DAiM Rolls Out 401(k) Plans With Bitcoin For Any Sized Business

By RTTNews Staff Writer | Published: 11/24/2020 9:24 AM ET

Digital Asset Investment Management (DAiM) has rolled out the first ERISA-compliant employer-sponsored 401(k) retirement plans that support Bitcoin (BTC). Employers of any size can adopt these plans for the benefit of their employees.

DAiM is the first licensed Registered Investment Advisor for Bitcoin and digital assets. It was approved by the State of California in June 2018 and is responsible for selecting, managing, monitoring, and benchmarking the investment offerings.

DAiM will serve as the advisor and fiduciary to help companies create a 401(k) Plan with access to Bitcoin that offers several recommended model portfolios of varying risk to traditional assets and allocation of up to 10 percent to Bitcoin. The employee also has an option to allocate more to Bitcoin.

The company executed the very first employer-sponsored 401(k) plan in October 2019 and is now launching scalable 401(k) plans that provide record keeping and administrative services.

All the invested Bitcoin will be held securely in Institutional Cold Storage Custody with Gemini Trust, DAiM's partner for its primary Investment Advisory services. As and when an employee leaves a particular company, their Bitcoin will be able to transfer with them.

DAiM said it can work with companies of any size, to either switch plans from their current provider or by implementing a first time employer-sponsored 401(k) plan with key tax credits.

However, DAiM noted that companies which are interested in offering an employer-sponsored 401(k) plan with Bitcoin for 2021, the plans need to be put in place by mid-December of this year.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

PayPal CEO Dan Schulman Reveals Bullish Stance On Bitcoin

By Erie Maxwell – November 1, 2020

In a recent interview with CNBC, Dan Schulman, CEO of PayPal has stated that “Early next year, we’re going to allow cryptocurrencies to be a funding source for any transaction happening on all 28 million of our merchants.”

One of the main criticisms about PayPal and the support for cryptocurrencies is that it will most likely not allow external deposits or withdrawals of crypto. However, the platform would be required to back its database with actual holdings. The only caveat is that PayPal would be moving the crypto within.

Either way, the integration of cryptocurrencies with PayPal will drive the market to new highs in the near future. It will also help with the scalability of blockchain which is still an issue for many cryptocurrencies including Bitcoin.

BTCUSDT Chart By TradingView (Click image for larger view)

The flagship cryptocurrency is currently trading at $18,349 after hitting a peak of $18,965 on November 21. Despite several mini crashes, Bitcoin has recovered strongly and aims to hit $19,000 in the short-term.

PayPal could be the initial spark of a new colossal bull rally

It’s clear that Dan Schulman thinks Bitcoin is a valuable asset, and he actually owns some coins as well. Schulman stated that the value of cryptocurrencies comes from trust and the issues with fiat money. The CEO believes most people simply don’t want to handle cash anymore, something that is happening in the financial world as well. 

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One of the main things that PayPal looked for when debating whether to support cryptocurrencies or not was their utility in the real world. Allowing customers to use cryptos as a funding source is a significant booster to the utility of digital assets.

When a customer buys Bitcoin or any other cryptocurrency through PayPal and wants to make a transaction with a merchant, the platform will automatically calculate how much of that cryptocurrency the user needs to pay -avoiding any potential volatility issues.

PayPal is one of the largest online payment systems in the world founded by Elon Musk and others. The support of Bitcoin and other digital assets will most certainly benefit the entire cryptocurrency market in the long-term.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Erie Maxwell and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Bitcoin price dips below $18K — Time to watch these 'whale cluster' support zones

Bitcoin price has lost the $18,000 support level but several whale clusters below suggest that the dip will get aggressively bought up.

Image courtesy of CoinTelegraph

            NOV 22, 2020

Bitcoin (BTC) price dropped below the $18,000 support level on Nov. 22. This comes after BTC continuously saw high over-the-counter (OTC) and institutional volume throughout November.

BTC/USD 1-hour chart. Source: Tradingview (Click image for larger view)

Data suggests that the growing institutional demand was likely one of the main catalysts behind the BTC price rally to $18,965.

According to the data from Skew, Grayscale Bitcoin Trust’s volume on OTC Markets increased significantly in the fourth quarter.

OTC Markets is a securities exchange in the U.S. that allows institutional and accredited investors to purchase various securities. The Grayscale Bitcoin Trust trades on OTC Markets, similar to an exchange-traded fund (ETF).

Grayscale Bitcoin Trust daily volume. Source: TradingView.com (Click image for larger view)

This is an institution-led Bitcoin rally

There is a clear difference between the ongoing uptrend and the 2017 rally. This time, Bitcoin has shown more composure and stability throughout the uptrend, consecutively reclaiming major resistance levels.

Bitcoin saw a large spike in spot volume, futures exchange open interest, and institutional demand. Yet, various metrics such as Google Trends have shown the mainstream interest for Bitcoin is relatively low.

The combination of the two above mentioned factors suggests institutions have likely been the primary driving force of the recent rally.

The heavy involvement of institutions in a prolonged Bitcoin rally is optimistic because institutions are likely to accumulate BTC with a long-term strategy.

This trend explains why most of the major dips Bitcoin saw in November were aggressively bought up. As Cointelegraph reported, Dan Tapiero, the co-founder of 10T Holdings, said “big boys will buy dips now."

Tapiero also emphasized that real fundamentals are driving the ongoing rally, unlike the 2017 mania. He said:

“3rd wave up to dwarf the 2017 move and should persist for several years.”

Michael Novogratz, the billionaire Bitcoin investor, also said that Bitcoin has become an institutional asset along the way.

In recent months, more institutions, hedge funds, and investment banks have started comparing BTC to gold. Novogratz said on CNBC:

“Bitcoin is now an institutional asset. Period. The good thing is most institutions aren’t in yet. It’s why 2021 will be as good or better than 2020.”

3 whale clusters to watch as BTC dives below $18,000

Whales, or high-net-worth investors, typically use OTC and exchanges simultaneously to accumulate Bitcoin.

Throughout November, analysts at the on-chain analysis firm Whalemap found the emergence of major whale clusters.

Whale clusters are price levels where whales buy BTC and do not move their holdings. Clusters often signify areas where whales buy Bitcoin.

Bitcoin whale clusters throughout November. Source: Whalemap (Click image for larger view)

The data from Whalemap show that $16,411, $16,278 and $15,691 remain as the big whale clusters. Hence, even if BTC sees a short-term pullback, the aggressive accumulation from whales in November has established crucial support areas.

In the near term, following BTC’s recent minor correction from $18,865 to below $18,000, whale clusters are expected to act as important support levels. The $17,300 and $16,411 price levels remain as the major support levels.

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Original article posted on the CoinTelegraph.com site, by Joseph Young.

Article re-posted on Markethive by Jeffrey Sloe

The Bitcoin Dragon Will Eat the Kingdom of Gold – Microstrategy CEO

John P. Njui   •   BITCOIN (BTC) NEWS • CRYPTOCURRENCY   •   NOVEMBER 21, 2020

Quick take:

• Microstrategy CEO, Michael Saylor, has compared Bitcoin to a dragon that will eventually eat the Kingdom of Gold
• His comments were in response to the CIO of BlackRock, talking about Bitcoin eventually replacing Gold as a store of value and a choice of investment amongst Millenials
• Bitcoin devouring Gold’s market cap of $9 Trillion means BTC will eventually be valued at $500k

The CEO of MicroStrategy, Michael Saylor, has compared Bitcoin (BTC) to a dragon that will eventually devour gold. Mr. Saylor’s exact words were as follows.

"When the Bitcoin Dragon emerges from its lair, the first thing it will eat is the Kingdom of Gold."

Bitcoin is More Functional Than Passing a Bar of Gold Around

His comments were in response to a CNBC interview in which the CIO of BlackRock, Rick Reider, explained that Bitcoin will eventually replace Gold. One of Mr. Reider’s main argument was that Bitcoin is ‘more functional than passing a bar of gold around’. His exact commentary on Bitcoin was as follows.

"I think cryptocurrency is here to stay. I think it is a durable…and you’ve seen central banks that have talked about digital currencies.

I think digital currencies and the receptivity, particularly millenials receptivity of technology and cryptocurrency is real…digital payment systems is real. So, I think Bitcoin is here to stay…

Do I think it’s a durable mechanism, do I think it will take the place of gold to a large extent? Yeah, I do, because it’s so much more functional than passing a bar of gold around"

Bitcoin Could Hit $500k With Gold’s Marketcap

The possibility of Bitcoin ‘devouring’ gold’s market cap was recently explored in a report by Tyler Winklevoss in which he pleaded the case of BTC eventually being valued at $500,000. His analysis was based on Bitcoin chipping away at and finally reaching Gold’s market cap of $9 Trillion.

The possibility of Bitcoin ‘devouring’ gold’s market cap was recently explored in a report by Tyler Winklevoss in which he pleaded the case of BTC eventually being valued at $500,000. His analysis was based on Bitcoin chipping away at and finally reaching Gold’s market cap of $9 Trillion.

His analysis of Bitcoin was published in late August and it concluded that Bitcoin was undervalued by a factor of 45x.

This means that Bitcoin investors are relatively early into the game and BTC is still undervalued as it approaches $20k.

Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Here’s Where a “Bitcoin Bear Whale” Has Put Up a Massive Sell Wall

By Cole Petersen – November 18, 2020 in ETH Reading Time: 2min read

Bitcoin’s price action as of late has greatly favored buyers, with the cryptocurrency being caught within the throes of an intense bout of sideways trading just below $19,000 as buyers try to garner enough buy-side pressure to break through this level.

The selling pressure here has been intense, but it has yet to catalyze any type of intense selloff throughout the past few days.

This seems to point to immense underlying strength amongst buyers and may indicate that near-term upside is imminent. If bulls can break above this level, they may face some resistance around $19,300 before they can push the crypto to new all-time highs.

One trader is noting that there is a Bitcoin “bear whale” that has sell orders placed at this level, which may prove difficult to surmount upon the first attempt.

That being said, one analyst explained in a recent tweet that he is expecting Bitcoin to break above this resistance and set fresh all-time highs in the near-term.

Bitcoin Shows Signs of Strength as Bulls Target $19,000

At the time of writing, Bitcoin is trading up marginally at its current price of $18,750. This is around where it has been trading throughout the past few days.

A strong break above $19,000 could catapult BTC to fresh all-time highs, as the resistance in the lower-$19,000 region level is the last resistance seen before $20,000. Once it sets new all-time highs, the media cycle and retail “FOMO” could send it rocketing even higher.

Because of the current strength being projected by Bitcoin, it does seem like a clean break above this level is imminent.

Once new all-time highs are set, it may enter a price discovery mode that results in it seeing significantly further upside.

This “Bear Whale” May Slow BTC’s Ascent

He also notes that there is a “bear whale” that is putting up some serious sell walls at $19,300.

“Longed BTC: Chad Bear Whale is resting at $19.3k and needs relieved of his corns. But more importantly, we have an all time high to make.”

Image Courtesy of LedgerStatus. Source: BTCUSD on TradingView. (Click image for larger view)

Although it may take some time for bulls to chew through these sell orders, it’s clear skies ahead for the crypto once this resistance is broken.

Featured image from Unsplash.
Charts from TradingView.

The original article was written by Cole Petersen and posted on NewsBTC.com.

Article reposted on Markethive by Jeffrey Sloe

SEC gives OK to social media platform to issue stablecoin without registering as a security

The letter states the regulatory agency “will not recommend enforcement action” against a platform issuing a digital currency capable of being converted to fiat.

Image courtesy of CoinTelegraph

            NOV 19, 2020

The U.S. Securities and Exchange Commission, or SEC, has issued a rare no-action letter in response to a request from a blockchain-backed platform over the issuance of a digital asset.

The SEC letter issued on Nov. 19 says that its Division of Corporation Finance would “not recommend enforcement action” against avatar social platform IMVU issuing its VCOIN digital asset under certain conditions. The commission will allow the firm to offer the token without registering it as a security.

Crypto firms issuing their own tokens often have to abide by the SEC’s regulatory framework, which has proved contentious. The classification of a "security" is for assets dependent on the work of a third party to gain profit. To abide by the no-action letter, IMVU needs to keep its new stablecoin from looking like an investment opportunity, which, for example, Facebook got tripped up doing with its Libra stablecoin.

As part of the terms of the staff recommendation letter, the SEC said IMVU would still be subject to Know Your Customer and Anti-Money Laundering regulations in addition having “specified limits” on VCOIN purchases, conversions, and transfers. The letter stated IMVU would need to make the token “continuously available in unlimited quantities and at a fixed price” of $0.004, and would not “promote or support listing or trading” of the token on any third-party platform. In addition, the company could not use proceeds from VCOIN sales to upgrade its network before the tokens are available.

However, in an apparent first, the regulatory body stated that it would not recommend enforcement action against IMVU for making VCOINs available for their “intended purpose." According to the platform, users can buy, earn, and transfer the tokens off IMVU to convert to fiat.

The letter expresses the Commission’s staff opinion on enforcement, and is not a legal determination. However, such no-action letters have only been issued twice for crypto firms. In April 2019, the SEC confirmed it would not recommend enforcement action against aircraft company Turnkey Jet in the sale of its TKJ tokens.

A few months later, the SEC issued a similar letter for an 8th grader who wanted to release tokens for her crypto gaming company Pocketful of Quarters. But both of those tokens were approved on the basis of being much more siloed than VCOIN, as they don't allow tokens to go back into fiat.

“This no-action letter is meaningful because unlike the other two, this is the first time an ERC-20 token is being blessed by the SEC — it’s saying ‘hey, take it off platform,’” John Burris, IMVU Chief Strategy Officer said to Cointelegraph. “It’ll be allowed to go into the wild, so to speak.”

While Pocketful of Quarters and Turnkey Jet both had very limited use cases, IMVU is already an established platform, with virtual transactions used by roughly 7 million players monthly. Burris theorized that the SEC’s decision was based on establishing a “real proof case” for the broader crypto and blockchain space:

“Our users are already very comfortable with the use case of using cash to purchase a digital currency and then spending that with each other on the platform. We’re very confident in adoption.”

Because the SEC letter says the VCOIN tokens can’t be transferred to third-party platforms, IMVU users will be able to send them out of the virtual world for a 10% transaction fee and into a private wallet, where the company said it will buy them back as requested. VCOIN is definitely not Bitcoin (BTC) — it will be sold at a fixed price and the token supply can be increased later on.

IMVU is planning to start selling the token in the virtual environment starting in January.

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Original article posted on the CoinTelegraph.com site, by Turner Wright.

Article re-posted on Markethive by Jeffrey Sloe

Analyst Who Called March’s V-Shaped Reversal Says Bitcoin Dip Is Inevitable

By Cole Petersen – November 18, 2020 in ETH Reading Time: 3min read

Bitcoin has undergone a strong rally over the past few days as the coin has continued to see vast buying interest. The coin pushed as high as $18,500 last evening, though quickly dipped back into the $17,000 region as selling pressure suddenly appeared. There was a vast amount of selling pressure on the order books of top exchanges at $18,500.

Analysts believe that a deeper drop for Bitcoin is on the horizon, even as it manages to hold the low $17,000s. Bitcoin should hold $17,100 on a daily basis to maintain the uptrend, some have said over the past few days.

Bitcoin Could Face a Dip, Says Historically Accurate Analyst

The same trader that predicted Bitcoin would see a V-shaped reversal to $10,000 and beyond during the March crash recently said that a drop is somewhat inevitable for the cryptocurrency:

“My work here is done I sincerely hope we reach ATH, as I will lay off more spot exposure and load up on dry powder to consume a dip It will come eventually, the question is, will you be ready for it?”

He predicted the move to $18,200 a number of days ago in a chart that indicates a drop to $15,000 is likely.

Chart of BTC's price action over the past few years with an analysis by crypto trader Bitcoin Jack (@BTC_jackSparrow on Twitter). Source: BTCUSD from TradingView.com (Click image for larger view)

Long-Term Trend Still Positive

The long-term trend of Bitcoin remains positive despite whatever downside may exist in the short term.

Willy Woo, a prominent cryptocurrency on-chain analyst, recently said that the Realized Price of Bitcoin is shooting higher, which is good for its trajectory:

“Realised Price estimates the average price the market paid for their BTC. Now at its steepest slope for this cycle, meaning capital influx into  #Bitcoin is at its highest rate since the last bull market. (Higher than last year’s $4k-$14k move; the current move is more organic.). For the sake of this comment I’ll define “organic”. Organic price action happens when BTC price tracks closely with investor capital entering and leaving. When it’s inorganic BTC price is dominated by short term derivative traders.”

(Click image for larger view)

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Analyst Who Called March's V-Shaped Reversal Says Bitcoin Dip Is Inevitable

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The original article was written by a Guest Author and posted on NewsBTC.com.

Article reposted on Markethive by Jeffrey Sloe

BTC Surges To $18.4k, Dumps to $17.2k as $0.8B is Liquidated in 24hrs

John P. Njui   •   BITCOIN (BTC) NEWS   •   NOVEMBER 18, 2020

Quick take:

• Bitcoin broke the $17,100 resistance level
• Bitcoin then zoomed past $18k to post a 2020 high of $18,474 – Binance rate
• BTC soon fell hard to $17,200
• The intense price action resulted in over $800 million in liquidations across the crypto markets

The last 24-hours have been an exciting ride for Bitcoin (BTC) traders and investors. Late yesterday, the King of Crypto was staring at a 2-year-old resistance level at $17,100 which many thought would be the proverbial brick wall for Bitcoin. However, BTC overcame this area with ease, zooming past $18k, and setting a 2020 peak value at $18,474 – Binance rate. But as soon as Bitcoin posted the 2020 peak value, BTC soon dropped fast and furious to $17,200.

Over $0.8 Billion in Liquidations in 24 hours

This means that in the last 24 hours, Bitcoin has pumped by 11% and also dumped by 7%. The quick volatility has resulted in over $0.8 Billion in liquidations for both long and short positions.

The team at ByBt.com captured this feat and shared it via the following tweet. From the tweet, it can be observed that a total of $805.69 Million in liquidations occurred in the last 24 hours.

$617M in Bitcoin Liquidations, $88M in Ethereum

Out of the $805 Million in liquidations, a huge chunk of the damage affected Bitcoin traders. According to ByBt.com, Bitcoin liquidations added up to $617.55 million. This amount is 76% of the total. Additionally, Ethereum traders who were over-exposed were liquidated to the tune of $88.38 million.

Below is a screenshot providing a breakdown of the aforementioned $805 million in crypto liquidations.

(Click image for larger view)

What Next for Bitcoin and Altcoins?

In terms of what comes after the last 24 hours of market excitement, Bitcoin could very much be gearing up for another attempt at the $18,400 level as it guns for the elusive $20k. If Bitcoin succeeds in zooming past $18,400 as it did $17,100, high chances are, that it will proceed to 2017’s all-time high value.

However, Bitcoin has been in overbought territory since breaking $15k. This fact was pointed out by both Timothy Peterson of Cane Island Alternative Advisors and MagicPoopCannon. Therefore, Bitcoin could have begun a correction that could take BTC to $14k.

With respect to alt-coins, their future is tied to that of Bitcoin. Therefore, BTC need not be extremely volatile in either direction for them to thrive.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

One Of The Richest Men In The World Just Invested In Bitcoin

By Brenda Ngari – November 18, 2020

The world’s 166^th and second wealthiest businessman in Mexico Ricardo Salinas Pliego revealed that he has invested 10% of his liquid portfolio into Bitcoin.

“Many people ask me if I have bitcoins, YES. I have 10% of my liquid Portfolio invested.”

Salinas Pliego shared a video showing banks throwing out huge amounts of paper money in trash bags in a Latin Country to depict how worthless government-issued paper money has become.

“To start with #Bitcoin, I share a video taken in a Latin country where banks throw money away (paper money is worth nothing) that is why it is always good to diversify our investment portfolio. This is inflationary expropriation.”

The video specifically points to Venezuela’s hyperinflation status, with bankers throwing out the country’s official currency Bolivars issued in 2016 and 2017. Venezuela later introduced the bolivar Soberano (sovereign bolivar, BS) in August 2018. Currently, Bs 685,000 are equivalent to 1 US Dollar.

At a net worth of $11.7 billion, Salinas Pliego is the only Mexican billionaire who has benefited from the Coronavirus-induced economic crisis attributed to his family’s 75% share in the lending and retail appliances businesses.

Salinas: Bitcoin Protects Citizens from Government Expropriation

The Billionaire recommended the Bitcoin Pattern as the best book for investors to learn about bitcoin and its importance in protecting their wealth from currency debasement.

“Today, I recommend THE BITCOIN PATTERN, this book is the best and most important to understand #Bitcoin. Bitcoin protects the citizens from government expropriation.”

Expropriation occurs when governments claim privately owned property against the wishes of the owners, for the good of the public. In countries like Turkey, high inflation has previously led to the forceful claiming of personal wealth stored in Banks by citizens.

As expected, the news stirred a reaction from Crypto Twitter, with Bitso, a Mexico-based cryptocurrency exchange offering to help the billionaire with further investments in crypto.

Pliego also acknowledged the role that Grayscale has played in the crypto market for institutional investors interested in Bitcoin. He said that Grayscale’s Bitcoin Trust Fund which started in 2016, has gradually contributed to the growth of the crypto market.

The billionaire stated that the remaining 90% of his wealth is invested in precious metals. Bitcoin Investor Pierre Rochard suggested to the billionaire to consider more investment in Bitcoin.

“BTC will outperform precious metals miners over the next 10 years.”

Pliego also Chairs TC Azteca, which is the second-largest media company in Mexico and the world’s second-biggest producer of Spanish-Language programming.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Ray Dalio admits he 'might be missing something' about Bitcoin as it surges past $17K

“If I’m wrong about these things I would love to be corrected,” said Dalio.

Image courtesy of CoinTelegraph

            NOV 17, 2020

In a Twitter thread posted on Tuesday, Dalio stated he believed that Bitcoin (BTC) was not an effective medium of exchange nor a store of value due to its volatility. He also asserted that governments could outlaw crypto assets if they became a threat to fiat currencies. However, he also admitted he “might be missing something” and invited others to chime in with their explanations.

“I can’t imagine central banks, big Institutional investors, businesses or multinational companies using [Bitcoin],” said Dalio. “If I’m wrong about these things I would love to be corrected.”

Dalio’s remarks came following a BTC price surge as the crypto asset rose past $17,500 in less than 24 hours. The bullish news led to many contributors in the space sharing their views with the billionaire.

“Let's put it this way… Bitcoin is money, everything else is credit,” said Mati Greenspan.

Meltem Demirors, the chief strategy officer at CoinShares, offered a more in-depth response on how she believed BTC could be effectively used for payments, but added it was “a savings technology at its core.” BlockFi CEO Zac Prince followed with a thread of his own, addressing each of Dalio’s points in turn. He cited institutional investors recently adopting Bitcoin, including Fidelity Digital Assets, Square, Paul Tudor Jones, Bill Miller and Stanley Druckenmiller, to name a few.

Last Thursday, Dalio stated that he believed governments would be likely to ramp up their efforts to restrict cryptocurrencies if they saw material growth. His remarks came when BTC price was roughly $2,000 less than it is today — $15,700 compared with $17,732.

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Original article posted on the CoinTelegraph.com site, by Turner Wright.

Article re-posted on Markethive by Jeffrey Sloe