Der Beitrag binnoex stellt UI/UX Design der geplanten Echtzeithandelsplattform vor erschien zuerst auf BTC-ECHO.
Der Beitrag Chinesische Zentralbank will Banken Bitcoin-Geschäftsabwicklung verbieten erschien zuerst auf BTC-ECHO.
Der Beitrag EZB: Digitaler Euro wird mehr Privatsphäre bieten, als Stablecoins erschien zuerst auf BTC-ECHO.
Der Beitrag Trotz Bitcoin-Korrektur: PlanB sieht BTC bei 135.000 USD im Dezember erschien zuerst auf BTC-ECHO.
Der Beitrag BBVA startet Bitcoin-Trading-Service in der Schweiz erschien zuerst auf BTC-ECHO.
Der Beitrag Ist Bitcoin unterbewertet? Pantera-CEO rät zum Kauf erschien zuerst auf BTC-ECHO.
Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, has warned of “the mother of all crashes.” He further explained that the problem with cryptocurrency is the leverage.
Michael Burry Warns of Mother of All Crashes
Famous investor and founder of private investment firm Scion Asset Management, Michael Burry, shared his view last week about where he sees the markets heading.
Burry is best known for being the first investor to foresee and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He is profiled in “The Big Short,” a book by Michael Lewis about the mortgage crisis, which was made into a movie starring Christian Bale.
The Scion Asset Management founder tweeted Thursday:
All hype/speculation is doing is drawing in retail before the mother of all crashes. #FOMO Parabolas don’t resolve sideways; When crypto falls from trillions, or meme stocks fall from tens of billions, Main Street losses will approach the size of countries. History ain’t changed.
He also commented on cryptocurrency, asserting that “The problem with crypto, as in most things, is the leverage.” The famed investor further opined, “If you don’t know how much leverage is in crypto, you don’t know anything about crypto, no matter how much else you think you know.”
Burry previously said that he does not hate bitcoin but is concerned about the government coming down heavily on cryptocurrency. He warned in February that “In an inflationary crisis, governments will move to squash competitors in the currency arena.”
While emphasizing, “I don’t hate BTC,” Burry said that in his view, “the long term future is tenuous for decentralized crypto in a world of legally violent, heartless centralized governments with lifeblood interests in monopolies on currencies.” Nonetheless, he said he is not short BTC because “In the short run anything is possible.”
Burry is not the only one foreseeing a crash. Last week, Rich Dad Poor Dad author Robert Kiyosaki warned that the “Biggest bubble in world history getting bigger,” warning that the “Biggest crash in world history” is coming. The famed author expects the price of bitcoin to fall to the $24K level where he will buy some more BTC.
What do you think about Michael Burry’s prediction and his view on cryptocurrency? Let us know in the comments section below.
A pro-bitcoin congressman in Paraguay says he will present bitcoin legislation in congress next month with the aim to make Paraguay a hub for cryptocurrency investors worldwide. His efforts follow El Salvador passing a bill making bitcoin legal tender.
Paraguay Wants to Be Global Hub for Crypto Investors
Following El Salvador passing a bill making bitcoin legal tender, a congressman in Paraguay announced that he is working on bitcoin legislation that will be presented next month.
Deputy Carlos Antonio Rejala Helman of the Hagamos Party has called for Paraguay to take similar action to El Salvador regarding bitcoin. The congressman has also changed his Twitter profile picture to include laser eyes, meaning he eyes bitcoin going to $100K.
The deputy is preparing a bill that seeks to legalize the use of cryptocurrencies in Paraguay as a means of payment, La Nacion reported Friday. The bill will establish that any transaction within the national territory can be carried out with bitcoin and the state will be in charge of promoting and training the different sectors so that they can access this new form of electronic payments, the publication conveyed.
The congressman was quoted as saying:
Since we announced that we are working on a bill that legalizes in Paraguay the use of digital assets, better known as digital currencies, or its most popular version, bitcoin, as legal tender for any type of commercial transaction, various Paraguayan companies have already joined and took a step forward towards the new era of transactions, which makes us proud.
The lawmaker aims to present his bill in congress in July. Noting that the legislation is being prepared, he tweeted on June 17 with the hashtag bitcoin, “July we legislate.” He followed up with another tweet that says: “The presentation of the project is coming on July 14.”
The congressman revealed early this month that he is working with Bitcoin.com.py CEO Juanjo Benitez Rickmann and “the Paraguayan crypto community in order for Paraguay to become a hub for the crypto investors of the world and subsequently to be placed among the ones on the cutting edge of digital technology.”
Rickmann confirmed that he is working with the congressman “to introduce a project in congress so that Paraguay becomes a crypto-friendly country for worldwide crypto investors, taking advantage of the renewable and inexpensive energy provided by hydroelectrics #Itaipu #Yacyreta.”
The congressman tweeted on June 7:
As I was saying a long time ago, our country needs to advance hand in hand with the new generation. The moment has come, our moment.
“This week we start with an important project to innovate Paraguay in front of the world. The real one to the moon #BTC & #paypal,” his tweet further reads.
Meanwhile, cryptocurrency adoption is growing in Paraguay. A major entertainment group in the country, Grupo Cinco, announced last week that all of its 24 business units now accept cryptocurrencies bitcoin (BTC), ether (ETH), shiba inu (SHIB), and chiliz (CHZ). In addition, Universidad Comunera (UCOM), a private university in Asunción, Paraguay, now accepts bitcoin for payments.
Would you move to Paraguay if bitcoin is legal tender there? Let us know in the comments section below.
The hashrate of the Bitcoin network has been steadily falling since June 14 and after Sichuan miners were told to prepare operation shutdowns. Sichuan is the second-densest province in China where most miners are located, according to data stemming from the University of Cambridge. Bitcoin’s hashrate is now hovering just above 100 exahash per second (EH/s).
Bitcoin Hashrate Keeps Falling as Sichuan Farms Shut Down Operations
The hashrate of the Bitcoin network has been steadily falling. The cause of this seems to be the shutdown of several cryptocurrency farms in various provinces including Sichuan. According to the regional publication 8btc news, the Sichuan Development and Reform Commission and Energy Bureau announced it would close the operation of 26 suspected cryptocurrency mining and virtual currency projects on Sunday. Sichuan bitcoin miners leaving to mine elsewhere is a historical event during the leading crypto asset’s 12-year lifespan.
— 8BTCnews (@btcinchina) June 19, 2021
Statements from mining insiders seem to point out the situation is dire for big mining operations. These are the most affected due to its inability to move its operations quickly. The hashrate numbers stemming from Chinese pools have also shrunk: Antpool, Btc.com, Binance Pool, Huobi Pool, and Btc.top have all experienced significant losses of associated hashrate. As a consequence, the Bitcoin hashrate is now hovering over 100 EH/s, almost 50% under its all-time high.
Bitcoin’s price is also stagnating as a result of fears over more forced mining shutdowns in the country. Bitcoin price is now between $33,000 and $34,000 at the time of writing. Other currencies are also feeling the heat, facing important losses.
Location Opportunties Arise
Sichuan is the fifth Chinese province that is shutting down cryptocurrency mining-related projects. Before Sichuan, two provinces also announced the closing of all cryptocurrency mining projects: Inner Mongolia, and Yunan. Other localized closures were announced in Xinjiang earlier last month when Zhundong based miners were ordered to turn off their machines.
Xinjiang is the province where most hashrate resides in all of China, at least according to statistics. A third of all of Bitcoin’s hashrate is located there according to the University of Cambridge. However, this crackdown in Bitcoin mining has spurted opportunities for mining elsewhere.
The mayor of Miami, Francis Suarez, is inviting miners to set up shop in Miami. Suarez stated that the conditions in Miami could be enticing to miners due to the abundance of cheap nuclear power available. Some mining operations are flocking to Kazakhstan and the Chinese ASIC manufacturer Canaan recently established an overseas after-sales center in the region.
Nayib Bukele, the president of El Salvador, is also inviting miners to the country. Bukele announced they would be building geothermal facilities to offer green cheap energy prices to miners just recently. The race to capture these ousted Bitcoin miners is just starting, and other countries might also make their move soon.
What do you think about Sichuan cracking down on bitcoin operations? Tell us in the comments section below.