Bitcoin Stands Strong After Beating From Mainstream Media
Almost two weeks have passed since the historic Bitcoin Conference 2021 (see Alex Benfield’s coverage here), and it's still sending ripples through the industry.
One of the biggest proclamations made during the conference — of El Salvador using Bitcoin (BTC, Tech/Adoption Grade “A-”) as its legal tender — has shaken the traditional finance to the core.
Mainstream media was quick to spotlight economists who were skeptical of the plan:
"El Salvador's adoption of $BTC could collapse its economy, according to economist Steve Hanke."— Weiss Crypto (@WeissCrypto) June 16, 2021
The smear campaign led by mainstream media has been relentless & ignorant. Some are clearly afraid of this experiment, for if it works it could shock the global financial system.
And the World Bank rejected providing El Salvador with further grants necessary to implement BTC, citing “environmental and transparency” drawbacks of the cryptocurrency. Here’s our take:
It seems we truly live in the age of "fiat science". Both of these "reasons" are bogus and debunked many times over... The real reason the World Bank won't help El Salvador is that it'd be akin to helping it dig WB's grave. pic.twitter.com/gyqlJf3d58— Weiss Crypto (@WeissCrypto) June 17, 2021
However, it seems El Salvador might not even need the World Bank’s help, as they’ve already figured out how to mine their own crypto in the most environmentally friendly way possible:
A geothermal pit dug beside a volcano will help power Bitcoin mining operations in #ElSalvador. It's been 5 days since the announcement, and the country is already leading the way in green $BTC mining. Perhaps, just perhaps #Bitcoin actually creates an incentive for green energy.— Weiss Crypto (@WeissCrypto) June 15, 2021
As one follower stated, El Salvador must have known the outcome, so we also can’t help but wonder if it was done simply to demonstrate the hostility of the pillars of traditional finance towards crypto.
But it’s not just El Salvador that’s put its hope in BTC; a majority of the crypto community has as well. And it’s no wonder — the signs that BTC could soon blow its top are all there:
Jack Dorsey, the founder of both #Twitter and #Square, hinted Twitter may integrate #Bitcoin #LightningNetwork. Dorsey was also quoted last week saying that #BTC was the most important thing to work on in his lifetime. If so, Jack, prove it. Quit hinting and get working.— Weiss Crypto (@WeissCrypto) June 11, 2021
#Grayscale purchased another $2 billion in #crypto on the dip, and Microstrategy plans to raise yet another $1b, which will be spent on $BTC. Institutions and corporations love to buy when the weak hands are selling.— Weiss Crypto (@WeissCrypto) June 15, 2021
It is likely that #Bitcoin's #Taproot upgrade will lock in, with over 99% of blocks signaling decisively in favor of its activation.— Weiss Crypto (@WeissCrypto) June 14, 2021
Taproot will help #BTC become more private as multi-sig txs will be unreadable with #Schnorr.
For all those who wonder why Bitcoin’s price action isn’t reflecting this surge in institutional interest, our own Marija Matic connected the dots in an insightful piece I strongly suggest you read.
But what about other cryptocurrencies? The week behind us wasn’t all that exciting price action-wise, but Polygon (MATIC) has yet again proven to be an outlier:
By 30-day rolling price change, the majority of coins are still deep in the sea of red, so it's still early to say that the crypto markets have completely flipped bullish. One interesting coin standing out is $MATIC:— Weiss Crypto (@WeissCrypto) June 15, 2021
LEGEND: YELLOW is neutral, BLUE is bullish, and RED is bearish pic.twitter.com/qqLNDaPUF1
Looking at levels of engagement coming from our audience, we sadly conclude not many of you like this resilient cryptocurrency, even though our Weiss Cryptocurrency Portfolio subscribers are holding nice open gains on it so far.
But using the same criteria, we also know which one is your favorite. Have you guessed it? This is our top tweet of the week, based by your engagement:
#Cardano researching 'Stablefees' that offers fair and predictable transaction pricing. This could be an excellent idea and something that could become standard for all smart contract platforms.#ADA— Weiss Crypto (@WeissCrypto) June 11, 2021
And with good reason, too! We’ve never shied away from saying good things about Cardano (ADA, Tech/Adoption Grade “B-”), and we’ll keep doing so as long as the project deserves it.
Looking ahead to the next week, we’ll keep monitoring the price action as well as fundamentals of many projects in the nascent industry. Keep coming to us for even more news, insights and reports daily.
If you have any questions or comments, you know the drill. Use the hashtag #WeissCryptoAlert, post your question and we’ll do our best to respond in next week’s social media recap.
Until then, stay safe and trade well.