Cryptocurrency News by Bitcoin Romania, January 2022

Thu | 06.01.2022

FX & Currency

Cryptocurrency News by Bitcoin Romania, January 2022

In this cryptocurrency era, things are moving faster than ever, so you'd better keep one eye constantly on the market changes. Find out what are the top performance leaders in the past 5 days.

MONEYGRAM INVESTS IN CRYPTO ATM OPERATOR — CEO BULLISH ON OPPORTUNITIES CRYPTO OFFERS

Moneygram International Inc. (NASDAQ: MGI) announced Wednesday that the company “has completed a strategic minority investment in Coinme, a leading cryptocurrency cash exchange in the U.S.” This venture gives Moneygram an approximate 4% ownership stake in Coinme.

Alex Holmes, Moneygram chairman and CEO, commented:

At Moneygram, we continue to be bullish on the vast opportunities that exist in the ever-growing world of cryptocurrency and our ability to operate as a compliant bridge to connect digital assets to local fiat currency.

BITCOIN DOMINANCE SINKS TO LOWEST LEVEL IN 3 YEARS AS ETHEREUM, NUMEROUS COMPETITORS GAIN ON BTC

The crypto economy currently has roughly 12,247 crypto assets traded across 542 exchanges worldwide. Crypto markets have shed more than 7% over the last 24 hours, dropping to a low of $2.16 trillion by 8:00 a.m. (EST).

While people measure the individual crypto market capitalizations regularly, bitcoin’s market valuation dominance, compared to the rest of the capitalizations, has been measured since the existence of multiple crypto markets.

During the first few years, BTC dominance was well above the 90% range, in terms of market capitalization dominance. Dominance was recorded more so during the month of May 2013, and at that time, BTC dominance was 94%.

CRYPTO SECURITY IS BIGGEST CONCERN FOR INSTITUTIONAL INVESTORS

(Bloomberg) -- Security concern, more so than the volatility and regulations, is what holds institutional investors back from investing in crypto and digital assets, a survey by Europe’s largest regulated digital-asset hedge fund manager showed.

The survey of institutional investors and wealth managers, who collectively manage around $108.4 billion, showed 79% see asset custody as the key consideration whether to invest in this space. Custodians provide solutions for investors who want to securely store and protect their crypto assets. The report was commissioned by Nickel Digital Asset Management, and involved interviews with 50 wealth managers and 50 institutional investors across the U.S., the U.K., Germany, France and the United Arab Emirates.

“This was followed by 67% who said price volatility, 56% who cited market cap, and 49% who said the regulatory environment,” the report said. “Further 12% included the carbon footprint from Bitcoin and other cryptocurrencies in their top three reasons for not investing.”

WHAT HAPPENS TO BITCOIN AFTER ALL 21 MILLION ARE MINED?

One of the chief characteristics of Bitcoin (BTCUSD) is that its coin supply is limited. Bitcoin inventor Satoshi Nakamoto designed the cryptocurrency essentially as digital gold and capped the Bitcoin maximum supply to mimic the finite quantity of physical gold.

The maximum number of bitcoins that can be issued—mined—is 21 million. New bitcoins are added to the Bitcoin supply approximately every 10 minutes, which is the average amount of time that it takes to create a new block of Bitcoin.1 By design, the number of bitcoins minted per block is reduced by 50% after every 210,000 blocks, or about once every four years.2

KEY TAKEAWAYS

The maximum total supply of Bitcoin is 21 million.1
The number of Bitcoins issued will likely never reach 21 million due to the use of rounding operators in the Bitcoin codebase.
When the Bitcoin supply reaches its upper limit, no additional bitcoins will be generated. Bitcoin miners will likely earn income only from transaction fees.1

BITCOIN COULD HIT $100,000 IF INVESTORS TREAT IT LIKE GOLD, GOLDMAN SACHS SAYS

Bitcoin could be worth $100,000 if investors accept the premise that it really is digital gold, according to a report by Goldman Sachs.

At its current price around $46,800, Bitcoin has a market cap of $870 billion, compared with $2.6 trillion for gold held by the public for investment purposes, such as privately held bars and assets in exchange-traded funds.

This article is provided by our Cryptocurrency Partner, Bitcoin Romania.

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