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Despite having no top celebrity, actors, musicians, and entrepreneurs backing it, SafeMoon has still managed to gain the limelight. Its investors are mostly common folks spread across the world who want a better life for themselves and their families.
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“Bitcoin has outperformed gold, the most widely regarded inflation hedge, by a considerable margin year-to-date, having gained over 130% compared with gold’s 4% decline.”BTC/USDT daily chart: Source: TradingView
“Expect very high volatility in crypto over the next few months,” he tweeted on Oct. 21.
Based on a mathematical and scientific blockchain algorithm, it is highly unlikely that SafeMoon gets hacked. As owners of SafeMoon, you are anyway masters of your wallet, and hence safekeeping thereof falls in your periphery of accountability.
And, while it has big ambitions, its current market value is someway below the $1 dollar threshold - but has experienced a steady increase in price since its launch.
Elon Musk’s announcement that Tesla would no longer be accepting Bitcoin as payment on environmental concerns was followed by China issuing a crypto crackdown.
It is unclear what impact these investigations may have had on Brooks’ decision to resign.
Even after falling back from its latest all-time high price, Bitcoin’s current price still represents a big upswing from the low $40,000 range seen in September.
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But classifying crypto as an investment is complicated, too. It doesn’t quite fit the mold of a traditional stock or bond, and while cryptocurrencies do share characteristics of commodities like gold — they can be bought and sold for cash and as derivatives based on expected future value — they have no inherent physical value or use.
“Good thing Americans are forced on to these dogshit exchanges where they can get completely scammed on unreasonably thin books. This type of shit just shouldn’t be happening. It’s not fair that some get stopped out and some stay in, some get fills and some don’t.”BTC/USD 1-hour candle chart (Binance). Source: TradingView
Some experts say this is high risk as SafeMoon’s success relies heavily on more and more people buying the currency to keep the price up.
Loans offered via decentralised finance networks have been compared to fixed income securities