Daily Archives: May 20, 2022

Bitcoin (BTC) support at the $30,000 level has proven to be quite resilient amidst the turmoil of the past two weeks with many tokens in the top 100 now showing signs of consolidation after prices bounced off their recent lows.

During high volatility and sell-offs, it's difficult to take a contrarian view and traders might consider putting some distance from all the noise and negative news-flow to focus on their core convictions and reason for originally investing in Bitcoin.

Several data points suggest that Bitcoin could be approaching a bottom which is expected to be followed by a lengthy period of consolidation. Let's take a look at what experts are saying.

The spike in realized losses by Bitcoin holders was touched on by 'Root' a pseudonymous analyst who tweeted the following chart and saidrealized losses are reaching bear market highs.

While previous bear markets have seen a greater level of realized losses than are currently present, they also suggest that the pain could soon begin to subside, which would allow Bitcoin to begin the slow path to recovery.

Analysts have also pointed out that "Bitcoin's RSI is now entering a period that has historically preceded outsized returns on investment for long-term investors.

According to Rekt Capital,

Additional on-chain evidence that Bitcoin may soon see a revival was provided by Jurrien Timmer, Global Director of Macro at Fidelity. According to the Bitcoin Dormancy Flow, a metric that displays the dormancy flow for Bitcoin that roughly speaking is a measure of strong vs. weak hands.

Timmer said,

One metric that suggests that the weak hands may be nearing capitulation is the Advanced NVT signal, which looks at the Network Value to Transactions Ratio (NVT) and includes standard deviation (SD) bands to identify when Bitcoin is overbought or oversold.

As shown on the chart above, the advanced NVT signal which is highlighted in light blue is now more than 1.2 standard deviations below the mean, suggesting that Bitcoin is currently oversold.

Previous instances of the NVT signal falling below the -1.2 SD level have been followed by increases in the price of BTC, although it can sometimes take several months to manifest.

Related: Bitcoin price predictions abound as traders focus on the next BTC halving cycle

Aside from complex on-chain metrics, there are several other factors that suggest Bitcoin could see a boost in momentum in the near future.

Data from Glassnode shows that the hashrate for the Bitcoin network is now at an all-time high, indicating that there has been a substantial increase in investments in mining infrastructure with the most growth happening in the United States.

Based on the chart above, the price of BTC has historically trended higher alongside increases in the mean hash rate, suggesting that BTC could soon embark on an uptrend.

One final bit of hope can be found looking at the Google Trends data for Bitcoin, which notes a spike in search interest following the recent market downturn.

Previous spikes in Google search interest have largely coincided with an increase in the price of Bitcoin, so it's possible that BTC could at least see a relief bounce in the near future if sidelined investors see this as an opportunity to scoop up some Satoshis at a discount.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

See the rest here:
Contrarian Bitcoin investors identify buy zones even as extreme fear grips the market - Cointelegraph

A Bitcoin logo is seen during the Bitcoin 2022 Conference at Miami Beach Convention Center in Miami on April 8. Crypto such as Bitcoin have tumbled in recent days as part of a storm hitting all kinds of markets. Marco Bello/Getty Images hide caption

A Bitcoin logo is seen during the Bitcoin 2022 Conference at Miami Beach Convention Center in Miami on April 8. Crypto such as Bitcoin have tumbled in recent days as part of a storm hitting all kinds of markets.

As the old maxim goes, sometimes the bigger they are the harder they fall.

Bitcoin and other cryptocurrencies surged during the pandemic, turning many amateur investors into millionaires, on paper at least. Bitcoin, for example, hit an all-time of nearly $68,000 in November.

Today, it's trading at less than half that amount as part of an intense sell-off that has accelerated in recent weeks.

It's been even worse for an area of cryptocurrencies called stablecoins, in particular one called TerraUSD that has tumbled hard.

Here's a look at what's going on.

Put simply, cryptocurrencies got caught up in the maelstrom affecting broader markets.

Stocks, bonds and other assets have tumbled in recent weeks as investors fear the Federal Reserve will need to raise interest rates aggressively to fight inflation, raising the prospect of a recession.

The falls in broader markets have affected cryptocurrencies, with Bitcoin down more than 20% in the past two weeks.

The selloff has been worse for some of the newer cryptocurrencies such as Dogecoin, which started as a joke and then took off, in part, thanks to the support of billionaire Elon Musk.

It's a stark reversal from a few months ago, when actors such as Matt Damon and Larry David were pitching crypto companies in Super Bowl commercials.

Actor Matt Damon speaks onstage during Focus Features' "Stillwater" panel at the Deadline Contenders Film: New York event in New York City on Dec. 4. Damon has appeared in commercials for a company called Crypto.com. Michael Loccisano/Getty Images for Deadline hide caption

Actor Matt Damon speaks onstage during Focus Features' "Stillwater" panel at the Deadline Contenders Film: New York event in New York City on Dec. 4. Damon has appeared in commercials for a company called Crypto.com.

Yes, but it hasn't turned out to be one, at least so far.

Bitcoin was the first cryptocurrency and is still the most popular of them all.

Proponents of Bitcoin had long touted the digital currency as an inflation hedge, in part because there is a finite amount of it.

But Bitcoin has tumbled hard, along with stocks.

If Bitcoin was seen as a true hedge against inflation, it should be rallying given that inflation is at its highest in decades.

"A lot of people thought it would be an inflation hedge, but there's really very little data to prove that," says Randy Frederick, a managing director at Charles Schwab who covers cryptocurrencies. "Most recently, it has not moved up as the market has moved down. Had it been an inflation hedge, it might have done that."

In fact, Bitcoin is reacting just like any other riskier asset such as stocks.

Still, the argument of Bitcoin as an inflation hedge is not quite dead either, experts say.

Bitcoin may be the oldest of the cryptocurrencies, but it has only been around for just over a decade.

That means analysts don't have a lot of historical data. Frederick, for instance, says we'll know a lot more about how Bitcoin behaves through more market cycles.

A sign that reads "Bitcoin is going to the moon" is seen during the Bitcoin 2022 Conference at Miami Beach Convention Center in Miami on April 8. The expression has become popular among some Bitcoin enthusiasts. Marco Bello/Getty Images hide caption

A sign that reads "Bitcoin is going to the moon" is seen during the Bitcoin 2022 Conference at Miami Beach Convention Center in Miami on April 8. The expression has become popular among some Bitcoin enthusiasts.

Cryptocurrencies have spawned offshoots and led to more sophisticated or as some regulators see them, dangerous assets.

Stablecoins such as tether or USD Coin are a type of crypto that are gaining in popularity.

Most stablecoins are meant to be backed by real assets. That means that for every dollar-worth of a stablecoin, the exchange or the seller would need to set aside the equivalent in a real fiat currency, such as the dollar, or the equivalent amount in an easy-to-trade security such as government bonds.

That's what is supposed to make them more "stable." If the buyer of the stablecoin wanted to cash out of that virtual currency, it should be easy since the exchange is supposed to have the money at hand, similar to how bank customers expect to be able to withdraw their money at any time.

But regulators have long questioned whether exchanges really do keep those hard assets aside in an account. Moreover, stablecoins have created their own offshoots.

One of them, TerraUSD, has run into big trouble in recent days. TerraUSD is known as an algorithmic stablecoin because it relies on financial engineering to maintain the 1-to-1 peg between the stablecoin and the backup assets.

TerraUSD is even pegged to another cryptocurrency called Luna.

The stablecoin cratered to 14 cents as of Friday, well below the $1 it should theoretically be fetching.

Pat Tschosik, a senior portfolio strategist with Ned Davis Research, says TerraUSD's troubles could be part of a potential winnowing of cryptocurrencies.

"It's still really young," he says, of crypto. "You know, this is still a developing area. There is going to be speculation. There is going to be booms and busts along the way, and this is all still new."

Traders work on the floor of the New York Stock Exchange (NYSE) on May 12, 2022 in New York City. Stocks and other markets have tumbled in recent weeks over economic fears. Spencer Platt/Getty Images hide caption

Traders work on the floor of the New York Stock Exchange (NYSE) on May 12, 2022 in New York City. Stocks and other markets have tumbled in recent weeks over economic fears.

More broadly, the outlook for cryptocurrencies will likely continue to be tied to broader market sentiment.

But the falls in cryptocurrencies and the collapsing value of TerraUSD stand to alarm policymakers such as Treasury Secretary Janet Yellen and Securities and Exchange Commission Chair Gary Gensler.

That may lead to more regulation of cryptocurrencies in general.

Sustained falls in cryptocurrencies could also raise doubts about the future of the virtual money more broadly, just when there had been signs that it was trying to mature, with more and more professional investors starting to trade them.

Last month, Fidelity, the largest provider of retirement plans, announced it would allow employers to offer Bitcoin in 401(k) plans, although the Department of Labor has cautioned employers against doing that.

Still, cryptocurrencies also have a lot of fanatical followers who are used to steep selloffs and reversals, and many of them believe that this is a short-term decline.

Tschosik from Ned Davis Research, for example, is "long-term bullish on Bitcoin," he says. "We still see the acceptance of it continuing to expand."

He points to millennials, for example, who want to invest in cryptocurrencies because they seem as as a "legitimate option."

Not everybody agrees, however, leaving the future of cryptocurrencies uncertain.

Continued here:
What to know as crypto such as Bitcoin and stablecoins plunge - NPR

Ossification is a word thrown around very frequently in Bitcoin. The protocol will ossify. Ossification is good. Bitcoin doesn't need to change, ossify it now. Bitcoiners are a skeptical group of people, and as such they are naturally skeptical about change. There's a very good reason for that: the blocksize war was effectively a combination of certain developers (thankfully gone now) and influential figures attempting to strong-arm and coerce people into adopting damaging change through threats and misinformation. After such a significant attack as that, it's only natural to view every proposed change as some slightly better-disguised and subtle mechanism that could be used to undermine the system as a whole.

In theory, Bitcoin is something that can be upgraded and changed forever; as long as the supermajority of participants choose to enact a change, and all voluntarily adopt and enforce that change, then Bitcoin can incorporate it. At the end of the day Bitcoin is just a protocol and software used to enforce and interact with that protocol. Any arbitrary change can be made to the protocol as long as people are willing to adopt and enforce it.

The catch there is that will people all get on board with a change? If history shows us anything, the default answer is no, not without a very convincing case for a value-add and one that doesnt create any new externalities or negatives.

So what does this mean?

Ossification is frequently discussed as a cultural phenomenon; i.e., "Bitcoin must have a culture of ossification!" I think this completely misses what the original discussion around protocol ossification pointed out in terms of social dynamics. The discussion around ossification had nothing to do with people intentionally building a culture of "no change," or deciding consciously "Bitcoin is good enough!" it was about the basic incentives around system growth. The more participants there are, the more people there are with less understanding of the trade-offs of potential changes. When someone enters this space they start learning about Bitcoin as it is now and the trade-offs of things as they are now. To take their understanding beyond that, to analyze the trade-offs of how things could be, takes time.

Add to that very clear historical examples of people having tried to push through changes that would have been very detrimental to the system, and the natural tendency in an environment of growth is for changes to asymptotically approach being impossible. Why? Not because of some culture that says "change is bad!" Because the natural incentive if something is working properly to maintain or grow your wealth is to not mess with it unless it stops doing that successfully.

People are not going to get on board with change until they are confident that the change under discussion is a net positive to their economic value. That isn't culture, or "Bitcoin maximalism," that is just pure unadulterated economic incentives.

Bitcoin will naturally ossify eventually; if it does not then the entire system has somehow wound up being influenced or controlled by a central group of people who are able to push through changes without any hesitance or skepticism from the wider user base. If that is the future of Bitcoin, then I would personally consider the entire system a failure.

So eventually, if it does not fail, Bitcoin will cease to be something that can be fundamentally upgraded on a protocol level. There will be a point where consensus rules do not change anymore, and everyone has to settle for what Bitcoin is at that current time. What's the problem with this?

Right now, Bitcoin does not scale. If we wind up discovering that Bitcoin is ossified as it is right now the next time we attempt a soft fork, then it does not scale to even a small fraction of the planet if everyone tries to use it in a self-custodial way. So if Bitcoin ossified today, the entire dream of a money that everyone can self-custody and be free from the risk of third parties effectively is dead for most people on this planet.

Bitcoin will eventually stop changing, but if it hits that point too early then there are huge downsides. A Bitcoin where only 5% of the world can possibly self-custody might still enact massive change to the world by being a neutral platform opening up competition for custodial services, but it is not the true revolution of sovereignty that many Bitcoiners are here for. It's one thing if many people consciously choose not to self-custody; it is entirely another if most people are not even given that choice.

Changes to Bitcoin should without a doubt be approached with caution and conservatism, but this needs to be balanced with the dynamic of approaching ossification. Bitcoin has many shortcomings, especially in regards to scalability, and these shortcomings need to be addressed as much as possible in a safe way before it reaches the point of ossifying. Discussion and education around proposed changes is the most important and critical aspect when pushing for an improvement of change to the protocol; without even a basic understanding of how a proposed change works and what it does, it is the natural response for people to reject that change. If the system functions, and secures their value properly, there is no reason for any rational actor to support the change without perceived benefits to their monetary value that outweigh any perceived negative effects.

This presents both challenges and attack vectors to the consensus-building process. It is necessary to inform users before any chance of enacting a change can occur, but this presents the opportunity for malicious actors to spend their time misinforming users in order to prevent a positive change or create support for a negative one.

Bitcoiners have to thread the needle of being cautious and conservative when it comes to changes proposed to the protocol, but at the same time we are going to have to change Bitcoin in order to address its scalability shortcomings. The only other alternative is to accept them and close the door on a Bitcoin protocol that can actually offer the ability to custody their own money to everyone. One day it will stop changing, and at that point there will be a bar set on how many people are capable of interacting with the system natively and sovereignly. We should not rush to set that bar prematurely.

If Bitcoin is to succeed, in my opinion it will eventually ossify, and if that does not happen I would personally consider Bitcoin a failed experiment. But we should be looking to make the system as scalable as possible without damaging or destroying the fundamental properties that make it valuable in the first place. The clock is ticking; that doesn't mean we should rush into reckless action without caution and careful thought, but the clock is still ticking.

This is a guest post by Shinobi. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

View original post here:
Why Bitcoins Ossification Will Eventually Be Necessary - Bitcoin Magazine

Bitcoin fell below the $26,000 level since December 2020. (Photo credit should read CFOTO/Future Publishing via Getty Images)

CFOTO | Future Publishing via Getty Images

Investors have been eager to find out what happened to the $3 billion in bitcoin bought up by crypto firm Terra to back its failed stablecoin. Now, they've got their answer.

Luna Foundation Guard, a fund set up by Terra creator Do Kwon, said Monday it spent almost all of the bitcoin in its reserve last week in a futile attempt to save terraUSD or UST, for short.

The foundation had accumulated a total of more than 80,000 bitcoins, which was worth nearly $3 billion last week, as well as other tokens including BNB, tether, USDC and avalanche. Kwon had promised to use the bitcoin in the event of a dramatic fall in the value of UST.

In a series of tweets, Luna Foundation Guard said it transferred 52,189 bitcoins to "trade with a counterparty" as UST fell below its intended $1 peg. A further 33,206 bitcoins were sold by Terra directly in a last-ditch effort to defend the peg, the foundation said.

As of Monday, Luna Foundation Guard had just 313 bitcoins left in its reserve, worth approximately $9.3 million. The firm said it would use the remainder of its $85 million in crypto assets including some BNB and avalanche to "compensate remaining users" of UST.

"We are still debating through various distribution methods, updates to follow soon," Luna Foundation Guard said.

UST is what's known as an "algorithmic" stablecoin. Unlike tether and USDC, which hold fiat assets in a reserve to back their tokens, UST relied on a complex set of code, coupled with a floating token called luna, to balance supply and demand and stabilize the price.

When UST began to drop below $1 last week, luna also started to sell off, resulting in a vicious cycle that caused UST to plunge to less than 30 cents while luna became worthless. UST is now worth just 9 cents, according to CoinGecko data.

"The big problem when you're dealing with a partially collateralized stablecoin like UST is that your hard collateral bitcoin, in this case is going to be considerably more valuable to [investors] than your governance token," or luna, said Frances Coppola, an independent economist.

Blockchain analytics firm Elliptic estimates holders of UST and luna have lost a total of $42 billion over the past week. Analysis from the company shows that 52,189 bitcoins were moved to a single account at crypto exchange Gemini, while a further 28,205 bitcoins were transferred to Binance. Tom Robinson, chief scientist at Elliptic, said it was "not possible" to trace the movement of funds beyond these wallets.

The debacle rippled through crypto markets, wiping out more than $200 billion of wealth in a single day. Bitcoin on Thursday briefly fell below $26,000, its lowest level since December 2020. The world's biggest cryptocurrency was last trading at $29,526.75, down 1.4% in the last 24 hours.

"There's not a whole lot of outstanding sell pressure," said Dustin Teander, analyst at crypto research firm Messari.

"In a sense, the market is going to take that as kind of bullish."

Read more:
$3 billion in bitcoin was sold in a last-ditch attempt to save UST stablecoin from collapse - CNBC

The Bitcoin cryptocurrency was first made available to the public over a decade ago. Nobody knew what it was or how essential and how Physical Gold it had become.

Investors in cryptocurrencies have high expectations for Bitcoin, which is clear from the data. Many controversies happened in the beginning due to gaffes, scandals, and other missteps. According to the data, it has also dropped by 24 percent by August 2021. As a result, cryptocurrencies have a promising future in the global economy. Because of the increasing value of cryptocurrencies, more and more investors are becoming interested in purchasing these. Because of the constant pump and dump sessions, the Bitcoin price is on a roller coaster ride. Because of the large number of failed efforts, the rising trend in the Bitcoin price has slowed to a halt. As a result, there is no discernible upward trend in the rally.

As a result, Bitcoin is the same as it was before. As of right now, there are 700 coins in the account. Furthermore, because of Bitcoins significant volatility, many investors are still leery of the cryptocurrency. However, it will gradually slip away from existence in the coming years. For some safe and secured trading and transaction, try Bitcoin Era app.

As a result, you can now see that Bitcoins value has the potential to climb significantly in the future.

The beginnings of a revolutionary movement have now been developed. As previously reported, El Salvador has declared Bitcoin legal. According to Alexander Hopper, the CEO of BitMEX, a Bitcoin trading platform, about five countries will adopt Bitcoin as a legal tender shortly.

Several cryptocurrencies, such as Bitcoin, use a large amount of computing power to maintain their operations. Furthermore, mining companies that strongly emphasize sustainability are projected to see sustained growth in the following years. Several mining companies use the waste products of coal mining as a source of electricity. As a result, these businesses environmental impact is decreasing. Theyll eventually grow to enormous proportions.

Bitcoin has been the most widely used cryptocurrency for the better part of a decade. However, after December 2020, the value of another Cryptocurrency known as Ethereum has increased dramatically.

In addition, several significant developments are expected to occur over the following decade. Therefore, it is probable that they will create laws for Bitcoin and other cryptocurrencies in the future. In addition, a new Cryptocurrency may overtake Bitcoin shortly.

Coinbase, a pioneering cryptocurrency business, went public on the stock market in 2013. A large number of other companies worldwide will follow suit in the future decade as a result of this. Payment processors, digital currency miners, and other businesses fall under this category. The number of enterprises has increased significantly since the introduction of cryptocurrencies.

By the year 2025, the value of bitcoins is expected to reach $600 billion. Estimating its value is quite difficult because of cryptocurrencys rapid growth and significant changes. Coin Price Forecast forecasts that the coin will be worth $92,173. According to Digital Coin Price, the value is anticipated to be $73,027.48. As a result, utmost caution must be exercised when investing.

Because the federal government does not regulate inflation, it is less likely to occur. For the second time, Bitcoin can be traded with relative ease against various assets and fiat currencies. To trade Bitcoin, you do not require the services of a broker in any way. Furthermore, the transaction is finished in a matter of seconds.

Its a perfect moment to get in on the Bitcoin market. Making sure you complete your study and understand the subject entirely is critical in this situation. As a result, before making a financial commitment, conduct thorough research. Digital Assets is the most acceptable program to utilize if you need real-time data. According to predictions, bitcoins value will rise over the next few days. Putting money into this coin now will reap significant rewards in 2022.

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Category: Local News, NEWS

Originally posted here:
Bitcoin Gains Are Promising - Eye On Annapolis - Eye On Annapolis

WOODLAND PARK, Colo. (KRDO) -- Although he wants to call it the Ratcliff Conference Center and Hotel, his wife has appropriately dubbed it Bitcoin Manor, a 5,000 square-foot dream home built entirely with Bitcoin.

Tucked away in a quiet Woodland Park neighborhood, John Ratcliff finished building his mountain-modern mansion in September. It has a first floor entirely for guests that include a Harry Potter-themed bedroom that sleeps six kids; the main level is centered around a two-story fireplace; an elevator takes you to a third-floor dedicated to entertaining.

"If I go based on what I paid for my Bitcoin originally, this entire house cost me around five or eight thousand dollars, said Ratcliff, a video-game engineer who, while right now is on sabbatical, works for Nvidia Corporation, a software company.

After initially blowing off Bitcoin as video game money, Ratcliff used his knowledge of computer code to research it more. He then decided to invest $15,000 into Bitcoin in 2013 when it was worth just $100 a coin. Last November, it peaked at over $65,000.

He made a lot of money.

"I would just say many millions. Not many millions. Let's say multiple millions, Ratcliff said.

With his Bitcoin fortune, John also bought homes for both his nephews, paid off his kids student loans and hes set money aside for charity.

He knew his initial investment would pay off in a big way, with little risk, except for one possibility.

"The biggest risk to Bitcoin wasn't that it gets hacked, that the software doesn't work, I never considered any of those risks. The only risk I ever felt was the government will just declare it illegal at some point.

But, because it hasnt been banned in the United States, John is one of many who have struck it rich with Bitcoin over the last few years.

Now, it appears many governments are embracing cryptocurrency.

Two countries, El Salvador and the Central Africa Republic have made it legal tender.Online datasuggest the U.S. government holds more than $4 billion in Bitcoin. Now, Governor Jared Polis just announced Colorado will soon become the first state to accept crypto for tax payments.

"Things like that are signals to the industry that we are accepting of this type of technology and we want this type of technology to be part of Colorado, saidMark Ferrandino, the executive director of the Colorado Department of Revenue.

Polis would like to see Colorado become the next Silicon Valley, which he hopes will become the crypto hub of America.

"The regulators, all the different agencies, they're starting to say, 'this is not going away, this is not a fad, this is something that will continue to grow.' And we need to make sure we have the right parameters, said Ferrandino.

"I think there is significant upside for the state in terms of investments, money coming in, these are high paying jobs, he said.

What are the possible downsides of crypto?

In most places, you still cant walk into a store and buy something with Bitcoin. If you do invest, expect a lot of volatility (Bitcoin is now worth less than half its price in November). There's little protection or recourse available to you if your crypto is stolen. Its also been a popular choice of currency on the dark web.

"I think the scams are what makes the news, into the headlines, but there is a lot of blockchain and crypto that's being used for good and social impact, said Yev Muchnik.

Muchnik is an attorney from Denver whos been specializing in crypto since 2016. Shes used crypto for good, raising more than $20 million in crypto to help her native country of Ukraine.

"You have groups, de-centralized groups from all over the world that have come together, have raised crypto-capital, crypto-funds, and have been able to deploy them instantaneously into the hands of those that need it, she said. The Ukrainian government set up wallets to be able to accept crypto payments as donations."

That kind of open-mindedness toward crypto is even happening in Colorado Springs.

"I'm gonna be shocked if we don't have more and more blockchain companies trying to grow here, said Vance Brown, who runs Exponential Impact, anincubator in the Springs that supports companies emerging on the blockchain.

Exponential Impacts first blockchain-based cohort was Byte-able, a company that hopes to put the food supply chain on the blockchain.

"I would call it, just like the internet was emerging technology back in the early 90s, right? But it was inevitable. And there was a crash for a little while. But ultimately it fulfilled the dream. And I think that's gonna be the similar story of what evolves with blockchain, said Brown.

So, if the blockchain is inevitable, does that mean people can still get rich investing in crypto?

At the very least, many believe Bitcoin will likely continue to be a smart investment.

"Bitcoin will likely rival the market cap of gold, which means we're looking at 10x from here, said Ratcliff. "Everyone should own some Bitcoin. It shouldn't be zero. No one should be on zero."

If Bitcoin does, someday, rival the price of gold, it would be worth roughly $500k per coin.

Ratcliff only owns a small amount of Bitcoin he originally bought. That small amount is still a lot, and if that money goes 10x, he will have life-changing money yet again.

"You believe in something and you stick with it, he said.

"You should have some exposure, I think it's wise, especially if you're an investor. If you're an investor and you don't have a portion of your portfolio in Bitcoin, I think you're missing the boat."

Bitcoin is a type of cryptocurrency. Its the most widely recognized crypto and, by far, so far, the most successful. Think of Bitcoin as a form of digital money, not controlled by any person, financial institution, or government. Transactions are done on a public ledger online, with blockchain technology which is a decentralized network that verifies all transactions across millions of computers, which essentially makes it un-hackable.

The blockchain is a decentralized network that verifies all transactions across millions of computers, essentially making it un-hackable. It's a technology that makes crypto possible. And its a dramatic tech shift similar to what saw thirty years ago with the 90s dot-com boom.

Two popular, historically reliable exchanges includeCoinbaseandBinance.us.

Fidelity Investments also announced last month they will offer Bitcoin as an investment option in its 401K plans later this year.

Muchnik tells people to simply do their research, which includes reading the companys white paper.

"I guess in many ways it's like, if you invest into stocks, you have to really try to understand whether the project is sound, whether the team is sound, kind of what their vision looks like. It's doing diligence and trying to understand it as much as you can."

"It's here to stay... there is a lot of volatility but the underlying technology like a.i., quantum-computing... it's here to stay, she said.

Muchnik said she does believe its still possible for someone to get rich off investing in crypto.

"I think it is... I think it is! It's not too late to jump in and create passive income, she said.

Hold on to it long-term; be whats called, in the crypto world, a HODLer.

"The example I use is, if you had Apple stock in 1982, what is the chance you still owe those shares of Apple stock in 2022? Almost zero, right? But if you did it you're a very wealthy man. How is Bitcoin any different?If you got in early and you stuck with it, you did very, very well. And most people didn't stick with it, said Ratcliff.

"I think it's here to stay, but, ya know, it's very volatile."

Original post:
Too late to get Bitcoin rich? A Woodland Park Bitcoin millionaire and Gov. Polis may foretell the future - KRDO