Day: March 15, 2021

Bitcoin retreats from record high high of $61,674 amid report of Indian crypto ban

Bitcoin retreats from record high amid report of Indian crypto ban

Bitcoin (BTC-USD) was in retreat on Monday morning after hitting a new record high over the weekend.

It broke through $60,000 to reach a high of $61,674 on Saturday. The world’s biggest cryptocurrency was in retreat by the start of the week, down 4.4% to $57,847.84 at 9.15am in London.

The price decline came amid reports that India could ban cryptocurrencies altogether, potentially cutting off one of the biggest markets in the world.

Reuters reported on Sunday evening that senior government officials in India were working on a law banning cryptocurrencies. People could be penalised for mining or owning cryptocurrencies under the proposals, according to the report.

The broader cryptocurrency ecosystem was in decline on Monday morning. The crypto market was down 4.5% over 24 hours, according to Ethereum (ETH-USD), the world’s second largest cryptocurrency, was trading 5.7% lower against the dollar to $1,785.49 on Monday.

Nigel Green, chief executive and founder of financial advisory group deVere, said regulation was likely to become an increasing concern for bitcoin and the wider cryptocurrency market.

Source – Yahoo News 

Bitcoin critic Peter Schiff son moved 100% of his portfolio into the cryptocurrency

Bitcoin critic Peter Schiff son moved 100% of his portfolio into the cryptocurrency

Spencer Schiff, the son of bitcoin detractor Peter Schiff, has decided to move 100% of his portfolio investments into the world’s most popular cryptocurrency.
“My son @SpencerKSchiff went all in on #Bitcoin on the last drop below $50k,” the outspoken CEO and president of Euro Pacific Capital said in a tweet Thursday. “100% of his portfolio is now in Bitcoin.”
Calling him “brainwashed,” Schiff said his son sold the last of his silver stocks to raise the cash for it. “He’s HODLing to infinity or bust,” he added, using the slang term in the crypto community for holding a cryptocurrency rather than selling it.
US entrepreneur Anthony Pompliano, host of the Pomp Podcast, said in response at least someone in Schiff’s family was growing their wealth this year. But Schiff hit back saying he needed to “disinherit” his son, otherwise his hard-earned wealth would be wasted on bitcoin.

Schiff is one of bitcoin’s best-known critics, saying that it will never function as money and a permanent move down to $0 is not “inevitable.” He has previously told FOX Business that anybody investing their money in bitcoin is a fool because they don’t realize that it’s all just a “scheme.” Schiff believes gold is far more reliable as a store of value than the digital asset.
“It doesn’t fit the very definition of money,” Schiff said on FOX’s “Making Money with Charles Payne.” “Money needs to be a commodity. It needs to have actual value unto itself, not just the uses and means of exchange.”
During bitcoin’s price crash in 2020, Schiff predicted it would plunge by more than $4,000. At the time, bitcoin was trading around $3,600. The price of bitcoin quadrupled in value through 2020, eventually hitting an all-time high of $58,000 in February 2021. It was last trading around $55,021 on Thursday.

Source – Businessinsider Markets