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Bitcoin News

Outspoken BTC Bull Tom Lee Refuses To Offer End Of Year Forecast For Bitcoin



Fundstrat Global Advisor Tom Lee, one of the biggest bitcoin and crypto supporters, is in our bitcoin news today for refusing to make a new end-of-year prediction for Bitcoin since he claims to be ‘’tired of people asking for target prices’’.

Tom Lee has already done hundreds of price predictions that haven’t really come true, unfortunately. The price of Bitcoin hit another yearly low after it broke the support level of $6,000 and Lee is saying that the major cryptocurrency is extremely undervalued.

He has made extremely bold predictions in the past even claiming that BTC could reach up to $25,000 by the end of 2018. Not only did this prediction not come true, but he also managed to miss the target by a stunning 85 percent this of course, if Bitcoin pulls a last-minute sharp recovery.

Given the current situation on the market, sharp turns as these are highly impossible which can be a reason why Lee refuses to make a new prediction.

His most accurate and fair value is somewhere between $13,700 and $14,900 which makes Bitcoin undervalued by more than $10,000. This analysis is based on the current number of active wallet addresses and the number of transactions done each month.

As for why BTC is extremely undervalued, Lee believes that is a combination of multiple factors such as fear of a potential economic collapse, a massive sell-off of the assets and the normal market cycle.

There is also one major factor that could influence the price fluctuations in almost all cryptocurrencies and that would be the war between the Bitcoin Cash camps.

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Bitcoin News

After The First Successful Bitcoin Donation, Hamas Demands More

The military wing of Hamas, Al-Qassam Brigades has requested another bitcoin donation from their supporters a few months after the first donation that we previously discussed about in our blockchain news which was able to provide the group with financial aid. The group demands for Bitcoin in order to finance their Resistance campaign which is dubbed a terrorist organization according to many countries around the world including Israel and The United States. The request for new bitcoin donation comes because of the financial woes the group is facing. The traditional channels through which the group receives money or other method of funding have been blocked. Hamas blamed Israel for:
‘’Israel is fighting the resistance by trying to cut off its support, but supporters of the resistance all over the world are fighting the Zionist attempts and are working to find alternative methods to support it. We call upon all supporters of the resistance and of our just cause to support it through Bitcoin, through means that we will announce soon.’’
The terrorist group is facing even more financial cuts than before after one of its biggest benefactors Qatar, announced a new approach towards the funding. According to The Jerusalem Post, Qatar will start from April to cut down on all fundings to the Hamas organization and will donate the funds to humanitarian projects. Starting from 2012 up to 2018, Hamas is believed to have gathered about $1.1 billion from Qatar. Another major benefactor for the fundamentalist organization is believed to be Iran. But, with the sanctions imposed on Iran by the United States, Hamas could not receive a lot of money or Bitcoin from Iran because the country was severely restricted. Since February, the fundamentalist group was able to gather $2,500 and at that time the crypto exchange Coinbase got involved into the issue. This was the case since the Israeli-based Whitestream Analytics Company claimed that Hamas’ transactions are related to wallet addresses that operate on the company wallets on the exchange. Coinbase was later almost sued by an Israeli NGO:
‘’It has recently come to our attention that the notorious Palestinian terrorist group Hamas currently maintains an account with Coinbase, Inc. through which it is accepting donations. Therefore we are writing to notify Coinbase that knowingly providing material support or resources to Hamas is a violation of US federal criminal law, and to demand that Coinbase immediately terminate any and all accounts and services provided to Hamas.’’
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Bitcoin News

New Reports Show Bitcoin Mining Is 23 Times Less Expensive Than Gold Mining

Researchers have found out recently that actual gold mining is way more expensive than Bitcoin mining. How is that possible you ask? Well, you are about to find out in the latest bitcoin news below. According to the researchers, a whole lot of energy goes into the process of gold mining, therefore, the entire financial system consumes and spends a lot of energy. People are quick to judge that Bitcoin mining is extremely energy intensive but the collected data shows otherwise. Turns out that mining gold costs about $105 billion which is 23 times higher than the $4.5 billion involved in Bitcoin mining each year. Also, the recycling process of gold, paper money and minting and maintaining the banking system is extremely expensive. Gold consumes about 475 million GJ and bitcoin consumers about 180 million GJ per year. Mining bitcoin is also energy intensive but mining gold involves transportation, refining process and security which boosts the price even higher. The reports show that 80 percent of all Bitcoin mining is based on Renewable energy which makes it more eco-friendly than mining gold. Miners nowadays are using the generated heat in the process and use it for further efficiency increase. Despite the news that show the Chinese miners getting rid of the unprofitable mining units on social media, the hydroelectricity costs increased and were added to the costs of the mining which made an even bigger problem for the miners. However, the bitcoin mining problems that emerged with the harsh, bear crypto winter are set to decrease for the first time since 2011. CoinShares researchers explain:
 “Based on historical data on energy mix and locations of cryptocurrency mining operations in China, we have shown that contrary to the common narrative, the vast majority of global Bitcoin mining capacity (minimum 77.6%) is running on renewable energy.’’
Bitcoin mining is one of the main problems for consumers and users because apparently it takes up too much energy in the process and harms the environment. While it is extremely easy to talk trash about BTC usage, people still tend to ignore the other forms of currencies that also spend the same amount of energy.
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Bitcoin News

Tim Draper Believes That Bitcoin Could Improve the Argentinean Economy

Tim Draper, a well-known crypto bull, is yet again a hot topic for our bitcoin news after he proposed a bet to the Argentinean president to legalize Bitcoin if he wants the economy of his country to improve dramatically. The venture capital investor met with Mauricio Macri, the president of Argentina where he discussed the economy of the country and how cryptocurrencies could boost the economic situation in the Latin American Country, according to the reports from Cointelegraph en Español. During his meeting with the president, Draper explained how the newly emerging technologies such as crypto and blockchain could provide a solution for all major problems in the Argentinean economy including the Argentine peso devaluation as well as prevent the young people of Argentina to move out from the country. He said:
"We were speaking of Bitcoin and the devaluation of the peso, and I proposed a bet: if the peso would be valued more than Bitcoin, I would double my investment that I was making for the country. But if Bitcoin gained a higher rate than the peso, they would have to declare it as a national currency. That would be a perfect decision, as there's a lack of confidence in this coin.”
He also explained that he believes Bitcoin and blockchain are a much bigger evolution than the internet ever was and that now is the perfect time to adopt crypto technology in Argentina because it will change the entire banking, financial and commerce system. Of course, he couldn’t hold his breath and made a bold prediction that Bitcoin will be worth somewhere up to $250,000 until 2023 because people will start to use bitcoin in their everyday lives just like the dollar or the peso but they will opt for bitcoin because it is decentralized and global. Meanwhile, Argentina has adopted multiple projects from the blockchain world when at the start of the Month, the government of Argentina agreed to be a co-investor in blockchain projects that were backed by Binance Labs and the crypto exchange LatamEx. Binance is also planning to open a new fiat to crypto exchange in Argentina. Back in February, Argentina made a deal in Bitcoin to export pesticides and fumigation products in Paraguay worth $7,100. The deal was paid in bitcoin and later converted into Argentine peso.
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Altcoin News

Crypto Trader DataDash Says That Bitcoin Is Near A Bottom: XRP, ETH, TRX & XLM Analysis

The latest price action of the most dominant cryptocurrency out there, Bitcoin (BTC), shows that the market is stable - but not ready for a bullish run. This is what motivated many traders and analysts to share their thoughts about the recent situation - making the latest digital currency news on our crypto news site. The most popular analysis which went viral was made by YouTube's biggest crypto analyst Nicholas Merten, who believes that Bitcoin is bottoming. In the latest edition of his show DataDash, he compared the current price of Bitcoin and the current market action to the decline in 2014 and the sideways trading situation in 2015. As he said, there are three indicators that suggest Bitcoin is entering a period of sideways consolidation before a new run to the upside. According to Merten, the 50 and 100-week moving averages, the stochastic RSI and true strength indicators are all signaling that Bitcoin is starting to enter a bottoming phase.
“We’re going to need to see much more substantial price action for Bitcoin to be considered in a bull market. So we’re in neither really a bear market as of the last few weeks, and we’re also not in a bull market. Again, we have to see a justification of price on either side,” he said.
The video can be seen below. According to his analysis, the current market conditions indicate that it will take a few weeks or months for Bitcoin to regain its momentum. Ripple and XRP, on the other hand, are also pushing to expand their presence in new territories. When it comes to the latest news around Litecoin, we have Jon Moore known as 'Johnny Litecoin' who recently showed the new integration of Litecoin with the payment system Clover. As you probably know, the Clover platform offers free open-source code that allows merchants to implement custom third party payment options. When it comes to Stellar (XLM) and Tron (TRX) as the other altcoin gainers, XLM has recently powered IBM's World Wire remittance platform - while Tron (TRX) and its community have recently expanded to Beijing and are constantly in the latest cryptocurrency news for their blockchain advancements.
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