Marathon Patent Group buys bitcoin for US$150 million in dip

Marathon Patent Group buys bitcoin in dip for $150 million

Marathon Patent Group is actually known as one of the world’s largest bitcoin mining groups. Now, however, the company has bought bitcoin in a big way.

Marathon Patent Group buys 4,812.66 Bitcoin worth 150 million US dollars and thus takes advantage of the price correction of the past few days. Actually, the group of companies is known as one of the US firms that wants to claim the fight for the 1K Daily Profit crown of the biggest Bitcoin miners, as BTC-ECHO reported. Business was so good last year that Marathon Patent Group was able to close 2020 with an increase in capital of around 200 million US dollars. Money that the listed group wants to invest primarily in growth, as it said in a press release just a few weeks ago.

At the time, Marathon CEO Merrick Okamoto announced that the money would be invested primarily in the previously purchased miners, as BTC-ECHO also reported. Because these would still have to be paid off. Now, however, Marathon has invested 150 million US dollars in Bitcoin, probably because it hopes for renewed price growth. A few weeks ago, Okamoto already said, “We are in a volatile industry where forward timing and scaling are critical to efficiently drive profitability.”

With the latest bitcoin big purchase, Okamoto must be hoping to demonstrate particularly good timing

Because bitcoin has been far away from its all-time high of 41,940.00 US dollars for weeks, and even crossed the 30,000 US dollar mark towards the south a few days ago. At the moment, the price is back at just under 35,000 US dollars. So it’s quite possible that bitcoin could soon be heading for new ATHs again. And then investors like Marathon will reap millions in profits.

Marathon Patent Group, Inc. (NASDAQ:MARA) (“Marathon”) today announced that it has purchased 4,812.66 BTC in an aggregate purchase price of $150 million via @NYDIG_BTC. Another public company adopts #Bitcoin as a treasury reserve asset. https://t.co/acwghygNxC
– Michael Saylor (@michael_saylor) January 25, 2021

One person who is particularly happy about the news is Microstrategy CEO Michael Saylor, who immediately tweeted about the BTC purchase, writing that it would be yet another publicly traded company using Bitcoin as a corporate reserve asset.

Bullish: Grayscale increases Bitcoin worth $ 120 million – institutional interest keeps growing

Bitcoin has seen immense volatility in the past few weeks . The cryptocurrency fluctuated between $ 30,000 and $ 40,000, and at one point even fell below the former level, which scared the bulls.

Unimpressed by the recent market volatility, however, the data shows that institutional players have added to their Bitcoin positions.

Grayscale adds Bitcoin positions

Grayscale Investments, a Wall Street digital asset manager, bought $ 118 million in BTC in one day, according to crypto data aggregator Bloqport. This adds to the $ 1 billion BTC that Grayscale has bought for its customers over the past seven days.

That means the company now has over $ 20 billion in the leading cryptocurrency under management, which is an increase of over seven percent in Bitcoin Union in the last 30 days alone.

Grayscale is adding these funds for its Grayscale Bitcoin Trust, which holds BTC for accredited investors, which often include hedge funds and other institutional players who need exposure in the area.

More corporate money on the way?

But more money could come from companies.

MicroStrategy’s Michael Saylor says he will host a digital conference that will enable corporate America executives to learn more about Bitcoin and how to implement it in their business. Saylor:

“We will bring together thousands of corporate executives, boards, directors and consultants in the first week of February. They all want to find out how to add #bitcoin to their balance sheet or P&L … We’ll make it available as open source. ”

It’s unclear whether Grayscale is the optimal method for Corporate America or Wall Street investors to invest capital in Bitcoin, as there are a growing number of institutional service providers that can safely execute and hold BTC ( see How to Buy Bitcoin From eToro )

Grayscale’s Altcoin Fund

Grayscale is expected to add new institutional player funds soon to get further exposure to altcoins.

The screenshot below was shared recently. He shows filings suggesting new Grayscale funds will be launched, including for Chainlink (LINK), Tezos (XTZ), Basic Attention Token (BAT), Decentraland (MANA), and Filecoin (FIL).

BITCOINS BULLISCHES SETUP WIRD ETHEREUM AUF $2.000 SCHICKEN, BEHAUPTET EIN ANALYST

Ethereum Bullen sollten für eine Preisrallye in Richtung $2,000 in den nächsten paar Wochen / Monate vorzubereiten, pro eine aktuelle Analyse von Jebb McAfee zur Verfügung gestellt.

Der unabhängige Marktanalyst entdeckte eine Reihe von positiven Fundamentaldaten, die von Ethereums Wachstum als dezentraler Anwendungsserver bis hin zu seinem steigenden Suchvolumen bei Google reichen, bevor er sich entschied, die zweitgrößte Kryptowährung der Welt zu bullen.

BITCOIN-DOMINANZ

In der Zwischenzeit erwähnte Herr McAfee auch Bitcoin, den Konkurrenten von Ethereum um den Spitzenplatz, als den primären Katalysator hinter seinem potentiellen Bullenlauf. Er hob die wachsende Dominanz von Bitcoin als einen führenden Indikator für die Aufwärtsbewegung von Ethereum hervor und zitierte, wie ein Rückgang der Marktkapitalisierung der Top-Kryptowährung im Dezember 2017 den Weg für ETH/USD ebnete, um ein Allzeithoch von $1,419 zu erreichen.

Die reaktive Rallye des Paares – wie Herr McAfee andeutete – war teilweise psychologisch. Eine wilde Aufwärtsbewegung auf dem Bitcoin-Markt veranlasste Händler, die nächstbeste Kryptowährung zu erkunden. Ethereum hat davon im Dezember 2017 stark profitiert. Und es wird erwartet, dass sich das fundamentale Fraktal im Jahr 2021 wiederholt.

“Ich glaube, dass Bitcoin, das eine massive Rallye durchläuft, Vertrauen unter den Investoren in einem Bullenmarkt aufbaut”, behauptete Herr McAfee. “Und dieses Vertrauen wird [in Ethereum] und seine Rallye selbst überfließen.”

Die Aussage erschien, als Ethereum einen massiven Aufwärtsschub erlebte. Die Kryptowährung stieg um fast 60 Prozent – von 730,97 $ auf 1.168,99 $ – in nur drei Handelstagen, während die Bitcoin Union-Dominanz nach unten korrigierte. Zuletzt wurde ETH/USD 15 Prozent niedriger von seinem Sitzungshoch gehandelt.

DIE “GOOGLE”-FAKTOREN

Herr McAfee favorisierte auch Ethereums $2.000-Ziel basierend auf seiner Bedeutung im dezentralen Finanz-Ökosystem. Der Analyst merkte an, dass das Wachstum von DeFi-Protokollen schließlich in den ETH-Token einfließen würde, genauso wie Googles Suchmaschine vom Wachstum des gesamten Tech-Sektors durch steigende Abfragevolumen profitiert.

“Wir werden das Gleiche in den nächsten 5-10 Jahren sehen, da Ethereum weiterhin verschiedene Projekte entwickelt, die unweigerlich zur Annahme des ETH-Tokens führen werden”, erklärte er.

Der aktuelle Trend spiegelt ein steigendes Interesse am Ethereum-Ökosystem wider. Das Google Trends-Suchvolumen für das Schlüsselwort “Ethereum” erreichte einen perfekten Wochenwert von 100. Es spiegelte wider, dass mehr und mehr Internetnutzer – einschließlich potenzieller Einzelhändler/Institutionen – sich in der letzten Woche mit der Kryptowährung beschäftigt haben.

In der Zwischenzeit erreichte der Keyword-Score sein bestes Niveau in den letzten drei Jahren auf einem Fünf-Jahres-Zeitrahmen. Das erhöhte die Wahrscheinlichkeit, dass ETH/USD seinen Aufwärtstrend nach der jüngsten Abwärtskorrektur wieder aufnimmt.

Venezuela will end up with paper money and have 100% digital economy

What Venezuela is doing, even if out of necessity, is something that many other countries are planning to do in the future.

Venezuela is a country that is the center of attention in Latin America, but not for the reasons its population would like. With extreme inflation that has caused a humanitarian crisis, in addition to being led by a dictatorial head of state, the country is still trying to innovate financially to improve its situation. The government of the South American country has announced that it wants to end paper money and be the 1st country in the world with 100% digital money.

This could put Venezuela in the front line of a monetary revolution that could become the new norm around the world. Of course, many remain skeptical, as Venezuela has already proven difficult to leverage its solutions to the many problems it faces.

According to local information from the Telesur television system, President Nicolás Maduro said in a public address that Venezuela will have a 100% digital economy:

“They are at war against our physical money. We are preparing this year for a deeper, expanding digital economy. I have set the goal of an economy that is 100% digital.”

In this case, “They” is a reference to the U.S. and other countries that have approved several economic sanctions against Venezuela, accelerating and worsening considerably the country’s financial crisis and hindering a possible recovery.

Still according to the information, Maduro intends to “make all the physical money disappear in the future.

Besides the physical currency being at “war,” as placed by the president, Bolivar, Venezuela’s official currency, is hardly used by its population. To get an idea, in the last 3 years the fiduciary currency of the country has lost 99.9% of its value, which has caused a large number of new bills with higher values to be printed. Currently it is possible to find banknotes of 50 thousand Bolivares.

With this, using the bills is more laborious than anything else. So, according to information passed by the president, 18,6% of the commercial transactions are made in dollar, 77,3% are made through credit cards and only 3,4% are made with cash in hands.

It is worth mentioning that the mature government does not make restriction on the use of the dollar inside the country, in some cases it is even facilitated.

Attention will turn to Venezuela and its digital economy

What Venezuela is doing, even if out of necessity, is something that many other countries are planning to do in the future. So the South American country may be the perfect “guinea pig” to test how a 100% digital economy can behave and what advantages it will bring.

Surely many countries, mainly Europeans and Asians, will keep an eye on this new financial development of the country, which may even be the basis for a very significant global change.

We still don’t know how cryptomoeda Petro, the first state cryptomeda in the world, will be used in this context.