Morgan Creek's Mark Yusko Predicts Bitcoin Can Reach $250K in 5 Years
Mark Yusko, Morgan Creek Capital Management’s CEO and cofounder, is extremely bullish on bitcoin. Despite a period of consolidation, Yusko expects the leading crypto asset to tap $250,000 in five years. In a recent interview, he said that the network continues to swell in an “exponential way.”
Morgan Creek’s CEO Sticks to His Six-Digit Bitcoin Prediction
The founder of Morgan Creek is again reiterating his prediction that bitcoin (BTC) will surpass six digits in value within the next five years. In a May 6, 2020 interview, Yusko predicted that bitcoin could easily reach $100,000 in 2021 or 2022. Moreover, during the discussion, Yusko also stressed that bitcoin’s price could reach $400k to $500k as well.
During this week’s interview with CNBC’s Trading Nation, Morgan Creek’s Mark Yusko explained that he believes investors “overlook and underestimate” the leading crypto asset.
“It’s just about network adoption and increased usage,” Yusko said this week. “This is a network and networks grow in an exponential way. This is the fastest network in history to a trillion dollars of value, right on the heels of the FAANGS that took, you know, 15 to 20 years depending on which one you look at.”
Yusko’s Morgan Creek cofounder, Anthony Pompliano, has also said he believes BTC will reach $100k. Pompliano recently interviewed with the popular Youtube investor Andrei Jikh, explaining the fundamentals of his prediction to Jikh’s 1.52 million subscribers.
Yusko’s a Firm Believer in the Digital Gold Theory, Doge Is ‘Useless’
Yusko’s fundamentals are based on the equivalence of gold markets, which CNBC estimates to be around $4 trillion. If digital gold can capture a percentage of gold’s enormous global market, then Yusko insists BTC could make it to $1 million per unit.
“What people miss is this is a technological evolution of computing power that isn’t going away,” Yusko stressed on CNBC’s Trading Nation. Yusko further added:
It is a powerful computing network that is going to become the base layer protocol for the Internet of value.
CNBC’s hosts asked Yusko about the gains Dogecoin (DOGE) and ethereum (ETH) have seen lately, and the Morgan Creek executive said only a few crypto assets will make it in the long run.
“Yes, there’s room for a couple of protocols to survive, but there are 1000s of coins and Doge is in that category that really are useless, they’re just utility tokens that have no underlying value or use case and they’ll eventually disappear,” Yusko insisted.
Yusko’s BTC price forecast is not too different from the venture capitalist Tim Draper’s prediction, albeit a bit longer out. Draper predicts that bitcoin (BTC) could be $250,000 by the year 2022. People look up to Draper’s forecast because he correctly predicted bitcoin’s price would surpass $10,000 per coin by 2018.
Mark Yusko, Morgan Creek Capital Management’s CEO and cofounder, is extremely bullish on bitcoin. Despite a period of consolidation, Yusko expects the leading crypto asset to tap $250,000 in five years. In a recent interview, he said that the network continues to swell in an “exponential way.”
Morgan Creek’s CEO Sticks to His Six-Digit Bitcoin Prediction
The founder of Morgan Creek is again reiterating his prediction that bitcoin (BTC) will surpass six digits in value within the next five years. In a May 6, 2020 interview, Yusko predicted that bitcoin could easily reach $100,000 in 2021 or 2022. Moreover, during the discussion, Yusko also stressed that bitcoin’s price could reach $400k to $500k as well.
During this week’s interview with CNBC’s Trading Nation, Morgan Creek’s Mark Yusko explained that he believes investors “overlook and underestimate” the leading crypto asset.
“It’s just about network adoption and increased usage,” Yusko said this week. “This is a network and networks grow in an exponential way. This is the fastest network in history to a trillion dollars of value, right on the heels of the FAANGS that took, you know, 15 to 20 years depending on which one you look at.”
Yusko’s Morgan Creek cofounder, Anthony Pompliano, has also said he believes BTC will reach $100k. Pompliano recently interviewed with the popular Youtube investor Andrei Jikh, explaining the fundamentals of his prediction to Jikh’s 1.52 million subscribers.
Yusko’s a Firm Believer in the Digital Gold Theory, Doge Is ‘Useless’
Yusko’s fundamentals are based on the equivalence of gold markets, which CNBC estimates to be around $4 trillion. If digital gold can capture a percentage of gold’s enormous global market, then Yusko insists BTC could make it to $1 million per unit.
“What people miss is this is a technological evolution of computing power that isn’t going away,” Yusko stressed on CNBC’s Trading Nation. Yusko further added:
It is a powerful computing network that is going to become the base layer protocol for the Internet of value.
CNBC’s hosts asked Yusko about the gains Dogecoin (DOGE) and ethereum (ETH) have seen lately, and the Morgan Creek executive said only a few crypto assets will make it in the long run.
“Yes, there’s room for a couple of protocols to survive, but there are 1000s of coins and Doge is in that category that really are useless, they’re just utility tokens that have no underlying value or use case and they’ll eventually disappear,” Yusko insisted.
Yusko’s BTC price forecast is not too different from the venture capitalist Tim Draper’s prediction, albeit a bit longer out. Draper predicts that bitcoin (BTC) could be $250,000 by the year 2022. People look up to Draper’s forecast because he correctly predicted bitcoin’s price would surpass $10,000 per coin by 2018.
Elon Musk Hints at Tesla Accepting Dogecoin for Payments
Elon Musk, also referred to in social media as the ‘Dogefather,’ due to its affiliation with the Dogecoin currency, has hinted Tesla could start accepting the currency as a payment for its cars. The company, which is now accepting bitcoin as payment for its cars and holds it as part of its reserves, could also include dogecoin as part of its accepted cryptocurrency roster.
Elon Musk, CEO of SpaceX and Tesla, has hinted today at the possibility of the electric car company accepting dogecoin (DOGE), the now-famous meme coin as payment for its cars. Musk asked today in a poll on Twitter to his fans if they would like this to happen. Unsurprisingly, he got a mostly positive answer, with more than 70% of the polled answering they would like it at the time of writing.
Musk is has been one of the main proponents of cryptocurrency in the corporate arena. Tesla is already accepting bitcoin (BTC) as payment for its cars directly on its website, but dogecoin is a relatively unstable currency in terms of price compared to the former, and if it indeed received by the company, it’s unclear if it would be sold for fiat money.
The company bought $1.5 billion in bitcoin last February and it has declared it is holding the bitcoin has received as payments vehicle sales in the long term, after acknowledging they sold 10% of its bitcoin holdings to prove the liquidity of bitcoin as an alternative to cash.
Is Musk Serious?
The question is whether or not this is a serious inquiry to the people? Musk is known in internet social media circles as a big troll, going to the limits of making statements that had affected Tesla’s finances on Twitter. Musk declared last year Telsa’s stock price was ‘too high,’ triggering a selloff that took stock prices 12% low, and earning the ire of its shareholders at that time.
But that has not been the only time Musk has messed up big in social media: In August 2018, Musk tweeted he was planning to take Tesla private, and that he had secured funding to do it. Again, this statement earned him a lawsuit from the SEC, which argued these tweets could be seen as a way of manipulating stock prices up, give that the actual stock price was actually less than the $420 price announced.
However, if this idea really gets executed, it would not be the first time a company associated with Musk accepts dogecoin as payment. Last week, SpaceX also announced they had approved the launch of the dogecoin-paid DOGE-1 mission, which would carry a commercial payload to the moon.
Elon Musk, also referred to in social media as the ‘Dogefather,’ due to its affiliation with the Dogecoin currency, has hinted Tesla could start accepting the currency as a payment for its cars. The company, which is now accepting bitcoin as payment for its cars and holds it as part of its reserves, could also include dogecoin as part of its accepted cryptocurrency roster.
Elon Musk, CEO of SpaceX and Tesla, has hinted today at the possibility of the electric car company accepting dogecoin (DOGE), the now-famous meme coin as payment for its cars. Musk asked today in a poll on Twitter to his fans if they would like this to happen. Unsurprisingly, he got a mostly positive answer, with more than 70% of the polled answering they would like it at the time of writing.
Musk is has been one of the main proponents of cryptocurrency in the corporate arena. Tesla is already accepting bitcoin (BTC) as payment for its cars directly on its website, but dogecoin is a relatively unstable currency in terms of price compared to the former, and if it indeed received by the company, it’s unclear if it would be sold for fiat money.
The company bought $1.5 billion in bitcoin last February and it has declared it is holding the bitcoin has received as payments vehicle sales in the long term, after acknowledging they sold 10% of its bitcoin holdings to prove the liquidity of bitcoin as an alternative to cash.
Is Musk Serious?
The question is whether or not this is a serious inquiry to the people? Musk is known in internet social media circles as a big troll, going to the limits of making statements that had affected Tesla’s finances on Twitter. Musk declared last year Telsa’s stock price was ‘too high,’ triggering a selloff that took stock prices 12% low, and earning the ire of its shareholders at that time.
But that has not been the only time Musk has messed up big in social media: In August 2018, Musk tweeted he was planning to take Tesla private, and that he had secured funding to do it. Again, this statement earned him a lawsuit from the SEC, which argued these tweets could be seen as a way of manipulating stock prices up, give that the actual stock price was actually less than the $420 price announced.
However, if this idea really gets executed, it would not be the first time a company associated with Musk accepts dogecoin as payment. Last week, SpaceX also announced they had approved the launch of the dogecoin-paid DOGE-1 mission, which would carry a commercial payload to the moon.
Bitcoin price bounces despite stocks rout as Ethereum hits new $4,350 high
New all-time highs for the largest altcoin combine with fresh bullishness across crypto after this week's sell-off.
Bitcoin (BTC) gained 4.3% on May 12 as cryptocurrencies recovered losses despite increasing turmoil on global stock markets.
BTC price reverses upwards
Data from Cointelegraph Markets Pro and Tradingview showed BTC/USD erasing almost all the previous day's losses on Wednesday to trade above $57,500 at the time of writing.
The move came amid concerns over froth in tech stocks, fueled by problems in Taiwan which saw the country's equities index post its biggest one-day loss in history.
Bitcoin and altcoins had sold off with tech stocks more broadly earlier in the week, but the latest macro dip failed to worsen their performance.
Conversely, as has become a hallmark trait of an increasingly asymmetrical market, most major cryptocurrencies bucked the trend and returned to growth.
"BTC is bouncing here and Altcoins are recovering strongly," popular Twitter commentator Rekt Capital summarized on Tuesday as the United States Federal Reserve buoyed the crypto cause by refusing to suggest that economic inventions could be lessened.
Previously, concerns had surfaced that Bitcoin could ultimately fall through $50,000 under current conditions, opening up the path to as low as $40,000.
New all-time highs for the largest altcoin combine with fresh bullishness across crypto after this week's sell-off.
Bitcoin (BTC) gained 4.3% on May 12 as cryptocurrencies recovered losses despite increasing turmoil on global stock markets.
BTC price reverses upwards
Data from Cointelegraph Markets Pro and Tradingview showed BTC/USD erasing almost all the previous day's losses on Wednesday to trade above $57,500 at the time of writing.
The move came amid concerns over froth in tech stocks, fueled by problems in Taiwan which saw the country's equities index post its biggest one-day loss in history.
Bitcoin and altcoins had sold off with tech stocks more broadly earlier in the week, but the latest macro dip failed to worsen their performance.
Conversely, as has become a hallmark trait of an increasingly asymmetrical market, most major cryptocurrencies bucked the trend and returned to growth.
"BTC is bouncing here and Altcoins are recovering strongly," popular Twitter commentator Rekt Capital summarized on Tuesday as the United States Federal Reserve buoyed the crypto cause by refusing to suggest that economic inventions could be lessened.
Previously, concerns had surfaced that Bitcoin could ultimately fall through $50,000 under current conditions, opening up the path to as low as $40,000.
Everything We Want Costs Energy, Including Bitcoin
With the state of the public debate around bitcoin mining, non-fungible tokens and the energy consumption that goes into them, it’s fair to say cryptocurrencies have had a rough ride when it comes to recent scrutiny of their environmental impact.
Recent headlines in the New York Times and other media outlets have decried the large energy cost of bitcoin mining, which requires complex computational power and is vital to the security of the Bitcoin blockchain. As the original cryptocurrency’s price reaches new highs and institutional investors wade into bitcoin, the security of its trillion-dollar market cap and the industry around it is more important than ever. On the other hand, it’s certainly justifiable also to have a debate about the energy cost of mining bitcoin and the carbon emissions that result from it.
But the current debate largely falls into two categories. One is focused on the energy costs and what may be done (or not) to mitigate them. The other is on refuting those claims, diving into the minutia of energy consumption, scale and the vast array of complexities that are electrical grids, mining equipment and well, bitcoin, generally.
Both of these focal points are essential but what’s missing is a situating of bitcoin mining and energy in a larger context. Not only does this mean considering what energy costs the status quo seemingly sees as inherently necessary and valuable, but also recognizing there are ripple effects from bitcoin that go well beyond the “number go up” price watchers and gawkers, and extend to asking fundamental questions about the organization of the world today.
With the state of the public debate around bitcoin mining, non-fungible tokens and the energy consumption that goes into them, it’s fair to say cryptocurrencies have had a rough ride when it comes to recent scrutiny of their environmental impact.
Recent headlines in the New York Times and other media outlets have decried the large energy cost of bitcoin mining, which requires complex computational power and is vital to the security of the Bitcoin blockchain. As the original cryptocurrency’s price reaches new highs and institutional investors wade into bitcoin, the security of its trillion-dollar market cap and the industry around it is more important than ever. On the other hand, it’s certainly justifiable also to have a debate about the energy cost of mining bitcoin and the carbon emissions that result from it.
But the current debate largely falls into two categories. One is focused on the energy costs and what may be done (or not) to mitigate them. The other is on refuting those claims, diving into the minutia of energy consumption, scale and the vast array of complexities that are electrical grids, mining equipment and well, bitcoin, generally.
Both of these focal points are essential but what’s missing is a situating of bitcoin mining and energy in a larger context. Not only does this mean considering what energy costs the status quo seemingly sees as inherently necessary and valuable, but also recognizing there are ripple effects from bitcoin that go well beyond the “number go up” price watchers and gawkers, and extend to asking fundamental questions about the organization of the world today.
Bitcoin market dominance falls to three-year low of 40%
While Bitcoin tumbles in response to Elon Musk’s Twitter account yet again, altcoin dominance has surged to its highest level in roughly three years.
Bitcoin represents 40.3% of the combined crypto asset capitalization — the lowest it has been since June 2018, according to CoinMarketCap.
Bitcoin hit a market dominance low of 33% in January 2018 when it was cooling from its previous peak while the altcoins were just hitting theirs. It is currently not far off its second lowest level of 36%, three years ago in May 2018.
The combined capitalization of altcoins is currently sitting at $1.25 trillion after establishing all-time highs of almost $1.5 trillion last week.
Elon Musk may have deepened Bitcoin’s loss of dominance by hinting that Tesla may be offloading its BTC holdings in a May 17 tweet, triggering a 15% crash over 18 hours.
While Bitcoin is now down 35% from its April 14 all-time high, several altcoins have seen weaker pullbacks, with Ethereum currently down 24% from its May 12 peak of $4,350 on May 12.
While Bitcoin tumbles in response to Elon Musk’s Twitter account yet again, altcoin dominance has surged to its highest level in roughly three years.
Bitcoin represents 40.3% of the combined crypto asset capitalization — the lowest it has been since June 2018, according to CoinMarketCap.
Bitcoin hit a market dominance low of 33% in January 2018 when it was cooling from its previous peak while the altcoins were just hitting theirs. It is currently not far off its second lowest level of 36%, three years ago in May 2018.
The combined capitalization of altcoins is currently sitting at $1.25 trillion after establishing all-time highs of almost $1.5 trillion last week.
Elon Musk may have deepened Bitcoin’s loss of dominance by hinting that Tesla may be offloading its BTC holdings in a May 17 tweet, triggering a 15% crash over 18 hours.
While Bitcoin is now down 35% from its April 14 all-time high, several altcoins have seen weaker pullbacks, with Ethereum currently down 24% from its May 12 peak of $4,350 on May 12.
Yay or nay? New petition demands Elon Musk sell all his Bitcoin
The "Dogefather" has gone too far for some Bitcoin hodlers and should allow a "better custodian" to own them instead, said the petition's creator.
Tesla and SpaceX CEO and self-proclaimed "Dogefather" Elon Musk should sell his Bitcoin holdings, said hodlers.
A new petition is currently gathering signatures to make Musk divest himself of his personal stash of Bitcoin (BTC).
"Elon Musk: Sell your Bitcoin"
Its goal is modest:100 signatures at first, of which a grand total of 62 have already been gathered. For the creator of the petition, however, billionaire Musk has touched a nerve.
"Elon Musk has accumulated at least $1.5bn of bitcoin on the Tesla balance sheet, and very likely has a larger personal holding he has not revealed," its description begins.
"Meanwhile, Musk has doubled down on endorsing dogecoin, a literal joke, claiming to be working with the nonexistent development team and mooting integrating the cryptocurrency into SpaceX."
Musk is currently at the center of furor over his professed love of meme-based altcoin Dogecoin (DOGE), which he has championed while criticizing Bitcoin.
The impact on both cryptocurrencies ended up being negative this weekend as BTC/USD fell to near $42,000 and saw its market dominance drop to three-year lows.
The "Dogefather" has gone too far for some Bitcoin hodlers and should allow a "better custodian" to own them instead, said the petition's creator.
Tesla and SpaceX CEO and self-proclaimed "Dogefather" Elon Musk should sell his Bitcoin holdings, said hodlers.
A new petition is currently gathering signatures to make Musk divest himself of his personal stash of Bitcoin (BTC).
"Elon Musk: Sell your Bitcoin"
Its goal is modest:100 signatures at first, of which a grand total of 62 have already been gathered. For the creator of the petition, however, billionaire Musk has touched a nerve.
"Elon Musk has accumulated at least $1.5bn of bitcoin on the Tesla balance sheet, and very likely has a larger personal holding he has not revealed," its description begins.
"Meanwhile, Musk has doubled down on endorsing dogecoin, a literal joke, claiming to be working with the nonexistent development team and mooting integrating the cryptocurrency into SpaceX."
Musk is currently at the center of furor over his professed love of meme-based altcoin Dogecoin (DOGE), which he has championed while criticizing Bitcoin.
The impact on both cryptocurrencies ended up being negative this weekend as BTC/USD fell to near $42,000 and saw its market dominance drop to three-year lows.
Bitcoin declared ‘dead’ more than 400 times now
Wednesday’s market crash triggered yet another barrage of obituaries from mainstream media.
As Bitcoin (BTC) price took a sharp dive to “pre-Elon Musk pump” levels of $30,000, mainstream media took an unsurprising approach covering the market-wide crash by announcing that Bitcoin is dead.
The end of Bitcoin has now been announced more than 400 times in 12 years, according to the Bitcoin Obituaries archive. There are 414 obituaries for Bitcoin since its inception in 2010, and yesterday’s post-mortem assessments of Bitcoin are still being added.
The obituaries range from calling Bitcoin the biggest Ponzi scheme in history to comparing BTC to Monopoly money.
The first year of crypto shows only one record, when the Bitcoin price was $0.23, explaining why Bitcoin can’t be a currency. More than a quarter of the submissions are related to the 2017 Bitcoin bull run and the huge crash afterwards.
While the negative stories on Bitcoin arrive primarily in times of price crashes, Bitcoin obituaries data shows that it’s not unusual to have an article burying the largest cryptocurrency while the market is still growing.
Bitcoin has always been a good topic for the mainstream media to criticize. Its price volatility, the still-unsolved mystery of its creator Satoshi Nakamoto, and its decentralized structure that enables usage in illegal transactions make Bitcoin an easy target for sensational headlines.
This week’s price dip similarly triggered apocalyptic headlines from a slew of mainstream media outlets. Over $350 billion was lost in cryptocurrency market capitalization overnight, and altcoins saw a 15% to 30% price dip throughout the day. Some major crypto trading platforms such as Coinbase, Binance and Gemini experienced some downtime due to the unusual market activity.
Despite the crash, some experts are convinced that the market will bounce back. Yesterday, Cointelegraph organized a live stream to analyze and understand the market’s situation with Charlie Burton and Michaël van de Poppe as guests. The question “Was today’s market movement the end of the bull cycle?” received a solid “no” from both guests.
Wednesday’s market crash triggered yet another barrage of obituaries from mainstream media.
As Bitcoin (BTC) price took a sharp dive to “pre-Elon Musk pump” levels of $30,000, mainstream media took an unsurprising approach covering the market-wide crash by announcing that Bitcoin is dead.
The end of Bitcoin has now been announced more than 400 times in 12 years, according to the Bitcoin Obituaries archive. There are 414 obituaries for Bitcoin since its inception in 2010, and yesterday’s post-mortem assessments of Bitcoin are still being added.
The obituaries range from calling Bitcoin the biggest Ponzi scheme in history to comparing BTC to Monopoly money.
The first year of crypto shows only one record, when the Bitcoin price was $0.23, explaining why Bitcoin can’t be a currency. More than a quarter of the submissions are related to the 2017 Bitcoin bull run and the huge crash afterwards.
While the negative stories on Bitcoin arrive primarily in times of price crashes, Bitcoin obituaries data shows that it’s not unusual to have an article burying the largest cryptocurrency while the market is still growing.
Bitcoin has always been a good topic for the mainstream media to criticize. Its price volatility, the still-unsolved mystery of its creator Satoshi Nakamoto, and its decentralized structure that enables usage in illegal transactions make Bitcoin an easy target for sensational headlines.
This week’s price dip similarly triggered apocalyptic headlines from a slew of mainstream media outlets. Over $350 billion was lost in cryptocurrency market capitalization overnight, and altcoins saw a 15% to 30% price dip throughout the day. Some major crypto trading platforms such as Coinbase, Binance and Gemini experienced some downtime due to the unusual market activity.
Despite the crash, some experts are convinced that the market will bounce back. Yesterday, Cointelegraph organized a live stream to analyze and understand the market’s situation with Charlie Burton and Michaël van de Poppe as guests. The question “Was today’s market movement the end of the bull cycle?” received a solid “no” from both guests.
Bitcoin Pizza Initiative Launched Among Heavy Criticism: Only Fiat Accepted
The Bitcoin Pizza initiative, a new endeavour promoted by Bitcoin influencer Anthony “Pomp” Pompliano, that seeks to fund Bitcoin development while remembering Lazlo Hanyecz’s legendary pizza purchase, was launched yesterday. While being applauded by some, it also raised a lot of criticism from the cryptocurrency community due to its proposition.
Bitcoin Pizza Initiative Launched
Anthony “Pomp” Pompliano, the known cryptocurrency influencer, launched a new endeavour called Bitcoin Pizza. The business objective is to remember the now mythical purchase that Lazlo Hanyecz made 11 years ago while helping the bitcoin developer community at the same time. The initiative includes bitcoin users, local businesses in 10 different U.S. cities, and custom packaging to create a new brand for this purpose.
The pizzas will be available starting next Saturday, and users who would like to purchase these pizzas will have to order through a local vendor, that will have custom branding boxes available, preparing the pizza in six different presentations already defined on the site. These flavours are heavily influenced by Bitcoin-based memes: “Laser Eyes,” “Satoshi’s Favorite,” “No Keys No Cheese,” “Lightning Meat,” and “Capital Greens.”
Bitcoin Pizza aims to deliver 10,000 pizzas this Saturday, the 11th anniversary of Hanyecz’s purchase. Pomp commented on social media that the full proceeds of this sale will go to fund Bitcoin Development via the Bitcoin Development Fund invoked by the Human Rights Foundation. The fund has collected $316,303 from 112 donors so far, supporting several devs and wallet teams linked to the cryptocurrency since its establishment.
Inbound Criticism
While this idea was received with enthusiasm by a part of the cryptocurrency sphere, who was eager to support this initiative, another part of it criticized the idea for a simple reason: Local vendors will only accept credit cards for its pizzas, leaving bitcoin and other bitcoin and other cryptocurrencies out of the picture for paying.
For them, the whole idea of commemorating Pizza Day is to experience the same that Hanyecz experienced back in the day when he paid for his pizza with Bitcoin. However, Pomp fired back. The influencer tweeted an answer stating:
We don’t want people giving up their bitcoin for pizza, but rather we are working to raise money in the form of depreciating fiat dollars to help fund bitcoin development.
Pompliano implied he is in fact protecting investors by accepting dollars instead of bitcoin.
The Bitcoin Pizza initiative, a new endeavour promoted by Bitcoin influencer Anthony “Pomp” Pompliano, that seeks to fund Bitcoin development while remembering Lazlo Hanyecz’s legendary pizza purchase, was launched yesterday. While being applauded by some, it also raised a lot of criticism from the cryptocurrency community due to its proposition.
Bitcoin Pizza Initiative Launched
Anthony “Pomp” Pompliano, the known cryptocurrency influencer, launched a new endeavour called Bitcoin Pizza. The business objective is to remember the now mythical purchase that Lazlo Hanyecz made 11 years ago while helping the bitcoin developer community at the same time. The initiative includes bitcoin users, local businesses in 10 different U.S. cities, and custom packaging to create a new brand for this purpose.
The pizzas will be available starting next Saturday, and users who would like to purchase these pizzas will have to order through a local vendor, that will have custom branding boxes available, preparing the pizza in six different presentations already defined on the site. These flavours are heavily influenced by Bitcoin-based memes: “Laser Eyes,” “Satoshi’s Favorite,” “No Keys No Cheese,” “Lightning Meat,” and “Capital Greens.”
Bitcoin Pizza aims to deliver 10,000 pizzas this Saturday, the 11th anniversary of Hanyecz’s purchase. Pomp commented on social media that the full proceeds of this sale will go to fund Bitcoin Development via the Bitcoin Development Fund invoked by the Human Rights Foundation. The fund has collected $316,303 from 112 donors so far, supporting several devs and wallet teams linked to the cryptocurrency since its establishment.
Inbound Criticism
While this idea was received with enthusiasm by a part of the cryptocurrency sphere, who was eager to support this initiative, another part of it criticized the idea for a simple reason: Local vendors will only accept credit cards for its pizzas, leaving bitcoin and other bitcoin and other cryptocurrencies out of the picture for paying.
For them, the whole idea of commemorating Pizza Day is to experience the same that Hanyecz experienced back in the day when he paid for his pizza with Bitcoin. However, Pomp fired back. The influencer tweeted an answer stating:
We don’t want people giving up their bitcoin for pizza, but rather we are working to raise money in the form of depreciating fiat dollars to help fund bitcoin development.
Pompliano implied he is in fact protecting investors by accepting dollars instead of bitcoin.
Bitcoin Island Being Developed Where Everything Is Paid For In Cryptoccurrency
The Caribbean island home to the world’s first bitcoin community. According to Independent UK, A Caribbean housing developer is creating the world’s first bitcoin community, where residents will pay for property, goods and services entirely in cryptocurrency.
The first fully bitcoin-enabled community will be set in Bequia, an 18 sq km Caribbean island that is part of St Vincent and the Grenadines.
The project is the brainchild of real estate developer Storm Gonsalves, who plans to build 39 luxury villas, shops, a clubhouse and buildings with his company One Bequia.
Residents will be able to pay for everyday essentials like groceries, restaurants and entertainment in bitcoin, as well as buying their property with the cryptocurrency.
The Caribbean island home to the world’s first bitcoin community. According to Independent UK, A Caribbean housing developer is creating the world’s first bitcoin community, where residents will pay for property, goods and services entirely in cryptocurrency.
The first fully bitcoin-enabled community will be set in Bequia, an 18 sq km Caribbean island that is part of St Vincent and the Grenadines.
The project is the brainchild of real estate developer Storm Gonsalves, who plans to build 39 luxury villas, shops, a clubhouse and buildings with his company One Bequia.
Residents will be able to pay for everyday essentials like groceries, restaurants and entertainment in bitcoin, as well as buying their property with the cryptocurrency.
Whales scooped up $5.5B in Bitcoin as BTC price dropped below $36K
Derivatives data shows whales aggressively bought the dip as Bitcoin's price dropped below $36,000, but that doesn't mean BTC has bottomed yet.
Whales scooped up $5.5B in Bitcoin as BTC price dropped below $36KMARKET ANALYSIS
The stream of negative regulatory news concerning Bitcoin (BTC) and cryptocurrencies has been nonstop over the past couple of weeks.
Fear, uncertainty and doubt — news that failed to cite any actions and merely refreshes old information from China. A statement from the Chinese government revealed plans to "crack down on Bitcoin mining and trading behavior."
While retail traders are easily scared by this type of news, whales and market makers know how to spot a buying opportunity, which was the case for today's drop to $36,200.
Derivatives data shows whales aggressively bought the dip as Bitcoin's price dropped below $36,000, but that doesn't mean BTC has bottomed yet.
Whales scooped up $5.5B in Bitcoin as BTC price dropped below $36KMARKET ANALYSIS
The stream of negative regulatory news concerning Bitcoin (BTC) and cryptocurrencies has been nonstop over the past couple of weeks.
Fear, uncertainty and doubt — news that failed to cite any actions and merely refreshes old information from China. A statement from the Chinese government revealed plans to "crack down on Bitcoin mining and trading behavior."
While retail traders are easily scared by this type of news, whales and market makers know how to spot a buying opportunity, which was the case for today's drop to $36,200.