A Solo Miner’s Triumph in Winning the 3.125 BTC Lottery
According to report a solo miner netted around $200,000 in rewards for validating a Bitcoin block 841,286.
Investment mogul and financial experts Warren Buffett and Berkshire Hathaway have slashed their holdings in Wells Fargo, selling more than 100 million shares. This comes after reports consumer-abuse scandals and has trimmed the investment in the firm by more than 40%. Traders and investors believe that this could be positioning Bitcoin as a possible new hot asset, readying the cryptocurrency industry for a bull run.
Could Buffett’s exit increase Bitcoin’s price?
Buffett has often and consistently highlighted how crucial cash flow is for investment and business management, steering away from negative sentiment and declining share value. Generally, Buffett tends to opt for businesses and investments which have stability in their values; essentially investing where there is the possibility for consistent profit-gaining. Wells Fargo’s shift to decline hit in July when the company posted a $2.4 billion USD loss. On this, a Moody’s analyst Allen Tischler said:
“The outlook change reflects Wells Fargo’s slower-than-anticipated pace in resolving its legacy governance, oversight, compliance, and operational risk management deficiencies. The slow pace weighs on its expense base, further undermining its earnings potential against the backdrop of challenging operating conditions.”
As the Well Fargo took a knock and Buffett made his exit, selling his shares, the investor also has seemed to move his sights further abroad. Based on the decline of the US dollar as a result of uncertainty in economic stability, Buffett has shifted his investments to Japanese trading companies and gold, moving his assets out of US dollar trading.
While the investor might not be opting to buy Bitcoin, or necessarily advocate for the cryptocurrency market, Buffett does appear to be making a move towards investing in safe-haven assets to hedge against inflation. This strategy has been recently backed by prominent investors, such as Rich Dad, Poor Dad author Robert Kiyosaki.
Unlike Buffett, however, Kiyosaki has explicitly offered his opinion, saying that investors should buy Bitcoin to hedge against the mass printing of the US dollars. Should more investors start to move from dollar trading towards alternative assets, Bitcoin might see massive benefit. If this happens, it’s likely that both the demand for the token and subsequently the price of the market, will increase.