Here’s your crypto, bitcoin, and cryptocurrencies update for Tuesday, January 6th, 2021.
The price of 1 bitcoin topped $34,000 recently, with the current price as of this video at $33,950.
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Dan Morehead, CEO of crypto investment firm Pantera Capital, explained: “There’s so many uncertainties in this pandemic, but one thing that seems almost assured is when you print trillions of dollars more paper money, it’s going to drive up bitcoin and other cryptocurrencies.”
He continued: “Gold’s going to go up, bitcoin’s going to go up. It is a hedge to paper currency being debased.”
I agree with this sentiment, and the sky appears to be the limit for bitcoin and other popular cryptos.
Meanwhile, International Game Technology Plc, one of the biggest slot machine makers in the world, obtained a patent on being able to cash out your Megabucks or Wheel of Fortune winnings in bitcoin and cryptocurrencies.
According to Bloomberg: “the company received a patent for a way to transfer cryptocurrency between a player’s gaming-establishment account and an external cryptocurrency account. That means players could move Bitcoin into their virtual wallets on a slot machine using their phones.”
Company spokesman Phil O’Shaughnessy, explained: “IGT secured this patent to bolster its industry-leading patent portfolio in anticipation of any possible future direction in regulated gaming involving cryptocurrency.”
This is seen by many as a push to reach out to millennials and other young adults interested in both gaming and crypto.
Living in Las Vegas, I get all the scoop on the latest gambling developments, so stay tuned to the channel for the latest info on gaming and cryptocurrency.
Finally, JPMorgan made some very interesting comments recently, saying that bitcoin could rally as high as $146,000 in the long term as it competes with gold as an “alternative” currency.
With the current market cap of bitcoin at $575 billion, it will have to multiply by over 4 times to meet the market cap of gold at $2.7 trillion.
Strategists from JPMorgan stated: “This long term upside based on an equalization of the market cap of bitcoin to that of gold for investment purposes is conditional on the volatility of bitcoin converging to that of gold over the long term.”
While it’s shocking to think about the price of 1 bitcoin at $146,000, the upside and rise of bitcoin and other cryptos will only continue to increase as we head into 2021.
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