Crypto Hedge Fund Manager Explains Why May Was Crucial for Bitcoin (BTC)

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Sun, 05/31/2020 - 15:16
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Vladislav Sopov
Bitcoin (BTC) and cryptocurrencies are usually associated with libertarian or even anarchist ideologies. However, Experts say that things may have been changed this May.
Crypto Hedge Fund Manager Explains Why May Was Crucial for Bitcoin (BTC)
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Matt David Kaye, Managing Partner of the digital assets hedge fund Blockhead, explained the role of Bitcoin (BTC) in modern conflicts between individuals and the state.

Breaking the Monopoly

Despite the fact that nothing unusual has happened from a historical perspective, Mr. Kaye published an introspective tweet about how this May broke the illusions for millions of people

Matt David Kaye explains how this May has broken illusions
Image via Twitter

In both democratic and authoritarian states, people have been forced to realize that governments are the only entities to have a monopoly on money or violence.

Mr. Kaye admitted that this order has not changed for generations. However, the expert highlights that 'it may or may not always stay that way'.

The opportunity for choice is what makes the flagship cryptocurrency look so interesting for Mr. Kaye.

Currency of Hard Times

In 2020, Bitcoin (BTC) has frequently been called the 'hedge against governance'. In January for instance, when the U.S. attacked Iran with a drone strike, the price of Bitcoin (BTC) reached $29,000 in the U.S. amid the backdrop of financial collapse.

In April, when Banque Du Liban (BDL), a central bank in Lebanon, started to grab 'hard currency' remittances from its citizens, 'Block Swan' author Nassim Nicholas Taleb recommended Bitcoin (BTC).

Finally, when the unpopular measures of the U.S. Fed Reserve put the U.S. Dollar on the edge of hyperinflation, several individuals from the investment community mentioned Bitcoin (BTC) as the only reliable asset.

E.g. Robert Kiyosaki, a real estate investor and author of several bestselling books, is sure that Bitcoin (BTC) can prevent the world from being destroyed by the U.S. Dollar's dominance.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)