NFL Player Gets a Myriad of Celebrities to Add the Bitcoin Hashtag to Their Twitter Profiles

NFL Player Gets a Myriad of Celebrities to Add the Bitcoin Hashtag to Their Twitter Profiles

NFL Player Gets a Myriad of Celebrities to Add the Bitcoin Hashtag to Their Twitter Profiles

Following the day the Tesla founder, Elon Musk, added the Bitcoin hashtag to his Twitter profile, the popular Carolina Panthers offensive tackle, Russell Okung told his social media followers to put the Bitcoin hashtag in their bio. Okung has managed to get hundreds of people to do it, but more recently the NFL player started a decent train of celebrities with very large Twitter follower counts to join the bandwagon too.

Russell Okung: ‘Plant the Flag to Declare You’re Ready for the Future’

Last week, Elon Musk put the Bitcoin hashtag in his Twitter bio, and after he did that, the price of bitcoin (BTC) coincidently saw significant gains. Musk also tweeted, “In retrospect, it was inevitable,” and a great number of crypto supporters celebrated the Tesla founder’s social media teases. After Musk did this on Twitter, the NFL player who plays offensive tackle for the Carolina Panthers, Russell Okung told his Twitter followers to follow Musk’s recent move.

“Everyone put #Bitcoin in your bio,” Okung tweeted. “Plant the flag to declare you’re ready for the future. Send me a screenshot so I know it’s real,” the football player wrote. The football player is also well known for recently telling the world that he chose to take half of his U.S. 13 million-dollar NFL salary in bitcoin payments.

“Getting paid in bitcoin is the first step of opting out of the corrupt, manipulated economy we all inhabit,” Okung explained at the time.

Following the popular NFL star’s tweet, Okung got over 2.3k in Twitter responses and a large number of screenshots. A great number of screenshots stemmed from hardcore cryptocurrency supporters and also a myriad of average people too.

Famous Celebs Join the Bitcoin Hashtag Trend

Furthermore, Okung managed to get a great number of celebrity names to participate in the Bitcoin hashtag bio trend as well. Okung has also been tweeting about some of the well known celebs joining in on planting the Bitcoin hashtag flag in their Twitter bios.

Some of the individuals included the spiritual guru Sofia Hayat, Westbrook Media’s Brad Haugen, Mr Beast, the singer Joy Villa, Reddit co-founder Alexis Ohanian, Skybridge Capital’s Anthony Scaramucci, and many more. Every one of the celebs has well over 100k Twitter followers or a whole lot more. “Salute to those building a decentralized future.”

Okung further tweeted on Saturday. “The message is clear: We’re not here to play a part, we’re here to take over,” the Carolina Panthers offensive tackle added. The following day, Okung also tweeted a disdainful message toward the ‘Great Reset’ agenda.

“You will own nothing, and you will be happy,” Okung tweeted referring to the November 2016 World Economic Forum (WEF) tweet that originally stems from a prediction made by a member of Danish parliament, Ida Auken. “Now translated as: ‘We will own everything, and you will let us,’” the NFL player Okung said on Sunday morning.

What do you think about all the celebrities joining Okung’s call to put the #Bitcoin hashtag in their social media profiles? Let us know what you think about this subject in the comments section below.



source https://news.bitcoin.com/nfl-player-gets-a-myriad-of-celebrities-to-add-the-bitcoin-hashtag-to-their-twitter-profiles/
UBS: Crypto Has Fundamental Flaw, Bitcoin’s Fixed Supply Could Cause Its Value to Collapse

UBS: Crypto Has Fundamental Flaw, Bitcoin’s Fixed Supply Could Cause Its Value to Collapse

UBS: Crypto Has Fundamental Flaw, Bitcoin's Fixed Supply Could Cause Its Value to Collapse

A chief economist at UBS, the largest bank in Switzerland, says cryptocurrency has a fundamental flaw. Bitcoin’s fixed supply could cause the collapse of its value and spending power, making it unattractive to use as a currency, he claims.

A UBS Chief Economist Says Bitcoin’s Fixed Supply Is a ‘Fundamental Flaw’

Paul Donovan, Chief Economist of UBS Global Wealth Management, explained last week why people won’t want to use bitcoin as a currency. UBS is the largest bank in Switzerland.

“The debate about bitcoin and other crypto tends to be very passionate. Crypto supporters say that economists are just dinosaurs, and economists say that crypto supporters are just selling a bubble.” He also pointed out that bitcoin and other cryptocurrencies have been volatile in price terms.

“If we look objectively at the issue, I think an important question is whether bitcoin and other crypto could be currencies,” the UBS chief economist continued, emphasizing, “And, I don’t think that they can.”

He explained that “One of the key reasons for that is that a currency has to be a stable store of value. With a proper currency, you got a genuine certainty that the basket of goods you can buy today is going to be the same as the basket of goods that you can buy tomorrow.”

However, he asserted that “With bitcoin and other crypto, you don’t have that certainty.” The UBS chief economist explained:

It’s all down to a rather fundamental flaw with crypto. In order to achieve stable spending power, a store of value, the balance of supply and demand needs to be maintained.

“So, if demand for proper currency goes down, the central bank can reduce supply, maintaining the balance and therefore maintaining spending power,” the UBS chief economist opined. However, he did not differentiate between cryptocurrencies with a fixed supply, like bitcoin, and other coins without a fixed supply, including stablecoins.

Donovan continued:

But if demand for crypto goes down, and self-evidently it does, the supply cannot go down to maintain balance. So, the value, and the spending power, immediately collapses.

“It might collapse for a short period of time or it might collapse for a long period of time. But people are unlikely to want to use something as a currency if they got absolutely no certainty about what they can buy with that tomorrow,” he concluded.

Many financial strategists, on the other hand, have said that bitcoin’s volatility falls as adoption increases. Fidelity recently pointed out that BTC’s volatility is down about 50% from a few years ago. In July, BTC’s volatility hit a three-year low. Billionaire investor Bill Miller said bitcoin becomes less risky the higher the price goes.

UBS recently published guidance on bitcoin investing. “While we wouldn’t rule out further price increases,” the bank warned: “We are also cognizant of the real risk of one losing one’s entire investment. Investors in cryptocurrencies must therefore limit the size of their investments to an amount they can afford to lose.”

What do you think about the UBS economist’s view on bitcoin? Let us know in the comments section below.



source https://news.bitcoin.com/ubs-cryptocurrency-fundamental-flaw-bitcoins-fixed-supply-value-collapse/
US Lawmaker Likes Bitcoin — Urges Policymakers to Embrace Innovation in Regulation

US Lawmaker Likes Bitcoin — Urges Policymakers to Embrace Innovation in Regulation

US Lawmaker Likes Bitcoin — Urges Policymakers to Embrace Innovation in Regulation

U.S. Representative Patrick McHenry is pro-bitcoin. He is now hosting the Bitcoin whitepaper on his official congressional website and has called on other lawmakers to embrace innovation like Bitcoin. He believes that the cryptocurrency is unstoppable and governments cannot kill it.

Pro-Bitcoin US Lawmakers

A growing number of U.S. lawmakers have recently spoken in support of Bitcoin. Among them is Congressman Patrick McHenry from the state of North Carolina. On Friday, he talked on CNBC’s Squawk Box about how to approach regulation after last week’s market swings. “You can’t put technology back in the box. Innovation is here. We have to embrace. We have to broaden access to our markets, we have to broaden access to our financial products,” he said.

McHenry has long been a Bitcoin advocate. Last week, when the lawyer of the self-proclaimed Satoshi Nakamoto, Craig Wright, threatened to sue a few website owners for hosting the open-source Bitcoin whitepaper on their websites, McHenry uploaded the document onto his official congressional website. He then tweeted:

Policymakers should be on the side of innovation and ingenuity, which are vital to American competitiveness. I hope others in US govt join me. #Bitcoin

Another pro-Bitcoin U.S. politician is Miami Mayor Francis Suarez. He uploaded the Bitcoin whitepaper onto the Miami city website following the Craig Wright lawsuit threat. “The city of Miami believes in Bitcoin and I’m working day and night to turn Miami into a hub for crypto innovation. Proud to say Miami is the first municipal government to host Satoshi’s White Paper on government site,” Suarez wrote Wednesday.

Praising Suarez’s efforts in promoting Bitcoin and innovation, McHenry replied: “Impressed by what you are doing in Miami, Mayor Francis Suarez. I hope more policymakers will join us to support American innovation.”

Earlier this month, Suarez discussed putting some of Miami city’s treasury reserves in BTC and said he is working to allow payments of city services in the cryptocurrency.

McHenry has said that bitcoin is unstoppable and governments should not attempt to ban it. “The world that Satoshi Nakamoto, author of the Bitcoin whitepaper, envisioned and others are building is an unstoppable force,” he said during a hearing of the Committee on Financial Services in July 2019. “We should not attempt to deter this innovation, and governments cannot stop this innovation and those that have tried have already failed.” McHenry additionally emphasized: “Due to the nature of the technology of Bitcoin, governments cannot kill it, nor should they.”

Last week, McHenry commented on Joe Biden’s pick for the new chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler. He believes that the MIT blockchain professor’s receptiveness to new financial technologies and cryptocurrency is positive.

The U.S. Senate also has a vocal bitcoin advocate. Sen. Cynthia Lummis from Wyoming has vowed to help her colleagues in Congress understand that bitcoin is a great store of value.

What do you think of pro-bitcoin U.S. politicians? Let us know in the comments section below.



source https://news.bitcoin.com/us-lawmaker-likes-bitcoin-policymakers-innovation-regulation/
Crypto Long & Short: GameStop, Dogecoin and a New Market Paradigm

Crypto Long & Short: GameStop, Dogecoin and a New Market Paradigm

New investors, new language, new fundamentals

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