Bitcoin (BTC) Is Fresh and It Will Pay to Get in Early says Crypto Titan Cameron Winklevoss


[Music] hello folks you have reached the cryptocurrency portal and today we’re gonna go over little information about Bitcoin because any time the Winklevoss brothers twin brothers that is say anything it’s always interesting to me because they one they have such a reach and two they’ve been in this space for so long after of course Facebook and everybody knows the story of Facebook with them at Harvard so if not Google that because they have an interesting background so you can see the headline here and says bitcoin is fresh and it will pay to get in early says crypto Titan Cameron Winklevoss and one of the brothers early cryptocurrency adopter Cameron Winklevoss founder of Winklevoss Capital Management says he believes bitcoin is in its early days and investing in BTC will pay off for those who are patient in a message to his a hundred and sixty-seven thousand Twitter followers Winklevoss owner of the popular us-based crypto exchange Gemini reminds crypto enthusiasts to focus on the math and he says there are less than there are less Bitcoin 21 million then there are millionaires in the world today approximately 36 million I didn’t know there that few millionaires in the world it will pay to be an early Bitcoin adopter but given bitcoins meteoric rise along the tales of Lambo driving millionaires and geeky teens who got in when Vic Cohen was trading around a hundred bucks because MIT administrators gave them 1 BTC each observers on the outside often speculate that all of the upside is over responding to a comment from a skeptical Twitter user who cautions that it may be too late to invest now and that the leading cryptocurrencies early days might be over Winklevoss counters nope still early days and I tend to agree with him because there’s so much use case that needs to continue more people need to understand the space it’s still too hard for the average person to get it on exchange and and exchange US dollars to Bitcoin in exchange that understanding keep your keys they don’t understand all that so as you make the user interface and experience easier more people will onboard so in a new interview with what Yahoo Finance Tom Lee partner and head of research at fun strut have fun strat advisors charts bitcoins trend moving forward now we’ve I’ve actually done another video about fun strats so I’ll put a link that in the comment section below and as always if you have any comments about this video or you want me to comment on anything else in the crypto space please leave in the comments section below and I’ll one either respond to all comments but – I may do an article or video about that topic so Tom Lee says we’re really optimistic on crypto in Bitcoin this year whenever Bitcoin breaks back into its 200-day it’s an average six-month gain is 197 percent and you can see here on Yahoo Finance if you want to find that and play that yourself you can go to their Twitter page at Yahoo Finance and play this piece here lis points out that Bitcoin was the best performing asset class last year by a factor of three the Bitcoin bull adds that his firm thinks that the return in 2020 will be even stronger because of geopolitical uncertainty and tension so you see all the political stuff going on in the world with China of course with a coronavirus and China’s separately all of the trade wars going on unfortunately some warlike posturing by other countries so just geopolitical uncertainty and people want to have a safe haven and Bitcoin as a store value may be that trick including the deadly coronavirus which teaches talking I just talked about upcoming catalysts it’s the having event which is happening in mid-may so if you don’t know if the having event is that the miners that do the computation for all of the Bitcoin transactions to kind of verify them the they will be happen to have they will get have the reward in May so we’ve actually I’ve done a another video about that so I’ll link to the having video in the comment section below as well if you want to check that out and get a little more in depth so at the having event in which the reward for mining for new blocked and Bitcoin blocks is reduced by 50% slowing new supply in fundamental technological developments in the space so that’s the first thing I wanted to go over just because anytime one of them Winklevoss brothers talks about Bitcoin it’s always helpful because they have little one they have a large following to they kind of have cachet because they just been in the limelight for decades now and it’s great to get that message out there so the next article I want to go over is it says here 50 billion dollar asset manager says Bitcoin adoption accelerating dominant cryptocurrency on path to rival gold so the new york-based Vanek an exchange-traded fund provider with fifty billion in assets under management just released an overview on the current state of the leading cryptocurrency Bitcoin the the report says the leading cryptocurrency is quote on the path to becoming digital gold highlighting a number of use cases where Bitcoin may have the advantage over the all the age-old store of value gold itself according to the researchers Bitcoin and cryptocurrencies outperform gold in several critical areas including portability divisibility transact ability in program program ability so true if you kind of think those things to report ability obviously you can you can take your wallet with you it’s a little harder to transport gold past an ounce because it’s so heavy divisibility obviously we can you can divide out a bit of Bitcoin too many denominations transact ability obviously you can transact not as much as we hope right now but the future will be even more broke currently right now you can transact certain things with Bitcoin in programmability the report states that Bitcoin adoption is accelerated and the crypto space in general is accelerated highlighting BT sees daily liquidity of more than 1.7 billion dollars and the emergence of mainstream methods of gaining exposure to the leading cryptocurrency through portals such as Robin Hood eToro TD Ameritrade and seeing me and of course Jim and I when I just talked about with the Winklevoss twins Vanek’s as a small Bitcoin allocation may improve portfolio upside highlighting BT sees risk and return profile from 2012 to the end of 2019 and his quote is Bitcoin may enhance the risk and reward return return reward profile of institutional investment portfolios a small allocate the allocation to Bitcoin significantly enhanced the cumulative return of a 60% equity and 40% bonds portfolio allocation mix while only minimally impacting its volatility according to the report scarcity is the main factor that could drive future Bitcoin bull runs it singles out Bitcoin stock to flow ratio which divides the total supply of an asset by the amount produced per year as an indicator this suggests the price of BTC could rise to about $80,000 by 2021 I love all these price we don’t we don’t price prognosticate here on this channel but we always look at the price analysis and predictions that people do and just kind of analyze them see where they came up with that and of course reflect on them later on to see if one they came true to why they didn’t and try to learn something from but we don’t price predict on this channel please go over data although Vanek believes there may be potential upside to investing in BTC the report also warns there are a number of factors that could prevent another bull run from happening risk include bitcoins dangerously extreme price fluctuations crypto currency exchange hacks and the potential for encryption vulnerabilities in the years to come due to the rise of quantum computing all right so that’s interesting how his views this 50 billion dollar asset manager so I thought this one is interesting too since we’re talking about Bitcoin in general visa a Bitcoin releases loop beta and they announce a ten million dollar funding round to me is incredibly interesting how much money not not buying the assets the crypto currencies Bitcoin or the all coins but how many firms and venture capitalists are putting money into this space in general to create the companies are creating the use cases because that’s where you can really see the kind of leaf the glamour of not just hope in the industry but you can see whenever venture capital money flows into something you know they’ve done their due diligence and they see something potentially in the future uh you know let’s see ripple just got two hundred million dollar venture capital ground and valued their company at ten billion dollars and of course they have the digital asset XRP that they use and create use cases for it as well what I’ll do is I’ll actually link in the comments section below a link to that video that I did about ripple as well as the other ones fun strat and having which I’ve already talked about all right so it says lightning labs founder Elizabeth Stark says there’s an entire ecosystem that is yet to be developed ellen promises to provide the bedrock for that future underpinning a number of innovations that are transforming the payments industry outside of the traditional banking system i skipped this paragraph tech firms lightning lab dedicated to scaling bitcoin by increasing transaction speeds and making BTC easy to spend send and receive today announced the release of its new product lightning loop data and the close of a ten million dollars in funding to further develop the company’s core technology the lightning let work network thus the LM the company’s layer to solution much like PayPal or Visa tapping into bank accounts to move money taps into the Bitcoin blockchain to move money and instead of banks in the financial industry powering transactions Ellen uses nodes that can operate anywhere the Lightning Network has amassed eleven thousand three hundred and thirty-four nodes up three point one six percent in the past thirty days with the vast majority located in Canada to Toronto Canada Ashburn Virginia Frankfurt Germany and Mountain View California the network has also attracted a number of service providers such as Tippin dot me and bit refill that facilitate every day Bitcoin transactions for Zoomers so here’s the quote try paying a $1 for a song various intermediaries will take 50% want to send $20 to a friend in Argentina good luck for doing that with Fiat a new I knew that lightning would enable instant high-volume transactions on Bitcoin and this sparked my imagination it wasn’t just the existing use cases that drew me in but the whole world the possibilities that I could foresee emerging so loupe is the company’s first paid product pitched as an on and off ramp between Lightning Network and the Bitcoin blockchain it’s designed to make it easier to send and receive Bitcoin on lightning instantly moving funds around so more and more use cases folks and the ten million dollar venture capital backers are betting on lightning labs to become the quote visa of Bitcoin supporting a host of services layered on top of and linked up to the Bitcoin blockchain last week fin tech zap announced strike a new mobile app that connects users bank accounts and credit cards to the Lightning Network allowing consumers to make Bitcoin payments instantly and directly from a traditional Bank young lightnings 10 million dollars in series a financing was led by craft Ventures whose managing director Brian Murray joins the Lightning Board of Directors reports Quinn desk and his quote is says Murray if Bitcoin is gonna reach its potential as a viable global currency it’s gonna need to scale beyond the base layer similar to how visa relieves banks from hailing all fiat currency transaction truck traffic lightning relieves the face of Bitcoin chain from handling all transactions thus bringing more speed and fee efficiency to the network now so Stark we’re building that visa network for Bitcoin but what I think is powerful is unlike visa anybody can build on top of it other investors in this round include ribbit capital slow Ventures former get at Goldman Sachs co-head of securities David Keller and a Vic ‘el guard electronic chirp capital lightning labs raise seed financing of 2.5 million in 2018 with the participation from Twitter CEO Jack Dorsey that’s key right there Jack Dorsey participated back in 2018 especially in light of his the recent comments he’s in his Twitter his personal Twitter feed about Bitcoin and crypto in general so check that out also involved with square executive Jacqueline Reese lay coin like coin creator Charlie Lee and former PayPal CEO David sacks and the last thing that I want to go over today is Wall Street group urges the IRS to let people buy coffee with Bitcoin and crypto without getting taxed I think this is going to be interesting I agree with this just so these micro payments and Bitcoin don’t get taxed and innovation gets stifled so here we go if you have a few dollar bills or a bit of Bitcoin and you want to buy a cup of coffee opting for the latter payment option can trigger capital gains tax crypto advocates and entrepreneurs from the new york-based nonprofit wall street block Alliance are joining a course of digital asset enthusiasts who are pushing to make crypto payments as common places to credit cards or cash they’ve issued a letter to the IRS urging the agency to do more of to incentivize consumers to spin their Bitcoin litecoin or Bitcoin cash on bagels or tea their solution is drop the capital gains tax on small purchases currently the IRS classifies crypto as property and not currency in in the smallest purchases could trigger a capital gain or loss that means paperwork and accounting from pizza to popcorn or movie tickets crypto users have to fill out form 8949 to report sales and other dispositions on capital assets critics argue that the current guidelines place an unfair burden on people who are trying to exercise their right to use the payment method of their choice and that by taxing the use of Bitcoin for bubblegum is discriminatory impedes widespread adoption and scares off the average consumer and that’s true it will impede widespread adoption tax just those small micro payments and it will scare off the average consumer because one currently they don’t and in broad strokes they don’t understand it if they’re going to get taxed on it that’s another level of complexity today’s guidelines also protect the legacy payment giants like Visa MasterCard and PayPal which processes transactions tied to u.s. dollar unlike Bitcoin visa allows a shopper to buy dental floss or a pair of underwear what happened to report in pay capital gains effectively handling traditional systems a competitive advantage over innovative platforms that use crypto to move money that’s that’s key there they’re picking winners by by doing it that way so it’s an interesting way to look at it so data in 2020 the USBA letter states the following given that the underlying purpose of many crypto assets ranging from traditionally decentralized options such as Bitcoin to more centralized organism organism is to serve as an alternative currency option the current accounting taxonomy classification and tax tree treatment seems inappropriate classifying crypto assets as property creates additional compliance and reporting requirements that seems to neither add value to the taxpayer norman’s accepting crypto assets as payment for goods or services realizing that there is no definitive crypto asset guidance as yet issued by the Financial Accounting Standards Board FASB the IRS could consider – establishing a de minimis exemption for both individuals and merchants here here yes yes as of now US taxpayers are expected to declare their cryptocurrency transactions for 2019 they are also being asked for the first time to tell the IRS if they ever interacted with Bitcoin or any of its many digital cousins through the purchase sale exchange or acquisitions of currency cryptocurrencies in 2019 so here’s looks like the schedule here that the you’re gonna have to start filling out in the United States interesting all right the blockchain Alliance also drills down on crypto as a new technology with many facets while convenient for the IRS too simplified digital currencies by tagging all of them as property the USBA says the decision purposely overlooks a number of distinctions and complexities so their quote is for example if an exchange holds various crypto assets as an integral component of its core business operations such as crypto ATM firms or crypto exchanges might these crypto assets serve a different purpose than those that are held by other market actors additionally crypto assets that are traded on a continuous basis versus those held as part of a longer-term portfolio diversification strategy serve different purposes and seem linked should be treated differently from a tax and reporting perspective building on the differentiation inherent to how various crypto assets are used by tax payers there seem to be a need for increased clarification connected to what criteria should be used to determine tax treatments such as ordinary income versus capital gains so we appreciate them doing this and applaud that W SBA for doing that as well so thank you so much for tuning in to the cryptocurrency portal today I deeply appreciate it please if you have any comments about any topic in the crypto space or this video please leave in the comment sections below I respond to all comments it can be about this video or anything else and we can get a little discussion going on in the crypto space also if you like this video please smash that thumbs up button really helps out the channel with Google and the YouTube’s algorithms I’d really appreciate it and also if you already subscribe to the channel thank you very much I appreciate it if you’re not a subscribe to the channel yet hopefully I’ve earned your trust and I would be honored with a subscription to my channel and again thank you so much for tuning in to cryptocurrency portal and I’ll talk to you very soon [Music]

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