Want to Win 100000 in Bitcoin by Eating Pizza? Here’s Your Shot

Want to Win $100,000 in Bitcoin by Eating Pizza? Here’s Your Shot

Pizza: A Bitcoin Staple

Pizza has long been an integral staple of the Bitcoin and cryptocurrency industry.

Back when Bitcoin was trading for literal cents, a computer programmer famously made the first real-life purchase with BTC, using 10,000 precious (then effectively worthless, as the market for them was so nascent) coins to purchase two pizzas from a user on BitcoinTalk, who ordered him Papa John’s. While 10,000 BTC was then chump change (then $40) for the programmer, Laszlo Hanyecz, that same sum of cryptocurrency is now worth some $100 million. Youch.

The trend of Bitcoin and pizza has continued years later. Earlier this year, Bitcoin payments upstart Fold recently released a fun portal based on the Lightning Network. Fittingly dubbed Lightning Pizza, it allowed consumers to purchase Domino’s with Lightning transactions, which are near-instant, effectively free, and (eventually) secured on-chain. Fold’s product lead, Will Reeves, told CoinDesk the following about his company’s newest venture:

“We’re trying to make bitcoin fun again and illustrate that lightning is at a point where it is mainstream-ready.”

And the crypto community celebrated.

Want To Win $100,000? First, Go to A Domino’s In France

The pizza motif has continued to make its presence known. As first spotted by Decrypt, the French branch of Domino’s Pizza is giving away $110,000 worth of Euros to celebrate its 30th birthday, giving customers of the chain a chance to win their prize in either fiat or Bitcoin. According to the website for this surprise competition, users will have a chance to enter into the draw from September 4th to October 6th.

The Importance of The Story

While some see the Bitcoin Pizza story as one that should be heeded as a warning not to spend BTC as a medium of exchange, some have begged to differ.

At an event in Los Angeles, Mati Greenspan, a lead analyst and cryptocurrency commentator at retail brokerage eToro, told a crowd that without Laszlo’s unfortunate run-in with pizza, “we likely wouldn’t be where we are today”.

Indeed, Laszlo’s showed the world — or all of BitcoinTalk at the time — that Bitcoin can actually be used as a medium of exchange, especially in a digital context.

While the dream of global payments hasn’t been had yet, with the CEO of Twitter even saying that Bitcoin currently isn’t equipped to become the Internet’s money, solutions like the Lightning Network are well on their way.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Bitcoin Price Recedes to 10000 Analyst Expects Another 4 Drop

Bitcoin Price Recedes to $10,000; Analyst Expects Another 4% Drop

Bears Take Over Bitcoin Price

Sorry bulls, it seems that bears want to play now.

In the past few hours, Bitcoin has shed $400, printing large red candles on short-term price charts as bears managed to take control of the market. While Bitcoin is still up by 4% over the past week, it seems that bears have managed to kill the uptrend that brought BTC from $9,300 to $10,900.

As of the time of writing this, Bitcoin is trading at $10,100, which implies a 3% to 4% loss over the past day.

Analyst Financial Survivalism believes that the recent price unwind could result in further losses for the leading cryptocurrency. In a recent tweet, he noted that Bitcoin has just dropped below the lower bound of a low time frame symmetrical triangle, which has a measured downward move of $9,620. Since BTC has managed to close under the triangle, a strong collapse to the aforementioned level — some 5% lower than the current price — could be had in the coming day.

That’s not all. According to Bytetree, a crypto analytics firm, Bitcoin’s “fair value”, which is derived from its network effects and transaction values, is currently around $7,500, implying that the cryptocurrency’s premium is at around 35%. While there is unlikely to be a full retracement to that level, BTC always ends up interacting with its fair value in the long run. So should the lack of usage of the Bitcoin network continue, a further drawdown could be observed.

Altcoins Strong In Pullback

What’s interesting about this pullback is that while Bitcoin has shed 4%, altcoins have managed to outpace the market leader, even in a dump.

For those unaware, in all previous flash crashes seen over the past three months, Bitcoin managed to outpace its crypto ilk, often resulting in short-term BTC dominance surges.

This latest unexpected divergence could be seen as a sign that altcoins are starting a return to their former glory. And while some say that this fabled “altseason” is coming far too soon, the technicals support a recovery in the value of the cryptocurrency asset class against BTC.

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According to Bitcoin Bravado’s former lead analyst, Jack, selling altcoins at this point in time is nonsensical.

He argued that BTC dominance, which recently hit a two-year high, is poised to “fall off a cliff”, potentially to collapse back to the low-60s or mid-50s. Jack backed his point by citing the fact that the aforementioned metric is currently looking as it did prior to altcoin’s strong bounce in April of 2018.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Investors Will Wake Up to Bitcoin at 1 Trillion Market Cap: Macro Investor

Investors Will Wake Up to Bitcoin at $1 Trillion Market Cap: Macro Investor

What Will Draw Investors to Bitcoin?

For the most part, investors abiding by traditional investment strategies have avoided Bitcoin like the plague. Legendary investor Warren Buffett, for instance, once called the cryptocurrency “rat poison squared”, later explaining that there isn’t much inherent value in the project. Other notable players in finance and politics, including U.S. President Donald Trump, have echoed this analysis, using phrases like “thin air” and “unbacked” to get their point across.

Unlike traditional stocks and assets, Bitcoin doesn’t provide a fixed yield, a dividend, or generate cash flow. And compared to traditional and modern fiat currencies, BTC isn’t backed by the power of a government or the scarcity of an underlying asset. The foreign elements of the cryptocurrency have thus led most traditional investors to cast it aside.

However, analysts are saying that investors may begin to flock to Bitcoin — if one requirement is fulfilled that is.

In a recent tweet, Dan Tepiero, the founder of investment fund DTAP Capital and co-founder of Gold Bullion International, argued that there is one thing that will drive investors to Bitcoin: a market capitalization of over $1 trillion, which BTC is still around 400% away from.

He wrote that if you boil down the demographics of the world’s largest money managers, you get “guys over 55”, most of whom he claims “can take the ‘leap’ to believe in the investment case for BTC as an asset”. But, once the cryptocurrency reaches the $1 trillion milestone, it may awake something in investors.

For those unaware, Tapiero is a global macro investor and hard money advocate that believes Bitcoin is seriously undervalued — being a secure network that can reach anyone with an internet connection. The investor made his case for the cryptocurrency in an interview with Real Vision, a finance media outlet run by some of the world’s largest fund managers and investors:

While a $1 trillion valuation for the world’s first cryptocurrency seems quite lofty, it may not be that far away. Twitter analyst PlanB’s seminal price model for Bitcoin, the stock-to-flow (SF) ratio model, has shown that after the May 2020 block reward halving, BTC’s fair market capitalization will swell to $1 trillion. This translates to $50,000 per coin.

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Why BTC?

So, what will draw investors to Bitcoin?

Well, to be frank, the first and foremost factor in getting traditional investors to allocate capital to this space is pure FOMO. We already saw this on a relatively small scale in 2017.

But also important is the fact that the leading cryptocurrency provides benefits in traditional portfolios. Delphi Digital, a crypto research outfit, found in late-2020 that “using a simple tiered-allocation analysis,” a portfolio that is made up of 57% stocks, 40% bonds, and 3% Bitcoin yielded the highest Sharpe Ratio (a popular measure of a portfolio’s risk-return potential).

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe