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PRESS RELEASE. NFEX has completed a $3 Million seed round led by ABCDE Capital and included investment from other well-known institutions including Amber Group and Firestone Ventures. NFEX strives to build the best derivative NFT market, creating new opportunities to attract greater liquidity to the NFT marketplace. What is NFEX? NFEX is a decentralized derivatives exchange that offers perpetual swaps trading across popular blue chip NFTs and other crypto assets. NFEX expands limitations and boosts liquidity compared to traditional NFT marketplaces, offering leverages and long/short trading capabilities. Users can take positions in NFTs at low entry costs, speculating the future prices in either direction or shorting NFTs without any holdings. This opens up a variety of trading strategies for NFT traders including hedging, speculation and arbitrage. BMAN, the co-founder and GP at ABCDE Capital commented in a previous interview, expressing his concerns over the lack of liquidity in 99.99% of the existing NFT projects and his confidence in innovative products like NFEX to bring a reform to this industry. “NFEx’s vision is to build the liquidity center for the NFT industry. The founders of the team have extensive experience in building exchanges and providing liquidity for new asset classes. We believe they are the most capable candidates for this product.” The public launch of NFEX is around the corner. Please follow our twitter for the most recent updates. About ABCDE Capital: ABCDE is a 400mm fund investing in web3 builders co-founded by Huobi co-founder Du Jun and former Internet & crypto founder BMAN. We are builders, entrepreneurs, influencers and the most valuable partners behind the builders. We have our teams in Silicon Valley, Singapore and Beijing bridging the ecosystems of the east and west. Our LPs and partners include the world’s leading cryptocurrency exchange and well-known infrastructures in the crypto industry. We hand on to support builders from end to end from marketing, community relations to engineering and ecological construction. About Amber Group Amber Group is a leader in digital asset trading, products, and infrastructure. We work with companies ranging from token issuers, banks, and fintech firms, to sports teams, game developers, brands, and creators. Operating at the center of markets, we provide liquidity across all major exchanges, applications, and networks. Across all products and categories, we have turned over $1T in volumes since inception. Our core value is building strong relationships with our clients; helping them buy and sell digital assets, earn yield, manage risk, and access liquidity. Through our consumer fintech platform, WhaleFin, individual investors enjoy secure, award-winning investing services including app & web trading, fixed income and structured products. To learn more about NFEX you can read our previous blog link here. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

South Korea’s second-largest city, Busan, is making efforts to become a crypto hub. Busan has been designated by the Korean government as a “super-aged” city, and its officials believe that crypto could help turn things around by attracting young people, tech startups, and investors. South Korean City Wants to Become a Crypto Hub The second-largest city in South Korea, Busan, is making efforts to position itself as a crypto hub, Bloomberg reported Monday. The port city is facing demographic challenges as it has been designated as a “super-aged” city by the Korean government, meaning that more than 20% of its population is 65 years old or older. Busan city officials believe that by embracing cryptocurrency, the city can attract young people, technology startups, and investment from venture capital firms. Noting that younger people prefer to work in areas such as crypto, Park Kwang-hee, head of the finance and blockchain division at Busan’s metropolitan government, was quoted by the publication as saying: We thought it was right to focus on digital assets and financial products. Park noted that despite the collapse of crypto exchange FTX in November last year, Busan remains committed to its plans to become a crypto hub. The city has entered into memorandums of understanding with several of the world’s largest cryptocurrency exchanges, including Binance Holdings Ltd., to launch the Busan Digital Asset Exchange by the end of this year. Binance said last August that as part of the agreement, Busan will “receive technological and infrastructure support from Binance” and the two exchanges will share their order books. Busan Digital Asset Exchange also plans to venture into security tokens. The South Korean government is considering permitting the issuance of such tokens in the coming year, reversing its 2017 ban on all initial coin offerings (ICOs). Moreover, Busan’s drive to become a hub for cryptocurrencies includes attracting blockchain companies. In 2019, the city became a regulation-free zone for blockchain testing and related business development. It currently backs six projects by 17 companies. In December last year, 15 more blockchain firms moved into the Busan International Finance Center, bringing the total number of companies to 29. What do you think about Busan making efforts to become a crypto hub? Let us know in the comments section below. View the full article

Rightfulshare, an income equality advocacy movement, recently said it has launched what it describes as the “first unconditional” crypto universal basic income (UBI) transfer. According to Karen Jooste, the crypto UBI not only expands the possibilities for unemployed South Africans but also nurtures their entrepreneurial spirit. Fairer Income Access Rightfulshare, a movement advocating for equality, recently said it had sent its “first unconditional” crypto UBI transfer to a local entrepreneur residing in South Africa. According to the movement’s Jan. 31 press release, selected beneficiaries will receive the crypto UBI “in Gooddollar to use as they choose.” Also, in the statement, Rightfulshare touted the launch as a pioneering step that channels “both resources and Web3 solutions to a small town in the country.” Commenting on the launch, which has been described as “a pioneering step for fairer income access,” founder of Rightfulshare Karen Jooste claimed that the launch not only expands the possibilities for unemployed South Africans, but also nurtures the entrepreneurial spirit. “We need a new approach to addressing poverty in South Africa. The current system is not working and we can no longer pretend that there will be enough jobs for everyone. By bringing visibility to the benefits of a digital basic income transfer, we’re expanding the possibilities for South Africans and nourishing the creativity and entrepreneurial spirit present in the country,” Jooste said. Meanwhile, in addition to receiving the crypto UBI every month for one year, Rightfulshare said beneficiaries “will also have access to mentoring and learning opportunities.” Such opportunities will range from business development to Web3 education, the statement added. According to the press release, Rightfulshare crypto UBI is currently being replicated in the metaverse to help those from outside South Africa gain a better understanding of the project. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Wirex, a London-based digital payments company, has announced it has become a global partner of Visa, to allow the company to bring its card services to more markets in the world. The new partnership means that Wirex will be able to offer its crypto card services to APAC and U.K. markets. Wirex Partners With Visa to Expand to New Markets Wirex, a payments and crypto company based in London, has reached a long-term service agreement with credit card giant Visa. With this move, qualified as a significant milestone by the company, Wirex will now be able to reach customers in new markets, targeting areas like APAC and the U.K. The company, which offers cryptocurrency-linked card services, will be able to reach customers in over 40 countries with this partnership. The company claims it was the first one to bring this kind of service to mainstream audiences in 2015, also in partnership with Visa. The partnership builds on prior Wirex endeavors, which became a principal member of Visa in Europe in 2020, and raised $15 million in its Series B funding round in 2022. Matt Wood, head of digital partnerships at Visa in the Asia Pacific region, stated: Visa wants to bring more payment options to consumers by connecting digital currencies with our network of banks and merchants. We’re excited that Wirex is expanding their focus on Asia Pacific, making it easy and seamless for people to spend their crypto balance at the millions of merchants that accept Visa in the region. Cryptocurrency Payments The objective of this partnership is to bring more cryptocurrency-linked payment means to more markets around the world, allowing digital natives to pay with crypto even at legacy merchants. Customers of Wirex cards can use their cryptocurrencies to pay at 80 million locations where Visa is accepted worldwide, receiving 8% cashback at the same time. The U.S. is one of the markets that will support major collaboration thanks to this agreement, ostensibly allowing the company to better compete with other crypto card businesses in the area. Svyatoslav Garal, Wirex APAC regional managing director, praised the role of Visa in bringing crypto opportunities to more countries. He stated: It’s great to strengthen our partnership with Visa, who have played an important role in allowing us to bridge the gap between the traditional and digital economies. Wirex also announced it would complete another card partnership related to Australia in the coming weeks, expanding its global service footprint. What do you think about the partnership between Visa and Wirex? tell us in the comments section below. View the full article

A Russian national accused of processing cryptocurrency payments from ransomware attacks has pleaded guilty to money laundering in the United States. The man who was extradited from the Netherlands in mid-August, last year, will be sentenced in April. Russian Crypto Launderer Pleads Guilty in US Court, May Get Up to 20 Years in Prison An alleged money launderer from Russia has pleaded guilty to one count of conspiracy to commit money laundering in the United States. Denis Dubnikov, now 30, was arrested on Nov. 2, 2021 in Amsterdam, handed over by Dutch authorities on Aug. 16, 2022, and first appeared in federal court the next day. The Russian and his accomplices have been laundering proceeds of Ryuk ransomware attacks on individuals and organizations in the U.S. and other countries between at least August 2018 and August 2021, according to court documents, quoted by the U.S. Attorney’s Office, District of Oregon. They made various financial transactions to conceal the source and ownership of the digital money. “Specifically, in July 2019, a United States-based company paid a 250 bitcoin Ryuk ransom after a ransomware attack. On or about July 11, 2019, in Moscow, Russia, Dubnikov accepted 35 bitcoin from a co-conspirator in exchange for approximately $400,000,” detailed an announcement published Tuesday. The cryptocurrency came directly from the ransom paid by the company. Dubnikov converted the bitcoin to tether and sent it to another individual, who eventually exchanged it for Chinese yuan. Dubnikov’s co-conspirators laundered more bitcoin and compensated him for his role. Denis Dubnikov will be sentenced on April 11, 2023. The U.S. judicial authorities further noted that conspiracy to commit money laundering is punishable by up to 20 years in federal prison, three years’ supervised release, and a fine of $500,000. Ryuk is a type of software that encrypts files on the targeted organization’s computers. First identified in 2018, the ransomware has been used against victims across the globe and from various sectors, including hospitals and healthcare providers in the United States. According to a recent report by blockchain forensics firm Chainalysis, revenue from ransomware attacks has decreased. Do you think cases like Dubnikov’s will result in a further drop in ransomware payments? Share your thoughts on the subject in the comments section below. View the full article

PRESS RELEASE. Victoria Seychelles, 2023 – Bitget, the leading global crypto derivative exchange, announces to add AI (Artificial Intelligence), Arbitrum, and NFT zone listings to its Innovation Zone for users who would like to expose their crypto portfolio to related tokens in an early stage. The newly listed tokens will need to be regularly reviewed to ensure that the token adheres to Bitget’s platform standards, including trading volume, liquidity, the team, project development, and other criteria to keep the listing status active. The expanded Innovation Zone listings aim to assist users to discover quality digital assets and sift out disqualified tokens at the same time. All digital assets listed in Innovation Zone are under regular review to ensure the tokens are progressing upward in the long run. Based on requirements in trading volume and liquidity, network or smart contract stability, team involvement, activeness of the community, any misconduct or negligence record, and so on, the token will be assessed for a rolling 60-day valuation period, and those that fail to meet the criteria will be delisted. Within this week, 21 tokens had already been listed in the Innovation Zone, including seven AI-related and six Arbitrum-related tokens. Most of these newly listed tokens witnessed overwhelming enthusiasm from investors, with the greatest gain of 1263% for Future (AI), followed by 646% for Botto(BOTTO), and thirdly 450% for ArbInu (ARBINU), according to the data over the past week. Various trending artificial intelligence start-up projects such as SingularityNET (AGIX), Image Generation AI (IMGNAI), Artificial Liquid Intelligence (ALI), Oraichain (ORAI), and Future AI (AI), are also trading on Bitget’s platform now. And Blur (BLUR), the native token of the NFT marketplace and aggregator for pro traders, will have its global initial listing on 14th Feb in the NFT Zone, another important category of the Innovation Zone of Bitget. Gracy Chen, Managing Director of Bitget, comments, “At Bitget, we are always trying our best to support quality projects with potential and facilitate the development of the industry as a whole in the long run. By implementing a rigorous vetting process, the Innovation Zone was designed to help users in their research process to uncover hidden gems within the vast number of tokens launching every day, and users can then decide which token suits their own portfolio the most.” Meanwhile, Bitget’s data has been included in the Coin360 Verified Exchange data dashboard, and plus connected its deposit and withdrawal data on the blockchain analytics platform, Nansen, allowing users to more easily verify the platform data, ensuring transparency and protection of the interests of both retail and institutional users. About Bitget Bitget, established in 2018, is the world’s leading cryptocurrency exchange with innovative products and social trading services as its key features, currently serving over 8 million users in more than 100 countries around the world. The exchange is committed to providing a secure, one-stop trading solution to users and aims to increase crypto adoption through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi, the Italian leading football team Juventus, and official eSports events organizer PGL. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Regulators in Argentina are mulling the inclusion of stringent requirements in their next cryptocurrency regulatory framework. According to reports, institutions like the national securities regulator, the CNV, will be studying the inclusion of proof-of-solvency requirements for exchanges and custody institutions in Argentina, in the wake of the demise of leading cryptocurrency exchange FTX. Cryptocurrency Exchanges Might Have to Complete Proof-of-Solvency Procedures by Law in Argentina The government of Argentina is preparing to launch a set of stringent regulations that crypto companies will have to comply with to operate in the country. According to reports from Bloomberg, the national securities regulator (CNV) is mulling the introduction of proof-of-solvency requirements for institutions handling cryptocurrency deposits for third parties. The regulation that is currently being worked on will be focused more on the activity of exchanges and less on the classification of crypto and tokens, per CNV president Sebastian Negri’s statements. Negri also explained that this regulatory framework will be applied in a progressive way, but did not confirm the inclusion of the proof-of-solvency requirements. Negri clarified that all measures will be taken in a joint effort with crypto companies in Argentina. He declared: We will create a working group with the industry to agree on new regulatory parameters, which will include companies that meet the asset and solvency requirements to support the risk they assume. Proof of Solvency A proof-of-solvency report registers whether an exchange or crypto company has the amount of cryptocurrency it claims to have, while looking directly at its funds in the blockchain, certifying the funds are sufficient to cover the liabilities the company presents to its customers. The possible inclusion of this kind of measure in the upcoming Argentine crypto law would have the objective of avoiding a situation like the demise of FTX, formerly one of the biggest cryptocurrency exchanges, that filed for bankruptcy protection last year, leaving its customers without access to their funds. After this event, other cryptocurrency exchanges made preparations for carrying out similar initiatives voluntarily. This is the case with Binance, Crypto.com, and Kucoin, which were preparing proof-of-reserves procedures. However, the firm responsible for these certifications, Mazars, abandoned such undertakings in December, indicating it would “pause their work with all their crypto clients globally.” Some national exchanges like Lemon Cash have already stated that they will present this information in the coming days. “The community has lost its trust in cryptocurrency, so we have to get it back,” Lemon Cash’s blockchain manager Francisco Ladino declared. What do you think about the possible inclusion of proof-of-solvency requirements in the upcoming cryptocurrency law in Argentina? Tell us in the comments section below. View the full article

The Central Bank of Brazil will focus its first digital real tests on determining the levels of privacy and security that can be achieved with the proposed central bank digital currency (CBDC) infrastructure. The tests will be conducted later this year and will set up a simplified operation to transact with a still-to-be-determined tokenized asset. Central Bank of Brazil to Launch Digital Real Test Operation Later This Year The Central Bank of Brazil is accelerating the digital real project, getting close to its pilot test phase. The institution announced that it would be conducting a series of operative tests to check the functionality of the proposed architecture for the system. Fabio Araujo, the coordinator of the digital real project at the Central Bank of Brazil, explained that security and privacy would be two of the most important areas to be examined with these tests. Araujo told Broadcast: We are going to simplify the operation, but we are going to have several participants exchange information to see the degree of security and privacy that we can bring to the system. The pilot is focused on that. Araujo explained that the objective behind this test would be to determine if the transaction information leakage derived from the system is compatible with current regulatory requirements. Test Details The tests described by Araujo would start after the current laboratory phase of the digital real, which is currently being conducted as a part of the LIFT challenge, an open project that brings various organizations together. The challenge attracted nine different proposals which aim to include the digital real as part of economic endeavors. Institutions and organizations part of the LIFT challenge must deliver their final project reports on April 25. The new set of pilot tests is expected to be conducted after this event. However, the pilot will be limited in scope, shown in a simplified operational environment, and will only feature the introduction of another yet unselected tokenized asset for transactions. The test will also allow the Central Bank of Brazil and the Brazilian Securities Commission to examine how third parties could interact with the system, including banks, that will be able to issue their own tokens backed by the digital real. This expanded test environment will be open to institutions and banks in 2024. While there is still no announced launch date for the digital real, Roberto Campos Neto, president of the Central Bank of Brazil, hinted at a 2024 release date in December. What do you think about the announced focus of the digital real tests? Tell us in the comments section below. View the full article

The Reserve Bank of Zimbabwe recently revealed that some 25,188 of its value-preserving gold coins were sold between July 2022 and Jan. 13. According to the central bank governor, John Mangudya, the gold coins “have proved to be an effective open market instrument for mopping up excess liquidity in the economy.” Gold Coins as Alternative Value Preservation Tool According to the Zimbabwean central bank, about 25,188 “Mosi-oa-Tunya” gold coins valued at over $28 million (ZWD$20 billion) were sold between July 2022 — when the coins were initially introduced — and Jan. 13. From this total, acquisitions by the so-called corporates accounted for 84% “while purchases by individuals accounted for 16%.” Initially launched to act as “an alternative retail investment product for value preservation,” for the wealthy, the bank said lower denomination gold coins introduced in Nov. 2022 “accounted for 38% of all sales.” Commenting on the gold coins’ impact since their introduction, Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said: The coins have proved to be an effective open market instrument for mopping up excess liquidity in the economy and a retail investment product for preserving value for investable funds. The RBZ governor added that the coins, which have a 180-day vesting period, along with the bank’s high-interest rate policy, played a part in stabilizing inflation and the local currency’s exchange rate versus the greenback. Zimbabwe’s Receding Inflation According to the local statistical office, Zimstats, the southern African country’s month-on-month inflation fell from a high of 30.74% in June 2022 to 1.1% in Jan. 2023. Despite this slowdown, Zimbabwe’s latest annual inflation rate of 230% remains one of the highest globally. Concerning the Zimbabwean dollar’s exchange rate versus the U.S. dollar, the latest RBZ data suggests that the parallel market premium dropped from a high of nearly 100% on July 1, 2022, to well under 50% by Dec. 19, 2022. As shown by the data, the local currency’s auction market exchange rate, which stood at just over ZWL100:USD1 on Jan. 11, 2022, closed the year at approximately ZWL700:USD1. According to the RBZ data, the local currency’s parallel market exchange rate on Dec. 19 stood at approximately 900:1. Meanwhile, in his 2023 monetary policy statement, RBZ governor Mangudya said the bank “will continue to avail gold coins on a demand-driven basis as it seeks to promote a savings culture.” What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

On Thursday, the fiat-to-crypto onramp business Moonpay announced a multi-year partnership with the non-fungible token (NFT) marketplace Looksrare. According to the deal, Looksrare will allow marketplace users to buy and sell crypto assets through Moonpay’s services. Moonpay and Looksrare Join Forces to Streamline NFT Transactions Moonpay, the fiat-to-crypto service founded in 2019, revealed that it has entered into a partnership with the NFT market, Looksrare. Launched in August 2022, Looksrare was one of the first NFT marketplaces to actively reward traders with its own token, LOOKS. According to dappradar.com statistics on February 9, 2023, since its inception, the NFT market Looksrare has recorded $1.7 billion in sales. According to an announcement sent to Bitcoin.com News, Moonpay is introducing an NFT checkout integration with Looksrare that allows anyone to buy NFTs with a credit card. “Checkout will be available for all primary and secondary sales on Looksrare,” according to the Moonpay announcement. “With the NFT checkout integration, Looksrare users will be able to easily purchase an NFT using a debit or credit card, eliminating the need to acquire cryptocurrency first.” “We’re excited to become an exclusive partner to Looksrare and offer their users more opportunities to buy and sell their cryptocurrency,” Oliver Jeffcott, the senior business development manager at Moonpay said in a statement on Thursday. “From day one, we’ve wanted Moonpay to be a platform that increases access and usability for the Web3 community and this partnership is another step in driving that vision,” Jeffcott added. NFTs have experienced a resurgence in 2023 and over the past 30 days, $1.067 billion in sales have been recorded among 342,452 NFT buyers. Looksrare, in terms of all-time sales, is just below Opensea, but it has faced increased competition since the launch of X2Y2 and Blur. Blur has recorded $1.19 billion in all-time NFT sales to date, and X2Y2 has seen $1.11 billion in sales since its inception. What do you think about Moonpay and Looksrare partnering? Let us know what you think about this subject in the comments section below. View the full article

French luxury brand Hermes has won a lawsuit against an artist who depicted its famous Birkin bags in a non-fungible token (NFT) collection. The artist argued that NFTs should be covered under the U.S. Constitution’s First Amendment but the jury disagreed. Hermes Wins Lawsuit Against ‘Metabirkins’ NFT Creator French luxury design house Hermes has won a lawsuit against Mason Rothschild, the artist behind the “Metabirkins” non-fungible token (NFT) collection which features digital depictions of Hermes’ popular Birkin bags. Rothschild created the Metabirkins NFT collection in 2021, which he described as “a collection of 100 unique NFTs created with faux fur in a range of contemporary color and graphic executions.” The collection has fetched more than 200 ETH in sales, equivalent to $331,684 at the time of writing. Hermes complained and sued the artist early last year for trademark infringement. Rothschild argued that NFTs should be covered under the U.S. Constitution’s First Amendment. The artist’s defense team compared his work to that of Andy Warhol who depicted Campbell’s soup cans and Coca-Cola bottles in his artwork. Rothschild argued in court: These images, and the NFTs that authenticate them, are not handbags. They carry nothing but meaning. Hermes’ lawyers have accused Rothschild of “stealing the goodwill in Hermes’ famous intellectual property to create and sell his own line of products.” They argued that customers are likely to confuse Metabirkins NFTs with genuine Hermes products. They further said the Metabirkins URL is too similar to the one used by the luxury brand. Oren Warshavsky, a lawyer representing Hermes said in court: “The reason for these sales was the Birkin name.” After deliberating for two days, a New York jury delivered a verdict on Wednesday stating that they “found the defendant liable for trademark infringement” and “trademark dilution.” In addition, they found that “the First Amendment protection does not bar liability.” The jury then awarded Hermes $133,000 in damages — $110,000 for trademark infringement and $23,000 for cybersquatting. Do you think the NFT creator should have won this lawsuit? Let us know in the comments section below. View the full article

Several Federal Reserve governors and presidents say that more interest rate hikes are needed to curb inflation. “We are not done yet with raising interest rates,” Fed Governor Lisa Cook said. “We need to raise rates aggressively to put a ceiling on inflation,” Minneapolis Federal Reserve President Neel Kashkari stressed. Fed Officials on Raising Interest Rates Further Several Federal Reserve governors and presidents said this week that more interest rate hikes are needed to curb inflation. Their comments followed a similar statement by Federal Reserve Chairman Jerome Powell who said on Tuesday that additional interest-rate increases will be needed to cool inflation. At an event hosted by the Joint Center for Policy and Economic Studies on Wednesday, Fed Governor Lisa Cook stated: We are determined to bring inflation down to our target … So I think we are not done yet with raising interest rates, and we will need to keep interest rates sufficiently restrictive. “We are now moving in smaller steps,” Cook added. “This will give us time to evaluate the effects of our fast actions on the economy.” After a series of 75-basis-point rate hikes last year, the Federal Reserve raised its benchmark interest rate by 25 basis points last week to 4.5%-4.75%. Citing the January jobs report showing nonfarm payroll growth of 517,000, Fed Governor Christopher Waller said Wednesday at the Arkansas State University Agribusiness Conference, “We are seeing that effort begin to pay off, but we have farther to go.” He emphasized: It might be a long fight, with interest rates higher for longer than some are currently expecting. But I will not hesitate to do what is needed to get my job done. New York Fed President John Williams said at a Wall Street Journal event Wednesday that moving to a federal funds rate of between 5.00% and 5.25% “seems a very reasonable view of what we’ll need to do this year in order to get the supply and demand imbalances down.” In addition, Minneapolis Federal Reserve President Neel Kashkari said on CNBC Tuesday: “We have a job to do. We know that raising rates can put a lid on inflation.” He added: We need to raise rates aggressively to put a ceiling on inflation, then let monetary policy work its way through the economy … I’m not seeing that we’ve made enough progress yet to declare victory. How long do you think the Fed will continue to raise interest rates? Let us know in the comments section below. View the full article

The bitcoin hardware wallet manufacturer Coinkite has announced the launch of a new product, the Coldcard Q1, which features a QWERTY keyboard and QR code scanner. Coinkite details that the battery-powered device utilizes the same security model as the Coldcard Mk4. Coinkite Introduces the Coldcard Q1 Over the past three months, companies have unveiled new hardware wallets for securely storing cryptocurrency assets. In Dec. 2022, Ledger announced the launch of Stax, designed by iPod creator Tony Fadell. The following month, decentralized exchange (dex) aggregation service 1inch Network disclosed its plans to launch a hardware wallet. This month, Coinkite announced the launch of the “higher-end” Coldcard bitcoin signing device and the firm is currently accepting pre-order requests. The new Coldcard Q1 is a battery-powered machine that doesn’t require a connection to a desktop or power source. It boasts a 320×240 pixel LCD screen, which is approximately four times larger than the Coldcard Mk4‘s screen. The new Coldcard also includes a QWERTY keyboard and built-in QR code scanner with LED illumination. The device has two MicroSD slots and near-field communication (NFC) capabilities, like the Coldcard Mk4. According to Coinkite’s documentation, the USB and NFC data can be “irreversibly blocked.” Coinkite details the QWERTY keyboard makes the entering of BIP-39 passphrases easier, and the triple-A batteries provide air-gapped resilience. Coinkite notes that all features of the Mk4 are present on the Q1, but many are easier to access due to dedicated keys. “For example, the dedicated ‘QR’ key lets you view many values as a QR code ready to be imported into your phone. Same for the dedicated ‘NFC’ key which triggers NFC export/import based on context,” Coinkite notes. The Coldcard Mk4 costs $147.94 per unit, while the Q1 is priced at $199.99 per unit on the Coinkite website. Customers who pay with bitcoin (BTC) receive a 5% discount with a promotional code highlighted on the site. The competition in the market of manufacturing bitcoin hardware devices is certainly heating up with a new hardware wallet being launched every month in the last three months. What are your thoughts on the new Coldcard Q1 from Coinkite? Let us know what you think about this subject in the comments section below. View the full article

Aave Companies, the firm behind the decentralized finance (defi) project Aave, has announced the launch of a stablecoin called GHO on the Ethereum testnet network Goerli. The codebase is available on Github and has undergone audits by Open Zeppelin, Sigmaprime and ABDK. Aave Invites Programmers to Test GHO Before Mainnet Deployment On Thursday, Aave Companies announced the launch of its native stablecoin GHO on the Ethereum Goerli testnet. The company also released the open-source codebase on Github. The developers of Aave are inviting programmers and prospective integrators to begin testing GHO as it prepares for deployment on the Ethereum mainnet. Three audits conducted by Open Zeppelin, Sigmaprime, and ABDK focused on the deployment of GHO. Upon its launch on the Ethereum mainnet, GHO will be similar to Makerdao’s DAI token in that it will be overcollateralized and pegged to the U.S. dollar. Aave Version 3 (V3) does not permit flashloaning of the stablecoin. The community is being asked to consider adding a second facilitator, “Flashminting,” at launch to address this issue. It’s GHO time! @GHOAave is now on Ethereum’s Goerli Testnet! https://t.co/cM58b6qSBa pic.twitter.com/xueGERoqnw — Aave (@AaveAave) February 9, 2023 Flashminting will enable Aave users to create GHO in a single transaction, similar to flashloans, but without borrowing from a pool. An audited codebase for the Flashminter Facilitator software is available, and the decision to include it will be put to a vote among the Aave community through the Aave Decentralized Autonomous Organization (DAO). The Aave DAO will manage the control of the GHO facilitator. The team says that before the official GHO mainnet launch, there will be additional testing and research. Changes are required to STKAAVE to enable the implementation of GHO’s discount rate, and a snapshot needs to occur for the Ethereum V3 Facilitator and Flashminter Facilitator. “A snapshot will then occur to greenlight these as the first two facilitators for GHO,” according to Aave. The company has also introduced a bug bounty and is asking key contributors to the DAO to start discussing the framework for onboarding new facilitators. What are your thoughts on Aave’s latest move with the launch of GHO on the Ethereum Goerli testnet? Let us know what you think about this subject in the comments section below. View the full article

Gareth Soloway, president and chief market strategist at inthemoneystocks.com, predicts that gold will outperform cryptocurrencies and equity performances in 2023. In an interview published Thursday, Soloway emphasized his belief that “gold will be the best performer” this year and stated that the U.S. Federal Reserve will not cut rates until a “massively nasty recession” occurs. Gold to Outperform Major Assets in 2023: Strategist Gareth Soloway’s Market Prediction Many analysts, market strategists, and economists are making predictions about asset prices and performances in 2023. Some predict that gold and cryptocurrencies will perform well, while others expect less favorable outcomes. On Jan. 27, 2023, in an interview published Thursday, Kitco News Anchor and Producer David Lin spoke with Gareth Soloway, president of inthemoneystocks.com, about the outlook for gold and cryptocurrencies such as bitcoin (BTC). Soloway expressed a firm belief in gold’s performance this year and told Lin that it will outperform most major assets. “I still think gold will be the best performer [this year],” Soloway said to the host. “You can’t get away from the fact that the Fed is now keeping interest rates where they are. They’re probably going to tighten a little bit more, but the bottom line is they’re not going to be looking to cut until we see a massively nasty recession,” the market strategist added. The financial analyst Soloway is not alone in his belief that gold prices will surge this year. During the first week of 2023, Bitcoin.com News reported that experts suspect a significant rise in gold prices. Robert Kiyosaki, author of the best-selling book Rich Dad Poor Dad, predicts that gold will reach $3,800 per ounce and silver will reach $75 per ounce in 2023. Bloomberg Intelligence commodity analyst Mike McGlone also has high hopes for gold, but predicts that cryptocurrencies such as bitcoin will outperform most asset classes. Soloway does not expect similar performance from bitcoin (BTC) and suggests BTC could drop to $9,000 per coin. The inthemoneystocks.com executive said: I would daresay that without the Fed’s printing of money, bitcoin is headed towards twelve to thirteen thousand, and maybe as low as $9,000. Soloway discussed his past market calls that turned out to be accurate and explained that when he started trading, there was no guidance. He believes that trading courses can be beneficial for traders. Despite a gain of more than 40% so far in 2023 and an increase of over 38% in the past 30 days, Soloway pointed out that bitcoin (BTC) is still down more than 65% from its all-time high. Referring to BTC’s recent increase, Soloway said “it’s a nice bounce,” but he firmly believes that bitcoin is “still in an overall downtrend.” What do you think of Gareth Soloway’s predictions for gold and cryptocurrencies in 2023? Do you agree or disagree with his outlook, and why? Share your thoughts in the comments section below. View the full article

The meme coin economy has grown significantly over the past 27 days, increasing 34.52% against the U.S. dollar. The largest meme coin by market capitalization, dogecoin, has risen 29.5% in the past month, while the second-largest meme coin, shiba inu, has jumped 71.9% in 30 days. Since Jan. 9, 2023, the overall value of the meme token economy has increased by $5.8 billion. Dogecoin and Shiba Inu Dominate Meme Coin Market With 94% Market Share The top meme coins by market capitalization have gained in value against the U.S. dollar this past month. According to statistics recorded on Jan. 9, 2023, via archive.org, the meme coin economy was valued at $16.8 billion 27 days ago. As of 9 a.m. ET on Feb. 5, 2023, the meme coin economy is currently valued at $22.6 billion, a 5.4% increase over the previous day. Over the past 27 days, meme tokens have added $5.8 billion in value and gained more than 34% against the greenback. This week’s largest gainers among meme tokens include pomeranian eth (POM), up 117.2%, baby doge coin (BABYDOGE), up 113.9%, and polydoge (POLYDOGE), up 86.7%. The two leading meme coins in terms of market valuation, dogecoin (DOGE) and shiba inu (SHIB), have increased 5.3% to 22.1%, with SHIB seeing the larger gains. Dogecoin (DOGE) and shiba inu (SHIB) make up $21.32 billion, or 94.34%, of the total $22.6 billion in the meme coin economy. Dogecoin has risen 29.4% this month, while shiba inu has increased 71.9% against the greenback. The majority of the meme coin economy’s value was acquired in 2023. On Dec. 18, 2022, 49 days ago, the market valuation of all meme tokens was $16.4 billion. Since then, the meme coin economy has grown 36.96% against the U.S. dollar. On Feb. 5, 2023, the largest gainers among meme coins over the past 24 hours include arbinu (ARBINU), which rose 51.9%, duckereum (DUCKER), up 43.5%, and onigiri neko (ONIGI), which increased 35.3%. The largest meme coin, dogecoin, decreased 1.7% against the U.S. dollar, while shiba inu gained 1.5%. The third-largest meme coin, baby doge coin, increased 18.9% during the last 24 hours. Despite a 34% rise against the U.S. dollar and $5.8 billion in value added in 27 days, most of the market activity remains focused on the top two coins, DOGE and SHIB, indicating that demand for meme coin assets continues to exist. What do you think about the current state of the meme coin economy? Will the trend of growth continue, or do you see a decline in the near future? Let us know what you think about this subject in the comments section below. View the full article

Non-fungible token (NFT) sales rose slightly last week, increasing 1.23% to $232.49 million in recorded sales. The top two NFT collections, Otherdeed and Doodles, saw growth of 44% to 58% compared to the previous week. Ethereum continues to dominate the NFT industry, accounting for more than 81% of total sales last week with $188.51 million in NFT sales. 7-Day NFT Sales Increase; Otherdeed, Doodles See 44% to 58% Growth NFT sales remain steady this week and during February 2023, with $39.72 million in recorded sales so far this month. Over the past seven days, there were $232.49 million in NFT sales, a 1.23% increase compared to the previous week. During that time, 481,917 buyers participated in NFT sales, 19.30% more than the previous week. Additionally, 1,390,784 NFT transactions were processed, a 3.21% increase over the prior week. Of the $232.49 million in sales, Ethereum had the most out of the 20 blockchain networks listed on cryptoslam.io. Ethereum accounted for 81% of total NFT sales, or approximately $188.51 million in settlements. The second largest blockchain for NFT sales was Solana, which processed $27.40 million in the past week, a decrease of 2.65% from the previous week. Immutable X ranked third in NFT sales, with sales rising 37.85% to $4.5 million. The remaining top NFT sales blockchains, in order, are Cardano, Polygon, Flow, BNB Chain, and Arbitrum. Fantom saw the largest increase in NFT sales this week, with a 73.81% rise, although only $17,064 in NFT sales were settled in the past seven days. This past week, the top NFT collection was Otherdeed, with sales rising 44.37% to $17.33 million. Doodles saw a 58.49% increase, reaching $13.88 million in total sales. Otherdeed and Doodles were followed by Mutant Ape Yacht Club (MAYC), Bored Ape Yacht Club (BAYC), and Checks VV Edition. The highest NFT floor value on February 5, 2023, was for Cryptopunks, at 63.99 ether at 8:00 a.m. Eastern Time. The second highest floor value belonged to the BAYC collection, with a slightly lower value of around 63.5 ether. The most expensive NFT sales from the past week include: Bored Ape Yacht Club #8,483, which sold for $581,000 seven days ago but then sold again for $490,000 two days later; Cryptopunk #2,311, sold for $511,000 three days ago; Cryptopunk #9092, sold for $496,000 four days ago; BAYC #8,483, making the fourth largest sale after being sold twice; and Cryptopunk #9,611, sold for $482,000 four days ago. The fifth most expensive sale was Cryptopunk #9,611, followed by Hausphases #379, which sold for $461,000 on Sunday, Feb. 5, 2023. What do you think will be the next big NFT collection to make waves in the market? Share your thoughts in the comments below. View the full article

As the first month of the new year is behind us, things continue to heat up on the world stage in regard to crypto price predictions, social media hype surrounding meme coins like dogecoin, warnings of macroeconomic peril, and more and more political powers attempting to control permissionless cryptocurrencies via regulations and policy. For an institutional investors’ perspective on bitcoin, Elon Musk and McDonald’s news, warnings of a “global recession,” and more, see just below, in this latest issue of the Bitcoin.com News Week in Review. Institutional Investors Forecast ‘Strong Year’ for Bitcoin — 65% Expect BTC to Hit $100K, Survey Shows A new survey shows that institutional investors expect “a strong year ahead for bitcoin” and are confident about the cryptocurrency’s long-term valuation. In addition, 65% of institutional investors surveyed agree that bitcoin could reach $100,000. Read More Elon Musk Reaffirms Offer to Eat Happy Meal on TV if McDonald’s Accepts Dogecoin Tesla and Twitter CEO Elon Musk has reaffirmed his commitment to eat a McDonald’s Happy Meal on TV if the fast food chain accepts the meme cryptocurrency dogecoin (DOGE). Musk originally made the offer a year ago but McDonald’s responded with a counteroffer at the time. Read More Robert Kiyosaki Says ‘We Are in Global Recession’ — Warns of Soaring Bankruptcies, Unemployment, Homelessness The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says that we are in a global recession. Warning of soaring bankruptcies, unemployment, and homelessness, he noted that there is good news for investors looking for “bargains.” Read More New York Considers Bill to Establish Cryptocurrency as a Form of Payment for State Agencies A bill has been introduced in the U.S. state of New York to allow state agencies to accept cryptocurrency payments, including bitcoin, ether, litecoin, and bitcoin cash. The legislation proposes allowing crypto to be used as “a means of payment of fines, civil penalties, rent, rates, taxes, fees, charges,” and more. Read More What are your thoughts on this week’s stories? Do you think New York’s government should accept crypto payments? Let us know in the comments section below. View the full article

The Australian government has said it will take steps to ensure the “regulation of crypto assets protects consumers” and one of these steps will be the reforming of “the licensing and custody of crypto assets.” The Anthony Norman Albanese-led government also said it has released a consultation paper that explores “which elements of the crypto ecosystem are sufficiently regulated and which require additional attention.” Prioritizing Protection of Consumers The Australian government has said it is working to “ensure the regulation of crypto assets protects consumers” as well as to position the economy “to take advantage of new digital products and services.” To achieve these goals, the Aussie government said it plans to “reform the licensing and custody of crypto assets.” Special emphasis will be given to a subset of cryptocurrencies “that currently fall outside the financial services regulatory framework,” the government said. In a statement issued on Feb. 3, the Anthony Norman Albanese-led government said it also intends to subject crypto asset service providers to what it calls “a set of obligations and operational standards.” The statement added that such standards are intended to safeguard customers’ digital funds. Concerning the design of a custody and licensing framework, the Australian government said it will commence a public consultation process in “mid-2023 to allow for sufficient consultation prior to the introduction of legislation.” Identifying and Controlling Emerging Risks Also in the statement, Prime Minister Albanese’s government said while it has taken immediate steps to protect consumers, more needs to be done. The government added: A consultation paper released today explores in detail which elements of the crypto ecosystem are sufficiently regulated and which require additional attention. This will enable the Government and stakeholders to focus on regulatory gaps and ensure that emerging risks are identified and controlled. The statement also said while the Australian government is open to working with stakeholders it nonetheless wants this done in an orderly fashion. Doing this allows the government to “get the policy settings right to protect consumers and support innovation in this emerging sector.” Besides the planned crypto custody and licensing framework, the Australian government said it has already taken steps to ensure consumers are protected. Some of these steps include increasing the size of the Australian Securities & Investments Commission (ASIC)’s crypto team. Stopping scams as well as detecting possible money laundering or terrorism financing are also listed as the other steps already taken. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Protocol Labs CEO Juan Benet published a blog post on Friday announcing that 21% of the company’s staff will be laid off. Protocol Labs is the creator of the blockchain network Filecoin. Benet emphasized in the blog post that it has been an “extremely challenging economic downturn, worldwide, and especially in the crypto industry.” Protocol Labs Cuts Jobs in Response to Macro Winter and Crypto Market Decline Protocol Labs, the company behind the file storage blockchain network Filecoin, announced on Feb. 3 that it will lay off a number of employees. CEO Juan Benet wrote a blog post, titled “Focusing Our Strategy to Weather Crypto Winter,” to explain the layoffs. He cited the “extremely challenging economic downturn” as hitting the crypto industry particularly hard. “The macro winter worsened crypto winter, making it more extreme and potentially longer than our industry expected,” Benet wrote. “Although we worked extremely hard to avoid this, we’ve made the difficult decision to reduce our workforce by 89 roles (approximately 21%),” the blog post details. “This impacts individuals across PLGO teams (PL Corp, PL Member Services, Network Goods, PL Outercore, and PL Starfleet). We’ve had to focus our headcount against the most impactful and business critical efforts.” Protocol Labs has joined the list of crypto industry businesses that have laid off employees during the “crypto winter.” Other cryptocurrency and blockchain-focused companies, such as Candy Digital, Blockchain.com, Opensea, Huobi, and Gemini, have also cut staff. The industry-wide layoffs began to pick up momentum last year and have continued into 2023. In his Friday blog post, Benet noted that the “changes will be tough for all Labbers” and the company will host a “PLGO All Hands” meeting on Monday to answer any remaining questions. Filecoin’s native cryptocurrency, FIL, is currently ranked #35 in the crypto economy based on market capitalization. As of Saturday, Feb. 4, 2023, filecoin’s (FIL) market valuation was approximately $2.11 billion, with global trade volume of about $136 million in the last 24 hours. FIL has gained 65.7% against the U.S. dollar in the past 30 days and outperformed leading cryptocurrencies like bitcoin (BTC) and ethereum (ETH). Despite the 65.7% increase, FIL is still down more than 97% from its all-time high of $236 per coin, which was reached on April 1, 2021. At 3:30 p.m. Eastern Time on Feb. 4, 2023, FIL was trading for $5.59 per unit. What are your thoughts on the layoffs at Protocol Labs and across the cryptocurrency industry? Share your thoughts in the comments below. View the full article

Digital asset exchange Binance has agreed to help Georgia to develop its cryptocurrency sector by launching educational and other blockchain initiatives. The leading coin trading platform has been expanding its presence in the region with similar projects in other countries. Binance and Georgian Tech Agency to Jointly Develop Country’s Crypto Economy The world’s largest cryptocurrency exchange, Binance, announced the signing of a memorandum of understanding with Georgia’s Agency for Innovation and Technology (GITA). The sides intend to work together on the implementation of educational and community initiatives in the blockchain space and the further development of the nation’s crypto industry. The agreement comes after a meeting between the trading platform’s CEO Changpeng Zhao and Prime Minister Irakli Garibashvili in November, during which investments were also discussed. The cooperation will cover projects by both Binance Academy and Binance Charity as well as organizing local events and hackathons by BNB Сhain, a press release detailed. “Our goals are in line with the Georgian Agency for Innovation and Technology’s goals — together, we can create an effective system in Georgia, whereby innovation and technology can be developed,” Binance’s Regional Director Vladimir Smerkis was quoted as stating. He also noted: For a long time, we have seen a huge interest in the cryptocurrency market and in particular, crypto education in Georgia. I want to separately emphasize that Georgia is one of the most innovation-driven countries in the region. GITA Chairman Avtandil Kasradze pointed out that the blockchain-related hackathons and workshops that will be held in Georgia’s tech parks will facilitate the formation of new startup ideas and the implementation of projects oriented towards commercialization. This is not Binance’s first educational initiative in Georgia, a crypto-friendly destination that plans to update its digital asset regulations and legalize the industry. In January, the exchange announced the signing of a memorandum of cooperation with the country’s Business and Technology University (BTU) to deliver blockchain education to its students. Binance Academy will provide educational materials on blockchain, Web3, NFTs, and cryptocurrency. Binance has been engaged in similar initiatives in other countries in Eastern Europe, the post-Soviet space, and the Caucasus region as part of its focus on expanding presence in the region. In December, the global crypto firm launched a blockchain education program in Kazakhstan’s universities and offered to help Azerbaijan in efforts to adopt crypto regulations. Do you think educational projects support the wider adoption of cryptocurrencies in new markets? Share your thoughts on the subject in the comments section below. View the full article

Billionaire investor and venture capitalist Tim Draper has reportedly attempted to convince the Sri Lankan government to adopt bitcoin. However, the governor of the Central Bank of Sri Lanka rejected his recommendation, emphasizing: “Adoption of 100% bitcoin won’t be a Sri Lanka reality ever.” Tim Draper Suggests Sri Lanka Adopts Bitcoin Billionaire investor and venture capitalist Tim Draper reportedly tried to convince the Sri Lankan government and central bank to adopt bitcoin during his visit to the south Asian country earlier this week to shoot an episode of his “Meet the Drapers” TV show with local entrepreneurs. The billionaire met with Sri Lankan President Ranil Wickremesinghe Tuesday to pitch bitcoin adoption, Bloomberg reported, adding that he then visited the Sri Lankan central bank the next day with the same pitch. Wearing a bitcoin tie, Draper was quoted as saying: “I come to the central bank with decentralized currency.” However, Sri Lankan Central Bank Governor Nandalal Weerasinghe replied: We don’t accept … Adoption of 100% bitcoin won’t be a Sri Lanka reality ever. Sri Lanka’s fuel and food shortages led to riots last year. The president at the time fled the debt-ridden country and later resigned. Sri Lanka’s key inflation rate stood at 54.2% in January, and last year the economy contracted by 8%, the governor detailed. Draper told the central bank chief that he is “a little worried about you guys,” elaborating: Have you seen Sri Lanka in the news? It’s known as the corruption capital. A country known for corruption will be able to keep perfect records with the adoption of bitcoin. The billionaire VC continued to try to convince Weerasinghe during their 30-minute meeting. He even cited El Salvador, which became the first country to adopt bitcoin as legal tender alongside the U.S. dollar in September 2021. “Does the administration have the guts to do it?” Draper asked the Sri Lankan central bank governor as he pushed for bitcoin adoption. “What’s the advantage of having your own currency?” However, Weerasinghe replied: We don’t want to make the crisis worse by introducing bitcoin. Draper has pitched bitcoin adoption to several other countries and received better responses than he did from the Sri Lankan government and central bank. The tiny island country of Palau in the Pacific, for example, made him the founding resident of its digital-residency program. The billionaire has long been bullish about bitcoin due to the cryptocurrency’s trait as a hedge against inflation. In November last year, he predicted that BTC should hit $250K by mid-2023. The Central Bank of Sri Lanka has cautioned the public several times about the risks of investing in cryptocurrencies. In July last year, the central bank published a notice warning that virtual currencies “are considered as unregulated financial instruments and have no regulatory oversight or safeguards relating to their usage in Sri Lanka.” The authority added that it “has not given any license or authorization to any entity or company to operate schemes involving virtual currencies, including cryptocurrencies.” Do you think Sri Lanka should adopt bitcoin as billionaire Tim Draper has suggested? Let us know in the comments section below. View the full article

Billionaire Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, says it’s “amazing” what bitcoin has accomplished but believes the cryptocurrency is not going to be an effective money, a store of value, or a medium of exchange. Nonetheless, he stressed that “we are in a world in which money as we know it is in jeopardy.” Billionaire Ray Dalio on Bitcoin Billionaire investor and hedge fund manager Ray Dalio, who founded the world’s largest hedge fund, Bridgewater Associates, and previously served as its co-chief investment officer, has offered his view on bitcoin in an interview with CNBC Thursday. Referring to the world’s largest cryptocurrency, he said: I think it’s been quite amazing that for 12 years it’s accomplished … But I think it has no relation to anything … It’s a tiny thing that gets disproportionate attention. Noting that bitcoin’s total market value is less than a third of Microsoft’s stock, whose market cap stood at $1.92 trillion on Friday, Dalio asserted: “Biotech and many other industries are more interesting than bitcoin.” The billionaire opined: It’s not going to be an effective money. It’s not an effective storehold of wealth. It’s not an effective medium of exchange. “But we are in a world in which money as we know it is in jeopardy … We are printing too much, and it’s not just the United States, all the reserve currencies,” he continued, mentioning problems with the euro and the Japanese yen in particular. “And so in that world, the question is, what is money and how’s that going to operate? So when we look at something like China’s renminbi, and then you take the digital renminbi, I think you’re going to see that become more and more a thing,” Dalio shared. The Bridgewater Associates founder stressed, “if you want a digital currency, you have to do something different” from bitcoin. However, he noted: “I don’t think that the stablecoins are good because then you’re getting a fiat currency again.” He added: What would be best is an inflation-linked coin. In other words, something where basically you would say, okay, this is going to give me buying power because every individual wants. What do they want? They want to secure their buying power. “The closest thing to that is an inflation index bond and so on,” Dalio said. “But if you created a coin that says, okay, this is buying power that I know I could save in and put my money over a period of time, and then I can transact in anywhere, I think that that would be a good coin,” he continued. “So I think you’re going to see probably the development of coins that you haven’t seen that probably will end up being attractive, viable coins. I don’t think bitcoin is it.” Many People Disagree With Ray Dalio Following Dalio’s interview, many people took to Twitter to disagree with him. Some people noted that Dalio just described bitcoin while others pointed out that Bitcoin has been around for more than 14 years, not 12 like the Bridgewater founder said. “An ‘inflation-linked currency’ is nonsense,” bitcoin proponent Robert Breedlove commented. “Lesson for Ray Dalio: Money’s buying power is preserved through the integrity of its supply. Bitcoin has a perfectly integral money supply of 21M. In the long run, bitcoin is the perfect money for preserving buying power over time.” Gabor Gurbacs, strategy advisor at Vaneck/MVIS tweeted: “Ray Dalio is wrong about Bitcoin. I respect Ray’s work and like his books, but his comments on Bitcoin are under-researched and disappointing.” Gurbacs added: Ray’s views particularly on bitcoin market sizing, reach and importance are concerning. Tens of millions of people use bitcoin around the world, particularly in emerging markets. Bitcoin’s censorship resistance is game-changing. Dalio used to have a more bullish outlook on bitcoin. In January 2021, he said: “I believe bitcoin is one hell of an invention. To have invented a new type of money via a system that is programmed into a computer and that has worked for around 10 years and is rapidly gaining popularity as both a type of money and a storehold of wealth is an amazing accomplishment.” In February last year, he confirmed that he has “a tiny percentage” of his portfolio in cryptocurrency. Nonetheless, he has repeatedly warned that governments can ban bitcoin if the cryptocurrency “becomes material,” predicting that crypto will be “outlawed, probably by different governments.” What do you think about the statements by billionaire Ray Dalio? Let us know in the comments section below. View the full article

The total capacity of crypto mining facilities in Russia has been increasing in the past year, despite the market downturn and sanctions, according to a survey of leading operators. Depressed prices of mining equipment and stronger interest from domestic customers have been identified as major factors for the trend. Miners Prepare for Growth as Total Capacity of Crypto Farms in Russia Reaches 500 MW The capacity of Russian mining farms has exceeded 500 megawatts (MW) at the end 2022, according to results from a poll among established industry players published by the business daily Kommersant. The beginning of 2023 sets them up for continued growth, on the backdrop of a crypto market recovery, but the expansion could potentially be limited by electricity tariffs and taxes for miners, executives said. Bitriver, the leader in the group, has eight crypto mining sites with a combined rating of 300 MW. The power of the facilities run by Ural Mining Company (UMC) is 88 MW. Bitcluster owns three 60-megawatt farms, EMCD operates 50 MW of data centers in four different locations while BWCUG has one at 20 MW. With abundant energy resources and cool climate, the Russian Federation has certain advantages as a mining destination. However, the ongoing clash with the West over the war in Ukraine has affected the industry, with sanctions hitting Russia’s mining potential in order to limit its ability to use cryptocurrencies to circumvent financial restrictions. But the penalties and the state of the crypto economy have had different effects on the business of the Russian mining companies. Bitriver, which was specifically targeted by U.S. sanctions, has actually doubled the number of its data centers and available capacity, realizing several large-scale projects in Russian regions, its founder Igor Runets told Kommersant. Meanwhile, BWCUG has reduced its mining capacity. The company explained new European and North American clients are reluctant to use Russian facilities, despite the lower costs. The operator also highlighted the unclear prospects for crypto mining in terms of legislation. A bill designed to regulate mining in Russia was submitted to parliament in November but is yet to be adopted. Alisa Tsukanova, marketing director at EMCD, remarked that the profitability of mining business may decrease if the government introduces special electricity tariffs and taxes for coin minting enterprises. Speaking to the daily Izvestia, the Chairman of the State Duma Committee on the Financial Market Anatoly Aksakov talked about two options — either imposing a levy like the single tax on imputed income, with a rate in the range of 7.5 – 15%, or taxing profits at 20%. The survey has been conducted after a study revealed in October last year that bitcoin mining revenue in Russia grew 18 times in four years before declining steeply in the second quarter of 2022. Another piece of research published in August established that the electricity consumption of Russian miners had increased 20 times since 2017. Do you think Russia’s crypto mining industry will continue to grow despite the challenges? Share your expectations in the comments section below. View the full article

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has shared his view on why the prices of gold, silver, and bitcoin are rising higher. Noting that silver is cheap right now, Kiyosaki urged investors to buy a silver coin and start getting richer. Robert Kiyosaki Bullish on Gold, Silver, Bitcoin The author of Rich Dad Poor Dad, Robert Kiyosaki, has shared his thoughts on why the prices of his top three investment picks — gold, silver, and bitcoin — are going up. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki tweeted a question Tuesday asking why gold, silver, and bitcoin are going higher. He then answered his own question, stating that it is because the poor and middle class in the U.S. are getting poorer and deeper into debt. “Please don’t get poorer,” he stressed, urging investors to buy at least one silver coin that costs only $30 right now to start getting richer. The famous author previously explained that he expects gold, silver, and bitcoin owners to get richer when the Federal Reserve pivots and prints trillions of “fake” dollars. Noting that the stock market will crash and send the prices of gold and silver higher, he predicted that gold will soar to $3,800 while silver will rise to $75 this year. “If Fed continues raising interest rates, [the] U.S. dollar will get stronger causing gold, silver & bitcoin prices to go lower. Buy more. When Fed pivots and drops interest rates … you will smile while others cry,” Kiyosaki tweeted in October last year. He has repeatedly said that the Fed’s interest rate hikes will kill the U.S. economy, causing stock, bond, and real estate markets to crash. He urged investors to buy gold, silver, and bitcoin before the Fed pivots. Kiyosaki Says Silver Is Cheap While the Rich Dad Poor Dad author has been recommending gold, silver, and bitcoin for quite some time, he singled out silver in his latest tweets as being cheap and affordable, reiterating his earlier statement that silver is the “best investment value today.” On Wednesday, Kiyosaki reminded his Twitter followers that he has been “saying buy silver for years,” noting that silver is the best investment because it has been a “worse commodity for 50 years.” He added that the gold/silver ratio is usually 1 to 15, which means 1 ounce of gold can buy 15 ounces of silver. However, he pointed out that in January, 1 ounce of gold can buy 80 ounces of silver. “Cheap. Almost 1:100. Silver going up. EVs, solar, [and] greenies love silver. FOMO,” Kiyosaki emphasized. Having repeatedly recommended bitcoin, he said in December that he is buying more BTC. He also explained that he is a bitcoin investor, not a trader, so he gets excited when the price of BTC plunges. In September, he urged investors to get into crypto now before the biggest economic crash in the world happens. Last week, the Rich Dad Poor Dad author warned that we are in a global recession with soaring bankruptcies, unemployment, and homelessness. After multiple 75-basis-point rate hikes, the Federal Reserve raised the benchmark interest rate by 25 basis points this week to a range of 4.5% to 4.75%, the highest since 2008. Do you agree with Robert Kiyosaki? Let us know in the comments section below. View the full article