Coinbase Trade Volume Surpasses Uniswap’s, Countering Expectations for a DEX Surge

Coinbase Trade Volume Surpasses Uniswap’s, Countering Expectations for a DEX Surge

Many market observers expected a surge in the use of decentralized exchanges following the collapse of FTX, but analysts said many DEXs offer a less user-friendly experience than centralized ones.

By Jocelyn Yang

AccessTimeIconFeb 28, 2023 at 1:46 a.m.

Updated Feb 28, 2023 at 4:20 a.m.

The chart shows Coinbase’s trading volume has surpassed Uniswap’s this year. (Kaiko)
(Kaiko)

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Cryptocurrency exchange Coinbase’s trading volume has surpassed the popular decentralized exchange platform Uniswap’s this year, according to a report from crypto data firm Kaiko.

As of Friday, trading volumes for Coinbase had reached more than $185 billion, nearly double the $93 billion on Uniswap, Kaiko said. At one point in 2022, the exchanges’ respective volumes were nearly equal.

Following last year’s collapse of the FTX exchange and other centralized entities in the crypto ecosystem, market watchers anticipated seeing more traders pivot to decentralized exchanges (DEX), and at one point in 2022 that shift seemed to be occurring. But DEXs have presented challenges for users.

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Data from analytics platform DefiLlama showed that November trading volumes on decentralized platforms surged to $113 billion, their highest monthly level since May, but they now seem unlikely to surpass $100 million this month, based on daily volumes.

Conor Ryder, research analyst at Kaiko, said the calls for a transition to DEXs look “a bit premature” as centralized exchanges (CEX) still serve a critical role in onboarding the average investor.

“Presumably the average investor has still been put off by the worse user experience on some of these DEXs, compared to the more straightforward experience on CEXs,” Ryder told CoinDesk in a direct message on Twitter. “I think CEXs will always be an essential part of the exchange landscape, whether we like it or not.”

Lucas Outumuro, head of research at blockchain analytics firm IntoTheBlock, said the initial spike in demand for noncustodial trading and decentralized finance (DeFi) at large after the meltdown of FTX has “waned out.” Outumuro highlighted that the daily number of new Ethereum addresses along with trading volume remained small on DeFi exchanges.

According to data from IntoTheBlock, the daily number of newly created Ethereum addresses reached some 228,000 on Nov. 24, their highest level since May 2021, but has retreated to less than 90,000 daily.

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The chart shows the daily number of newly created Ethereum addresses retreated to less than 90,000 daily. (IntoTheBlock)

“Getting onboard into Coinbase is much more similar to what people are used to with other tech or finance platforms, whereas getting into Uniswap is a completely different flow,” Outumuro told CoinDesk in a Telegram message. “This makes adoption take a little longer as new users may feel intimidated.”

JPMorgan strategists wrote in a note in November that slower transaction speeds, pooling of assets, and order-traceability features are likely to limit institutional participation. The analysts noted the absence of a limit order/stop loss feature on DEXs, their dependency on price oracles that source data from centralized exchanges, vulnerability to hacks, and exploits, the need for over-collateralization and systemic risks from the cascade of automated liquidations as hindrances to widespread adoption.

“While there has been some increase in the share of DEX in overall crypto trading activity in recent weeks, this is more likely to reflect the collapse in crypto prices and the deleveraging/automatic liquidations that followed the FTX collapse,” the authors wrote.

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Axelar Introduces Virtual Machine for Developers Building Cross-Chain Crypto Apps

Axelar Introduces Virtual Machine for Developers Building Cross-Chain Crypto Apps

Axelar describes its new VM as Kubernetes for Web3.

By Sam Kessler

AccessTimeIconFeb 28, 2023 at 1:22 a.m.

Updated Feb 28, 2023, at 5:47 a.m.

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(Aleksandr Barsukov/Unsplash)

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Axelar, the blockchain network that helps developers build cross-chain crypto apps, is expanding its product suite with the introduction of Axelar Virtual Machine (VM) – a generalized environment for building interconnected blockchains.

“Axelar Virtual Machine will allow developers to build their dApps (decentralized apps) once – whether on EVM, Cairo VM, Cosmos or another ecosystem – and run them on all chains,” Axelar said in a statement.

Most blockchains today are walled gardens; apps built on one chain typically lack access to data or services on another. Different blockchains can use different programming languages, and operating across chains generally means using headache-inducing infrastructure like bridges and oracles.

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Axelar describes itself as “Stripe for Web3” – just as Stripe provides a one-stop-shop for Web2 developers to bake virtually any banking institution into their apps, Axelar aims to help Web3 developers integrate seamlessly across different chains.

Axelar’s main product offering is a network that was purpose-built to communicate with a growing set of different blockchains. The Axelar network and its accompanying application programming interface (API) help developers build crypto apps that work with assets on all of these chains.

But building cross-chain crypto apps remains complex – each time a developer deploys on a new chain they need to run through a lengthy set-up process and re-tool their code for chain-specific quirks. By Axelar CEO Sergey Gorbunov’s estimate, cross-chain developers spend “70% of their time” prepping their code to deploy on new chains “versus actually coding the application logic.”

“We kind of took a step back and said, ‘OK, how can we simplify all of these issues for the ecosystem?’” Gorbunov told CoinDesk. “This is where the idea of creating an excellent virtual machine – an interoperability layer – came about.”

The Axelar Virtual Machine

A virtual machine is like a software version of a physical computer – it is a place to build applications that read and write data in a shared space. (The Ethereum Virtual Machine, for instance, hosts programs – called smart contracts – that can alter the state of the Ethereum ledger.)

Axelar says its new VM will extend upon the protocol’s cross-chain mission by providing a framework for building blockchains that – like the Axelar network – can natively swap assets and messages between one another. Blockchains connected to Axelar’s new VM will be able to talk to one another, and app builders that develop VM-compatible apps will be able to deploy their software onto VM-compatible chains.

Taking the Stripe analogy a step further, Gorbunov describes the new Axelar VM as a Web3 version of Google’s Kubernetes – a popular toolkit that provides building blocks for developers to spin up and scale web apps.

“Kubernetes allows you to program how you want to deploy your application in the Web2 world. Like what are the regions where it needs to be deployed? What are the application servers? What are the databases behind it?” Gorbunov explained. “Similarly, using the [Axelar] virtual machine, we can let [Web3] developers specify their deployment configurations and then upload their code. And then with one transaction, that code will get pushed to all the chains interconnected through the Axelar protocol.”

Over the next six months as Axelar begins to roll out its VM, Gorbunov says his team will be “working with app developers and protocol developers to build templates” that will allow developers to roll out their apps with certain deployment conditions pre-configured.

Axelar’s most recent fundraising round valued the company at over $1 billion. According to Axelarscan, a tool that tracks Axelar network activity, the protocol is currently connected to 32 different chains – including Ethereum, Polygon, Avalanche, and Arbitrum – and has processed $86 million in asset transfers over the past 30 days.

UPDATE (Feb 28, 00:17 UTC): Changes language in the ninth paragraph to more accurately reflect that blockchains “connect” to the VM (Axelar’s VM is not a toolkit for building brand new blockchains).

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Rap Star Drake Loses $400,000 Bitcoin Bet on Jake Paul in Split-Decision Loss to Tommy Fury

Rap Star Drake Loses $400,000 Bitcoin Bet on Jake Paul in Split-Decision Loss to Tommy Fury
Rap Star Drake Loses $400,000 Bitcoin Bet on Jake Paul in Split-Decision Loss to Tommy Fury

The Canadian rapper and singer Drake lost $400,000 in bitcoin after betting that the YouTuber-turned-boxer Jake Paul would beat Tommy Fury by knockout. Drake could have potentially raked in a $1.44 million bitcoin payout, but Fury won the fight in a split-decision victory.

Drake Loses $400K Bitcoin Bet on Jake Paul’s Bout

On Feb. 26, 2023, in Diriyah, Saudi Arabia, YouTuber-turned-boxer Jake Paul’s winning streak was stopped by Tommy Fury, the half-brother of Mike Tyson. The fight was a close bout, with Fury winning by split decision (74-75, 76-73, 76-73), despite Paul knocking Fury down in the eighth round. Paul had six straight wins under his belt before losing to Fury on Sunday. Before the fight, the rap star and actor Drake placed a $400,000 bitcoin wager, or roughly 17 BTC, on Paul winning the fight by knockout (KO).

Rap Star Drake Loses $400,000 Bitcoin Bet on Jake Paul in Split-Decision Loss to Tommy Fury

Drake took to Instagram and showed off his bet, which was placed on the crypto betting platform Stake. “Knock knock,” Drake said, with a door emoji. The screenshot Drake shared showed that if Paul had won the fight, he could have cashed in $1.44 million in bitcoin. Drake is well-known for placing various bitcoin bets, as the 36-year-old rapper bet $472,000 in bitcoin that the LA Rams would win against the Bengals in the Super Bowl. The Rams won 23-20 that game, and Drake won $240,000 from the wager.

Drake lost $275,000 in BTC when he bet on the mixed martial artist Jorge Masvidal’s fight, and he also lost $234,000 in bitcoin when Charles Leclerc did not win Spain’s Grand Prix. The rap star enjoys making sports bets, and one famous instance was when Drake backed Conor McGregor in UFC 229, but McGregor lost the fight to Khabib Nurmagomedov.

There’s an ongoing online joke now called the ‘Drake Curse,’ and according to the joke, if the rapper backs a person, they are likely to lose. Following the fight and speaking at a post-fight press conference, Paul joked about Drake’s bet.

“F***! This is Drake’s fault!” Paul said. “Drake, bro, why did you do this to me? No, it’s my fault. $400,000 is nothing to him – he has won a lot more money betting on me before. He’s probably about even now. Sorry, Drake, I’ll get that win in the rematch,” the fighter added.

What do you think about Drake losing $400,000 in bitcoin after Jake Paul lost his fight against Tommy Fury? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. cryptoflings.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in this article.

BRICS Predict More Fed Hikes, Bitcoin Records Large Blocks as Ordinals Gain Currency

BRICS Predict More Fed Hikes, Bitcoin Records Large Blocks as Ordinals Gain Currency

In spite of turbulence in traditional global finance, with BRICS nations said to be pushing for de-dollarization and major banks like Bank of America and Goldman Sachs predicting further interest rate hikes from the U.S. Federal Reserve, creativity in crypto has found a new boon in the form of controversial inscriptions, called Ordinals, on the Bitcoin blockchain. All this and more, just below, in the latest cryptoflings.com News Week in Review.

Expert Predicts Looming Economic Collapse as BRICS Nations Unite Against the Dollar

Expert Predicts Looming Economic Collapse as BRICS Nations Unite Against the Dollar

Andy Schectman, CEO of Miles Franklin Precious Metals Investments, explained in a recent interview that the five leading emerging economies — Brazil, Russia, India, China, and South Africa, collectively known as BRICS nations — are “coalescing against the dollar.” Schectman believes that since 2022, de-dollarization “seems to be spinning much, much faster.”

Read More

Bank of America, Goldman Sachs, JPMorgan, UBS Share Predictions of Further Fed Rate Hikes

Bank of America, Goldman Sachs, JPMorgan, and UBS Share Predictions About Further Fed Rate Hikes

Bank of America, Goldman Sachs, JPMorgan, and UBS have shared their predictions about the Federal Reserve raising interest rates further. Bank of America and Goldman Sachs, for example, now expect the Fed to raise interest rates three more times this year.

Read More

Economist Warns the Fed Can't Get to Inflation Target 'Without Crushing the Economy'

Economist Warns the Fed Can’t Reach Inflation Target Without ‘Crushing’ US Economy

Economist Mohamed El-Erian, Allianz’s chief economic advisor and chair of Gramercy Funds Management, has warned that the Federal Reserve cannot achieve its 2% inflation target without crushing the U.S. economy. “You need a higher stable inflation rate. Call it 3% to 4%,” the economist suggested.

Read More

Bitcoin Continues to Record Blocks Above the 3.75 MB Range as Ordinal Inscriptions Near 150,000

Bitcoin Continues to Record 3.75 MB Blocks as Ordinals Increase

As Ordinal inscriptions approached the 150,000 mark, blocks larger than 3 MB have become commonplace, with many blocks near the 4 MB range. Meanwhile, after the average transaction fee on-chain rose 122% higher at the beginning of February 2023, the average fee has remained the same over the last few weeks.

Read More

What are your thoughts on this week’s hottest stories from cryptoflings.com News? Be sure to let us know in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. cryptoflings.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in this article.

Block’s Q4 Bitcoin Revenue Fell 7% Year Over Year to $1.83B

Block’s Q4 Bitcoin Revenue Fell 7% Year Over Year to $1.83B

For the full year, Block’s bitcoin revenue declined 29% from 2021 due to the fall in the price of bitcoin, the company said.

By Nelson Wang

AccessTimeIconFeb 24, 2023 at 3:06 a.m.

Updated Feb 24, 2023, at 3:58 a.m.

square-cash-app
Block’s Cash App (Shutterstock)

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Fintech firm Block (SQ) reported $1.83 billion in bitcoin (BTC) revenue in its Cash App unit during the fourth quarter, down 7% year over year but higher than the $1.76 billion reported in the third quarter. Block reports the total sale amount of bitcoin to customers as revenue.

Cash App generated $35 million in bitcoin gross profit in the quarter, down 25% from the year earlier and slightly less than the $37 million reported in the third quarter.

The year-over-year decline in bitcoin revenue and gross profit was driven by the fall in the price of bitcoin, Block said in its quarterly shareholder letter Thursday.

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For the full year of 2022, Cash App generated $7.11 billion of bitcoin revenue and $156 million of bitcoin gross profit, down 29% and 28%, respectively, from the previous year.

Block recorded an impairment charge of $9 million on its bitcoin investment during the fourth quarter, compared to $2 million in the third quarter. For the full year of 2022, Block recognized a bitcoin impairment loss of $47 million.

As of Dec. 31, the fair value of Block’s bitcoin investment was $133 million based on “observable market prices,” which was $30 million greater than the carrying value of the investment after impairment charges, the company noted.

Overall, the company reported adjusted earnings per share of 22 cents on $4.65 billion in revenue, compared to analyst estimates of EPS of 30 cents and revenue of $4.63 billion, according to FactSet.

Shares of Block were up 0.6% in post-market trading Thursday to $74.54. Shares are up 17% this year but down 22% over the past year.

UPDATE (Feb. 23 21:48 UTC): Added company’s overall results.

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Bitcoin Soars Over $25K, MEXC (MX) Rockets To All-Time High in 2023

Bitcoin Soars Over $25K, MEXC (MX) Rockets To All-Time High in 2023

press release

PRESS RELEASE. With Bitcoin surging to reach a new 2023 high, MX has been the top performer in exchange tokens, with a 7-day growth of 32%.

Bitcoin’s price rising over $25,000 has sparked a frenzy of activity in the cryptocurrency market. With investors flocking to take advantage of the price gains, the trading volume for top exchanges has significantly increased.

As one of the leading exchanges, MEXC announced that its futures business made a significant breakthrough, with an average daily trading volume growth of 1200%.

KEY FACTS

  1. BTC was recently trading at about $25,247, rising 16.61% in 7 days. Bitcoin last traded over $25,000 in June 2022.
  2. In the last two months, MEXC Coin (MX) has surged upwards, racking up an 81.82% increase and reaching a 7-month high of $1.44 on Feb. 16.
  3. MX is currently trading at $1.21 with a 24-hour trading volume of $2,954,282.

WHAT IS PUSHING THE MX RALLY?

  • As of September 2022, MEXC has exceeded 10 million users, and the platform’s cryptocurrency liquidity has already ranked first in the world. MEXC’s top ranking in liquidity is expected to drive up the MX price, as it increases investor confidence in its ability to manage risk and provide stability in the market.
  • MEXC’s commitment to “User First, MEXC’s changing for you” has earned it recognition as one of the Top 10 Most Popular Cryptocurrency Services by Cloudflare. The ranking is widely considered the definitive report card on corporate influence worldwide, and also boosted the market recognition of MEXC and led to a surge in the price of MX.
  • The MEXC Launchpad presents an exciting opportunity for holders of MX to receive airdrops during initial listings. Recently, the platform introduced its latest Launchpad Project, DeHeroGame, which is a pioneer in GameFi 2.0 and utilizes NFT TCG technology. This launch has sparked high demand for MX staking.

TANGENT

“We never stopped focusing on our customers throughout the general market’s up and down,” said Andrew Weiner, VP of MEXC. “an important part of backing our customers is giving them confidence when they trade, so we’ve reduced our trading fees to the lowest in the market.”

MEXC has recently announced revised fees for trading on its platform. The new fee structure includes a 0% maker fee and a 0.03% taker fee for futures trades. The maker fee for spots is also 0%, with a taker fee of 0.1%.

On average, cryptocurrency trading platforms charge a fee rate between 0.02-0.06%. Following this rate adjustment, MEXC has become the platform with the lowest trading fees across the entire industry. Without a doubt, such competitive price rates are very attractive to most cryptocurrency users.

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. cryptoflings.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.

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Bitcoin Network Difficulty Expected to See Largest Increase of the Year Amid High Hashrate, Shorter Block Times

Bitcoin Network Difficulty Expected to See Largest Increase of the Year Amid High Hashrate, Shorter Block Times

After a small decrease of 0.49% on Feb. 12, 2023, Bitcoin’s network difficulty is expected to experience a significant increase in three days on Feb. 24. Estimates indicate the difficulty could see the largest rise of the year, surpassing the 10.26% increase that occurred on Jan. 15 at block height 772,128.

Next Bitcoin Difficulty Change Estimated to Jump 10.78% to 11.5% Higher

In 2022, Bitcoin’s hash rate remained above the 200-exahash-per-second (EH/s) range. However, in 2023, 300 EH/s seems to be the new norm. According to statistics, over the last 2,016 blocks, Bitcoin’s hash rate has averaged around 310.5 EH/s. Additionally, bitcoin block times have ranged from 8 minutes and 55 seconds to 8 minutes and 68 seconds, which is faster than the 10-minute average. The high hash rate and quicker block times indicate a significant increase in difficulty, which is expected to occur on Feb. 24.

Statistics indicate that the upcoming difficulty adjustment, scheduled for Friday, will be the largest of the year, surpassing the previous record set on Jan. 15. The estimated increase for the Feb. 24 adjustment is expected to be between 10.78% and 11.5%. The current difficulty is approximately 39.16 trillion hashes, and the next difficulty adjustment is likely to push it above 40 trillion. A 10.78% increase would result in a difficulty rating of approximately 43.35 trillion hashes. Regardless of the final outcome, an increase in difficulty will make it more challenging for bitcoin miners to discover new blocks.

At the time of writing, the mining pool Foundry USA commands 33.33% of the network hash rate, or 105.37 EH/s. Antpool accounts for around 18.66% of the global hash rate, dedicating 58.98 EH/s to the Bitcoin blockchain. Together, these two pools captured more than 51% of the pie comprising 13 known pools and 11.93 EH/s of unknown hash power. Following Foundry and Antpool are F2Pool, Binance Pool, and Viabtc, which collectively control 33.54% of the global hash rate. These top five pools contribute a combined 84.54% of the total hash rate that provides security to the Bitcoin blockchain.

What do you think about the expected significant increase in Bitcoin’s network difficulty? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. cryptoflings.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in this article.

Silvergate Bank Becomes Most Shorted Stock in US but Sees Boost With Citadel Securities Stake

Silvergate Bank Becomes Most Shorted Stock in US but Sees Boost With Citadel Securities Stake
Silvergate Bank

Recent data shows that Silvergate Bank, a crypto-friendly financial institution, has become the most shorted stock in the United States, according to the Financial Industry Regulatory Authority. On Tuesday, Silvergate’s stock saw a rise after it was discovered that Citadel Securities holds a 5.5% stake in the bank, according to a Schedule 13G filing with the Securities and Exchange Commission (SEC).

As Silvergate Shares Are the Most Shorted Stock on Wall Street, Citadel Securities Claims 5.5% Stake in the Crypto-Friendly Bank

According to current market data, shares of the crypto bank Silvergate have fallen 85.62% over the past six months. Additionally, as of Feb. 9, 2023, the Financial Industry Regulatory Authority reports that Silvergate Capital’s shares are the most shorted stock in the country.

However, over the last month, Silvergate’s stock has risen 14.48% against the U.S. dollar, and there has been some improvement in price growth in 2023 compared to 2022.

The Short Interest Reporting also indicated that as of Jan. 31, 2023, 72% of Silvergate’s shares were being used for short. In recent months, Silvergate has been dealing with negative news regarding the bank’s relationship with the now-defunct Alameda Research and FTX.

The company’s Q4 2022 earnings report showed a loss of $1 billion. However, the recent rebound in the cryptocurrency market in 2023 has helped to some extent, and an SEC filing from Citadel Securities shows an investment in the firm.

A Securities and Exchange Commission (SEC) filing, Schedule 13G, shows that Citadel Securities holds more than 1.7 million shares of Silvergate, which are worth $25.9 million at Tuesday’s exchange rates. It is currently unknown why Citadel Securities has a 5.5% stake in the La Jolla-based bank. It was revealed in Sept. 2022 that Citadel Securities is working with Fidelity Digital Assets and Charles Schwab Corp. on a cryptocurrency exchange called EDX Markets.

Since the news about Citadel Securities, Silvergate’s shares have risen 4.66% against the dollar, remaining above the $15 per share range. Data further shows that Susquehanna Advisors Group owns 7.5% of Silvergate’s shares or 2.36 million shares.

What do you think about Citadel Securities claiming a 5.5% stake in Silvergate Bank? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. cryptoflings.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in this article.

Robert Kiyosaki Predicts Bitcoin Hitting $500K by 2025 and Gold Soaring to $5K

Robert Kiyosaki Predicts Bitcoin Hitting $500K by 2025 and Gold Soaring to $5K
Robert Kiyosaki Predicts Bitcoin Hitting $500K by 2025 and Gold Soaring to $5K

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has predicted that the price of Bitcoin Hitting will hit $500,000 by 2025. During the same time period, he expects the price of gold to reach $5,000 and silver to hit $500. Kiyosaki also warned that a “giant crash” is coming and depression is possible.

Robert Kiyosaki’s Latest Bitcoin, Gold, and Silver Price Predictions

The author of Rich Dad Poor Dad, Robert Kiyosaki, has shared his latest predictions on bitcoin, gold, and silver. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

Kiyosaki tweeted Sunday:

Giant crash coming. Depression possible. Fed forced to print billions in fake money. By 2025 gold at $5,000, silver at $500, and bitcoin at $500,000.

“Why? Because faith in the U.S. dollar, fake money, will be destroyed. Gold & silver [are] God’s money. Bitcoin [is] people’s $. Take care,” the famous author added. Kiyosaki previously explained that gold, silver, and BTC are real money whereas the U.S. dollar is fake money.

In January, he said we are in a global recession, warning of soaring bankruptcies, unemployment, and homelessness. The renowned author predicted that gold will soar to $3,800 while silver will rise to $75 this year. He said last December that gold, silver, and bitcoin owners will get richer when the Federal Reserve pivots and prints trillions of dollars. At the time of writing, bitcoin is trading at $22,042 while gold’s spot price is $1,869 per ounce and silver is $22.23 per ounce.

Kiyosaki is not the only one who is bullish about the price of bitcoin. Crypto-focused investment firm Pantera Capital recently said that we are in the next bull market cycle. Investment management firm Ark Invest expects bitcoin to become a multitrillion-dollar market, predicting that BTC could reach $1.48 million per coin.

However, Kiyosaki warned last week that “everything will crash” but advised investors not to panic. He added that he plans to buy more gold, silver, and bitcoin. The famous author previously said that he is a bitcoin investor, not a trader, so he gets excited when BTC hits a new bottom.

What do you think about the predictions and warnings by Rich Dad Poor Dad author Robert Kiyosaki? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects, and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Bitcoin Dips After US Inflation Comes in Slightly Hot

Bitcoin Dips After US Inflation Comes in Slightly Hot

The report suggests the Fed will need to continue tightening monetary policy.

By Stephen Alpher

AccessTimeIconFeb 14, 2023 at 7:06 p.m.

Updated Feb 15, 2023, at 12:21 a.m.

CDCROP: Man pushing shopping cart of groceries up line chart arrow (Getty Images)
(Getty Images)

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The consumer price index (CPI) for January rose 0.5% versus 0.1% a month earlier, in line with economist forecasts.

On a year-over-year basis, however, inflation was running slightly hotter than hoped, coming in at a 6.4% pace in January versus 6.5% in December and against predictions for 6.2%.

The core CPI – which strips out food and energy costs – rose 0.4% in January, also in line with expectations and flat from December’s pace. Year-over-year core CPI in January was faster than forecast at 5.6% versus 5.5% expected and down from 5.7% a month earlier.

The price of bitcoin (BTC) fell about $100 in the minutes following the news, trading at $21,770 at press time. Stock index futures dipped a bit as well, with the Nasdaq 100 lower by 0.25%.

Traders are closely watching the pace of inflation, which remains elevated but has been slowing for several months. While a continued slowdown could give the U.S. Federal Reserve the space to perhaps pause its interest rate hiking cycle, Tuesday’s report suggests more work needs to be done.

For now, markets continue to expect the central bank to hike its benchmark fed funds rate another 25 basis points at each of its next two meetings (in March and May) and then pause increases.

Read more about

InflationCPIFederal ReserveBitcoin

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Stephen Alpher

Stephen Alpher is CoinDesk’s co-regional news chief, in the Americas. He holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000.

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