In other news, Bitcoin performed quite strongly on Thanksgiving — surpassing $59,000 for a time — but this comes as PlanB's stock-to-flow model is plunged into doubt.
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BTC 'probably' won't hit $98,000 this month 😬
In news that will surprise, er, no one, PlanB has admitted that Bitcoin "probably" won't hit $98,000 this month. The stock-to-flow model creator had previously described this price as "the worst-case scenario" for the world's biggest cryptocurrency. Although his popular metric had been largely accurate in August, September and October, the model is way off the mark this month. Nonetheless, PlanB says BTC is still on track to crack $100,000. How has Bitcoin been performing?
SHIBA INU now owned by one million people! 🔥
SHIBA INU is now held by one million people around the world, according to the project's official Twitter account. Those behind the memecoin described it as a "proud and amazing milestone," adding: "Today we all cheer, and celebrate this great moment in SHIB's history." It follows SHIBA INU's extraordinary price surge — with dramatic gains in October making it a top 10 cryptocurrency. Enthusiasm for memecoins led a number of exchanges, including Coinbase, to list SHIB. Read more.
Bitcoin overtakes PayPal in crucial metric 🚀
The Bitcoin blockchain now processes higher levels of value on a quarterly basis than PayPal, according to a new report. Figures from Blockdata suggest that the BTC network has handled an average of $489 billion in every three-month period of 2021. The report's authors suggest this far eclipses PayPal's $302 billion. However, the world's biggest cryptocurrency has some way to go before it overtakes major credit card brands. Here are the numbers.
Crypto stamps crash Swiss Post website 💪
The launch of a crypto postal stamp in Switzerland caused the website of the country's post office to crash. Three-quarters of the 175,000 stamps available sold out in three hours. Each features a QR code that leads to a digital image — and a total of 13 designs in differing degrees of rarity are available. Just 50 tokens have the rarest design. A spokesman for Swiss Post told the swissinfo.ch news agency that they didn't expect demand to be so high on the first day. Check out our article.
Bank of England criticizes El Salvador
The governor of the Bank of England has criticized El Salvador's decision to adopt Bitcoin as legal tender. Andrew Bailey said: "It concerns me that a country would choose it as its national currency. What would worry me most of all is, do the citizens of El Salvador understand the nature and volatility of the currency they have?" According to Bloomberg, Bailey also warned that the International Monetary Fund is far from impressed with President Nayib Bukele. Does El Salvador care?