Popular American online financial advisory company, Motley Fool recently disclosed it was investing $5 million in the world’s most popular cryptocurrency in the coming weeks using the firm’s fund.
Motley Fool, popularly known for its stock research, online subscription services with investing recommendations also disclosed it was using the flagship crypto for wealth preservation over the long term, knowing fully well that Bitcoin has gained more than 740% in the last year.
What this means: The financial online subscription-based company also highlighted the major reasons, via Twitter, why it was investing in the fast-becoming safe-haven asset,
“We believe it will store value more effectively than gold over the long term.
“We believe it may become a medium for transactions, as/if pricing stabilizes in the decade ahead.
“We believe it can act as a productive hedge against inflation,” Motley Fool stated.
1. We believe it will store value more effectively than gold over the long term.
2. We believe it may become a medium for transactions, as/if pricing stabilizes in the decade ahead.
3. We believe it can act as a productive hedge against inflation.
— The Motley Fool (@themotleyfool) February 17, 2021
At the time of writing this report, Bitcoin was trading at $57,639.40 with a daily trading volume of $56.5 Bitcoin. The flagship crypto is up 0.61% for the day.
This comes as no surprise to many crypto pundits, as of late, the flagship crypto has gotten more endorsement in recent weeks from blue-chip companies like Mastercard and America’s oldest bank, BNY Mellon showing support for Bitcoin. Mastercard had earlier disclosed it would open up its network to some cryptocurrencies including Bitcoin.
PayPal and the world’s largest asset fund manager, BlackRock have also made big moves to support crypto.
In addition, Motley Fool further added that it was fully aware of the risk involved holding in the short term, due to its susceptibility to high volatility, as the American financial company planned to invest it in the long term.
Football-based Crypto, is world best performing Crypto in 7 days
Chiliz traded at $0.105397 with a daily trading volume of about $589 million.
A pretty unknown crypto asset, based on arguably the most popular sport has outperformed all major Crypto assets tracked by Nairametrics Week to Week.
At press time, the sport-based Crypto traded at $0.105397 with a daily trading volume of about $589 million. Chiliz is up 97% for the week.
Chiliz is currently ranked the 91st most valuable crypto asset, a market value of $573,581,586 It has a circulating supply of 5,442,094,892 CHZ coins and a maximum supply of 8,888,888,888 CHZ coins
The fast-rising crypto can be traded on the following crypto exchange trading that includes OKEx, HBTC, Binance, Huobi Global, and Xtheta Global.
Chiliz, powering Socios.com, aims to give sports and esports fans the ability to crowd-manage their favorite teams, games, leagues, and events.
Football clubs are now using blockchain, to facilitate better experiences for their fans.
Football is by far the most popular game worldwide. The last football World Cup tournament held in Russia 2018, had over 3.5 billion individuals watching the matches. This shows that about half of the world’s population is keen on football.
Nairametrics believes such partnerships with these football clubs via blockchain will open more economic opportunities and leverage the wider audience via collaboration with the industry’s global brands.
Socios.com Fan Token partners include Juventus, AS Roma, Galatasaray, FC Barcelona, Atlético de Madrid, Paris Saint-Germain, CA Independiente, Apollon Limassol and esports organizations Team Heretics and OG.
Dozens of more clubs are set to launch Fan Tokens before the end of the year, with many leading IPs from sports and entertainment also primed to join the Socios.com roster in the near future.
Unknown entity moves $642 million worth of Bitcoin
The flagship crypto asset was trading at $49,126.38 on the FTX exchange, with a daily trading volume of $47.2 billion.
Wealthy investors have been moving large stacks of Bitcoin at record levels, as the flagship crypto looks set to break above $50,000 price levels once again.
This is triggered by the relatively strong bullish momentum in the BTC market.
A large entity transferred 13,070 BTC ($642M) in block 673,321 wallet.
Whale alert! 🐋 Someone moved 4,349 BTC ($214M) in block 673,315 https://t.co/h8s6iy3oNK
— Bitcoin Block Bot (@BtcBlockBot) March 5, 2021
Top crypto strategist, Van de Poppe, recently spoke on key price levels that could weigh on the direction of the flagship crypto asset in the near term.
“I’m assuming that once we hold this $49,000 zone that we’ve just discussed I think we have to break through $52,000 to have continuation towards $56,000. But as this entire region ($44,900-$52,000) has become a range-bound construction I’m not assuming that we will.”
This is coming on the back of institutional investors increasing their buying pressure amid recent price corrections prevailing at the world’s most volatile financial market.
Long-term supply decreases as HODLers take profits during bull markets – and increases in re-accumulation phases at cheaper prices.
Such data suggest that the Bitcoin market is transferring Bitcoin wealth from the impatient to the patient.
Data from Glassnode recently revealed that there was a 2% plunge in the number of flagship cryptos held on crypto exchanges between February 23 and March 2. This is equivalent to about 52,900 Bitcoins.
At press time, the flagship crypto asset was trading at $49,126.38 on the FTX exchange, with a daily trading volume of $47.2 billion. Bitcoin is up 0.89% for the day.
Though it’s often hard to anticipate market movements, such entities have historically shown that they often determine Bitcoin’s trend.
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