updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131The world’s largest asset manager, BlackRock, has moved additional Bitcoin and Ethereum to Coinbase, suggesting further sell-offs. The transferred coins are valued at $160 million at current prices. The deposits occurred as analysts report that ETF flows are being influenced by macroeconomic uncertainty and have caused a decline in risk appetite. BlackRock Sends $115 Million
The post Bitcoin ETF Update: BlackRock Signals BTC Sell-Off as Kevin O’Leary Warns of Decline In Institutional Demand appeared first on CoinGape.
]]>Shark Tank investor Kevin O’Leary warns Bitcoin could see further crash as institutions grow more cautious amid quantum computing threats. He claims TradFi institutions would also limit their crypto allocations to 3% as only Bitcoin and Ethereum matter now after the October crypto market crash. Institutions Only Need Bitcoin and Ethereum, “Everything Else Is Just
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]]>Kevin O’Leary, the acclaimed investor from the hit TV series “Shark Tank,” has recently expressed his reservations about the value of Bitcoin exchange-traded funds (ETFs). Despite his recognition as a long-standing Bitcoin investor, O’Leary sees limited appeal in the current frenzy surrounding Bitcoin ETFs. His primary concern revolves around the fees charged by ETF issuers, which he believes offer little benefit to investors like himself who prefer holding Bitcoin for the long term.
The approval of ETFs by the U.S. Securities and Exchange Commission (SEC) was initially met with enthusiasm, marking a significant regulatory milestone. However, O’Leary predicts a survival challenge for many of these ETFs. He anticipates that only a few, particularly those backed by powerhouses like Fidelity and BlackRock, will thrive due to their robust sales networks. This prediction aligns with Galaxy Digital CEO Mike Novogratz’s expectations, foreseeing a standout performance from two or three ETFs amidst the competitive landscape.
Despite his stance on Bitcoin ETFs, O’Leary acknowledges the broader positive impact of their SEC approval. He believes this development could encourage further exploration into digital payment systems, such as the dollar-linked stablecoin USDC. However, his optimism is tempered by a realistic view of the nascent crypto industry.
The introduction of spot Bitcoin ETFs led to heightened market volatility. After peaking at $49,000, Bitcoin’s price experienced a decline, settling at $42,694. The initial trading of these ETFs involved a significant $4.6 billion worth of shares, indicating growing institutional interest. However, this enthusiasm was quickly followed by a price pullback, sparking debates about the long-term influence of these ETFs on Bitcoin’s value.
O’Leary is bullish on Bitcoin’s potential, projecting a surge to $150,000 – $250,000 by 2030. However, this forecast is more conservative than Cathie Wood’s ambitious $1.5 million target. O’Leary suggests that such a high valuation would imply major economic disruptions in the U.S., a scenario he finds unlikely.
Read Also: Spot Bitcoin ETF: Here’s How Many Coins BlackRock Currently Holds
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
O’Leary says the Fed could still increase rates to 6.25% or 6.5%, resulting in bank failures in regional institutions .
Popular Shark Tank investor Kevin O’Leary has sounded a note of warning about the Federal Reserve’s tightening cycle applied to fight inflation. According to O’Leary, the Fed’s continuous rate hikes could result in more US bank failures.
Speaking to CNBC’s Street Signs Asia, O’Leary said that the hikes could cause a breakdown in regional banks, suggesting the situation would become precarious because the banks support 60% of the US economy. Following the recent rate hike, O’Leary said:
“You keep squeezing the toothpaste tube, you keep rolling it up, you keep raising rates, and you know things are going to break, you just don’t know when and where.”
On Wednesday, the Federal Reserve increased interest rates by 25 basis points to keep up with the fight against inflation. The recent increase puts the current rate at a range of 5.25% – 5.50%. The range’s midpoint is the highest US interest rate since 2001.
In 2023 alone, the Federal Reserve has increased interest rates four times. Last year, the Federal Open Market Committee (FOMC) began increasing rates on March 17, the first increase in more than three years. By the end of 2022, the Fed had increased rates seven times.
Following Wednesday’s increase, Fed Chairman Jerome Powell hinted at another hike after the next FOMC meeting scheduled in September. Powell said a further hike might be necessary because the rate is too far from the intended 2%. However, he assured that the agency would be “making careful assessments” and may choose to leave rates unchanged at the next meeting depending on economic data.
O’Leary says he has told investors to wait 90 days as events unfold in the United States banking arena, as he predicts a possible crash. O’Leary also added that the Fed could continue hikes before stopping at 6.25% or 6.50%.
This prediction rhymes with previous forecasts about the rise of interest rates for the rest of the year. According to an exec at the world’s largest asset manager BlackRock, there’s a chance the Fed could take rates up to 6%. In a February note, the company’s chief investment officer of global fixed income Rick Rieder said the Fed would likely keep the rate there for “an extended period” until inflation falls near 2%.
Also in February, Coinspeaker reported that Wall Street traders were betting that the Fed would hike rates to 6% in September. One trader placed a bet worth about $18 million and could walk away with up to $135 if the prediction comes to pass. In the same month, BofA Global Research also made the same prediction. According to a note, the researchers said the Fed might struggle with inflation for much longer because of a tight labor market and consumer demand. The note suggests that aggregate demand must fall significantly before inflation drops to the Fed’s target.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Perhaps a bear market is really a time to grow, even if you aren’t a billionaire adding to your holdings.
History was made Sept. 15 when the Ethereum ETH/USD Mainnet merged with the Beacon Chain to exist as one chain.
Most importantly, as the Ethereum Foundation stated in its announcement: “Ethereum’s Proof-of-stake upgrade is finally here!
The Proof-of-Stake (POS) consensus mechanism will ideally address concerns over costs, speed, capacity, and energy consumption on Ethereum Network.
On the same day, Cardano ADA/USD announced what is being called its most ambitious upgrade yet.
Wave Of Crypto Developments: In the announcement made by Cardano developers Input-Output Hong Kong (IOHK), Cardano said in a statement: “the Vasil upgrade significantly improves and enhances Cardano’s capabilities. New Plutus v2 features and enhancements will enable DApp developers to create novel and exciting experiences, while diffusion pipelining unlocks the potential for greater throughput and network capacity.”
The Cardano mainnet hardfork was originally given a June 29 deadline, but the upgrade was delayed because of bugs during testing.
In the meantime, Solana SOL/USD is ready to own energy efficiency. The crypto recently announced a host of improvements, and Solana claims it can run the whole network for one hour on the same energy used for one Bitcoin transaction.
Cosmos ATOM/USD is convening at Cosmoverse, dubbed “the biggest Cosmos event of the year.”
Cosmos reps are in the middle of three days in Medellin, Colombia, attending presentations intended to help projects in the Cosmos ecosystem make the best use of what Cosmos Hub has to offer. Cosmos recently teased in an interview that it will introduce improved interchain security that can be used by projects in the ecosystem.
The EOS Network EOS/USD Foundation (ENF) announced that it is merging EOS with Telos, Wax and UX Network, “combining resources into a coalition of blockchains with a shared codebase.”
“UX Network is a blockchain made for grown-ups – ready to scale to enterprise use cases and offer the security, speed, and price consistency for transactions that are needed to run a business and serve Web3 customers,” said Daryn Soards, CEO of UX Network. “The launch of Antelope protocol is a matter of the community steering its own ship without the centralized control of Block.One, creating protocols that support the vision and use cases we’ve been working on since 2017.”
Wolves, Sharks Calling for Clearer Crypto Regulation: Jordan Belfort, the speaker, entrepreneur and investor known as “The Wolf of Wall Street,” said in a recent interview that he was right in his 2017 assumptions about Bitcoin, but he has reversed his position that Bitcoin would become worthless.
“I just said it’s a scam because it just seemed like that because of all the ear markings of that. What turned me, was slowly but surely, when (Bitcoin) crashed and it went down to $3,000, it was still a multi-billion dollar market.”
Belfort added that he viewed the risk of Bitcoin being banned as “pretty much over.”
“They’ll regulate, they’ll tax it, but I think that’s a good thing,” Belfort said.
Belfort has advocated for years that a clear regulatory structure in the U.S. is essential for stabilizing the crypto market and bringing in big institutional money, which tends to stay away when there is uncertainty.
Fortunately, a clear regulatory structure is on its way. In mid-August, the White House followed up on its March executive order with the “First-Ever Comprehensive Framework for Responsible Development of Digital Assets.”
The framework leverages existing regulatory bodies, such as the Securities and Exchange Commission and the Commodity Futures Trading Commission, so the crypto world will be dealing with familiar regulators.
The SEC recently announced plans to “add an Office of Crypto Assets and an Office of Industrial Applications and Services to the Division of Corporation Finance’s Disclosure Review Program (DRP).”
Kevin O’Leary, also known as “Mr. Wonderful,” is a Canadian businessman, entrepreneur and television personality known for his work “Shark Tank,” said in an interview at Circle’s USDC/USD Converge ‘22 San Francisco that Bitcoin will struggle to reclaim the $22,000 level without regulatory clarity.
O’Leary, like Belfort, believes that crypto will need clearer regulation to win over wealth and pension funds and ultimately reach $300,000.
Bitcoin did reach $22,000 on Sept. 22, though that is still down quite a bit from the all-time high of $69,000 in November 2021.
O’Leary is a strong advocate of Web3 technology, a spokesperson for FTX exchange and an investor in Circle, issuer of the USDC stablecoin. O’Leary also announced plans to launch a Web 3.0-focused investment fund called Cipher.
SEC Chairman Gary Gensler has made Ethereum supporters unhappy, saying in a statement on Sept. 15 that the Ethereum Merge puts the network into the category of staking-backed cryptocurrencies, which are very likely securities that should be regulated by the SEC.
The Future Of Crypto: Perhaps Belfort and O’Leary are right about the role of crypto regulation in stabilizing markets, but it won’t be a painless process.
Is there any relief on the horizon?
According to Nickel Digital Asset Management, based on a small survey of big money investors, there is a new sense of positivity that we are approaching the end of this bear market.
Recently, Nickel Digital did a survey of 200 institutional investors around the world that collectively manage $2.2 trillion in assets. The study showed that only 9% of investors felt the crypto bear market, but 58% responded that it would end within six months at the latest.
This seems like the kind of good news we can handle right now — positive, but not overwhelmingly sunny. While 67% of respondents feel the bear market has ended or is ending, around 27% expected the bear market to last up to another year and 7% expect it to drag on even longer.
Anatoly Crachilov, CEO of Nickel Digital, added: “Investors acknowledge that the ongoing crypto winter still has some way to run but there is also a recognition that, if history is any guide, once the winter ends these high-beta markets will stage strong recovery.”
The Last Word: In a bear market, a Web3 future may feel further away, but in fact the groundwork is being laid on technical and regulatory levels.
Ethereum’s Merge seems to have spurred alternative networks to sharpen their own offerings, showing that these projects are not sleeping through the crypto winter, but preparing for a brighter spring.
Innovation is one of humankind’s most precious resources. In the last bear market, NFTs became mainstream famous. It’s a matter of constant speculation as to what comes next, but it surely is being built as we speak.
On Dec. 7, Benzinga will have its first Future of Crypto live conference in New York City at Pier 60.
Belfort and O’Leary are both keynote speakers at the conference, as is Anthony Scaramucci, and the panels are full of some of the key speakers and projects in the industry, including representatives from Cosmos, Cardano and Solana, all mentioned in this article.
To learn more about the next-generation of finance, art, gaming, social media, and beyond. join our crypto editorial staff and some of the biggest leaders in the industry for our December summit.
Cover photo based on image by Gerd Altmann from Pixabay.
ABC’s Shark Tank star, Kevin O’Leary, has sounded a warning that environmental, social, and governance (ESG) reporting is going to shake up the Bitcoin mining industry.
While many key players are currently focused on Bitcoin’s price performance, O’Leary is more concerned about the dangers that the Bitcoin mining industry can pose for the market. O’Leary stated during a recent interview, that Bitcoin mining companies who did not obtain their energy from non-carbon emitting sources had no chance of passing a carbon audit. This is because the process for tracking carbon credits is rife with uncertainty. His take is a reaction to the annual investor letter sent out by Larry Fink, the CEO of BlackRock.
Kevin O’Leary, also known as Mr. Wonderful and made popular by his hosting ABC’s Shark Tank reality show, has called out Bitcoin mining firms that utilize carbon credits to try to stay carbon neutral.
Speaking in a recent interview, O’Leary warned that such miners were likely going to run into trouble with getting financing. This is because most financiers would steer clear of them to keep up with the Environmental, Social, and Governance (ESG) mandates that are rapidly gaining a lot of weight.
Writing is on the wall for public Bitcoin mining companies that think they can fool investors by buying carbon credits to cover up their dirty, carbon belching ways. They will never survive a carbon audit, Kevin O’Leary said.
He opines that utilizing carbon credits instead of actual green energy sources is one reason Bitcoin mining was getting a bad rep, and governments around the world were going after the activity. O’Leary outrightly calls Bitcoin miners who utilize carbon credits, like Marathon and Riot, a “scam.”
A piece of advice for ESG conscious investors.
O’Leary shared concern that ESG, metrics that firms are using to measure their long-term sustainability, could cause a lot of investors to run into trouble if they did not available carbon credit buying Bitcoin miners.
His reason is that pressure was been put on investors and firms to become ESG compliant by BlackRock, one of the biggest assets managers in the world. BlackRock’s CEO, Larry Fink, in his annual investor note stated that the multinational asset manager would sever ties with any of its clients that failed to implement ESG in its operations.
Going by this, O’Leary advised that investors should look at the ESG profiles of the Bitcoin mining firms they invest in to see if they pass the “ESG smell test.” Using himself as a case study, he said:
I’ve sold off those positions, and now I’m investing in miners that are doing it off hydro, wind, and solar so I don’t get in trouble…from institutions who have those sustainability mandates.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
“Mr. Wonderful” has sparked a cats vs. dogs battle on Twitter while promoting the feline-themed Pawthereum (CRYPTO: PAWTH) cryptocurrency, just like Dogecoin (CRYPTO-DOGE) and Shiba Inu (CRYPTO: SHIB) are inspired by dogs.
What Happened: “Shark Tank” fame’s Kevin O’Leary took a dig at both “Dogecoin” and “Dogecoin Developers” Twitter handles on Monday, asking them pointedly why they are not supporting their namesake animals.
O’Leary wrote, “Everyone that holds $DOGE should be ashamed of themselves. I’m outraged!”
Hey @dogecoin and @dogecoin_devs why are you not supporting the very animals of your namesake? #Dogs At least @pawthereum gives back to the #Cat and animal community. Everyone that holds $DOGE should be ashamed of themselves. I’m outraged! https://t.co/Y3AbTAtHpa
— Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) November 15, 2021
The tweets did not evoke a kind response from DOGE-aficionados with the co-creator of the meme coin, Billy Markus, taking potshots at O’Leary.
Please note that more than 99% of tokens fail, and ones with a perpetual tax limiting utility have not performed very wonderfully.
Research is important if you are going to shill tokens.
— Shibetoshi Nakamoto (@BillyM2k) November 15, 2021
The back and forth on Twitter between O’Leary and Markus continued, with the latter touching on the topic of “shilling” which he said had a charitable motive.
I’m shilling #charity Nothing irresponsible about it, I’m fact, I’m for a #GiveBackGas tax on every @Mime coin or token. How can anybody be against that. The #cryptocommunity should endorse a #GiveBack mandate. Small fractional donations add up big time! https://t.co/NMf1Cd7who
— Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) November 15, 2021
O’Leary then said he already owned DOGE but when he saw PAWTH and what the community behind that project was doing with the animal shelter he purchased that coin as well.
I already own $DOGE but when I saw what $PAWTH was doing with the animal shelter #GiveBack I bought some $PAWTH too. If you want to accuse me of shilling for #Charity go ahead. I’m cool with it! https://t.co/yuED3G10jS
— Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) November 15, 2021
“Good luck with your token. Please leave the doge community alone,” said Markus in return.
PAWTH has soared 1681.33% in the last 30 days and is up 59.24% for the week. At press time, it traded 20.02% lower at $0.08048. The coin hit an all-time high of $0.1159 on Monday.
DOGE is up 5.32% over the last 30 days and has declined 13.35% over a seven-day trailing period. Over 24 hours, DOGE fell 5.8% to $0.25.
On a year-to-date basis, DOGE gains stood at 4280.61%. It hit an all-time high of $0.74 in May.
See Also: How To Buy Dogecoin (DOGE)
Why It Matters: As per Pawthereum’s white paper, there is a 2% tax on PAWTH transactions that goes to a charity wallet. However, the coin’s users can vote from among a list of charities each month.
There is no such provision included in DOGE for charity but supporters including Tesla Inc (NASDAQ:TSLA) CEO Elon Musk have used the coin for charitable purposes.
During the Twitter battle, Markus pointed out that O’Leary was advocating for “cryptocurrency to become centralized and more useless.”
You’re literally advocating for cryptocurrency to become centralized and more useless – a tax on every transaction controlled by an unknown entity.
— Shibetoshi Nakamoto (@BillyM2k) November 15, 2021
O’Leary’s fellow Shark Tank host Mark Cuban is a well-known DOGE supporter and his basketball team Dallas Mavericks accepts the cryptocurrency for tickets and merchandise.
The acrimonious exchange between O’Leary, who is also known as Mr. Wonderful, and Markus led to a battle of coins associated with dogs and cats on Twitter.
If you actually did 5 minutes of research you would know Pawthereum isn’t “some random altcoin.” It has a serious dedicated team behind it that has been working on this project for a long time to get it to this point.
— Kitteh (@kittehbunneh) November 15, 2021
Read Next: AMC To Begin Accepting Shiba Inu Coin For Payments Within Next 4 Months Via BitPay: CEO
Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says he does not consider dogecoin an investment. “I don’t participate in that kind of thing. I don’t understand why anybody would,” he said.
Shark Tank star Kevin O’Leary talked about the meme cryptocurrency dogecoin in an interview with CNBC last week. The chairman of O’Shares ETFs said:
I don’t participate in that kind of thing. I don’t understand why anybody would, but that’s their own choice.
He explained that investing in dogecoin is like gambling in Las Vegas, noting that he might not even call it “investing” at all.
The Shark Tank star explained that when someone invests in a stock, they are betting on the company’s ability to execute its business plan and achieve its goals. In contrast, he said that there is no informed decision making with dogecoin as buyers are simply hoping that the price of the cryptocurrency will increase. In addition, dogecoin has an unlimited supply, unlike bitcoin.
O’Leary suggested: “Maybe you should consider it entertainment because there’s no inherent value in it other than what other people want to do as they speculate.” He elaborated:
When you speculate on something like dogecoin, that’s no different than going to Las Vegas and putting your money on red or black. It’s pure speculation.
Do you agree with Kevin O’Leary about dogecoin? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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.
‘Shark Tank’ star and renowned investor Kevin O’Leary has likened investing in Dogecoin (CRYPTO: DOGE) to gambling and said the meme cryptocurrency may be considered just an “entertainment” as it has no inherent value.
What Happened: “When you speculate on something like Dogecoin, that’s no different than going to Las Vegas and putting your money on red or black,” O’Leary said in an interview with CNBC.
See also: How To Buy Dogecoin (DOGE)
O’Leary, chairman of O’Shares ETFs, noted that unlike investments in stocks, there is no informed decision making when a person invests in Dogecoin and the buyer simply hopes that the cryptocurrency’s price will rise.
The Canadian investing star also revealed that 10% of his operating company’s holdings are made up of digital tokens including Bitcoin (CRYPTO: BTC), ether (CRYPTO: ETH) and USD Coin (CRYPTO: USDC). He added he does not plan to add Dogecoin to his portfolio.
Why It Matters: Created as a joke cryptocurrency in 2013, Dogecoin has gained in popularity this year, thanks in part to the unstinted support of Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk. The altcoin’s popularity has also led to the creation of several Dogecoin imitators.
The Shiba Inu-themed cryptocurrency’s year-to-date gains stand at an impressive 3,568%. However, the prices of cryptocurrencies, including Dogecoin, are seeing high volatility in recent months.
Musk boasts more than 58 million followers on Twitter and his tweets on Dogecoin sometimes have an overwhelming impact on the price of the meme cryptocurrency. This prompted the U.S. Securities and Exchange Commission in May to caution investors not to make investment decisions just based on celebrity endorsements.
Price Action: Dogecoin is up 2.2% during the last 24 hours, trading at $0.2090 at press time.
Read Next: Bitcoin, Dogecoin, Ethereum Rangebound But These Minor Altcoins Are Skyrocketing
Photo: By Dustin Blitchok. Benzinga CEO Jason Raznick, left, and O’Shares ETF Investments Chairman Kevin O’Leary at Benzinga’s Detroit headquarters in 2018.
O’Leary says that investing in dogecoin — the altcoin which earlier this year saw its price climb 12,000%, from fractions of a penny to 69 cents — is so similar to gambling that he might not even call it “investing” at all.
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