Archives June 2022

Bitcoin bears are now resting after a bloody Monday on Satoshi Street. As of now, the world’s most popular cryptocurrency trades at below $22,000 levels.

One positive aspect of the Bitcoin market is the fact that retailers aren’t giving up on hope, despite the aggressive correction. On-chain data provider IntoTheBlock explains:

Despite the downtrend, retail buyers continue to accumulate $BTC every day since November 2021. Since November, the balance of addresses with 1 BTC has increased by 100.395 BTC. This represents a 10.11% rise in value compared to the 68% price drop.

Analysts have tried to predict Bitcoin’s bottom but so far, they are all wrong! IncomeCharts also notes that spot buying of Bitcoin could be possible at this time. This is what the crypto trader wrote:

Nobody knows the bottom line. This is the right time to buy like mad. These are the key levels that I prefer for support. While I believe $20k is a good price, if I am wrong I will buy lower. This will not be sold until I reach my $34,000 or $40,000 goals.

Peter Schiff Believes Bitcoin Can Still Go Lower

Peter Schiff is convinced that Bitcoin will continue to slide, despite its support. Schiff shares the following chart:

Is it possible to look at this chart and sell Bitcoin long? Although you may believe that Bitcoin will trade higher in the future, it is difficult to imagine it not testing long-term support at its lower line first. It will fail this test, I believe. It is better to sell it now and rebuy at a lower price.

Peter Schiff warned that long-term Bitcoin holders could see a sell-off as inflation continues its upward spiral. Scott Minerd, Chief Investment Officer at Guggenheim, stated last month that Bitcoin could fall further to $8,000. He spoke to CNBC and said:

“When you consistently break below 30,000 [dollars], 8,000 [dollars] is your ultimate bottom. I believe we have more room for the downside, especially since the Fed is restrictive.”

According to Restaurant Business, customers at Chipotle can now pay for their burritos using cryptocurrencies such as bitcoin, ether and dogecoin. This could make crypto more mainstream. There is one caveat. Chipotle will now accept crypto via Flexa, a payment system that is far from the decentralized technology crypto advocates have promised for more than a decade.

Flexa posted the news about the agreement with Chipotle on a blog post. One Florida Twitter user even uploaded a video explaining the process. However, Chipotle has not yet made an announcement about accepting cryptocurrency. Gizmodo received an email from Chipotle’s PR department on Thursday morning.

Customers who wish to pay with crypto for their burrito bowls will need to first download Flexa’s SPEDN or Gemini apps. After that, they will be able to connect to their digital wallet via apps such as Metamask and Coinbase. This will allow them access their digital currencies and stablecoins. You probably don’t understand what all of this means. Crypto payments are still not mainstream. It’s important that such a large national bank is trying crypto.

Customers aren’t actually paying with crypto the way they were intended-as a peer to peer system that is completely decentralized. Flexa, a centralized solution for crypto payments, facilitates Chipotle’s payment in fiat currency and cryptocurrency. We don’t know for certain, but we believe that Chipotle chose to receive cold hard American cash through Flexa. Tesla had bitcoin in its books for a time, but it was probably just to make it more profitable for one quarter.

The biggest reason for not adopting crypto payments is their volatile prices. Bitcoin’s current price is down 5.17% compared to 24 hours ago. Why would you spend bitcoin on a burrito if you think the bitcoin price will rise and recover? It’s possible to buy two burritos with the same amount bitcoin next week. If the crypto optimists are right, you might be able buy an entire Chipotle restaurant in a decade. It’s better to spend that money on food than the guy who bought two pizzas for 10,000 bitcoins in 2010 . This amount of bitcoin is worth more than $300 million.

Twitter users also reported that Flexa’s apps did not work at Chipotle on Wednesday. New Yorkers claimed that no one knew how to allow them to pay using the Flexa system. Another user suggested that cashiers should select “” in the payment options menu to allow customers to pay with Flexa.

While they are still working out the details, theoretically it should not be difficult. Flexa has accepted crypto and is pledging real money to Chipotle. Flexa even offers 10% off their next order from the fast-casual chain.

You can go ahead and grab the guac. They can also tell you that it’s extra. Magic Internet Money was a great way to make a profit. You can also pay with Flexa.