Betting platform Sportsbet.io donated 2 bitcoin to Premier League football club Southampton. The donation set up a new fund that seeks to “support the causes that matter most to [Southampton’s] fans,” the company said in a statement. But the club can also decide to retain, or HODL, a portion of the donation to capitalize on future price appreciation. Sportsbet.io, a popular bitcoin-led betting platform, has donated 2 bitcoin to English football club Southampton, the company said in a statement on November 10. The donation will compose a fund, Crypto Fan Fund, to aid the club in supporting the needs of its supporters. “Throughout the season, the fund will be used to support the causes that matter most to fans,” per the statement. “All decisions on how and where the fund is used will be made by Saints Voice, Southampton FC’s long-standing supporter panel, who will work closely with the club and with Sportsbet.io to determine how to make the greatest impact.” The donation consolidates the position of Sportsbet.io as Southampton’s main sponsor for the 2021/22 season while gifting the club with a scarce good that historically has appreciated dramatically in price. “Unlike traditional fiat donations, the value of the fund can shift and increase in line with the market, allowing for the potential of greater investments in future seasons,” according to the statement. “Sportsbet.io will underwrite the fund for the value of 2 BTC at the point of donation, guaranteeing the club access to at least the minimum value of the fund, plus any additional profits accrued from deflation.” Sportsbet.io was founded in 2016 and today is a leading bitcoin-led sportsbook operator, offering betting options for a wide range of sports and eSports. The partnership with Southampton seeks to support the club’s efforts to outperform the elite of English football, for which fans are utterly essential. “The opportunity to use Bitcoin in such an innovative way by setting up this fan fund is incredibly powerful,” Helen Edwards, head of responsible gambling at Sportsbet.io, said. “Supporters are the lifeblood of the game and continue to demonstrate their unrivaled passion and loyalty every matchday.”
ROBINHOOD’S BITCOIN WITHDRAWAL FEATURE HAS 1.6 MILLION PEOPLE ON WAITLIST
Robinhood COO said 1.6 million people are on the company’s waitlist for withdrawing bitcoin. The long-awaited feature would come as a cryptocurrency wallet to the firm’s trading app. It is still unclear when customers will be able to take ownership of their bitcoin. Robinhood now has 1.6 million people on the waitlist for its bitcoin and cryptocurrency wallet, its COO Christine Brown said on Tuesday, per a Reuters report. Among other properties, the wallet, to be added to its app, includes the vital feature of withdrawing bitcoin into a self-sovereign wallet of choice, something the broker currently doesn’t offer in its trading platform. The way the Robinhood trading app currently works, users buy and sell representations of BTC and any other cryptocurrency instead of the bitcoin itself — effectively an IOU. A customer can only be sure they have bitcoin once they transfer it to a wallet for which they control the private key. Robinhood opened the waitlist for the withdrawing feature in September after repeatedly hinting that it would enable such features over the past year. Since its launch, the waitlist has gathered much interest, showing customers’ desire to take ownership of their bitcoin. When evidence of the feature appeared, Robinhood CEO told Bloomberg that “the ability to deposit and withdraw cryptocurrencies is tricky to do with scale, and we want to make sure it’s done correctly and properly,” hinting that it wouldn’t be a quick one to implement. However, bitcoin withdrawals should be at the top of any service provider’s priority list for the simple fact that without such a feature, users aren’t taking part in the Bitcoin network at all. Indeed, running a node is the best-case scenario, but using a self-custody wallet is the bare minimum — not your keys, not your coins.
INTERVIEW: DISCUSSING PANAMA’S CRYPTO BILL WITH ITS ARCHITECTS
What’s the first thing that comes to mind when you hear the word “Panama?” The Panama Canal? Please don’t say Van Halen’s catchy ode to nothing resembling actual Panama. Having gone there for the first time this September, my eyes were opened to the beauty of the people and their land in this historically key country. While its canal has been contributing greatly to the world’s physical economy since opening in 1914, Gabriel Silva and Felipe Echandi are helping Panama add to the digital economy wave that has been swelling steadily since Bitcoin’s birth. Read on to hear directly from them on this vital bill for Panama and the world. Silva is an independent deputy in the Panamanian Parliament, where he has served the 8-7 circuit since 2019. In 2016, as a Chevening scholar, he graduated with a master’s degree in public policy at the University of Oxford. In 2017, as part of the Fulbright Program, he completed a master of laws degree at Columbia University. He has presented legislative proposals related to anti-corruption, government transparency, educational reforms, and mental health among others. Echandi is the cofounder and CEO of Cuanto, a Y-Combinator-backed startup that helps creators monetize their audiences. Echandi is also an independent board member at Panama’s banking regulator. He holds an MBA from The University of Texas at Austin’s Red McCombs School of Business. How do you plan to educate the people of Panama about the benefits and accessibility of crypto assets like bitcoin as written in your bill? Silva: My team and I are trying to make the information as easily accessible as possible. When we made the proposal we did several things to educate the general population about it, including posting videos and infographics to explain the bill in English and Spanish on all social media platforms like Twitter, Instagram, Facebook and TikTok. Thankfully, the cryptocurrency community is very loud and energetic on social media so they have helped us share the message that we’re trying to portray. For example, the one-minute video I posted on Twitter about the bill was the most viewed video I’ve ever posted. We still have much to do, so we are working with influencers outside of the crypto community to help us educate people on the bill. We are also making a strong campaign on the traditional media platforms such as newspapers, radio and television stations to inform Panamanians about the proposal. The last time I watched TV for the news may have been 10 years ago, but there are many people who use that medium to get informed. Thankfully, the traditional media here in Panama have been interested in our project so we have been getting a lot of exposure there. This bill follows other bills we have proposed in Parliament to improve financial education in high school and universities. One of the topics we have included in those proposals is teaching about the digital economy, which is part of our macro strategy that we are working on with the ministry of education and the ministry of finance. This approach is to empower our young people with financial education starting from a young age. Echandi: One more thing I’d like to add, we’ve had coverage in two of our largest newspapers and it was surprisingly positive. The editorial in the largest paper covered us and basically said we need to open up to this world of cryptocurrencies as a nation. In addition to the efforts that Gabriel mentioned, I believe the good thing about setting the groundwork for an ecosystem to arise is that the people who provide utility for consumers are the best educators in the end. A good product maker or someone who creates the solution to a real problem is a better educator than any public campaign. If we manage to unlock the roadblocks in the financial system for people to innovate and create products to include people financially, this will lead to more educated consumers and users. This will empower people to move money internationally, make a living on the internet, and participate in this cutting edge of value creation with crypto assets, which will lead to a better ecosystem, because the people in it will be solving problems for their own lives. So, I believe education will come with more access to better products. The problem has been that there are so many roadblocks for the average Panamanian to access this ecosystem. You first need to have a bank account which already excludes half of the population, you then have to do international wires which is an additional complexity that is not cheap, and then you have to deal with a ton of intermediaries so the banks won’t block you and so everything works. In contrast, an American citizen for example simply connects their bank account to Coinbase or a similar solution and they have an initial contact with this world and eventually, of course, they become more savvy. I believe a good ecosystem and an openness to create certainty for innovators to create and solve problems for others will in itself bring forth a ton of education. The last point I want to make on this is in the article regarding the radical digitalization of the government that guarantees universal access to the internet. This may be seen as a by-point in the law, however it is the infrastructure for everything to actually work. Panama already has decent connectivity, especially in urban areas, however we don’t really have a deliberate policy of universal access to the internet. There are many countries that have already experimented with this so we don’t believe it is something that has to be super expensive to be guaranteed. If that happens, we don’t believe we’ll have to underestimate people’s ability to browse online and consume information from good sources. So, I’m super hopeful that with a good ecosystem in place and decent access to the internet, people will get access to education aside from the
BITCOIN HITS A NEW ALL TIME HIGH AGAINST THE EURO
Bitcoin typically tends to perform very well in Q4, and so far this year it has been sticking to that trend. On October 1, the price of BTC was around €41,000. Since then, it has done nothing but rocket upwards with more highs expected to be seen in what many Bitcoiners are calling “Uptober.” Bitcoin has been hitting new highs not only against the Euro, but against other fiat currencies such as the Australian dollar, Japanese yen, South Korean won, and Turkish lira. The U.S. dollar is expected to follow suit very shortly in joining the club of making new all time highs against Bitcoin soon. The energy around Bitcoin has been electric so far this quarter especially with the $BITO Bitcoin Futures ETF being live traded on the New York Stock Exchange today, Bitcoin nearing an all time high in USD, and many other exciting things. With all the recent events happening in Bitcoin lately — El Salvador adopting bitcoin as legal tender, ETF approvals, BTC balances on exchanges at lows not seen since 2018, and institutional and retail investors buying as much bitcoin as they can — it begs the question of how high we’ll go this bull run. It can not be underestimated where we are in Bitcoin’s history. Bitcoin has not died like many who saw it crash in 2018 thought it would. Instead, it has bounced back and presented itself front and center on the world stage as a world class currency. Those who use the euro as their vehicle for saving wealth may want to reconsider and think about adopting bitcoin instead, because as it stands, the euro is rapidly losing value against the new measuring stick of value — bitcoin.
WHY THE ANCIENT GREEKS WOULD HAVE REFERRED TO BITCOIN AS THE WORK OF DAEDALUS
Throughout the whole of history many means of exchange have disappeared. Supposing that money as we know it today, were to also disappear? The world would not miss it for a single day, for its disappearance alone would reveal that it had been replaced by something perhaps much better. We can no longer bear the sight of it; consequently, we have begun to abolish cash, just as we once abolished slaves without completely abolishing their trades. Denying, destroying and inventing have almost always gone hand in hand. It seems as if from the very moment we are born a portion of nonconformism is mixed with us in all things. It’s as if we come into the world with the duty to honor the old foundations, but without renouncing the right to tear them down in order to build them up again; as if the first thing that life teaches us is that it is necessary for many things to collapse in order to be able to build many others. Perhaps there is not a single creator who is not also a destroyer, or at least who does not have a highly non-conformist and sceptical spirit, a brain addicted to great progress, which above all also wants the means to obtain it. Nonconformism, for the creator, is characteristic of the upward march of the spirit’s development, which is why he always wishes to find a new form of maturity on earth and is not satisfied with having eyes to see without a mouth to say that it can also be seen in another way. In his case, it is natural for him to live thinking: I learn it because it can be taught, I seek it because it can be found, and I change it because it can be improved. He understands better than anyone else that in all ages, in all places and in all fields the bad always dominates, and that the good is generally the rare; that we owe the slowness of progress to the unconsidered respect for old customs, old laws and old human prejudices. Unfortunately, man almost always succumbs to inventions that he does not deserve, so that it is not enough for the creator to bring a novelty: he must also know how to transform men so that they understand it and accept it seriously. The people, at least in this respect, are very much like children, who resent receiving the same benefits over and over again. Moreover, if it were up to the masses, all revolutionary ideas would be banned, we would still live under thatched roofs, we would plow with oxen, with donkeys and with cows, and the invention of the water-powered machine would be reproached for being able to flood our houses. That, of course, is why good inventions always fail at first, because of those who are not capable of turning them to their advantage, who do not even feel the impulse to study them in order to understand them, and who, if they marvel at their discovery, do not tolerate the idea of their occupying any place in their brains. It is a very vulgar habit to find the devil’s hand behind the excellence of what human beings create. Everything old tends naturally, by every means, to destroy and to efface from life everything new, the sight of which causes it a deep abhorrence, because it hates it in the same way that eunuchs hate those who enjoy. Hence the execution of every novel idea is generally so laborious, its growth so slow, and its excellence being so distant, that its parents almost always die before they see it. It is exactly the same with this as with good books, which need a long time to be understood, while those that have been written for fairs speak loudly for a day, only to fall into oblivion the next. The best thought, indeed, is that which takes the slowest and the latest to produce its effect, so much so that it seems to be an indisputable law of the universe that great things must be given late credit. Thus, if there is anything more costly to the creator than to have to begin, it is to have to begin in the knowledge that he must convince others, who are generally opposed to all thinking and all creating: two occupations that have never done mankind any harm. Although, in any case, if there is anything that time confesses to us it would be that it is easier to slow down the universe than to stop something useful and novel once it has been set in motion: That nature is not the enemy of change, but enjoys it to such a degree that it itself is an alternation of indeterminate cycles; that those who oppose the new and extraordinary are as far behind those who invented it as those who tell the story are farther away from those who were the protagonists of it; that someday he will have to be just as posterity who could not be just as a contemporary; and that the creator, in general, is pleased to think that his creation enjoys the sympathy of a handful of intelligent people who, in an age of mental servility, have dared to have a way of thinking of their own. Bitcoin is essentially just that, a great invention, too hard even for the teeth of time and that, like all great inventions, is based entirely on a new thought: that of secure, fair, free and transparent access to property and money. To achieve this, he has put all his efforts where everything is too corrupt and centralized, trying to apply his arts where up to now man has found nothing but despicable things. He wants a lofty goal, and with that alone he already has more than half the means to reach it. For it is not enough for him to take steps that may one day lead him
DRAFT BILL SEEKS TO ALLOW BRAZILIAN WORKERS TO BE PAID IN BITCOIN
A draft bill seeking to allow Brazilian workers to be paid in bitcoin was presented to the country’s Deputies Chamber on November 5. The author, deputy Luizão Goulart (REPUBLIC-PR), shared the natural evolution of money as a cause for his proposal. “Money was one of the greatest creations in the history of humanity,” per the draft bill. “It allowed us to rise from a primitive barter-based society to an extremely complex and productive society.” Bitcoin is the natural evolution of money. Whereas all previous forms compromised on a few properties — divisibility, durability, scarcity, salability across time and space, etc., Bitcoin enabled a new paradigm in the history of money, and the deputy noticed. “At the peak of the financial crisis of 2008, Satoshi Nakamoto, in their white paper, proposes a ‘digital monetary system’ without the need of trust in a financial institution,” the draft bill reads. “Our proposition meets this modernity, establishing that a worker may optionally receive part of their income in any type of cryptocurrency existent in the Financial Market.” Brazil has been making the headlines lately when it comes to Bitcoin. A recent bill that sought to legalize BTC and cryptocurrency in the country, as well as enforce stricter rules for businesses seeking to provide related services, was misunderstood as a step in the direction of making bitcoin a legal tender in Brazil. Overall, Brazilians are big into Bitcoin; the broader cryptocurrency market has seen more activity than the stock market in the country for a few years now. But the bill is just a draft and was only presented to the chamber today. Deputies still need to discuss it and take it to a vote for the draft bill to start being considered, and there is also the possibility that this law never gets enacted. In either case, since it was recently presented, more information will emerge in the coming weeks.
US GOVERNMENT TO AUCTION 4.94 BITCOIN WORTH OVER $300,000
The U.S. government will auction 4.94 BTC worth over $300,000 in the next few days. The auction will be held by GSA Auctions, the federal government’s online clearinghouse for surplus, U.S.-owned assets and equipment it wishes to sell. The 4.94 BTC will be auctioned in five different lots of 1.5, 1.25, 1, 0.75, and 0.44 BTC. The U.S. government is hosting Fall for Cryptocurrency, an online bitcoin auction event, between October 26 and 28, 2021. Nearly 5 BTC will be auctioned in five different lots. In April, the U.S. government sold 9.45 BTC at a notable discount compared to market prices. The 4.94 BTC will be auctioned in five different lots. Source: GSA Auctions. The 4.94 BTC will be auctioned in five different lots. Source: GSA Auctions. U.S. government auctions are performed by GSA Auctions, a service of the United States General Service Administration (GSA) that functions as the federal government’s online clearinghouse for surplus, federally-owned assets, and equipment. Bitcoin auctioned by GSA is usually sold at a discounted price. In April, the government agency sold 9.45 BTC, worth $520,000 at the time, for $487,000, meaning that buyers were able to scoop bitcoin at more than 6% below market price. The argument can be made that privacy is the actual tradeoff. The buyer is, in this case, spending less dollars at the expense of their personal information, as purchasing BTC from the government is the most invasive know-your-customer (KYC) scenario possible. Some people may still find it attractive and worthy to hand over their personally-identifiable information (PII) for a small discount, in which case the GSA auction could be an opportunity. But caution is warranted, given the value proposition of Bitcoin may be compromised depending on the level of identifiable information a watcher possesses of a Bitcoin user.
Cryptocurrency Trading
Choices This guide is not intended to be a guide to trading, and if you want to trade cryptocurrencies, we assume that you are already a competent trader. If you do want to trade, by which we mean short-term speculation using a national currency as a base, your options are brokerage houses and online derivatives exchanges. At the time of writing, there are about 40 brokerages worldwide offering trading in cryptocurrencies. All of them offer Bitcoin, about half of them offer Ethereum and Litecoin, and about one-quarter offer either Ripple or Dash. This means that if you want to trade more than Bitcoin, your choices will probably be limited. Daily Forex publishes a list of selected brokerages offering trading in Cryptocurrencies. At the time of writing, eToro and MARKETS.COM are notable within this list for offering negative balance protection, meaning a trader cannot be liable for more money than they deposit no matter what happens. Leverage It has been said earlier in this guide that cryptocurrencies are extremely risky, and the value of any of them could fall to almost nothing in a moment. For this reason, the question of leverage is very important, and many brokers offer no leverage on Cryptocurrencies. About 40% offer leverage under 10 to 1, with just a few going as high as 20 or even 30 to 1. Please understand that if you trade cryptocurrency with leverage, unless your broker offers guaranteed negative balance protection or cast-iron guaranteed stops, you could end up being liable for far more than you deposit, and face legal proceedings for any debt. Long and Short One of the major advantages of trading is the ability to take both long and short positions in cryptocurrencies. You can profit from betting it will go up, and from betting it will go down. Spreads & Overnight Financing Charges As cryptocurrencies are very risky assets, spreads and commissions are usually very high compared to other, less risky assets. This means that short-term trading can be relatively costly if too many trades are taken. Spreads are high, typically more than $10, at current market prices representing a fee of approximately 0.24%, which is steep. Additionally, some brokers offer minimums as high as 10 Bitcoin, at which you cannot trade less than about $40,000 worth at current prices. At a typical maximum leverage of 10 to 1, you would need to deposit $4,000 to place a single minimum-sized trade. However, there are brokers offering minimums as low as 0.10 Bitcoin, worth about $420 unleveraged at the current market price, which is much more affordable. Overnight financing rates in contrast are often reasonable. A charge of 0.07% of the value of the position per day is currently typical. This means that if you opened a position of 0.10 Bitcoin worth $420, your account would be deducted a fee of 0.07% of that amount each day you kept the position open ($0.29). Fundamental Analysis We believe that while correct fundamental analysis can be a useful tool in profitable trading, it is far less important for cryptocurrency trading than technical analysis. Getting your technical analysis right is absolutely critical for cryptocurrency trading, but if you also get your fundamental analysis right, you could have the confidence to ride winning trades to large reward to risk ratios (assuming you make sure that you don’t get killed by letting overnight financing charges run too high by staying in the trade for too long). When it comes to cryptocurrencies, fundamental analysis is fairly limited – it is really only a call on whether the currency is likely to have a successful long-term future or not. There are not any simple and obvious metrics that can be used to justify that decision, other than perhaps the total number of owners, market capitalization, and the number of significant business which are accepting that currency as payment. Beyond these, it would be difficult for most people to make an informed judgement. If you have the capability to make such a judgement, then that is great, but if you don’t, it is not necessarily a major disadvantage. You can try to trade successfully with technical analysis alone, as many traders do. Technical Analysis Cryptocurrency Trading – Terms and TacticsThe good news for technical traders is that cryptocurrencies in general, and Bitcoin in particular, behave very technically, usually respecting obvious support and resistance levels and major trend lines. The respect for technical levels makes sense, as unlike major currencies which have real and disruptive order flows from the real economy, trading in cryptocurrencies is almost entirely speculative and will remain so until they become widely used means of exchange. Apart from hacks and hard forks, there are not going to be any external events which influence the price much, except for governments and banks announcing new rules on the legality or operation of cryptocurrencies. For this reason, we think that Bitcoin can be a technical analyst’s dream, and we have noticed, particularly over recent months, that Bitcoin’s price movements seem to be more clearly obvious after examining a chart of historical prices, than any other instruments in the Forex market. On a technical level, Bitcoin and Ethereum are usually the easiest cryptocurrencies to trade. In trading, it is usually preferable to trade only the most liquid instruments, and these two are by far the most liquid cryptocurrencies. Bitcoin can be traded successfully using support and resistance to determine the probable line of movement and candlestick price action to time the reversals. The typically very high volatility can be an issue as it requires large stops, but the subsequent movements are usually so large that it works out well. In the next article, we will look at some Bitcoin trading strategies.
IS IT OK TO PROFIT FROM BITCOIN INFLUENCE?
This is not an article about selling your bitcoin. Rather, we will be discussing profiteering or being an influencer in Bitcoin. At what point is it acceptable to make a profit for this type of work in Bitcoin? Not using the asset as a store of value, or as a currency like in El Salvador, but as a source for content or another service. We’re all familiar with the influencers pursuing recycled content, taken from someone else and rebranded as their own; dropping repetitive buzzwords around Bitcoin; or participating in the neverending echo chambers where rising pundits of social media despotism all desperately seek to get in a one liner that could garner them a greater following. You could say some of those activities apply to me as a writer in the space. But what about those who are truly making a difference? How do we separate simple profiteering from those who enact real change? First, we should discuss why it matters. A PROTOCOL OF PHILOSOPHY Inherently, Bitcoin is a resistance to controlled power and cults of personality. Centralization and leaders are subject to the single greatest weakness humanity faces: the human element. Bitcoin is the first solution to the problem of the human element. It is money written in programmatic code that cannot be controlled by anyone and only listens to the established rules accepted by the system. Attempts to resuscitate the human element back into the network are justifiably met by Bitcoin’s immune system. Bitcoin has an inherent resistance to influencer personalities and applications that do not practice the established ethos of Bitcoin. Why? Arguably, one might consider that much of the dogma within Bitcoin furthers many values, such as freedom, sovereignty, free markets and others. But it also represents a better future for humanity that is only achievable without centralized control of finance, which brings us to… THE FIRST INFLUENCER OF BITCOIN Satoshi Nakamoto. For those who don’t know, this is the pseudonym of the person or people who developed Bitcoin. The amount of bitcoin held in the wallet controlled by this pseudonymous creator is immense and has never been used. And that’s the point. But why has Satoshi’s Bitcoin largely gone unused? Because Satoshi left. They disappeared, and we haven’t heard as much as a peep in years. By now, the creator of this platform could have emerged in a stupendous exhibition of ego, shouting “I told you so!” from the mountains as they paraded the streets of Dubai with a receipt for purchasing Apple that they set on fire because they had enough money to do so. Not only did Satoshi leave, but no wallet holding that substantial amount of bitcoin has ever sold any of it. Satoshi never sold their bitcoin (at least not the majority). The first influencer of Bitcoin never attempted a claim to fame, never pursued their 15 minutes and allowed their bags of wealth to solidify a worldwide network, while Satoshi held those bags for everyone else. No credit. No podcast. No monetized blog. No YouTube channel making millions. Just the delivery of the only truly decentralized form of finance humanity will ever achieve because the creator walked away. If the creator of Bitcoin wouldn’t profit from their own name, why should we? BECAUSE SATOSHI BUILT IT INTO THE SYSTEM The Bitcoin protocol is maintained every second of the day without compensation for those who provide the single most crucial element of the entire ecosystem: the nodes. Nodes operate as validators for the network. They keep track of all of the transactions and agree on what consensus is for the entire blockchain. They are low cost to set up, and low cost to maintain. This is what allows decentralization, and simultaneously is what the “block wars” were about. Because the blocks of transactions are so small, a lot of people can afford to run a node. They are not compensated. Nodes are completely voluntary, and anyone can enter the system, but they are not compensated for the crucial importance of maintaining the network. Much like Satoshi before them, node operators seek the greater good of furthering the network without personal gain (though running a node does allow you to verify your own transactions). Does all of this mean that Satoshi never wanted anyone to profit? Not even close. They probably used a few bitcoin before vanishing. But we know the system wants people to profit. How? MINERS Nodes maintain the network by validating all of the transactions and giving the “proof” in a proof-of-work system. Miners provide the “work.” Miners are given a puzzle to solve at the beginning of each block, which comes about every 10 minutes. In a simplified explanation, if the miners can guess the “password” of the block, then they are given the block reward, which is bitcoin. The miner that solves the block is paid in bitcoin. This is very clearly a model for profit. Solve this puzzle, get paid. So, why did Satoshi believe that the miners should be compensated? Work, effort, resources. In the proof-of-work model, a necessary output of resources is needed to achieve the calculations that result in solving the block. This can result in heavy energy expenses for the miners, depending on how they acquire their energy, most of which is now clean and renewable. They are incentivized to find clean energy and get their costs as low as possible, allowing a greater margin when expending resources into mining Bitcoin. WHAT’S THE POINT? Understanding the mechanisms that allow Bitcoin to operate and understanding its origin allows us to see a very clear message: Profiting in Bitcoin is permissible when following proof of work. Resources need to be spent. Cost is associated with the efforts put into the craft associated with Bitcoin. Whether it is leading a course to teach people about Bitcoin, creating content in the form of podcasting or vlogging, creating a new hardware wallet, or even developing financial instruments built for institutions — we cannot say
NFL LEGEND AARON RODGERS TO TAKE PORTION OF SALARY IN BITCOIN
Green Bay Packers legend, quarterback Aaron Rodgers, announced today on Twitter that he has partnered with Cash App to take a portion of his NFL salary in bitcoin. Rodgers also shared that he’s giving out $1,000,000 in bitcoin to his fans in the comment section of his announcement. Rodgers did not share any details on how much of his salary he’s chosen to accept in bitcoin. According to Spotrac, he makes an average annual salary of $33,500,000. “I believe in bitcoin and the future is bright,” said the football superstar. Bitcoin offers Rodgers and his athlete companions a vehicle to store their wealth into the future without seeing their purchasing power decrease. Though Rodgers may make a lot more money than the average joe, he is still victim to the consequences of money printing and inflation. Since it is impossible to store wealth in fiat currency long term, athletes are moving to bitcoin as a solution. Rodgers is the latest NFL player to accept bitcoin as payment for his services on the field, following North Carolina Panther Russel Okung and free agent Sean Culkin who both took the leap in the past year. Athletes saving their wealth in bitcoin helps to assure their financial safety and independence as they get older. Since there will only ever be 21 million bitcoin created and no way to mine more, they sleep at night knowing that no government or person is devaluing their purchasing power by expanding the monetary supply. The famous quarterback has a very large reach on social media having built up a following on Twitter of over 4.4 million. This announcement is sure to make headlines all around the nation as he is just the latest big name star to begin the process of opting out of fiat currency for the financial revolution that is bitcoin. It is a post sure to grab the attention of many of his followers who are not already into bitcoin, and get them curious as to why he’s placing his hard-earned income into it. Moments like this are what really help lead the world towards mass adoption of bitcoin.
