BlackRock, the world’s largest asset manager, has amended its prospectus for the spot Bitcoin Exchange-Traded Fund (ETF) with the stringent United States Securities and Exchange (SEC), according to a report on October 18.
Specific changes made on their iShares Bitcoin Trust submitted by the asset manager include acknowledging the intense competition in the race for approval. The applicant said there was no assurance that their product would find instant market acceptance and scale due to competition should it be endorsed. They also explained its pricing structure and reporting mechanism.
Changes to its prospectus come roughly a month after BlackRock re-submitted its application in July 2023. Then, the applicant divulged the monitoring agreement they had sealed with Nasdaq and Coinbase Custody. BlackRock now joins Ark Invest and Fidelity, who also had to make changes for clarity.
As it is, Fidelity is the other notable applicant. The financial institution has been pro-Bitcoin over the years. In 2020, Fidelity added the option for corporate clients to invest in Bitcoin through their 401(k) retirement plans.
This year, Fidelity introduced a Bitcoin trading platform for individual investors. In June 2023, Fidelity refiled paperwork with the SEC for its Wise Origin Bitcoin Trust. However, Fidelity also had to revise its application, stating the risks associated with the complex Bitcoin derivative product.
Is A BTC And Crypto Rally Inevitable?
The crypto community is upbeat and expects the SEC to approve multiple spot Bitcoin ETF applications submitted by the top brass in traditional finance in the next few months, probably in 2024. However, the exact timing remains tentative, a cause of anxiety in the community.
A spot Bitcoin ETF will directly track Bitcoin prices, allowing investors to trade its listed shares on a regulated exchange. Subsequently, this would make it much easier for clients, especially institutions, to gain exposure to Bitcoin without necessarily buying and storing coins. A former BlackRock executive predicted the Bitcoin market to attract at least $150 billion in three years once the SEC authorizes one or several products.
On October 19, Bitcoin prices briefly rallied above $28,500, aligning with gains of October 16. Still, whether the spike could be tied to BlackRock amending its prospectus or the general optimism in the broader crypto and Bitcoin community is unclear.
The false news of the SEC approving the first Bitcoin ETF early this week forced prices higher. The coin soared above $30,000 at its peaks before cooling off to spot rates.
According to a report by the global investment bank Morgan Stanley, signs indicate that the cyclical “crypto winter” bear market, which has plagued the cryptocurrency industry, may finally end.
The report explores the historical pattern of Bitcoin’s (BTC) performance following halving events that occur approximately every four years. Furthermore, the report estimates that the next halving event could occur around April 2024.
The Cyclical Nature Of Crypto Markets
Per the report, Bitcoin, the dominant cryptocurrency, is a barometer for the overall crypto market. One distinctive feature of Bitcoin is its halving process, which creates scarcity and helps maintain its value.
Every four years, the number of BTC generated every 10 minutes is halved. This deliberate reduction in supply has historically affected Bitcoin’s price, often triggering a bullish market rally.
Previous cycles have witnessed three notable bull runs that lasted 12 to 18 months after each halving event.
The four-year cryptocurrency cycle aligns with the seasons, providing a framework to understand market behavior:
According to Morgan Stanley, summer represents the phase immediately following a halving event, during which Bitcoin’s price gains are typically observed until it reaches a new peak.
Fall signifies when Bitcoin surpasses its previous high, attracting media attention, new investors, and businesses. This phase indicates that the bull market is nearing its end.
Winter characterizes the bear-market decline, initiated by profit-taking and selling pressure from investors, resulting in price drops. This phase persists until the next market trough, typically around 13 months.
Spring is the phase leading up to the next halving event, during which Bitcoin’s price generally recovers from the cycle’s low point. However, investor interest tends to remain relatively weak during this period.
Gauging Indicators To Ascertain The Transition From Winter To Spring
Determining whether crypto spring has truly arrived requires considering several factors. These include the time elapsed since the last peak, the magnitude of Bitcoin’s drawdown from its high, miner capitulation, the Bitcoin price-to-thermocap multiple, exchange-related issues, and price action.
These indicators can provide insights into whether the market has reached a trough or is still experiencing crypto winter.
While the report suggests that crypto winter may be in the past and crypto spring is on the horizon, it emphasizes the importance of learning more about the crypto market’s cyclical tendencies.
The daily chart shows BTC’s sideways price action over the past 24 hours. Source: BTCUSDT on TradingView.com
BTC is trading at $28,500, showing a modest recovery in the past 24 hours after an unsuccessful attempt to stabilize above $30,000 on Monday, followed by a subsequent decline to the $28,000.
Notwithstanding this recent volatility, Bitcoin has maintained substantial gains across various time frames. It has experienced a notable surge of 7.4% over the past seven days, 4% over the past fourteen days, 5% over the past thirty days, and an impressive 49% surge over one year.
Featured image from Shutterstock, chart from TradingView.com
Six months into the crypto meltdown that’s wiped $2 trillion off the market, people are still talking about the chances of a rebound–a “crypto spring” after yet another “winter.” What’s surprising is that the correction hasn’t been enough to inject more realism into the discussion. What the carnage actually reveals is that most blockchain-enabled crypto businesses need to be rethought and rebuilt from top to bottom.
Hopefully, our world of speculators will one day be replaced by pragmatists, who can see the blockchain for what it is: a powerful new technology, but not the new internet.
The blockchain has the potential to help shape the future and power progress and growth–just not in the way it’s typically deployed today. What we’ve witnessed is an industry that often talks of “freedom” and “autonomy”, but just as often tries to use that language to mislead the public. We’ve come across many founders looking to make a quick buck, instead of those willing to commit to the long, multi-year effort to build real value. We’ve seen people wielding a technology that’s casting around for applications, rather than those trying to solve a real and pressing problem.
When the industry rebuilds, we will hopefully see more genuinely mission-driven blockchain entrepreneurs. In the meantime, it’s important to sift the dreams from the delusions.
The trouble began when people started to talk up the potential of crypto to replace the world’s sovereign currencies, destroy the banks, and totally remove the need for corporate governance via distributed autonomous organizations. The industry was soon flush with money reliant on the success of cryptocurrencies–with many players creating conflicts of interest and artificially increasing the value of the businesses by buying up tokens.
“Community” became one of the most used terms in crypto, but too often it’s a byword for pushing bad investments. We love real communities–but a pyramid scheme is not the same as a network effect. Too many crypto entrepreneurs have been incentivized to talk up, overinflate, and generally “pump and dump” various currencies. Rampant speculation became the biggest affliction.
The current environment is based on token issuers getting rich on day one–equivalent to a startup founder selling a chunk of their company and pocketing it before anything has been built. If you move in crypto circles, you might well have encountered those who’ve cashed out and now loiter in self-satisfied cliques at conferences.
To make it worse, regulators have been slow to act, which is in part why crypto has been so attractive. The sad result is that many people have been ruined by the crypto crash, and no one’s been there to protect them.
The good news is that regulation is coming. Companies using blockchain technology need to focus on creating long-term value with the assumption that the normal laws and rules of finance will apply–from “Know Your Customer” to “Anti-Money-Laundering.” Anything that smells off probably is.
Similarly, crypto businesses can’t sidestep the consequences for the climate of how their tokens are maintained with vast amounts of computing power. Any company that relies on some kind of blockchain can’t avoid talking about its environmental impact and building a responsible business model that takes it into account.
The Ethereum blockchain’s recent switch from a “proof-of-work” process to validate transactions to a “proof-of-stake” one–which reduces its energy consumption by 99.9%–is a step in the right direction, and shows how crypto businesses are capable of reform.
The blockchain can still have a bright future. Lots of us at Index were–and continue to be–intrigued by the technology. We see its possibilities as a medium of exchange (being able to transfer ownership between two people without a trusted third party) and a store of value. There is potential in things like open identity verified by cryptography, the secure transfer of digital assets, the possibility of a verified and transparent record of transactions, and institutional-grade solutions.
In that spirit, we have and will continue to make investments in blockchain businesses–staying away from startups that make all of their money through short-term trading, gambling, or taking advantage of investors’ credulity. Instead, we’ll back companies that are building the rails for crypto, as well as those leveraging the technology to create better products and services.
It may take a while before more businesses emerge in these areas, but they’re likely to share a few common characteristics. They will offer products and services to a broad set of businesses and consumers, not just crypto natives; they will provide a clear benefit to users, and solve a real pain point; and they will apply blockchain across every sector, rather than creating a sector of their own.
Fundamentally, we’re agnostic about the choice of technology that sits behind a business. What we care about is what someone is doing with that infrastructure. Once some of crypto’s most intriguing use cases become established, nobody will worry whether they’re blockchain-powered or not. In our view, cryptography is simply an interesting type of technology that can do certain things better–not something that’s going to fundamentally alter the mechanics of our economy and society.
Let’s hope that the present crypto crunch will have a salutary effect in clearing out the many businesses that lack the necessary vision and conviction. There is no doubt that hugely important and influential companies will be built on the back of the blockchain. They just won’t look like most of the businesses kicking around today.
In the meantime, we’ll be cheering on those truly revolutionary founders who want to grab this technology and build something amazing with it.
Danny Rimer is a partner at Index Ventures, a venture capital firm with offices and investments in the U.S., Europe, and Israel.
The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.
MIAMI, FLORIDA – JUNE 04: MicroStrategy CEO Michael Saylor speaks at the Bitcoin 2021 Convention (Photo by Joe Raedle/Getty Images)
Getty Images
What Happened
MicroStrategy has been purchasing bitcoin since 2020 as a part of its capital allocation strategy. The company holds over 120,000 BTC as of the end of December 2021. As a U.S. public company, MicroStrategy is required to report earnings and transactions related to bitcoin under Generally Accepted Accounting Principles (GAAP) standard. However, properly accounting for these transactions in GAAP financial statements is an emerging area. The current GAAP standards that classify digital assets as intangible assets with indefinite lives (similar to goodwill and trademarks of a business), fail to capture the true financial behavior of bitcoin holdings. This treatment requires companies to report a loss when digital assets’ prices fall below the cost; however it prohibits marking up digital assets to it’s true value when prices later recover. This discrepancy can negatively impact a company’s net income, which could incorrectly translate into lower price per share.
The Financial Accounting Standards Board (FASB) is the IRS of the accounting world. The FASB is responsible for creating Generally Accepted Accounting Principles (GAAP). As of the date of posting, there are still no cryptocurrency specific GAAP rules.
In the absence of these crypto specific rules set by the FASB, in 2020, a working group formed by the American Institute of CPAs (AICPA) came up with a Digital Asset Practitioner Guide addressing how to classify cryptocurrencies in GAAP financial statements.
How Cryptocurrencies are Classified on GAAP Financials
According to the white paper issued by the AICPA, crypto assets cannot be classified as “cash or cash equivalents” on GAAP financial statements because they are not backed by a sovereign government or considered legal tender. They cannot be classified as a financial instrument or a financial asset because they are not cash (see above why) and do not represent any contractual right to receive cash or another financial instrument. Additionally, since cryptocurrencies are intangible, they do not clearly meet the definition of inventory and cannot be labeled as inventory on the balance sheet either.
After going through the process of elimination, we are left with only one category to classify cryptocurrencies under: intangible assets with indefinite life. This is how MicroStrategy currently classifies bitcoin in their financial statements.
(3) Digital Assets: The Company accounts for its digital assets as indefinite-lived intangible assets in accordance with Accounting Standards Codification (“ASC”) 350, Intangibles—Goodwill and Other. The Company’s digital assets are initially recorded at cost. Subsequently, they are measured at cost, net of any impairment losses incurred since acquisition” (10-Q, page 11)
Practical Mismatches with Intangible Asset Treatment
There are a few problems with classifying cryptocurrencies as intangible assets with indefinite life. Practically speaking, this accounting treatment does not align with the reality. Cryptocurrencies like bitcoin are liquid and work extremely similar to cash. The purpose of GAAP financial statements is to paint an accurate, unbiased picture of the underlying entity’s financial situation. By treating crypto assets as intangible assets, GAAP financials fails to communicate the high liquidity of crypto assets.
Second, once an item is classified as an indefinite life intangible asset, it should be tested for impairment. This means, if the value of the crypto asset has gone down at the end of the reporting period, the business gets to write off that amount as an impairment loss (not to be confused with tax losses) on the income statement. However, if the value goes back up (which is common due to high volatility), the business does NOT get to mark up the value of the asset. This overly conservative approach often results in businesses showing poor operating results under GAAP which negative affects investor sentiment and stock price.
For example, MicroStrategy reported $65,165,000 of impairment losses for the three months ending September 30, 2021, because the market value of bitcoins went below their purchase price. Although this 65M impairment loss was not a cash outflow from the business, it was the largest operating expense which contributed to a net loss of $36,136,000.
Similarly, during the three months ending September 30, 2021, Tesla reported 51M of impairment loss. Square reported 6M of bitcoin impairment loss in the same period.
MicroStrategy consolidated statement of operations
MicroStrategy
To clarify the situation and show the true performance of the business to investors, MicroStrategy added a section named, “Non-GAAP Financial Measures” in their 10-Q. This section shows what would their operating income be without taking impairment and few other non-GAAP amounts (not related to digital assets) into consideration.
According to this schedule, if impairment loss was not considered (and few other items not relevant to bitcoin), the company would have a net income of $18,566,000.
Reconciliation of non-GAAP net income schedule
MicroStrategy
SEC Letter to MicroStrategy
The SEC objected MicroStrategy’s Reconciliation of non-GAAP net income schedule above. On December 3, 2021, it sent the company a comment letter and advised the company to remove it under the Rule 100 of Regulation G.
Reg G requires public companies to “disclose or release such non-GAAP financial measures to include, in that disclosure or release, a presentation of the most directly comparable GAAP financial measure and a reconciliation of the disclosed non-GAAP financial measure to the most directly comparable GAAP financial measure”.
Although we don’t know the specifics of the situation, it is clear that MicroStrategy’s 10-Q includes GAAP financials & a reconciliation of non-GAAP net income schedule allowing readers to compare numbers easily. The company’s goal is to clearly communicate the true operating performance of the company minus the “paper bitcoin losses” which is required to report under incompatible GAAP rules. Therefore, the specific concern the SEC has with the presentation is unclear. It is also interesting to see that the letter is only talking about the “adjustment for bitcoin impairment charges” among other items included in the Reconciliation of non-GAAP net income schedule such as share-based compensation, interest expense and income tax effects.
On a subsequent letter from MicroStrategy dated December 16, 2021, the company accepted SEC’s comments and removed the adjustment for bitcoin impairment on the reconciliation of non-GAAP net income schedule.
Finally, the rising inflation and the uncertainly of interest rates have moved the market sentiment from investing in risky companies to value stocks of profitable companies. Microstrategy may find it challenging to show a net profit under GAAP in the coming months if the price of BTC moves sideways in a bearish market or declines further creating more impairment losses. Even when BTC goes up, Microstrategy will not be able to show a profit under GAAP unless they sell it. This situation could unfairly affect the stock price of the company. If a spot BTC ETF gets approved, investors might be better off directly investing in the ETF compared to using Microstrategy as a way to get exposure to BTC.
Next Steps
Keep an eye on how SEC approaches Non-GAAP disclosures related to bitcoin for other public companies holding bitcoin.
NordikCoin is an Estonian-based high-tech cryptocurrency exchange service. Propelled by the recent boom of Bitcoin, the company has announced plans to push further into Oceania and Asian Markets in 2022.
Press Release –
Oct 8, 2021
TALLINN, Estonia, October 8, 2021 (Newswire.com)
– Bitcoin has flourished across all four corners of the globe, and it’s safe to say that the Asian markets have welcomed it with open arms, even more so than most Western countries.
According to GlobalAsia.com, “It is in Asia where government regulators have been the most active in trying to come to terms with this financial innovation. In seeking to establish new rules to govern cryptocurrencies, they are performing a delicate balancing act, because any form of prohibition might risk sending the cryptocurrency industry underground or making it even more popular.”
NordikCoin, an Estonian-based high-tech cryptocurrency exchange service, took notice of the myriad of opportunities that the Eastern markets offer for Bitcoin.
The company has announced that it will push further in Oceania and Asian markets in 2022. Amongst the new countries the exchange will open up to is Australia. Whilst expanding its global reach, the company itself and its day-to-day operations will continue to be domiciled in global finance hub Tallinn, Estonia.
Another feature in GlobalAsia’s magazine points out that the Eastern markets are also worried about the high level of anonymity that BTC affords to its holders, and how that makes it prone to misuse. NordikCoin is tackling these challenges in a straightforward way. To support the expansion, the company will apply its European Know-Your-Customer and Anti-Money-Laundering rules to customers from new Asian jurisdictions.
David De Marco, CEO of Omni Matrix Ltd., the parent company of NordikCoin.com, happily shares his excitement for the expansion plans:
“Our expansion into the Asian market marks a unique opportunity for the company to present its innovative cryptocurrency trading services globally. We are thrilled to announce that we will be expanding our customer onboarding processes to facilitate clients from Asian markets. We are confident that this is the perfect stepping stone for the new era of cryptocurrency exchanges, with NordikCoin leading the way.”
The price of Bitcoin was spiking and steadily dropping since the beginning of April, only to surge between May and June. Throughout the tail-end of summer, it has kept a steady pace and has surged on the 30th of September and the 3rd of October. The traded volumes of BTC have tripled between the 2nd of August and the 27th of September. On the 3rd of October, the most recent date of the biggest BTC spike in the past few months, $381,964 were traded, according to BTCA Price Chart.
NordikCoin is the trading name of Estonian company OmniMatrix OÜ, with organization number 14674630. The company is licensed by the Estonian FIU with cryptocurrency license number VT000095. More information about NordikCoin can be found on the company’s official website.
Contact details
David De Marco CEO, Omni Matrix Ltd. david@omnimatrix.com
Blockchain lending & borrowing platform chosen as founding member of SDG Impact Fund
Press Release –
updated: Sep 21, 2018
NEW YORK, September 21, 2018 (Newswire.com)
– Announced today at the United Nations, Fifth Element is launching its SDG Impact Fund and will be the first to accept and deploy traditional assets and all forms of crypto, token and digital assets for the mission of meeting the UN Sustainable Development Goals.
Celsius Network is a founding member of the fund and will be its preferred digital wallet. The fund plans to raise several hundred million dollars and deploy them in both fiat and digital format using public blockchains.
We see a great opportunity to use this technology to deliver the value collected by different UN organizations in a more precise and effective way to the people and organizations that need it most.
Scott Stornetta, Adviser, Celsius Network
At the SDG Frontier Finance forum event today, held in conjunction with the International Day of Peace, Bryan Doreian, Chief Development Magus, Fifth Element Fund, announced the selection and partnership. The event also included the first few donors to contribute to the fund. Celsius Network was named as a founding member.
Scott Stornetta, adviser to Celsius and one of the original inventors of blockchain technology, commented, “We see a great opportunity to use this technology to deliver the value collected by different UN organizations in a more precise and effective way to the people and organizations that need it most.”
The Fifth Element Fund plans to use the public blockchain to implement its global programs and use the technology to both monitor and implement its mission in line with the UN Sustainable Development Goals.
Celsius Network aims to bring power back to the people by providing banking services typically reserved for the top 1 percent. “By offering earned interest rates up to 7.1 percent, we allow individuals to make the same passive income Wall Street has been making for years,” says Celsius CEO, Alex Mashinsky. “Joining forces with Fifth Element will ensure our services reach those most deserving.”
If you would like more information please call Kristen Ryan at 603-401-5897 or email kristen@celsius.network
Anybits, a new altcoin exchange that provides an online tool for users to freely trade between a number of different virtual cryptocurrencies, has launched its service to the public
Press Release –
updated: Nov 5, 2017
DUBLIN, November 5, 2017 (Newswire.com)
– Anybits, a new altcoin exchange that provides an online tool for users to freely trade between a number of different virtual cryptocurrencies, has launched its service to the public.
Proudly introduced at Blockchain & Bitcoin conference in Kiev, Ukraine earlier in October, Ireland-based Anybits is an exchange platform for the most popular cryptocurrencies and digital funds such as Bitcoin, Bitcoin Cash, Litecoin, Dash, Ethereum, and many more.
Powered and managed by established and reputable crypto-to-fiat exchange, Bitsane.com, Anybits is the fastest-growing, real-time altcoin trading platform with a constantly growing list of supported crypto assets.
Anybits has been designed for optimal accessibility, ease-of-use, and compatibility across all mobile devices for trading whenever and wherever. Deposits and withdrawal on the platform are instantaneous; transactions are lightning fast and users’ registrations are intuitive and simple.
Users on the platform can enroll in a generous affiliate program that offers them up to 50% referral commission. They will also be provided with margin trading and portfolio diversifying investment options when the platform fully launches.
In order to properly secure users’ funds, Anybits uses cold storage to protect funds and transactions. Users can also set up additional security measures for their accounts.
Anybits’ extensive suite of comprehensive APIs allows developers to seamlessly develop and integrate their own cryptocurrency trading platforms.
For a limited time only, Anybits offers FREE trading with no transaction fees till the end of 2017. To take advantage of this offer, use the following promotion code at the time of registration: H9F27D1V
Disclaimer: ANYBITS is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. ROI cannot be guaranteed. Readers are urged to make investment decisions at their own discretion and the company will not be responsible for the outcome of such decisions. This press release may contain certain forward-looking statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations they are based on will occur.
Bitcoin IRA is the only company offering cryptocurrency-based retirement investment portfolios with Bitcoin and Ethereum.
Press Release –
updated: Jun 28, 2017
Los Angeles, USA, June 28, 2017 (Newswire.com)
– BitcoinIRA.com, the only company offering cryptocurrency-based retirement investment portfolios, has negotiated first-of-its-kind agreements with leading retirement and cryptocurrency companies to allow customers to invest in Bitcoin or Ethereum with their IRAs and 401ks.
Bitcoin IRA’s accomplishments with leading retirement custodian Kingdom Trust and leading cryptocurrency wallet BitGo™, represent a first for the industry. Together, this partnership creates a secured multi-signature encryption wallet from BitGo™ that enables Kingdom Trust to provide custodial services with a self-directed IRA.
The COO of Bitcoin IRA, Chris Kline, said,
“These are unique set-ups that no other retirement custodian is able to replicate. Our partnership with BitGo and our custom configuration with other partners provides a secure, one-of-a-kind investment opportunity for individuals that can’t be replicated in the marketplace.”
Bitcoin IRA has been featured in leading publications including the Wall Street Journal, QZ.com, Barron’s, Investopedia and popular Bitcoin publishers CoinDesk.com and CoinTelegraph.com.
In one of the articles, Drew Pierson from CoinDesk wrote,
“Cryptocurrency IRAs are no different than IRAs invested in more traditional options like stocks and bonds. The firm Bitcoin IRA is the only option for investors who wish to hold cryptocurrencies in their IRAs directly.”
Recently, Bitcoin IRA also launched Ethereum IRA, a similar investment product for Ethereum, the second-largest cryptocurrency. The company has been evaluating releasing new cryptocurrencies on its proprietary SDIRA platform, along with new features being driven by demand from existing stakeholders and clients.
About Bitcoin IRA
Bitcoin IRA is the only Bitcoin-based retirement investment portfolio that allows people to invest with actual bitcoins for their IRA or 401(k). The platform works with leading fintech professionals to provide secure, high-quality Bitcoin investments.
Bitcoin IRA offers both traditional and Roth IRA options, which offer the same tax incentives as regular IRAs and 401(k)s. The company differentiates itself from other bitcoin investment products in multiple ways. Unlike Bitcoin ETFs and investment funds, Bitcoin IRA offers an opportunity for individuals to invest in real bitcoin at a much lower fee. In addition, investors keep total control over their Bitcoin deposits, with no holding fees and the ability to withdraw once the term is over.
Contact Name: Kristy Velazquez Contact Email:kristy@bitcoinira.com Location: Los Angeles, USA Phone: +1.877.936.7175
Bitcoin IRA is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to FDIC and other consumer protections. This press release is for informational purposes only.
LOS ANGELES, Calif., May 31, 2017 (Newswire.com)
– Ethereum is $200, and Bitcoin is over $2,300. Both of these digital currencies started small, offering investors a chance at millions for less than $1.
In just 32 days since the launch of Ethereum IRA, the digital currency also known as Ether rose in value from $48 to its current price of $202, delivering investors a whopping 314% return. Ethereum has piqued the interest of Fortune 500 companies and is considered by many investors and traders to be the hottest altcoin on the market right now.
“Our clients are ahead of the curve; they are early adopters eyeing a massive opportunity as Ethereum and others become the digitization of efficiency in our common lives,” saidChris Kline, COO of Bitcoin IRA.
The weekend rise in Ethereum price may have moved lock in step with key partnerships and developments announced over the weekend. Below are the most common reasons that investors cite to justify a $1,000 Ethereum coin:
The People’s Republic of China wakes up to Ethereum
China’s leading bitcoin and altcoin exchange, Huobi, announced it would offer Ethereum on Wednesday, May 31st, 2017. Huobi is one of the largest exchange players in China, if not the world. If history is any guide, one just needs to look back to when Litecoin started trading on Coinbase; almost immediately, its value skyrocketed.
Ethereum and the Trillion-Dollar Freelancer market
eDEV.one, a remote worker wage payment, and job platform announced its plans to issue a part of its token sale on Danish exchange OpenLedger. Freelancers now makeup 35% of U.S. workers and collectively earned $1 trillion in the past year, according to the Freelancers Union, based in New York City, and the large freelancing platform Upwork, headquartered in Silicon Valley.
Toyota and MIT Partner to accelerate self-driving vehicles
Toyota Motor company has announced a tie-up with MIT to utilize blockchain and distributed ledger technology to speed up the development of autonomous driving technology.
Storj Labs raises millions to disrupt Dropbox
The leading decentralized cloud storage provider has concluded a token sale for its Ethereum-based application token. The platform met its goal of $30 million in just seven days.
The fact that Ethereum continues to be adopted by mainstream exchanges, companies, and initiatives signifies its long-term value.
In Bitcoin IRA’s first year since launch, the company’s innovative retirement platform was featured in the Wall Street Journal, Barron’s and Investopedia for making Bitcoin an easy option for retirement investing. It has also expanded its cryptocurrency offering by adding a secure way to invest in Ethereum as well as Bitcoin.
About Bitcoin IRA
Bitcoin IRA is the only Bitcoin-based retirement investment portfolio that allows people to invest with actual Bitcoins and Ethereum for their IRA or 401(k). The platform works with leading fintech professionals to provide secure, high-quality Bitcoin investments.
Bitcoin IRA offers both traditional and Roth IRA options, which offer the same tax incentives as regular IRAs and 401(k)s. The company differentiates itself from other Bitcoin and Ethereum investment products in multiple ways. Unlike Bitcoin and Ethereum ETFs and investment funds, Bitcoin IRA offers an opportunity for individuals to invest in real Bitcoin or Ethereum at a much lower fee. Also, investors keep total control over their digital wallets, with no holding costs and the ability to withdraw once the term is over.
Contact Name: Amith Nirgunarthy Contact Email:amith@bitcoinira.com Location: Los Angeles, USA Phone: +1.877.936.7175
Bitcoin IRA is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to FDIC and other consumer protections. This press release is for informational purposes only.
Bitcoin IRA superior fund returns along with 100% customer satisfaction in their self-directed cryptocurrency-based retirement accounts
Press Release –
updated: May 9, 2017
Los Angeles, Calif., May 9, 2017 (Newswire.com)
– BitcoinIRA.com, the only company offering cryptocurrency-based retirement investment portfolios, has announced its one-year anniversary today. In the first year since launch, the company’s innovative retirement platform has been featured in the Wall Street Journal, Barron’s and Investopedia for making Bitcoin an easy option for retirement investing. It has also expanded its cryptocurrency offering by adding a secure way to invest in Ethereum as well as Bitcoin.
Bitcoin IRA is the first and only company to offer cryptocurrency-based IRAs for investors, allowing them to hold actual cryptocurrencies in a retirement account. Unlike traditional ETFs and investment plans, investors in Bitcoin IRA and Ethereum IRA continue to own their cryptocurrency even after the end of the IRA tenure, allowing them to freely distribute it.
Combining its innovative product with a strong bitcoin price trend and excellent customer support, Bitcoin IRA has achieved an extremely high client satisfaction rating, receiving an average of 5 out of 5 stars on review platform Birdeye.
“We’re extremely proud of what we’ve accomplished with Bitcoin IRA,” says Chris Kline, COO. “Our commitment to listening to our clients has helped us grow month after month, and continually offer new, innovative ways for investors to save for retirement.”
Recently, the team behind Bitcoin IRA also launched Ethereum IRA, a similar investment product for Ethereum, the second-largest cryptocurrency. The company has been evaluating releasing new cryptocurrencies on its proprietary SDIRA platform, along with new features being driven by demand from existing stakeholders and clients.
Chris Kline continues:
“We’ve only scratched the surface of cryptocurrency and blockchain technology in the retirement space. Projects currently under development are driven by our clients and designed to drive mainstream crypto adoption ahead.”
About Bitcoin IRA
Bitcoin IRA is the only Bitcoin-based retirement investment portfolio that allows people to invest with actual bitcoins for their IRA or 401(k). The platform works with leading fintech professionals to provide secure, high-quality Bitcoin investments.
Bitcoin IRA offers both traditional and Roth IRA options, which offer the same tax incentives as regular IRAs and 401(k)s. The company differentiates itself from other bitcoin investment products in multiple ways. Unlike bitcoin ETFs and investment funds, Bitcoin IRA offers an opportunity for individuals to invest in real bitcoin at a much lower fee. In addition, investors keep total control over their Bitcoin deposits, with no holding fees and the ability to withdraw once the term is over.
Contact Name: Amith Nirgunarthy Contact Email: amith@bitcoinira.com Location: Los Angeles, USA Phone: +1.877.936.7175
Bitcoin IRA is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to FDIC and other consumer protections. This press release is for informational purposes only.
Pandrup, Denmark, March 17, 2017 (Newswire.com)
– Internet of Coins (www.coinstorm.net) will launch their fundraiser on the OpenLedger Decentralized Conglomerate (DC) on March 21st 2017, in celebration of the first day of spring. Until the launch, investors can join the early bird offer and receive a 5% discount.
Essentially a wallet, Internet of Coins is a secure way to store cryptocurrencies and smart contracts, and trade them without centralized exchanges. With an easy-to-use interface to manage multiple coins and assets, users of Internet of Coins need no advanced technological knowledge to work with cryptocurrencies. Furthermore, the platform acts as an interface to smart contract systems, decentralized communications, and distributed notary functions.
Existing wallets will need no changes or adaptations to have their blockchains and value systems connected to this decentralized network.
Internet of Coins gives users the option to exchange currencies with anyone in the world, without dependency on a centralized third party. Compatible with every currency available, users can receive, send and swap, making fluid trades of value from and to any blockchain available.
The official token of the Internet of Coins platform, termed HYBRID, serves two main purposes. First, it provides a coherent store of value across multiple blockchains, diversifying risk. Second, it serves as the vehicle to swap value between the different chains they are registered on. This will allow users to exchange value without the need for a centralized external third party.
HYBRID tokens will be freely tradable after July 1st, 2017.
Joachim de Koning, Founder of Internet of Coins, explained, ‘From July 1st 2017, we will release the tokens to fundraiser participants. Tokens will be released on the user’s blockchain of choice. Due to the hybrid nature of the token, it can be used on multiple blockchains.’
‘We are inviting people to join us for our Livestream event, http://bit.ly/2mLX9eX, on March 20 at 6pm GMT where we will be presenting our platform and answering questions.’
The idea of Internet of Coins was conceived during the summer of 2014. It aims to create a decentralized, self-sustaining economy by implementing inter-blockchain connectivity.
De Koning continued, ‘Our goal is to make every cryptocurrency autonomously part of a large swarm of decentralized economic activity. We want to do this by enabling every cryptocurrency user to create hybrid assets that interconnect value systems and blockchains. The source code to make this possible will be open source, non-commercial and freely available, to enable the impartial establishment of the Internet of Coins.’
Ronny Boesing, CEO of OpenLedger, says, ‘The Internet of Coins is a great way for interlinking all digital forms of value in one place. Because you can swap digital assets and currencies, peer to peer, you also have the incredible opportunity to earn fees by participating. What we also love about Internet of Coins is the ‘easy to use’ interface which allows users existing wallets to be adapted with no changes or adaptations. In my opinion, this innovation is a need-to-have tool for crypto traders.’
The OpenLedger Decentralized Conglomerate (DC) is the world’s first blockchain powered conglomerate, allowing multiple organizations to join forces and directly invest in each other’s successes, reaping the benefits of cross-promotion throughout the entire network.
OpenLedger is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.
