“The evidence is overwhelming,” said Honourable Mr. Justice James Mellor, delivering a surprise ruling at the close of the trial. “Dr. Wright is not the author of the Bitcoin white paper. Dr. Wright is not the person that operated under the pseudonym Satoshi Nakamoto. Dr. Wright is not the person that created the Bitcoin system. Nor is Dr. Wright the author of the Bitcoin software,” he said.
The ruling brings to a close a six-week trial, in which the Crypto Open Patent Alliance, a nonprofit consortium of crypto companies, asked the court to declare that Wright is not Satoshi on the basis that he had allegedly fabricated his evidence and contorted his story repeatedly as new inconsistencies came to light. “After all the evidence in this remarkable trial, it is clear beyond doubt that Craig Wright is not Satoshi Nakamoto,” claimed Jonathan Hough, legal counsel for COPA, as he began his closing submissions on Tuesday. “Wright has lied, and lied, and lied.”
In the last five years, Wright has used his claim to be the creator of Bitcoin to bring multiple lawsuits of his own against developers and other parties he has accused of violating his intellectual property rights. COPA is seeking an injunction that would prevent Wright from further brandishing the claim. “We are seeking to enjoin Dr. Wright from ever claiming to be Satoshi Nakamoto again and in doing so avoid further litigation terror campaigns,” says a COPA spokesperson, who asked to remain nameless for fear of legal retaliation from Wright.
The parties will have to wait a month or more for a formal judgement to be published, detailing the specific findings and forms of relief Wright will be required to submit to. The judgement will “be ready when it’s ready and not before,” said Mellor.
This story is developing, please check back for updates.
The token behind Solana, a layer-1 blockchain that’s competitive with the Ethereum blockchain, has been through the wringer after it plummeted from a high of about $260 to a low around $8 in early 2023. But like every good movie with a character redemption arc, Solana has one too.
The cryptocurrency passed $160 on Wednesday, marking its highest price since January 2022. It’s the fourth largest cryptocurrency (excluding stablecoins) by market cap behind bitcoin, ether and BNB, in that order, and it’s up 44.8% on the month and about 676% from the year-ago date, according to CoinMarketCap data.
The blockchain behind the token is well known for its NFT marketplace, which is the second largest by all-time sales volume at $5.2 billion, as well as its decentralized finance (DeFi) ecosystem and more recently, developers’ ability to churn up memecoins on its chain faster than I can write this article. So it’s not surprising that the growth and traction on its blockchain is also being transpired through to its token.
Since mid-December, a number of Shiba Inu dog-themed tokens on the Solana blockchain like Bonk and dogwifhat have taken off. The two tokens, which try to capitalize on the popularity of the original dog-based memecoin, Dogecoin, are up 150% and 600% on the month, respectively. The dogwifhat community also self-funded about $700,000 in less than four days to get the token shown on the external surface of the new Las Vegas Sphere – and people paid through USDC, the second-largest stablecoin, not dollars, to do it.
And don’t worry, cat lovers: kitty-themed tokens like Popcat that are also showing crazy gains. For context, Popcat’s price increased 3,205% on the month.
Bonk and Solana’s web3 smartphone Saga gained more attention after savvy crypto traders realized they could redeem 30 million tokens of BONK, worth between $500 to $800 in December, on the device. At current prices, the 30 million in free BONK tokens is worth almost a grand.
In recent weeks, a number of politically inspired memecoins on the chain also have gained traction, like jeo boden, doland tremp and the crudely-named elizabath whoren, with market capitalizations of $71.8 million, $47.8 million and $8.8 million, respectively, at the time of publication. (If you’re wondering if I misspelled those tokens based on U.S. politician’s names, I didn’t.)
Even Coinbase, the largest crypto exchange in America, shared steps on its website how to buy some of these tokens in the U.S., through other avenues off its own platform. In order to trade some of these cryptocurrencies on Solana, users need the native chain’s token to pay a nominal fee, fractions of a penny. (Please note none of this is financial advice, but one of the reasons that could point to Solana’s price increase.)
Memecoins in general have seen a huge rally as the crypto market continues to thaw from its most recent winter. This, alongside airdrops from projects’ tokens, have sparked interest in Phantom, a crypto wallet heavily used across the Solana ecosystem, which has seen its active user base more than triple in the past year to 3.2 million monthly active users.
While majority of these tokens have no underlying utility – dogwifhat is literally named after a dog wearing a knitted hat – people are still rallying behind them, arguably in hopes of getting rich quick or because they resonate with the eccentric, tsunami-like communities these assets create.
But what goes up, often comes down, and the quick rise of some memecoins is often followed often extreme busts, sometimes within days of launching. While some may retain price support for months, as we’ve seen with a handful of tokens, it’s important to consider that not everything that shines like glitter is gold.
While younger investors tend to be more optimistic about and willing to invest in crypto, according to the Chartered Financial Analyst (CFA) Institute, their family members may have concerns about it—especially given the fall of a few major crypto firms, including FTX—last November, its founder was found guilty of stealing from customers. Crypto is a highly volatile asset type with wide-ranging risks, so it can be a divisive topic. How can you have conversations about crypto with your family members so that both sides feel comfortable?
Before you explain cryptocurrencies to anyone, make sure you understand them yourself. Here’s a quick guide.
1. Start with crypto basics
Start with the basics: Crypto is both an asset and a new technology. It is meant to be a digital currency. (Some companies and contractors will get paid in bitcoin, for example.) However, at the moment, it’s more of a tradable asset, whether on crypto exchanges or as part of crypto exchange-traded funds (ETFs) listed on stock exchanges.
2. Explain how it’s used
Then, you can get into the more complicated bits. Cryptocurrencies are built on blockchain technology, which is a digital ledger (your parents should know what that is). It logs the ownership of the crypto, and it’s spread across a network of computers that permanently and transparently records transactions. No one can alter the blockchains, and anyone can view them. See, simple enough.
3. Be open to their questions
Don’t get flustered when questions come up. “Why the need for new money?” they might ask. What sets cryptocurrencies apart from traditional fiat currencies, besides being virtual, is that they’re not backed by a central bank or government. Explain that cryptocurrencies carry both benefits and risks. Crypto transactions can be faster and cheaper, but if something goes wrong—say, your digital coins end up in the wrong wallet—there’s no one to intervene (get back your money). And investors treat them more like assets than as actual currencies.
Your parents might also ask about the differences between virtual coins. There are thousands of cryptocurrencies on the market, available via crypto exchanges and crypto trading platforms. Keep it simple by explaining that the three largest coins by market capitalization are bitcoin, ethereum and tether. (We cover more questions below.)
4. Be aware (and communicate that you’re aware) of its volatility and risk
For your own financial literacy and credibility with the fam, you need to know that crypto isn’t instant growth. There may be stories of investors who “got rich quick,” but there are many more stories of those who lost their money. If you express you understand how serious investing in crypto is, it’s more likely your parents will trust your knowledge. Taub cautions that cryptocurrencies are “alternative” investments, and even within that broad category, they are considered extremely volatile and high-risk. And Simmons suggests researching Canadian crypto trading platforms and demonstrating how to use one. Showing your parents how you plan to invest may help ease any anxiety they feel about crypto scams, which are common (more on this below). Read our tips on choosing a crypto trading platform.
5. Explain how you will (and won’t) use crypto
Once you’ve started a family dialogue about crypto, Taub says, “As with any investment, the conversation should be about how it fits into your existing portfolio(s) and how it aligns with your goals and investment objectives, your time horizon and your appetite for risk.”
Crypto investment products continue to shine in the middle of a strong bullish market sentiment. New data has shown institutional investors and traders are now going full speed on crypto investment products, allowing inflows to attain a new inflow record. According to CoinShares, a digital asset investment firm, digital investment products registered a record weekly inflow of $2.7 billion last week, pushing the year-to-date inflow near a new record.
Crypto Institutional Investors Continue To Aim Higher
The crypto market has attracted its fair share of rich visionaries and institutional traders over the years, with most just dabbling in and out. Recent market factors, however, have opened the industry and made it palatable to big traders. As a result, trading volume from this cohort of investors has ballooned to new highs.
In its latest weekly report, CoinShares noted that investment products based on cryptocurrencies reached a new milestone of $2.7 billion inflow last week, bringing the run to six consecutive weeks of inflows. Hence, the total inflow year-to-date is now at $10.3 billion, just $300 million shy of the $10.6 billion inflows recorded in 2021.
To put this into perspective, we’re less than three months into 2024, and inflows are already on par with those recorded throughout the bullish cycle in 2021. At the same time, trading volume reached a new record of $43 billion for the week, smashing the $30 billion record set in the previous week.
Unsurprisingly, most of this activity can be credited to Bitcoin, with the majority of inflow going into the cryptocurrency. According to CoinShares, Bitcoin remained the focus of investors to attract $2.6 billion in inflows last week, representing 96% of the total inflow. This comes despite a $1.65 billion outflow from Grayscale’s Spot Bitcoin ETF.
Speaking of Spot Bitcoin ETFs, there’s no denying the fact that these investment vehicles have been the primary catalyst for Bitcoin’s recent growth. This has allowed Bitcoin to break over various price resistance to reach new all-time highs. Last week, the 10 ETFs in the US ended the week at a net inflow of $2.238 billion, with BlackRock and Fidelity leading the charge. Despite recent price rises, short Bitcoin products also recorded $11 million in inflows last week.
On the other hand, Ethereum investment products witnessed an outflow of $2.1 million last week to reverse $84.7 million inflows recorded in the prior week. This is despite Ethereum crossing over the $4,000 price level for the first time in two years. The reverse case is for Solana, which witnessed $24 million inflows after an outflow of $11.9 million in the previous week.
Polkadot, Fantom, Chainlink, and Uniswap also saw inflows of $2.7 million, $2 million, $2 million, and $1.6 million, respectively.
Featured image from CIM-Cyprus Business School, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
In his years as a US federal agent, Tigran Gambaryan helped to lead landmark investigations that took down cryptocurrency thieves and money launderers, dark-web drug dealers, and even crypto-funded child exploitation networks. Now, in his post-government role at the cryptocurrency exchange Binance, he has become the target himself of a very different sort of federal crypto crackdown: For the past two weeks, he and another Binance executive have been detained against their will by Nigerian officials.
Since February 26, Gambaryan, who now leads Binance’s criminal investigations team, and Nadeem Anjarwalla, Binance’s Kenya-based regional manager for Africa, have been stripped of their passports and held in confinement at a government property in the Nigerian capital of Abuja. Neither has been informed of any criminal charge against them, according to their families. Instead, the two men appear to have been swept up in Nigeria’s broad actions to ban cryptocurrency exchanges amid a drastic devaluation of the country’s national currency, according to the Financial Times, which was first to report the two executives’ detention without identifying them.
“There’s no definite answer for anything: how’s he’s doing, what’s going to happen to him, when he’s coming back,” says Gambaryan’s wife, Yuki Gambaryan. “And not knowing that is killing me.”
Gambaryan, a US citizen, and Anjarwalla, a dual citizen of the UK and Kenya, arrived in Abuja on February 25, their families say, following the Nigerian government’s invitation to address its ongoing dispute with Binance. They met with Nigerian officials the next day, intending to speak to the government about its order to the country’s telecoms to block access to Binance and other cryptocurrency exchanges, which regulators blamed for devaluing its official currency, the naira, and for enabling “illicit flows” of funds.
Shortly after Gambaryan and Anjarwalla’s first meeting with the Nigerian government, however, Gambaryan and Anjarwalla were taken to their hotels, told to pack their things, and moved into a “guesthouse” run by Nigeria’s National Security Agency, according to their families. Officials seized their passports and have since held the two men at the house against their will for two weeks and counting.
Gambaryan has been visited by a US State Department official and Anjarwalla by a representative of the UK foreign office, their families say, but Nigerian government guards have also remained present in those meetings, preventing them from speaking privately.
When WIRED reached out to Binance, a spokesperson declined to comment on what the men or the company itself has been accused of or what demands the Nigerian government may have made for their release. “While it is inappropriate for us to comment on the substance of the claims at this time, we can say that we are working collaboratively with Nigerian authorities to bring Nadeem and Tigran back home safely to their families,” a Binance spokesperson tells WIRED. “They are professionals with the highest integrity and we will provide them all the support we can. We trust there will be a swift resolution to this matter.”
U.S. presidential candidate Donald Trump has not pledged to crypto-friendly regulation, but the politician promised a stay of enforcement action against digital currencies.
During a March 11 CNBC interview, Donald Trump hinted that his regime does not plan to oppose cryptocurrencies like Bitcoin (BTC) through lawsuits or other regulatory clampdown channels if elected again.
Trump’s rhetoric has consistently emphasized his preference for U.S. dollar dominance, asserting that he wants one single currency at the top of the world’s financial highway. However, the presidential candidate noted the accelerated adoption of crypto in America and around the globe, noting that he’s uncertain about mounting an offensive against this innovation.
The White House aspirant has spoken against central bank digital currencies (CBDCs) after onboarding a pro-crypto former candidate onto his team. Trump believes that a CBDC would threaten American freedom by handing over total control over money to the federal government.
Donald Trump owns crypto, but not Bitcoin
As previously reported by crypto.news, Donald Trump owns over $3 million in blockchain-based digital currencies. As Trump confirmed during his interview, Bitcoin is not a feature among the holdings.
Most of Donald Trump’s crypto is denominated in Ethereum (ETH), crypto’s second largest token. This is mainly due to licensing fees tied to his NFT projects. Trump also said he sometimes accepts crypto payments for merchandise, like his sneaker collection.
U.S. Representative Tom Emmer was quoted saying that the crypto sector may benefit from Donald Trump’s possible second stint as president. The sentiment was echoed by Brian Brooks, former chief legal officer at Coinbase, who remarked that Trump’s regulatory appointees may have a friendly approach to cryptocurrency oversight.
Right now, the U.S. economy is strong. There is no reason to cut interest rates. In my view, this is a win-win situation. If the economy were to falter quickly, the Federal Reserve would cut rates to help businesses. If the economy continues to grow at 3% to 4%—which is the current prediction for the first quarter of 2024 in the U.S.—the central bank won’t have to act. In both cases, the stock market will go up. We’ll see on March 28, when the U.S. Bureau of Economic Analysis will announce the U.S. 2023 Q4 GDP.
Bitcoin is skyrocketing thanks to the SEC
Wow. Just wow. For a brief moment on March 5, 2024, bitcoin recently hit an all-time high slightly above USD$69,200, beating its previous peak of USD$69,010 in November 2021. The cryptocurrency has been rising since October 2023, but prices really started to surge in January after the U.S. Securities and Exchange Commission (SEC) approved bitcoin exchange-traded funds (ETFs). American retail investors have been waiting a long time for a way to invest in cryptocurrency without having to own the digital tokens themselves. Now they can choose from 10 bitcoin ETFs, including funds from investment giants BlackRock and Fidelity. Collectively, the new bitcoin ETFs have already attracted billions of dollars. An ethereum ETF is likely around the corner. (Canadian investors already had access to bitcoin ETFs—Purpose Investment’s bitcoin ETF launched in February 2021, and at least three ethereum ETFs were launched by various Canadian firms a few months later.)
For me, this is an asset class that is still speculative. I’m not alone. Executives from Vanguard say they are not offering crypto products because they don’t see an “enduring” role for them in long-term portfolios. SEC chair Gary Gensler made a point of saying the approval of bitcoin ETFs was not an endorsement, and that he views crypto as a “speculative, volatile asset.”
Right now, there is no government body or country backing digital currencies—at least, not yet. Until this happens, I don’t know where they fit into the economy. My view: At this point, crypto represents too much risk for most investors. It’s certainly not a core holding for the investors I work with.
Gold also has been rising of late, and I met with David Garofalo of Gold Royalty Corp. about the rise of gold on March 6, 2024.
TSX significantly underperforming the S&P 500
The TSX Composite Index is up just 5% year over year compared to nearly 30% for the S&P 500. Why has the TSX fallen short? Primarily because of which economic sectors it focuses on. Specifically, there is a lack of high-growth technology stocks in Canada. The majority of the TSX is made up of banking, oil and gold stocks. For a while now, banking has been flat at best. Oil stocks have dropped in price. Even though gold is at an all-time high, gold stocks have not fared as well. Meanwhile, 40% of the companies on the S&P 500 are in the technology sector, which led to its strong performance. BMO senior economist Robert Kavcic points out that just “five [tech companies]—Nvidia, Microsoft, Amazon, Meta and Apple—have alone accounted for almost half of the net 1,200 point increase in the S&P 500 over the past year.” More than half the companies on the Nasdaq are also technology stocks. Even the Dow Jones Industrial Average has a growing number of technology stocks, including Apple, Salesforce and Amazon.
The TSX did very well during the China-driven metals super-cycle, when that country was buying up all the copper, aluminum and iron ore it could to build infrastructure. Those days are over. China’s economy is slowing, and that’s impacting Canadian companies and the TSX.
Canada’s economy is the secondary reason the TSX isn’t doing as well as U.S. indexes. Canadian GDP grew by 1% over the last year, while U.S. GDP grew by 3.2%. As a result, Canada is not as attractive to foreign investment as the U.S. We discussed the TSX’s underperformance on the Allan Small Financial Show.
Tysons, Virginia-based MicroStrategy will borrow money to add to its massive Bitcoin holdings.
Tysons, Virginia-based MicroStrategy, a business intelligence software company which now calls itself the world’s first Bitcoin development company, will borrow money to add to its massive Bitcoin holdings.
MicroStrategy will sell $700 million in unsecured senior notes at an interest rate of 0.625% paid semi-annually. The notes mature in 2030, and can be redeemed for cash or MicroStrategy stock. Investors will also have the option to purchase up to $100 million in additional notes, bringing the total to $800 million.
The offering is upsized from MicroStrategy’s originally-announced $600 million note sale.
The company said it will use proceeds to acquire additional Bitcoin, and for general corporate purchases.
Bloomberg has called MicroStrategy co-founder Michael Saylor one of the most prominent advocates for the cryptocurrency. The company is the largest corporate holder of Bitcoin, with 190,000 Bitcoin at the end of 2023, worth $13.1 billion at current value.
Saylor began acquiring Bitcoin in 2020.
Bitcoin, whose value sank in 2022, has recovered. It briefly reached a record high of more than $69,000 earlier this week.
MicroStrategy had $499.3 million in 2023 revenue, and reported a full-year loss of $1.5 million. Forbes estimates Saylor’s personal wealth at $3.3 billion.
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The world of investing just got a big shake-up, and it’s all thanks to the U.S. Securities and Exchange Commission (SEC). They’ve said “yes” to not just one, but 11 Bitcoin exchange-traded funds (ETFs).
If you’re into Bitcoin or just curious about its price movements, this is pretty huge news. In this post, I’ll explain what this means and explore seven critical things you should know about this landmark decision.
Key Highlights
The SEC has approved 11 Bitcoin ETFs, making it easier for investors to get involved in Bitcoin without direct ownership.
Big fund managers like BlackRock and Fidelity are managing these ETFs, signaling strong institutional support for Bitcoin.
The approval has led to significant price increases for Bitcoin and Ethereum, highlighting the impact of regulatory decisions on cryptocurrency markets.
While Bitcoin ETFs offer a more accessible way to invest in cryptocurrencies, they come with risks related to market volatility and regulatory uncertainty.
What Is a Bitcoin ETF?
Imagine you want a piece of chocolate cake, but instead of buying the whole cake, you get a slice. That’s what investing in a Bitcoin ETF is like.
You get a share of the action without needing to own the actual Bitcoin. It’s a way for more people to join the party without the hassle of managing a digital wallet or understanding all the techy stuff.
To keep an eye on Bitcoin’s current market value, Binance offers real-time price tracking and comprehensive market data, making it a valuable resource for investors interested in the cryptocurrency’s latest price movements.
1. Eleven’s the Magic Number
Eleven Bitcoin ETFs have received the green light from the SEC. There are a lot of new ways for investors to get involved in Bitcoin without diving directly into buying and holding the cryptocurrency themselves.
With such big fund managers getting involved, it’s a sign that Bitcoin is becoming a significant part of the investment landscape.
3. But, There’s a But…
Even with the approval, the SEC still has its eyebrows raised about cryptocurrencies.
They’re cautious, pointing out the risks and the rollercoaster ride that is Bitcoin’s price. It’s a reminder that while Bitcoin can shoot up in value, it can also plummet.
4. A Ripple Effect on Prices
Following the SEC’s nod, Bitcoin’s price saw a significant jump. Ethereum, another popular cryptocurrency, also got a boost in price.
Experts think a lot of money will flow into Bitcoin ETFs, which could push the currency’s price even higher.
Galaxy, a financial services provider, predicts that the market for these ETFs could balloon to $100 billion over time. That’s a lot of confidence.
6. A Win for Accessibility
Spot Bitcoin ETFs are making it easier for everyone to invest in Bitcoin. You don’t need to worry about keeping your investment in a digital wallet anymore.
It’s a big step toward bringing more people and more money into the crypto space.
7. A Shift in the Landscape
The approval of Bitcoin ETFs by the SEC is a big deal. It shows a change in how regulators view cryptocurrencies.
Before, the U.S. was seen as not very welcoming to crypto. Now, with nearly a dozen new Bitcoin funds hitting the U.S. markets, it’s a clear sign that times are changing.
8. The Ripple Effect on Other Companies
The entrance of Bitcoin ETFs into the market could also mean a shift in how people invest in cryptocurrencies. Before, companies like Coinbase and MicroStrategy were popular choices for investors looking to get exposure to Bitcoin without directly buying it.
Now, with Bitcoin ETFs offering a more straightforward and possibly safer avenue, the value of these companies as “crypto proxies” might decrease.
9. The Role of the Court
Interestingly, the path to approval wasn’t just about the SEC deciding to say yes. A court ruling played a crucial role by calling out the SEC’s previous denial of a Grayscale ETF as “arbitrary and capricious.” This ruling effectively opened the door for the approval we’re seeing now.
10. Caution in the Wind
Despite the excitement, it’s crucial to remember that investing in Bitcoin, whether directly or through ETFs, carries risks.
Bitcoin’s price is famous for its dramatic ups and downs. Plus, with ETFs, there’s the additional consideration of fees and the potential loss of anonymity that comes with direct cryptocurrency ownership.
What Does the SEC Really Think?
It’s worth noting that the SEC’s approval of Bitcoin ETFs doesn’t mean they’re giving Bitcoin itself a thumbs up.
SEC Chairman Gary Gensler made it clear that the approval of specific Bitcoin ETF shares is not an endorsement of Bitcoin. It’s an important distinction, emphasizing the regulatory body’s cautious stance towards the cryptocurrency itself.
FAQs
Can Anyone Invest in A Bitcoin ETF?
Yes, anyone with access to a brokerage account that offers the ETFs can invest in a Bitcoin ETF.
Do Bitcoin ETFs Pay Dividends?
No, they typically do not pay dividends. They reflect the price movements of Bitcoin.
Are Bitcoin ETFs Safe?
They are subject to market risks, including the volatility of cryptocurrency prices. They are considered safer than direct cryptocurrency investments but are not risk-free.
How Do Bitcoin ETFs Affect Taxes?
Investing in them can lead to capital gains taxes, similar to other investment vehicles. It’s advisable to consult a tax professional.
Can I Use Bitcoin ETFs for Retirement Savings?
Yes, you can include them in your retirement savings, but consider the high risk associated with cryptocurrency investments.
How Quickly Can I Sell My Bitcoin ETF Shares?
These shares can be sold as quickly as any other ETF or stock, typically within the trading hours of the stock exchange they’re listed on.
Final Thoughts
Investing in Bitcoin ETFs brings its own set of challenges and opportunities. While it opens the door for many to invest in Bitcoin more easily, it’s essential to remember the volatile nature of cryptocurrencies.
Prices can skyrocket, but they can also take sharp dives. If you’re thinking about jumping into Bitcoin ETFs, it’s wise to proceed with caution, do your homework, and consider how it fits into your overall investment strategy.
A COMMON mistake has left a famous online streamer devastated and $1million poorer.
Martin Disalvo said he lost the huge sum of Bitcoin cash when he rebooted his computer and couldn’t remember his passwords.
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Argentinian streamer Martin ‘Coscu’ Disalvo speaks in undated footageCredit: Newsflash
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The influencer says he lost more than $1million in BitcoinCredit: Newsflash
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Martin has more than 3.6 million followers on InstagramCredit: Newsflash
The influencer, who boasts more than 3.6 million followers on Instagram, said he was facing issues with the camera on his computer so he asked his friend to format his device.
To format a computer means to erase all of the data on the hard drive; the user then reinstalls Windows or macOS for a fresh start.
Martin, also known as Coscu, claimed he asked his friend to save some local files before formatting the machine, but the friend forgot and deleted all of the files on the system – including the passwords to Martin’s cryptocurrency wallets.
His wallets reportedly contain at least 10 Bitcoins, each currently worth about $66,700 (£52,400).
The Argentinian star said he lost more than $660,000 (£518,000).
He also reported lost about $800,000 (£628,000) worth of character and weapons skins – cosmetics that modify the appearances of weapons – in the popular first-person shooter game Counter-Strike.
Some of Martin’s followers criticised him for being irresponsible with his money, while others expressed their support and sympathy.
It is not clear whether any steps have been taken – or can be taken – to recover the massive losses.
James Howells said he launched a legal fight to retrieve the Bitcoin fortune that was accidentally binned during an office clearout.
IT worker begs for help to find hard drive containing MILLIONS of pounds in Bitcoin he threw away
The computer engineer had put the hard drive containing the Bitcoin in a black bag along with other parts during a spring clean in 2013.
He claimed his ex took the rubbish to the dump in Newport, Gwent – and that he had been battling officials for 10 years for permissions to get it back.
James told The Sun: “It’s a bit like if you’re neighbours and you kick your football over next door’s fence – they have to reasonably give back your property.
“They can’t instead build a brick wall over your property, which is effectively what Newport City Council has done by continuing to pile waste on it.”
He was last year said to be planning the world’s biggest treasure hunt, with a reward of £10million, to locate the missing Bitcoin hard drive – which he believed was still at the rubbish dump in Newport.
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Argentinian streamer Coscu poses in an undated photoCredit: Newsflash
Five risks of crypto investments
BELOW we round up five risks of investing in cryptocurrencies.
Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.
Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
Marketing materials: Firms may overstate the returns of products or understate the risks involved
The popular messaging platform Telegram has revealed its plans to sell its surplus holdings of The Open Network (TON) tokens at below-market prices. This move comes after concerns were raised about the potential centralization of TON supply due to ad payments being exclusively accepted in TON tokens.
Telegram Addresses Concentration Concerns
As NewsBTC reported on February 28, starting in March, channel owners will have the opportunity to receive financial compensation for their content. All transactions, including payments and withdrawals, will be handled on the TON blockchain.
Telegram’s advertising platform will be available to advertisers in nearly one hundred new countries. With this expansion, channel owners will receive 50% of the revenue generated from ads displayed on their channels.
In response to concerns about the concentration of TON tokens with this new feature, Telegram CEO Pavel Durov announced plans to sell the company’s surplus holdings.
With ad payments in TON tokens potentially accounting for more than 10% of the TON supply at Telegram, Durov acknowledged the need for a solution to avoid centralization.
Telegram aims to limit its share of TON by selling the surplus holdings to long-term investors, ensuring a “healthier distribution” and a decentralized ecosystem. The tokens sold will be subject to a lockup and vesting plan ranging from 1 to 4 years.
To ensure a streamlined process for selling TON tokens, Telegram has set up a dedicated email address where interested large investors (with investments of $1 million or more) can express their interest, aiming to maintain stability and decentralization within the TON ecosystem.
TON Ecosystem Thrives
Despite the growing concerns, the TON ecosystem is showing encouraging signs of growth, as evidenced by recent data provided by Token Terminal. Market capitalization, trading volume, fees, and revenue have all increased significantly over the past 30 days. Additionally, active users have consistently grown daily, weekly, and monthly.
Over the past 30 days, the fully diluted market capitalization of the TON ecosystem has reached $13.83 billion, marking a significant 31.0% increase. Moreover, the token’s trading volume has seen a modest but steady 1.4% rise, reaching $1.21 billion.
Fees generated within the ecosystem have also experienced substantial growth, with an 80.9% increase over the past 30 days, totaling $860,490. The annualized fees have also surged, reaching $10.47 million, reflecting a 45.3% growth rate.
Furthermore, revenue generated within the ecosystem has followed a similar trajectory, with a significant 80.9% increase over the past month, amounting to $430,250. The annualized revenue stands at $5.23 million, indicating a promising revenue stream for the ecosystem.
Last but not least, the TON ecosystem has seen consistent growth in its user base over different periods. Daily active users have increased by 1.5%, reaching 33.66k, while weekly active users have experienced a growth rate of 19.6%, reaching 178.62k. Monthly active users also showed a positive trend, with a growth rate of 10.3%, reaching 412.39k.
TON is trading at $2,735, up 3% over the past 24 hours and extending its 34% rise over the past 30 days.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Bitcoin is on a vertical tear, continuing its rapid resurgence and getting close to breaking its all-time high.
The digital token on Monday climbed 8% to $67,310, well above its $44,000 valuation at the start of the year and less than $2,000 away from surpassing its November 2021 record high of around $69,000.
What’s fueling the rally? Cryptocurrency watchers say bitcoin is soaring in part because demand is rising on so-called spot bitcoin exchange traded funds. The ETFs, which allow investors to dabble in crypto in a less riskier way than ever before, has attracted an huge influx of cash this year, experts said.
“Investors are getting turned on to the fact that bitcoin can be treated as an uncorrelated asset, which makes it extremely attractive for portfolio diversification,” Joel Kruger, a market strategist at digital currencies exchange LMAX Group, told CBS MoneyWatch.
A spot bitcoin ETF allows investors to gain direct exposure to bitcoin without holding it. Unlike regular bitcoin ETFs, in which bitcoin futures contracts are the underlying asset, bitcoins are the underlying asset of a spot bitcoin ETF. Each spot bitcoin ETF is managed by a firm that issues shares of its own bitcoin holdings purchased through other holders or through an authorized cryptocurrency exchange. The shares are listed on a traditional stock exchange.
The U.S. Securities and Exchange Commission approved the sale of spot bitcoin ETFs in January. Since then, investors have deposited some $7.35 billion into the 11 different funds available, reported Bloomberg on Monday. Some of the world’s largest institutional investors, including BlackRock and Fidelity Investments, now offer spot bitcoin ETFs.
Bitcoin’s price rally began months before in 2023: Its price soared to a 19-month high in December to about $41,000. Analysts at the time credited the surge to three main factors, including anticipation of the SEC’s approval of the spot ETFs, anticipation of Fed rate cuts and its upcoming halving event, in which the reward for mining bitcoin is cut in half.
To be sure, bitcoin’s ongoing price surge doesn’t make the cryptocurrency any less volatile, as Laila Maidan, investing correspondent at Insider, told CBS News in December, when the cryptocurrency broke $41,000, which was its highest value in 19 months at the time.
“It doesn’t mean the crypto is going to skyrocket and stay high,” Maidan said. “It’s still volatile and there’s a lot of people who will always trade it.”
Still, bitcoin’s resurgence comes as welcome news to crypto investors, many of whom saw their assets plummet in value in 2022 after the collapse of FTX and other crypto exchanges. As the world’s largest cryptocurrency, both in terms of trading volume and most mined, bitcoin is often looked to by financial analyst as a gauge of the overall health of the crypto industry.
Khristopher J. Brooks is a reporter for CBS MoneyWatch. He previously worked as a reporter for the Omaha World-Herald, Newsday and the Florida Times-Union. His reporting primarily focuses on the U.S. housing market, the business of sports and bankruptcy.
Blum, a crypto trading app that merges CEX and DEX facilities for a new trading experience, launched to over 50,000 signups in its first 48 hours.
A group of Binance alumni announced the hybrid crypto exchange in a push to introduce an improved trading experience for new digital participants and veterans alike. The platform is backed by Binance Labs for its seventh cohort and was picked as one of 13 protocols out of more than 700 projects from around the globe.
Blum promises to deliver a novel off-chain order book with on-chain settlement, allowing cryptocurrency trading on centralized or decentralized exchanges. The tokens will be automatically listed if sufficient liquidity exists. The startup plans to achieve this universal token access by pulling data from trusted protocols and platforms.
The hybrid crypto trading app will also support trading from mobile devices via a Telegram mini app, hopping on a growing trend of crypto trading on the private messaging social network. Users can switch between centralized and self-custody options, allowing traders to utilize popular wallet solutions like MetaMask.
Blum eyes Asian market, Georgian crypto license
Gleb Kostarev, a former Binance vice president, is Blum’s co-founder and CEO. Kostarev resigned from the crypto giant in September last year as the exchange planned its exit from Russian markets, after acting as Binance’s head of Asia and overseeing more than 60 markets including APAC, Eastern Europe, and Turkey since 2018.
Vladimir Smerkis, the ex-general manager for Binance Russia and CIS, is also a Blum official. Smerkis left Binance the same week as Kostarev and now serves as Blum’s chief marketing officer and co-founder. Vladimir Maslyakov, CTO of Thekey.space, is also a part of the project, per Kostarev’s Telegram announcement.
The platform said it will share details on its core team members later.
🚀 Exciting news! The time has come to unveil what my team and I have been tirelessly working on. Introducing Blum, a hybrid exchange revolutionizing the way you trade.
Blum is currently exploring potential regions for its headquarters and will target jurisdictions known for crypto-friendly regulations like Dubai, the platform told crypto.news. The hybrid exchange plans to build a global presence with an emphasis on emerging markets like Asia, particularly central and southeast regions in the continent.
However, the crypto trading venue decided against catering to U.S. customers due to the intricate regulatory landscape in that jurisdiction. Still, the platform intends to fully comply with international crypto legislation amid concerns over crypto’s status as a security or not.
Blum’s initial endeavors are focused on securing a Virtual Asset Service Provider (VASP) registration in Georgia by the first quarter of 2024. Georgia’s accommodating regulatory environment for cryptocurrencies positions it as a strategic launchpad within our target region.
Blum spokesperson
The firm also said that it may launch a native exchange token in the future, albeit with a distinct strategy from that of Binance. According to a company representative who spoke with crypto.news, the idea is to develop a blockchain tailored specifically for order book DEXs, with the chance of Blum serving as the native token within this ecosystem.
Our initial rollout phase introduces a system where users can accumulate points through engagements within the Telegram mini-app and forthcoming mobile applications. These accrued points hold the potential for conversion into tokens at a later stage
Blum spokesperson
Points are fast becoming a staple feature among crypto startups aiming to bootstrap community activity and garner users. The trend incentivizes users to interact with a protocol and accumulate internal capital through actions like transactions.
The hybrid crypto trading app is not the only startup built by exchange alumni, as ex-Alameda and FTX employees raised $17 million at a $120 million valuation last month for a platform dubbed Backpack as experts look to claim business share from industry stalwarts and service burgeoning markets.
BlackRock, the world’s largest asset manager, announced the iShares Bitcoin Trust ETF (IBIT39) launch in Brazil on Thursday. Starting today, Friday, March 1, shares of this index fund, which tracks the spot price of Bitcoin (BTC), will be traded on the Brazilian Commodities and Futures Exchange, known as B3.
BlackRock Launches IBIT39 Bitcoin ETF In Brazil
Karina Saade, president of BlackRock in Brazil, highlighted the company’s commitment to providing high-quality access vehicles to investors in the digital asset market. She stated:
IBIT39 is a natural progression of our efforts over many years and builds on the fundamental capabilities we have established so far in the digital asset market.
Felipe Gonçalves, Superintendent of Interest and Currency Products at B3 discussed the growth of the listed crypto market in Brazil. He noted that the market, which started in 2021, now has 13 ETFs with total assets of R$2.5 billion, or about $505 million.
While the market experienced fluctuations in its early years, it reached an eye-catching daily trading volume of R$30 million reais ($6.6 million) by the end of last year, according to local media reports in Brazil.
Gonçalves mentioned that investors in crypto ETFs include institutional investors, such as funds, and individual investors, with a current number of 170,000. Liquidity in the market is provided by non-residents investing in B3 as a whole.
IBIT39 will reportedly have a management fee of 0.25%, with a one-year waiver that reduces the fee to 0.12% once the fund reaches its first $5 billion in assets under management (AUM). The product will be made available to the general public, allowing broader participation in the Bitcoin market.
$7.5B Net Inflow In Bitcoin ETFs Since Launch In The US
BlackRock’s IBIT (iShares Bitcoin Trust) ETF has emerged as a notable player in the US ETF race, countering a significant outflow from Grayscale’s Bitcoin Trust (GBTC).
BitMEX research data shows that on February 29, 2024, positive flows amounted to $92 million for the day. Notably, BlackRock and GBTC offset each other, experiencing $600 million in opposite directions. The data shows that since the ETFs began trading on January 11, 2024, there has been an impressive net inflow of $7.5 billion.
The overall holdings of spot funds, which directly hold Bitcoin, stood at 776,464 BTC (equivalent to $47.7 billion) on Friday morning, according to BitMEX Research. It’s essential to consider that the total BTC supply currently in circulation is 19.64 million, with a maximum limit of 21 million.
With this context, the fact that the ETFs have secured 4% of the total BTC supply is a significant milestone. It demonstrates the growing demand for Bitcoin among investors utilizing these index funds to gain exposure to the cryptocurrency.
BTC continues to consolidate above the $62,000 mark, rising 1.3% in the past 24 hours.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Ripple and its cryptocurrency, XRP, have been hot topics in the financial world. While the recent crypto rally has seen significant gains for giants like Bitcoin and Ethereum, XRP has taken a more modest path.
Knowing the dynamics of Ripple and deciding whether to invest in XRP tokens requires a thoughtful approach. Here’s what you need to know.
Key Highlights
XRP’s growth has been modest compared to Bitcoin and Ethereum, with unique factors like its legal battle with the SEC influencing its market position.
Ripple’s ODL system showcases XRP’s utility in facilitating fast, low-cost international transactions, distinguishing it from other cryptocurrencies.
Investors should consider Ripple’s legal situation, its business model, and the broader market before investing in XRP tokens.
Despite the challenges, XRP presents a potential investment opportunity for those with patience and a long-term perspective, given its role in the future of finance.
What is XRP and How is it Different?
XRP, often associated with Ripple, is a digital currency designed for fast and inexpensive cross-border transactions. Unlike Bitcoin and Ethereum, which have seen their values skyrocket, XRP’s growth has been more subdued, with just a 12% increase recently, compared to Bitcoin’s 57% and Ethereum’s 52%.
Currently, XRP hovers just below $0.60 per coin, aligning with its average price over the last six to twelve months. For up-to-date insights and developments on Ripple and its XRP tokens, Coinspeaker offers a wealth of information that can help investors stay informed.
Why Hasn’t XRP Joined the Crypto Rally?
Several factors contribute to XRP’s unique position in the crypto market:
Ripple’s On-Demand Liquidity (ODL): Ripple’s ODL solution revolutionizes how financial institutions handle transactions, offering near-instant access to funds at low costs. This system positions XRP as a bridge currency, enhancing its utility in real-world applications.
Independent Blockchain: XRP operates on a distinct blockchain ledger, employing a Nominated Proof of Stake mechanism. This independence means XRP’s value isn’t directly tied to the fluctuations of Bitcoin or Ethereum.
Legal Challenges: Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) over selling XRP as an unregistered security has cast a shadow over its value and utility.
Key Factors to Consider Before Investing
Before diving into XRP, investors should weigh several critical considerations:
Ripple’s Legal Situation
Ripple Labs faces significant legal hurdles with the SEC, impacting XRP’s potential growth and Ripple’s forthcoming IPO. These legal issues are pivotal, as they influence Ripple’s ability to operate and expand. Investors should stay informed about the legal proceedings and their implications for Ripple and XRP.
Ripple’s Business and Growth Potential
Understanding Ripple Labs’ business model, the utility of XRP, and the company’s growth prospects is essential. Ripple’s technology aims to transform global transactions, but its success depends on adoption rates among financial institutions and the resolution of its legal challenges.
Investment Alternatives
Given Ripple Labs is not publicly traded, those looking to invest in the blockchain space might consider alternatives like Coinbase, Block, or PayPal. These options offer exposure to the broader crypto market without direct investment in XRP.
Is XRP a Good Investment?
The debate around XRP’s viability as an investment often centers on its potential as a store of value versus its utility in payments. Despite its modest price growth compared to other cryptocurrencies, XRP’s high transaction volumes and role in facilitating cross-border payments present a compelling case for its inclusion in a diversified investment portfolio.
However, potential investors should approach with caution, given the uncertain outcome of Ripple’s legal issues and the absence of immediate price surges.
Ripple’s IPO and Future Prospects
Ripple’s anticipated IPO has been delayed by its SEC lawsuit. The outcome of this legal battle will significantly influence Ripple’s ability to go public and attract investment. Prospective investors should closely monitor these developments, as they will affect Ripple’s financial transparency and growth trajectory.
Ripple’s Financial Health
Unfortunately, due to Ripple Labs’ private status, its financials are not publicly disclosed. This opacity makes it challenging for potential investors to gauge the company’s health and prospects accurately.
However, once Ripple addresses its legal challenges and moves closer to an IPO, its financial statements will become a crucial resource for investors. Monitoring Ripple’s progress toward resolving its SEC lawsuit and achieving public company status will be key for those considering an investment.
Market Sentiment and Ripple’s XRP
The cryptocurrency market is influenced heavily by investor sentiment, which can be particularly volatile. XRP’s price fluctuations around the New Year, with transaction volumes spiking to over 5 million daily, illustrate the market’s responsiveness to developments within Ripple and the broader crypto ecosystem.
Keeping a pulse on market sentiment and regulatory news can provide investors with timely insights into potential price movements.
Ripple’s Role in the Future of Finance
Ripple’s vision of streamlining global finance through blockchain technology sets it apart. Its ODL system, by enabling instant, low-cost international money transfers, proposes a future where financial institutions can operate more efficiently and inclusively.
The adoption of Ripple’s technology by major banks and financial services could significantly impact XRP’s value and Ripple’s market position.
Should You Buy XRP Tokens Now?
Deciding to invest in XRP requires a balance of patience, risk tolerance, and timing. The current price, just below $0.60, may seem attractive compared to its historical performance and the potential for future growth.
Yet, the ongoing SEC legal battle introduces a level of uncertainty that cannot be ignored. Investors with a long-term outlook and a willingness to weather regulatory storms may find Ripple’s XRP a compelling addition to their portfolios.
Alternatives to Direct Investment in Ripple
For those cautious about direct investment in XRP due to Ripple’s unresolved legal issues or the lack of financial transparency, there are indirect ways to engage with the crypto market:
Invest in Crypto-Focused Companies: Companies like Coinbase offer a gateway to the crypto world, providing a platform for trading a wide range of digital currencies, including XRP.
Blockchain Technology Stocks: Companies leveraging blockchain technology in sectors beyond finance offer diversified exposure to the innovation driving the crypto market.
Crypto ETFs and Funds: While there are no ETFs directly tied to Ripple, several funds invest in a range of cryptocurrencies and blockchain technologies, offering a more balanced investment approach.
FAQs
Can XRP transactions be reversed?
No, XRP transactions are irreversible once they’ve been added to the blockchain ledger, similar to other cryptocurrencies.
Does Ripple control the XRP ledger?
Ripple plays a significant role in the development of the XRP Ledger, but the ledger operates on a decentralized network of independent validators.
Are there any countries where buying XRP is restricted?
Yes, regulatory stances on XRP vary by country. It’s essential to check local regulations before investing in XRP or any cryptocurrency.
How does XRP’s transaction speed compare to traditional banking systems?
XRP transactions are significantly faster, settling in 4 to 5 seconds, compared to days for some traditional banking systems.
Can I mine XRP like Bitcoin or Ethereum?
No, XRP cannot be mined. All XRP tokens were pre-mined at launch, with a portion released into the market by Ripple over time.
Is it possible to earn interest on XRP holdings?
Yes, some crypto platforms offer interest on XRP holdings through staking or lending programs, though availability and rates vary.
Final Words
Investing in XRP tokens offers a unique opportunity within the cryptocurrency market, distinguished by Ripple’s innovative payment solutions and the ongoing legal drama with the SEC.
While XRP hasn’t mirrored the explosive growth of Bitcoin or Ethereum, its role in facilitating efficient, low-cost international transactions positions it as a noteworthy option for patient investors.
As with any investment, careful consideration of the legal landscape, Ripple’s business model, and market alternatives is essential before committing.
Gemini Trust, the crypto exchange founded by twin entrepreneurs Cameron and Tyler Winklevoss, will return at least $1.1 billion to customers though the Genesis Global Capital bankruptcy as part of a settlement with the New York Department of Financial Services.
The New York-based firm will also pay a $37 million fine for various compliance failures to the New York Department of Financial Services, Superintendent Adrienne A. Harris said in a statement Wednesday.
Gemini is returning the funds to customers who lost money through the Gemini Earn program that the exchange ran together with now-bankrupt lender Genesis Global. Gemini also agreed to contribute $40 million to Genesis’s bankruptcy for the benefit of Earn customers in coordination with the bankruptcy court.
“Gemini failed to conduct due diligence on an unregulated third party, later accused of massive fraud, harming Earn customers who were suddenly unable to access their assets after Genesis Global Capital experienced a financial meltdown,” Harris said. “Today’s settlement is a win for Earn customers, who have a right to the assets they entrusted to Gemini.”
The Earn program, which was launched in early 2021, let more than 200,000 Gemini users — including almost 30,000 New Yorkers — lend out their coins through Genesis for yield. Genesis stopped withdrawals in late 2022, and filed for bankruptcy in early 2023. Gemini failed to conduct ongoing due diligence into Genesis, or to maintain adequate reserves throughout the running of Earn, the department said.
The agency said that outside of Earn, Gemini also “engaged in unsafe and unsound practices that ultimately threatened the financial health of the company.” Its affiliate, Gemini Liquidity LLC, collected hundreds of millions of dollars in fees that could have gone to Gemini, and that weakened the company’s financial condition. The department said it found various management and compliance deficiencies in its investigation of Gemini.
In a post on the X platform, Gemini noted that under the settlement “all Earn users” will receive “100% of their digital assets back in kind” if the Genesis bankruptcy is approved by the court. A Gemini representative didn’t immediately return a request for comment.
The settlement is the latest attempt by various governmental agencies, including the US Securities and Exchange Commission, the Justice Department and the Commodity Futures Trading Commission, to clean up crypto. Recent enforcement actions have included crypto exchanges Binance, Kraken and Coinbase Global.
The SEC charged Gemini and Genesis for the unregistered offer and sale of securities through the Earn program in January 2023. The New York Attorney General recently revised a lawsuit seeking restitution for Earn users. Genesis recently settled with the state. Gemini, Genesis and its parent company Digital Currency Group are also involved in a legal battle.
The New York agency has the right to bring further action against Gemini if it doesn’t return at least $1.1 billion to Earn customers after the resolution of Genesis’s bankruptcy.
The department authorized Gemini to engage in virtual currency business in 2015.
Pro-crypto super PACs (political action committees) raked in $80 million, earmarked for candidates who favor cryptocurrency regulation and innovation.
According to Politico, three super PACs — Fairshake, Protect Progress, and Defend American Jobs — are backed by crypto industry behemoths like Coinbase, Ripple, and Andreessen Horowitz.
And they’re putting money to work.
In West Virginia, for example, the crypto-funded group Defend American Jobs recently bankrolled the candidacy of Governor Jim Justice with $1.5 million.
Justice, lauded by former President Donald Trump for his commitment to various conservative causes, has found his Senate aspirations entwined with the crypto cause.
The alignment with Trump, who recently softened his previously frosty stance on cryptocurrencies, adds another layer to the narrative. On Fox News, the GOP presidential front-runner noted Bitcoin’s influence, especially among younger demographics, despite his allegiance to the U.S. dollar.
These PACs are also strategically positioning themselves for high-impact interventions that could potentially tip the scales against crypto critics like Senators Elizabeth Warren and Sherrod Brown.
The tactic has manifested in Ohio and Massachusetts, where Republican hopefuls are receiving an enthusiastic boost from both the blockchain proponents and Trump’s vocal support.
Bernie Moreno gets boost from Trump
In Ohio, Bernie Moreno — who is rallying to unseat Senator Brown — is campaigning with a narrative that champions cryptocurrencies.
With the support of both Trump and Senator J.D. Vance, Moreno — a former car salesman — previously captured attention as a key advocate for blockchain technology, bringing crypto to the forefront of his campaign strategy.
Deaton takes on Warren
John Deaton, a Republican crypto attorney based in Rhode Island, initiated his own bid to confront Massachusetts Senator Elizabeth Warren.
Despite concerns over his background, Deaton’s campaign has already stirred up significant attention on social media, where he consistently challenges Warren’s stance on crypto regulation.
Warrne and other Senators — including Republicans — introduced the bipartisan Digital Asset Anti-Money Laundering Act.
Deaton has strong ties to Ripple and is often a notable participant in legal discourse within the crypto industry.
Shifting the focus to California, the Fairshake super PAC—fresh off a substantial financial infusion from cryptocurrency exchange founders Tyler and Cameron Winklevoss—is reportedly trying to assert its mission to advocate for candidates prepared to nurture the crypto economy.
This movement comes at a pivotal time when large sums are being funneled into political campaigns with the potential to influence the digital currency ecosystem.
The political playbooks being drafted could very well etch the trajectory of cryptocurrency’s regulatory future and its grip over innovation and economic growth in America.
Echoing a sentiment larger than any individual race, these cryptocurrency titans, armed with their PACs, are not just participating in the political discourse but aiming to shape a future where digital assets could hold sway over the nation’s economic steering wheel.
Bitcoin has come a long way since its inception, transforming from a digital curiosity into a formidable currency that you can use for a surprising variety of purchases.
Whether you’re an enthusiast looking to spend your stash or a newbie curious about the practical uses of Bitcoin, you’ll find this guide packed with fascinating insights. Let’s explore 14 unexpected ways to use Bitcoin in 2024.
Can You Buy Anything with Bitcoin?
Absolutely! While direct cryptocurrency payments might not be ubiquitous yet, services like the BitPay Card bridge the gap, making almost any purchase possible. Here’s how you can splurge your digital coins.
1. High-Tech Gadgets and Electronics
Fancy the latest iPhone or need a new gaming laptop? Retailers like Newegg accept Bitcoin directly for all your electronic needs, from smartphones by Apple, Samsung, and Google to gaming accessories.
Alternatively, Walmart and Amazon gift cards can be bought through the BitPay app, opening a vast inventory of tech goodies.
2. Betting
For those interested in the evolving world of crypto betting, bitedge.com offers a comprehensive guide to navigating this dynamic landscape, ensuring you’re well-equipped for your next wager.
3. Fashion Finds with a Digital Wallet
Revamp your wardrobe with Bitcoin. Various brands and retailers allow you to purchase clothing directly with Bitcoin or through gift cards. Imagine walking into a store, scanning a QR code, and walking out with a brand-new outfit paid for with digital currency.
4. From Daily Brew to Luxury Yachts
Yes, you read that right. Your morning coffee can now be bought with Bitcoin using the BitPay Card at any MasterCard-accepting coffee shop.
And for those dreaming bigger, luxurious yachts and boats are available for purchase with Bitcoin through Denison Yachting.
5. Real Estate and Precious Metals
Bitcoin is not just for small-ticket items; it’s making waves in big investments too. Through BitPay-partnered brands like Pacaso and Condos.com, you can invest in real estate.
Precious metals like gold and silver are also accessible through Bitcoin transactions, offering a secure way to diversify your investment portfolio.
6. Diamonds Are Forever, and So Is Bitcoin
Add sparkle to your life with diamonds and jewelry from trusted retailers like Idoneus and Icebox, paying with Bitcoin. It’s a modern twist on investing in timeless treasures.
7. Video Games and In-Game Purchases
Gamers rejoice! Video games, in-game purchases, and gaming accessories can be bought with Bitcoin.
Platforms like Steam and Xbox offer gift cards through the BitPay app, ensuring you’re always ready for the next virtual adventure.
8. Booking Your Next Getaway
Thinking of a holiday? Hotels, boutique stays, and even flights can be booked with Bitcoin.
Use gift cards for Airbnb or book directly at crypto-friendly hospitality groups, making travel easier and more secure.
9. Groceries and Dining Out
Bitcoin extends to your daily necessities too. Grocery shopping can be done using the BitPay Card at local stores or by purchasing gift cards for Amazon Fresh and Whole Foods.
Dining out? Use your BitPay Card at local restaurants or buy gift cards for your favorite food delivery apps.
10. Home Sweet Home
Furnishing a home or tackling a DIY project? Furniture and home improvement items can be bought with Bitcoin through gift cards for stores like Pottery Barn and Home Depot.
It’s a seamless way to use digital currency for tangible home enhancements.
11. Donations to Nonprofits
Bitcoin makes it easy to support causes close to your heart. Donating to nonprofits and charities with Bitcoin not only simplifies the process but also offers tax benefits, making generosity more rewarding.
12. Education and Web Services
Investing in knowledge and online presence has never been easier. Web services like domain names, web hosting, VPNs, and servers can be paid for with Bitcoin through providers like NameCheap and ExpressVPN.
This shift towards cryptocurrency payments in the digital sphere highlights Bitcoin’s growing influence beyond just physical goods.
13. Entertainment on Demand
Your leisure time can also benefit from Bitcoin. Pay for your TV service subscriptions through Dish TV and Sling TV using BitPay.
Moreover, movie buffs will be thrilled to know that AMC theaters now welcome crypto payments, making your next movie outing a bit more futuristic.
14. Timepieces and High-End Vehicles
Luxury purchases including high-end cars like Lamborghinis and Ferraris, as well as luxury watches from brands like Jomashop and CRM Jewelers, are now within the Bitcoin spender’s reach.
Dealerships and retailers partnered with BitPay facilitate these extravagant buys, offering a seamless blend of luxury and technology.
The Social Impact of Bitcoin Spending
Empowering Nonprofits
Bitcoin’s role in philanthropy is growing. Many nonprofits now accept Bitcoin, recognizing its potential to streamline donations and maximize the impact of each contribution. This shift not only benefits the organizations but also encourages a culture of giving within the Bitcoin community.
The Convenience of Prepaid Cards
Prepaid debit cards, purchasable with Bitcoin, offer another layer of convenience, making it easier to manage finances and spend digital currency. These cards function just like any other debit card, bridging the gap between digital and fiat currency for everyday use.
The Evolution of Gift Giving
Bitcoin has transformed the way we think about gift-giving. With the ability to purchase gift cards for a wide array of retailers, from Amazon to Foot Locker, Bitcoin makes it easy to find the perfect gift for any occasion, all without the need for a traditional bank account.
FAQs
Can I pay for my gym membership with Bitcoin?
Yes, some gyms have started accepting Bitcoin payments directly or through third-party payment processors like BitPay, allowing you to use Bitcoin for your fitness expenses.
Is it possible to use Bitcoin for educational tuition fees?
While not universally accepted, a growing number of educational institutions around the world are beginning to accept Bitcoin as payment for tuition fees, especially for online courses and digital learning platforms.
Can I buy pet supplies with Bitcoin?
Yes, you can buy pet supplies with Bitcoin either directly from online retailers that accept cryptocurrency or by purchasing gift cards for pet supply stores through the BitPay app.
Are there any Bitcoin-friendly cities where I can use Bitcoin for public transport?
Some cities have started experimenting with accepting Bitcoin for public transport services.
However, this is still quite rare and often facilitated through specific apps or payment systems designed to convert Bitcoin to local currency.
Can I use Bitcoin to purchase insurance policies?
A few insurance companies are beginning to accept Bitcoin for premium payments, particularly for digital and tech-related insurance products, though this practice is not yet widespread.
Is it possible to pay taxes with Bitcoin?
Some jurisdictions and local governments have started to explore the possibility of accepting Bitcoin for tax payments through third-party payment processors. However, this is still not a common practice and varies significantly by region.
Final Thoughts
Bitcoin’s versatility is expanding, bridging the gap between digital currency and everyday transactions. From the simplicity of buying a cup of coffee to the complexity of purchasing a yacht or real estate, Bitcoin is proving to be more than just an investment—it’s a currency for all facets of life.
As we move further into 2024, the possibilities for using Bitcoin continue to grow, making it an exciting time to explore what else you can do with your digital coins.
MicroStrategy, the leading corporate holder of Bitcoin, has seen its investment in the cryptocurrency exceed $10 billion, with profits soaring above $4 billion as Bitcoin’s price approached $53,000.
Since commencing its Bitcoin acquisition in 2020, MicroStrategy has accumulated 190,000 bitcoins at an average cost of $31,224 per coin, totaling $5.93 billion. This bold move has not only resulted in substantial profits but also positioned the company as a significant influencer in the cryptocurrency domain. The recent surge in Bitcoin’s price, exceeding 20% since the start of 2024, has doubled MicroStrategy’s profits from nearly $2 billion in December of the previous year to over $4 billion, according to a recent investor presentation.
The company’s pivot and the ensuing financial success have sparked discussions regarding its potential inclusion in the S&P 500 index. Following a remarkable 46% rally in its stock price within an eight-day period up to Feb. 15, MicroStrategy ranked as the 535th largest publicly listed company in the United States.
To be considered for the S&P 500, MicroStrategy needs to meet several criteria, including a boost in market capitalization. Currently valued at $12.1 billion, the company’s stock price would need to ascend from $718 to $937 to reach the $15.8 billion threshold for index eligibility.
Beyond market cap, inclusion in the S&P 500 requires satisfying a spectrum of conditions, such as profitability metrics, trading volume, and public shareholding requirements. MicroStrategy has reported a positive sum of profits over its last four quarters, aligning it closer to these rigorous standards. However, the ultimate decision for inclusion rests with the S&P’s executive committee, which assesses companies against a comprehensive suite of benchmarks.
Further emphasizing MicroStrategy’s commitment to the cryptocurrency sector, CEO Michael Saylor has spearheaded the company’s transition toward becoming a Bitcoin development entity. This strategic evolution marks a profound shift in operational focus, aiming to not only enhance the Bitcoin network but also to maximize the value of its substantial Bitcoin holdings.
Saylor, in recent discussions, pointed to the launch of spot Bitcoin ETFs as a pivotal factor influencing market dynamics, creating a pronounced imbalance between supply and demand. This scenario, he notes, stems from a decade of growing interest in Bitcoin as a viable retail investment option, illustrating MicroStrategy’s intent to lead in the development space within the Bitcoin ecosystem.
Moreover, the company is navigating the potential for further profits with the anticipated accounting change in 2025, which could value Bitcoin at market prices, potentially adding to MicroStrategy’s profits.
The recent Bitcoin rally, propelling its price to the $52,000 level, has positively impacted the stock of US-based cryptocurrency exchange Coinbase (COIN). After experiencing a notable dip to $115 at the start of February, Coinbase’s stock rose to $172 on Thursday, following a significant upgrade by a JPMorgan analyst.
Improved Prospects For Coinbase Amid Crypto Rally
According to a Bloomberg report, JPMorgan analyst Kenneth Worthington abandoned his bearish view on Coinbase weeks after downgrading the stock.
As Bitcoin traded higher, Coinbase shares gained as much as 7.8% following the upgrade. Worthington believes the exchange will likely benefit from the recent rally in digital asset prices, prompting him to shift his rating back to neutral.
This change in stance comes after Worthington’s January downgrade, where he predicted a potential deflation of enthusiasm for Bitcoin exchange-traded funds (ETFs).
However, contrary to his previous forecast, Bitcoin ETFs have been successful in terms of trading measures, and the price of Bitcoin has surged beyond $52,000, reaching its highest level since 2021. In a note to clients on Thursday, Worthington explained:
Given the acceleration in recent days of flows into Bitcoin ETFs and the significant price appreciation of Bitcoin and now Ethereum, we are returning to a Neutral rating on Coinbase as we see the higher cryptocurrency prices not only sustaining but improving activity levels and Coinbase’s earnings power as we look to 1Q24.
The daily chart shows COIN’s 4% uptrend in the past 24 hours. Source: COIN on TradingView.com
Coinbase’s stock experienced an 8% dip at the beginning of the year, following an impressive 400% surge in 2023. Analyst opinions on the stock remain divided, with buy, hold, and sell recommendations being roughly evenly split.
Worthington maintained his $80 price target on the stock ahead of the company’s earnings report, which is scheduled to be released after the market closes on Thursday.
Worthington emphasized that Coinbase’s business is closely tied to token prices, with its core revenue being transaction-based. As the value of tokens increases and trading activity gains momentum, fees based on the value traded are expected to drive higher trading volumes, ultimately contributing to improved revenue for Coinbase.
Bitcoin ETFs Witness Significant Trading Volume
On February 14th, the trading volume of Bitcoin ETFs showcased notable figures, with Blackrock’s IBIT recording the lead with $721 million in volume.
Grayscale’s Bitcoin Trust (GBTC) followed closely with $619 million, while Fidelity’s FBTC secured the third spot with $456 million. On the other hand, Ark Invest accumulated a volume of $169 million.
The nine ETFs’ total trading volumeamounted to approximately $1.5 billion. Notably, the largest ETFs experienced higher trading volume than the previous day, with IBIT surpassing $700 million and GBTC exceeding $600 million.
Bitcoin ETF’s February 14 trading volumes with Blacrock’s IBIT leading the pack. Source: AlexOtta on X
Intriguingly, before the trading session, GBTC sent less than half of the Bitcoin it sent to Coinbase the previous day. Despite this decrease, GBTC’s total trading volume was 50% higher.
As the demand for Bitcoin continues to surge, ETFs play a crucial role in facilitating institutional and retail investors’ participation in the cryptocurrency market. The increased trading volume of Bitcoin ETFs highlights investors’ growing interest and confidence in digital assets.
Currently, Bitcoin is trading at $51,900 and encountering a critical resistance level at $52,000.
Featured image from Shutterstock, chart from TradingView.com
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