Dacxi Blog

For weeks, if not months, the buzz in the crypto-world has been the Bitcoin halving. That happened on May 11, so what happens now? The change in mining rewards from 12.5 Bitcoin to 6.25 Bitcoin happened, but the impact of this was never expected on the same day. The buzz happened before and will happen after the event. The halving means that the miners will have half as many Bitcoins that they need to pay for the mining process. It means that over the coming weeks and months, there will be less selling pressure which means buying demand will have a greater chance of pushing prices up. And the miners, the key people in the Bitcoin ecosystem, need the prices to go up because they just had a 50% income cut. For all the speculators on Bitcoin price rises out there, like me, be very clear, the purpose of Bitcoin is not to make you or anyone else money. Its purpose is to be a currency. So the only people who really matter are the users of the currency and the miners who make the system happe...

  I lost my bet We messed up pretty bad. All of the core staff in Dacxi lost the bet we made in January 2020 on what the price of Bitcoin would be in USD by the end of 2020. Most people guessed between $10 and14k. And if it was above 14k we would grow beards, so no one was surprised when they had to start growing facial hair at the beginning of this week! Being the eternal optimist that I am, my guess was 20k. As of today, Bitcoin is $23,400 up 22% on the week, and still 10 days to go till the end of the year. Will it breach $25k or correct down to $20k? Who knows? And frankly who cares! The buzz behind crypto grows every week, helping all of us to establish crypto as a new asset class and paving the way for more and more people to have access to something they have never had before. Nigeria is the perfect example of why BTC will succeed. The central bank has blocked access to international bank remittances in local currency (Naira). Many Nigerians sending money through these inter...

W hilst we try and make sense of the new normal, it is clear that crypto has triumphed in recent months, and a quick retrospective of 2020, so far, suggests that it is an asset class passed the point of critical mass. The use of cash in retail settings has strictly declined; both as the majority of UK vendors had to shut up shop, and of course for hygiene reasons. There is a growing broad seated public distrust of traditional financial infrastructure, aided by the seeming unbridled printing of money by all major economies, and dwindling base rates. The world, it seems, is seeking a new ecosystem. Blockchain technologies have been feted as a magic fix for industries as diverse as banking, gambling, logistics, healthcare and agriculture. Performance, year to date, suggests that crypto evangelists are on to a good thing. The FTSE 100, at the time of writing, is down 18%. By contrast, the blue-chip cryptos are enjoying phenomenal growth: Ethereum is up 196%, Bitcoin is up 52% and Litecoin ...