Tag: willy woo

Hong Kong Vending Machines Accept Bitcoin Cash not Bitcoin Boasts Roger Ver

Bitcoin Cash (BCH) advocate Roger Ver recently took to Twitter to share a video of a Hong Kong vending machine which accepts BCH and Ether as payment options but not Bitcoin.

In the video, Ver pointed to Bitcoin’s high fees and congested network as the reason it was likely omitted from the payment options. However, YouTube Bitcoin influencer Tone Vays and trader Willy Woo responded tweeting that it’s more likely Ver paid for Bitcoin’s exclusion.  

Roger Ver posted the video above of the Hong Kong vending machine transacting a BCH payment. He explained, “You’ll notice there’s Bitcoin Cash, Ethereum, Binance Coin and some other ones, but there is no Bitcoin at all because it’s been broken.”

Ver’s Beef With Bitcoin

Ver has been outspoken on the topic of fees and network speeds in Bitcoin and believes Bitcoin Cash to be a purer version of Satoshi Nakamoto’s original vision of the cryptocurrency. He has also very adamantly disapproved of the efforts of those seeking to solve Bitcoin’s scaling issue by other means than larger blocks on the Bitcoin blockchain—which developers of the Lightning and Liquid Networks have called a dead end.

Ver’s frustrations at the advocates of the Lightning Network—Bitcoin’s most notable scaling solution—came to the forefront at Deconomy 2018 during his famous Bitcoin scaling debate with Blockstream’s Samson Mow. Ver’s main arguement is that Bitcoin is not close enough to a practical digital cash and should be a payment system on its own, while Mow argues that Bitcoin is actually meant to be a settlement system to build scalable payment solutions upon. 

Tone Vays and Willy Woo Suspiscious of Roger Ver

One of the most popular traders in crypto and YouTube influencer, Tone Vays was not impressed by the video and suspects Ver may have paid for the Hong Kong vending machine to prefer BCH over BTC. Vays also questioned whether the Hong Kong vending machine had ever transacted in BCH since the demonstrative video.

Another popular crypto trader, Willy Woo admitted that his first inclination was to agree with Vays’ assessment. Woo claimed it was common for “lower tier altcoins to pay to get access to ATMS” and thinks the video raises red flags on centralization of the crypto space.

— Tone Vays – TheFinancialSummit.com (@ToneVays) May 30, 2020

Ver has reportedly denied any involvement with the Hong Kong vending machines choosing Bitcoin Cash over Bitcoin. 

Bitcoin Price Model Suggests BTC to Reach $200,000 by the End of 2021 Despite Recent Dump

Bitcoin’s price made another all-time high in the past 24 hours, surpassing $19,832. However, upon attempting to reach $20,000 again, the cryptocurrency was rejected and has plunged below $19,000, and is currently trading at $18,581. 

The world’s largest cryptocurrency dropped around $1,500, and 7 percent from its all time high in less than two hours. However, the buying pressure did increase, therefore the cryptocurrency witnessed a quick rebound. 

According to crypto analytics firm Santiment, many traders self-fulfilled the prophecy of the Bitcoin price’s new all-time high as mentions of “ATH” peaked just prior to its actual all-time high.

A well-known economist and Bitcoin skeptic, Peter Schiff recently took it upon himself to comment on the latest Bitcoin price trend. He made a few comments after the volatile Bitcoin movements in the market, which led to around $300 million in liquidations in less than an hour. Schiff said:

“Bitcoin pumpers assured HODLers that once #Bitcoin made a new high, momentum investors would rush in to buy. That was part of the pump to keep the little guys on board while the big guys dumped. Bitcoin made a new high, but instead of new money rushing in, old money cashed out.”

However, Santiment’s data revealed otherwise. The analytics firm noted that addresses holding notable amounts of Bitcoin continue to rise. In the past two weeks, those with 1,000 or more Bitcoin increased by 44 addresses. However, those with 0.1 to 10 Bitcoins decreased by 40,000 addresses.

This means that the amount of investors that have less Bitcoin actually decreased, while Bitcoin whales continue to accumulate in wealth. Schiff’s claims have remained unsubstantiated. The host of “What Bitcoin Did” podcast Peter McCormack commented on Schiff’s tweet, saying:

“Why don’t you grow a pair and take a bet with me? I bet you $10k Bitcoin goes over $30k within a year.”

McCormack is not the only person who believes that Bitcoin could see further gains in the near future, as an on-chain analyst recently developed an economic model which puts Bitcoin’s price at $200,000 at the end of 2021. 

Bitcoin’s price to reach $200,000 by the end of 2021

An on-chain analyst who previously predicted the Bitcoin and stock market decoupling, Willy Woo has recently revealed a new model suggesting BTC will reach $200,000 by the end of 2021 at least, 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. Woo concluded:

“Also the $ gain in market cap per $ invested has significantly increased over past cycles, HODLers holding stronger. It was $2.00 in the 2013 bull run, $2.50 in 2017, and $3.50 or more for 2021.All pointing to reflexivity increasing; an amplified 2021 bullish feedback loop.”

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.

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