A convinced Bitcoin fan – Not long ago, financial analyst Bill Miller told us that Bitcoin was “rat poison” for fiat currencies . He reiterates his optimism today, and here in this article is a small excerpt from his compliments to the king of cryptos.

Its investment fund bets on Bitcoin… via MicroStrategy!

The supposed billionaire Bill Miller has just published a new letter to investors at his financial analysis firm Miller Value Partners.

Bill Miller explains in this letter one of their most recent purchases: convertible bonds of the company MicroStrategy .

As a reminder, the company listed on the Nasdaq issued a debt of 550 million dollars in bonds, in order to buy ever more Bitcoin Supersplit. Bill Miller explains to his investors that:

“We were particularly interested when Michael Saylor [the CEO of MicroStrategy, editor’s note] announced that his company would put all of its money into a technology that we have long supported: Bitcoin (…). “

MicroStrategy has just acquired even more bitcoins , cumulating a staggering total of 70,784 BTC (or about $ 2.2 billion ).

But why this fascination with Bitcoin from Bill Miller’s investment firm?

“The short answer is that there is no other asset that combines Bitcoin’s liquidity with its upside potential. Bitcoin is still an emerging technology in a huge now accessible market, and it has a brilliant protocol that is logically consistent with distributed governance. “

Bill Miller dismantles objections to Bitcoin step by step

The multimillionaire then engages in a formal slaughter of „objections“ that can be raised against the king of cryptocurrencies.

For example, to the silliest of arguments, which is to say that Bitcoin “does not produce anything and therefore has no intrinsic value” , Bill Miller answers:

“What it ‚produces‘ is the ability to store and transmit value according to a predetermined logical algorithm and decentralized governance. The value of any asset that doesn’t pay dividends, like Berkshire Hathaway stock or the US dollar, is what buyers and sellers collectively think it’s worth. With a current market cap of $ 700 billion, buyers and owners of Bitcoin believe it is more valuable than all of the [500] companies in the S & P500 Index, except the six largest. „

The Geforce RTX 3080 has been sold out for months. While gamers are longingly looking out for a new release date, an ambitious crypto miner has now published a post on Facebook in which he proudly referred to his latest acquisitions – 78 Geforce RTX 3080.

Simon Byrne operates crypto mining in Las Vegas

He now publishes a post on Facebook in which he lets the social media community share in his happiness. Byrne is the proud owner of 78 Geforce RTX 3080. The high-performance graphics cards have been sold out for months. Combined with another 65 Geforce GTX 1080 Ti, the American has a hash rate of 9665 gh / s. In addition, electricity prices in Las Vegas are many times cheaper than in Germany, for example. While in the Federal Republic of Germany you pay an average of 29 cents / kWh, living in the city of gambling is comparatively cheap with the equivalent of 7 cents / kWh. How he got the large number of graphics cards that were sold out almost everywhere and what he paid for them remains unclear.

According to the company, Byrne earns $ 900 net a day from mining

His investment would have paid for itself after 50 days. According to these numbers, he should have invested $ 45,000, which would give him a return on investment of 2 percent per day.

Just like Simon Byrne, but on a grand scale, the crypto miner Bitcoin Circuit scam stocked up on new mining hardware for $ 35 million in late December 2020. The Colorado company continues to focus on expanding its Bitcoin hash rate. It is hoped that this will result in an increase of 3.8 exahash per second (eh / s) in 2021. For comparison: Byrnes Ethereum hash rate of 9665 gh / s would correspond to 0.000009665 eh / s.

The delivery and installation of the 3,000 S19 Pro Antminer and the 12,000 S19j Pro Antminer is planned for May to October 2021. The purchase is the latest in a series of comparable acquisitions. Because over the past summer, Riot has already ordered 16,000 of the mining devices. Another 2,500 were added in October. At the time, the company stated that it wanted to achieve a hash rate of 2.3 EH / s in 2021. In contrast, the now forecast 3.8 EH / s mark an increase of around 65 percent. More than 37,000 mining devices are said to be in use for this.

Paolo Ardoino reiterates that there is no reason for the SEC to now sue Tether after Ripple.

Paolo Ardoino, the chief technology officer (CTO) of crypto company Tether, is fighting back against speculation that the company’s stablecoin USDT could be the next target of the US Securities and Exchange Commission (SEC).

In a reply to Ki Young Ju, managing director of the market research institute CryptoQuant, Ardoino accordingly wrote on Twitter that Tether strictly follows the requirements of FinCEN, the agency for combating financial crime, which in turn belongs to the Bitcoin Up US Treasury Department. Accordingly, such claims would merely be an attempt to stir up „FUD“, i.e. fear and doubt.

Ki Young had written in his original tweet: „If SEC targets Tether next, it would be very, very bad for the current uptrend as it is very much supported by USDT.“

Although Ardoino rightly points out that Tether is following anti-money laundering (AML) and information collection (KYC) requirements, he does not address Ki Young’s central criticism, suggesting that the stablecoin may be in violation of securities law. Especially if Tether’s dollar reserves are not as high as stated, there could be a violation.

In 2019, the New York Attorney General had published a legal assessment stating that Tether and its sister company, the crypto exchange Bitfinex, had jointly engaged in unlawful securities trading. According to the assessment, the two companies allegedly lent USDT to investors without it being fully covered by US dollars.

Tether’s USDT stablecoin, which is said to be only loosely linked to the US dollar, has been the subject of critical scrutiny for several years. As a reminder, stablecoins are cryptocurrencies that are supposed to maintain their namesake stability of value by being linked to an external asset such as a national currency.

In 2018, finance professor John Griffin had concluded in a study that USDT was even used to manipulate or bring about Bitcoin’s (BTC) record run in 2017.

Both Tether and Bitfinex were questioned by the US derivatives trading regulator (CFTC) in 2018 to determine whether the USDT was indeed fully hedged in US dollars. It was not possible to conclusively prove any misconduct on the part of the two companies.

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