Investment bank Goldman Sachs has reportedly unveiled its plans to expand its cryptocurrency desk to offer ether futures and options trading. The bank says “institutional adoption will continue,” noting that “Despite the material price correction, we continue to see a significant amount of interest in this space.” Goldman Sachs Gets Ready to Offer Ether Futures […]
New Economy Movement XEM/USD was developed to be a better blockchain when compared to many others and it tries to do this through the usage of two key concepts of proof-of-importance (PoI) as well as harvesting. Many blockchains, for example, use proof-of-work (PoW) or proof-of-stake (PoS).
This requires a mining device to do the work for the blockchain, where the rewards are allocated to the miners based on their contributions, and New Economy Movement uses harvesting instead of it, which might be a good reason as to why this might be a good time to buy XEM.
Generating XEM in New Economy Movement
PoW leads to a lot of power consumption, and PoS incentivizes cryptocurrency saving instead of spending, as the participants with more coins hold more power.
PoI rewards users that make transactions with others on the network, and conducting more transactions above a minimum size also adds to a participant’s POI score and helps that participant gain a lot more chances to claim a reward.
In other words, they cannot be mined, and instead, the new coins are produced through what is known as harvesting in order to determine who harvests the next block. Through this method, every time a transaction is initiated, the first computer to see the transaction notifies other users around that transaction while generating a new block.
Whenever a user who has 10,000 vested XEM ends up generating a block in NEM, they get the transaction fees as a reward. This is why you might want to invest in XEM early on, as there will come a point in time where many users will want to vest 10,000 XEM tokens in order to harvest the next blocks.
Should you buy XEM?
On March 17, NEM launched Symbol after 4 years of development, which is the next evolution of the blockchain. In fact, the mainnet officially went live and marked the next chapter for the blockchain. Symbol is intended to be the connection between businesses and the blockchain, developed with interoperability in mind.
This is when we saw the value of XEM at $0.39. Keep in mind that Symbol has its own token, XYM, which runs in parallel with NEM.
On May 23, 2021, the NEM Group announced that it would enter the NFT space with sports legend Sir Kenny Dalglish and the Manchester City star Riyad Mahrez.
NEM’s entry into the digital collectibles space is focused on offering a premium product experience aimed to bring fans and supporters closer to the brands that they love. This can, potentially, increase the value of the XEM token over time as more people become interested in it due to this new NFT initiation.
If we look at its history, we can see that XEM had a bullish start which was seen as a good sign. It sat comfortably around the $0.20 mark throughout the beginning of 2021.
On June 14, 2021, XEM is worth $0.16. With the innovations and increase in popularity of XEM we could potentially see it rise to over $0.30 by the end of 2021. However, if it ends up falling below $0.15, it would be seen as a bearish sign as a key support level failed to attract patient buyers looking for an opportunity to buy on a dip.
The overall cryptocurrency market is up 8% as of writing this story with Bitcoin (BTC) shooting 12% taking its overall market dominance above 45%. The Bitcoin price has shot up post-Elon Musk stating that Tesla will once again accept Bitcoin (BTC) payments once 50% of BTC mining turns on renewables. Late Sunday evening, June 13, […]
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The firm said it intended to use the proceeds from the offering “for general corporate purposes, including the acquisition of Bitcoin.”
The same day business intelligence firm MicroStrategy announced it would use $488 million from the proceeds of a private offering sale to buy Bitcoin, the company said it may also sell up to $1 billion of its stock for the same reason.
In a Monday S-3 filing for the U.S. Securities and Exchange Commission, MicroStrategy said it would be launching an “at the market” securities offering which would allow it to sell up to $1 billion of its Class A Common stock over time. The firm said it intended to use the proceeds from the offering “for general corporate purposes, including the acquisition of Bitcoin.”
“Bitcoin does not pay interest or other returns and so ability to generate a return on investment from the net proceeds from this offering will depend on whether there is appreciation in the value of Bitcoin following our purchases of Bitcoin with the net proceeds from this offering,” said the filing. “Future fluctuations in Bitcoin trading prices may result in our converting Bitcoin purchased with the net proceeds from this offering into cash with a value substantially below the net proceeds from this offering.”
According to the SEC filing, MicroStrategy held 92,079 Bitcoin (BTC) — roughly $3.7 billion at the time of publication — as of June 4, with the company saying today it intended to purchase an additional $488 million in the cryptocurrency. The filing shows MicroStrategy purchased its existing holdings at an average BTC price of $24,450, meaning that the company has seen the value of its crypto increase by almost $1.5 billion.
Should the firm use the entirety of the $1 billion proceeds to invest in Bitcoin again, it would add roughly 25,000 coins to its coffers at the current value of $40,150. The price of the crypto asset has risen by more than 8.8% in the last 24 hours.