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David Rubenstein Says Cryptocurrencies Are Here to Stay Despite Price Crash

David Rubenstein remained bullish on cryptocurrencies, stating that the burgeoning asset class is not going away any time soon. Rubenstein said that there is an appetite for cryptocurrencies, thus

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In an interview with CNBC media outlets, David Rubenstein, the co-founder and chairman of Carlyle Group private equity firm, said Thursday that he believes cryptocurrencies would remain part of the financial space for years to come, dismissing concerns about growing asset class was destined to fade away.

Rubenstein stated that although he did not invest in digital assets directly, he personally invested in firms that facilitate cryptocurrency trading.

“I did that, in part, because I think it’s here to stay. Cryptocurrency is not going away, just like gold is not going away,” adding some investors consider Bitcoin as a substitute for gold, Rubenstein said.

Rubenstein’s comment comes at a time when Bitcoin and other cryptocurrencies plunged their values. On Wednesday, May 19, Bitcoin’s price declined more than 30% to fall around $30,000 per coin. Later the leading cryptocurrency recovered some of such losses and traded at around $41,000.

“It has its ups and downs, and yesterday was not a good day,” Rubenstein stated, referring to Wednesday’s collapse. “But that’s true of anything relatively new, and I don’t think you’re going to see anything like crypto going away and disappearing. It’s here,” the US billionaire businessman said.

Bitcoin and other cryptos traded off their prices after the US Treasury Department called for stricter crypto compliance with the IRS (Internal Revenue Service tax collection agency) on Thursday, May 20.

While Rubenstein touts Bitcoin’s long-term viability, some people remain sceptical of the leading crypto. Early this month, Charlie Munger, the vice-chairman of Berkshire Hathaway Inc., said that Bitcoin is “disgusting and contrary to the interests of civilization.”

Rubenstein stated that whether people think Bitcoin and other crypto assets are “right or wrong,” it is clear that there is an appetite (demand) for an alternative to the current financial system.

“It’s here because people in the market want something other than just the traditional currencies that we’ve had,” Rubenstein added.

For crypto investors being disturbed by questions of whether the US government will establish regulations of cryptocurrencies, Gary Gensler, the chairman of the Securities and Exchange Commission, said early this month that he believes that there is a need for greater investor protection around Bitcoin.

Rubenstein talked about the prospect of more regulations, stating that the idea that “the government will be able to stop cryptocurrency from being something investors want is unrealistic at this point.”

Crypto as Alternative to Fiat Monetary Systems

Referring to Bitcoin as an alternative to the current financial systems gets to its core value proposition, which provides another option to the traditional financial infrastructure.

Cryptocurrency provides another option of choices, fundamentally change from the existing financial system and comes with different benefits and tradeoffs.

A government authority does not issue Bitcoin

Unlike several inflationary fiat currencies (always increasing in supply), Bitcoin is disinflationary (decreasing inflation over time) and eventually will stop when the last Bitcoin would be mined in 2040. This disinflationary characteristic of Bitcoin attracts many people and investors who are not interested in the value erosion related to inflation brought by governments’ fiat currencies.

Image source: Shutterstock

Rubenstein’s comment comes at a time when Bitcoin and other cryptocurrencies plunged their values. On Wednesday, May 19, Bitcoin’s price declined more than 30% to fall around $30,000 per coin. Later the leading cryptocurrency recovered some of such losses and traded at around $41,000.

Source: https://blockchain.news/news/david-rubenstein-says-cryptocurrencies-are-here-to-stay-despite-price-crash

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US Space Force Makes its Foray into the NFT Metaverse

The United States Space Force is launching an NFT series named after Neil Armstrong.

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The United States Space Force (USSF) has announced the launch of its Non-Fungible Token (NFT) series dubbed “Armstrong Satellite NFT Launch with Space Force.” The NFT series is named after Neil Armstrong, the first American and human to land on the moon, which is under production in partnership with Ethernity Chain and Star Atlas.

According to the official announcement, the NFT series will feature a limited edition digital twin NFT of the GPS III SV05 “ARMSTRONG” satellite and 3D NFTs depicting 30-plus satellites currently in orbit forming a GPS constellation around the Earth, among others. The Armstrong Satellite, named after the historic feat of Neil Armstrong, has its inherent significance in that it will provide “accurate global positioning and navigation systems to military and civilian users.”

The foray of a notable US agency into the NFT metaverse signals that the industry’s potential is fast approaching maturity with a broader public acceptance. The Ethernity Chain team particularly considers the partnership with USSF as a win for blockchain immutability.

“This is a historic opportunity for the NFT and blockchain space to push the medium forward and commemorate a moment both technologically and futuristically,” said Ethernity Chain CEO Nick Rose as a part of the announcement. “We can now put this launch and Neil Armstrong’s historic achievements on the immutable ledger and memorialise and tokenise it on an NFT that the public can participate in.”

American agencies are known to be huge supporters and investors in blockchain technologies. The move into NFTs is a testament to the trust in the potential of the tech to recreate experiences for users and keep pieces of history. While NASA is funding a blockchain-based space communication project, the agency’s dive into blockchain has been attached to the probable launch of a cryptocurrency as the agency was once in search of a data scientist.

Image source: Shutterstock

Source: https://blockchain.news/news/us-space-force-makes-its-foray-the-nft-metaverse

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Long-Term Bitcoin Holders Keep Stacking While Short-Term Holders Keep Selling

On-chain analyst William Clemente III revealed that long-term holders keep on stacking as short-term holders keep on selling.

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Bitcoin (BTC) has spent the last two months ranging between $30,000 and $40,000.

It, therefore, shows that bulls and bears have been embroidered in a tussle, and William Clemente III acknowledged this fact. The on-chain analyst explained:

“Long Term Holders keep stacking: +20,969 BTC to their holdings today, +145,021 BTC to their holdings in the last week, and +397,487 BTC to their holdings in the last month.”

He added:

“Short Term Holders keep selling: -15,085 BTC from their holdings today, -112,950 BTC from their holdings in the last week, and -428,749 BTC from their holdings in the last month.”

These statistics show that as long-term holders continue buying more Bitcoin, their short-term counterparts are offloading their holdings.

Crypto data provider Dilution-proof recently disclosed that short-term holders were selling at a net loss since May 13.

Total fees paid on the Bitcoin network hit an 11-month low

According to on-chain metrics provider Glassnode, the BTC total fees reached an 11-month low of 1.488 BTC.

This is related to recent the market crash, which drove Bitcoin price from an all-time high (ATH) of $64.8k to lows of $30k on May 19.

Google searches for legal tender reached an ATH. Lucas Outumuro, a senior analyst at IntoTheBlock, acknowledged that google searches for “legal tender” had gone through the roof. He stated:

“The World is paying attention. Google searches for “legal tender” hit a new high following El Salvador’s Bitcoin Law.”

El Salvador recently became the first country to adopt Bitcoin as legal tender. This move is expected to generate jobs in a nation where 70% of the population works in the informal economy and does not hold a bank account.

Furthermore, it is anticipated to be a way that offers access to investment, savings, credit, and secure transactions.

Image source: Shutterstock

Source: https://blockchain.news/analysis/long-term-bitcoin-holders-keep-stacking-while-short-term-holders-keep-selling

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13.38% of Bitcoin’s Money Supply Has Now Moved Between $31K and $40K

On-chain analyst William Clemente III disclosed that 13.38% of Bitcoin’s circulating supply standing at 18.73 million BTC has moved between the $31k and $40k range.

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Bitcoin’s consolidation between the $30,000 and $40,000 area continues, while the leading cryptocurrency was hovering around $36.8K during intraday trading, according to CoinMarketCap.

On-chain analyst William Clemente III disclosed that 13.38% of Bitcoin’s circulating supply standing at 18.73 million BTC has moved between the $31K and $40K range. He explained:

“13.38% of Bitcoin’s money supply has now moved between $31K-$40K. A lot of distribution at 35K-36K, wouldn’t want to flip that into resistance.”

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The analyst, however, cautioned about this significant supply flipping to resistance, which could jeopardise Bitcoin’s upward rally.

Chris Weston, the head of research at Melbourne-based broker Pepperstone Financial Pty, recently asserted that BTC should trade above $40K for bulls to feel that they are out of vulnerability.

The percent of Bitcoin supply in profit hit a 13-month low

According to on-chain metrics provider Glassnode:

“The percent of Bitcoin supply in profit (7d MA) just reached a 13-month low of 72.140%.”

The recent market crash, which saw BTC nosedive from a record-high of $64.8K to lows of $30K, wiped profits of many investors, and miners were not spared either.

Reportedly, Bitcoin miners’ wallet net flows were increasingly turning negative.

This downtrend in the BTC market is also set to make the Q2 of 2021 record a negative, as acknowledged by Skew. The crypto data provider noted:

“Bitcoin is on track for its first down quarter since Q1 2020.”

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Meanwhile, US institutional Bitcoin demand had dried up because American-based crypto exchange Coinbase was experiencing more inflows.

According to a recent weekly report by digital asset firm CoinShares, institutional investors continued to reduce their long positions in BTC. The net outflow reached a record of $141.4 million in the past week.

Furthermore, that whale holdings of more than 1,000 BTC had been dropping since February. It, therefore, remains to be seen whether BTC will attract more institutional investors to spur an upward move.

Image source: Shutterstock

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Source: https://blockchain.news/analysis/13.38-percent-bitcoin-money-supply-has-now-moved-between-31k-and-40k

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