{"id":6957,"date":"2021-03-27T15:50:37","date_gmt":"2021-03-27T19:50:37","guid":{"rendered":"https:\/\/cointelegraph.com\/magazine\/?p=6957"},"modified":"2021-03-27T15:50:52","modified_gmt":"2021-03-27T19:50:52","slug":"btc-to-400k-nft-warning-instagram-trouble-032127","status":"publish","type":"post","link":"https:\/\/cointelegraph.com\/magazine\/2021\/03\/27\/btc-to-400k-nft-warning-instagram-trouble-032127","title":{"rendered":"$400K Bitcoin predicted this year, NFT warning, Instagram influencer in trouble: Hodler\u2019s Digest, March 21\u201327"},"content":{"rendered":"
Coming every Saturday, <\/i><\/b>Hodler\u2019s Digest<\/i><\/b><\/a> will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more \u2014 a week on Cointelegraph in one link.<\/i><\/b><\/p>\n Bitcoin\u2019s price seems to have stalled below <\/span>$60,000 <\/b>after surging to all-time highs earlier in March. <\/span>But on the bright side, Friday\u2019s <\/b>$6-billion expiration<\/b><\/a> of options \u2014 a record-breaking sum \u2014 didn\u2019t deliver the slump that some were dreading.<\/b><\/p>\n The ever-optimistic PlanB says that we are \u201cnowhere near the end\u201d of the bull run, tweeting: <\/span>\u201cBitcoin is just getting started.\u201d<\/b><\/p>\n YouTuber and derivatives trader Tone Vays also believes the best is yet to come, telling Cointelegraph: <\/span>\u201cWhile it is still possible for Bitcoin to make a lower low for the month in the $48,000 range, I believe we will go up to above $70,000 before June.\u201d<\/b><\/p>\n In recent days, BTC plunged to depths of <\/span>$51,212.85 <\/b>\u2014 the lowest price seen in two weeks. Soon afterward, Micha\u00ebl van de Poppe warned that BTC <\/span>needed to regain the <\/span>$53,200\u2013$53,800 <\/b>area<\/span><\/a> to revive bullish momentum in the near term, or else more downside was possible. <\/span>So far this weekend, that threat appears to have been averted.<\/b><\/p>\n <\/p>\n <\/p>\n With tech stocks also taking a hammering at certain points this week, even Elon Musk\u2019s announcement that Tesla now accepts Bitcoin from U.S. customers only delivered a temporary boost to BTC\u2019s price.<\/span><\/p>\n The billionaire CEO and \u201cTechnoking\u201d said that the electric vehicle manufacturer would hold on to the Bitcoin it accumulates through sales rather than convert it into fiat. <\/b>He also confirmed that support for crypto payments would be rolled out internationally later this year.<\/span><\/p>\n Tesla\u2019s decision to shun \u201cfork products\u201d such as Bitcoin Cash <\/span>proved calamitous for BCH<\/span><\/a>, which tumbled to new all-time lows against BTC.<\/span><\/p>\n But some experts have warned that snapping up a Tesla using crypto <\/b>might not be a smart move\u2026<\/b><\/a> for now, at least. <\/b>Ark Invest founder Cathie Wood has urged investors not to use their BTC for purchases until the Internal Revenue Service introduces some more sensible tax policies on crypto assets.<\/span><\/p>\n The U.S. currently regards Bitcoin as property rather than currency. <\/span>This means that irrespective of whether you sell BTC for profit or use it to buy a shiny car, it\u2019s considered to be a taxable event.<\/b><\/p>\n <\/p>\n It\u2019s now time for our whistle-stop tour of NFT news. You ready? Here goes.<\/span><\/p>\n First up, a New York Times reporter got a pleasant surprise when he decided to try and auction off one of his articles as an NFT. <\/b>Just one day later, it sold for 350 ETH (worth almost <\/span>$600,000 <\/b>as of Saturday) \u2014 with the proceeds going to charity.<\/span><\/p>\n Another big sale came when Twitter CEO Jack Dorsey <\/span>sold a tokenized representation<\/span><\/a> of his first-ever tweet for more than $2.9 million, also for good causes.<\/span><\/p>\n Data from Google Trends suggests that interest in nonfungible tokens has now surged to levels <\/b>last seen during the ICO craze<\/b><\/a> of 2017. <\/b>Lego also dropped a hint that it may be getting involved in this flourishing sector after writing a cryptic tweet that said: \u201c<\/span>Zeros and ones but still a brick<\/span><\/a>.\u201d<\/span><\/p>\n Inevitably though, it wasn\u2019t all good news. <\/span>SEC commissioner Hester Peirce \u2014 also known as \u201cCrypto Mom\u201d \u2014 has warned that selling <\/b>fractionalized NFTs could end up breaking the law<\/b><\/a> as this could result in the creation of an investment product.<\/b><\/p>\n <\/p>\n <\/p>\n The crypto-powered esports streaming app Theta announced this week that it was delaying the launch of mainnet 3.0 until June.<\/span><\/p>\n In an announcement, the company said that it is still working \u201cto incorporate some building blocks\u201d for a nonfungible token marketplace. <\/b>This is one of the reasons why a \u201cmore thorough code review and testing is required,\u201d prompting the expected launch date to be pushed back from April 21 to June 30.<\/span><\/p>\n The network added: <\/span>\u201cWhile delays are never ideal, we think this change is the prudent way forward to ensuring a successful mainnet 3.0 launch.\u201d<\/b><\/p>\n Investors in Theta took a dim view of the announcement. The token had hit all-time highs of <\/span>$14.99 <\/b>on Wednesday, but it <\/span>fell by more than <\/span>25%<\/b><\/a> in the 24 hours that followed.<\/span><\/p>\n <\/p>\n Forget Tesla CEO \u2014 Elon Musk has been promoted. <\/span>According to a new SEC filing, the billionaire should now be referred to as \u201cTechnoking of Tesla.\u201d<\/b><\/p>\n His chief financial officer, Zach Kirkhorn, has also been given a promotion\u2026 to \u201cMaster of Coin.\u201d <\/span>Both men are going to retain their respective positions.<\/b><\/p>\n Musk has reason to celebrate<\/span><\/a>, with figures suggesting that Tesla has been sitting on close to <\/span>$19 million <\/b>in unrealized profit per day since announcing its <\/span>$1.5-billion <\/b>Bitcoin purchase. <\/span>This almost eclipses the $721 million in profit it made from selling 500,000 cars in 2020.<\/b><\/p>\n The billionaire also waded into the trendy world of nonfungible tokens this week when he <\/span>announced he was planning to sell a musical NFT<\/span><\/a>, with lyrics based on the hype surrounding the technology \u2014 \u201cIt\u2019s verified, it\u2019s guaranteed.\u201d <\/span>Very catchy.<\/b><\/p>\n Despite bids exceeding <\/span>$1.1 million <\/b>on the Valuables platform, Musk later took his ball home, tweeting: <\/span>\u201cActually, doesn\u2019t feel quite right selling this. Will pass.\u201d<\/b><\/p>\n What a shame.<\/span><\/p>\n <\/p>\n <\/p>\n <\/p>\n It\u2019s now been a month since <\/span>Cointelegraph Markets Pro<\/span><\/a> launched \u2014 bringing professional crypto market intelligence to every investor.<\/span><\/p>\n New figures this week showed that 41 of the 42 trading strategies tested by Markets Pro are currently beating Bitcoin\u2019s investment returns, and 36 of them are winning against an evenly weighted basket of the top 100 altcoins.<\/b><\/p>\n Two key features are offered to subscribers. The first is the <\/span>VORTECS\u2122 Score<\/b>, which is derived from an algorithm that examines multiple different variables (including sentiment, tweet volume, price volatility and trading volume) and compares those with historically similar marketscapes.\u00a0<\/span><\/p>\n And the second is <\/span>NewsQuakes\u2122<\/b>: alerts on events that have historically had a significant impact on an asset\u2019s price over the following 24 hours.\u00a0<\/span><\/p>\n Cointelegraph Markets Pro is <\/span>available exclusively to subscribers<\/span><\/a> on a monthly basis at $99 per month, or annually with two free months included.<\/span><\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n At the end of the week, Bitcoin is at <\/span>$55,261.18<\/b>, Ether at <\/span>$1,705.62 <\/b>and XRP at <\/span>$0.56<\/b>. The total market cap is at <\/span>$1,739,387,070,168<\/b>.<\/span><\/p>\n Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are <\/span>Dent<\/b>, <\/span>Ankr <\/b>and <\/span>AscendEX<\/b>. The top three altcoin losers of the week are <\/span>Avalanche, SushiSwap<\/b> and <\/span>Ren<\/b>.<\/span><\/p>\n For more info on crypto prices, make sure to read <\/span>Cointelegraph\u2019s market analysis<\/span><\/a>.\u00a0<\/span><\/p>\n <\/p>\n <\/p>\n <\/p>\n \u201cBy banning crypto, India will end up with the lowest reserve of the most important currency the world has ever seen.\u201d<\/span><\/p><\/blockquote>\n Raj Chowdhury<\/b><\/a>, HashCash CEO<\/b><\/p>\n <\/p>\n \u201cDon\u2019t try to act like Saylor won\u2019t take profits eventually, cause he will along with every other fund on the planet. Then they\u2019ll buy back lower.\u201d<\/span><\/p><\/blockquote>\n Michael Saylor<\/b><\/a>, MicroStrategy CEO<\/b><\/p>\n <\/p>\n \u201cI think that it would be very likely that you will have [Bitcoin], under a certain set of circumstances, outlawed the way gold was outlawed.\u201d<\/span><\/p><\/blockquote>\n Ray Dalio<\/b><\/a>, hedge fund founder<\/b><\/p>\n <\/p>\n \u201cI\u2019m not a big fan myself of encouraging or asking or wanting us to participate in the issuing of currency.\u201d<\/span><\/p><\/blockquote>\n Brad Smith<\/b><\/a>, Microsoft president<\/b><\/p>\n <\/p>\n \u201cThere is little social value in helping Elon Musk earn yet another $1 million.\u201d<\/span><\/p><\/blockquote>\n Vitalik Buterin<\/b><\/a>, Ethereum co-founder<\/b><\/p>\n <\/p>\n \u201cYou made me a ton of money.\u201d<\/span><\/p><\/blockquote>\n Jim Cramer<\/b><\/a>, CNBC host<\/b><\/p>\n <\/p>\n Bloomberg Intelligence senior commodity strategist Mike McGlone believes 2021 marks a watershed moment for the world\u2019s biggest cryptocurrency.\u00a0<\/span><\/p>\n He says BTC is \u201cwell on its way to becoming a global digital reserve asset\u201d and it may be transitioning toward a risk-off asset.<\/b><\/p>\n Based on previous behavior, his analysis suggests that prices could peak at <\/span>$400,000 <\/b>this year<\/span><\/i>. <\/span>That eclipses other estimates such as the stock-to-flow model, which calls for an average of $288,000 between now and 2024.<\/b><\/p>\n <\/p>\n <\/p>\n Microsoft president Brad Smith has said fintech firms have no business issuing private digital currencies, arguing that money matters should be left to central banks and governments.<\/span><\/p>\n Speaking at an online conference organized by the Bank for International Settlements, he said: <\/span>\u201cI am not a big fan myself of encouraging or asking or wanting us [tech firms] to participate in the issuing of currency.\u201d<\/b><\/p>\n The remarks put Microsoft at odds with Facebook, which is continuing to pursue the launch of its Diem stablecoin project. <\/span>Formerly known as Libra, the project sparked fierce criticism from financial regulators \u2014 with many of them warning the digital asset could pose significant risks to the global economy.<\/b><\/p>\n <\/p>\n An Instagram influencer has been charged with wire fraud after he allegedly scammed followers out of Bitcoin worth <\/span>$2.5 million<\/b>.<\/span><\/p>\n Jay Mazini \u2014 who had close to 1 million followers and was known for \u201ccash giveaways\u201d \u2014 is accused of promising victims that he would buy Bitcoin off them at inflated prices. <\/span>But it\u2019s claimed that, when the crypto was sent, he didn\u2019t transfer the funds as promised.<\/b><\/p>\n An FBI official said: <\/span>\u201cA quick search of the interwebs today will reveal an entirely different image of this multi-million-dollar scammer.\u201d<\/b><\/p>\n Mazini is currently being held on state charges in New Jersey and will face New York courts at a later date. <\/span>If convicted, he faces up to 20 years\u2019 imprisonment.<\/b><\/p>\n <\/p>\n And we end with a sorry tale that suggests Bitcoin has caused a break-up.<\/span><\/p>\n A man on Reddit claims his wife left him after he refused to sell his Bitcoin when prices hit $60,000 \u2014 and loaded up on more during the recent dip.<\/b><\/p>\n The user, u\/Parking_Meater, said his wife packed her bags and has now gone to live with her sister.<\/span><\/p>\n He wrote: <\/span>\u201cShe super mad that I didn\u2019t sell at 60k and looks at the price often scolding me. I keep telling her we don\u2019t need the money and have the cash. We live nice. However today she caught me buying the dip and was so pissed she almost hit me!\u201d<\/b><\/p>\n Uh oh.<\/span><\/p>\n <\/p>\n <\/p>\n While it could be a good sign for the industry if Microsoft accepts Bitcoin for its Xbox Games Store, Shiraz Jagati argues it is unlikely to have a major impact.<\/span><\/p>\n How has the Bitcoin bull run changed crypto media?<\/span><\/p>\nTop Stories This Week<\/b><\/h2>\n
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Stock-to-flow creator doesn\u2019t think Bitcoin\u2019s bull market is done<\/b><\/a><\/h4>\n
Elon Musk says Tesla now accepts Bitcoin from U.S. customers<\/b><\/a><\/h4>\n
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The NFT of record: New York Times raises $500,000 for charity in NFT column sale<\/b><\/a><\/h4>\n
Theta\u2019s mainnet 3.0 launch delayed until June, causing token\u2019s price to sink<\/b><\/a><\/h4>\n
Technoking and master of coin \u2014 Elon Musk and Tesla CFO adopt new titles<\/b><\/a><\/h4>\n
Announcement of the week<\/b><\/h3>\n
Markets Pro delivers up to 1,497% ROI as quant-style crypto analysis arrives for every investor<\/b><\/a><\/h4>\n
Winners and Losers<\/b><\/h2>\n
Most Memorable Quotations<\/b><\/h2>\n
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Prediction of the Week<\/b><\/h2>\n
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Bitcoin can reach $400,000 in 2021 as \u201crisk-off reserve asset\u201d \u2014 Bloomberg<\/b><\/a><\/h4>\n
FUD of the Week\u00a0<\/b><\/h2>\n
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Microsoft president says fintechs should leave currency to central banks<\/b><\/a><\/h4>\n
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Instagram influencer charged over duping followers out of Bitcoin worth $2.5 million\u00a0<\/b><\/a><\/h4>\n
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The last dip is the deepest as wife leaves husband for buying more Bitcoin<\/b><\/a><\/h4>\n
Best Cointelegraph Features<\/b><\/h2>\n
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Microsoft waffling over Bitcoin? BTC\u2019s return to Xbox unlikely to spur adoption<\/b><\/a><\/h4>\n
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Crypto media runs with the bulls as new entrants compete against established brands<\/b><\/a><\/h4>\n
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