The total crypto market cap rallied above the $200.0B and $210.0B levels before correcting lower.Bitcoin price tested the $7,500 resistance level and recently corrected towards $7,000.EOS price tested the $5.50 resistance level and it is currently well above the $5.20 support.Binance Coin (BNB) recovered nicely and it is now trading above the $21.20 resistance level.Bitcoin cash price is currently holding gains above the $285 and $290 support levels.Tron (TRX) price is back above the $0.0240, but it must clear the $0.0250 resistance level.The crypto market cap remains well supported, with positive moves in bitcoin (BTC) and Ethereum (ETH). Binance coin (BNB), BCH, tron (TRX), litecoin, ripple, and EOS are placed above key supports.Bitcoin Cash Price AnalysisThere was a sharp upward move in bitcoin cash price above the $300 and $320 resistance levels against the US Dollar. The BCH/USD pair even spiked above the $340 resistance and settled well above the $350 resistance zone.The pair is currently consolidating gains above the $350 level, with many supports near the $344 and $340 levels. ON the upside, an initial resistance is near the $360 level, above which the price could retest the $375 level.Binance Coin (BNB), EOS, Tron (TRX) Price AnalysisEOS price started a strong upward move after it broke the $5.00 and $5.05 resistance levels. The bulls gained momentum above the $5.20 and $5.30 levels. The price even tested the $5.50 level and it is currently correcting lower. An immediate support is at $5.35, below which the price may test $5.30.Tron price traded in a range for a few sessions before it climbed above the $0.0238 and $0.0240 resistance levels. TRX price spiked towards the $0.0250 level, but it failed to retain momentum. It is currently trading near $0.0430, with an immediate support near the $0.0240 level.Binance coin (BNB) started a fresh increase after it tumbled towards the $18.50 support. BNB price bounced back above the $20.00 and $21.00 levels. It is currently trading above $21.50 and it seems like it could test the $22.00 or $22.15 level.Looking at the total cryptocurrency market cap 4-hours chart, there was a sharp rally above the $190.0B and $200.00 resistance levels. The market cap even broke the $208.0B and $210.0B resistance levels. It posted a new monthly high at $213.7B before starting a downside correction. It declined below the $205.0B and $200.0B levels. However, the $196.0B-198.0B area acted as a strong support. The market cap is currently consolidating and it is likely to resume upside above $205.0B. Therefore, there could be a fresh increase in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX in the coming sessions.
Archives for May 12, 2019
Ripple price started a fresh rise above the $0.3100 and $0.3200 resistance levels against the US dollar.The price tested the $0.3400 area and recently corrected lower below $0.3300 and $0.3250.There is a major bullish trend line forming with support near the $0.3100 level on the hourly chart of the XRP/USD pair (data source from Kraken).The pair could soon break the $0.3220 resistance level and climb higher towards $0.3400 once again.Ripple price started a strong rise above $0.3200 against the US Dollar, plus corrected higher versus bitcoin. XRP remains well bid above $0.3100 and it is likely to resume its upward move.Ripple Price AnalysisThis past week, there was a strong upward move in ripple price above the key $0.3100 resistance against the US Dollar. The XRP/USD pair followed bitcoin and surged above the $0.3200 and $0.3220 resistance levels. The price even broke the $0.3350 level and settled well above the 100 hourly simple moving average. The bulls pushed the price towards the $0.3400 level before it started a downside correction. There was a sharp decline below the $0.3300 and $0.3200 levels. The price revisited the previous breakout zone near $0.3040 and $0.3060.A swing low was formed at $0.3050 recently and the price is currently moving higher. It already broke the 50% Fib retracement level of the last drop from the $0.3316 high to $0.3050 low. However, the $0.3200 and $0.3220 levels are currently acting as hurdles. The 61.8% Fib retracement level of the last drop from the $0.3316 high to $0.3050 low is also acting as a strong resistance for the bulls. A successful close above $0.3220 barrier is likely to start a fresh rise. The next resistance is near $0.3300, above which the price could surge towards the $0.3400 resistance area.On the downside, there are many supports above the $0.3050 and $0.3080 levels. There is also a major bullish trend line forming with support near the $0.3100 level on the hourly chart of the XRP/USD pair. If there is a downside correction below $0.3150, the price could test the trend line support.Looking at the chart, ripple price is clearly well supported above the $0.3050 level and the 100 hourly SMA. As long as the price is above $0.3050, it is likely to start a fresh rise above $0.3220 and $0.3300 in the coming sessions.Technical IndicatorsHourly MACD – The MACD for XRP/USD is currently moving in the bullish zone, with positive signs.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 50 level, with a positive bias.Major Support Levels – $0.3150, $0.3100 and $0.3050.Major Resistance Levels – $0.3220, $0.3300 and $0.3400.
ETH price climbed to a new 2019 high above $200 before correcting lower against the US Dollar.The price declined below the $195 and $190 support levels before the bulls appeared near $182.There is a new connecting bullish trend line forming with support near $186 on the hourly chart of ETH/USD (data feed via Kraken).The pair remains supported on dips and it seems like it could bounce back above $194.Ethereum price started a downside correction versus the US Dollar, similar to bitcoin. ETH price remains well supported on the downside near $185 and $180.Ethereum Price AnalysisIn the past three days, there was a steady rise in Ethereum price above $180 resistance against the US Dollar. The ETH/USD pair followed bitcoin and broke a few important resistances near $190 and $195. There was even a break above the $200 barrier. The price traded close to the $208 level and settled well above the 100 hourly simple moving average. Recently, it started a downside correction and declined below the $195 and $190 support levels. The price even spiked below the $185 support and traded close to $182.However, the price is trading well above the $180 support and the 100 hourly SMA. It has already recovered above the 23.6% Fib retracement level of the recent drop from the $204 swing high to $182 swing low. An immediate resistance on the upside is near the $193-194 zone. Besides, the 50% Fib retracement level of the recent drop from the $204 swing high to $182 swing low is also near $193. A successful break above the $194 level might set the pace for a fresh rise towards the $200 resistance area.On the downside, an immediate support is near the $186 level. There is also a new connecting bullish trend line forming with support near $186 on the hourly chart of ETH/USD. If there is a downside break below the trend line, the price may test the 100 hourly SMA or the main support near $178.Looking at the chart, Ethereum price seems to be correcting gains, but it remains well supported near $185 and $180. The key support is near the $178 level (the previous resistance). As long as the price is above the $178 support, it is likely bounce back. A fresh daily close above the $200 resistance is likely to trigger a strong rally in the coming sessions.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is about to move back in the bullish zone.Hourly RSI – The RSI for ETH/USD is currently just below the 50 level, with a minor bearish angle.Major Support Level – $180Major Resistance Level – $194
Binance CEO Changpeng Zhao has announced that the crypto exchange plans to resume deposits and withdrawal services on Tuesday.
He wrote in a brief update:
Our team is making progress and has been working through the weekend. In the past few days, we have made some significant overhauls to our system, with a large number of advanced security features added and/or completely re-architected. We will share details on some of the changes later.
We aim to fully resume deposits and withdrawals on Tuesday. The time will be communicated at a later stage, depending on how the testing goes. This upgrade will require a trading halt. We will update you again tomorrow.
Currently, all withdrawal and deposit actions are marked “Suspend” and cannot be carried out on the exchange. However, at least one user has said on social media that they were able to send deposits to the address by way of previously identified addresses.
Binance announced the breach last week, saying that unnamed hackers made off with 7,000 BTC (worth about $41 million at the time) from the exchange’s hot wallet. The hackers accessed both user API keys and two-factor authentication codes to withdraw the crypto.
The exchange stopped withdrawals and deposits but allowed intra-token trading on the site. The hackers quickly moved the stolen bitcoin, causing some to speculate that they are preparing the launder the money through multiple exchanges.
Image via Coindesk Archive.
Over recent hours, Bitcoin (BTC) has begun to slow, with bullish momentum falling off across the board. Yet, some say it may be a bit too early to call for a doomsday-esque scenario, which sees BTC fully retrace its sudden spike higher.Bitcoin Moving Past $6,400When BTC paused at $6,000 just days ago, few thought that the asset was going to be able to surmount $6,400 — a level of utmost importance through 2018, as the cryptocurrency failed to fall below that level for months on end. In fact, it is so essential that it has acted as support on the daily, weekly, and monthly charts. Yet, lo and behold, Bitcoin bulls succeeded, quickly taking control of the wheel to drive BTC past $6,400.Related Reading: Analyst: Bitcoin is Now Firmly in Bull Market Territory, Which Means Traders Should Start Buying DipsAccording to analyst “The Wolf of All Streets”, the fact that Bitcoin “nuked [$6,400] in one shot” is one of the most “powerfully bullish moves” that the asset has ever done in its lifetime.$BTCThe $6400 area was the most traded for bitcoin in 2018. There was heavy daily, weekly, monthly supply there – and price just nuked it in one shot. This is one of the most powerfully bullish moves that bitcoin has ever made. pic.twitter.com/ldTtoOZkYE— The Wolf Of All Streets (@scottmelker) May 11, 2019This alone, in the eyes of some, assures that if a pullback ensues from Bitcoin’s recent $7,500 peak, $6,400 should hold up fairly well, and may act as a local bottom. This isn’t the only thing, however, making BTC look extremely bullish. Last week, Fidelity Investments was revealed to be soon launching a trade execution service for its tens of thousands of institutional clients, a purported 58% of which are somewhat interest in cryptocurrency and blockchain technologies.Even more importantly, TD Ameritrade and E*Trade, two American brokerages with a large retail following, are expected to launch spot Bitcoin and Ethereum trading in the coming weeks, setting the stage for a massive capital inflow.The Case For A DrawdownThere is a strong case for a drawdown, however, even one that goes below $6,400. Trader Cantering Clark explains that while the ongoing move seems “incredibly bullish”, BTC is still sitting under resistance, and is too far above its 20-week moving average. The 20-week moving average, according to Clark, has and is likely to continue to act as Bitcoin’s center Bollinger Band, meaning that it should return to that level’s vicinity in the near future.He explains that as it stands, BTC is a “good three standard deviations from the norm,” with this move being fueled by retail shorts. This hints that Bitcoin may soon see a retracement, returning to more organic and sustainable levels as buying pressure slows in the coming weeks.And as NewsBTC suggested in a previous report, history rhyming would see BTC fall by 20% to 25% here, before entering the second phase of accumulation.Featured Image from Shutterstock
By CCN: Crypto investor and entrepreneur Michael Terpin was awarded $75.8 million in California’s Supreme Court in a civil judgment against a man Terpin claims stole cryptocurrency assets from him. But Terpin has only just begun. The entrepreneur is also pursuing damages from AT&T and other members of the 21-year-old defendant’s gang.
Crypto Crusader Unmasks Gang Member, Now He Wants To Nail AT&T
Michael Terpin is an entrepreneur and cryptocurrency advocate.
Nicolas Truglia, the defendant in the civil case, resides in New York and has been arrested for six other crimes. Investigations into the man and his gang’s alleged criminal activities are on-going.
Terpin’s crusade isn’t over yet. Despite being awarded compensation for losses – which amounted to $23.8 million at the time – and punitive damages exceeding $50 million, the blockchain entrepreneur is also pursuing AT&T for $224 million.
“We, of course, are still actively pursuing our federal court case against AT&T, whose gross negligence we contend allowed these crimes to occur,” Terpin said in a statement.
SIM Swapping and Crypto Security
Truglia is allegedly part of a criminal gang engaged in SIM swapping called “The Community.” SIM swapping is taking over a user’s phone number with a new SIM. It requires gathering enough data on the target and then getting a new SIM card issued in the target’s name and phone number. As Andrew Blaich of Lookout said:
“There are many public cases of attackers social engineering their way through a cellular company’s representative to get a SIM card issued for an account the attacker doesn’t own or have access to. It appears to be easy to do as all you need is a willing/susceptible representative at any cellular phone store.”
Ironically, AT&T has a SIM swapping prevention system in place that requires customers to give a passcode to an AT&T representative online or over the phone. SIM swapping generally targets a customer’s services that use SMS notifications, as the messages are not encrypted.
Michael Terpin Was Afforded Special Protection… But Still Got Hacked Twice
Michael Terpin was, he alleged, placed in a high-risk protection category, in which a PIN number would be required to be given to an AT&T representative before his SIM could be changed. That number was known only to Michael Terpin and his wife.
According to court documents filed by Terpin’s lawyers:
“Even after AT&T had placed vaunted additional protection on his account after an earlier hacking incident, an imposter posing as Mr. Terpin was able to easily obtain Mr. Terpin’s telephone number from an insider cooperating with the hacker without the AT&T store employee requiring him to present valid identification or to give Mr. Terpin’s required password.”
The case against Nicolas Truglia may have been won. But Michael Terpin has a war with AT&T still underway. He will likely need to prove AT&T’s contractual provisions stating they are not liable for customer losses were void once he was placed in the telco’s high-risk customer category list and still had his SIM swapped – and his crypto fortune swiped.
What a week it’s been for Bitcoin (BTC). In the past 72 hours, the asset has rallied from the low-$6,000s to $7,500, then to $6,900 (current), driven by a newfound sense of hype, passion, and belief in the cryptocurrency cause.However, as the market has cooled — temporarily at least — analysts have begun to get more level-headed, doing their utmost to figure out where cryptocurrencies could head next. This time for pondering has led to some staggering revelations.Related Reading: Ethereum (ETH) Price Smashes Resistance: Bulls Target $220 or HigherBitcoin May See RetracementPopular trader Josh Rager recently suggested that there are amazing similarities between 2015’s recovery out of a bear market.During that cycle, BTC bottomed around $200, accumulated around $300 for months, went parabolic to tap $500, then saw a pullback. What’s more, the three-day Super Guppy, a key long-term trend indicator, didn’t signal a “buy” (green) until after the pullback.$BTC – 3D chart Super GuppyAmazing similarity between the last bear market prior to uptrendBitcoin had a similar parabolic push out of accumulation, followed by a pullback and uptrendWatching for a potential pullback where I’ll add more to the stack pic.twitter.com/JABErMhlMq— Josh Rager 📈 (@Josh_Rager) May 12, 2019Sound familiar? Well, that’s because Bitcoin is seemingly doing effectively the exact same thing, but in a different price region. If history is followed to a tee, Bitcoin may fall a further ~20% from current levels, and may then begin the second phase of accumulation, which will last up to seven months. From there, BTC should begin to rally parabolic into the block reward halving event, setting the stage for the next fully-fledged bull run.$BTC The last parabola that broke us out of a bear market resulted in a near 7 month consolidation. With alts at their ATL supports against USD, if this sort of consolidation happens again on BTC after it tops (likely), we could be in for the REAL #altseason. pic.twitter.com/c3WwncLyda— HornHairs 🌊 (@CryptoHornHairs) May 11, 2019Price Action Still ‘Hella’ BullishIt is still important to note that the current price action seen with cryptocurrencies has been surprisingly bullish. Per previous reports from NewsBTC, as BTC tapped year-to-date highs on Saturday, the daily volume at BitMEX, the foremost crypto futures platform, hit a jaw-dropping nominal $10 billion. Potentially equally as importantly, Grayscale’s Bitcoin Trust surmounted $50 million on Friday, signaling interest in cryptocurrency from accredited investors, most of which are purported to be institutions.The most important part, this volume surge has been catalyzed by those already in the space. As NewsBTC’s Joseph Young postulated on Twitter, “existing money in the crypto market [is] coming back due to overall growth in confidence/comfort.”And as researcher Alex Krüger adds, amid the recent price action, the “Bitcoin” search term has seen not too much of an increase in volume. This directly implies that once consumers wake up to the latest cryptocurrency rally, the run will be even larger and more violent than it is now. But that begs the pressing question — will consumers down the red pill once again?This $BTC rally is happening without the general public yet involved en masse. This is very bullish. pic.twitter.com/H0wMEn56ND— Alex Krüger (@krugermacro) May 11, 2019Featured Image from Shutterstock
By CCN: The mighty US dollar appears to be one of the world’s safest currencies. This sense of security has blinded many from seeing that the greenback has lost tremendous value over the past 100 years, a fact that should send investors piling into a surging Bitcoin.
US Dollar Trapped in Irreversible Century-Long Downtrend
In the early 1900s, a dollar could get you a nice pair of patent leather shoes. The currency had so much value back then because there was only $7 billion in circulation. A hundred and twelve years later (2012), the U.S. money supply swelled to $13.3 trillion, and a dollar can fetch you one song from iTunes.
With an overabundance of dollars in circulation, it is not surprising that its purchasing power has diminished considerably over time. According to Merk Investments, the greenback has shed over 95% of its value since the establishment of the Federal Reserve in 1913.
Applying technical analysis, the currency is not showing signs of a trend reversal. If this is was a chart of a bearish cryptocurrency, you’d likely stay as far away from it as possible for fear that it might go to zero.
Speaking of cryptocurrency, there’s one that offers superior returns over time.
Bitcoin Locked in Unstoppable Uptrend
Warren Buffett sees Bitcoin as rat poison, and so does the mass media establishment. Such criticism is unwarranted considering that the cryptocurrency is in a strong and long-term uptrend.
Chew on this: Bitcoin was valued at $0.07 on August 16, 2010. Fast-forward to today, and it is trading near $6,000. That’s a mind-boggling return of over 8.5 million percent in less than a decade. No other asset or currency generated similar returns in the same period.
It doesn’t stop there. While Bitcoin plummets between 70 percent and 93 percent in a bear market, the king of cryptocurrencies roars back in every subsequent bull market to generate mouth-watering returns between 5,343 percent and 59,100 percent. If this trend continues, Fundstrat sees Bitcoin trading at $91,000 by 2020.
Looking at this chart, it is a no-brainer to trade your plunging US dollars for a surging cryptocurrency in Bitcoin. It not only shields you from the inflationary property of the greenback, but it also rewards you with staggering returns over time.
Bottom Line: Buy Bitcoin
Mass media has demonized Bitcoin when in reality, investors enjoy massive gains as the cryptocurrency remains in a long-term uptrend. On the contrary, the US dollar has lost more than 95% of its value in the past century.
With these figures, it absolutely makes sense to dump your greenbacks in favor of “rat poison.”
Taylor Monahan, the CEO of crypto wallet startup MyCrypto, has been moderator for the ethereum subreddit channel since 2016.
That year, the ethereum Reddit channel was just breaking over the 10,000 subscribers mark, according to SubRedditStats. Today, the same channel boasts over 400,000 subscribers and is ranked within the top 600 most popular channels on Reddit.
However, what may have started as a relatively low-commitment and low-visibility responsibility became a flash point of controversy in the ethereum community (though tensions have died down in recent days).
“Back then, there weren’t any guidelines or rules.” Monahan told CoinDesk. “We [the moderators] were all cut from the same cloth. We all had the same natural philosophy about what we should and shouldn’t do…We were pretty light-handed and mostly just removed scams and spams and stuff.”
Those duties include: approving posts that were incorrectly removed by the automoderator, removing posts that break the subreddit’s stated rules, bringing posts that require subjective decision-making to the attention of the entire moderation team, and other responsibilities that, in sum, seek to halt the spread of spammy or scammy content.
But the nature of the gig has changed, according to Monahan.
“One of the biggest differences between the early days and now is that in the early days we really did look at this as an administrative task…The larger community doesn’t look at it like that and that’s where I think the disagreement and the anger and the yelling came from,” said Monahan to CoinDesk.
The anger and the yelling Monahan refers to has been explicitly targeted at former ethereum core developer Afri Schoedon and director of the Web3Foundation Ryan Zurrer. As a result of community requests for their removal as moderators, both individuals in recent weeks have resigned from the role.
Most recently, Nick Johnson – developer for ethereum domain service ENS – also resigned, quoting a lack of time to “meaningfully contribute” and “an unhealthy streak of paranoia, conspiracy mongering and insularity” on the subreddit.
The remaining ten moderators of the ethereum subreddit have voiced varying degrees of concern about their role given that their responsibilities on the social media forum are now more heavily scrutinized by the public.
“The more people are on the sub, the higher the chance is one of your actions does not resonate well and in the worst case resonates so badly that the result is a full blown shit storm,” ethereum Reddit moderator “Ligi” told CoinDesk.
A way forward?
Internet communities are rarely immune from controversy, and ethereum’s Reddit-centric users are no exception.
And in cases where a situation intensifies and a moderator’s role is called into question, Monahan maintains that the best course of action is a self-resignation approach, as has been previously seen.
“As a group of moderators, we don’t want to ever hold a vote to cast another moderator out. That’s just terrible.” Monahan told CoinDesk. “If there is a large amount of drama surrounding a certain mod or if there is a call for that mod to leave, instead of coming up with a mechanism where everyone votes, it would be on that moderator to remove themselves and step down.”
For the most part, this is exactly how the most recent bout of controversy over subreddit moderation in the ethereum community has been diffused.
Earlier this month a tweet by Ameen Soleimani, the CEO of adult entertainment blockchain platform Spankchain, accused Schoedon of working on a competitor platform to ethereum known as Dothereum.
“I can’t actually prove that he wrote the code yet because it isn’t public, but I have heard from credible sources that he is contributing,” tweeted Soleimani. “There’s nothing wrong with anyone working on whatever they want…but we should also realize that ethereum defectors are highly incentivised to try and divide our community.”
The situation was further enflamed by user “McDongger” who called for the removal of Schoedon as a result of his engagement with other blockchain projects. Zurrer faced similar resignation calls for his involvement in creating the blockchain interoperability platform that Dothereum is built on.
In his resignation post, Zurrer put forward his belief that “the line between ‘working on ethereum’ and working on other things will blur as we move forward.”
“However, in the interest of focusing the conversation around the technology, let’s have some other community members take a turn at mod-ing so that this isn’t a debate topic,” he went on to write.
Additionally, Monahan has also offered up a 3,000 word document codifying expectations moving forward for both users and moderators on the subreddit. As stated in the post, its aim is to “provide transparency into the role of /r/ethereum moderators and define what is expected of those moderators.”
“One way to prevent conflict now or in the future is by making sure everyone is all on the same page and communicates and is transparent and the expectations are aligned,” Monahan told CoinDesk, adding:
“If you can do that then I think most the issues with not just moderation but just in general can be resolved.”
Reddit image via Shutterstock
Bitcoin bulls estimate that the price of each coin could hit $20,000 very soon thanks to rising demand. But there are some who believe that the price of bitcoin could very well go on to hit cool six-figure sums in the future, including Morgan Creek Digital CEO Mark Yusko.
Yusko’s yummy bitcoin price forecast
Morgan Creek Digital is an asset management firm that invests in the blockchain industry, and its co-founder is a well-known bitcoin bull with big price estimates.
In a recent interview with BloxLive TV, Yusko said that the price of bitcoin could eventually hit $500,000 thanks to its scarce supply, increasing demand, and advantages over a safe-haven investment such as gold.
According to Yusko, there’s $7.4 trillion worth of gold in the world. He believes that bitcoin is a much better asset than gold because it can be transferred easily and divided into smaller parts. To arrive at his forecast, Yusko equated the gold market’s value to that of the digital asset. He said:
So if we get the amount of value in total Bitcoin market value or network value equal to gold, that’d be about $7.4 trillion divided by 21 million coins, although there aren’t really 21 million left, and you get around $400,000 a coin, maybe $500,000 a coin. Now, when does that happen? It’s probably over a decade or maybe even more.
So, Yusko’s half-million dollar bitcoin price forecast is based on two factors – the value of gold and the fact that only 21 million coins can be mined.
Can bitcoin be valued like gold?
Probably yes. That’s because like gold, the digital currency is turning into a store of value and a safe-haven asset. People hold bitcoin because it is not regulated, so they have complete ownership of the digital currency.
— Brendan Blumer (@BrendanBlumer) March 17, 2019
Moreover, the latest rally proves that it is independent of the stock market’s woes and macroeconomic tensions. The US-China trade war and the pullback in the stock market haven’t affected the price of the digital currency. This is another reason why Yusko is comparing bitcoin to gold, as investors usually flock to the yellow metal in times of uncertainty.
In a period where:
—political tensions escalate between US and China,
—global equity markets fall sharply
—VIX largest spike in many months
—global yield curves flatten/invert#bitcoin has RISEN and >$6,000
Crypto showing its value as an uncorrelated asset.
— Thomas Lee (@fundstrat) May 9, 2019
Also, the fact that bitcoin is easily transferable from one person to another, it is divisible into small parts, and can be used for making payments makes it much more versatile when compared to gold. So it won’t be surprising to see it eventually being valued at par or higher than gold.
Lost tokens will boost the price of the digital currency
Yusko also points out that the total availability of bitcoin will eventually fall below 21 million coins. That’s because investors have reportedly lost the keys to around 23% of the asset in circulation. Many believe that this is another indicator of bitcoin being equal to gold, as a lot of the yellow metal is lost at sea.
There are currently 18 million bitcoins in circulation. This means that investors have lost the keys to more than 4.1 million bitcoins. So, the total number of bitcoins that will eventually remain available in the long run once all of them are mined will be around 17 million, assuming no more keys are lost.
At that level of supply, the price of each coin will be close to $500,000.
That means if you buy bitcoin at today’s price, you could enjoy gains in excess of 6,600% in the coming decade based on Yusko’s theory. Isn’t that enticing?