Hey there, crypto enthusiasts! Today in the world of cryptocurrency, BlackRock’s clients aren’t paying much attention to Bitcoin’s potential for global payments, according to Peter Schiff. He warns that seasoned investors selling their coins to “weak” hands could lead to even bigger dips in the future. Plus, get this: a solo Bitcoin miner just scored 3.146 BTC, worth a whopping $266,000, using just a tiny bit of computing power!
BlackRock’s Clients Overlook Bitcoin’s Payment Potential
Robbie Mitchnick, the head of digital assets at BlackRock, mentioned that most of their big-shot clients aren’t thinking about Bitcoin for daily transactions as they decide on investments.
“For us and many of our clients, this global payment idea isn’t really on the table,” Mitchnick said in a podcast chat shared on YouTube.
“They’re more focused on Bitcoin as ‘digital gold’ or a store of value,” he added. He emphasized that there’s still a lot of work needed for Bitcoin to scale and meet payment needs, especially with systems like Lightning. Just last August, Galaxy Research highlighted that some Bitcoin layer-2 solutions, especially “rollups,” might not hold up over time, despite their popularity for making Bitcoin transactions fast and budget-friendly.
Peter Schiff: Selling to ‘Weak’ Hands Could Be Risky
Peter Schiff, a vocal critic of Bitcoin and a gold advocate, believes the recent shift of Bitcoin from strong hands to “weak” hands—thanks to long-term holders cashing out—could lead to bigger market downturns in the future.
He expressed his views in a post on Saturday, stating:
“Some argue that after all these years, BTC is finally having its IPO moment as OGs are able to cash out. I agree, but more BTC moving to weak hands not only increases the float but also means future sell-offs will be bigger.”
Schiff’s comments come as the crypto market experiences a broad downturn, raising concerns that a new bear market could be underway.
‘Lucky’ Solo Bitcoin Miner Strikes Gold with $266K Win
A lucky solo Bitcoin miner hit the jackpot this past Friday, earning 3.146 BTC, which is about $266,000, after solving block 924,569—all with a surprisingly small amount of computing power.
The miner, using what seems to be a hobby-grade machine, managed to strike it rich with a hash rate of just 1.2 terahashes per second (TH/s), which is tiny compared to larger operations that boast exahashes (one quintillion hashes per second).
CKpool’s creator, Con Kolivas, celebrated the win on X, calling the miner “extremely lucky” and noting how incredible this achievement is—about a 1.2 million to one chance per day at this hash rate!
Out of this success, the miner received 3.125 Bitcoin (BTC) from the block reward and an extra 0.021 BTC from transaction fees, making his total over 3.146 BTC, based on onchain data.
