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Over 40% of Those Engaged in Bitcoin Community are Millennials

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Bitcoin has emerged to be a popular topic among millennials with digital currency increasingly being viewed as a potential source of creating wealth through investments. The interest in bitcoin by millennials signals the role this age group plays in the possible realization of the digital currency’s mass adoption.

According to data acquired by cryptocurrency trading simulator Crypto Parrot, millennials aged between 25-35 years lead in a bitcoin community engagement rate at 41.51% as of June 1, 2021, while 20.16% of those engaged in bitcoin are between 35-44 years old to account for the second-highest group.

The age group of 18-24 engagement in bitcoin rates at 16.65% followed by 45-54 at 10.8%. Individuals in the age bracket of 55-64 years old are engaged in bitcoin at 6.59%. Unsurprisingly, those aged 65 years and above are the least involved in bitcoin at 4.45%.

Additionally, the male gender is the most engaged in bitcoin at 85.77%, while females stand at 14.23%.

The digital environment inspires millennials bitcoin engagement 

The report highlights some of the reasons why millennials are leading in the bitcoin community engagement rate. According to the research report:

“The engagement rate around bitcoin also mirrors the digital space that has been a significant part of millennials’ lives. During this era, the financial system has shifted to digital products from banking to payments. Therefore, bitcoin being the pioneer digital currency, naturally suits millennial conversations”

As millennials move to attain financial maturity they are also driving bitcoin’s adoption banking on the asset’s portability, security, and global nature. As new generations are regularly ushered in the financial world, the tendency towards cryptocurrencies will potentially grow further. Furthermore, millennial children are witnessing their parents adopt and talk about bitcoin, a significant factor in sustaining bitcoin adoption.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Confident Analyst Says $288k BTC Still In Play

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Bitcoin (BTC) can still hit an average price of $288,000 in the next three years, confident analyst @PlanB has said after BTC/USD shed 7 percent on June 12.

In a tweet on Saturday, the creator of the popular stock-to-flow Bitcoin price models cast aside doubts over the Bitcoin bull run continuing.

Alongside a chart describing Bitcoin as “going for gold,” PlanB was characteristically cool about Bitcoin’s recent progress despite a failure to break out above $40,000.

As Cointelegraph reported, concerns from traders and external sources alike have been mounting over the past week, these centering on a possible deeper BTC price correction.

“$288K still in play,” PlanB retorted.

“It would really surprise me if bitcoin would not touch the black S2FX model line this phase. Regardless of the current volatility.”

Such “surprise” would provide a serious test for the model, which has so far charted Bitcoin’s growth with unique precision.

The $288,000 price tag refers to an average value called for by the Stock-to-Flow Cross-Asset (S2FX) iteration, while a previous version requires a more modest $100,000 average. Both are based on the current halving cycle, a four-year period between block subsidy halvings due to end in April 2024.

Earlier, Cointelegraph noted that spot price deviation from S2F readings has reached levels that normally see a rebound and a new all-time high.

In additional comments, PlanB noted that 2021 really did fit with behavior from other all-time high years — 2013 and 2017 — further quashing suggestions that Bitcoin is facing serious problems.

“Deviation is not much different from 2013 (S2F ~10) or 2017 (S2F ~25), just the usual inertia after a halving,” he told Twitter users. Bitcoin has a “bullish ace up its sleeve”

Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, has added to the upbeat mood over the power of the halvings.

On Saturday, he described Bitcoin’s declining supply as a “bullish ace” for the largest cryptocurrency which can naturally boost the price.

“Bitcoin $100,000 Has Bullish Ace Up Its Sleeve: Declining Supply — This year follows a cut in Bitcoin supply, making the price more likely to appreciate if past patterns hold,” he summarized.

His bullishness comes as Taproot, described as the most important Bitcoin network upgrade in four years, is locked in for activation by nodes.

Due in November, Taproot provides a host of improvements that will, among other things, make it cheaper to use some key features such as multi-signature transactions.

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Bitcoin Mining Council Confirms Elon Musk Has No Role in The Council

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The Bitcoin Mining Council made a formal debut on Thursday as the debate regarding the environmental impact of the digital asset intensifies.

The Bitcoin Mining Council describes itself as a “voluntary and open forum of Bitcoin miners committed to the network and its core principles.” Its mandate is to promote transparency, endorse good practices, and foster Bitcoin education according to the official website.

MicroStrategy CEO Michael Saylor is one of the founding members, who posted a call to arms on his Twitter feed on Thursday.

“The Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners committed to the network and its core principles. We promote transparency, share best practices, and educate the public on the benefits of #Bitcoin and Bitcoin mining”.— Michael Saylor (@michael_saylor) June 10, 2021

The organization consists of a group of energy-conscious North American Bitcoin mining companies. It was first suggested by Elon Musk in a tweet in late May, but he has since clarified that he will have no role at the council. The site goes out of its way to underline this point:

“Elon Musk has no role at the BMC. The extent of his involvement was joining an educational call with a group of North American companies to discuss Bitcoin mining.”

In addition to MicroStrategy, founding members include investment management firm Galaxy Digital, blockchain mining company Argo, blockchain technology firm Hive and Bitcoin mining company Riot. The founding members will cover any running costs and invite any Bitcoin miner from anywhere around the world to join. It stated that any miner joining should:

“Believe that transparency around energy usage for mining is important and agree to voluntarily share their energy mix and hash rate size for research and educational purposes.”

The BMC will hold quarterly meetings in order to analyze mining trends, partner with industry researchers, gather data for educational purposes, and foster growth in the North American BTC mining industry.

The group confirmed that it is completely independent of the Bitcoin network itself and has no intentions to disrupt its decentralization.

“We don’t seek to change the decentralized nature of Bitcoin or its core principles, but rather are working to raise awareness about Bitcoin and Bitcoin mining.”

It added that the council believes that Bitcoin’s energy usage is a feature, not a bug, providing tremendous network security. The energy consumption of global mining operations has come under the spotlight recently in the wake of Musk’s comments regarding its environmental impact.

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IMF Voices Concerns Over El Salvador Adoption of Bitcoin As A Legal Tender

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The International Monetary Fund (IMF) raised a number of economic and legal concerns Thursday regarding El Salvador making bitcoin a legal tender, with equal footing with the U.S. dollar.

With the recent approval of the “Bitcoin Law” proposed by President Nayib Bukele, El Salvador has become the first country in the world to adopt bitcoin as legal tender.

Gerry Rice, an IMF spokesman, said during a scheduled press briefing in Washington:

“Adoption of bitcoin as legal tender raises a number of macroeconomic, financial, and legal issues that require very careful analysis so we are following developments closely and will continue our consultation with authorities. Crypto assets can pose significant risks and effective regulatory measures are very important when dealing with them.”

The spokesperson added that the IMF will meet with President Bukele later on Thursday to discuss the recently passed bitcoin law. El Salvador has been in discussions with the IMF seeking a near $1 billion loan.

Following the adoption of the bill to make bitcoin legal tender, El Salvador announced that it will be mining bitcoin using energy from volcanoes. “I’ve just instructed the president of La Geo (our state-owned geothermal electric company) to put up a plan to offer facilities for bitcoin mining with very cheap, 100 percent clean, 100 percent renewable, 0 emissions energy from our volcanos. This is going to evolve fast,” said President Bukele.

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