viability. Market Influence Large purchases like this can drive market sentiment, attracting more investors to Bitcoin. Price Stability MicroStrategy’s holdings act as a stabilizing force, reducing liquidity and supporting price levels. Risks and Challenges Ahead While MicroStrategy’s strategy highlights its confidence in Bitcoin, the approach is not without risks: Market Volatility : Bitcoin’s price fluctuations could significantly impact the company’s balance sheet. Regulatory Risks : Increased scrutiny of cryptocurrencies by governments could pose challenges. Economic Uncertainty : Broader macroeconomic factors may influence Bitcoin’s adoption and price trajectory. Bitcoin’s Current Market Performance As of January 21, 2025, Bitcoin is trading at approximately $103,500 , reflecting a 3.4% decrease in the past 24 hours. Despite this short-term dip, Bitcoin’s price remains significantly above MicroStrategy’s average acquisition cost. Conclusion MicroStrategy’s acquisition of 11,000 BTC for $1.1 billion underscores its unwavering commitment to Bitcoin as a transformative financial asset. With a total of 461,000 BTC in its reserves, the firm continues to lead the charge in institutional Bitcoin adoption. While risks like market volatility and regulatory scrutiny persist, MicroStrategy’s strategy highlights its confidence in Bitcoin’s long-term potential. This latest purchase serves as a reminder of Bitcoin’s growing role as a hedge against economic uncertainty and a cornerstone of institutional portfolios. To learn more about the innovative startups shaping the future of the crypto industry, explore our article on the latest news, where we delve into the most promising ventures and their potential. FAQs What is MicroStrategy’s total Bitcoin holding? MicroStrategy holds 461,000 BTC, acquired at an aggregate cost of $29.3 billion, with an average price of $63,610 per Bitcoin. How much Bitcoin did MicroStrategy recently purchase? The company purchased 11,000 BTC for approximately $1.1 billion, at an average price of $101,191 per Bitcoin. Why is MicroStrategy investing heavily in Bitcoin? MicroStrategy views Bitcoin as a hedge against inflation and a superior store of value compared to traditional fiat currencies. What are the risks of MicroStrategy’s Bitcoin strategy? Risks include market volatility, regulatory challenges, and the potential for economic instability impacting Bitcoin’s adoption. How does MicroStrategy’s investment impact the Bitcoin market? The company’s purchases bolster institutional confidence, reduce liquidity, and influence market sentiment. What is Bitcoin’s current trading price? As of January 21, 2025, Bitcoin is trading at approximately $103,500, down 3.4% in the past 24 hours. To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news , where we delve into the most promising ventures and their potential to disrupt traditional industries. Finbold
MARKET
ETH
-
Justin Sun’s Plan to Push Ethereum (ETH) to $10,000
39 dakika önce
