BITCOIN could outperform stocks and hit $100,000 this year despite the recent crash, according to an expert.
Bloomberg Mike McGlone Bitcoin is expected to dominate the crypto market in 2022, and the price of Etherium will reach $5,000.
“Expectations of a Fed rate hike in 2022 may support a win-win scenario for Bitcoin versus the stock market,” McGlone said.
This analysis comes after several well-known cryptocurrencies fell this week.
Bitcoin is down nearly 12 percent over the past seven days as of 9:30 a.m. Friday, according to CoinBase.
Meanwhile, Shiba Inu stock is down about 15% over seven days, and Ethereum is down about 14%, according to CoinBase.
It comes as one financial expert believes the value of Bitcoin could be as high as $10,000 (£7,400) per coin.
However, Goldman Sachs previously suggested that Bitcoin could reach a staggering $100,000 (£74,000) value this year.
Read our Crypto Live Blog for the latest news and updates…
What are meme coins?
You usually earn meme coin from social media or online joke.
It all started with GameStop and AMC earlier this year, when the Reddit group acquired short sellers by raising the prices of those shares.
Then the memes spread to cryptocurrency – and there are now quite a few major memes today.
More than 50 countries impose a ban
Fifty-one countries have imposed cryptocurrency bans, according to a report from the Directorate of Global Legal Research at the Law Library of Congress.
So far, nine countries have a full ban, and 42 have an implicit ban. An implicit ban prevents financial institutions from using cryptocurrencies.
The number of countries with bans has doubled since the search first came out in 2018, according to Markets Insider.
What is a fiat?
If you have ever seen the word fiat used in the cryptocurrency world, know that it is not related to the car brand.
Fiat is a term used to refer to the currency issued by the government.
Cryptocurrency, or virtual money like Bitcoin, is not backed by governments or the standards typically associated with fiat currencies, which is why investors are cautioned about cryptocurrency volatility.
How to check for scams on the blockchain
Cryptocurrencies run on blockchain networks.
Scammers often claim that their blockchain is “in development” or “about to be released,” but all legitimate cryptocurrencies will have an accompanying website to verify the coin.
Users can type the name of the crypto into any search engine using the phrase “blockchain explorer” or “blockchain scan” to find the connected blockchain, if one exists.
What is a blockchain?
The blockchain is where encrypted data can be transmitted securely, making it nearly impossible to duplicate or forge.
This ledger is the basis of any cryptocurrency transaction.
Cryptocurrency allows people to digitally trade currencies or assets outside of any government or bank.
The Risks of Investing in Cryptocurrencies, Part Four
Other investment risks are Fees and fees.
Consumers should consider the impact of fees and costs on their investment, which may be more than those of regulated investment products.
The Risks of Investing in Cryptocurrencies, Part Three
The third risk of investing in cryptocurrency is Product complexity.
The complexity of certain products and services related to crypto-asset groups can make it difficult for consumers to understand the risks.
There is no guarantee that crypto assets can be reconverted into cash.
Converting crypto assets to cash depends on the supply and demand that exists in the market.
The Risks of Investing in Cryptocurrencies, Part Two
Another investment risk price volatility.
The high price volatility of crypto assets, combined with the inherent difficulties in reliably valuing crypto assets, puts consumers at high risk of losses.
Risks of investing in cryptocurrency
Investing in cryptocurrency means taking on a number of different risks.
The first is consumer protection.
Certain investments that advertise high returns based on crypto assets may not be subject to regulation other than anti-money laundering requirements.
The cryptocurrency market has also been hit by India’s plans to ban all private cryptocurrencies – apart from some exceptions – and launch an official central bank-backed digital currency.
Cryptocurrencies are very volatile, which means that their values often fluctuate significantly without warning, as seen in the latest drop.
Investing in cryptocurrency is a very risky business.
You could be left with less cash than you put in, and you could lose it all.
You may not be able to access your investment if the platforms go down and you may not be able to convert cryptocurrency into cash.
There have also been warnings about cryptocurrency scams, where people lose huge amounts of money.
You should never invest in something you do not understand and you should not put money that you cannot fully afford to lose.
Why is the cryptocurrency market going down?
The latest drop comes on the heels of the cryptocurrency’s crash at the beginning of December, shortly after bitcoin hit a record high of $69,000.
Out of the 100 cryptocurrencies listed on Coinmarketcap, 97 were down in price.
The cryptocurrency markets were wiped out by $1.5 trillion after the December 4 crash, but the market has since recovered some of those losses.
A trader lost $5 billion after the bitcoin price plummeted, highlighting the risks of investing in cryptocurrencies.
It was recently revealed that 90% of all bitcoins have been mined.
It comes as new research shows that 18.89 million coins have been mined out of the 21 million, which is the maximum.
And in another final blow to the market that came as one of the largest cryptocurrency exchanges, Binance said it was shutting down its trading platform in Singapore after a row with regulators.
Crypto crime reached an all-time high in 2021
According to a recent study, cryptocurrency-based crime reached a record peak last year.
Criminal transactions, on bitcoin and other cryptocurrency platforms, totaled $14 billion, up 79% from 2020, according to data group Chainalysis.
However, the group is not worried.
“Indeed, with the growth of legitimate cryptocurrency usage far outpacing the growth of criminal usage, the share of illicit activity in the volume of cryptocurrency transactions has never been lower,” said Chainalysis.
China’s statement on cryptocurrency continues
Bitcoin, the world’s largest digital currency, and other cryptocurrencies cannot be tracked by the country’s central bank, making them difficult to regulate.
The cryptocurrency campaign opens the doors for China to offer its own digital currency, which it is already working on and will allow the central government to monitor transactions.
China Statement on Cryptocurrency
The People’s Bank of China (PBOC) said it would “resolutely crack down on virtual currency speculation, related financial activities and misconduct in order to protect people’s property and maintain economic, financial and social order.”
It said virtual currency trading has become “widespread, disrupting the economic and financial system, leading to money laundering, illegal fundraising, fraud, pyramid schemes and other illegal and criminal activities.”
Send cryptocurrency on WhatsApp
WhatsApp, a popular messaging app, is testing a cryptocurrency payment feature for some users in the United States.
Meta, formerly known as Facebook, owns WhatsApp and allows some users to send and receive Pax dollars.
Pax is considered a “stable currency” because it is pegged to the US dollar.
The feature is powered by Novi, the digital Meta wallet.
According to Novi, making payments will be as easy as sending other types of attachments in WhatsApp.
There is no word on when the cryptocurrency payment feature might be rolled out to more users and countries.
China suspended cryptocurrency exchange
In 2017, China shut down its domestic cryptocurrency exchange.
Despite the war on cryptocurrency, Chinese miners power nearly 80 percent of global cryptocurrency trade
Robinhood is preparing to launch a cryptocurrency wallet
Robinhood has announced a new partnership with blockchain data analytics platform ahead of its planned cryptocurrency wallet launch.
Robinhood will use Chainalysis data, analytics and software to meet compliance requirements and provide secure crypto transactions, Motley Fool reported.
The partnership comes ahead of the planned 2022 launch of Robinhood’s crypto wallet.
According to Motley Fool, there are more than 1.6 million people waiting for the new feature.
The Perils of Robinhood, Part Three
In July, the platform also ordered it to pay nearly $70 million in fines and compensation for customer misleading and service outages.
If you are looking for a discount broker and looking to open an IRA, you can check out the following platforms: Vanguard and FidelityAnd TD Ameritrade, Merrill Edge, among others.
The Dangers of Robinhood, Part Two
To invest in individual stocks, be sure to review company reports, Securities and Exchange Commission (SEC) filings, broker notes, and press releases so you can make the best decisions for your money.
Another risk when choosing Robinhood along with other brokers is that they can restrict trading when there is unusual activity.
In fact, Robinhood faced some outrage last year when it restricted trading on meme stocks including GameStop and AMC.
When it comes to risk, investing alone is one because you are not guaranteed to make a profit and your assets may go down in value.
If you choose Robinhood for trading stocks and cryptocurrency – the game becomes more dangerous.
Not only is cryptocurrency difficult to understand, but it is also difficult to predict when downtrends will occur in the market.
For example, cryptocurrency was booming this year until Elon Musk said that Tesla was stopping accepting payments in Bitcoin.
Can you trade cryptocurrency on Robinhood?
Unlike most of its discount competitors, Robinhood offers 24/7 crypto trading through its platform.
This means that you will have access to trading major cryptocurrencies including Dogecoin, Ethereum and Bitcoin.
Cryptocurrency investors can buy or sell with a market order, which means that it is executed at the current market price.
What is Robinhood, continue
Unlike many discount brokers, the company does not offer individual retirement accounts.
The bulk of Robinhood’s revenue comes from order flow.
What is Robinhood?
Robinhood’s platform acts as a discount broker that offers commission-free trading.
Specifically, users can trade exchange-traded funds (ETFs), individual stocks (including US Depository Shares), and options.
You can also trade Robinhood shares thanks to the company’s recent IPO at a valuation of $1.2 billion.
The Mystery Surrounding the Fugitive Bitcoin Trader, Part Four
With his blatant disregard for legal process and willful violation of many court orders, his legal problems were compounding.
But Fraga didn’t seem to care, and thanks to his Bitcoin investment, he’s now a millionaire.
While his exact fortune is unknown, some estimates have suggested that he was worth at least $100 million, while others have said his fortune was worth much more.
Then Fraga simply disappeared in 2017.
The Mystery Surrounding the Fugitive Bitcoin Trader, Part Three
Then Fraga found himself in court battles.
The courts then began to confiscate his bank accounts in order to obtain his money by force, but although they expected to find his life savings, they only recovered $5, the legal amount needed to keep the accounts open.
He moved all his money to Bitcoin instead.
Eventually, the authorities showed up at his home to present the subpoena, which Fraga simply refused.