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Billionaire Sam Zell Skeptic of <a href="https://thebitcoinstreetjournal.com/currencies/BTC/bitcoin/" target="_blank">Bitcoin</a>, Predicts US Dollar to be Replaced as World Reserve Currency https://coingape.com/billionaire-sam-zell-skeptic-bitcoin/
https://coingape.com/?p=78136
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</div><p>Sam Zell,  the American billionaire businessman and philanthropist recently in an <a rel=”nofollow” href=”https://www.businessinsider.com/billionaire-investor-sam-zell-questions-tesla-bitcoin-work-from-home-2020-12?IR=T”>interview</a> claimed that he is still skeptical about bitcoin as the whole world seems to go gaga over the top cryptocurrency. The Real-estate magnate suggested that Bitcoin might turn out to be the answer to many of our financial woes but he still doesn’t believe many people involved with it.</p><div class=”coing-after-first-paragraph” id=”coing-1171920075″><style>
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<blockquote><p>“I am very skeptical, frankly, of Bitcoin. Ultimately, it may be the answer or one of the answers. But right now, it’s a world that’s extraordinarily populated by chameleons and other fast-talking characters. I don’t believe everybody involved in it are the kind of people I’d like to follow.”</p></blockquote>
<h2><strong>US Dollar May Lose Reserve Currency Status in 10-15 years</strong></h2>
<p>Zell also warned about the deteriorating value of the US Dollar as the reserve currency of the world owing to the ongoing printing spree. The US Federal Reserves have printed more than 30% of their supply this year itself. The billionaire investor believes this could prove disastrous in the long run and the US might lose its reserve currency value in 10-15 years if the Feds continue their current behavior. He said,</p>
<blockquote><p>“The single greatest risk that we are dealing with today is the loss of the US dollar as the reserve currency. If we keep doing what we are doing right now, I think it is 10 or 15 years away. If we lose the reserve status, I could see a 25% reduction in our standard of living.”</p></blockquote>
<p>He added,</p>
<blockquote><p>“Unlimited debt and irresponsible activity don’t lead to positive outcomes. That’s a disastrous kind of scenario.”</p></blockquote>
<h2>Bitcoin Recovers From Near $2,000 Crash</h2>
<p>Zell’s skepticism towards bitcoin is understandable given its comparatively very new asset class currently transitioning into a more reliable inflation hedge than gold. Many institutions be it JP Morgan, BlackRock or PayPal had quite similar understanding of bitcoin a couple of years ago, but now they have become the driving force behind the ongoing bull rally.</p>
<p>Bitcoin also registered its first flash crash of over $1,800 after breaching the <a rel=”nofollow” href=”https://coingape.com/bitcoin-bulls-exhaust-after-week-long-rally-stock-markets/”>previous all-time-high</a> last week. The market correction was on the cards since last Friday but the Institutional buying spree helped bitcoin bulls carry the momentum through the weekend.</p><div class=”coing-content” id=”coing-855542033″><style>
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<p>Bitcoin has managed to recover and move over $23,000 primarily because of <a rel=”nofollow” href=”https://coingape.com/Microstrategy-buys-additional-29646-bitcoins-BTC-650-million-recent-correction/”>Microstrategy’s another bitcoin shopping spree</a> buying $650 million worth of Bitcoin during the dip at $21,950. Now MicroStaretegy has purchased over a billion-dollar worth of bitcoin and raised an additional $650 million through the sale of security debts in the form of convertible notes.</p>
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<p>To keep track of DeFi updates in real time, check out our DeFi news feed <a href=”https://bit.ly/2FCrQBp” target=”_blank” rel=”nofollow noopener”>Here</a>. </p>

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<span class=”head”> Author: Prashant Jha </span>
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An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
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<p><strong><a href=”https://blockads.fivefilters.org”></a></strong> <a href=”https://blockads.fivefilters.org/acceptable.html”>(Why?)</a></p> Mon, 21 Dec 2020 15:57:24 +0000 Prashant Jha
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https://coingape.com/billionaire-sam-zell-skeptic-bitcoin/
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BTC Price Analysis: Bitcoin Aiming To Retest $20,000 Before It Starts Another Rally https://coingape.com/btc-price-analysis-bitcoin-aiming-retest-20000-starts-another-rally/
https://coingape.com/?p=78112
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<p><strong>Key Highlights:</strong></p><div class=”coing-after-first-paragraph” id=”coing-2068460972″><style>
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<p>• Bitcoin lost 3.7% today after facing rejection around $24,300 level – the current high<br>• The long-term bullish trend may suspend if the key $20,000 level fails to act as a support<br>• A break above the current ATH would validate more increase for the giant coin</p>
<h2>Bitcoin Price Analysis</h2>
<p>Bitcoin sets another massive all-time-high record yesterday at $24,300 on BitStamp following an impressive 40% gains under a week. This rally was followed by a big shot above $20,000 last week. Although the leading cryptocurrency seems to have exhausted momentum around this new ATH after a three-day consolidation. The price just dropped to $22700 at the time of writing.</p>

<figure class=”wp-caption aligncenter”><img class src=”https://www.tradingview.com/x/Ghj8O24U/” alt width=”858″ height=”504″><figcaption class=”wp-caption-text”>BTC/USD – 4H Chart by <a rel=”nofollow noopener noreferrer” href=”https://tradingview.com/symbols/btcusd/” target=”_blank”>TradingView</a></figcaption></figure>
<p>However, Bitcoin is still looking bullish on the long-term trend but we may see a deep correction to around $20000 resistance-turned-support level before rebounding. But the price is likely to face key psychological support at $22000 and $21000 before it further drops.</p><p>The latest drop was triggered after Bitcoin reached overbought zone on the 4-hours technical RSI indicator. It is now looking for support around the 50 level. If this level fails to provide support, we can expect a further loss to RSI 30 level – where a rebound is most likely to come into play. The MACD indicator is similarly oscillating downward – although still in its positive zone.</p><p>In case Bitcoin manages to bounce back from any of these mentioned key support levels, we should expect a massive rally towards $30000 level (where a new ATH is likely) in no time. Along the way, resistance may also come around $26000 and $28000 after surpassing the current $24300 high. </p><p>The current bearish actions may last for a while before we see a major recovery. A steep drop below the $17600 benchmark could set a mid-term bearish for Bitcoin. For now, the trend is still in favor of the bulls.</p>
<h3>Key indicators:</h3>
<p><strong>Resistance Levels:</strong> $24300, $26000, $28000<br><strong>Support Levels:</strong> $22000, $21000, $20000</p><div class=”coing-content” id=”coing-107389556″><style>
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<p><strong>Current Rate:</strong> $22700<br><strong>Price Change:</strong> -3.7%<br><strong>Trend:</strong> Bullish<br><strong>Volatility:</strong> High</p>
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<p>To keep track of DeFi updates in real time, check out our DeFi news feed <a href=”https://bit.ly/2FCrQBp” target=”_blank” rel=”nofollow noopener”>Here</a>. </p>

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<span class=”head”> Author: Michael Bolaji </span>
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<p><strong><a href=”https://blockads.fivefilters.org”></a></strong> <a href=”https://blockads.fivefilters.org/acceptable.html”>(Why?)</a></p> Mon, 21 Dec 2020 15:12:21 +0000 Michael Bolaji
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https://coingape.com/btc-price-analysis-bitcoin-aiming-retest-20000-starts-another-rally/
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<span class="waslinkname" data-link="aHR0cHM6Ly9taWNyb3N0cmF0ZWd5LmNvbS9zdGFydD9yZWY9dGhlYml0Y29pbnN0cmVldGpvdXJuYWwuY29t" data-target="_blank">Microstrategy</span> Buys Additional 29,646 Bitcoins (BTC) for $650 Million During Recent Correction https://coingape.com/Microstrategy-buys-additional-29646-bitcoins-btc-650-million-recent-correction/
https://coingape.com/?p=78091
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</div><p>Business Intelligence firm Microstrategy knows how to make the most of the Bitcoin (BTC) price correction. As Bitcoin corrected over 5.5% in a marketwide correction, Microstrategy director Michael Saylor announces the purchase of an additional 29,646 Bitcoins (BTC) for an aggregate price of $650 million.</p><div class=”coing-after-first-paragraph” id=”coing-1662405449″><style>
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<p>The massive fund infusion in Bitcoin comes after MicroStrategy completed $650 million of convertible notes last week. With the latest purchase, MicroStrategy’s aggregate BTC holdings cross 70,000. It also takes the company’s total investment in Bitcoin to $1.125 billion at an average price of $15,964 per BTC.</p>
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<p lang=”en” dir=”ltr”>MicroStrategy has purchased an additional 29,646 bitcoins for $650 million at an average price of $21,925 per <a href=”https://twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin</a> and now <a href=”https://twitter.com/hashtag/hodl?src=hash&ref_src=twsrc%5Etfw”>#hodl</a> an aggregate of 70,470 bitcoins purchased for $1.125 billion at an average price of $15,964 per bitcoin.<a href=”https://t.co/j6wVLXIzoa”>https://t.co/j6wVLXIzoa</a></p>
<p>— Michael Saylor (@michael_saylor) <a href=”https://twitter.com/michael_saylor/status/1341006691408752640?ref_src=twsrc%5Etfw”>December 21, 2020</a></p></blockquote>

<p>In the official announcement, MicroStrategy CEO Michael Saylor <a rel=”nofollow noopener noreferrer” href=”https://www.microstrategy.com/en/company/company-videos/microstrategy-announces-over-1b-in-total-bitcoin-purchases-in-2020″ target=”_blank”>writes</a>:</p>
<blockquote><p>“The Company continues to operate in accordance with its Treasury Reserve Policy and currently holds approximately 70,470 bitcoins. The acquisition of additional bitcoins announced today reaffirms our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value.  We believe the proactive management of our balance sheet, combined with the improved revenue and profitability performance of the Company, have been significant factors in the recent appreciation in our stock price.”</p></blockquote>
<p>The recent fund infusion comes just at a time when the markets are under a massive selling spree. Michael Saylor has been endorsing Bitcoin (BTC) for a long time calling it the perfect hedge against the massive money printing by the Fed and the rising inflationary pressure.</p>
<h3>Institutional Inflows Key to Bitcoin Price Surge</h3>
<p>Last week, the Bitcoin (BTC) price surged all the way to above $24,000 following big institutional announcements. However, after a 20% surge in a very short period, Bitcoin struggled to hold that level and has finally entered a correction.</p><div class=”coing-content” id=”coing-1717344354″><style>
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<p>Earlier today, JPMorgan analysts <a rel=”noopener noreferrer” href=”https://coingape.com/jp-morgan-says-decline-crypto-fund-inflows-can-trigger-next-bitcoin-btc-correction/” target=”_blank”>wrote</a> that institutional inflows in Bitcoin funds are key to keep the momentum going further. Well, the latest investment from MicroStrategy comes just at the right time.</p>
<p>On the other hand, crypto markets have entered deep correction despite the $900 billion <a rel=”noopener noreferrer” href=”https://coingape.com/bitcoin-bulls-exhaust-after-week-long-rally-stock-markets/” target=”_blank”>stimulus deal</a> by Congress on Sunday, December 20. Although the stimulus package will put more liquidity into the markets, the rising COVID-19 cases are creating further concern.</p>
<p>London has reported a new COVID-19 strain that is very fast-spreading and deadly. Several countries have issued a ban on flights coming from the U.K. Markets across Europe and Asia corrected heavily today.</p>
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<p>To keep track of DeFi updates in real time, check out our DeFi news feed <a href=”https://bit.ly/2FCrQBp” target=”_blank” rel=”nofollow noopener”>Here</a>. </p>

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<span class=”head”> Author: Bhushan Akolkar </span>
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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<p><strong><a href=”https://blockads.fivefilters.org”></a></strong> <a href=”https://blockads.fivefilters.org/acceptable.html”>(Why?)</a></p> Mon, 21 Dec 2020 13:23:33 +0000 Bhushan Akolkar
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https://coingape.com/microstrategy-buys-additional-29646-bitcoins-btc-650-million-recent-correction/
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