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Microstrategy CEO Advises Nigeria and Zimbabwe to Adopt Bitcoin Standard, Says BTC Is ‘Kingmaker’

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Microstrategy CEO Michael Saylor has suggested Nigeria and Zimbabwe issue currencies that are backed by bitcoin if they want to fix their economies. He surmised that using the bitcoin standard will end starvation and allow citizens of both countries to have a decent life.

National Currencies Backed by Bitcoin

In a video clip where he also addresses claims that the Bitcoin network cannot scale, Saylor suggests that if Nigeria and Zimbabwe purchase bitcoins worth $2-3 billion, they could well end the currency woes they presently face. Saylor explained:

You wanna fix your country like Nigeria, or Zimbabwe? The way you fix your country is you buy $2 billion, $3 billion worth of bitcoin and you issue currency backed by the bitcoin. That is the bitcoin standard. And every one of your citizens stops starving to death. And they live a decent life.

Bitcoin as ‘the Kingmaker’

Before mentioning Nigeria and Zimbabwe, Saylor, whose company now holds more than 114,000 bitcoins, also identifies Turkey as another country that could buy bitcoins and use them to back the lira currency. According to Saylor, if Turkey were to purchase bitcoins worth $5 billion and hold these for the next five years, this could potentially strengthen the lira currency.

Despite Saylor’s constant exhortations, only one country, El Salvador, appears to have taken heed of the advice. Many other countries, including Nigeria, have instead chosen to create their own digital currencies which they hope will diminish the appeal of bitcoin.

However, in the same video, Saylor insists this will happen and this will prove that bitcoin is “the kingmaker.”

Do you agree with Saylor’s sentiments on bitcoin? Tell us what you think in the comments section below.

Financial Advisors Managing $110 Trillion Can Now Offer Crypto Trading to Clients via Interactive Brokers

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Registered investment advisors (RIAs) with about $110 trillion under management can now offer their clients cryptocurrency trading through Interactive Brokers. RIAs manage portfolios of almost 61 million clients.

Registered Investment Advisors Can Now Offer Cryptocurrencies to Clients

Global investment firm Interactive Brokers Group (Nasdaq: IBKR) announced Monday the launch of cryptocurrency trading for registered investment advisors (RIAs) in the U.S.

This offering will enable RIAs to “trade and custody bitcoin (BTC), ethereum (ETH), litecoin (LTC) and bitcoin cash (BCH) via Paxos Trust Company on behalf of clients.” They will be able to manage their clients’ crypto holdings alongside traditional investments, including stocks, options, futures, bonds, mutual funds, and exchange-traded funds (ETFs).

Nearly 14,000 investment advisors registered with the U.S. Securities and Exchange Commission (SEC) have reported nearly 61 million clients in 2020, according to a joint study by the Investment Adviser Association and National Regulatory Services. Both numbers are new highs for the industry. In addition, the industry has approximately $110 trillion in total assets under management.

The Interactive Brokers platform has about 1.33 million customer accounts and $330.6 billion in customer equity as of the first quarter. Clients from over 200 countries and territories invest globally in stocks, options, futures, currencies, bonds, and funds from a single integrated account.

Steve Sanders, Executive Vice President of Marketing and Product Development at Interactive Brokers, commented:

Allocating a small percentage of assets to cryptocurrency as part of a well-diversified portfolio has steadily become more commonplace, and advisors may wish to recommend cryptocurrency to their clients.

Cryptocurrency trading with Paxos on Interactive Brokers’ RIA platform has commissions of between 0.12% and 0.18% of trade value, depending on monthly volume, the company detailed. Moreover, the notice adds that there are no added spreads, markups, or custodial fees.

The company noted that while the offering is only available to RIAs in the U.S. initially, it plans to “launch the service for financial advisors in other parts of the world, in the future.”

What do you think about RIAs being able to offer clients crypto trading through Interactive Brokers? Let us know in the comments section below.

Bitcoin’s Unknown Creator Satoshi Nakamoto Is Now the 20th Wealthiest Person on Earth

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In mid-April the creator of the Bitcoin network, Satoshi Nakamoto entered the world’s top 20 richest billionaire list but after bitcoin’s price dropped, the inventor’s wealth plummeted. This week, Nakamoto has once again joined the top 20 richest people on the face of the earth. The last time, Nakamoto made the 19th position, and this time around, Bitcoin’s inventor is now the 20th richest person(s) on the face of the planet.

6 Months After Bitcoin’s All-Time High, Satoshi Nakamoto Becomes the 20th Wealthiest Person in the World

The leading crypto asset bitcoin (BTC) has skyrocketed past the $60K handle and tapped a high of $62,945 on Friday. Using today’s exchange rate and the estimated stash of bitcoin Satoshi Nakamoto reportedly owns, indicates that Bitcoin’s inventor is the 16th richest person or persons worldwide. The last time Bitcoin.com News reported on this subject, Nakamoto climbed from the 159th richest person in the globe to the 19th in a mere five months. Using today’s BTC exchange rates on October 17, 2021, six months later, Nakamoto is now the 20th richest person(s) worldwide.

The reason why people assume Satoshi Nakamoto owns all this wealth, is because it is estimated that Bitcoin’s inventor owns around 1 million BTC. Of course, there are lower-bound estimates which say the inventor only collected 750,000 BTC and then upper-bound estimates that assume Nakamoto has more than 1.1 million BTC. The crypto community at large assumes that Nakamoto has around 1 million bitcoin and because he, she or they acquired it during the first year of BTC’s existence, the inventor owns all the forks tied to the stash as well.

Between Bitcoin and 3 Forks, Nakamoto Has Roughly $61 Billion in Unspent Wealth

This means that on October 17, 2021, Nakamoto owns roughly $60.7 billion in bitcoin (BTC), $625 million in bitcoin cash (BCH), $169 million in bitcoinsv (BSV), and $191 million in ecash (formerly known as BCHA or Bitcoin ABC). That’s a grand total of $60.9 billion between those four networks which places Bitcoin’s inventor at the 20th position in Forbe’s real-time billionaires’ list. Satoshi Nakamoto is above the net worth of ​​Zhang Yiming, the billionaire from China. However, Nakamoto’s wealth is below the world’s 19th richest as Walmart’s Rob Walton has around $75.3 billion to his name.

What’s pretty amazing is that one of the world’s 20 richest people in the world is the mysterious inventor of Bitcoin. A person or group of people that have yet to spend a single penny of the $60.9 billion worth of crypto assets. Some people assume that Nakamoto may have passed away and this is why the inventor has never and will never spend the stash of 1 million coins collected when the creator kick-started the BTC network. However, Nakamoto may still be alive and may still have access to these riches.

Bitcoin’s inventor still has to catch up to the world’s two richest people which include Elon Musk and Jeff Bezos respectively. Musk has around $214.8 billion in wealth today according to Forbe’s real-time billionaires’ list and Jeff Bezos owns around $197.8 billion. In order to overtake Musk’s net worth, a single BTC will need to be valued at over $215K per unit. If BTC taps $100K this year, Bitcoin’s inventor will be in the top 10 richest person(s) list next to Warren Buffet and Mukesh Ambani.

What do you think about Bitcoin’s inventor Satoshi Nakamoto becoming the 20th richest person(s) on planet earth? Let us know what you think about this subject in the comments section below.

JMP Securities Sees Crypto Entering the Mainstream, Says Adoption Has Hit Escape Velocity

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JMP Securities Sees Crypto Entering the Mainstream, Says Adoption Has Hit 'Escape Velocity'

Investment banking and asset management firm JMP Securities says that “The crypto economy is entering the mainstream,” emphasizing that crypto “adoption and early use cases have established ‘escape velocity.” However, the firm’s analysts noted that “the industry is still in its formative stage.”

‘The Crypto Economy Is Entering the Mainstream’

JMP Securities recently published a research note that discusses cryptocurrency adoption. Noting that “The crypto economy is entering the mainstream,” the analysts wrote:

The crypto market has come a long way in its short existence, and we believe both adoption and early use cases have established ‘escape velocity,’ whereby binary arguments about its fate are all but off the table at this point.

The analysts further explained that “The industry is far from perfect today, scams do exist, regulation is undeveloped, and the industry needs more education given technical aspects of the space that make adoption and usage not always intuitive.”

Nonetheless, they believe that the industry’s potential “warrants continued investment and development,” adding, “We anticipate many of the current perceived negatives in the space will continue to improve with further maturation and time.”

They added that in the early days of bitcoin, “the crypto ecosystem was unproven and uncertain.” However, they elaborated: “Today, we believe that negative view has been substantially de-risked with adoption acceleration and expanding utility strengthening the foundation, already looking more like a relatively established network, despite what we view to be the early innings of an exponential longer-term growth cycle.”

The analysts also see the Nasdaq-listed crypto exchange Coibnase as “a flagbearer in the development of the broader crypto economy.” They concluded:

Despite the exponential scaling of adoption, we think the industry is still in its formative stage, and as use cases for crypto rapidly expand, we see tremendous upside for the companies (like Coinbase) that provide infrastructure to support this growth.

Do you agree with JMP Securities? Let us know in the comments section below.

A Look at How Buckminster Fuller Predicted Bitcoin: ‘A Realistic, Scientific Accounting System of What Is Wealth’

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A Look at How Buckminster Fuller Predicted Bitcoin: 'A Realistic, Scientific Accounting System of What Is Wealth'

Richard Buckminster Fuller was a well known American architect, systems theorist, author, and inventor. Similar to the visions expressed by the industrialist Henry Ford, the Nobel laureate Friedrich Hayek, and Austrian economist Milton Friedman, Buckminster Fuller also predicted a concept that resembled Satoshi Nakamoto’s Bitcoin invention 54 years ago in 1967.

Buckminster Fuller: ‘Build a New Model That Makes the Existing Model Obsolete’

In a recent editorial, Bitcoin.com News discussed how the famed industrialist Henry Ford, founder of the Ford Motor Company, envisaged an idea that’s similar to Bitcoin roughly 100 years ago. It was further said that before cypherpunks like Timothy May and Eric Hughes wrote about digital cash, Friedrich Hayek and Milton Friedman also predicted a technology that would operate similarly to Satoshi’s Bitcoin project. Buckminster Fuller was another intelligent individual who predicted the invention of cryptocurrencies and new wealth.

Fuller was not a fan of the financial system years before his passing on July 1, 1983. People referred to Fuller as the “grandfather of the future,” and the systems theorist often said: “God wanted all humans to be rich.” In a video interview with Fuller in 1967, the inventor talks about a new currency that will spark a new movement of wealth by 2018.

“I’ll have to talk about something which will be one of the very big, new realizations by 2000 AD,” Fuller said in the interview. “A realistic — scientific accounting system — of what is wealth … wealth isn’t the gold that the old pirates used to have — wealth is energy,” he added.

Rich Dad Poor Dad Author Robert Kiyosaki Believes Buckminster Fuller Predicted Blockchain Technology

Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad,” wrote about Fuller predicting the coming of bitcoin back in 1967 as well. Kiyosaki and a friend went to see Fuller speak at the Montreal, Canada Expo Center to see Fuller’s geodesic dome. In 1981, Kiyosaki was invited to “spend a week studying with Dr. Fuller at a lodge outside of Lake Tahoe.” The best-selling author stressed:

I believe that what Fuller predicted was the blockchain technology upon which cryptocurrencies are built.

Kiyosaki details and quotes Fuller on several occasions throughout his memoirs remembering the famed inventor. The “Rich Dad Poor Dad” author explained that decades before Satoshi Nakamoto dropped Bitcoin on the world, Fuller envisioned a “complete reengineering of the global economy facilitated by a synchronized accounting system integrated with a global energy network.” Kiyosaki emphasized that Fuller’s forecast said that the U.S. dollar would be “replaced with a new money—a money made of energy by energy.”

Published in 1981, alongside Fuller’s “Operating Manual for Spaceship Earth,” the book “Critical Path” is considered one of Fuller’s best-known works. In the book, Fuller says: “Computers make it practical to electronify wealth distribution games that accomplish the movement of goods in services in more channeled, designed structures. Not big brother though, since no central planning authority—just lots of dial-in ‘games’ with costs and rewards, likely to attract those with a self-interest in playing.”

Author Garrison Breckenridge also highlights in his editorial called “What Blockchain Can Learn from One Man’s Attempt to Save the World” how Fuller envisioned Satoshi’s technological breakthrough. It’s well known that Fuller was a man who thought outside the box when it comes to changes and technological inventions. The systems theorist and author knew quite well that the old systems of finance and governance were antiquated and could not be fixed by fighting the status quo’s current infrastructure. Fuller is famously quoted for saying:

You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.

What do you think about Buckminster Fuller predicting bitcoin back in 1967? Let us know what you think about this subject in the comments section below.