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Mark Cuban Says Crypto Is a Store of Value & Redditors Right to ‘Kick Wall St. Ass’

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Mark Cuban Says Crypto Is a Store of Value & Redditors Right to ‘Kick Wall St. Ass’ 101
Mark Cuban. Source: a video screenshot, Youtube, The Filmy

Shark Tank star and Dallas Mavericks supremo Mark Cuban appears to be growing increasingly bullish on all things crypto-related, claiming that “blockchain-driven assets have now legitimately become stores of value.”

Adding to the mainstream narrative that while crypto appears to be unfit as a means of exchange, it appears to have carved a niche for itself as an inflation-proof store of value, Cuban waxed lyrical about tokens in a recent blog post.

He opined that when it comes to cryptoassets, they are “all are stores of value.”

“It has long included cryptocurrencies (cryptoassets is what they should be called, they are rarely used as currency), like Bitcoin, Ethereum and so many others, along with the tokens being created to support DeFi and other value-creating derivatives of cryptoassets. They all are Stores of Value with market cap leader Bitcoin having a decade-plus long history of transactions and wealth generation,” Cuban said, adding that “there are a growing number of investors and traders who think that the digital goods and cryptoasset marketplaces are better than old school physical markets and the stock market and most of them are young.”

“They love the fact that NO ONE has power over them,” according to the billionaire.

These statements come at the time when Cuban stepping up his own crypto-related activities. Last week, he minted his first Ethereum-based non-fungible tokens (NFTs) on the Rarible platform, and also spoke out about his “shitcoin” collection.

One of the tokens features a dancing Cuban, fully decked out in Mavericks merchandise, and has already attracted a bid of over USD 13,000 for eight editions.

And now, as the National Basketball Association (NBA) has entered the business of trading digital NBA collectibles on blockchain, the owner of a basketball club claims that a store of a value is “something that some number of people assign value to and are willing to pay for and then hold on to, hoping that circumstances increase the value of that item.”

However, another fellow billionaire, Mike Novogratz, might not agree with Cuban. According to Novogratz, very few cryptoassets will stand the test of time and become lasting stores of value outside of BTC.

‘They don’t care’

In either case, according to Cuban, conventional traders appear to be nonplussed by the remarkable rise of crypto.

He wrote,

“This generation doesn’t care what Old School Wall Street thinks or says about valuations. They don’t care about Price Earnings Ratios, or NPV of future cash flows, or what the analysts say [about] the earnings per share this quarter. [They] don’t care at all. They have learned from their experiences watching Wall Street go up and down and making people who aren’t them a ton of money; that it’s a game designed to reward the people with the most money.”

The conclusion that “all these narratives are just sales pitches designed to sell stocks” has driven younger investors to “want to change the game and kick [Wall St.’s] ass,” something that “they should and have every right to,” Cuban wrote.

He also poured scorn on those who would seek to ridicule the Reddit-based movement that has seen members of a number of subreddits initiate price drive campaigns that have sent Wall Street into meltdown.

Cuban opined that “there is zero difference between” investors “following advice from Reddit or someone on CNBC or Bloomberg.”

He added,

“They also know that the more they work together, the less power Wall Street has. They know that fat and happy Wall Street has become slow, stale and set in their ways, which makes [it] an easier target than anyone would expect.”

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Learn more:
GameStop: How Redditors Played Funds For Billions (And What Might Come Next)
Non-Fungible 2021: Prepare Your NFTs For DeFi, Staking, and Sharing
Bridgewater’s Ray Dalio Sends Stronger Bitcoin Signal
Few Tokens Besides Bitcoin To Become SoV, Ethereum To Reshape Finance – Novogratz
Elon Musk Sees ‘Broad Acceptance’ For Bitcoin





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FreshKorn Cryptocurrency

Bitcoin, Ethereum and Altcoins Drop After Tagging Resistance

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Bitcoin price topped near the key USD 52,000 resistance level and started a fresh decline. BTC broke the USD 50,000 and USD 48,000 support levels. It even tested USD 46,000 and it is currently (05:00 UTC) struggling to recover above USD 48,000.

Similarly, there was a fresh decline in most major altcoins. ETH failed to settle above USD 1,665 and declined over USD 150. XRP/USD traded below the USD 0.450 support zone and it might continue lower.

Total market capitalization

Bitcoin, Ethereum and Altcoins Drop After Tagging Resistance 101
Source: www.tradingview.com

Bitcoin price

After a failed attempt to clear USD 52,000, bitcoin price started a fresh decline. BTC broke a couple of important supports near USD 50,000 and USD 48,000. The gained pace below USD 48,000 and it even tested the USD 46,000 level. An immediate resistance on the upside is near the USD 48,000 level. The first major resistance is now forming near the USD 50,000 pivot level.
On the downside, the USD 46,000 zone is a short-term support. The key breakdown support is near the USD 45,000 level, below which there is a risk of a sharp decline to USD 42,000.

Ethereum price

Ethereum price struggled to settle above the USD 1,665 resistance and started a fresh drop. ETH broke the USD 1,600 and USD 1,550 support level. It even broke USD 1,500 and tested USD 1,450. The price is now consolidating losses near USD 1,500, with an immediate resistance at USD 1,550.
If ether price fails to start a recovery wave above USD 1,550 and USD 1,600, there could be a heavy downward move below the USD 1,450 support.

BNB, litecoin, and XRP price

Binance Coin (BNB) failed to stay above the USD 250 support level and declined below USD 235. BNB even spiked below USD 225 and tested USD 220. The price is now back above USD 225, but the previous support at USD 235 and USD 242 could prevent gains. The main resistance is now forming near the USD 250 level.
Litecoin (LTC) declined below the USD 180 level and it even spiked below the USD 172 support. However, the bulls were active above USD 165 and the price is recovering higher. It is trading above USD 170, but there are chances of a strong selling interest near the USD 180 and USD 182 levels. On the downside, the USD 165 level is a major support zone.
XRP price followed bitcoin and broke the USD 0.450 support level. It even broke the USD 0.420 support and traded close to USD 0.410. The price is now recovering higher, but the previous support at USD 0.450 and USD 0.455 could possibly act as hurdles in the near term.

Other altcoins market today

Many altcoins declined over 10%, including XVS, CAKE, STX, DODO, IOST, ICX, SOL, HT, COMP, FTM, BNT, NPXS, DOGE, ATOM, and AVAX. Conversely, 1INCH gained over 20% and it climbed towards USD 4.50.

Overall, bitcoin price failed to clear a major resistance near USD 52,000 and started a fresh decline. If BTC fails to stay above USD 45,000, the bears might aim for USD 42,000.
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Bitcoin, Ethereum and Altcoins Drop After Tagging Resistance 102



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Duma Committee Chief Throws up Roadblock to Russia’s Crypto Tax Plans

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Duma Committee Chief Throws up Roadblock to Russia’s Crypto Tax Plans 101
Source: Adobe/3dmitry

A parliamentary legislation committee leader has stated that there is a need to provide with legal status and legally binding definitions for crypto-related terms in Russia before proceeding with further tax-related lawmaking and regulation. The move potentially throws a spanner into the works of the government’s much-maligned crypto tax proposal, which has already passed its first reading in parliament this month.

Per Interfax, the Chairman of the Committee on State Building and Legislation, Pavel Krasheninnikov, spoke of the need to “legalize” cryptoassets – something that the country’s only piece of crypto-related legislation to date failed to do, instead making use of ambiguous language such as “digital assets,” which could refer to stablecoins, central bank digital currencies and security token offerings, as well as crytoassets like bitcoin (BTC).

The issue of legal status has become a sticking point for Moscow, which is seeking to modify the tax code so that crypto profits can be taxed in Russia beginning in 2022. A number of parties have pointed out (including a presidential advisory body), however, that it is impossible to ask courts to ensure taxes are placed on crypto when the very notion of crypto does not yet exist in the Russian legal framework.

The news agency quoted Krasheninnikov as stating, at a meeting of Yekaterinburg political leaders,

“On the one hand, [cryptoassets] are not recognized as an [asset class]. On the other hand, the government has introduced a bill that requires [cryptoassets] to be taxed. We have told them to decide: either you tax it, which means [cryptoassets] are an [asset class] or, if you say that [cryptoassets] are not an [asset class], do something about it.”

Krasheninnikov also pointed out another possible legal wrinkle: The fact that the aforementioned piece of already-promulgated legislation outlaws payments made in cryptoassets.

If the government wants to assert that crypto is an asset class, the committee chief said that it would then be “necessary to enable transactions,” make it “legal, not as is currently the case.”

It would also be necessary to allow the possibility of inheriting crypto and allow for the “joint ownership” of crypto funds.
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Learn more:
Lawyers Take Aim at Russia’s Crypto Legislation
The G7 Taxman Is Coming for Your Crypto Profits
Here Are the Ways Governments Could Attack Bitcoin – and None of them Sound Hot
Can’t Beat Crypto Regulators? Educate Them
Regulators Ponder Strategy As Bitcoin & Co Are Too Large to Ignore
A Hint From Davos: Regulating Crypto Is ‘in the Public Interest’



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Giant Rakuten to Let Customers Charge E-Pay Accounts with BTC, ETH, BCH

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Giant Rakuten to Let Customers Charge E-Pay Accounts with BTC, ETH, BCH 101
Rakuten CEO Hiroshi Mikitani. Source: Rakuten

The Japanese e-commerce and business giant Rakuten has taken yet another significant step into the world of crypto – by linking its crypto platform with its e-pay operations.

In an official release, the firm announced that it would allow customers of its Rakuten Wallet crypto wallet and exchange platform to top up their e-pay accounts using bitcoin (BTC), ethereum (ETH) and bitcoin cash (BCH), in what it claimed was a Japanese first: The company stated that no other firms allowed “charge-free” crypto-to-e-pay transactions.

The company operates its own Rakuten Cash and Rakuten Pay ecosystems, which allows customers to spend their money via smartphone apps at participating outlets, including the convenience store chains Lawson and 7 Eleven, as well as the Seiyu supermarket group.

Rakuten Cash can also be exchanged for Rakuten Points, which can be used to pay at partner firms like McDonald’s in Japan, as well as the retail chain FamilyMart.

The gateway will mean that crypto customers will also be able to spend their tokens on a range of Rakuten’s own products and services, including its mobile operations, travel, streaming services, as well as its Kobo e-books and audiobooks retailing platform.

The company noted that only customers of its standard crypto wallet would be able to access the Rakuten Cash-buying function, and not the users of its crypto margin trading app – Wallet Pro.

To drum up support for its new offer, the firm announced that it would credit anyone seeking to top up their Rakuten Cash wallets using crypto would receive additional points – as part of a campaign that will run until March 24.

In a further boost for crypto users, the firm will be adding a tab to its e-pay app that will navigate users directly to a Rakuten Wallet-hosted crypto pay interface.

The firm stated that the service would launch in spring this year and crypto transactions would be restricted to a minimum of around USD 9.50, with a maximum monthly limit of USD 950,000.
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Learn more:
Business Heavyweight Rakuten Offers Bitcoin ‘Cashback’ on Pizza Delivery
BIS and SWIFT Intensify Race With Crypto For Cross-Border Payments
Bill Gates Champions His Own ‘Digital Money’ – But What Is It?
PayPal Touts Crypto For Its ‘Super App,’ But It Won’t Buy Bitcoin Just Yet
Digital Yuan Must Dethrone Alipay, WeChat Pay Before Taking on USD – Researcher



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