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Winklevi Twins Double Down On “Bitcoin Is Gold 2.0” Narrative

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Although the crypto industry has changed dramatically in its decade-long lifespan, the narrative surrounding Bitcoin (BTC), along with its cardinal value proposition. has been steady, more or less. Yet, there have been a few nuances.Case in point, over recent years, proponents of the cryptocurrency have been wishy-washy with the asset being a Store of Value (SoV) or a Medium of Exchange (MoE). As both arguments have their merits and proofs, a sometimes volatile dichotomy has formed between commentators, researchers, analysts, and investors touting the distinct thought processes.Related Reading:  Bitcoin May Be Gearing Up for a Move to $10,000 as Upwards Momentum ContinuesIn fact, many argue that what catalyzed the now infamous hard fork of mid-2017 was an argument about whether BTC was actually, well, digital cash. More and more are coming to the conclusion though that prior to becoming a new form of money, Bitcoin will first need to become the go-to store of value.Bitcoin As Gold 2.0In a recent tweet, Tyler Winklevoss, one of the Winklevi(i) twins and the chief executive of Gemini, noted that he sees Bitcoin as “gold 2.0”. He states that the cryptocurrency “matches or beats” gold across the board. As he said in a previous interview, the only thing that gold has over BTC is a “3,000-year headstart.”Bitcoin is gold 2.0. It matches or beats gold across the board. It’s market cap is ~140bil, gold’s market cap is ~7tril. Do the math!— Tyler Winklevoss (@tylerwinklevoss) May 16, 2019 Factual data would confirm this. As Grayscale Investments explained, unlike the metal, BTC is mathematically scarce, capped at 21 million units; BTC is decentralized and verifiable through the Internet; BTC is portable and divisible through digital technologies, and is unconfiscatable. Gold, on the other hand, has an unlimited supply, centralization risks, an inability to be easily divided and moved around, and concerns around its purity. The chart below from Grayscale sums this controversial yet seemingly valid argument up fairly well.Maybe that’s why Grayscale has begun to push for investors to “drop gold”. As NewsBTC reported previously, the firm launched an extensive ad campaign that touted BTC as “gold 2.0.” Grayscale released a 45-second advertisement that depicted two youngers physically “dropping gold” as those around them struggle with the heavy, cumbersome commodity, escaping to what is assumed to a society predicated on the use of digital assets.A No-Gold WorldLet’s say the world realizes the potential that Bitcoin holds, resulting in the world looking to store their value in BTC compared to gold. What would this hypothetical (yet totally possible) world look like? According to HodlWhale, a Seattle-based cryptocurrency investor, a world where Bitcoin has absorbed all the value of the gold in circulation would see BTC valued at $350,000.This figure isn’t exactly baseless. Pre previous reports from this outlet, all physical gold products in circulation are currently valued at approximately $7.83 trillion, while all BTC has a mere $94 billion valuation. If the latter was to fully displace the value of the first, Crypto Voices, an industry analytics and research group, estimated that BTC would swell to a value of a casual $450,000 — slightly above HodlWhale’s estimate.Featured Image from Shutterstock

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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