Kevin Hart Learns Bitcoin Is a Legit Investment in an All-Star Telethon

Kevin Hart Learns Bitcoin Is a Legit Investment in an All-Star Telethon

Popular actor Kevin Hart gave bitcoin a boost this weekend during an all-star charity event to benefit the Muscular Dystrophy Association (MDA), telling viewers that cryptocurrency is a legitimate investment.

Kevin Hart Shouts Out About Bitcoin and Cryptocurrency

American comedian, Hollywood actor, and producer Kevin Hart shouted out this weekend that bitcoin and other cryptocurrencies are legitimate investments during an online fundraiser he hosted for the benefit of the Muscular Dystrophy Association (MDA) and his Help From the Hart charity. The inaugural MDA Kevin Hart Kids Telethon, aired on Saturday, is the first telethon in six years for the MDA. The last host was famed comic and actor Jerry Lewis who died in 2017.

The event lasted over two hours and participants included many other celebrities, such as Leslie Mann, Josh Gad, Don Cheadle, DJ Khaled, Jack Black, Cindy Crawford, David Beckham, Usain Bolt, Robin Thicke, Adam Devine, Kelly Rowland, Michael B. Jordan, and Bryon Cranston. Hart himself has been in many movies and TV shows; he has 88 acting credits and 36 producer credits, according to IMDB.

During the telethon, actor Jay Ellis who helped man the phones supposedly got a call from someone asking about whether donations can be made in cryptocurrency. Ellis asked Hart: “Hey Kev, I’ve got someone who wants to know if we do bitcoin, ethereum, or any cryptocurrencies.”

Hart promptly responded: “I don’t take that voodoo money, we don’t take the voodoo, okay, so if you’re out there trying to give us the voodoo money…” While ranting on about bitcoin being voodoo money, he was interrupted by someone in his earpiece who set him straight. Hart then exclaimed, “What? We do take the voodoo?” adding:

I’ve been told that we actually do take cryptocurrency. I’m being told that it’s a legitimate investment that’s worth almost $250 billion.

While Hart’s bitcoin stunt was most likely staged and his voodoo comment a joke, the crypto community views the event as very bullish and appreciate the exposure Hart brought bitcoin when he announced to a worldwide audience that cryptocurrency is a legit investment.

Currently, eight cryptocurrencies are accepted by the MDA through the Giving Block. They are bitcoin (BTC), ether (ETH), litecoin (LTC), bitcoin cash (BCH), zcash (ZEC), Gemini dollar (GUSD), basic attention token (BAT), and chainlink (LINK). Donors can also request additional cryptocurrencies. The telethon raised $10,548,454 during the evening but donations continued to roll in after the show. The organization has not disclosed how much cryptocurrency was donated.

What do you think about Kevin Hart’s bitcoin shoutout? Let us know in the comments section below.

The post Kevin Hart Learns Bitcoin Is a Legit Investment in an All-Star Telethon appeared first on Bitcoin News.

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$250 Trillion in Assets Looking for Ideal Store of Value: A Bull Case for Bitcoin

$250 Trillion in Assets Looking for Ideal Store of Value: A Bull Case for Bitcoin

The CEO of Nasdaq-listed billion-dollar company Microstrategy has made a strong bull case for bitcoin. He says there is a $250 trillion ocean of assets looking for the ideal store a value right now and bitcoin is a better store of value than gold or tech stocks, so “a lot of that monetary energy is going to flow from the asset ocean into the crypto pond.”

Comparing Bitcoin to Investing Early in Apple, Google, Facebook, Amazon

In a webcast with Hedgeye CEO Keith McCullough, aired last week, Microstrategy CEO Michael Saylor outlined a highly bullish case for bitcoin’s price. The Nasdaq-listed Microstrategy recently invested $425 million in bitcoin as its primary reserve asset.

Saylor began by explaining that he has always been a big tech investor. “The thing about technology is figuring out the thing that’s going to eat the world. If you’re right, own it, hold it, and wait,” he advised. The CEO gave the example of Apple, Google, Amazon, and Facebook, emphasizing repeatedly that it does not matter when you bought those tech stocks. “The truth of the matter is if you’d bought Google, Apple, Amazon, or Facebook at any point between 2010 and 2020 … I think it’s impossible to have lost money at any point for the decade … your investment mistake would be trying to time the market on those things.”

The Microstrategy CEO added: “Bitcoin is the first software network in the history of the world that can pull monetary energy, so these bitcoiners have figured out something that is really a thing of beauty and extraordinary value. They are pulling pure monetary energy on a network.” He elaborated:

If I take $100 million and I put it into bitcoin, it could sit there for a decade like in a battery. It won’t bleed out. You’re not losing 2% to 4% a year and I can put it in the palm of my hand and I can move it around the planet for a few dollars in a few minutes and we have never in the history of the world figured that out.

Bitcoin Is Not So Volatile

One classic objection investors have to investing in bitcoin is its volatility. Speaking on the subject, Saylor said he has been looking at the volatility of different assets over the last three, four, and five months. He looked at 30-year Treasuries, 10-year Treasuries, the NASDAQ, the Russell 2000, gold, silver, Apple, Amazon, Facebook, Google, and more. After comparing their volatility to bitcoin, Saylor concluded:

My unscientific view is on every single day at least half of those assets are more volatile than bitcoin. And on a lot of volatile days, I’ve seen 80% to 90% of them be more volatile than bitcoin.

“So I think there’s a historic narrative/belief. People think they know this is volatile but in fact, it’s not looking that volatile to me over the past three months. I don’t think over the next decade it’s going to have the same characteristics of volatility that it had over the last decade,” Saylor said.

The Microstrategy CEO proceeded to discuss how investors are using Apple’s stock as their store of value. “People are literally using Apple’s stock as a store of value because it’s deflationary. Apple is buying it back and they think Apple is not going anywhere and they’re desperate to flee [from] currency.” However, he pointed out that “Apple is more volatile than bitcoin for the past three months.”

Bitcoin Is a Better Store of Value than Apple’s Stock or Gold

Besides Apple’s stock, gold is still investors’ favorite store of value. However, Saylor explained that neither are as good as bitcoin as a store of value.

“The truth is Apple’s stock is not scarce. The executive team can and will eventually print more and if that doesn’t dilute you then they’ve got regulatory risk, competitive risk, [and] execution risk — a lot of moving parts … that’s why they’re not good over the long term,” he detailed. As for gold, he said: “if you put $100 million into gold and the gold miners print 2% to 3% more a year, let’s say 2% more, well, over 100 years you lose 88% of your purchasing power.”

The CEO explained that these stores of value worked in the past because there was no alternative. However, things have changed. “In the year 2020, you have a choice, you have a digital gold,” he declared. “They cannot make any more. Bitcoin miners are the friends of bitcoin owners. They’re not the enemy of bitcoin owners.” He explained that to store $100 million for 100 years, you will lose 85% of it under the best case if you put it in gold. “Under the likely case, you lose it all because the bank will fail, the country will fail, [or] somebody will seize it,” he claimed.

Saylor presented bitcoin as the best solution: “The reason that the bitcoin maximalists … are passionate and religious about this is because for the first time in human history you can take all of your wealth and your life force. You can put it into an asset. You can keep the keys. You can take custody of your million dollars, your hundred thousand dollars. No government, no bank can take it away from you. There’s nobody to tell you you can’t own your life force, and if you have hopes and aspirations for your family, for your religion, for your life, then you have the power to achieve those hopes and aspirations without asking the permission of a bank or a government or politician.”

The Microstrategy CEO then spoke about the trillions of dollars currently in alternative assets that function as stores of value, including gold, technology stocks, and bonds. He proclaimed:

There’s a $250 trillion ocean of assets. They are looking for the ideal store of value right now.

Maintaining that bitcoin is a better store of value than other assets he previously described, he emphasized: “bitcoin is digital gold. It’s better gold than gold and it’s a better store of value than big tech.” He believes that as investors understand this, “a lot of that monetary energy is going to flow from the asset ocean into the crypto pond and everybody that makes the transition is going to benefit.”

Do you agree with Michael Saylor’s vision for bitcoin? Let us know in the comments section below.

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Defi Protocol Harvest Finance Hacked for $24 Million, Attacker Returns $2.5 Million

Defi Protocol Harvest Finance Hacked for $24 Million, Attacker Returns $2.5 Million

Decentralized finance (defi protocol) Harvest Finance was hacked on Monday for $24 million. The attacker targeted the protocol’s liquidity pools, performing an arbitrage attack using a large flash loan – a type of uncollatarized loan – but later returned $2.5 million. In seven minutes, the hack was complete.

Harvest Finance revealed that the hacker “manipulated prices on one money lego (curve y pool) to drain another money lego [farm USDT (fUSDT), farm USDC (fUSDC)], many times. The attacker then converted the funds to renBTC and exited to bitcoin.”

RenBTC is a bitcoin-backed token used on the Ethereum blockchain.

Farm, Harvest’s native token, fell 54% to $101.79 on the news, according to Coingecko data. Following the attack, the amount of money locked in the protocol also crashed to $575 million from $1 billion on Oct. 25, as fretful investors pulled their deposits.

Harvest provided a list of 10 bitcoin addresses of the hacker, where it believes the stolen funds may have been moved. It also asked exchanges like Binance, Coinbase, and Huobi to block the attacker’s addresses.

The three-month-old platform said that there is a “significant amount of personally identifiable information on the attacker, who is well-known in the crypto community.” Not willing to dox the cyber-thief, Harvest Finance is now offering a $100,000 bounty “for the first person or team to reach out to the attacker”.

The $2.5 million returned by the hacker will be “distributed to the affected depositors pro-rata using a snapshot,” Harvest tweeted.

Harvest’s hack comes just six weeks after an attacker made off with $8.1 million in bitcoin from another defi protocol, Bzx. However, Bzx managed to recover the funds.

What do you think about the Harvest Finance hack? Share your thoughts in the comments section below.

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