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Bad timing on Bitcoin, Timon!

by , 20 May 2021
Bad timing on Bitcoin, Timon!
Q. “I read that the S&P 500 and Dow Jones digital assets indices have also gone live and are available to investors. Will this also help boost Bitcoin's price as you predicted in Monday's article?”
 
A. Most definitely.
 
Whenever major stock exchanges accept, add on or, regulate crypto-currencies, the more attractive it is for investors to buy crypto-currencies like Bitcoin.
 
There are three indices that have been launched in May…
 
The S&P Bitcoin Index now tracks Bitcoin’s performance.
 
The S&P Ethereum Index tracks Ethereum.
 
And S&P Cryptocurrency MegaCap Index, measures the combined return of Bitcoin and Ethereum.
 
What’s positive for Bitcoin is these three indices will give investors an easier and more accessible reach for them to buy and sell these digital assets.
 
And they won’t have to worry about the risks normally involved with a crypto-currency blockchain.
 
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10X Crypto Profit Potential
 
Bitcoin has hit a series of new all-time highs already in 2021. Peaking so far over $60K. Its market cap has surged over $1 trillion.
 
And if you want to dip into an investment that's taking off - and can be cheaper and easier than trading stocks or options...
 
 
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Q. “Bad timing Timon about Bitcoin. I have two questions regarding Monday’s Bitcoin prediction article.
  
1. Are you worried now that Tesla will put their Bitcoin transactions on hold due to environmental reasons.
  
2. How bad do these crypto currencies have an effect on the environment out of interest?”
 
A. Not at all!
 
I actually enjoy how Elon Musk has been toying with Crypto Currencies lately. First with Dogecoin plummeting due to his appearance on SNL (Saturday Night Live) and now with him deciding to halt Bitcoin transactions with Tesla… 
 
These are small short-lived factors that cause panic in the market. The truth is, Bitcoin is limited in circulation, it is extremely valuable, highly invested by many billionaires,  institutions and major companies.
 
In fact, Elon Musk mentioned he will NOT be selling any Bitcoins. This shows he is not worried about the short-term dips in Bitcoin price.
 
Regarding your second question, this is interesting…
 
Here’s the break-down in kilowatt-hours consumed per transaction, which has an impact on the environment. 
 
1. (XRP) Ripple – 0.0079 kWh
2. Dogecoin – 0.12 kWh
3. Litecoin – 0.5479 kWh
4. Bitcoin Cash – 18.52 kWh
5. Ethereum – 62.56 kWh
6. Bitcoin – 910 kWh
 
In other words, this is the energy consumption (in kilowatts per hour) needed to make/ mine a crypto-currency.
 
Trade well, 
 
Timon Rossolimos,
Analyst, Red Hot Storm Trader  


Bad timing on Bitcoin, Timon!
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