Bitcoin
Companies are adopting a Bitcoin standard
VANCOUVER, BC – OCTOBER 29: Gabriel Scheare uses the world’s first bitcoin ATM on October 29, 2013… [+] at Waves Coffee House in Vancouver, British Columbia. Scheare said he “just felt like I was part of history.” The ATM, called Robocoin, allows users to buy or sell the digital currency known as bitcoins. Once used only for black market sales on the internet, bitcoins are beginning to be accepted at a growing number of businesses. (Photo by David Ryder/Getty Images)
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A new wave of Bitcoin adoption seems to emerge every year. Sometimes it’s retail investors who drive the wave – other times it’s institutional support, and lastly it’s nation states that have adopted it. However, a powerful wave of strong sustained support has been the businesses that decide to operate on a Bitcoin standard: those that choose to accept Bitcoin for their goods and services and use it to sustain themselves.
Matt Hill is the founder and CEO of Home9Start9 is trying to take sovereign computing to the next level. Start9 does this in three ways: by offering a server that comes pre-loaded for people to use and install in their homes, by creating and distributing Start OS, a free and open source operating system for people trying to run their own servers, and by offering an application marketplace for those running their own servers. Recently, Start OS was released for clearnet connections, which is typically how most people browse the Internet, further expanding Start9’s user base and reach.
Start9 uses BTCPay, its own Lightning node, to accept Bitcoin payments. They estimate that about one in six sales are now made in Bitcoin.
“So BTCPay is a wonderful piece of technology – I think it’s underrated whether it’s possible at this point, but I think it’s definitely underutilized – a lot of merchants are looking at these third-party custodial solutions like Coinbase Commerce.”[…]. So they just do what they know how to do, which is to contact a service provider and say, hey, do this for me and I’ll pay you a fee, without realizing that this undermines a significant part of the value proposition that Bitcoin provides.”
As Leo Weese, author of nodeacademy.orgputs it this way: “The Lightning Network allows anyone to participate. To run a node — or rather, to become one — requires only minimal equipment, skills, and capital. That anyone can be their own payment processor and bank is a powerful idea that keeps the system competitive and moral hazards in check.” This same logic applies to the wave of companies that may be interested in accepting Bitcoin payments and maintaining custody of their funds. They may be just one BTCPay Server instance away.
Matt continues – the goal is not just to accept payments in Bitcoin, but to use it to operate: “[…] I have stated publicly before that our goal as a company is to be on a Bitcoin standard within the next few years – to be completely on a Bitcoin standard – to pay our employees, contractors and partners only in Bitcoin, to accept only Bitcoin as payment for our products and to purchase all of our raw materials from suppliers in Bitcoin. […] We want to live in the world we are helping to create. […]” as Matt from Start9 said.
Other companies in the Bitcoin space are doing just that. Coinkite founder NVK commented on how the recent drop in Bitcoin prices amounted to a sale – Coinkite sells Bitcoin security products like hardware wallets and offers a 5% discount if paid in Bitcoin. Bitcoin custodian companies like Home also offer Bitcoin payment options. This is a maturation of the current push toward Bitcoin as a financial product, held in trust by a custodian. These Bitcoin companies think about a Bitcoin standard in a fundamentally different way.
“[…] You know, we’re not an investment company. It’s not like we’re speculating on Bitcoin, we really see it as a monetary asset that’s better than the dollar, and so when it comes to what we have, we try to hold as much Bitcoin as we can and keep just enough dollars in the bank to take care of – really the next two months. The majority of everything we have as a company is in Bitcoin, and we only hold enough dollars to survive and that’s usually taken care of by our cash inflows from product sales. So we’re striving to get to a Bitcoin standard, and I hope we’ll be there in the next few years. I don’t know how long a few years will be. It could be two, it could be six, but I think we’ll get there.” as Matt puts it.
This wave of companies adopting a Bitcoin standard is not confined to Bitcoin alone. In the past, Andy Yen of Proton, the provider of private email, storage, and VPN solutions, has also indicated that they are able and willing to accept Bitcoin. To this day, Proton maintains an option for pay in BTC. VPS providers that allow you to host your own content/internet servers, such as Lunanode, also accept Bitcoin and encourage the use of their services for hosting BTCPay Server Instances. Other online businesses that accept Bitcoin:
- Mullvad VPNa privacy-focused VPN solution.
- link.silentan eSIM provider
- Kagian ad-free search engine.
- cheap name is a domain name registrar that accepts Bitcoin.
- Alzathe largest online retailer in the Czech Republic accepts Bitcoin.
Retail companies around the world are also starting to get Bitcoinblending the physical and virtual worlds – with hotspots in Prague, Vancouver, Rolante and more. Companies like Sweet Satans offer maple syrup and honey, and are Bitcoin-only, offer an example of physical businesses meeting virtual ones that have adopted a Bitcoin standard. Through Zapritea set of physical businesses as varied as a Ontological clinic for a store that sells spices accepting Bitcoin, showing that physical businesses are also slowly taking the first steps towards a Bitcoin standard.
As Bitcoin continues to evolve, more businesses may simply aspire to this Bitcoin standard: receiving payments in Bitcoin, paying their employees in Bitcoin, and holding Bitcoin in reserve. In a world that assumes that constant inflation will eventually consume savings, this could be a radical shift in the way businesses operate.
Photo: Andrew Harnik (Getty Images)
After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.
Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job
Let’s take a look at what awaits us:
Major companies will release their earnings reports
Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.
Monday
- Verizon will report earnings before the start of operations.
Tuesday
- Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
- Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
- Alphabet and Visa will report results after the market closes.
Wednesday
- AT&T will release its report before the market opens.
- Ford and Chipotle will report earnings after the market closes.
Thursday
- Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.
Trump to speak at Bitcoin conference
Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.
In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.
Ether ETFs are on the way
New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.
Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.
That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.
Bitcoin
Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske
Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.
Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.
According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.
“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”
Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.
BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.
The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.
Source: Chris BurniskeX
Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).
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Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.
Technical analysis
Per NegotiationRage
The daily chart
As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.
The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.
The 4-hour chart
Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.
While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.
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