Can Bitcoin fix the financial problems of the last 50 years?
Crypto at a glance
With Jason Deane
It seems we’re in a week of birthdays!
Just a few days ago, our beloved fiat currency (that’s pounds, dollars, euros etc) that we use, moan about, fight over and aspire to accumulate, turned 50 years old. A half century of being on a non-commodity backed standard has allowed us to create new money pretty much whenever we need it which, in turn, has produced wealth and prosperity on a global scale.
As well as war, misery, wild economic cycles, inflationary pressures and crashing asset bubbles of course.
Everything has a cost. Even money printing.
In fact, over the last 50 years, so much money printing has happened globally that a hyperinflationary event is now a statistical certainty each and every year. No wonder we accept it as normal these days. It’s because it IS.
But it could be that fiat’s relatively short reign is under threat? Will it see through another 50 years? Many of us think not, but where we go from here is a fascinating discussion. Could Bitcoin lead the way? Could it be something else? Maybe. But money has always been a product of our latest technology so it seems certain it will play a part somewhere. For more on this and some fascinating facts and figures – check out this article.
But it’s not just fiat celebrating its birthday this week. Last year, I discovered that James Bowater (yes, he of Crypto AM’s founder and editor-at-large fame) and myself, share the exact same birthday. Well, one of us is slightly older, so let’s put it this way: one of us was born under a gold standard and one of us was born under a fiat standard.
In other words, one of us is older than our entire current global monetary system. And, either way, that’s a fascinating thought!
Have a great weekend!
JD
The Crypto AM London Blockchain & DeFi Summit will be held on the September 20 and 30…
Day one will be held at ETC Fenchurch Street hosting the four Crypto AM Canada Roundtables so that delegates can meet and network with each other and learn from great discussions and talks.
Day two will be summit day (streamed and live audience) at the Leonardo Royal Hotel, St Paul’s, finishing with the black tie gala dinner in the same venue where the winners of the Crypto AM Awards 2021 will be revealed.
For speaking opportunities, partnership packages or attendance (tickets will be strictly limited and by application) please email: [email protected] using the subject line ‘CRYPTOAM SUMMIT’.
Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!
The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.
We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.
So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!
All feedback on Crypto AM Daily in association with Luno is welcome via email to [email protected] 🙏🏻
Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/insights/
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,036,064,201,236.
What Bitcoin did yesterday
We closed yesterday, August 19 2021, at a price of $46,717.58 down from $44,801.19 the day before.
The daily high yesterday was $46,970.76 and the daily low was $43,998.32.
This time last year, the price of Bitcoin closed the day at $11,878.37. In 2019, it closed at $10,763.23.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $885.54 billion. To put it into context, the market cap of gold is $11.368 trillion and Facebook is $1.001 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $36,645,351,621 up from $31,052,421,500. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
Volatility
The price volatility of Bitcoin over the last 30 days is 52.82%.
Fear and Greed Index
Market sentiment today is 70.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 44.04, Its lowest ever recorded dominance was 37.09 on January 8, 2018.
Relative Strength Index (RSI)
The daily RSI is currently 66.92. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition.
Convince your Nan: Soundbite of the day
“Bitcoin is censorship resistant money.”
– Anthony Pompliano, American entrepreneur, investor, and host of The Pomp Podcast (formerly Off The Chain)
What they said yesterday
Crypto AM editor’s pick
Ethereum will overtake Bitcoin by 2026, says deVere boss
OccamFi receives strategic investment from Cardano early stage VC Fund
Proof of Stake gives us a real opportunity for change
Fabric Ventures announces $130m fund to invest in digital assets and decentralisation
US steps closer to cryptocurrency tax after last minute bill addition
What needs to happen with cryptocurrencies for regulators to more readily accept this industry
London crypto leader’s book is flying off the shelves
Crypto AM: Longer Reads
Morning Wire Markets: What is Decentralised Finance (DeFi) by Aave
Crypto AM: Conversation with James Bowater
Crypto AM: Market View in association with Ziglu
Crypto AM: Technically Speaking in association with Zumo
Crypto AM: A Trader’s View with TMG
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM Contributor: Jilian Godsil
Crypto AM: Talking Legal
Crypto AM: Spotlight
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Definitively DeFi
Crypto AM Parliamentary Special
Part one of two – April 2021…
Part two of two – April 2021
Five Part Series – March 2021
Part one…
Part two…
Part three…
Part four…
Part five…
Crypto AM Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit – you can now watch the event in two parts via YouTube:
Part one…
Part two…
Cautionary Notes
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. Morning Wire, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:00 BST