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⚡️Bitcoin: Potential $70k Rise🚀

Croxroad

20 Aug 2023 — 7 min read

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The crypto world's buzzing again! Bitcoin, the big daddy of cryptocurrencies, is making headlines with predictions of it skyrocketing to a whopping $70,000. Now, that's a number to turn heads, right? But wait, there's more. Amidst all the Bitcoin chatter, there's another name popping up like a jack-in-the-box: DigiToads. Word on the street is, it's set for a jaw-dropping upswing of 1500%. Yep, you read that right!

So, what's the lowdown on Bitcoin's potential leap to $70k? A seasoned analyst, probably with a crystal ball, sees a mix of current market vibes and the growing love from big institutions as the perfect recipe for a Bitcoin bull run. Add to that, Bitcoin's shiny new features, like the Lightning Network, making transactions faster than a New York minute. Some folks even think that with Bitcoin becoming rarer than a unicorn, its price is bound to shoot up. But, as with all things crypto, it's a waiting game.

Now, let's talk DigiToads. This isn't just another crypto on the block. It's on a mission, aiming for a stellar 1500% rise. And it's not all talk. They've got the goods to back it up. Their presale? Oh, just a cool $7 million in the bag. And guess what? They're not just about the moolah. They've got a heart, pledging 2.5% of their total supply to protect our precious rainforests. Plus, they're diving deep into the NFT pool, offering over 3500+ trending NFTs for staking. Talk about keeping up with the times!

To wrap it up, while Bitcoin's potential dance to $70k has everyone's eyes peeled, DigiToads ain't far behind, shining bright with its charitable vibes and NFT magic. For those hunting for the next big crypto thing, TOADS might just be the golden ticket.

EL SALVADOR AND BITCOIN: WHY LIGHTNING IS CHANGING THE GAME⚡️

Once upon a time in Austin, T.X., there was an entrepreneur with a knack for real estate. Not just any knack, mind you, but the kind that led to the creation of two thriving real estate companies. With success under his belt and a thirst for new adventures, he set his sights on El Salvador. Now, you might be wondering, "Why El Salvador?" Well, it wasn't for the beaches or the pupusas, though I'm sure they're delightful. It was the allure of the burgeoning Bitcoin economy that beckoned.

This entrepreneur, with his sharp business acumen, saw a golden opportunity to integrate Bitcoin into the realms of real estate and perhaps, coffee farming. But, as with any adventure, there were dragons to slay. In the U.S., we've got the Multiple Listing Service (MLS), a handy-dandy tool that showcases all property listings and recent transactions. It's like having all the cards laid out on the table. But in El Salvador, the deck's a bit shuffled. The property title chain is as clear as mud, making it a tricky game to navigate. And if that wasn't enough, the centralized records can sometimes throw a curveball, being as off-mark as a cat trying to play fetch.

But wait, there's more! Imagine finding the perfect property, only to discover there's a legal dispute hanging over it. Instead of sealing the deal with a handshake, you might find yourself embroiled in a year-long legal battle. It's like waiting for your bread to toast, but the toaster's broken.

Yet, despite these hurdles, the potential of Bitcoin in El Salvador is as tantalizing as a pot of gold at the end of a rainbow. It's a land of challenges, no doubt, but for those brave enough to face them head-on, the rewards could be monumental. After all, every cloud has a silver lining, and in this case, it might just be a Bitcoin one!

WHAT'S WEIGHING DOWN BITCOIN? A DEEP DIVE INTO THIS WEEK'S DECLINE

Bitcoin's price took a dip below $26,000 this week, and there are a few reasons folks are pointing fingers at.

1. Decreased Trading Volume: Reports from Glassnode and Coinshares suggest that there's been a bit of a "meh" feeling in the crypto market, leading to the price drop. Bitcoin started the week around $29,400 but found itself at about $25,697 by Friday. Glassnode's report hinted at a market that's a tad top-heavy, with many investors possibly facing unrealized losses. Coinshares connected the dots between lower trading volumes and increased price swings for bitcoin. They also noted that a lot of long positions in bitcoin futures got unwound, which might've added to the sharp price drop.

2. Elon Musk's Shenanigans: Ah, good ol' Elon. His company, SpaceX, reportedly sold some of its bitcoin holdings. Given how his tweets have shaken up crypto prices before (looking at you, Dogecoin), it's no surprise that folks are watching his moves closely.

3. Bitcoin as a Risky Business: Some market gurus are linking the price drop to China's Evergrande Group going bankrupt. Even though bitcoin is often dubbed "digital gold" and seen as a safety net during economic hiccups, it sometimes tumbles with other risky assets. Remember the early days of the COVID-19 pandemic? However, Coinshares thinks that if there's a full-blown economic meltdown, bitcoin might actually benefit, especially if the broader financial sector feels the heat.

On the bright side, Coinbase got the green light for offering crypto futures trading in the U.S., which is a silver lining for the crypto world this week. But, there's also some chatter about the market maybe getting a bit impatient, waiting for a spot bitcoin ETF approval, especially from big players like BlackRock.

MICROSTRATEGY'S BITCOIN JOURNEY: 3 YEARS WITH MICHAEL SAYLOR AT THE HELM 🚢

Michael Saylor, the co-founder and executive chairman of MicroStrategy, remains a staunch supporter of bitcoin, even three years after his company's initial investment in the cryptocurrency. Back in the day, on August 11, 2020, MicroStrategy made waves by becoming the first publicly-traded company to buy bitcoin. They had hinted a month earlier about their intention to invest in assets like bitcoin or gold instead of just holding onto cash. Why? Well, they wanted to dodge inflation. The company then took the plunge, buying BTC worth a whopping $250 million, making it their primary treasury reserve asset. Saylor, who was the CEO at that time, believed bitcoin was a solid hedge against inflation and promised better returns than other assets.

Fast forward to June 2023, and the company announced a purchase of 12,333 BTC for a cool $347 million. By the end of July 2023, MicroStrategy's bitcoin stash stood at 152,800 BTC, bought for an average price of $29,672 per coin. That's a total investment of $4.53 billion! This move made them the largest corporate holder of bitcoin. But here's a twist: in December 2022, they sold 704 BTC, which was quite the surprise, especially after Saylor had previously claimed they'd never sell any of their bitcoin.

Now, Saylor hasn't always been a bitcoin enthusiast. Back in 2013, he even predicted its downfall, comparing it to online gambling. But oh, how times change! Not only has he led multiple BTC purchases for MicroStrategy, but he's also made some bold price predictions. In May 2022, he mentioned that bitcoin's price could soar into the millions. A month later, he even threw out a figure: $1 million per bitcoin. And if you think that's ambitious, in September 2022, he speculated that if bitcoin matched gold's market cap, it could be valued at $500,000 within a decade. For a bit of perspective, bitcoin's market cap is $572.3 billion, while gold's stands at a staggering $12.8 trillion.

Despite the US SEC's increased scrutiny of the crypto sector, Saylor remains unfazed. He believes such actions might even boost bitcoin's price and market dominance. In a significant move, Saylor stepped down from his CEO role at MicroStrategy in August 2022, handing the reins to Phong Le. But don't worry, he's still in the game, focusing on the company's bitcoin acquisition strategy and related advocacy efforts. So, in a nutshell, Saylor's journey with bitcoin and MicroStrategy has been nothing short of a rollercoaster, and it seems the ride isn't over yet!