Come every saturday Hodler’s digest helps you keep track of every single important message that happened this week. The best (and worst) quotes, introductory and regulatory highlights, leading coins, predictions, and more – one week on Cointelegraph in one link.
This week’s top stories
“Biggest Bitcoin Event in History” starts in Miami
Sun, sea and satoshis were on the agenda as the biggest Bitcoin event in history began in Florida.
Organizers expected large turnout for the sold out event, with some forecasting more than 50,000 attendees.
On the first day, MicroStrategy CEO Michael Saylor revealed more about his previous experience in the crypto space. He said: “I realized that yesterday I bought Bitcoin for the first time a year ago, so this is the end of my rookie year.”
Jack Dorsey, CEO of Twitter and Square, also stated that “Bitcoin changes absolutely everything”. He told the conference, “We don’t need the financial institutions that we have today” – and to create money for the world, it has to be developed internationally.
One particularly eye-opening discussion on stage came from Brian Brooks, a former regulator who became the CEO of Binance.US. He said: “Anyone who has never worked in a major bank does not know how bad the problem is.”
It’s Mati Greenspan against the Maxis at the “Shitshow” in 2021
For many, Bitcoin 2021 in Miami is for many the first physical event since the coronavirus pandemic began, bringing celebrities, cryptographers and CEOs together. Unfortunately, you can’t always please everyone.
Mati Greenspan, founder of Quantum Economics, tweeted a harmless comment about Bitcoin becoming “the biggest crypto conference ever” in 2021!
But it was quickly made clear by the likes of Bitcoin Magazine editor Pete Rizzo, who said: “It’s a bitcoin conference about bitcoin. Bitcoin is the topic and therefore it is used as an adjective. “
To be fair, the organizers were crystal clear that this was a Bitcoin-only event, which means that no altcoins are allowed.
But as DeFi Pulse founder Scott Lewis suggested … is it really possible to go two days without talking about Ethereum?
“Discounted” Bitcoin will hit $ 100,000 more than $ 20,000 in 2021, says Bloomberg analyst
Even though the Florida party is in full swing, Bitcoin is struggling to break $ 40,000 will undoubtedly have dampened the process.
However, Mike McGlone of Bloomberg Intelligence says there are still plenty of reasons to be optimistic.
In his latest Bloomberg Galaxy Crypto Index report, he said BTC was “stronger, greener, and less sprawling” than it was when the rally peaked in April.
He also claimed that Bitcoin’s bull market appears to be intact, with a price target of $ 100,000 more likely than a decline to $ 20,000.
Unfortunately, not everyone agrees with McGlone’s prediction after the worst May for Bitcoin in 10 years. JPMorgan strategist Nikolaos Panigirtzoglou writes in a research note that weakened institutional demand could drag BTC down $ 30,000.
Stuck or hungry for Dogecoin as the Coinbase pump triggers the return of the whales
Dogecoin – compared to “digital plastic” by some this week – has seen quite a boom lately. The joke cryptocurrency price rose 40% in a single day, fueled by Coinbase’s announcement that it would open its door to DOGE deposits on June 1st.
DOGE’s surge more than shocked $ 16 million bearish leverage in a single hour, with the altcoin almost returning to a pre-crash high.
One analyst, @HsakaTrades, stated that a “boring market” has drawn to DOGE and is turning away from other altcoins.
NFT sales down 90% since market peak
We have all become painfully familiar with the endless explanations surrounding the death of Bitcoin. Now that sales of non-fungible tokens have fallen 90% since their peak in early May, some are ringing the death knell for NFTs.
After this $ 102 million on May 3, NFTs were sold in a single day $ 19 million Worth were sold in the past week. over $ 170 million worth of NFTs were sold in the seven-day window on either side of the top, which is almost 90% since declining.
The number of NFT wallets showing signs of activity on a daily basis is also falling 70% since the beginning of May, after the fall of 12,000 to 3,900.
NFT sales and wallet movements declined across all token categories including gaming, decentralized finance, collectibles, art, utility, metaverses, and sports.
Winner and Loser
At the end of the week, Bitcoin is at $ 37,733.41, Ether at $ 2,787.12 and XRP at $ 0.99. The total market capitalization is $ 1,710,804,430,870.
Among the top 100 cryptocurrencies are the top three altcoin winners of the week Theta fuel, Curve DAO token and Siacoin. The three biggest altcoin losers of the week are UNUS SED LEO, Decreed and Nano.
For more information on crypto pricing, be sure to read Market analysis by Cointelegraph.
The most memorable quotes
“Who forgot to invite Elon to the #bitcoin conference?”
David Gokhshtein, Founder of Gokhshtein Media
“Bitcoin is more likely to rise again towards a resistance of USD 100,000 instead of staying below USD 20,000.”
“Right now, when you buy and sell gold, it is taxed, you can do that. If you’re making a profit from Bitcoin, read stories about people being taxed on it. You can’t tax money, you don’t tax it. “
Ron Paul, former presidential candidate
“Digital currencies are not a substitute for gold. If anything, if they were a substitute for copper, they are risky, risky assets. They are a substitute for risky inflation hedges, not risk-free inflation hedges. “
Jeff Currie, Goldman Sachs Global Head of Commodities Research
“When something gets big enough, things like consumer interests and money laundering come into play. So there is good reason to believe that [regulation] will happen.”
Stefan Ingves, Governor of the Swedish Reichsbank
Forecast of the week
Bitcoin bulls give “conservative” 10-year estimate for hyperbitcoinization
Back to Miami, where an eye-opening panel indicated that we may only be 10 years away from “hyperbitcoinization” – the moment when BTC is taking over global finance.
Make no mistake, it would be no easy task. It would mean billions of new users will come on board by 2031. On the other hand, Bitcoin has already picked up hundreds of millions of users in the last 10 years.
Unchained Capital’s Parker Lewis is among those with high hopes. He said: “I think based on the historic introduction of Bitcoin and based on the trillions of dollars the Fed will have to print in the months to years to come, it might be conservative to say that Bitcoin will be one unit of account in 10 years.”
Saifedean Ammous, author of The Bitcoin Standard: The Decentralized Alternative to Central Banking, was a bit more conservative. He predicts it will take 16 years … or four more halving cycles.
And Kraken’s Dan Held believes hyperbitcoinization is at least a decade away … unless fiat currencies suffer a “rapid devaluation”.
FUD of the week
Even Vitalik Buterin is surprised at how long it takes Eth2
Ethereum co-founder Vitalik Buterin has admitted that the long-awaited transition to a proof-of-stake consensus mechanism is taking much longer than he expected.
Speaking partly in Mandarin at a conference in Hong Kong, he said: “We thought it would take a year to do the proof of stake, but it actually takes six years. If you’re doing a complex thing that you think will take a while, it will likely take a lot more time. “
Buterin added that in the five years it took Ethereum to get to where it is today, there have been a number of internal team conflicts.
“One of the biggest problems I’ve encountered with our project isn’t the technical issues – it’s people-related issues,” he said.
The latest roadmap estimates that by the end of 2022, Eth2 may not have the scalability that large enterprise applications enjoy.
Google lifts the ban on crypto exchanges and wallet advertising for 2018 to 2018
Google has repealed a three-year-old policy that bans crypto exchanges from using its advertising services.
But the new policy will not open the door to the vast majority of crypto institutions as “advertising initial coin offers, DeFi trading protocols, or otherwise promoting the purchase, sale or trading of cryptocurrencies or related products” is still prohibited.
Google’s guidelines on crypto ads have often been inconsistent, and in some places experts have labeled them unfair.
Expect a battle between companies like Binance.US and FTX vying for market share in the states.
Apple co-founder Steve Wozniak loses Bitcoin fraud case against YouTube
YouTube is not responsible for crypto-related scams posted on its platform, according to a recent court ruling.
Apple co-founder Steve Wozniak failed to support his lawsuit against YouTube over an ad that used his picture to promote a counterfeit Bitcoin giveaway.
Santa Clara County’s Superior Court Justice Sunil Kulkarni said in a preliminary ruling that YouTube and its parent company Google are protected by Section 230 of the Communications Decency Act – a federal law that protects internet platforms from responsibility for user-posted content.
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