Cryptocurrency

As of today, MicroStrategy owns 226,500 BTC, which is about $15.06 billion. In comparison, the IBIT ETF holds 343,387.46 BTC, which is about $21.7 billion.Peter Schiff, a well-known crypto skeptic, shared his thoughts on such a large Bitcoin (BTC) portfolio of the two market giants. Schiff suggests it is possible that the companies will have to sell their BTC bags. These very losses are inevitable, in Schiff’s view, however, because BTC is worthless in the expert’s opinion.What happens to the market when someone decides to sell a large stake could be seen a few weeks earlier in the example of Germany. When selling a $3 billion stake, one of the country’s administrative bodies managed to drop the price by 20% within a month.It is unknown what will happen if Schiff’s forecast turns out to be true and BlackRock and MicroStrategy decide to sell their Bitcoin holdings, which are 12 times bigger than Germany’s.This article was originally published on U.Today More

Notably, the Bitcoin evangelist preached the “gospel” of digital assets and its numerous advantages as capital preservation compared to financial assets. Saylor maintained that the high inflation rate has made many investors give up on financial assets as a way to preserve funds. Additionally, the high maintenance cost and depreciation in value over time make the class of assets an unwise investment.Saylor notes that while alternatives such as silver, gold and land may seem like better alternatives, these also have limited time values ranging between 22 years and 90 years on average.However, for Bitcoin, the minimum lifespan for digital assets begins from 1,000 years. According to Saylor, this intrinsic value lies in the fact that Bitcoin, a creation of Satoshi, remains a digital not impacted by material forces.The MicroStrategy chairman has always remained bullish on Bitcoin and, as recently reported by U.Today, Saylor issued a bold price prediction of $13 million as the digital asset’s base case by the year 2045. Analysts say the prediction helps to understand the accumulation strategy of MicroStrategy, which thinks in the long term.This article was originally published on U.Today More

The latest difficulty adjustment shows that competition among miners is on the rise as the Bitcoin network expands and becomes more complex after this year’s halving.Higher mining difficulty usually means a tougher environment for miners, which can affect Bitcoin’s overall network security and the efficiency of mining operations. This could lead to higher operational costs for miners, which might influence the future dynamics of Bitcoin’s price.Meanwhile, as of today, Bitcoin’s price stands at $62,800. In the past 24 hours, the trading volume reached $44.90 billion. Quotes of the main cryptocurrency have experienced a decline of 3.9% since the start of the new trading session, with the daily high recorded at $65,600 and the daily low at $62,600.The big change in difficulty could have an impact on how stable Bitcoin’s price is and how people on the market make their decisions.It is not straightforward how the difficulty of mining affects the price of Bitcoin. On the one hand, it could make mining more difficult, but on the other, it could signal that the network is more secure, which might affect how investors feel about it and how the market moves.This article was originally published on U.Today More

In order to revisit its all-time high, Bitcoin (BTC) miners should raise its hashrate by 2%, as of now. The CryptoQuant team stresses that this should be treated as a positive sign for the market.In the midterm, the higher hashrate is a result of recovering revenues and miners being fairly paid now after experiencing an extremely underpaid situation since April, when BTC halving reduced block rewards by 50%.Daily miner revenues have increased by almost 50% since early July, which appears to be the period of “maximum pain” for the segment. As covered by U.Today, in mid-April, BTC block rewards for miners dropped to 3,125 Bitcoins (BTC) per block.Namely, daily Bitcoin (BTC) miner outflows have remained between 5,000-10,000 in July, which is roughly equal to 50% of March 2024 levels.However, Bitcoin (BTC) miners remain dependent on BTC price volatility. Daily transaction fees dropped by orders of magnitude in recent months, researchers say.This article was originally published on U.Today More

This article was originally published on U.Today More

The move also brings over 750,000 active wallets from the Mythos Chain, along with a user base of over 5 million, to Polkadot. With Mythos joining Polkadot, the ecosystem instantly becomes one of the largest blockchain ecosystems for gaming. Moreover, Mythos’s migration paves the way for other projects, both in gaming and beyond, to capitalize on the benefits of Polkadot.According to DotLake statistics, Mythos was behind 3.3 million transactions last Tuesday, a huge leap from under 500,000 the day before. This surge was mainly due to the transfer of non-fungible tokens (NFTs) from Mythos. However, transactions across Polkadot’s ecosystem dropped to 690,000 a day later, with 190,000 still coming from Mythos.Mythical Games also launched its Mythos ecosystem on Polkadot. This decentralized autonomous organization (DAO) reduces barriers to entry for game developers, allowing them to leverage Polkadot’s technology and community to build their own chains.Mythical Games, known for its party games and flagship game Blankos Block Party, boasts over 3 million monthly digital asset transactions. With 200,000 active wallets engaging in more than 1 million in-game trades using over 1 million native MYTH tokens daily.John Linden, founder and CEO of Mythical Games, said the decision to migrate from Ethereum to Polkadot was influenced by several issues with the Ethereum ecosystem. Even with L2 Rollups, slow transaction speeds could hinder Mythical Games’ expansion plans. Furthermore, establishing a security and governance infrastructure with full interoperability with other Mythos ecosystem partners was crucial.Thanks to Polkadot’s flexible EVM module, the Mythos Chain will keep its EVM address compatibility and let builders take full advantage of the WebAssembly-based Substrate framework. This shift will unlock a wide range of technical possibilities for creating the next wave of mainstream applications on Polkadot. As part of this migration, Mythos will also benefit from Polkadot’s advanced cross-chain features, including native XCM and decentralized bridges like Snowbridge. More

He stated that the potential for MicroStrategy’s stock price growth is basically limitless.He also believes that MicroStrategy’s stock “literally has no top.”As of now, MicroStrategy holds a total of 226,500 Bitcoin tokens, a Bitcoin acquisition that followed the previous one made in the middle of June. In fiat, this is the equivalent of approximately $14,659,329,150 at the present exchange rate. This purchase was disclosed on July 31. The overall amount was bought for $8.3 billion at an average price of $36,821 per coin.MicroStrategy’s (MSTR) share price dropped by 6.5% in a trading session before the company revealed its second-quarter earnings on Thursday. MSTR fell alongside a major decline observed on both stock and cryptocurrency markets. Still, in the past year, MSTR had seen a 3x increase, while the Bitcoin price surged 2x during the same period.Earlier this year, MicroStrategy raised money twice for additional allocation to Bitcoin by offering debt to investors. In March, they raised $500 million, but in the summer they started with the same goal but then increased it to $700 million. According to Chinese cryptocurrency journalist Colin Wu, the company plans to raise around $2 billion again to increase its Bitcoin bet even more.Earlier today, Michael Saylor published a tweet, in which he showed how Bitcoin has helped it to surpass other tech companies by share price greatly.This article was originally published on U.Today More

MicroStrategy CEO Michael Saylor has been a well-known supporter of Bitcoin. The graph displaying MicroStrategy’s performance since Aug. 10, 2020, demonstrates the noteworthy returns his company has achieved by implementing a Bitcoin strategy. MicroStrategy is up 1,206%, which is much higher than major indices and assets like Nvidia (NASDAQ:NVDA) and Tesla (NASDAQ:TSLA) as well as Bitcoin itself, which increased by 442%. Ki Young Ju supports this philosophy by emphasizing Bitcoin’s long-term potential. The current Bitcoin data he observes is similar to the sideways movement that occurs in the middle of 2020, when older whales transfer their holdings to younger whales on-chain. An essential component of Bitcoin’s decentralized structure is the wealth transfer that occurs within its ecosystem, guaranteeing that the asset is distributed among a larger group of holders rather than being concentrated in the hands of a select few. Crucially Ki Young Ju highlights that there has not been a major price increase following the halving, and that ordinary investors have not yet overheated the market. This observation implies that there is still room for the market to rise, and a bull run may be approaching. According to Ki Young Ju, Bitcoin bull runs are frequently brief but intense and abrupt, highlighting the need for investors to exercise patience. The core of the Bitcoin ethos is this idea of perseverance and long-term thinking.Adherents of this strategy develop and mature, and as they do, they pass on their knowledge and convictions, strengthening the community through a cycle of advocacy and education. The belief in Bitcoin’s value proposition being passed down through generations reinforces its status as a hedge against conventional financial systems and a store of value.This article was originally published on U.Today More