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My Digital Money is another IRA provider that offers customers the ability to trade in cash.

The U.S.-based platform is younger than many of its counterparts on this list, having launched in April 2021. Thus, investors should exercise more caution regarding My Digital Money compared to its rivals, especially as so little information is available on the company.

Additionally, My Digital Money is partnered with Genesis Capital. Genesis is a crypto lending platform that filed for bankruptcy in January after getting caught up in the contagion that followed the spectacular collapse of crypto exchange FTX.

Genesis currently serves as My Digital Moneys liquidity provider, meaning trades are routed through its platform. Importantly, My Digital Money confirmed that Genesis does not have custody of My Digital Moneys customer assets.

However, it is certainly a point worth mentioning and a stark reminder of the importance of security and asset storage in the opaque world of cryptocurrency.

My Digital Money has also advised it is seeking a new liquidity provider, an unsurprising development given the mere presence of the Genesis name will likely cause most customers to look elsewhere in light of recent events.

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Best bitcoin IRAs of April 2023 USA TODAY Blueprint - USA TODAY

Bloomberg Intelligence strategist Mike McGlone says Bitcoin (BTC) could be the best bet for macro investors, but warns a looming recession may pose a threat to its gains in the near term.

In a new live stream with Scott Melker, McGlone says Bitcoins decentralized nature will protect it from US regulators who appear to be increasingly targeting the crypto space.

Top US regulators have stated publicly they consider Bitcoin a commodity.

Thats the key thing where Bitcoin sticks out [is] you cant do anything to this and you cant kill it. Its just unprecedented. Its untouchable. You could make a case that Ethereum is a security when you hear about all these upgrades and people doing this and people doing that to make it better. Im like okay, well thats kind of scary. You cant do that to Bitcoin. Its just why its fine and impressive.

McGlone says hes bullish on Bitcoin, but says hes also anticipating a recession in the third quarter of the year, which would weigh down on risk assets like BTC.

He says OPECs (Organization of the Petroleum Exporting Countries) decision on Sunday to reduce daily oil output makes a recession more likely, as well as interest rate hikes from the Federal Reserve to draw down inflation.

We had our morning call this morning and our [Bloomberg] economist Anna Wong said, Yeah, their base case is for that recession to kick in Q3. Starting to move it a little forward now. OPEC is helping that. Fed tightening is helping that. So all assets have to go down. That means Bitcoin too. Its the fastest horse in the race. So Im overall, certainly relatively bullish.

But if I expect the stock market still to drop a third from here, I got to expect that weakness and thats still my base case. And crude oil now is kind of accelerating that issue. OPEC is just admitting that theyre seeing the global demand problem kicking in and theyre responding as a rational cartel would do within the economic rationality.

Bitcoin is trading for $28,071 at time of writing.

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Featured Image: Shutterstock/KHIUS/Natalia Siiatovskaia

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Bloomberg Analyst Says Bitcoin (BTC) the Fastest Horse But Issues Economic Warning - The Daily Hodl

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Bitfarms Q1 Bitcoin production rose 35% to 1,297 BTC YOY - CryptoSlate

Dedollarization is a concept that has been around for a long time now but has only begun taking shape over the last few years. While Crypto was built to be a global currency, independent from other currencies, the devaluation of the US Dollar (USD) might play in its favor, making its aim a reality.

Dedollarization is the devaluation faced by the USD due to other currencies taking its place as the worlds reserve currency used for trading Oil and other commodities. The eroding trust in banks and the Federal Reserve is driving countries away from the US Dollar, pushing them to use their own currencies instead. This discussion is heating up more at the moment due to the recent macroeconomic developments.

USD is becoming weaker by the day as rising inflation and declining geopolitical relations have sent people looking into other options. Many countries, for the same reason, have pulled away from using the Dollar for bilateral trades and have shifted towards their own currencies. China is the biggest country when it comes to using its national currency for trade, as it already has agreements with Australia, Russia, Japan, Brazil, and Iran.

Recently BRICS member Russias Deputy Chairman of the State Duma Alexander Babakov also stated that the member countries could create their own currency backed not by gold but land and rare earth metals. Adding to the possibility, Babakov said,

Most likely, this will be doneNeither the Euro nor the Dollar is backed by anything, and our countries can do what was destroyed by the Bretton Woods system.

This could result in USD losing its presence from a major chunk of the global economic activity, further weakening its strength as the use of the likes of the Chinese Yuan could see an increase in settling transactions between countries.

However, apart from the Yuan, the weakening of the USD could also act as a boost for cryptocurrencies.

At the moment, the USD is the worlds major currency and dedollarization would lead to a reduced circulation of the currency, resulting in lower liquidity. Consequently, the stock market could note a bearish period which usually also impacts the crypto market.

This is because following the Covid-19 crash, Bitcoin and Cryptos correlation with the stock market increased. The Nasdaq100 and S&P 500 dictated the digital assets path, which took away BTCs inflation hedge status until the recent banking crisis.

With the Silicon Valley Bank, Silvergate bank and Signature bank failing, Bitcoin decoupled itself from the stock markets and rallied to its current trading price of $28,200. With faith in banks decreasing and the Federal Reserve suggesting higher interest rate hikes going forward the TradFi market could see some bearish effects.

Additionally, Bitcoins rising correlation with Gold is also rising by the day reaching 0.92 on April 3. Throughout 2022 this correlation stood far lower due to the volatility, but the current conditions strengthen the assets safe-haven status, which could drive hyperbitcoinization.

Hyperbitcoinization is known as the transition of Bitcoin into the worlds most dominant form of currency, which many predict is not too far. One of Bitcoins biggest supporters, former Coinbase Chief Technical Officer (CTO) Balaji Srinivasan, even went on to make a $1 million bet with pseudonymous Twitter speaker James Medlock on March 17 that BTC would be worth $1 million within the next 90 days.

Explaining this bet, Srinivasan noted that this million-Dollar bet was not about winning or rallying Bitcoin price but about settling the ideological discussion surrounding USD inflation. He explained his statement by saying,

I believe Medlock will agree that this is an ideological bet, like the Simon-Ehrlich bet, which resolved a famous difference of opinion between libertarians and progressives.

While many consider this to be just a publicity stunt, Balaji himself stated that his declining faith in banks and belief in Bitcoin is what drove him to make the bet in the first place.

Original post:
This is what dedollarization would do to Bitcoin - FXStreet

The number of unique Bitcoin addresses holding at least 1 BTC, currently worth $28,181 as of writing on April 3, stands at 992,243.

According to Look Into Bitcoin data, the number of holders with at least 1 BTC has steadily increased. This could suggest that despite price volatility, the coin has been finding traction and being adopted by supporters, including entities and governments.

Paralleldata from BitInfoCharts reveals that of all the circulating supply, individuals with more than 1 BTC comprise less than 3% of all addresses. As an illustration, addresses holding between 100 and 1,000 BTC stood at 14,004, representing 0.03%. Only four addresses held between 100,000 and 1 million BTC. The tracker revealed that most BTC addresses had between 0.0001 and 0.001 BTC.

Bitcoin whales were mostly exchanges, with one wallet associated with Binance, a cryptocurrency exchange holding 248,597 BTC. Another by Bitfinex, one of the earliest crypto exchanges, held 178,010 BTC.

In late October 2010, less than 60,000 unique addresses held 1 BTC. However, this has increased by almost 15X in the last 12 years, signaling acceptance. A noteworthy observation, in this case, is that the number of holders with at least 1 BTC has been steadily rising despite a sharp increment in price.

Throughout 2020 and 2021, BTC holders kept accumulating, unfazed by rapidly increasing prices following governments intervention to mitigate the risks of the COVID-19 pandemic.

In 2022, dropping prices catalyzed demand and accumulation for proponents during the last crypto winter. There was a noticeable increase in BTC addresses last year when prices tanked to as low as $15,000 in Q4 2022, triggered by the collapse of several CeFi platforms, like Voyager and Three Arrow Capital (3AC).

The bankruptcy of crypto exchange FTX broke Bitcoin, forcing it to a 2022 low of around $15,000. Since that time, the cryptocurrency has bounced to its current levels.

Bitcoin is a public network enabling users to move value, even across borders, without needing a third party. All BTC transactions are bundled into a block, confirmed, and sent to a different address at any time.

In this way, users can send funds fir a low fee without the intervention of a third party, such as a bank or money transfer agency. The Bitcoin network remains one of the most resilient, with an uptime close to 100%. The network has been continuously operating since launching in early 2009.

El Salvador became the first country to make BTC legal tender. Other countries, including the Central African Republic, also support the coin. The United States Securities and Exchange Commission (SEC), led by Gary Gensler, also recognizes Bitcoin as a commodity.

Feature Image From Canva, Chart From TradingView

Link:
Bitcoin Addresses With At Least 1 BTC Nears A Million, BTC Steadies Above $28,000 - NewsBTC