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The Behavioral Economics Of Bitcoin

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The heuristics often described in behavioral economics offer insightful frameworks for understanding mainstream resistance to Bitcoin.

This is an opinion editorial by Rich Feldman, a marketing executive, author and advisory board member at Western Connecticut University.

Source: Created by the author using deepai.org

Behavioral economics has long been cited to describe our “irrational tendencies” as consumers and investors. I’m here to extend that discussion specifically to Bitcoin because, let’s face it, when it comes to crypto in general and Bitcoin specifically, the influence of emotions, biases, heuristics and social pressure in shaping our preferences, beliefs and behaviors is profound… and fascinating.  Read more...

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Bitcoin Country El Salvador’s New Bill Offers Tax Breaks For Tech Innovation

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The popular crypto-friendly country El Salvador has taken a huge step to improve economic growth via technology. It recently reviewed its tax system exempting technology innovations to boost developments. 

Recall that El Salvador was the first country that made bitcoin legal tender and pushing for more adoption. This latest move is expected to attract more developers into the country, given it has become a tax haven for them. 

El Salvador Offers Tax Exemptions For Tech Developers

President Nayib Bukele sent the bill to Congress on April 1. The El Salvador tax exemption covers developers in coding apps and AI development, software programming, communications hardware manufacturing, and computing. It eliminates all import tariffs, income capital gains, and property taxes from these sectors.  Read more...

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This Crypto Sector Will Grow To $16 Trillion, Here’s How

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The world of crypto assets has seen significant growth in recent years, with the total market capitalization reaching over $ 3 billion in November 2021. A new sector within the cryptocurrency industry is poised to continue the trend and explode in growth terms. 

According to the decentralized finance expert under the pseudonym “Edgy,” the real-world asset sector (RWA) is set to change the course of the nascent industry. Edgy believes that the real-world asset sector could reach a market cap of $ 16 trillion by 2030, which could catalyze cryptocurrencies into the mainstream.   Read more...

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The US Government Sold Nearly 10,000 Silk Road Bitcoin

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Uncle Sam made off with more than $ 215 million this month as it began to liquidate portions of seized bitcoin.

The United States government has been selling bitcoin confiscated from the Silk Road case in 2013. 

According to a court filing, the government sold 9,861.1707894 Bitcoin on March 14, 2023, for a total of $ 215,738,154.98. After transaction fees, the net proceeds for the government were $ 215,522,416.83. The government also revealed that there are still around 41,490.72 bitcoin left to be sold, which they plan to sell in four more batches over the course of this year.  Read more...

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Bitcoin’s Horizontal Levels Show Potential For Bullish Trend

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After recovering its bullish momentum, the largest cryptocurrency in the market, Bitcoin (BTC), briefly broke above its key resistance level of $ 28,700. However, the cryptocurrency retracted and returned to trading within its range formed in the last week between $ 27,600 and $ 28,500. 

Despite this choppy price action, a recent blog post by Justin Bennett, trader and analyst of the crypto market suggests that BTC has established “strong” horizontal levels, which are favorable for both scalpers and investors who prefer this period of range or consolidation in the market.  Read more...

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Can Dogecoin Reach Its Previous ATH? Let’s Take A Look At The Facts

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Dogecoin (DOGE) came into the spotlight during the 2021 bull market after mounting an impressive rally fueled by billionaire Elon Musk posting about the coin on his Twitter account. However, the meme coin has since lost most of those gains as the bear market has raged on. With Dogecoin sitting about 90% below its May 2021 all-time high, the question is now whether DOGE will ever reach $ 0.7 again.  Read more...

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Bitcoin Beach Wallet Renamed To Blink In Addition To Changes Aimed At Making The App Global

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Blink’s name and features reflect the project’s desire to be used by Bitcoin communities across the world.

The Bitcoin Beach Wallet has officially changed its name to “Blink” to better reflect its vision of becoming the best tool for “bottom-up Bitcoin adoption.” 

The wallet was initially launched in 2020 in El Salvador’s El Zonte as part of the Bitcoin Beach project’s goal of creating a circular Bitcoin economy. The name change reflects the wallet’s expansion beyond its original intended purpose. The wallet has grown to become a popular Lightning wallet for Bitcoin community projects and Lightning enthusiasts worldwide.  Read more...

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Binance.US Temporarily Halts BUSD Deposits And Withdrawals

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On March 31, Binance.US, a US-based subsidiary, announced that it had temporarily suspended trading for stablecoin pairs involving Binance USD (BUSD) through One Common Billing System (OCBS).

The suspension was due to an ongoing investigation by the Commodity Futures Commission (CFTC) into potential violations committed by the exchange.

The decision to halt services came amidst the current global banking crisis, which has caused uncertainty and affected Binance.US’s operations.

The suspended services include BUSD crypto deposits and withdrawals and buying, selling, and converting crypto options.  Read more...

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In God We Trust, All Others Pay In Bitcoin

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Perhaps soon, around the world, we’ll begin putting our faith in Bitcoin rather than fiat.

This is an opinion editorial by Phil Snyder, an educator teaching blockchain technology, Bitcoin and all things media at the University of Houston.

Who hasn’t gotten at least a little chuckle upon first reading a sign behind a checkout counter, emblazoned with that timeless wit and wisdom, “In God We Trust; All Others Pay Cash”? Perhaps soon, around the world, wherever merchants accept bitcoin, we will begin to see “In God We Trust; All Others Pay Bitcoin.”  Read more...

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Bitcoin Price Reclaims $28,000 As Core PCE Comes Cooler Than Expected

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Today, March 31, is of utmost importance for the Bitcoin price for three reasons: the quarterly settlement day for Bitcoin options, the release of the Personal Consumption Expenditure (PCE) price index in the US, and the monthly close candle for BTC, which could herald a breakout from the bear cycle.

The former has already happened. At 8:00 am UTC (4:00 am EST), Deribit, the world’s largest crypto options exchange by trading volume and open interest, settled over $ 4 billion worth of Bitcoin options. The Bitcoin price fell below $ 28,000 on this occasion, recording a low of $ 27,512.  Read more...

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Biden Pressures US Regulators To Make Bank Rules More Stringent – Good For Crypto?

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The crypto industry and the banking sector are closely correlated, with many crypto exchanges using banks to hold funds and process transactions.

Changes in banking regulations can impact the crypto industry, which has been seeking greater legitimacy and integration with traditional financial systems.

United States President Joe Biden is stepping up pressure on federal banking regulators to tighten rules for regional banks and require institutions with the same size as Silicon Valley Bank to maintain a greater amount of liquid assets while undergoing more frequent stress tests.  Read more...

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Bitcoin Advocacy Group Illuminates ECB, Eurotower, Encouraging Adoption And Education

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The “Bitman” collective advocated for Bitcoin adoption by illuminating the ECB building with the Bitcoin logo.

The “Bitman” collective, a group advocating for the adoption of Bitcoin, illuminated the Eurotower and the European Central Bank (ECB) building with the Bitcoin logo and the words “study bitcoin,” on the evening of March 29. 

The goal was to encourage people to inform themselves about Bitcoin and its advantages compared to fiat money. A spokesperson said in a message to Bitcoin Magazine that many institutions, including the ECB, deliberately discredit Bitcoin and knowingly misinform citizens to strengthen their own position. In light of this, it is especially essential to do research using one’s own tools.  Read more...

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Research Firm Breaks Down Impact Of MicroStrategy Purchases On Bitcoin Price

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A research firm has broken down how the Bitcoin price has reacted to purchases Michael Saylor’s MicroStrategy has made over the years.

MicroStrategy’s Bitcoin Purchases Have Been Followed By Negative Price Action

K33 Research, formerly Arcane Research, has released a new analysis piece that looks into how the market has been impacted by each buying spree that MicroStrategy has gone on.

The research firm has found that Bitcoin has usually observed an upside during the periods MicroStrategy has been making its purchases. Note that by during, what is meant here is the actual dates the purchases happened and not when the announcements were made.  Read more...

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Gamma.io, Xverse And Bitcoin Magazine To Host Ordinals Alley At Miami Bitcoin Conference

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Bitcoin 2023 will see the world’s first fine art gallery for Bitcoin Ordinal inscriptions, hosted by the three companies.

Disclaimer: BTC Inc. is the parent company of the Bitcoin Conference and Bitcoin Magazine.

Gamma.io, Xverse and Bitcoin Magazine are collaborating to launch an initiative aimed at highlighting the new medium of art, settling on the longest-running and most secure blockchain, Bitcoin.  Read more...

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Prepping For The Bull Run? These Meme Coins Should Be On Your Radar

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With the crypto market showing significant signs of recovery, meme coins could be the next to rally as momentum picks up. So here is a list of meme coins that could have potential when the next bull rally rolls around.

Dogecoin (DOGE)

As always, Dogecoin (DOGE) remains at the forefront when the talk of meme coins comes up. This is because it is the first meme coin and the whole movement was built off Dogecoin’s success in the market. So it makes the list the first meme coin to always look at when investing.  Read more...

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Hong Kong To Raise $100 Million To Fund The Growth Of Its Crypto Industry

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Hong Kong aims to regain its status as a leading finance and crypto hub, and to this end, domestic investors have established the ProDigital Fund to raise $ 100 million.

Already having secured $ 30 million in commitments, the fund aims to reach its target by the end of this year, driving the growth of the digital asset industry in Hong Kong.

ProDigital Fund To ‘Embrace’ Hong Kong And Its Policies

The ProDigital Fund will focus on early-stage Web3 companies catering to the local market. The fund’s backers include notable investment firms in Asia, such as Ben Ng, a partner at SAIF Partners, and Curt Shi, an experienced tech investor from China.  Read more...

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There’s No Reason To Trust Banks And, Thanks To Bitcoin, We Don’t Have To

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Trust in central and commercial banks is eroding quickly. The internet and social media are oil in the fire and Bitcoin is the extinguisher.

This is an opinion editorial by Julian Liniger, the co-founder and CEO of Relai, a Swiss-based, bitcoin-only investment app.

‘Trust Us, Bro’ As The Only Tool Left

Banking only works when there is trust. It’s fundamentally based on the belief that the banking system is strong and resilient enough to protect your money. But this trust-based system has shown that the rich and powerful benefit from this protection. As we saw in 2008 and since, the regular taxpayer is paying the bill.  Read more...

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Binance Maintained Connections With China Even After Nation’s 2017 Crypto Ban: Report

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Binance appears to have been caught red-handed in a shocking revelation that could shake the industry to its core. Explosive documents obtained by the Financial Times reveal that Binance CEO Changpeng “CZ” Zhao and other top executives have been secretly concealing their ties with China for years.

Binance has long maintained that it severed its ties with China after the government’s crackdown on cryptocurrency in 2017. However, the leaked documents suggest a much closer relationship between the crypto exchange and the Chinese authorities than previously thought.

The alleged scandalous cover-up has sent shockwaves through the crypto community and sparked fears of a regulatory crackdown on the controversial exchange.  Read more...

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Bitcoin: Why This Is The Best Time To Buy The Crypto, According To R. Kiyosaki

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Bitcoin, gold, and luxury brands have just been given a thunderous stamp of approval from none other than Robert Kiyosaki, the well-known author of the personal finance book “Rich Dad Poor Dad.”

In a bold move that could revolutionize the way people invest their money, the financial guru is urging investors to act quickly and pour their hard-earned cash into these products. 

And the reason behind his unyielding endorsement? It’s nothing short of eye-opening and could shake up traditional investment strategies as we know them.  Read more...

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Texas Senate Committee Hears Testimony On Bill That Would Ban Certain Energy Arrangements With Bitcoin Miners

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Pierre Rochard, VP of research at Riot Platforms testified yesterday that Bitcoin is a net positive for the state.

The Senate Committee on Business and Commerce heard testimony in regards to a Texas bill that would prohibit flexible load agreements between bitcoin miners and energy providers yesterday.

The bill aims to ban the arrangements in which energy providers like ERCOT would pay bitcoin mining operators to turn off their facilities, effectively freeing the now-excess energy for usage during emergencies or high demand time periods.  Read more...

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