It has been yet another rollercoaster year for Bitcoin, but what did you expect? Every year is a rollercoaster for the world's most popular cryptocurrency.
It started the year trading at just under $30,000, more than doubled by April, only to dip in the summer then rally to hit an all-time high of around $68,000 in early November, depending on which exchange you used.
So far, so Bitcoin. At time of writing, it was trading at just over $57,000; where it will stand when you read this article is anybody’s guess.
As is next year's performance, but as 2022 looms Bitcoin does have a clear shot at blasting through the $100,000 barrier, which would light fresh fires under both fanboys and haters.
Even those who continue to complain that Bitcoin is dirty and has no practical uses will have to admit it at least has staying power.
It’s not hard to find cryptocurrency traders who reckon Bitcoin could break $100,000 next year, David Morrison, senior market analyst at Tradenation.com, says. “It’s just as easy to find those predicting it could fall below $30,000.”
His view is that it is likely to do both. “The trick is working out which comes first – $100,000 or $30,000,” he says.
Bitcoin has one major factor in its favour, Mr Morrison says. “It is a finite resource because only 21 million can ever be mined. This gives it a scarcity value that major fiat currencies such as the dollar, euro, Japanese yen, and British pound simply do not have.”
Fiat currencies can be printed without limit – as central bankers seem determined to illustrate right now with their pandemic stimulus measures.
The question is whether Bitcoin can replace them as a form of exchange, Mr Morrison says. Here the jury is out. “Money needs to be divisible, durable, transportable, hard to counterfeit and a store of value. Arguably, Bitcoin passes these tests. But it must also act as a medium of exchange and for this, it needs trust and stability.”
Some people trust it more than the US dollar. “Several high-profile US sports stars accept Bitcoin in payment, as well as the newly elected mayor of New York City Eric Adams, who asked for his first three pay cheques in Bitcoin.”
Yet it remains too volatile to be a useful medium of exchange for most people, Mr Morrison says. “That could change. For now, it’s a great thing to trade.”
Technical traders expect that Bitcoin will fall back to around $50,000 in the weeks ahead, which will trigger a surge to $90,000. “A sizeable pullback could follow, maybe even testing support around $30,000, and that would be the time to buy,” Mr Morrison says.
All of which is “pure conjecture”, he says. With Bitcoin, nothing can be predicted.
The momentum behind the concept of decentralised finance (DeFi) is growing exponentially and that will push up prices, Katharine Wooller, managing director of digital cryptocurrency FinTech platform Dacxi, says. “It is not a question of ‘if’ crypto will become a major force in international cross-border global finance, but ‘when’.”
The recent launch of the ProShares Bitcoin Strategy ETF on the New York Stock Exchange, which invests in futures contracts, is only the start. More ETFs will follow – and suck more money in, particularly from institutional investors.
Disillusion with traditional asset classes is driving demand for cryptos and other digital assets such as non-fungible tokens (NFTs), Ms Wooller says. “Will Bitcoin hit $100,000? Almost certainly. Some forecasters suggest a long-term value of $250,000. I would be more surprised if it didn’t get there than if it did.”
The big question is whether now is a good time to buy.
Nobody wants to pile into Bitcoin at $60,000, only to see its value of the estate halve in a matter of days, but that's the chance you take.
If you assume that it will hit $100,000, then it is never too late to invest, Jeremy Cheah, associate professor in decentralised finance at Nottingham Business School, says.
However, he says invest is the wrong word. “Speculate is better.”
Never put your faith in people predicting future price movements, Mr Cheah adds. “Speculators bear the risk if Bitcoin collapses, not the forecasters.”
It's not too late to invest in Bitcoin but brace yourself for further volatility, Philippe Ghanem, founder and executive chairman of SquaredFinancial, says. “Buy only what you can afford to lose, do not borrow money to invest and do not buy the cheapest cryptocurrency. I would favour Ethereum, with Bitcoin a close second.”
Several high-profile US sports stars accept Bitcoin in payment, as well as the newly elected mayor of New York City Eric Adams, who asked for his first three pay cheques in Bitcoin.
David Morrison,
senior market analyst at Tradenation.com
Mr Ghanam expects further growth as derivatives boost market liquidity. “New tradable products, improvements in hardware and lower costs to trade will all have a positive impact on the growth of the digital asset ecosystem,” he says.
Cryptocurrency growth comes in waves and January could bring the next Bitcoin bull run that brings $100,000 into view, says a bullish Josh Sandhu, co-founder of QuantusGallery.com. “As buying becomes easier and integrated into our daily lives, Bitcoin has a lot of room to grow.”
Ethereum is moving to a proof-of-stake model and Mr Sandhu says the sooner the better as transaction fees are a headache for new investors. “We are hoping for faster transactions, fewer failures and lower fees, which should bring a flood of new investors.”
He rejects the idea that it’s too late to invest in Bitcoin or any of the top coins. “We're still in the wild west and gold rush moment. We have yet to see mainstream adoption and the moment that happens, it will be too late. For now, there are still huge returns to be made,” Mr Sandhu says.
If you find yourself drawn to trading Bitcoin, ask yourself why that is and what the impact might be. As well as your wealth, you are also putting your mental health on the line.
Your psychological make-up could also affect your returns so recognise their own biases and traits, Lee Goggin, co-founder of Findawealthmanager, says.
“If a sudden market fall would make you want to pull out of the market, you had better combat that urge as it might cost your dearly.”
Few have the stomach for wild cryptocurrency volatility. “The highs may be exhilarating and potentially highly profitable, but the lows don't bear thinking about, especially if you risk a large proportion of your wealth.”
Mr Goggin says most crypto investors he deals with are young and have often amassed substantial gains. “The aspect that stands out the most is their nonchalant attitude. In our experience, it is rare for a young crypto investor to take profits, let alone set an exit level for their remaining holdings. Instead, we regularly hear they believe the price will continue to rise and rise.”
He urges investors to challenge this philosophy. “Overconfidence is one such behavioural bias that could lead to disappointment in the longer run.”
Three under-the-radar alt-coins with more potential than Shiba Inu
There are scores of cryptos to choose from, with Shiba Inu, Dogecoin, XRP, Cardano, Litecoin and others flying in and out of favour. Josh Sandhu at Quantus Gallery picks his favourite under-the-radar cryptocurrencies for 2022.
- Bone ShibaSwap: “From the developers of Shiba Inu, this is my first choice and a highly speculative play,” he says. Shiba Inu’s team successfully launched their swap earlier this year and Bone will be its governance token. “Currently, it is sitting on a very modest market cap and has the potential to grow thirty-fold value if all goes to plan. To concentrate minds, developers are being paid in the token itself. As with all tokens, anything can happen.”
- CRO: More risk-averse traders should consider CRO, the native token for cryptocurrency platform Crypto.com, which recently bought naming rights to the Staples Centre in Los Angeles for 20 years. Mr Sandhu said the move caused a huge spike and it has another advantage. “Crypto.com will be completely green come the tail end of the next year and can truly lead the charge without fear of a regulatory blockchain climate crackdown.”
- AAVE: His third choice is AAVE, a decentralised lending system that allows users to lend, borrow and earn interest on cryptocurrency assets, without owning them outright. “Supply is limited and with a market cap of $3.6 million, there’s plenty of room for growth. “It is a relatively safe bet for those dipping their toes into crypto,” Mr Sandhu says.
As ever with crypto investing, “safe” still means risky.
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
RESULTS
Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO
Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke
Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke
Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO
Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision
Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision
Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO
Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)
Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)
Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision
Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke
Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO
Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision
Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
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RESULTS
5pm: Sweihan – Handicap (PA) Dh80,000 (Turf) 2,200m
Winner: Shamakh, Fernando Jara (jockey), Jean-Claude Picout (trainer)
5.30pm: Al Shamkha – Maiden (PA) Dh80,000 (T) 1,200m
Winner: Daad, Dane O’Neill, Jaber Bittar
6pm: Shakbout City – Maiden (PA) Dh80,000 (T) 1,200m
Winner: AF Ghayyar, Tadhg O’Shea, Ernst Oertel
6.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,200m
Winner: Gold Silver, Sandro Paiva, Ibrahim Aseel
7pm: Masdar City – Handicap (PA) Dh80,000 (T) 1,400m
Winner: AF Musannef, Tadhg O’Shea, Ernst Oertel
7.30pm: Khalifa City – Maiden (TB) Dh80,000 (T) 1,400m
Winner: Ranchero, Patrick Cosgrave, Bhupat Seemar
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
The Beach Bum
Director: Harmony Korine
Stars: Matthew McConaughey, Isla Fisher, Snoop Dogg
Two stars
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
What is Genes in Space?
Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.
It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration.
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
More from Neighbourhood Watch:
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Plan to boost public schools
A major shake-up of government-run schools was rolled out across the country in 2017. Known as the Emirati School Model, it placed more emphasis on maths and science while also adding practical skills to the curriculum.
It was accompanied by the promise of a Dh5 billion investment, over six years, to pay for state-of-the-art infrastructure improvements.
Aspects of the school model will be extended to international private schools, the education minister has previously suggested.
Recent developments have also included the introduction of moral education - which public and private schools both must teach - along with reform of the exams system and tougher teacher licensing requirements.
Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
TO%20CATCH%20A%20KILLER
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Ahmed Raza
UAE cricket captain
Age: 31
Born: Sharjah
Role: Left-arm spinner
One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95
T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28
Brief scores:
Everton 2
Walcott 21', Sigurdsson 51'
Tottenham 6
Son 27', 61', Alli 35', Kane 42', 74', Eriksen 48'
Man of the Match: Son Heung-min (Tottenham Hotspur)
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
Killing of Qassem Suleimani
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
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MO
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