Bitcoin
No, Today Is Not Bitcoin’s Birthday
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6 hours agoon
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adminSome things in Bitcoin are just not up for debate.
The plural of bitcoin is also bitcoin— not bitcoins. (One bitcoin, two bitcoin, three bitcoin…) Bits is a better sub-denomination than sats. (100 sats is actually one bit, like a 100 cents is one dollar; being a wholecoiner makes you the Bitcoin-equivalent of a millionaire, as that would mean you have a million bits.) And October 31st is not Bitcoin’s birthday.
Bitcoin’s birthday is January 3rd. It says so right there in block 0: 2009-01-03 19:15:05 GMT +1. On that day Bitcoin’s blockchain launched, with 50 newly generated coins issued to Satoshi Nakamoto’s public key. (But from which Bitcoin’s creator cannot spend according to the protocol rules; since Satoshi was the only person who could have created the genesis block, that would have effectively constituted a 50 BTC pre-mine.)
Yes, Bitcoin was first proposed through Satoshi’s white paper on October 31, 2008. But you don’t celebrate your birthday on the day your mom told your dad she wanted to have a kid. Nor do you celebrate it on the day your parents conceived you, or on the day they announced you to the world via a gender reveal party.
You celebrate your birthday on the day you were born, and the same is true for Bitcoin. January 3rd.
Happy Bitcoin White Paper Day.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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Bitcoin
BTC Prices Take Breather as Exchange-Traded Funds Record Another Day of Monster Inflows
Published
8 hours agoon
October 31, 2024By
adminA breather in the market from a wider pump earlier in the week came amid a second straight day of strong inflows for U.S. bitcoin exchange-traded funds (ETFs). The ETFs recorded over $893 million in inflows on Wednesday after taking in $879 million on Tuesday, the first back-to-back inflows of more than $850 million. Cumulative net inflows since their introduction in January now total $24 billion, according to data tracked by Farside Investors.
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24/7 Cryptocurrency News
Bitcoin Price Forms A Golden Cross Showing BTC All-Time High Is Imminent
Published
8 hours agoon
October 31, 2024By
adminThe Bitcoin price saw strong gains over the past week adding another 8-9% and is currently trading around $72,200 levels. Also, charts showing the “Golden cross” formation suggest that we might be seeing news all-time highs for BTC very soon.
Bitcoin price “Golden Cross” Indicator suggests Bullish Momentum
As per the latest data from CryptoQuant, Bitcoin’s active addresses suggest a major shift in momentum as the 30DMA has crossed above the 365DMA, forming a “golden cross” — historically associated with upward price momentum.
Following Bitcoin’s last all-time high in March, a “death cross” pattern had emerged which pushed the Bitcoin price into a bearish territory. Since then, BTC has yet not been able to breach the March levels. However, the momentum seems to be shifting now with bulls in place and the latest formation of the “Golden cross” pattern. Additionally, transaction counts are nearly twice what they were in the 2021 cycle, underscoring heightened market activity.
However, CryptoQuant analysts caution that if the 30DMA does not exceed the 365DMA more strongly, BTC’s current trend may mirror the mid-2021 consolidation phase. This critical period is one to watch closely for investors assessing long-term momentum.
BTC Retail Participation On the Rise
During the previous Bitcoin price rallies to all-time highs, it saw strong retail participation along with institutional participation. However, in the past few weeks, retail participation remained subdued with institutional players and whales driving most of the price action.
But the latest development suggests that retail participation is also picking up once again in the market. Also, on-chain data shows that the retail demand for BTC has surged to the seven-month highs recently.
😱 Retail Investor Demand Hits Highest Level in 7 Months pic.twitter.com/BLF83Kctrr
— Maartunn (@JA_Maartun) October 30, 2024
There are some parts of the world such as Europe and Canada where the Bitcoin price continues to make fresh all-time highs. On the other hand, the institutional demand remains intact.
Inflows into spot Bitcoin ETF reached the second highest on Wednesday, October 30, with BlackRock’s IBIT dominating the show entirely. IBIT’s total inflows have surged past $25 billion since inception within a matter of just 10 months of launch.
On the other hand, the largest BTC corporate holder MicroStrategy unveiled its plans to raise a total of $42 billion and buy more Bitcoins. This shows that corporate interest in BTC remains intact. Players across the globe like Metaplanet have adopted Michael Saylor’s Bitcoin adoption blueprint. On the other hand, Microsoft is also considering shareholder vote to put BBTC to its balance sheet.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin
How many crypto millionaires are there? Meet the whales.
Published
11 hours agoon
October 31, 2024By
adminMany people have stumbled upon unexpected wealth thanks to cryptocurrencies. You don’t have to be an expert to see that Bitcoin’s price is sky-high compared to when it first started. Back around 12-15 years ago, you could buy thousands of Bitcoins for almost nothing.
It’s believed that the biggest gains were made by those who believed in digital currencies at the very beginning. But fast forward to today, and new coins are still popping up, offering fresh opportunities to make a fortune. Recent reports show that the number of crypto millionaires is on the rise, proving that people are still cashing in on this digital gold rush. How many cryptocurrency millionaires are there?
Understanding crypto millionaires
Crypto millionaires come from diverse backgrounds and employ various strategies to maintain their wealth. Beyond early investors, many have made their fortunes through savvy trading, capitalizing on market volatility to buy low and sell high.
Others have really flourished in the world of decentralized finance, finding ways to earn passive income by lending out their assets or providing liquidity to exchanges. Some crypto millionaires really make the most of their expertise by launching exciting projects that solve real problems or offer new experiences, drawing in significant investment.
The crypto world changes fast, and these millionaires realize that staying attuned to market trends is key to their continued success.
Estimating the number of crypto millionaires
How many crypto millionaires are there in the world? According to the 2024 report by New World Wealth and Henley&Partners, there are currently 172,300 individuals worldwide who hold crypto assets worth over $1 million.
The number of millionaires exclusively owning Bitcoin has more than doubled compared to last year, reaching 85,400. Wealth growth in the crypto industry is being observed at all levels. There are now 325 crypto centimillionaires — individuals with crypto assets exceeding $100 million — and 28 crypto billionaires.
Among the six new crypto billionaires who emerged in the past year, five attribute their wealth to Bitcoin, highlighting its dominant role among long-term investors.
Worldwide crypto wealth statistics | Source: Henley&Partners
Factors influencing the number of crypto millionaires
The surge in wealthy individuals within the crypto space can be traced back to the growth of Bitcoin ETFs, which have gathered over $50 billion in assets since their introduction in January 2024, enticing institutional investors.
Additionally, just this March, Bitcoin (BTC) soared to a new all-time high of about $73,750, contributing to the total market value of crypto assets climbing to $2.43 trillion at the time of writing. This growth has undoubtedly made many crypto holders richer. Although some coins still haven’t bounced back to their 2021 peak values, the acceptance of cryptocurrencies by big names like BlackRock and Fidelity could fuel even more wealth for those heavily invested.
Who are some of the top crypto whales?
According to Forbes, the list of crypto whales features the founders of prominent exchanges, developers behind blockchain platforms, and other influential figures closely tied to the crypto scene. Here are the five richest among them.
Paolo Ardoino
Paolo Ardoino is a notable player in the crypto world, stepping into the CEO role at Tether in 2023. His journey began in 2014 as a senior software developer at Bitfinex, and since then, he has been instrumental in Tether’s growth, expanding its stablecoin offerings and enhancing blockchain infrastructure. Ardoino’s net worth is estimated at $3.9 billion.
Michael Saylor
Michael Saylor is the founder and CEO of MicroStrategy, a company that specializes in business analytics software. Since 2020, he has passionately championed Bitcoin, leading his firm to make bold acquisitions in the cryptocurrency. This innovative approach has allowed MicroStrategy to stand out as a pioneer among public companies in the ever-evolving crypto arena. Saylor’s net worth is estimated at $4.4 billion.
Giancarlo Devasini
Giancarlo Devasini co-founded Bitfinex and served as its CEO for a period. Currently, he’s the Chief Financial Officer and holds a 47% stake in Tether, a position that has greatly contributed to his wealth. His net worth is estimated at $9.2 billion.
Brian Armstrong
Brian Armstrong is the founder and CEO of Coinbase, one of the largest cryptocurrency exchanges in the world. With its easy navigation and solid security, Coinbase has gained a loyal following.
Beyond his work with the exchange, Armstrong actively supports the blockchain community, co-founding the Stand With Crypto movement to encourage education and advocate for favorable regulatory changes. His net worth is estimated at $11.2 billion.
Changpeng Zhao
Often called ‘CZ’, Changpeng Zhao is the founder and former CEO of Binance, the biggest cryptocurrency exchange out there. His wealth stems from his ability to elevate Binance into a premier trading platform and his strategic investments in innovative blockchain projects that are making waves in the industry. Although he stepped down as CEO following an agreement with the U.S. Department of Justice, his influence as a leading crypto whale remains strong. Zhao’s net worth is estimated at $33 billion.
Counting Millionaires
In summary, there are around 85,000 known millionaires in the world, although the true number is difficult to ascertain due to the pseudonymous or even anonymous features baked into cryptocurrency technology.
The wealth of crypto whales reflects not only their personal success but also the growing significance of digital assets in the global economy.
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