Bitcoin

What Bitcoin and the American Dream Have in Common

Published

10 months ago

4 July, 2024

What Bitcoin and the American Dream Have in Common

It is also full of banalities: Land of the free, home of the brave, A shining city on a hill. They became clichés as time went on and the country (and the people who make it up) changed. They changed as well as their national motto, from a suitable and pluribus unum (“out of many, one”) to a downright intriguing one”In God we trust.”

Please note: The opinions expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.

What hasn’t changed, at least in name, is America’s animating myth: the American dream. The idea that anyone can achieve success through sacrifice, talent, hard work and grit, rather than just plain old luck.

The American Dream means different things to different people, though. I’m a first-generation Greek-American, so for me, the American Dream means taking advantage of the opportunities I’ve had because of a sacrifice my grandparents made by leaving their home country with their children.

Does the American Dream mean the same thing to those whose families came here ten generations ago from England? Or five generations ago from Ireland? Or from Italy? And to those whose ancestors came here on slave ships?

This ambiguity isn’t necessarily a problem. It’s true of many big and important ideas: democracy, for one easy example. Just because there isn’t broad, ubiquitous agreement on what an idea means doesn’t mean there’s nothing to be learned from it. There are guiding principles embedded in these ideas. At the risk of sounding full of non-sequiturs, this is how Bitcoin and the American Dream fit together.

Buzzwords include: Bitcoin fixes this, Bitcoin is [Synonym for Hope], You wouldn’t understand, the number goes up, have fun being poor.

It may seem trite to compare Bitcoin to the American Dream, but from my perspective, the commonalities are painfully obvious.

On the surface level, Bitcoin and the American Dream are a decent combination. Success through “hard work”? That’s exactly what it’s like. bitcoin mining works:the harder you work, the more rewarded you are.

We can ask more questions.

The answers to these questions depend on who you ask. For this reason, Bitcoin and the American Dream are even more similar than they seem.

Bitcoin means something different to me, a fully banked American citizen with access to basically any financial product I can imagine and a relatively stable local currency, than it does to Roya Mahbooban Afghan woman who uses Bitcoin (among other technologies) to help girls in Afghanistan overcomes gender inequality and gains education. This means something different for Argentines and Venezuelans facing hyperinflation.

All of these meanings of Bitcoin can be and are true. Bitcoin is big, it contains multitudes. Unleashing these multitudes to transact without permission is the ethos of Bitcoin as a peer-to-peer electronic cash system.

Bitcoiners can agree that Bitcoin can be many things, just as Americans can agree that the American Dream (and America, for that matter) can be many things. One thing is certain: as Americans are united by the American Dream, there is an ethos of Bitcoin, the freedom to transact, that unites bitcoiners.

I intentionally avoided one question above because it is a top-of-mind issue for both the United States and Bitcoin right now.

Is America Captured by Corporate Interests? Bitcoin?

George Carlin once said in a stand-up comedy routine that “it’s called the American Dream because you have to be asleep to believe it.” He said the country has long been hijacked by profiteers. In some ways, I share some of that cynicism. Consumerism and the obsession with acquiring things embarrass me as an American.

This cynicism is echoed by the father of gonzo journalism, Hunter S. Thompson, in his acclaimed book Fear and Loathing in Las Vegas: A Wild Journey to the Heart of the American Dream. The title conveys the message: Las Vegas, as an epicenter of gambling and entertainment, is a caricature of American excess and consumerism, both of which (along with the drugs that figure prominently in the book) threaten to tarnish America’s name.

As for bitcoin, it is now being sold, in a sanitized way, by companies like BlackRock, the largest and most traditional financial company in the world, through US Spot ETF. Bitcoin, the idea and asset born from the ashes of the Great Financial Crisis as a rejection of the Icarian behavior of the leveraged, derivatives-obsessed financiers that gave rise to the crisis, is now being advertised for purchase by these same institutions. Has Bitcoin been captured by corporate interests?

Maybe, at least partially.

That said, I think one of the best parts of being an American is being able to complain about America. That’s one of the best parts of being a Bitcoiner, too. And both are better for it, even though there are Americans and Bitcoiners who will yell at you for doing this.

Happy 248th birthday, America!

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Bitcoin

What to watch for in the markets

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

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.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

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.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

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

Here’s the next target for BTC before bulls can hold out for $70K

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

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.

Source: TradingView

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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Cryptocurrency Charts by TradingView.

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