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‘Bitcoin Is Going to Die’

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'Bitcoin Is Going to Die'


Terrence Howard said he is not touching BTC as it’s going to die.

The Hollywood actor best known for movies like Hustle & Flow, which secured him an Academy Award nomination, the original Iron Man, and Get Rich or Die Trying, has joined the bitcoin skeptics’ side.

In a recent appearance on Patrick Bet-David’s PBD Podcast, he envisioned BTC’s upcoming demise. However, he is not the first, and many, many have been wrong in the past.

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‘Bitcoin Is Going to Die’

Bitcoin death proclamations are nothing new, as they have been going left and right ever since the network (and underlying asset) saw the light of day over 17 years ago. Although such strong statements have declined in number lately, there are still some that make it out to the open, and when they are coming from a famous person, especially one not related to the cryptocurrency industry, we have to explore.

Howard falls under both categories. While speaking on different investments during the PBD Podcast, he was emphatic, stating:

“Bitcoin is going to die, I don’t mess with it.”

He explained that he recently received a call from a friend of his who offered him an investment opportunity that would earn him $75,000 if he put down $25 million. However, he failed to provide details on what the investment was or how it was related to bitcoin, as the cryptocurrency itself does not promise such returns.

“Bitcoin is still based on fiat, and because the dollar is decreasing in its value, because of the uncertainty of war around. Nobody wants their money in something that can be wiped out with the push of a button somewhere. I’ve stayed clear of it because it has been dropping a great deal,” ends the video on X.

Let’s Dissect

Aside from the lack of details on the aforementioned investment opportunity, there are some other controversial statements in Howard’s words. First, bitcoin is NOT based on fiat – it’s commonly priced in fiat currencies, but 1 BTC is always 1 BTC.

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Second, we didn’t really understand the part of “because of the dollar is decreasing and the uncertainty of war around” – perhaps he related that to his last statement that BTC has been dropping a great deal lately.

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That’s true, the asset trades 50% away from its all-time high seen in October last year. However, it trades around its previous ATH, and the more macro scale shows massive returns for investors. Additionally, BTC tends to move in cycles and now appears to be the bearish period.

The part of “nobody wants their money in something that can be wiped out with the push of a button” is also interesting. And wrong. Who is that someone? What’s that button? How can it wipe out BTC? And – ‘nobody wants their money’ in bitcoin? Really? What about the billions in ETF inflows? Or corporations buying bitcoin as their preferred reserve asset? Or, even governments buying BTC?

Anyways, bitcoin is no stranger to being declared dead. In fact, there have been nearly 500 such documented cases during its teenage existence. For now, though, nobody has been correct.

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Crypto World

Coinbase Launches Perpetual Futures Contracts in Europe

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Coinbase Launches Perpetual Futures Contracts in Europe

Cryptocurrency exchange Coinbase has launched new futures offerings in Europe, expanding its push to give users access to both crypto and traditional market exposure through regulated products.

Coinbase said Monday the contracts are being rolled out to Coinbase Advanced users in 26 European countries, including Germany, France and the Netherlands, through its Markets in Financial Instruments Directive, or MiFID, entity.

The new lineup includes crypto futures tied to assets such as Bitcoin (BTC) and Solana (SOL), along with an equity-index product called the Mag7 + Crypto Equity Index Futures. Coinbase said that contract combines exposure to the so-called Magnificent Seven stocks of Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla, with crypto-linked equities and BlackRock iShares exchange-traded funds tied to BTC and Ether (ETH).

Coinbase Mag7 + Crypto Equity Index composition. Source: Coinbase

The exchange said it has launched two types of cash-settled futures contracts, including perpetual-style futures with five-year expiries and dated contracts with specific monthly or quarterly expiries. Traders can access up to 10x leverage on select crypto-denominated contracts and equity indices and up to 5x leverage on other products, with fees as low as 0.02% per contract.

ESMA warns crypto perpetual derivatives may fall under CFD rules

The launch comes about two weeks after the European Securities and Markets Authority warned firms that many derivatives marketed as perpetual futures or perpetual contracts are likely to fall under existing national product intervention measures for contracts for difference (CFDs).

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In a Feb. 24 statement, ESMA said products that meet the CFD definition are subject to leverage limits, mandatory risk warnings, margin close-out rules, negative balance protection and a ban on monetary and nonmonetary benefits. The regulator also told firms to identify, prevent or manage conflicts of interest tied to those offerings.

Coinbase also announced expanded access to its decentralized exchange (DEX) trading platform to 84 countries on Friday.

Related: Crypto exchanges gain as tokenized commodity market climbs to $7.7B

Coinbase doubles down on “everything exchange” ambitions

Coinbase called the derivatives rollout a “major step” in its ambition to build an “exchange for everything,” where users can trade all major global assets under a single platform.

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“As regulatory clarity continues to mature across Europe and globally, we are looking forward to continuing to introduce new and expanded services,” Coinbase said in the announcement.

Other cryptocurrency exchanges that launched regulated perpetual contracts in Europe include One Trading, Kraken, Backpack and Gemini.

Cointelegraph reached out to Coinbase for comment, but had not received a response by publication.

Related: Binance completes $1B Bitcoin conversion for SAFU emergency fund

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