Bitcoin
Silicon Valley betting on Bitcoin with Trump support
Published
2 months agoon
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adminMark Cuban opined that Bitcoin is the central theme behind the support of Silicon Valley giants for former President Donald Trump’s political aspirations.
“It’s a Bitcoin play,” said billionaire businessman Mark Cuban on Wednesday as Donald Trump remains a major talking point in crypto, Capitol Hill, and Silicon Valley. Trump told Bloomberg he would reduce corporate taxes to 15-20%. Cuban believes lower tax rates and tariffs could theoretically trigger Bitcoin’s (BTC) parabolic run and herald much higher prices.
“Combine that with global uncertainty as to the geopolitical role of the USA, and the impact on the US Dollar as a reserve currency, and you can’t align the stars any better for a BTC price acceleration,” Cuban tweeted on X.
Furthermore, the crypto proponent surmised that Silicon Valley titans view a Trump presidency as the best bet for solidifying Bitcoin as a technologically superior global currency and the preferred inflation hedge. Venture capitalist founders Marc Andreessen, Ben Horowitz, and Palantir’s Joe Lonsdale donated $8.7 million to America Pac, which supports Trump’s campaign.
More California tycoons are reportedly lining up to offer financial support, and several crypto-native names, like Kraken founder Jesse Powell, have already committed millions to the former president’s cause.
“Keep that in mind as you consider what happens if, because of geopolitical uncertainty and the decline of the dollar as the reserve currency, BTC becomes a “safe haven” globally. Which means that BTC could be what countries and all of us look to buy as a means to protect our savings”, according to Cuban.
If this happens and Trump becomes president in November, Cuban said BTC prices may eventually go higher than some might think.
Trump’s appeal to web3 and Bitcoin takes shape
Donald Trump has become the pro-crypto presidential candidate following a u-turn on his crypto-blockchain rhetoric. He has gained plaudits for opposing a central bank digital currency (CBDC), promoting Bitcoin (BTC) and local Bitcoin mining, and picking a crypto-friendly VP in Ohio Senator, J.D. Vance.
The decision marked America’s first-ever pro-crypto presidential ticket. Trump’s crypto stock rose even further after the Republican candidate survived an assassination attempt during a Pennsylvania rally last week.
The developments and events culminated in a market uptick as Bitcoin reclaimed $65,000, a new monthly high. Trump is also scheduled to speak at the Bitcoin Conference in Nashville.
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Bitcoin
Bitcoin on the Cusp of Breakout Into Parabolic Phase, Says Crypto Analyst – Here’s the Timeline
Published
1 hour agoon
September 19, 2024By
adminA cryptocurrency analyst and trader is saying Bitcoin (BTC) is on the verge of entering a bullish phase over the coming weeks and months.
The analyst pseudonymously known as Rekt Capital tells his 88,100 YouTube subscribers that Bitcoin is “on the cusp of a breakout into the parabolic phase” after spending the past few months in a re-accumulation phase.
According to Rekt Capital, Bitcoin’s parabolic phase lasts a predictable amount of time in every cycle.
“So if we just see that 160 days after the halving is how long this re-accumulation phase lasts and we tend to see a bull market peak 550 days after the halving, then this parabolic phase should last 390 days or so, 400 days or so.
So it is roughly a year of parabolic upside that we see going into the bull market peak. And if that continues, indeed mid-September 2025, mid-October 2025 is when we would see a bull market peak occur for Bitcoin.”
Bitcoin is trading at $59,958 at time of writing, about 19% below the all-time high of approximately $73,800.
The pseudonymous analyst says that based on historical precedent, Bitcoin could hit a new all-time high over the coming days.
“…but we will reverse towards the upside at some point. And that point is coming quite soon because 160 days after halving is when we see a breakout to new highs.”
The Bitcoin halving occurred around 151 days ago on April 20th.
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Bitcoin
Hut 8 deepens Bitmain partnership with launch of new ASIC miner in 2025
Published
3 hours agoon
September 19, 2024By
adminBitcoin miner Hut 8 is expanding its partnership with Bitmain to introduce a new ASIC miner with direct liquid-to-chip cooling, set to deploy in Q2 2025.
Miami-headquartered crypto mining firm Hut 8 has expanded its partnership with Bitmain, announcing the upcoming launch of the U3S21EXPH, a next-generation ASIC miner capable of reaching up to 860 TH/s.
In a Sept. 19 press release, the company the miner, which is scheduled for deployment in Q2 2025, is the first mass-commercialized ASIC model to feature direct liquid-to-chip cooling in a U-form factor.
“We believe this model represents a more thoughtful approach to capturing the lucrative economics offered by next-generation machines, reducing upfront capital requirements while we continue to pursue growth initiatives in AI infrastructure.”
Asher Genoot, Hut8 chief executive officer
Under the hosting agreement, Hut 8 has the option to purchase all or a portion of the hosted miners in up to three tranches at a fixed price within six months of deployment. If Hut 8 exercises the option in full, the company’s self-mining hashrate is expected to increase from 5.6 EH/s to 20.6 EH/s, the press release reads.
The agreement is designed to minimize upfront capital expenditures and provide flexibility for future purchases, allowing Hut 8 to assess market conditions “before committing additional capital,” per the document.
The news comes after Hut 8 secured a $150 million investment in June from Coatue Management to accelerate its artificial intelligence infrastructure development. At the time, Hut 8 said the investment was made as “many traditional data center operators are failing to meet the surging demand for AI compute capacity due to power shortages.”
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Bitcoin
Louisiana State Government Now Accepts Bitcoin Lightning As Payment
Published
10 hours agoon
September 19, 2024By
adminLouisiana State Treasurer, John Fleming, M.D. has announced that the state government will now accept Bitcoin, Bitcoin Lightning Network, and USD Coin, as a valid form of payment for state services. The first cryptocurrency payment was made to the Louisiana Department of Wildlife and Fisheries today.
Dr. Fleming, described this initiative as a crucial step in modernizing government operations, stating, “In today’s digital age, government systems must evolve and embrace new technologies. By introducing cryptocurrency as a payment option, we’re not just innovating; we’re providing our citizens with flexibility and freedom in interacting with state services.”
The Bitcoin payments will be converted into U.S. dollars by Bead Pay, a provider specializing in cryptocurrency conversion for government transactions. “The State of Louisiana will not handle cryptocurrency,” clarified the announcement. This system aims to ensure that the state is protected from the volatility commonly associated with digital currencies. The conversion process mirrors that of credit or debit card payments, minimizing risks while offering secure, efficient transactions.
Louisiana’s shift to accepting Bitcoin is a part of a broader effort to integrate new technologies into public services. “I have been proud to author several bills related to digital assets and to Chair the State Treasurer’s task force in 2022,” said Louisiana State Representative Mark Wright. “I’m excited to see Louisiana further expanding its payment options under Treasurer Fleming. I look forward to working with him and others so that Louisiana will continue to be a leader in accepting digital payments.”
Louisiana expects the new payment options to reduce fraud and enhance overall transaction security. Residents can now use their private Bitcoin wallets to pay for services, while the state continues to receive payments in U.S. dollars.
The Louisiana Department of Wildlife and Fisheries was the first state agency to adopt the new payment system, with more departments expected to follow. “Offering our sportsmen more ways to interact with our department allows for us to enhance our customer service,” stated Secretary Madison Sheahan of the Louisiana Department of Wildlife and Fisheries. “This is another step towards our goal of creating a modern and professional organization that better serves the sportsmen of the state.”
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