Blockchain

The Shiba Inu ecosystem is one of the fastest growing communities in the crypto industry. The meme cryptocurrency has come a long way in a short time with lots of tokens and updates to its ecosystem, but it certainly still has a long way to go. In a recent not-so-surprise announcement, a core member of the Shiba Inu team hinted that a new stablecoin called Shi may be in the works. If the rumors are true, this could be huge news for SHIB holders and open up a whole new world of possibilities within the Shiba Inu ecosystem.

New SHIB-Based Token On The Way

Taking to a post on social media platform X, Vet Kusama, a member of the Shiba Inu team, talked about the purpose of a stablecoin earlier highlighted by SHIB founder Ryoshi. Shi would be a stablecoin, meaning a cryptocurrency pegged 1:1 to a fiat currency like the U.S. dollar to keep its value stable.

Ok. What is Shi?
Shi is part of the shiba ecosystem that will serve as a stablecoin in the shibarium chain.

In article Ryoshi talked about Shi, although not technically, what Shi’s purpose was.

So why do we need a stablecoin?
Stable currencies play a major role in projects… pic.twitter.com/JPoB2d1Oux

— Vet KUSAMA (@vetkusama) October 19, 2023

As demonstrated by BUSD on the BSC chain, the concept of a stablecoin is to give investors a chance to participate in the cryptocurrency sector while experiencing lower levels of volatility. Vet Kusama draws a parallel to BUSD, noting that the workings of the SHI on Shibarium would be likened to BUSD on the BSC chain. 

There are no doubts about what a stablecoin would do for Shiba Inu, as it would give the overall ecosystem more utility and, according to Kusama, a ‘trading volume growth.’ 

We still don’t know the specifics of how Shi will work, as no official information has been released. However, the team member did mention that there would be no pre-purchases or airdrops. 

What’s Next For Shiba Inu?

The Shiba Inu ecosystem is already home to SHIB, BONE, and LEASH tokens that users can stake, swap, or deposit into liquidity pools on ShibaSwap. These tokens are all doing relatively well with many investors and whale accumulation occasionally. However, a SHIB-based stablecoin could attract new investors to the Shiba Inu ecosystem, especially those who don’t want to be exposed to crypto volatility. 

Shi may also make it easier for Shiba Inu holders to buy and sell goods or services using their crypto, as demonstrated by the fish vendor example given by Ryoshi in a Medium article.

On the other hand, crypto whale transaction tracker Whale Alerts has revealed a massive transaction of SHIB tokens between two unknown wallets. According to the tracker, 4.5 trillion SHIB worth $32.1 million was recently transferred from an unknown wallet to another unknown wallet.

4,544,030,677,374 #SHIB (32,142,200 USD) transferred from unknown wallet to unknown wallethttps://t.co/Y7jvL2qtJV

— Whale Alert (@whale_alert) October 21, 2023

Featured image from Capital.com

The price of Bitcoin (BTC) moved above $30,000 in the last few hours, according to data from CoinMarketCap. However, as with multiple instances in the past week, the crypto market leader was unable to sustain its bullish momentum, dipping by 0.6% in the last hour.

As the BTC market continues its battle against the $30,000 resistance zone, Bitcoin critic and gold advocate Peter Schiff has weighed in on the ongoing discourse surrounding the potential effects of the approval of a spot Bitcoin exchange-traded fund (ETF).

Bitcoin ETF Will Not Boost Institutional Investment, Schiff Says

In a post on X on Saturday, Peter Schiff stated that contrary to popular beliefs, the availability of more Bitcoin ETFs will likely not result in a higher level of institutional investment in the world’s largest crypto asset.

Schiff’s heavy take comes at a time in which several asset managers are currently trying to gain approval to launch the first-ever spot Bitcoin ETF in the US. 

#Bitcoin pumpers claim that once there are more #BitcoinETFs, investment professionals will start buying them for their clients. That will never happend. There’s just too much liability. Investment advisors won’t buy them and stock brokers will only accept unsolicited buy orders.

— Peter Schiff (@PeterSchiff) October 21, 2023

Since the onset of this ETF saga in June, many market analysts have lauded the potential positive effects a spot Bitcoin ETF could produce, with some predicting BTC’s price to trade above $100,000.

According to a recent report by blockchain analytics firm CryptoQuant, the approval of a spot market ETF could result in BTC attaining a market cap of $900 billion and a total crypto market cap growth of $1 trillion. 

However, Peter Schiff presents an opposing theory to this debate as he believes investment brokers will likely not be purchasing such funds for their clients due to certain “liability.” 

In this context, “liability” likely refers to the risk factors attached to crypto investments, which include the crypto market volatility and lack of clear regulations in the US, among others.

Peter Schiff believes that with such existing “liability,” investment professionals will not promote or recommend a Bitcoin ETF to their clients. 

In the best-case scenario, he states that investment in Bitcoin ETFs – including a spot Bitcoin ETF – will likely occur through unsolicited buy orders whereby a client makes a specific request to purchase such funds. 

The ETF Saga Continues

In other news, the Bitcoin ETF saga has garnered more attention in recent weeks as more bullish predictions continue to roll in.

Most recently, Paul Grewal, Chief Legal Officer at Coinbase, stated that the American largest exchange is confident the SEC will definitely greenlight a spot Bitcoin ETF following the commission’s recent court loss against Grayscale.

Meanwhile, certain asset managers, including BlackRock and Ark Invest, have reviewed their ETF applications, indicating signs of an ongoing dialogue with the SEC, a move which typically precedes an approval by the securities regulator.

For now, it remains unknown if a spot Bitcoin ETF will eventually grace the US markets, but analysts have penned down January 10 as the expected date of approval.

Thereafter, Peter Schiff’s theory can be put to the test. However, it is worth stating that BTC did gain by 7% on October 16 following the fake news on the approval of BlackRock iShares ETF.

At the time of writing, BTC trades at $29,890.35 with a 0.6%  gain in the last day. Meanwhile, the token’s daily trading volume is down by 12.67% and valued at $13.35 billion

Following a week dominated by Bitcoin and its positive performance, Chainlink (LINK) has emerged as one of the best performers in the crypto market this weekend. This comes after a long period of relative silence and sideways movement for the token’s price. The abrupt and significant surge in Chainlink price may have surprised many investors, but it only further highlights the volatile nature of the crypto market.

Chainlink Price Soars 22% In One Day – What’s Next?

According to data from CoinGecko, the price of Chainlink is up by more than 22% in the last 24 hours. Over the past day, LINK’s double-digit price explosion has seen the altcoin surpass the $9 mark, resulting in a multi-month high. LINK’s performance appears to be even more notable on the weekly chart, with a nearly 30% increase in the last seven days. 

Although Chainlink maintains a substantial percentage of its gain, the token’s price seems to be facing significant resistance at the $9.5 zone. This reflects the uncertain sentiment of investors who seem unsure whether the current rally is a fluke or a bullish hint. Nevertheless, a crypto analyst expects LINK to build on this positive momentum.

In a post on X (formerly Twitter), crypto trader Mags noted that the Chainlink price has just broken out of a consolidation wedge spanning more than a year. The analyst postulates that a close above $8.2 on the weekly timeframe will see the LINK price rise to $12.54. This represents a significant 30% projection from the current price point.

$LINK broke out after 512 days of consolidating inside a wedge.

A weekly close above $8.2 (most likely) we are heading straight to $12.54 and beyond

I don’t think we will see any retest of the breakout point, expecting upside cotinuation in the next weekly candle https://t.co/EJcj2XO0oJ pic.twitter.com/bXgRkcv6jG

— Mags (@thescalpingpro) October 22, 2023

As of this writing, the Chainlink token is valued at $9.36. According to CoinGecko data, LINK is enjoying a 468% surge in its trading volume over the past 24 hours.

What Is Behind The Multi-Month High?

A dive into the Chainlink network activity can help understand the driving force behind the latest resurgence in LINK’s price. Interestingly, a recent report from the on-chain analytics platform Santiment offers insight into the activity levels of the network.

Santiment’s data report posted on X highlighted that Chainlink has been experiencing increased activity over the past few days. Specifically, the network witnessed significant growth – reaching three-month highs – in terms of whale transactions, active addresses, and trading volume this weekend.

As the highlighted chart shows, LINK saw more than 220 whale transactions above the $100,000 mark on Saturday, October 22, while nearly 5,000 unique addresses interacted with the altcoin on the same day. Furthermore, Chainlink recorded more than 800 million in LINK trading volume on Saturday.

While these data points don’t exactly indicate whether buying transactions are the prevailing activity on Chainlink, the ensuing LINK price rally suggests a possible accumulation trend.

Following its inclusion in Binance’s futures trading options, one of the top global cryptocurrency exchanges, Bitcoin SV (BSV) saw a significant 64% gain in value this week. After splitting out from Bitcoin Cash (BCH) in late 2018, BSV is now trading at $54.02, a significant increase from $34.08 just a week earlier.

On Saturday, BSV reached a significant peak of over $58 on prominent spot markets. The last instance in which BSV was observed trading above $58 occurred in mid-September 2022. Since its notable surge on September 27th, the price of the crypto has experienced a substantial increase of more than 90%.

The price of Bitcoin SV reached an all-time high of $491.64 during the previous bull run. However, the market crashed, sending the coin tumbling more than 95%. Following rumors of the adoption of a Bitcoin ETF, the price of BSV has begun to move bullishly and is currently trading at an 89.19% discount to its previous ATH.

Bitrue, a widely used centralized exchange platform, has recently included BSV in its USDT pair and initiated a promotional campaign offering a $1,000 welcome bonus. This exchange is notably favored by the XRP and Ripple communities.

New listing $BSV is coming to #Bitrue spot trading.

Deposit opened
BSV/USDT pair
Trading starts at 12:00 UTC, 19 October

New users can claim a welcome bonus of 1000 $USDT

Details: https://t.co/o8eBXZrl9E pic.twitter.com/2O7qmZehVX

— Bitrue (@BitrueOfficial) October 19, 2023

Bitcoin SV: Reclaiming Satoshi’s Vision With Larger Blocks

Bitcoin SV (BSV), designed as a peer-to-peer electronic cash system, asserts that it embodies the original vision of Bitcoin’s creator, Satoshi Nakamoto, despite the controversial claim made by its creator, Australian computer scientist Craig Wright, who many in the crypto community dispute.

BSV seeks to address the efficiency issues seen in Bitcoin (BTC) and Bitcoin Cash (BCH) by substantially increasing block size to minimize transaction fees.

In the beginning of the year, BSV coin was trading in the range of $39.50 to $44.75 until March, after which it saw a decline and traded between $34.90 and $39.40 until May. This was followed by relatively minor fluctuations before another drop, where the price ranged from $29 to $34.90.

In June, BSV reached an all-time low, but later gained momentum, surging and subsequently facing rejection around $56.47, resulting in a 50% drop. The coin then traded between $34.93 and $39.54 for a period, followed by another decline.

BSV Price Surge Tied To SEC ETF Speculation, Intra-Community Disputes

A sudden increase in the value of Bitcoin SV (BSV) has occurred recently, and some analysts have linked it to the possibility that the U.S. SEC may approve a spot Bitcoin ETF. Given the current disputes within the BSV community—Christen Ager-Hanssen, a well-known BSV supporter, resigned as CEO of nChain due to a disagreement with BSV leader Craig Wright—this demonstration is significant.

In summary, the future trajectory of the BSV price is contingent upon the successful breach of the significant resistance level at $56.48 by bullish market forces. This breakthrough has the potential to entice fresh investors and then challenge the higher barrier level at $61.99.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from The Cryptonomist

The cryptocurrency industry has demonstrated a strong positive trend throughout the course of the week, with leading cryptocurrencies experiencing substantial increases in their market value. Moreover, the price of Solana (SOL) has exhibited superior performance compared to prominent cryptocurrencies, experiencing a notable increase of more than 34% in value over the course of one week.

Solana is a widely recognized Layer-1 network renowned for its scalability. The Solana network is characterized by its rapid confirmation times and has a thriving ecology and community. Over the course of the previous 24-hour period, there has been a notable increase of 15% in the trading volume of the SOL cryptocurrency, accompanied by a positive trend in its price.

Even with its continued stellar performance, Solana is still making waves in the market. According to data from CoinMarketCap, as of October 21, Solana’s spot price was nearly $29, up 9% compared to its previous 24-hour price.

Solana Eyes $31 By 2023

Since the beginning of October, the Solana price has exhibited a confined trading range between $23 and $24, suggesting a lack of enthusiasm among investors for the aforementioned cryptocurrency. Subsequently, the coin underwent a decline in value, leading to a breach of its support level by the price.

The SOL price had a significant gain of 25% throughout the preceding 30-day period. At the time of writing, the market capitalization of the altcoin stands at $9,740,214,861. Based on the Solana price forecast, financial analysts see a potential increase to $31 by the end of 2023.

The current increase in SOL’s valuation is the result of multiple drivers. One key factor is the Solana ecosystem’s rapid expansion and advancement, especially in the field of decentralized finance (DeFi).

Frankie Candles provided the cryptocurrency community with a window into the extensive growth of the Solana network by sharing visual evidence that demonstrated the bustling activity occurring ‘behind the scenes’ within the Solana network.

This snippet is from my “Is Solana Dead” video. Despite the FTX fallout, $SOL still has a lot going on behind the scenes!

If you want to see the whole video, its on my channel, I will post the link on my X profile! pic.twitter.com/De6j5aNGxx

— Frankie Candles (@Frankie_Candles) October 19, 2023

Can The ‘Ethereum Killer’ Soar Higher?

The token has exhibited a proven trend reversal, transitioning from a bearish trajectory that commenced in July and persisted until September, to a positive trajectory. Following a significant shift in a critical level, the cryptocurrency that is believed to pose a threat to Ethereum may potentially enter a price range of $30.00, which holds psychological significance.

$SOL – Ive been extremely bullish all year.

It’s up 171% this year and we are about to test the big inverse head and shoulders at $30…. next major resistance would likely be $50, once confirmed. 1/ pic.twitter.com/2I0l92xFTR

— Raoul Pal (@RaoulGMI) October 20, 2023

Meanwhile, SOL is approaching a significant pattern testing phase. According to a seasoned macro investor, if the endeavor is successful, it may potentially pave the way for a substantial increase of 66% in value. The individual’s viewpoint is in accordance with the prevailing trend of optimism surrounding the crypto.

Raoul Pal, a famous macro investor and market analyst, has been very positive about SOL for most of the year. The price of the token went up 171% during this time. He also said that there are some signs that the great rise could get even bigger.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured Image from Coin Culture

LBRY Inc., a cryptocurrency platform, announced its closure due to a court failure against the Securities and Exchange Commission (SEC). The SEC charged LBRY with making an unregistered securities offering by selling its native LBC tokens.

The fallout from this legal fight has prompted worries about unequal access to justice and regulatory overreach in the crypto business, which has disproportionately impacted smaller startups with minimal financial resources.

LBRY Inc. reported that the company was compelled to discontinue operations because of obligations owed to the SEC, legal team, and private creditors totaling several million dollars.

LBRY Inc. is winding down.

The LBRY network is unaffected.

Odysee and other assets will undergo a legal process to satisfy debts, but Odysee has a bright future ahead.

Thank you to everyone who fought with us for online freedom.

A final goodbye post is in the first reply.

— LBRY (@LBRYcom) October 19, 2023

LBRY’s Financial Struggles

The SEC first sought a $22 million penalties, which was later lowered to $111,614. This lowered fine was a major financial blow for LBRY, making it impossible for the company to continue operations.

The scenario exemplifies the difficulties that crypto businesses can face when they are pursued by regulatory agencies, particularly smaller startups with minimal financial resources.

The SEC has been accused of regulatory overreach in pursuing LBRY, with critics suggesting that the agency should focus on big issues in the crypto business rather than minor instances of securities noncompliance.

However, this case highlights the SEC’s ability to control the cryptocurrency market through enforcement proceedings.

Ripple’s Contrasting Legal Victory

The downfall of LBRY contrasts sharply with Ripple’s recent court success in its ongoing struggle with the SEC. Ripple acquired funding from a multibillion-dollar corporation, allowing it to continue its legal battle.

While LBRY Inc.’s controlled operations are ending, the LBRY blockchain, an open-source initiative, may continue to exist if sufficient user engagement is obtained. However, the business stated that decentralization may only succeed if active development and user participation are present.

With millions of registered users and a large volume of published material, the LBRY blockchain acted as a decentralized file-sharing network. Odysee, a decentralized social networking platform built on the LBRY blockchain, has a substantial user base. However, its future is now in doubt.

In a broader sense, the legal disputes in the crypto business are altering the securities law landscape. Both LBRY and Ripple have been accused with selling unregistered securities, but their outcomes have set developing precedents.

These results have prompted concerns about the SEC’s capacity to win legal battles against other crypto businesses.

As LBRY succumbs to regulatory pressure, it represents the obstacles encountered by smaller crypto businesses, as well as the broader issue of unequal access to justice in the cryptocurrency industry’s growing regulatory context.

Featured image from Conseils Crypto

Ethereum (ETH) has so far relatively underperformed in comparison to the flagship cryptocurrency Bitcoin. However, that could change soon enough as a crypto analyst has predicted the second-largest crypto token by market to gain some momentum soon enough. 

Ethereum To Hit $1900

In a post shared on his X (formerly Twitter) platform, prominent crypto analyst Ali Martinez mentioned that Ethereum could rise to as high as $1,900. His prediction was based on data that he had pulled up from the chart which he shared in his post. 

The chart (a 3-day timeframe) featured an ascending triangle pattern, which usually represents a bullish formation. According to Ali, Ethereum is “poised” to rebound off the hypotenuse of the ascending triangle. Most importantly, for Ethereum to go as high as $1,900, the analyst noted that It has to experience a “firm close” above the 18-day SMA (Simple Moving Average).

If that happens, Ethereum could hit $1,800 and further rise to $1,900 based on Ali’s predictions. It is worth mentioning that the last time Ethereum hit $1,900 was back in July 2023. A rise to that price again will represent about an %18 increase from its current price of $1,600. 

Ali also had something to say about the flagship cryptocurrency, Bitcoin. In a subsequent post, he noted that the crypto token could see a correction to $28,800; a prediction he made based on the TD Sequential from a 4-hour chart. 

Bitcoin rose to as high as $30,000 on October 20, with many speculating that a Spot Bitcoin ETF approval could be on the way, something that represents a bullish momentum for Bitcoin and the crypto market in general. 

Bitcoin’s Dominance Is On The Rise

Data from TradingView shows that Bitcoin’s dominance has been on the rise this year, with the token currently boasting over 52% coin dominance in the crypto market. Interestingly, it has steadily risen since the Ethereum Merge occurred. 

This is significant considering that many speculated that ‘the Flippening’ could happen after the Merge, where Ethereum overtakes Bitcoin to become the most dominant crypto token. However, that hasn’t happened so far, with Ethereum’s move from proof-of-work to proof-of-work being seen as ‘disastrous’ for the crypto token. 

Bitcoin and Ethereum, however, share the podium when it comes to the best-performing assets of the year. Both crypto tokens are said to have outperformed the NASDAQ, S&P500, and Gold. Bitcoin has seen an %80 increase year-to-date (YTD), while Ethereum has seen a %35 increase YTD.

The Ethereum initial coin offering (ICO), which took place in 2014, represents one of the most significant events in the history of cryptocurrency. As the network had not begun generating tokens autonomously, the ICO event allowed early investors and enthusiasts to accumulate ETH, currently the second-largest cryptocurrency by market cap.

Latest on-chain data shows that one of the ICO participants has become active for the first time in more than eight years, transferring their pre-mined stash of Ether tokens to different addresses on Saturday, October 21. 

A dormant pre-mine address containing 2,000 #ETH (3,198,920 USD) has just been activated after 8.2 years!https://t.co/0Mpx77N5fs

— Whale Alert (@whale_alert) October 21, 2023

Ethereum ICO Participant Awakens From Dormancy

According to blockchain data tracker Lookonchain, the address, which was part of the Ethereum Genesis, initially received 2,000 ETH over eight years ago. At the time, the Ether tokens were purchased for $620 at an ICO price of $0.31 per token. On Saturday, the ETH tokens in question changed wallets for the first time. 

An #Ethereum #ICO participant woke up after 8.2 years of dormancy and transferred all 2,000 $ETH($3.2M currently) to 4 addresses 10 mins ago.

He/she received 2,000 $ETH(the cost is ~$620) at Ethereum Genesis, and the ETH ICO price is ~$0.31.https://t.co/zyMsEZIlb3 pic.twitter.com/juvlKCnIsW

— Lookonchain (@lookonchain) October 21, 2023

The wallet holding the pre-mined stash of ETH had been dormant for exactly 8.2 years (July 2015). Thanks to the exponential growth of Ethereum and the entire crypto market, the value of these holdings has grown to nearly $3.2 million at the current price. 

In the X (formerly Twitter) post, Lookonchain highlighted that the ICO participant transferred the Ethereum tokens to four different addresses. About 500 Ether tokens were sent to each address, with minutes separating the transactions.

It remains to be seen whether the wallet owner is preparing to sell the tokens, stake on the network, or carry out other transactions. In the event of a sell-off, though, the price of ETH may experience momentary downward pressure.

Large transfers from early ICO participants are not exactly common occurrences, but there have already been a couple of similar transactions in 2023. Notably, an ICO participant moved $116 million worth of pre-mined ETH to a Kraken exchange address in July.

ETH Price Overview

As of this writing, Ethereum’s price stands at $1,605, reflecting a 0.7% decline in the past day. This comes on the back of a week where the value of ETH showed signs of recovery, registering a 3.8% price increase in the past seven days.

The past week was dominated mainly by the optimistic performance of Bitcoin and the false news of a spot ETF approval. This positive run of BTC, however, eventually rubbed on the broader cryptocurrency market, including the price of Ethereum.

In the next three days, our team at NewsBTC will cover xDay 2023, an event organized by MultiversX in the Palace of Parliament, Romania. Formerly known as Elrond, the project rebranded in 2022 and focused on the Metaverse, scalability, and global adoption by simplifying users’ access to crypto.

During the event’s final day, security audit firm Runtime Verification announced the launch of PI Squared, a universal ZK Rollup that will run on the MultiversX blockchain. The scaling solution is backed by technology developed by the U.S. National Aeronautics and Space Administration (NASA).

Grigore Rosu, CEO and President at Runtime Verification presented this solution on the event’s main stage. PI Squared aims to make the MultiversX ecosystem more efficient and attract new developers to ship products on this network by reducing verifying computational claims to verifying mathematical proofs.

According to a press release shared with our team, the scalability solution will use a universal proof check implemented via a custom ZK circuit. PI Squared was developed as a programming language and Virtual Machine (VM) agnostic.

In other words, developers can work on products with any programming language and bring their app to MultiversX more efficiently while maintaining the underlying security and scalability of the MultiversX blockchain.

xDay 2023: Interview With Grigore Rosu, CEO Of Runtime Verification

After the presentation at xDay 2023, our team got to speak with Grigore Rosu about his impression of xDay, the sentiment, and what PI Squared represents for MultiversX and the entire space, as the solution can be implemented and leveraged by any developer in any programming language. This is what he told us.

Q: How do you feel here? What do you think about the atmosphere and the people?

A: This is a wonderful conference. It’s unbelievable how many people are here. More than 2000 people. I didn’t expect that. I’ve been at several recent crypto conferences and it was hard to fill the room or even fill the first few rows of seats in the room. But this is just packed with two big amphitheaters and everything is just packed and people are amazing. Discussions are amazing. The MultiversX team is amazing. It’s just wonderful to be here.

Q: What makes the MultiversX ecosystem, and their team, unique and why did you decided to work on this network?

A: I knew them from day zero. I’m an advisor for Multiverses X and I met Beniamin Mincu (Co-founder of MultiversX) before, right after they had a white paper written (…). I really liked them from the beginning and in one word I think is passion. Indeed, they are very passionate about what they do. They believe in it, and when you believe in something, it happens. Self prophecy, they have one of the fastest, most reliable blockchains out there, the lowest fees. And it has never stalled. Like other blockchains, it works as specified, fast, cheap, and also programming language efficient. I think it was a good idea not to use EVM (Ethereum Virtual Machine) as an execution infrastructure because EVM is a pretty ad hoc language that was invented quickly to serve a specific purpose to launch Ethereum. But everybody who writes programs or audits them knows that EVM has many limitations. So I think it was a smart that they didn’t use EVM. I would say passion and good decisions along the way. That’s what I like the most about.

Q: What does the launch of the PI Square protocol mean for the users?

A: So we had this idea for a while now, it took shape. We have a prototype and we needed a destination chain to launch it as a universal ZK roll-up. Speaker 2 (05:09):

in PI Square, there is no predetermined language, but we need a destination chain because we do not want to have to implement a decentralized network and consensus algorithms right away. We’d like to stage it. You ultimately, we may do that, but we’d like to stage it. So we’d like to first deploy by squared as a universal scale up on a destination chain. And to be honest, I cannot think of any better destination chain than MultiversX for the same reasons I told you before.

It’s cheap. If we do it on Ethereum, for example, we’ll have to pay very high fees to do transactions as we prototype. There is a lot of word prototyping development before you launch and all those translate into transactions, big transactions, very expensive transactions on the destination chain. So think about it this way in one sentence. So PI squared will bring all the programming languages and virtual machines to multiverse X, but without the errors that usually come with compilers or interpreters. Developers will develop programs better faster, and that is expected to increase the number of applications that we’ll see on multiple sec and ultimately more users, happier users.

As of this writing, Bitcoin trades at $29,800 with sideways movement in the last 24 hours.

Cover image from MultiversX, chart from Tradingview

The crypto community is buzzing with excitement after a renowned finance author predicts an impending Bullish outcome for Bitcoin. The words of the respected financial figure have raised questions and discussions across the crypto community. 

Rich Dad Poor Dad Author Sees Bitcoin Rising 

Japanese-American entrepreneur and author of the famous Rich Dad Poor Dad book, Robert T. Kiyosaki recently stated in an X (formerly Twitter) post on Thursday, that Bitcoin was poised to reach $135,000 after hitting a $30,000 mark at one point on Friday following rumors of BlackRock’s Bitcoin ETF approval.

Gold will soon break through $2,100 and then take off. You will wish you had bought gold below $2,000. Next stop gold $3,700. Bitcoin testing $30,000. Next stop Bitcoin $135,000. Silver from $23 to $68 an ounce. Savers of fake dollars F’d. Please tell your friends to “Wake up.”…

— Robert Kiyosaki (@theRealKiyosaki) October 20, 2023

With recent predictions suggesting that Bitcoin could gain back its bullish momentum if it surpasses the crucial $30,000 mark, the crypto community found itself filled with hopes that the $30,000 could be sustained. However, at later periods on Friday, Bitcoin dropped back below $30,000 and presently it is trading at $29,714 according to CoinMarketCap. 

In his post, Kiyosaki also mentioned other investment assets like gold and silver which he believes would soon break resistance and gain more value. He urged people who hold or save “fake” US dollars to become more aware, possibly implying a negative outcome for these investments.

“Gold will soon break through $2,100 and then take off. You will wish you had bought gold below $2,000. Next stop gold $3,700. Bitcoin testing $30,000. Next stop Bitcoin $135,000. Silver from $23 to $68 an ounce,” Kiyosaki stated.

He added “Savers of fake dollars F’d. Please tell your friends to ‘Wake up.’ Take care.”

Kiyosaki Explains Inflation Strain On Lower Classes 

In a different post on Wednesday, Kiyosaki spoke on the topic of inflation. He stated that inflation has a high effect on the wealth gap, which is the economic disparity between the rich and the rest of the population. 

INfLATION makes the POOR &MIDDLE CLASS poorer because they work for & save dollars. Yet INFLATION makes the RICH RICHER. Why? Because today’s rich work for & save Gold, Silver, & Bitcoin.

— Robert Kiyosaki (@theRealKiyosaki) October 18, 2023

Kiyosaki stated that inflation had a crippling effect on the poor and middle class because they work and save US dollars, making them poorer and unable to accumulate wealth without challenges. 

In contrast, he said that the rich get even more wealthy during inflation because they save valuable investment assets like Gold, Silver, and Bitcoin. This theory holds some weight seeing that the wealthy usually have more access to financial instruments and assets that appreciate during inflationary periods. 

“INfLATION makes the POOR & MIDDLE CLASS poorer because they work for & save dollars. Yet INFLATION makes the RICH RICHER. Why? Because today’s rich work for & save Gold, Silver, & Bitcoin,” Kiyosaki stated. 

Featured image from The Daily Hodl