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Here’s the Shiba Inu Price to Expect, If BTC Reaches $13M

Sam Wisdom Raphael
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Here’s the Shiba Inu Price to Expect, If BTC Reaches $13M

Shiba Inu could rally to new heights if Bitcoin spikes to the $13 million price target set by MicroStrategy Chairman Michael Saylor. 

In this Shib Price News, we will calculate the Shiba Inu price if BTC gains enough strength to jump to $13M.

Given Bitcoin’s position as the largest crypto with 56.8% market dominance, Bitcoin’s market condition has always influenced the broader market.

Data from CoinMarketCap confirms that Shiba Inu has followed Bitcoin’s movements over the past month. While this trend can be concerning during a Bitcoin collapse, it can also push SHIB to higher levels whenever the price of firstborn crypto records surges.

Shiba Inu and Bitcoin Correlation
Shiba Inu and Bitcoin Correlation

Shiba Inu Price if Bitcoin Hits $13M

Interestingly, MicroStrategy Chairman and Bitcoin bull Michael Saylor expects this surge to materialize in the future. Particularly, the Bitcoin advocate recently predicted while speaking with CNBC’s Squawk Box that BTC could skyrocket to a price of $13 million by 2045, two decades from now.

However, Bitcoin has changed hands for $63,624 at the reporting time, having surged 10% over the past week. For the leading crypto asset to reach the ambitious $13 million price target, it would need to appreciate by 21,611% from its current level. 

Shiba Inu is capable of replicating a similar upsurge if it continues to follow in Bitcoin’s footsteps. Notably, SHIB currently trades for $0.00001521, up 12.4% in the last seven days. If Shiba Inu rallies by a similar 21,611%, its price would skyrocket to $0.002954, essentially taking off two leading zeros. 

Should such a price rally materialize, investors holding Shiba Inu would witness impressive yields. For instance, a $1,000 investment in Shiba Inu would procure 73,475,385 tokens at the current value. Nonetheless, if SHIB Rallies by 21,611% alongside Bitcoin, these SHIB holdings worth $1000 would surge to $217,046. 

Despite the potential gains such a rally would bring, it is important to remain cautious when considering this projection. Notably, it remains to be seen if Bitcoin could reach the $13 million target. Also, should this ever occur, there is no certainty about how SHIB could react to the BTC price surge.

XRP Nike Swoosh Pattern Signals Surge to $13, Says Leading Chartist

Sam Wisdom Raphael
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XRP Nike Swoosh Pattern Signals Surge to $13, Says Leading Chartist

Market analyst EGRAG draws out a structure he calls the “Nike swoosh pattern” on the monthly XRP chart, expecting it to take XRP to $13.

EGRAG, known for his unconventional charting styles, disclosed this in his latest XRP price analysis. The report comes as XRP continues to battle the pivotal $0.60 psychological resistance level. Several market commentators have identified the importance of this level for XRP’s uptrend.

XRP Forms “Nike Swoosh” Pattern

However, a push beyond the $0.60 mark on Sept. 21 faced intense opposition from the bears. Subsequently, XRP dropped to $0.59 and now trades at the $0.58 region. Despite this, EGRAG’s chart confirms that XRP’s recent price action keeps it within the Nike swoosh pattern. 

According to the market analyst, the formation of this pattern began in January 2018, amid XRP’s collapse from the all-time high. As XRP retraced the gains it picked up in 2017, it recorded a massive 96% crash from $3.31 in January 2018 to a bottom price of $0.1140 in March 2020. This drop marked the formation of the initial part of the swoosh.

XRP Nike Swoosh Pattern EGRAG Crypto
XRP Nike Swoosh Pattern | EGRAG Crypto

Interestingly, with the $0.1140 floor price representing the lower end of the swoosh curve, XRP has only recovered from this level. Since March 2020, XRP has continued to witness higher lows, as buyers step into the scene. The higher lows have resulted in the formation of the upward sloping end of the Nike swoosh.

A Possible $13 Target 

XRP has continued to leverage the upward sloping curve from the swoosh as support. EGRAG believes this pattern will persist over the next few months, as the altcoin retains its higher lows campaign. Should XRP sustain the structure, EGRAG expects an imminent price surge.

He derived his target for this surge by drawing a height from the downward sloping line formed as the cover to the initial part of the swoosh. From this height, he sees XRP reaching as high as $13, a 2,135% increase from the current level.

Interestingly, multiple analysts have predicted this $13 price target for XRP, but with varying rationales. For instance, in May, Matthew Dixon, CEO of Evai, asserted that XRP could target $13. Analyst Casi also projected a $13 price for XRP following a breakout from its six-year consolidation pattern.

XRP Short-Term Movements

Meanwhile, in the short term, XRP has continued to respect the $0.6178 resistance at the upper Bollinger Band. XRP currently trades for $0.58162, down 1.87% over the past 24 hours. Despite the drop, it trades above the middle Bollinger Band ($0.5714), which it will leverage as support should a steeper crash occur.

XRP 1D Chart
XRP 1D Chart

Notably, XRP’s Directional Moving Index (DMI) shows the +DI at 21.7 and the -DI at 20.15, indicating that the bulls have a slight edge. However, with the ADX at 12.48, this bullish momentum is extremely weak, as the market remains indecisive. A push to either side could make or mar XRP in the short term.

Crypto Safety 101: Navigating The Exchange Maze

Esra Zuhal
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Crypto Safety 101: Navigating The Exchange Maze

In the Wild West of cryptocurrency, choosing a secure exchange is crucial for protecting your digital assets. This guide will walk you through the key factors to consider when selecting a crypto exchange, helping you safeguard your investments. Learn how to evaluate security measures, user experience and regulatory compliance to make an informed decision.

The cryptocurrency market has exploded in recent years, attracting millions of investors worldwide. But with this surge in popularity comes an increased risk of scams and security breaches. Selecting a reliable and secure crypto exchange is your first line of defense against potential threats. Let’s dive into the essential aspects you should consider when choosing a platform to trade and store your digital assets.

Security Measures: Your Top Priority

When it comes to crypto exchanges, security should be your number one concern. Look for platforms that implement robust security measures to protect your funds and personal information. Some key features to consider include:

  • Two-Factor Authentication (2FA): This adds an extra layer of security by requiring a second form of verification beyond your password.
  • Cold Storage: The best crypto exchanges store the majority of their users’ funds in offline “cold” wallets, which are less vulnerable to hacking attempts.
  • Regular Security Audits: Reputable exchanges undergo frequent security audits by third-party firms to identify and address potential vulnerabilities.
  • Insurance Coverage: Some exchanges offer insurance to protect user funds in case of a security breach or theft.

User Experience: Balancing Convenience and Safety

While security is paramount, a user-friendly interface can make your trading experience much more enjoyable. Consider these factors when evaluating an exchange’s user experience:

  • Intuitive Design: The platform should be easy to navigate, even for beginners.
  • Mobile App: A well-designed mobile app allows you to manage your investments on the go.
  • Customer Support: Look for exchanges that offer responsive customer service through multiple channels.
  • Educational Resources: The best exchanges provide educational materials to help users understand the crypto market and make informed decisions.

Regulatory Compliance: Staying on the Right Side of the Law

As the cryptocurrency industry matures, regulatory oversight is becoming increasingly important. Choose an exchange that takes compliance seriously to avoid potential legal issues down the road. Key aspects to consider include:

  • Licensing: Check if the exchange is licensed to operate in your jurisdiction.
  • KYC/AML Procedures: Reputable exchanges implement Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to prevent fraud and illegal activities.
  • Transparency: Look for exchanges that are open about their operations, fees and security measures.
  • Regulatory Partnerships: Some exchanges work closely with regulators to help shape industry standards and best practices.

Liquidity and Trading Volume: Ensuring Smooth Transactions

High liquidity and trading volume are crucial for executing trades quickly and at fair prices. Consider these factors when evaluating an exchange’s liquidity:

  • Trading Pairs: Check if the exchange offers a wide range of trading pairs for the cryptocurrencies you’re interested in.
  • Order Book Depth: A deep order book indicates high liquidity and reduces the risk of price slippage.
  • Market Makers: Some exchanges partner with professional market makers to ensure consistent liquidity.
  • Trading Volume: Higher trading volume generally indicates a more active and liquid market.

Fees and Costs: Balancing Value and Service

While fees shouldn’t be your only consideration, they can significantly impact your overall returns. Compare fee structures across different exchanges, keeping in mind that lower fees don’t always equate to better value. Consider:

  • Trading Fees: Look for competitive trading fees, but be wary of exchanges with fees that seem too good to be true.
  • Deposit and Withdrawal Fees: Some exchanges charge fees for depositing or withdrawing funds, which can add up over time.
  • Hidden Costs: Be aware of any additional costs, such as currency conversion fees or inactivity fees.
  • Fee Tiers: Many exchanges offer lower fees for high-volume traders or users who hold their native tokens.

Wrapping It Up: Your Crypto, Your Choice

Choosing a secure crypto exchange isn’t just about protecting your investments – it’s about peace of mind. By considering factors like security measures, user experience, regulatory compliance, liquidity and customer support, you’ll be well-equipped to make an informed decision.

Remember, the crypto world is always evolving, so stay informed and don’t be afraid to reassess your choice of exchange as the landscape changes. Happy trading, and may your crypto investments always stay safe and sound!

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Please note that The Crypto Basic does not endorse or support any content or product on this page. We strongly advise readers to conduct their own research before acting on any information presented here and assume full responsibility for their decisions. This article should not be considered investment advice.

Bitcoin ‘Ready’ to Blow Above $68,000, Says Uphold Head of Research

Albert Brown
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Bitcoin ‘Ready’ to Blow Above $68,000, Says Uphold Head of Research

Martin Hiesboeck, the lead researcher at the American exchange Uphold, argues that Bitcoin appears to be set for a surge close to the $70K level.

Bitcoin started the week on a strong note, nearly touching $65,000 after a quiet weekend. Despite facing resistance, the crypto briefly dipped over $2,000 before regaining momentum.

Over the past 12 hours, Bitcoin surged near $64,800, though it continues to struggle against the $65,000 resistance. Currently trading below $64,000, the market remains volatile as bulls attempt to push higher.

Further Upside Potential?

Amid this ongoing trend, industry leaders remain optimistic about Bitcoin’s future trajectory. Experts, including Martin Hiesboeck from Uphold, suggest that Bitcoin may soon break past its resistance levels. 

Hiesboeck recently shared insights on the X platform, where he indicated that Bitcoin could target $68,000 next, representing a 6.67% increase from its current price of $63,751.

This positive outlook aligns with the broader market sentiment, as Bitcoin’s recent price movements parallel historical patterns seen during similar market conditions.

 

Whale Activity Sparks Speculation

Notable whale activity has also fueled speculation about Bitcoin’s next move. On-chain analytics from Lookonchain revealed substantial withdrawals from Binance, totaling 3,463 BTC valued at approximately $219 million. This activity highlights the growing accumulation by large holders, which often signals confidence in future price increases. 

Furthermore, the Smart Money tracker disclosed that another new whale recently transferred 1,015 BTC, worth around $64.47 million, to a newly created wallet. This influx of significant transactions suggests continued accumulation, potentially setting the stage for a larger price rally.

Bitcoin’s Breakout Potential

Comparative market analysis also reveals that Bitcoin’s price behavior mirrors recent movements in other major assets such as Gold and the S&P 500 Index.

Both Gold and the S&P 500 experienced strong rallies following periods of consolidation, with Gold surging from $2,300 to $2,621 this month. Similarly, the S&P 500 broke out of its range to reach new highs.

These trends suggest that Bitcoin, currently fluctuating around $63,000, may follow a similar trajectory if it sustains its upward momentum.

Analysts, including Ali Martinez, believe that Bitcoin’s potential to break above the critical $70,000 level could reflect the bullish patterns seen in other asset classes.

Reliable Indicator Shows Bitcoin Still in High-Risk Territory, with Historic 87% Drops

Abdulkarim Abdulwahab
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Reliable Indicator Shows Bitcoin Still in High-Risk Territory, with Historic 87% Drops

A reliable market indicator shows Bitcoin remains in high-risk territory, with historic data suggesting the cryptocurrency may be due for a sharp correction.

The sentiment in the crypto market has been bullish for consecutive days. As Bitcoin maintains stability above the $63K price level, market participants are pondering BTC’s next direction.

In a post on X today, prominent on-chain analyst Ali Martinez called attention to the recent observation that Bitcoin’s Sharpe Ratio remains in “high-risk” territory. He shared a chart highlighting the correlation between Bitcoin’s price and its Sharpe Ratio over the last ten years.

Notably, Bitcoin’s Sharpe Ratio measures risk-adjusted returns, assessing its performance relative to its volatility. Its entry into high-risk territory signals that the cryptocurrency may be at a local top.

Historical Observation of Bitcoin’s Sharpe Ratio with 87% Price Crash 

Historically, when Bitcoin’s Sharpe Ratio enters the red high-risk zone, as it did in 2014, 2017, and late 2021, BTC has often been close to its peak. Following these high-risk zones, Bitcoin experienced sharp corrections, with prices pulling back significantly.

For instance, in December 2013, when Bitcoin set an all-time high above $1,150, the ratio hit the high-risk zone. A few months later, Bitcoin tanked to as low as $150, representing approximately an 87% price collapse.

However, after hitting $150 in early 2015, the ratio reached a low-risk point, from which Bitcoin later rallied to a fresh all-time high.

Specifically, by December 2017, Bitcoin hit a new peak of $20,089, and once again, the Sharpe Ratio entered the red zone. This was followed by another massive drop, with Bitcoin’s price falling 85% in December 2018 to below $3,200.

At that point, Bitcoin’s Sharpe Ratio also plunged to low-risk, providing a favorable buy signal for investors. As expected, the premier crypto advanced substantially afterward to a fresh peak of approximately $69,000 by November 2021.

Bitcoin’s price then crashed to $15,599 by November 2022, upon which the Sharpe Ratio triggered a low-risk signal.

Current Cycle: Bitcoin Still in the Red Zone

Now, in the ongoing bull cycle, Bitcoin’s Sharpe Ratio hit high risk back in March when Bitcoin set its all-time high at $73,750. CryptoQuant analyst Joao Wedson first called attention to this development on March 23, warning investors to “tread wisely.”

Indeed, since Bitcoin attained the $73K peak, the crypto market has not been bullish. Instead, there have been repeated downturns, with the most significant price drop occurring in August when Bitcoin fell to $49,121.

The leading asset has since rebounded by over 32% to $64,996. However, Bitcoin’s Sharpe Ratio has not issued a low-risk signal. This situation suggests that the crypto market may already be in a bear market without many realizing it.

Notably, some market analysts have warned that reliable cycle indicators have been flashing bear market signals since Bitcoin’s drop to $49K last month. However, the ongoing recovery beyond the $64K level bolsters market optimism.

Crypto Exchange UEEx Introduces Compensation Policy For Users Affected By Market Anomalies

Albert Brown
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Crypto Exchange UEEx Introduces Compensation Policy For Users Affected By Market Anomalies

Summary: The digital asset trading platform said the new compensation policies demonstrate its commitment to providing users with a secure and reliable trading environment.

Quick take:

  • The new policies ensure users are compensated against abnormal volatility while securing their assets.
  • Users will first need to report an abnormal volatility event to the UEEx team for review and verification of relevant transaction data.
  • Upon event confirmation, users are compensated for the losses incurred commensurate with platform rules, with compensation amounts credited directly to affected accounts.

UEEx, a leading digital asset trading platform has introduced new comprehensive policies for compensating users affected by abnormal market volatility.

The crypto exchange platform said Tuesday that the policies demonstrate its commitment to providing users with a secure and reliable trading environment. The policies also ensure the security of users’ assets.

This move comes as the volatility of digital asset markets continues to catch users off guard, especially under extreme market conditions, where prices may suddenly show abnormal fluctuations, a phenomenon known as a “flash crash,” UEEx wrote.

The company believes such abnormalities are caused by market manipulation or temporary liquidity shortages, which can result in unnecessary losses for some users.

To continue maintaining fairness and transparency in the market, when an abnormal volatility event occurs, the platform conducts thorough data analysis and event investigations to identify the cause of abnormal fluctuations. Affected accounts are reimbursed if a market anomaly or technical issues are confirmed as the source of the fluctuations.

“Through this process, we ensure that users’ losses are reasonably compensated while enhancing market stability and user confidence,” UEEx wrote.

To be compensated, users will first need to report an abnormal volatility event to the UEEx team for review and verification of relevant transaction data.

The UEEx platform leverages a multi-layered security system including multi-level encryption, cold wallet storage, and multi-factor authentication to protect users assets.

However, the platform believes that even this may not be enough with the minimal risk of hacking or theft also likely to result in asset theft. To address this risk, the company has developed an asset protection risk that compensates users for losses incurred following theft or hacks not linked to personal errors.

Users must submit a detailed report of a security incident to customer service for investigations, upon which if verified and confirmed, they are compensated partially or fully depending on the circumstances.

Some of the requirements for compensation include enabling two-factor authentication in their account log-ins, regularly updating passwords and avoiding clicking links before verifying the sender’s identity.

Data Shows MicroStragey’s Bitcoin Strategy is a Template Every Public Traded Firm Should Follow

Mark Brennan
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Data Shows MicroStragey’s Bitcoin Strategy is a Template Every Public Traded Firm Should Follow

The stock performance of MicroStrategy, a business intelligence company, highlights the difference that adopting the Bitcoin strategy could make for any publicly traded firm.

The MicroStrategy Bitcoin story started in August 2020 when it resolved to proactively adopt the premier asset as its primary treasury reserve. Since then, the software firm has acquired 252,220 BTC.

Besides the massive unrealized profit, MicroStrategy’s stock, MSTR, has surged significantly. Since it started investing in Bitcoin, MSTR has surged by a significant margin.

Such price performance has resonated within the global market, making a case for public firms to apply this template for similar results.

CryptoQuant Analyst Compares MSTR with Bitcoin Price

In this Bitcoin news today, a Wednesday analysis from CryptoQuant’s CEO, Ki Young Ju, shows a growing correlation between MicroStrategy’s stock and Bitcoin. However, MSTR has largely outperformed Bitcoin’s price in the past two years.

Bitcoin
MicroStrategy Price to BTC Holdings | CryptoQuant

Per the analysis, Bitcoin has grown 237% since 2022, rebounding from an intense bear market. Although MSTR faced a similar plight, the stock surged three times more than the digital asset, with a 669% uptick.

Bitcoin’s high-return tendency and hedge against inflation have been the major characteristics driving its adoption.

Nevertheless, MSTR’s recent performance has led to the conclusion that public firms could benefit immensely from strategically investing in the largest crypto asset by market cap.

Furthermore, Ju pointed to the recent correlation between Bitcoin and MSTR. During the 2021 market rally, the duo showed variance as Bitcoin largely outperformed the stock. However, as MicroStrategy acquired more sats, its correspondence with the premier asset grew extensive.

Firms Attest to the Rewarding Bitcoin Strategy

MicroStrategy’s Bitcoin strategy has encouraged firms globally to adopt Bitcoin as a treasury reserve. Notably, other firms also attest to the positive market implications of hedging their reserve with Bitcoin.

In April, Japanese-based Metaplanet adopted the MicroStrategy-postulated Bitcoin strategy. The investment firm endorsed the approach following Yen’s devaluation and growing economic instability in Japan.

Since then, Metaplanet’s 3350.T stock has surged by a staggering 443.2%, outperforming most traditional stocks. Interestingly, the publicly traded asset has embarked on this run despite Bitcoin’s underperforming price.

The price performance of public companies that have used Bitcoin as a primary treasury reserve sets the pace for further adoption. It bears mentioning that the number of firms adopting the premier asset is on the rise, with Semler Scientific and Cathedra joining this year.

Visa Launches Tokenized Asset Platform for Banks  

Lele Jima
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Leading payment giant Visa has launched a new platform to assist financial institutions in issuing and exploring the use cases of fiat-backed tokens. 

Dubbed Visa Tokenized Asset Platform (VTAP), the sandbox is part of Visa’s goal to establish a global standard focused on facilitating interactions between financial institutions and enhancing blockchain integration for real-world assets. 

Spanish Bank Adopts Visa VTAP to Issue Bank Tokens  

Notably, Spain’s Banco Bilbao Vizcaya Argentaria (BBVA) has already utilized the platform this year. The Spanish bank leveraged the infrastructure in a pilot focused on issuing, transferring, and redeeming bank tokens on a blockchain. 

According to reports, BBVA aims to roll out an initial pilot with select customers on the Ethereum blockchain by 2025. Famous crypto commentator Abdullah Nassif shared the development today in an X post. 

Visa Crypto Head Highlights Importance of New Tokenized Platform 

Speaking in a statement, Visa’s Head of Crypto, Cuy Sheffield, emphasized the importance of bringing more forms of cash into its system to trade tokenized assets, ranging from debt securities to real estate. 

Additionally, Sheffield said the newly established platform allows banks to issue regulated fiat-backed tokens, providing their customers with an avenue to engage with on-chain capital markets. 

Central Banks Explore Tokenization 

Tokenization is gradually gaining steam, with top financial entities exploring the potential of tokenizing financial assets on the blockchain. 

According to Sheffield, the payment giant has closely observed how different central banks have explored the potential of tokenization and its impact in transforming the global financial scene. 

Visa has also participated in some projects, like the Hong Kong Monetary Authority’s Digital Hong Kong Dollar program. During the program, Visa collaborated with Hang Seng Bank and HSBC on a pilot last year to test simulated interbank B2B payments. 

In the same year, the Central Bank of Brazil chose Visa and other financial institutions to participate in the pilot phase of its CBDC project, dubbed Digital Real. 

Notably, Sheffield said Visa’s participation in these projects attracted the interest of more commercial banks, with some of its existing partners asking about fiat-backed tokens and tokenized deposits. 

Mt Gox Empties Four Wallets Following 370K Bitcoin Transfer from Kraken, More Repayments?

Albert Brown
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Mt Gox Empties Four Wallets Following 370K Bitcoin Transfer from Kraken, More Repayments?

Recent activity from Mt. Gox triggers speculation that more repayments will be made to creditors soon.

In our Bitcoin news live, Data from Arkham Intelligence indicates that the defunct crypto exchange Mt. Gox has moved a portion of its Bitcoin holdings, adding to speculation on the ongoing repayment activities.

The exchange recently emptied four wallets following a substantial transfer of 370,000 BTC from Kraken. 

Despite these movements, Mt. Gox still holds 44,899 BTC, valued at approximately $2.85 billion. This suggests that the repayment process is ongoing, keeping creditors and the broader market attentive to further developments.

Further Repayments to Creditors?

Earlier this year, Mt. Gox initiated repayments through various platforms, involving major exchanges such as Kraken, Bitbank, BitGo, Bitstamp, and SBI VC Trade. 

The recent activity involving significant Bitcoin transfers has reignited discussions on whether these anticipated repayments will impact Bitcoin’s market price.

However, despite concerns, previous market data suggests that creditors may be opting to hold their Bitcoin rather than sell, possibly mitigating any potential market disruption.

Mt. Gox Creditor Behavior 

As Mt. Gox continues its repayment process, CryptoQuant data from July showed a notable trend among recipients, who appeared to be holding onto their Bitcoin instead of liquidating.

Specifically, the observed surge in Bitcoin withdrawals from Kraken aligned with the reimbursement activities, highlighting a pattern of transferring funds to cold wallets. 

This behavior indicated a preference for long-term investment strategies among Mt. Gox creditors, suggesting that the market might not experience immediate selling pressure.

Analysts Downplay Impact on Market

Further, despite the previous movement of funds, analysts, including those at CryptoQuant, earlier suggested that Mt. Gox’s Bitcoin transfers were unlikely to disrupt the broader market. 

According to the analysis, the 47,000 BTC transfer would not pose a significant threat to Bitcoin’s price rally. However, the market saw increased selling activity from these customers, which played a role in the brief downward pressure on Bitcoin’s price.

It is crucial to also note that the current market conditions appear more favorable than in July, when the now-defunct exchange initially started returning the funds.

With a more bullish sentiment prevailing, the market may be better positioned to absorb the impact of these repayments this time around.

Industry Leaders Fact Check Bill Maher’s Claims on Dangers of Bitcoin Mining

Sam Wisdom Raphael
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Industry Leaders Fact Check Bill Maher’s Claims on Dangers of Bitcoin Mining

Crypto industry leaders debunk recent claims by American comedian and political commentator Bill Maher on crypto and Bitcoin mining.

Bill Maher, known for his controversial takes, stirred the waters again during a recent episode of Real Time with Bill Maher on HBO. 

Maher Takes a Dig at Bitcoin Mining 

In a segment focusing on the environment, Maher made claims about the environmental toll of cryptocurrency, particularly Bitcoin, sparking immediate reactions from industry experts and fact checkers.

During his show, Maher pointed out what he called the “big secret” of cryptocurrency, emphasizing its environmental impact. He argued that while the world pushes toward greener energy solutions, cryptocurrency mining is draining those efforts. 

He further claimed that cryptocurrency consumes 8% of the world’s electricity. According to Maher, this energy consumption equates to adding over 15 million gas-powered vehicles to the roads, undermining global environmental progress. 

The American writer and television host concluded his rant by describing the whole process of mining Bitcoin as “ridiculous.”

Maher’s guest, journalist Stephanie Ruhle, linked cryptocurrency to former President Donald Trump, stating that it represents the ultimate business venture for him, calling it a “grifter’s paradise.” 

Trump, the GOP presidential candidate, has been very vocal about his support for the crypto industry. He previously promised to fire SEC Chair Gary Gensler, who been rather aggressive in his regulation of the crypto industry.

Rebuttal from Crypto Industry Leaders

Following the episode, Maher posted the clip on social media, where his comments received a wave of pushback. Fact-checkers from Community Notes quickly addressed his claims, particularly the statement that Bitcoin mining consumes 8% of the world’s electricity. 

According to Community Notes, the figure is significantly inflated. Bitcoin’s actual energy usage is about 145 terawatt-hours (TWh) annually, which translates to only 0.49% of the world’s electricity consumption. 

Moreover, they highlighted that many cryptocurrencies, including Ethereum, have shifted to Proof of Stake, a more energy-efficient model that does not rely on the energy-intensive hardware mining that Bitcoin does.

Daniel Batten, a well-known Bitcoin advocate and Growth Capital Investor, also made a rebuttal to Maher’s statements. Batten noted that Maher’s comments seemed outdated, comparing his take on cryptocurrency’s energy usage to beliefs from 2021. 

Batten highlighted that the media has largely stopped perpetuating such claims due to more recent research. He pointed out that 10 of the last 11 peer-reviewed studies demonstrate that Bitcoin contributes positively to the environment. 

Bitcoin Mining now Mostly from Renewable Sources

Batten further revealed that Bitcoin now sources more than half—around 56.72%—of its energy from sustainable sources. Citing updated data, Batten argued that Maher’s portrayal of Bitcoin as an environmental disaster was not only misleading but also harmful to public understanding of the issue. 

He recommended Maher consult more reliable information before making similar claims in the future.

Bob Burnett, founder and CEO of Barefoot Mining, also joined the conversation, presenting a more technical critique of Maher’s statements. 

Burnett, who previously served as the Chief Technical Officer of Gateway, a Fortune 200 PC company, refuted Maher’s figures on Bitcoin’s electricity consumption and its impact on green energy. 

He emphasized that the information Maher had shared was “grossly wrong” and offered to speak with Maher or his staff to clarify the facts.

Burnett clarified that he is not just another “crypto bro” spreading misinformation but someone with deep technical expertise and years of experience in the Bitcoin mining industry. 

He strongly urged Maher to review the data more carefully, stressing that the figures presented on the show were not even close to accurate.

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