Stripe Restores Cryptocurrency Support.

Stripe, the payment platform that suspended Bitcoin support, citing several issues in 2018, announced on Thursday, March 10, that the company is restoring crypto support on its platform after four years. 

According to details, Stripe will partner with FTX, a crypto exchange, to bring cryptocurrency investments to users’ doorsteps while extending its support for various coins. The collaboration with FTX entails a cross-platform synergy that enables exchange users to fund their accounts via Stripe easily.

Multi-Faceted Cryptocurrency Services

FTX users can also access some of the exchange’s in-platform services, such as verification through the Stripe interface. The partnership enables Stripe to play risk-mitigating roles for the exchange. This service will also be available for other platforms that Stripe will connect down the line.

Stripe stopped accepting bitcoin in 2018 after three years of being an active player in the industry, citing the volatility of the digital currency market and lack of scalability, which resulted in extended transaction time. The Irish company was founded by the Collison brothers in 2015.

After a four-year hiatus, the company announced that it was putting together a team of Engineers who would help in charting a new course in the uncertain crypto space. It added that it would start rendering an array of cryptocurrency-related services.

More Businesses for Stripe

According to the company’s co-founder, John Collison, some of the services that Stripe will be involved in are exchanges, NFT marketplaces, on-ramps, identity verification, pay-ins, pay-outs, and KYC services. Stripe will also play an active role in fraud prevention services.

FTX is a Bahamas-based exchange that serves several jurisdictions. The company has a daily trading volume of $14 billion. It was founded through a collaboration of two MIT graduates with the vision to make cryptocurrencies easily accessible to users.

Former White House Staff Says Bitcoin Will Hit $100,000 in Coming Years.

Despite the underperformance of Bitcoin in recent times, Anthony Scaramucci, the founder and partner of SkyBridge Capital, believes the cryptocurrency will hit six figures soon.  According to Scaramucci, who served as the White House director of Communications under former President Donald Trump, the world’s largest cryptocurrency by market capitalization will hit $100,000 in the next two years. 

Furthermore, Scaramucci predicts that if Bitcoin hits $100,000 in the next two years, the asset class could continue the sensational rally to move past $500,000 in the future, as many people would want to adopt it as an inflation hedge. 

Not only did Scaramucci predict the price of Bitcoin in the coming years, the popular American financier also disclosed that there will be a rise in BTC adoption. 

“I think bitcoin will have 100 million-plus wallets and it could be an inflation hedge but that’s a good five to eight years away,” the SkyBridge founder said. 

Scaramucci is confident over his prediction for the asset class while adding that it would be a major mistake for anyone not to hold BTC or be under-invested in the cryptocurrency. 

Bitcoin’s Outstanding Performance

For many crypto pundits, Bitcoin will definitely hit the price level predicted by Scaramucci because of the previous performance of the asset that saw it reach an all-time high of over $69,000 in November. 

Bitcoin is thought to be in its nascent stages, with many traditional investors still trying to come to terms with its potential, especially its use as a hedge against inflation. 

Despite being over a decade old, Bitcoin has grown in popularity among retail, institutional, and retail investors. 

Global regulators have acknowledged the disruptive nature of Bitcoin and are considering providing clearer regulation for the industry. 

Earlier this week, the United States made a significant approach to regulating Bitcoin, as the Biden administration published an executive order for digital currencies. 

El Salvador President Eyes $100,000 BTC Price

While several nations are still considering the proper measures to regulate Bitcoin, El Salvador earlier took a bold step by adopting the most popular cryptocurrency as a legal tender. 

Earlier this year, Nayib Bukele, the president of El Salvador also made a prediction that Bitcoin could rise as high as $100,000 by year end. 

Meanwhile, Bitcoin is far from reaching that feat at the time of writing. Per data on Coingecko, Bitcoin is currently trading around $37,000, down 44% from its ATH of $69,044.

Increase in New entities and mass accumulation of Bitcoin in full swing.

There has been an increase in Bitcoin new entities over the last week. Significant boost in the number of New Entities the previous week, breaking through a pretty rough downtrend. According to recent data on crypto data provider Glassnode, the number of new entities trooping into the Bitcoin market surged above 112,500, indicating a possibility that the price of BTC may rally in the coming days. 

The number of new entries surged dramatically from 102K to 112K, BTC price trading at $40K if follow the rising trend of fresh entries can easily reach $50K in coming weeks.

Similar Events Occurred Last Year

It is worth noting that the number of new entities skyrocketed after a rough downtrend caused by the Russian invasion of Ukraine, which affected the global financial market, including cryptocurrencies. 

Interestingly, the last time Bitcoin recorded a surge in the number of new entrants was in September 2021, which prompted a sensational boost in the world’s largest cryptocurrency value. 

BTC went on to hit a new all-time high (ATH) of over $69,000 at the time. With the cryptocurrency currently replicating the same growth in its number of new entities similar to what was recorded in September 2021, there is a likelihood that the price of Bitcoin will also skyrocket in the coming days. 

Bitcoin at Key Support Level of $38,500

Currently, Bitcoin is currently at a key support level of $38,500. Data provided by cryptocurrency on-chain metric platform IntoTheBlock shows a massive accumulation of Bitcoin between the price levels of $37,900 and $39,000. 

Per the data, nearly 1.36 million Bitcoin addresses have accumulated a combined 750,000 BTC between $37,900 and $39,000. 

The accumulation spree seemed to be paying off for Bitcoin as the cryptocurrency surged above $40,000 after falling below $38,400 yesterday in the late hours of yesterday. 

Meanwhile, Crypto Basic recently reported widespread adoption of Bitcoin, as addresses holding at least 0.1, BTC hit an ATH of 3.3 million. 

According to Santiment, Whales Are Accumulating USDT To Buy Bitcoin And Ethereum At Lower Prices. The total value of stable coins at addresses with a balance of 10,000 USDT to 1 million USDT increased by $1.06 billion over the past month. This is an increase of 2.7% of the total Tether supply. In simple words, Top USDT whales have added $1.06 billion USDT increasing their buying power to purchase Bitcoin on dips or when it is cheaper.

Drug cartels are now using Bitcoin and crypto for their illicit deals.

According to reports from the UN-backed narcotics agency, International Narcotics Control Board (INCB), they tracked some cartels in Mexico and Colombia.

As per a tweet by the UN, the agency wrote:

“Illicit financial flows linked to drug trafficking have far-reaching negative impacts on societies – from corruption to increased organized crime, violence, poverty & inequality.”

Illicit financial flows linked to drug trafficking have far-reaching negative impacts on societies – from corruption to increased organized crime, violence, poverty & inequality.

More in latest report from the International Narcotics Control Board. https://t.co/TA1yfdSgQ6 #INCB pic.twitter.com/rNWYDx6d7v

— United Nations (@UN) March 10, 2022

The report states that the Mexican cartels, who are among the most powerful in the world, are responsible for laundering $25 billion in illicit funds. The gangs known for extreme violence are reportedly moving towards using cryptocurrencies such as Bitcoin due to the convenience and security that suit them.

Most of these funds are moved around the Mexican monetary system, making the country’s cartels among the richest in the world. With the use of cryptocurrencies, the impact of these groups could become more widespread.

Knowing Their Way Around The Law

Even though the law in Mexico mandates exchanges to report transactions that are more than $2830, the drug cartels seem to have found ways to circumvent such requirements.

Bitcoin and most digital currencies are pseudonymous, transparent, and fast. These are features that the drug rings have found attractive and no doubt responsible for their increasing use of these blockchain-based coins.

Some of the gangs identified to be using bitcoins in their dealings are the Jalisco New Generation Cartel and the Sinaloa Cartel in Mexico.

In an interview with AFP in Mexico, the International Narcotics Control Board (INCB) country representative said that the situation calls for urgent regulatory measures for cryptocurrencies.  He urged countries to come together to map out a strategy to combat the menace associated with drug cartels’ increasing affinity to cryptocurrencies.

Mike McGlone Urges Gold Investors to Acquire Bitcoin; Saying Don’t Put All Your Eggs In One Basket.

Mike McGlone, a senior Commodity Strategist at Bloomberg, has urged investors of the famous yellow metal – gold – to diversify their portfolio to include Bitcoin to avoid suffering considerable losses in the long run. 

In a recent interview with popular YouTuber Scott Melker, McGlone said gold investors should not put all their eggs in one basket as the global economy heads toward a deflationary recession. 

McGlone expressed disappointment at the current price of gold, which he noted as experiencing a poor performance even though the asset class is supposed to be the top asset beneficiary of the ongoing Russian invasion of Ukraine. 

He noted that gold, which is currently trading around $2,000 per ounce, should have surpassed the $3,000 level, given that many people consider it a haven in the ongoing war. 

“[…] Most money managers on the planet who have been holding gold like forever are at greater risk if they do not have Bitcoin in that portfolio of gold. It is shocking to see people put all their eggs in one basket with gold,” McGlone was quoted as saying. 

Bitcoin to Hit $100,000 in the Long-Term

This year, McGlone said BTC is only reacting to the recession currently rocking the global financial industry, Commenting on Bitcoin’s price dip this year. 

For McGlone, Bitcoin is showing divergent strength, where the asset class is shifting from risk-on to risk-off. 

However, he is confident that the world’s largest cryptocurrency would come back stronger following widespread adoption, which could see BTC surpass $100,000 in the near future. 

McGlone’s $100,000 BTC price prediction reflects a similar view made by Nayib Bukele, the president of Bitcoin-friendly country El Salvador. 

The president of El Salvador is confident about his $100,000 price for Bitcoin, thus prompting the country to embark on a purchasing spree for the cryptocurrency. 

The British Financial Conduct Authority (FCA) has declared Bitcoin ATMs illegal.

At the beginning of March 2022, the fleet of crypto ATMs installed in the UK consisted of 81 units. Most of them work in convenience stores and supermarkets.

According to the FCA, the ATMs are operated by at least eight operators, but none hold any approval of providing ATM services in the UK from FCA. All operators have been ordered to turn off the machines and remove them from retail outlets.

All Bitcoin cashpoints in Britain have been ordered to shut down after the City watchdog declared them illegal. The Financial Conduct Authority has written to providers of cryptocurrency ATMs telling them to cease operations or face enforcement action.

“Crypto ATMs offering cryptoasset exchange services in the UK must be registered with us and comply with UK money laundering regulations. None of the cryptoasset firms registered with us have been approved to offer crypto ATM services, meaning that any of them operating in the UK are doing so illegally and consumers should not be using them. We are concerned about crypto ATM machines operating in the UK and will therefore be contacting the operators instructing that the machines be shut down or face further action.”

Facing pressure from British officials, large companies such as Celsius and Bitpanda have already moved their head offices from the UK to the US. Blockchain.com’s chief executive criticized the FCA, saying the regulator’s stance means the UK is lagging behind Europe in terms of innovation and cryptocurrencies.