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‘In Terms of Dollars Bitcoin Is Going to Infinity,’ Says Kraken CEO – Markets and Prices Bitcoin News

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Jamie Redman

While bitcoin prices have been coasting along between $46k to $48k during the last three days a number of proponents are still bullish about the crypto asset’s long-term value. On Thursday, Kraken CEO Jesse Powell said that he thinks bitcoin could easily reach a million-dollar valuation per coin. “When you measure it in terms of dollars, you have to think it’s going to infinity,” Powell insists.

Bitcoin to Infinity and Beyond

During the last few weeks as bitcoin (BTC) prices saw a climactic rise above the $58k handle a number of crypto proponents and analysts think BTC could region six-digits in USD value. There have been a lot of calls suggesting BTC will reach $100k this year and even people who say it could hit $200 to $350k per unit.

After bitcoin touched an all-time high (ATH) on February 19, 2021, on Thursday the CEO of the cryptocurrency exchange Kraken told Bloomberg reporter Lynn Thomasson that he believes the leading asset could make it to $1 million someday.

$1 Million per BTC in 10 Years: 'In Terms of Dollars Bitcoin Is Going to Infinity,' Says Kraken CEO
In 2011, Kraken founder Jesse Powell visited the offices of the bitcoin exchange Mt Gox after the Japanese company’s 2011 security breach. Powell told Bloomberg that he started working on Kraken as a replacement for Mt Gox when he started the exchange ten years ago. Ten years from now, Powell thinks bitcoin could tap a $1 million per unit price tag.

Not too many people call seven-digit BTC prices but Jesse Powell, Kraken’s CEO said; “We can only speculate, but when you measure it in terms of dollars, you have to think it’s going to infinity.”

The founder of the San Francisco trading exchange said that “true believers” think BTC could replace all the global currencies. “The true believers will tell you that it’s going all the way to the moon, to Mars, and eventually, will be the world’s currency,” Powell detailed in his recent interview.

Powell also disclosed that the company Kraken is considering an initial public offering (IPO) next year following the footsteps of the popular crypto exchange that’s also located in San Francisco, Coinbase.

Kraken Research: ‘Long-Term Trends Show We Are Still Far Away From a Major Market Cycle Top’

Kraken also published a February 2021 market recap on Friday, which looks at a number of key takeaways. A few of them being, BTC’s Logarithmic Regression Retracement data, bitcoin’s price returns, and volatility, alongside other digital assets in the crypto economy.

“Historic price action shows that bitcoin bull market corrections typically retrace between 70-90%,” Kraken’s researchers wrote on Friday. “When examining long-term trends, our analysts conclude we are still far away from a major market cycle top.”

Powell is also optimistic about BTC’s steady rise and the leading crypto asset’s value against the U.S. dollar. “[The U.S. dollar] is only 50 years old and it’s already showing extreme signs of weakness, and I think people will start measuring the price of things in terms of Bitcoin,” Kraken’s Powell concluded.

What do you think about the Kraken CEO’s prediction that BTC could reach a million dollars per unit? Let us know what you think about this subject in the comments section below.

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$1 million, Bitcoin, Bitcoin (BTC), Coinbase, cycle top, Infinity, initial public offering, IPO, Jesse Powell, Kraken, Kraken CEO, kraken exchange, Kraken Research, Mt Gox, price predictions, Prices, San Francisco, San Francisco Exchange, Value, volatility

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Banking Giant Natwest to Refuse Service to Businesses That Accept Cryptocurrencies – Finance Bitcoin News

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Jamie Redman

The major retail and commercial financial institution National Westminster Bank (Natwest) has categorized cryptocurrencies as “high risk” and refuses to serve business customers who accept digital assets for payments. A Natwest board member, Morten Friis, explains the bank has no appetite for dealing with these types of customers as Natwest is taking a “cautious approach” toward this technology.

Natwest Will Refuse to Do Business With Companies That Accept Cryptocurrencies

Reports show that the popular UK-based financial incumbent and wealth manager Natwest is refusing to serve business customers who accept cryptocurrencies. The same bank established in 1968 from a merger between Westminster Bank and National Provincial that suffered from intense scrutiny after being involved in the stock market crash of 1987.

The report written by theguardian.com’s banking correspondent Kalyeena Makortoff explains that Morten Friis, a Natwest board member and head of the bank’s risk committee is taking an adverse approach toward crypto-assets. Friis notes that the bank has no cravings for dealing with crypto customers and digital assets are “high risk” from Natwest’s perspective.

“We have no appetite for dealing with customers, whether taking them on as new clients or having an ongoing relationship with people, whose main business is backed by an exchange for cryptocurrencies, or otherwise transacting in cryptocurrencies as their main activity,” the bank’s risk manager stressed during a shareholders meeting on April 21.

Friis further asserted:

We think of cryptocurrencies as high risk and we’re taking, for that reason, a cautious approach to this. It’s an area where regulation is very much in evolution and we’ll obviously respond to that as things change.

A Few Banks Are Taking a Stand-off Approach Toward Crypto-Assets

Natwest’s current opinion echoes the same warning the UK’s Financial Conduct Authority (FCA) issued in March. The FCA warned that “younger investors are taking on big financial risks.” Moreover, the financial incumbent HSBC has been taking a stand-off approach toward crypto assets as well. Essentially, HSBC has chosen to bar investors from buying into stocks from firms that hold bitcoin. Reports this week also indicate that HSBC is even taking issues with Coinbase shares (COIN).

The bank Natwest has not been without controversy, even beyond the market rout on ‘Black Monday’ back in 1987. Ten years later in 1997, the corporate and investment banking arm Natwest Markets disclosed that the banking group had lost £50 million. Further research proved the loss was upwards of £90.5 million and because of these further investigations, faith in Natwest declined rapidly. However, the Bank of England (BoE) stepped in and curbed the resignation of top Natwest officials.

In 2016, Bitcoin.com News reported that Natwest was one of the first UK high street banks to introduce the charging of negative interest rates against its customers. Reports at that time noted that only business customers would feel the new policy, but the announcement shook markets and caused faith to drop as well.

Many crypto-asset supporters would say that Natwest is a shining example of why bitcoin and the myriad of digital assets exist. From the controversies in 1987, 1997, 2016, even today, the bank has witnessed a declining trust from the public. More recently, the Financial Conduct Authority (FCA) invoked criminal proceedings against Natwest for allegedly failing to comply with money laundering rules.

What do you think about Natwest explaining that the bank refuses to do business with businesses that accept crypto assets? Let us know what you think about this subject in the comments section below.

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banks, Bitcoin (BTC), BTC, crypto assets, Cryptocurrencies, Finance, National Westminster Bank, NatWest, Natwest Bank, Natwest Banking, Negative Interest Rates, UK Bank

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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US House Passes Bill Mandating SEC and CFTC to Establish Working Group Focused on Digital Assets – Regulation Bitcoin News

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Kevin Helms

The U.S. House of Representatives has passed a crypto-related bill introduced by pro-bitcoin Congressman Patrick McHenry. It requires the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to establish a working group focused on digital assets.

Bill to ‘Ensure Collaboration Between Regulators and Private Sector’ on Cryptocurrency

The U.S. House of Representatives passed several bipartisan bills on Tuesday, including H.R. 1602, introduced by pro-bitcoin Congressman Patrick McHenry, the Republican leader of the House Financial Services Committee.

H.R. 1602, entitled “Eliminate Barriers to Innovation Act of 2021,” will “establish a digital asset working group to ensure collaboration between regulators and the private sector to foster innovation,” the committee described.

McHenry explained:

[This bill] requires the Securities and Exchange Commission and the Commodity Futures Trading Commission to establish a working group focused on digital assets. This is the first step in opening up the dialogue between our regulators and market participants and move to needed clarity.

The bill states that the working group shall be established no later than 90 days after the date of its enactment.

In addition, the bill requires that the members of the working group include at least one representative from fintech companies that provide digital asset products or services, financial firms regulated by the SEC or CFTC, institutions engaged in academic research or advocacy relating to digital asset use, small fintech businesses, investor protection organizations, and institutions that support investment in historically-underserved businesses.

The working group shall submit a report no later than one year after the enactment of the bill to the SEC, the CFTC, and the relevant committees, the bill notes.

The report must contain regulatory analysis and recommendations related to the laws and regulations under the jurisdiction of the SEC or the CFTC. The recommendations are “for the creation, maintenance, and improvement of primary and secondary markets in digital assets, including for improving the fairness, orderliness, integrity, efficiency, transparency, availability, and efficacy of such markets.” They must also cover the “standards concerning custody, private key management, cybersecurity, and business continuity relating to digital asset intermediaries.” The bill, which now heads to the Senate, can be found here.

What do you think about this bill? Let us know in the comments section below.

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CFTC, crypto bill, cryptocurrency bill, digital asset bill, Digital Assets, Eliminate Barriers to Innovation Act of 2021, Fintech, house passes bill, patrick mchenry, SEC, working group

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Man Offers to Buy 111 Tesla Model 3s if Elon Musk’s Company Accepts Bitcoin Cash for Payments – Featured Bitcoin News

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Jamie Redman

On April 20, a video stemming from the Youtube channel called “1stmil.com” has the Bitcoin Cash community talking. The host of the channel sitting in a Tesla dealership parking lot explains in his recent video that if Elon Musk gets Tesla to accept bitcoin cash directly for cars, he plans to commit to purchasing 111 Tesla Model 3s.

111 Tesla Model 3s to be Purchased if Elon Musk Gets Tesla to Accept Bitcoin Cash

Not too long ago, Tesla the electric car manufacturer announced accepting bitcoin (BTC) for payments and also mentioned that the coins wouldn’t be sold for fiat. Just recently, the host of the Youtube channel 1stmil.com claims he will buy 111 Tesla Model 3 cars.

However, the host of the educational Youtube channel that teaches “people learn how to make their first million dollars,” wants Elon Musk to accept bitcoin cash (BCH) in exchange for the offer. 1stmil.com’s host is a Tesla fan and the model can be seen in a variety of his prior videos.

Man Offers to Buy 111 Tesla Model 3s if Elon Musk's Company Accepts Bitcoin Cash for Payments
Host of the educational Youtube channel 1stmil.com says he’s committed to purchasing 111 Tesla cars if Elon Musk got Tesla to accept bitcoin cash payments. The host has been publishing videos for three years now on Youtube and his “hobby is educating others about financial freedom.” The cost to purchase 111- 2021 Tesla Model 3s at the base MSRP of around $38,500 per car would cost over $4.2 million.

He’s also at a Tesla dealership parking lot and shows a wallet on his smartphone loaded with BCH that can purchase up to three Tesla Model 3 cars.

“As you can see I’m back at Tesla again,” the 1stmil.com host said. “They don’t know that I am here and I want to make this a surprise for all the Tesla people as well, particularly for Elon Musk. As a special celebration of 10x in [bitcoin cash], me and a friend of mine, who is a big promoter of bitcoin cash came up with great ideas about how to get Elon Musk to accept bitcoin cash for payments.”

‘Many Bitcoin Cash Holders Have a Lot of Money and Want to Spend It’

The 1stmil.com host also explained how Tesla is accepting bitcoin (BTC) for payments and the company is not transferring the funds into fiat.

“It’s my suggestion,” the Youtuber notes. “Not just me, but many other bitcoin cash holders have a lot of money… we want to spend it. Let me just make a commitment, Elon… If you are going to accept bitcoin cash as payment, my phone to your phone, or to Tesla’s phone… Then I hereby am officially committing to buy 111 Tesla Model 3s. Yes, you heard me right, 111 Tesla Model 3s.”

The video host further says that he hopes Elon Musk can tweet out to his Twitter followers that Tesla will be accepting bitcoin cash (BCH) for payments. The Youtube video was extremely popular on the Reddit forum r/btc with over 500 upvotes and a number of BCH proponents discussing the video.

“I live in the same city as this guy,” one Redditor wrote. “Already left him a comment on the video in case he wants to collaborate on local BCH adoption. Glad to know there are other BCH peeps nearby,” he added. Following the video, the 1stmil.com host published two more Youtube videos pertaining to the same subject.

What do you think about the proposal to purchase 111 Tesla Model 3s if Elon Musk gets Tesla to accept bitcoin cash payments? Let us know what you think about this subject in the comments section below.

Tags in this story
111 Tesla Model 3s, 111 Teslas, 1stmil.com, BCH, BCH Acceptance, BCH Adoption, bitcoin cash, Elon Musk, r/btc, Tesla, Tesla Cars, Tesla Model 3s, YouTube, youtuber

Image Credits: Shutterstock, Pixabay, Wiki Commons, Youtube,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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