The former Google Product Director is in the Bitcoin news today for stating that only 1 percent of the world’s population can own more than 0.28 BTC – mainly because of the fixed supply of Bitcoin. However, Steve Lee meant this in a positive connotation and pointed out to the fact that Bitcoin is still in the early stages, stating:
“If you own 0.28 BTC and HODL, you can be certain no more than 1% of the current world’s population can ever own more BTC than you. A modest investment of $1,830 today can ensure you are a 1%er in a future Bitcoin world.”
According to him, the scarcity of Bitcoin will rise throughout the next years and more and more investors and institutions will continue to accumulate the cryptocurrency. This will obviously reduce the total possible number of people that can hold one whole Bitcoin (BTC) which is why investors with more than 0.28 in BTC should be encouraged right now.
Since the total supply of Bitcoin is fixed at 21 million BTC, it cannot be altered. According to Chainalysis which is a blockchain forensics company investigating crypto transaction, 4 million BTC are permanently lost on the blockchain as a result of theft, loss of wallets and private keys – being no longer accessible by their owners.
According to Kim Grauer who is a Senior Economist at Chainalysis, the lost supply of Bitcoin is not taken into consideration by the market cap. In other words, this means that the real price of BTC should be substantially higher, as more than 4 million BTC are estimated to be lost.
“That is a very complex question. On the one hand, direct calculations about market cap do not take lost coins into consideration. Considering how highly speculative this field is, those market cap calculations may make it into economic models of the market that impact spending activity.”
That said, based that the total Bitcoin supply is around 17 million, only 0.8 of the world population can own more than 0.28 BTC and less than 0.2 of the world population can own more than 1 BTC.
There are not enough bitcoins for everyone with a Coinbase account to own one. https://t.co/1NJpD6N6MJ
— Jameson Lopp (@lopp) October 3, 2018
New Banknotes Help Venezuela Set A Bitcoin Trading Record
Brokerage Giant TP ICAP Opens Its Doors To Bitcoin Trading
“We want to be close to what’s happening within this nascent asset class because we believe it’s important to invest in the early stages of a growing market.”The brokerage giant TP ICAP hopes that the new bitcoin trading option will attract the new clients’ money and will diversify its offering. The company which operates as an intermediary to financial, commodity and energy markets has seen a slight slump in revenue since the 2008 meltdown. Brokerage companies like ICAP mainly make trades for its banking partners but the volumes show that the company was forced to issue a profit warning in 2018. The initiative will be conducted from London by Duncan Trenholme and Simon Forster who have plans to expand in the United States and in Asia. The ICAP services will provide derivatives trading but they won’t turn their eyes from the option to hold digital assets directly in the future. Forster admitted that the number one cryptocurrency poses a threat to traditional assets so the finance executives can’t really afford to stand on the sidelines:
“TP ICAP also understands that this technology could disrupt or impact other asset classes where we currently operate, so we feel it’s important to be informed.”The traditional finance firms are slowly getting into crypto as well. At the start of the year, Fidelity launched bitcoin custody services for their clients. The multi-million asset management company will also facilitate bitcoin trading in the upcoming months. Also as noted in some of the best cryptocurrency news sites, the Intercontinental Exchange (ICE), which is the parent company of the New York Stock Exchange is preparing to launch Bakkt which is a physically-settled bitcoin futures and custody offering. In the meantime, Nasdaq will launch its own platform for bitcoin derivatives in 2019.
Bitcoin Ignores Correction Calls: Where Is BTC Headed?
“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”An analyst named Chonis Trading then took to Twitter with the following statement: https://twitter.com/BigChonis/status/1140410183665049603 He also added:
“One more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”As Bitcoin ignores correction calls, many believe that the $10,000 mark could be achieved very soon.
Bitcoin Hash Rate Reaches New High As Price Reclaims $9,000
Join us on Facebook
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Regulation5 days ago
Financial Action Task Force Wants To Turn BTC Exchanges Into Banks
Ethereum News2 days ago
Ethereum Will Skyrocket By 70% Against BTC: Analyst Prediction
Bitcoin News3 days ago
Bitcoin Tax Evasion Will Be Criminally Punishable: IRS Warns
Bitcoin News3 days ago
Weiss Ratings Upgrades Bitcoin From B- To B: Report
Altcoin News4 days ago
Bitcoin Wraps Around $8,200: Consolidation Could Happen Soon
Altcoin News1 day ago
Hottest Cryptocurrency Is Up 330% This Year (And It’s Not Bitcoin)
Bitcoin News4 days ago
Call Center Scam From India Steals $1.7 Million In Bitcoin
Blockchain News5 days ago
Erik Finman Will Bring Crypto To The Masses With The Help Of CoinBits