Come every Saturday, Hodler’s Digest Will help you keep track of every important news report that happened this week. The best (and worst) quotes, adoption and regulatory focus, leading tokens, forecasts, etc.-Cointelegraph for the week on a link.
Headlines this week
As the largest Bitcoin event in history kicked off in Florida, Sun, sea, and satoshis were all on the agenda.
Organizers expect this sold-out event to attract a large audience, and some predict that there will be more than 50,000 attendees.
On the first day, MicroStrategy CEO Michael Saylor revealed his more experience in the encryption field so far. He says: “I realized that I bought Bitcoin for the first time yesterday a year ago, so this is the end of my rookie year.”
Twitter and Square CEO Jack Dorsey also declared that “Bitcoin absolutely changed everything.” He said at the conference: “We don’t need the financial institutions we have today”-to create currency for the world, we must develop internationally. .
A particularly eye-opening forum discussion came from Brian Brooks, the CEO of Binance.US’s former regulator. He says: “If you have never worked in a big bank, you don’t know how serious the problem is.”
For many people, Bitcoin 2021 in Miami is the first physical event for many people since the beginning of the coronavirus pandemic, enabling celebrities, cryptographers and CEOs to communicate with each other. Alas, you can’t always please everyone.
Quantum Economics founder Mattie Greenspan posted a comment on Twitter on how Bitcoin 2021 will become “the biggest crypto conference ever!”
But he was quickly bluntly spoken by Bitcoin Magazine editor Pete Rizzo and others. He said: “This is a Bitcoin conference about Bitcoin. Bitcoin is the subject, so it is used as an adjective.”
To be fair, the organizers are very clear that this is a Bitcoin-only event, which means that altcoins are not allowed.
But as Scott Lewis, the founder of DeFi Pulse, thinks…is it really possible not to talk about Ethereum for two days?
Bloomberg analysts say that “discounted” Bitcoin is more likely to reach $100,000 in 2021 instead of $20,000
Although the party is in full swing in Florida, Bitcoin has been trying to break this fact 40,000 USD It will undoubtedly hinder the proceedings.
In other words, Bloomberg’s Mike McGron said that there are still many reasons to be bullish.
In his latest Bloomberg Galaxy Encryption Index report, he stated that BTC is “stronger, more environmentally friendly, and shorter” than the peak period of the April rebound.
He also insisted that Bitcoin’s bull market seems to be intact and that a price target of $100,000 is more likely than a retreat to $20,000.
Alas, not everyone agrees with McGraw’s predictions after the worst May in 10 years for Bitcoin prices. Nikolaos Panigirtzoglou, a strategist at JPMorgan Chase, wrote in a research report that weaker institutional demand may drag Bitcoin down. broken 30,000 USD.
Dogecoin-compared to “digital plastic” by some this week-has become a huge hit recently. Driven by Coinbase’s announcement that it will open its doors to DOGE deposits on June 1, the price of this joke cryptocurrency rose by 40% in one day.
The surge in DOGE shocked more than $16 million The bearish leverage was generated within an hour, and the altcoins almost returned to their pre-crash highs.
An analyst @HsakaTrades declared that a “boring market” is being attracted by DOGE and withdrawn from other altcoins.
We are all very familiar with the endless statements surrounding the death of Bitcoin. Now, as sales of non-fungible tokens have fallen by 90% since their peak in early May, some people are ringing the death knell for NFT.
Rear $102 million Sold value NFTs in one day on May 3, only $19 million The value was sold in the past week.exceed $170 million Value NFTs are sold in the 7-day window on either side of the top of the market, which is equivalent to nearly 90% Decline since.
The number of NFT wallets showing any signs of activity every day is also declining 70% Since the beginning of May, from 12,000 to 3,900.
NFT sales and wallet movements have declined across the entire token category, including games, decentralized finance, collectibles, art, utilities, metaverse, and sports.
Winners and losers
This weekend, Bitcoin is located at 37,733.41 USD, Ether USD 2,787.12 And XRP in 0.99 USD. Total market capitalization 1,710,804,430,870 USD.
Among the 100 largest cryptocurrencies, the top three altcoin gains this week are Theta Fuel, Curve DAO token with West Asian Currency. The top three altcoin losers this week are Lonely lion, Price cut with Nano.
For more information on encryption prices, be sure to read Cointelegraph’s market analysis.
The most memorable quotes
“Who forgot to invite Elon to the #Bitcoin conference?”
David Gochstein, Founder of Gokhshtein Media
“Bitcoin is more likely to resume appreciation to the resistance level of $100,000, rather than stay below $20,000.”
“Now, if you buy and sell gold, you will tax it, and they can do that. If you profit from Bitcoin, you will read stories about people taxing it. You cannot tax money. Taxes, you don’t levy taxes.”
Ron Paul, Former presidential candidate
“Digital currencies cannot replace gold. If they have, they will become alternatives to copper. They are risky and risky assets. They are substitutes for risky inflation hedging, not risk aversion inflation hedging.”
Jeff Curry, Goldman Sachs Global Commodity Research Head
“When things get big enough, things like consumer interests and money laundering come into play. So there are good reasons to believe [regulation] Will happen. “
Stephen Inves, Governor of the Riksbank
Forecast this week
Now back in Miami, an eye-opening group suggested that we may be only 10 years away from “super Bitcoinization”-this marks the moment when BTC takes over global finance.
There is no doubt that this is no easy task. By 2031, this will involve the addition of billions of new users.Again, Bitcoin has attracted hundreds of millions Users in the past 10 years.
Parker Lewis of Unchained Capital is one of those people who have high hopes. He says: “I think that based on the historical adoption of Bitcoin and the trillions of dollars that the Federal Reserve will print in the next few months to several years, it may be conservative to say that Bitcoin is a unit of account. 10 years.”
Saifedean Ammous, author Bitcoin standard: a decentralized alternative to central banks, It is relatively conservative. He predicts that it will take 16 years…or four halving cycles.
Kraken’s Dan Held believes that super-bitcoinization will take at least ten years…unless the fiat currency suffers a “rapid devaluation”.
FUD this week
Ethereum co-founder Vitalik Buterin admitted that the long-awaited transformation of the proof-of-stake consensus mechanism was much longer than he expected.
He partly said in Mandarin at a conference in Hong Kong: “We think it takes a year to carry out the proof of equity, but it actually takes six years. If you are doing a complicated thing that you think will take a while, it may actually take more time.”
Buterin added that in the five years since Ethereum got where it is today, there have been many internal team conflicts.
“One of the biggest problems I found in our project was not a technical problem-it was a human-related problem,” he said.
The latest roadmap estimates that Eth2 may not have the kind of scalability enjoyed by large enterprise applications until the end of 2022.
Google cancelled a three-year policy prohibiting cryptocurrency exchanges from using its advertising services.
But the new policy will not open the door for most crypto organizations, because “initial coin offerings, DeFi transaction agreements, or advertisements that promote the purchase, sale or transaction of cryptocurrencies or related products in other ways” will continue to be banned.
Google’s policies on encrypted advertising often contradict each other, and at some point experts condemned them for being unfair.
Looking forward to the battle between companies such as Binance.US and FTX to gain market share in the United States.
According to a recent court ruling, YouTube is not responsible for encryption-related scams posted on its platform.
Apple co-founder Steve Wozniak (Steve Wozniak) failed to support his lawsuit against YouTube on the grounds that the ad used his image to promote false Bitcoin giveaways.
Santa Clara County Supreme Court Judge Sunil Kulkarni stated in a preliminary ruling that YouTube and its parent company Google are protected by Article 230 of the Communications Regulation Act-a measure to protect Internet platforms from content posted to users Responsible federal law.
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