Tag: bitcoin adoption

Bitcoin 2019 Yearly Overview – Price Movements, Advancement and Adoption

The Journey of Bitcoin

BTC Price 24th September 2018

On September 24th, 2018, an entire year ago, the BTC market stood below 7,000 USD. What has happened since?

10 Key elements – Price movements

6000 USD | 3,200 USD

BTC bear market drop

In early June 2019, BTC suffered a huge loss dropping the market over 50% in value. 

2. 3,500 USD Bear Market

From November 2018 until April 2019, Bitcoin was in a long bear market. BTC staying below 4000 USD for the entire 6 month period.

3. 2019 Quarter year Market breaks out

BTC breaks over 4000USD

Between April 1st and 4th, the market broke out and for the first time in 6 months showed signs of life. Moving to 5,000 USD in a matter of 3 days.

4. 2019 Extended bull market

BTC Bull market breakout

Continuing in April until June 27th, the market grew at a quick pace. Finally reaching a yearly high of 13,729 USD in July. 

5. 2019 Market top and drop

2019 highest BTC value 13,729 USD

The Market peaked and immediately dropped to 11,000 USD. Within June and July, the price corrected many times moving between 9,000 USD and 11,000 USD.

6. 10,000 USD stability 

Bitcoin 10k range

Bitcoin 10k range is reached. 

From August 15th to September 23rd, the market stayed within the 10,000 USD range. Some breakouts getting close to 11,000USD and dips falling to 9,400 USD. 

7. October tests 8,000USD

8k dip 

October started testing where BTC would ultimately fall to. The market held between 8–9,000 USD, before a slight spike to 9,300 USD. Before then beginning a long but steady fall back down to lower levels. 

8. Last Quater of 2019 Price chart 

6,7,8000 USD range test

During the final 3 months of 2019, the market has been dipping closer to 6k levels with resistance pushing it up and down between the 6 and 7,000USD range. 

9. Bitcoin in 2019 

Yearly price chart 

When looking at the year as an entirety, the market has risen from 3,000USD ranges in January to what is now a 6–7,000 USD range in December, boosting the market cap and prices by over 100%, in 12 months. 

Price remains to be volatile but based on market movements, demand and interest continue to follow the digital currency. 

10. Adoption 

Who is accepting Bitcoin payments? 

Globally there have been massive strides forward, with many major and well-known brands accepting and testing the Bitcoin Network. As reported on 99Bitcoins, KFC, Microsoft, Subway and AT&T all accept the digital currency for payment. 

Online and in-store options are available for many smaller businesses as well, with huge lists of companies moving into the cryptocurrency settlement business. 

Adoption has a long way to grow, but with year on year growth, among large and small businesses, it is a good sign that the technology has demand and room to expand. 

No one can say what the future holds for BTC, but if it has another year of growth in all sectors like 2019, 2020 could be yet another good year for cryptocurrency’s Digital Gold. 

Image via Shutterstock

American Football Star Russell Okung Shows Massive Support for Visa-Backed Bitcoin Rewards Card

Russel Okung, a National Football League (NFL) star, has shown his support for Fold’s Bitcoin cash-back rewards card as it will take Bitcoin adoption to unprecedented heights. Speaking to Forbes, Okung revealed that he has invested in the Fold Visa card project as it is a game-changer by presenting people with a unique way of being part of the Bitcoin economy. 

Spearheading the adoption of Bitcoin

As reported by Blockchain.News on April 14, the Bitcoin rewards card emanated following a partnership between payment giant Visa and Fold, a San Francisco-based Bitcoin cashback app. The card will enable consumers to gain Bitcoin rewards once they spend in some of the reputable outlets and companies, such as Domino’s, Uber, Nike, Starbucks, and Amazon. Okung noted that the card was revolutionary based on its cutting-edge approach towards Bitcoin’s mainstream adoption.

He ascertained, “The Fold Visa card creates a totally new way to participate in the bitcoin economy which doesn’t require people to change their spending behavior or even take any financial risks before they can start accumulating bitcoin.”

He added that the card is part of the simple tools that will incentivize the average person to join the Bitcoin bandwagon without much hustle. 

Okung’s passion for crypto

Okung who co-founded the Greater Foundation whose intention is expanding people’s knowledge base by availing social and economic tools needed for maximal gains has been preaching the crypto gospel. For example, in May 2019, he tweeted “pay me in Bitcoin” which showed his enthusiasm for cryptocurrencies.

Later on, in September 2019, his company hosted a Bitcoin conference in Los Angeles, California, and some of the key speakers included big players in the crypto space like Anthony Pompliano and Jimmy Song. 

Okung has also been investing in various Bitcoin companies as they simplify the onboarding process for Bitcoin starters.

He added that the Fold Visa card would offer consumers flexibility and freedom as the Bitcoin rewards accrued have no expiry date because they will have the liberty to withdraw, save, or offset them during the next purchase. 

Image via WBTV

Billionaire Shark Tank Investor Mark Cuban Changes Tune on Bitcoin as Store of Value

Mark Cuban, a billionaire entrepreneur famous for his role as an investor on Shark Tank where aspiring entrepreneurs pitch their business models, has watered down his Bitcoin criticism and now appears to view it as a store of value.

Complimenting Bitcoin

During a conversation with Preston Pysh, a bitcoin believer and co-founder of the Investor’s Podcast Network, Cuban tweeted that Bitcoin can be a store of value. Still, it has not yet proven that it can replace the present financial system.

This response by Cuban marks a remarkable change in the billionaire’s attitude towards Bitcoin, when compared to a response he made late last year after being asked why he was not a crypto supporter. 

He stipulated, “I’d rather have bananas. I can eat bananas. Crypto, not so much. Look, I can make a great argument for blockchain. There’s a lot of applications, and they’ll be used. But you don’t need public Bitcoin, BTC. You can create blockchain on your own without using all the available cryptocurrencies.”

Cuban’s view about Bitcoin being a store of value comes at a time when a recent survey revealed that 60% of Bitcoin supply has not moved in the past year. The on-chain analysis company noted that this trend illustrated investor’s hodling behavior as the leading cryptocurrency is regarded as a store of value.

Bitcoin making airwaves

Cuban’s sentiments show the way Bitcoin is no longer an asset that is in oblivion in the eyes of many investors.

 Moreover, analysis from leading companies like Bloomberg suggests that Bitcoin price could surge past $20,000 this year, by doubling an all-time high of $14,000 recorded last year. It further indicated that adoption was the key metric as the much-anticipated Bitcoin halving event took place on May 11, and mining rewards were slashed from 12.5 BTC to 6.25 BTC. 

Mike Novogratz Believes Bitcoin Will Solidify Bill Gates' GOAT Status

Galaxy Digital founder and CEO Mike Novogratz has praised Bill Gates for being a GOAT (greatest of all time). Nevertheless, he noted that this status could be solidified if the multi-billionaire owned Bitcoin (BTC). 

Bitcoin is the missing piece

The renowned hedge fund manager wondered whether Bill Gates, the co-founder of Microsoft, owned BTC because this could consolidate the latter’s life achievements of being an outstanding philanthropist and investor. Novogratz said through a tweet:

“Bill Gates is the GOAT. Built an amazing company, Is an amazing investor, and the worlds (sic) largest philanthropist. Never seen him rattled. He reads more in a month than most of us do in two years. I wonder if he owns BTC. That would solidify it.”

Mike Novogratz continues to show his enthusiasm for BTC. He recently revealed that he won half a Bitcoin in an election bet he placed on Joe Biden winning the US 2020 presidential elections. The billionaire investor held an impromptu Twitter lottery to give out 0.5 BTC to a young bitcoiner.

Bill Gates has mixed reactions to Bitcoin

Bill Gates has shown mixed reactions when it comes to Bitcoin. For instance, in 2014, when the BTC price was about $800, he acknowledged that this low price thrilled him. Furthermore, he felt excited because Bitcoin facilitated large transactions without being physically present.

Nevertheless, during a Reddit AMA forum, he stated that cryptocurrencies like Bitcoin were used to facilitate drug trafficking, money laundering, and tax evasion. The announcement therefore shows that his firm’s stance on the “digital gold” asset remains unknown. 

In July, Bill Gates and other high-profile figures like Jeff Bezos, Joe Biden, and Elon Musk found themselves on the receiving end of a Bitcoin scam hack. Reportedly, the crypto scammers made away with $100,000 in crypto funds. 

Less Than 2% of the World Has Had Exposure to Bitcoin but BTC to be One of the Fastest Climbs in History

Bitcoin has managed to surge to a new all-time high this year, reaching over $19,800 recently. Bitcoin’s price surge has attracted many new investors, and institutions have also hopped on the cryptocurrency bandwagon, including PayPal, Square, and MicroStrategy.

Billionaires, including Paul Tudor Jones, and Stanley Druckenmiller have revealed that they have invested in Bitcoin. With Bitcoin’s adoption rate on the rise, and backed by the influence of many large institutions to date, it brings up the question of when Bitcoin would be more commonly used by the larger market.

As previously reported by Blockchain.News, on-chain analyst Willy Woo previously estimated that in four years’ time, around 30% of the world’s population would own Bitcoin. Following Moore’s Law, and assuming Bitcoin’s adoption rate continues on its present 2.2x per year, 30% of the world population would own Bitcoin in the next 4 years.

However, Woo recently also stated that only less than 2 percent of the world’s population currently has exposure to Bitcoin. According to the on-chain analyst, 1.7% of the world has exposure to Bitcoin. Woo explained while pointing to the graph below:

“My best estimate is 1.7% of the world population has exposure to Bitcoin. 1.3% is the lower bound.”

Woo added, “At 1.7% Bitcoin hasn’t even started on this adoption s-curve. It’s about to etch a path, at current growth, it will be one of the fastest climbs in history yet.”

As Woo explained, there would be an exponential growth of the price of BTC if the cryptocurrency is able to gain widespread adoption. Woo has referred to the growth rates of technologies such as the internet and smartphones. If Bitcoin were to continue on its adoption at its current pace, Bitcoin would be a technology with one of the “fastest climbs in history.”

The on-chain analyst also revealed a new model which suggests Bitcoin’s price would reach $200,000 by the end of 2021, if not $300,000. According to Woo, most investors who have invested in the digital asset have paid $7,456 for one BTC. Woo explained that the current re-accumulation phase coincides with the spot market inventory depletion, and is roughly two times longer and deeper than the last cycle, which could lead to Bitcoin’s price climbing higher.

Bitcoin’s Adoption Rate Puts Price at $100,000 by the end of 2021 and 30% of the World Owning BTC in 4 Years

Bitcoin has seen considerable adoption this year, with the news of PayPal enabling the buying and selling of cryptocurrencies. MicroStrategy has also ignited the interest in Bitcoin, when the company announced that it was going to invest in Bitcoin and make it its primary reserve asset. 

Square’s Bitcoin announcement also pulled its weight for cryptocurrency adoption as the firm purchased $50 million in Bitcoin in October. Other institutions also joined the Bitcoin crowd, with Fintech group Mode becoming the first UK publicly-traded company to purchase a significant amount of Bitcoin as part of its treasury investment strategy. 

Apart from institutions, notable traditional industry veterans have also started to look into Bitcoin, with billionaire hedge fund manager Paul Tudor Jones advocating for the digital asset earlier this year, and recently said that digital currency would be a very common commodity in the next 20 years. Jones believes that Bitcoin is the “best profit-maximizing” asset, and due to the fact that the world will “crave new safe assets,” Bitcoin may largely benefit.

Another billionaire, Stanley Druckenmiller, has revealed last month that he also invested in Bitcoin, although it is not more than his investment in gold. He has warmed up to the fact that “Bitcoin could be an asset class,” and that the “Bitcoin bet will probably work better [than gold] because it’s thinner and more illiquid and has a lot more beta to it.” 

Druckenmiller added that the world’s largest cryptocurrency is attractive as a store of value to millennials and the new West Coast line. He added, “It has been around for 13 years, and with each passing day, it picks up more of its stabilization as a brand.”

With Bitcoin’s adoption rate on the rise, and backed by the influence of many large institutions to date, it brings up the question of when Bitcoin would be more commonly used by the larger market.

How many people will own Bitcoin in 4 years’ time?

Crypto analyst Willy Woo recently highlighted that with the Bitcoin adoption rate witnessed in history, 30% of the world population would own Bitcoin (BTC) in 4 years’ time. 

Woo highlighted “Moore’s Law,” which refers to the perception where the speed and capability of the world’s computers increase every couple of years. Woo tweeted:

“Surprising fact: Assuming Bitcoin adoption rate continues its present 2.2x per year “Moore’s Law” of growth (which it has for 10 years so far), then 30% of the world population will own Bitcoin in 4 years time.”

What does Moore’s law have to do with Bitcoin?

Bitcoin’s price to reach $100,000 if it follows Moore’s law

A Harvard academic and Bitcoin investor, Dennis Porto previously said while citing that Bitcoin’s price could reach $100,000 if it follows Moore’s law. The basic definition of Moore’s law is the observation that the number of transistors in a dense circuit doubles every two years approximately.

According to Porto, this could be applied to any digital technology that is growing exponentially. With the evolution of Bitcoin’s underlying technology, blockchain, the price of Bitcoin could also rise based on the pace of the technology’s advancement.

Investors Need to Accept the Trajectory and Level of Volatility in Bitcoin, Says SkyBridge Capital Founder

Anthony Scaramucci, the founder of SkyBridge Capital and former White House communications director, believes that as Bitcoin (BTC) continues being widely adopted, investors ought to accept the trajectory and level of volatility in the leading cryptocurrency.

Bitcoin has shed off nearly half of its price

After hitting an all-time high (ATH) of $64.8 in mid-April, BTC experienced a sharp correction, which pushed its price to lows of $30k on May 19. Bitcoin was trading around $34.2k during intraday trading.

Scaramucci, therefore, pointed out that investors should accept this kind of volatility because Bitcoin is still in its early adoption stage as it sets its eyes on replacing gold.

The SkyBridge Capital founder explained:

“I will point out that bitcoin is still up on the year, so it’s actually been a very good performer this year.”

He added:

“We actually like the upside characteristics and are willing to accept the volatility in bitcoin.”

SkyBridge Capital has been a notable player in the institutional investment space, given that it holds Bitcoin worth nearly $500 million.

Bitcoin is obeying MetCalfe’s law

According to Metcalfe’s law, the value of a network is proportional to the square of its users. 

Therefore, Scaramucci believes that BTC obeys this law as he compared its trajectory with that of Amazon’s IPO in 1997. He noted:

“If you went back to Amazon’s IPO back in 1997, if you held that stock, $10,000 of that stock on its IPO is now worth $24 million. But you would have subjected yourself to eight periods of time where the stock dropped at least 50% as it was scaling, pursuant to Metcalfe’s law.”

Scaramucci also stated that Bitcoin users are expected to hit a billion by 2025 from the current 125 million based on SkyBridge’s research. 

Earlier this year, Scaramucci acknowledged that it was the age of the micro investor, and this was good for BTC. 

Sub-Saharan Africa Dethrones Northern America as the Top Bitcoin Adoption Spot

Sub-Saharan Africa has been the top Bitcoin adoption spot for 181 consecutive weeks after edging out Northern America, as revealed by Arcane Research.

The crypto insight provider explained:

“Booming African Bitcoin adoption as Sub-Saharan Africa now holds the most vibrant P2P market globally. Northern America has been dethroned by Sub-Saharan Africa as the leading region measured by weekly trading volume in the P2P markets after 181 consecutive weeks in the lead.”

The Bitcoin P2P market has gone a notch higher in Africa because of innovative youths who have taken up the mantle of bettering their lives and their families through BTC. 

As a result, the weekly trading volume of Northern America has been dethroned as the leading region in this sector. 

Nevertheless, Americans are still among the global citizens setting a precedent in BTC ownership. Reportedly, 46 million Americans own BTC, making the leading cryptocurrency one of the most held financial assets in the nation. 

Bitcoin’s re-accumulation phase

According to on-chain analyst Will Clemente:

“Re-accumulation showed by Illiquid Supply Shock Ratio giving off some mid-2017 vibes, although this current recovery has been much quicker so far.”

Long-term holders have been at the forefront because they bought more Bitcoin in the recent dip, which saw lows of $29,500 hit. Furthermore, a pattern of accumulation is still in play in the BTC market based on on-chain data. 

On the other hand, open interest in the BTC futures market dropped from last week’s surge. Nick Mancini, a research analyst at TradetheChain, acknowledged:

“Bitcoin’s futures open interest has taken a slight dip from a strong rise last week. BTC futures volume has stayed steady since its recent increase, which explains the increase in turnover ratio. This likely means a healthy futures market given the recent volatility.”

Time will tell whether the re-accumulation in the Bitcoin market will translate to more upward momentum. 

Switzerland City Lugano Signs Agreement With El Salvador To Enhance Bitcoin Adoption in The Regions

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On Friday, the Swiss city of Lugano and the country of El Salvador signed an economic cooperation agreement aimed at boosting Bitcoin adoption in their own regions and neighboring states and nations.

The two crypto friendly jurisdictions signed a memorandum of understanding (MOU) on economic cooperation at Lugano city’s Plan B event on October 28.

While speaking at Lugano’s Plan B Forum on Friday, Lugano Mayor Michele Foletti said El Salvador’s Bitcoin adoption as legal tender is part of the city’s interest in the agreement. The Lugano Mayor said the partnership will enable the city and the pro-crypto country (Switzerland) to develop a physical government presence in bids to build cooperation with educational and research institutions.

 Milena Mayorga, El Salvador’s ambassador to the U.S., also appeared on the stage, saying that her country plans to open a “Bitcoin office” in Lugano staffed with a new Honorary Consul to promote Bitcoin adoption in the city, Italy, and Europe. She said: “With this agreement, El Salvador is now much closer to Europe.”

Meanwhile, former Blockstream chief strategy officer Samson Mow also spoke at the event and said the agreement is the “next step” in nation-states and cities adopting Bitcoin. He described the collaboration between El Salvador and Lugano as the way alliances were created between places that have adopted Bitcoin.

Other personalities who later joined the stage include Mexican politician Indira Kempis, Serbia’s Prince Filip Karađorđević, and Lugano’s Director of Economic Promotion Pietro Poretti while former Guatemala’s congressperson and potential presidential candidate Zury Rios also delivered her speech via video link.

In March this year, the city of Lugano and Tether, the issuer of USDT stablecoin, formed Lugano’s Plan ₿ as a joint initiative to make the city a European leader in the use of decentralized digital currencies.

Paolo Ardoino, Chief Technology Officer of stablecoin issuer Tether, also appeared on the panel of Plan B Forum on Friday where he said Bitcoin adoption in the city is “working well,” with 40 merchants are already using the cryptocurrency with their point-of-sale systems.

Lugano, the 9th biggest city in Switzerland, wants to become Europe’s Bitcoin city. While Tether is already there helping her, El Salvador, which became the first country to adopt bitcoin as legal tender, has joined hands.

In March, Tether’s Paolo Ardoino and Michele Foletti, the Mayor of the city of Lugano, unveiled the plan to transform Lugano into the European Bitcoin capital.

Tether's Plan B Collaborates with FC Lugano to accelerate Bitcoin Adoption

On 24 August 2023, Plan ₿, an initiative co-founded by Tether and the City of Lugano with the aim of leveraging bitcoin technology to transform the city’s financial infrastructure, has announced its official sponsorship of FC Lugano. This historic Swiss football club, established in 1908, is the sole top-tier club in the Italian-speaking region of Switzerland. With Swiss Championship wins in 1938, 1941, and 1949, and Swiss Cup victories in 1931, 1968, 1993, and 2022, FC Lugano has been a significant player in the Credit Suisse Super League since 2015 and has made its mark in Swiss football history.

This collaboration signifies a notable stride in enhancing cryptocurrency representation and deepening connections with the Lugano community. “Tether, as a part of Plan ₿, is excited to join hands with FC Lugano in a journey that combines the passion of football with the innovation of cryptocurrency,” remarked Paolo Ardoino, CTO of Tether. “This collaboration not only underscores our commitment to the vibrant Lugano community but also signifies our belief in the power of crypto to drive positive change locally and globally.”

Tether, the issuer of USDT, a pioneer in stablecoin technology, seeks to revolutionize the global financial landscape. As the creator of the industry’s most transparent and liquid stablecoin, Tether focuses on bridging the gap between traditional finance and the potential of decentralized finance. Their innovative spirit is evident in this partnership, which goes beyond conventional sponsorship.

In the foreseeable future, fans will have the option to purchase tickets, merchandise, food, and beverages within the stadium using Bitcoin, Tether USD ₮, and LVGA. This move aligns with Tether and the City of Lugano’s objective to promote cryptocurrency adoption in the region, collaborating closely with the local municipality to further these initiatives. The sponsorship will also feature front-of-shirt branding during international competitions, amplifying the global visibility of Lugano’s Plan ₿.

Martin Blaser, CEO of F.C. Lugano SA, expressed his enthusiasm, stating, “We are thrilled to welcome Lugano’s Plan ₿ as an official sponsor of FC Lugano. What began with an advertising presence at the 2022 Swiss Cup final in Bern will continue over the next two years in an attractive and innovative manner for both parties.”

Lugano’s Plan ₿, marked by a Memorandum of Understanding signed in March 2022, aims to integrate blockchain and Bitcoin throughout the city, impacting various facets of daily life for Lugano residents. This includes everything from small transactions with local merchants to larger endeavors like annual tax payments.

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