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Bitcoin to Form New Economic Class: Adamant Research Report

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  • Alex Dovbnya
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    Bitcoin is creating a new economic class of people that are not dependent on traditional financial institutions, according to Tuur Demeester

Bitcoin to Form New Economic Class: Adamant Research Report
Cover image via www.123rf.com

Analytical firm Adamant Research, which is helmed by long-time cryptocurrency investor Tuur Demeester, has just released a new study entitled "Bitcoin Reformation" that draws parallels between Bitcoin and the Reformation period. 

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One of the highlights of the 18-page research paper is the part about how Bitcoin is forming a new economic class similar to that of Reformation-era merchants that upended papal authority in Western Europe.

The paper states that the technological revolution that took over Europe in the 16th century was the driving force behind rapid changes. Particularly, the printing press enabled the mass production of books, thus increasing international trade. Demeester compares it to the proliferation of computation, data storage, and cryptography in the current era. 

Eventually, due to the acceleration of trade and tech progress, a new class of merchants emerged and took away a big chunk of wealth from landlords and churches. Having lived through the horrors of the 2008 financial crisis, the millennial generation now turns to tech instead of banks. Demeester cites a Facebook study, which claims that only eight percent of millennials trust traditional financial institutions. 

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Moreover, according to multiple surveys covered by U.Today, millennials tend to be the most Bitcoin-friendly demo. Considering that this generation is projected to control the largest share of disposable income in ten years, it could end up at the forefront of the growing crypto economy. 

Hence, Bitcoin could lead to one of the biggest transfers of wealth in human history. The Bitcoin white paper, which recently turned 11, was published by Satoshi Nakamoto on Reformation Day.

The fact that these two events conveniently co-exist on the calendar side to side is not just a coincidence.      

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff

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  • Alex Dovbnya
    📰 News

    Gold proponent Peter Schiff thinks that Bitcoin evaporating its 40 percent pump proves that it's a pump-and-dump scheme

Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Euro Pacific Capital CEO Peter Schiff has come up with a new insult for Bitcoin, calling it "a classic pump-and-dump scheme."

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"You're being played"

Schiff continues to assert that Bitcoin's 40 percent pump on Oct. 25 was the result of price manipulations. The fact that Bitcoin's has completely trimmed these gains in just four weeks definitely flies in the face of bulls.

The gold bug explains that the pump was meant "to sucker in" momentum buyers to dump their bags later. This is supposed to be a wake-up call for all buyers.

Earlier, Schiff lambasted Bitcoin holders for not being able to see through the shenanigans of whales who are selling their coins on the verge of a major price.        

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Other bears are waking up 

Mark Dow, the trader who famously shorted Bitcoin at its current all-time high, recently resurfaced on Twitter with a succinct "Bitcoin is dying" tweet, which came in handy right on the verge of Bitcoin's drop to the $7,500 level.     

While some bulls might be tempted to dismiss Bitcoin price moves recorded on the lower time-frames as "noise," the long-term picture is also gloomy. As reported by U.Today, crypto market analyst Willy Woo opined that Bitcoin might not replicate the success of previous halvening cycles due to its unusual bearishness. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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