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Brazilians have brought over $4 billion of cryptocurrencies to the country, according to numbers from the Central Bank of Brazil. The commercial asset balance report presented shows that Brazilians have consistently acquired over $350 million dollars of cryptocurrencies each month since January. However, according to some analysts from the central bank, this number has the potential to reach double its worth this year. Brazilians Purchase Millions Worth of Cryptocurrencies Every Month The Central Bank of Brazil released a report that shows Brazilians have purchased more than $4 billion in cryptocurrency imports since the start of the year. The report, which shows cryptocurrencies as part of the commercial balance of goods, shows these imports have been holding over the $350 million number since January. The peak of the cryptocurrency buying spree occurred in May when crypto purchases reached $756 million during that month only. Since then, purchase numbers have decreased, reaching close to $500 million last August. The numbers for September are not available yet, so it is impossible to determine if the decreasing trend is still happening. Brazilians have been enticed by cryptocurrencies, and according to Bruno Serra, the director of monetary policy of the Central Bank of Brazil, this interest is unlikely to fade in the future. Serra stated that cryptocurrency investments of Brazilians abroad could potentially triple the amount invested in American shares. However, Brazil is incapable of producing cryptocurrencies currently. In this sense, Serra stressed: It’s a one-way flow. Due to the cost of energy, Brazil does not produce cryptoactives, it is just an importer. And the numbers confirm its assertions. According to the same report, cryptocurrency outflows just reached $15 million, less than one percent of what entered the country. There is potential for this inflow number to reach more than $8 billion this year, Serra concluded. How Are the Numbers Compiled? The Central Bank of Brazil records cryptocurrencies as goods, and its inflows and outflows from the country need to be registered in statistics. The bank estimates these numbers taking exchange contracts as the base. These constitute legal instruments that register negotiations between buyers and sellers, as stipulated by the bank. But these instruments just record purchases and sales of cryptocurrency that happen between residents and non-residents, so the actual numbers could be much higher than the ones reported. What do you think about the report on cryptocurrency inflows and outflows compiled by the Central Bank of Brazil? Tell us in the comments section below. View the full article

Recent metrics from a variety of analytical web portals show that the quantity of bitcoin whales has been shrinking in recent times. The data indicates that the leading crypto asset has been distributed quite a bit since the price run-up started. Pods of Bitcoin Whales Shrink — Addresses With Small Quantities of Bitcoin Catch the Downward Distribution Cycle Today, data shows that bitcoin whales are shrinking and metrics from bitinfocharts.com’s top 100 richest bitcoin addresses list compared to a whale count article Bitcoin.com News published on May 14, show things have changed. Statistics from Glassnode show that whale-sized addresses with 1,000 BTC+ have dipped to the smallest amount in eight years and ten months ago. In addition to those two sites that offer onchain whale analytics, whalemap.io also implies a decline in whales (balance ≥ 1k) and a downward distribution cycle. Also, the top 100 richest bitcoin addresses from bitinfocharts.com indicate that on May 13, 2021, there were three whales with 100,000 to 1 million BTC. There are still just three today, and that number hasn’t changed in quite some time. In terms of addresses holding 10,000 to 100,000 bitcoin, that has reduced since May 13, from 85 to 77 addresses. As far as holders with 1,000 to 10,000 bitcoin, there were approximately 2,078 addresses five months ago and today the count is 2,069. Trickle-Down Distribution — Bitcoin Whales Offloaded Coins During the 2012 Bull Run Additionally, addresses with 100 to 1,000 BTC were around 13,989 five months ago and today are 13,987. The bottom threshold of addresses holding 10 to 100 BTC or less has increased a great deal during the last five months. In recent weeks, all the BTC addresses with less than 1,000 held have swelled. 51.24% of addresses recorded own between 0 to 0.001 BTC, which is 19,716,447 bitcoin addresses. Addresses that hold 0.1 to 1 BTC today equal around 2,437,951 bitcoin addresses and there are 665,893 holders with at least 1 to 10 BTC. February – May $BTC whales (>1k BTC) were gradually selling to retail investors (>.1 BTC). This is why the distribution phase displayed on the HT chart. They kept the price stable via manipulation until they were finished selling – then collapse. The whales won, again. #Bitcoin pic.twitter.com/ia8C8ze99h — Illusive ⛓ (@IllusiveTrades) October 10, 2021 It’s quite possible that while bitcoin (BTC) rose over 25% during the last 30 days, a number of bitcoin whales took some cream off the top by selling. It’s also probable that whales have simply dispersed their bitcoin wealth into more addresses. The last time BTC whale addresses were this low was the holiday season in 2012 and that followed bitcoin’s first bull run. In the summer of 2012 and into the fall months, BTC tapped a high of $30 per unit, but in December 2012, it was just over $2 per coin. Whale count saw a major downward distribution cycle at that time as well. A whale with 1,000 bitcoin on Sunday evening is worth roughly $62 million. What do you think about the whale count shrinking? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. Bitcoin of America is a popular virtual currency exchange, registered as a money services business with the United States Department of Treasury (FinCEN)(RegNum). Apart from ensuring a fast and hassle-free transaction, they are known for their customer support. Bitcoin of America recently announced their newest addition to their Bitcoin ATM machines (BTMs). Ethereum is now available to buy and sell at Bitcoin of America ATM locations. Bitcoin of America recognized the growing popularity of the cryptocurrency Ethereum and decided it was time to include it in their BTMs. To date, Bitcoin of America has 1300 plus BTMs across 31 states. Bitcoin of America also offers Bitcoin and Litecoin options online and at their BTM locations. To find a BTM you can visit their website and enter in your address to find one near you. Bitcoin of America has made several updates to their machines and services this year. In May, Bitcoin of America announced their new Universal Kiosk. This new universal kiosk combines the capabilities of a traditional ATM with a Bitcoin ATM and offers 3 main functions. The first is the traditional ATM feature where customers can dispense cash from a debit card. The second function is being able to buy cryptocurrency with cash. The last is that customers can sell crypto in return for cash. Bitcoin of America also offers a host program for store owners who are interested in cryptocurrency or are just looking to earn extra income. Bitcoin of America takes care of their host locations by providing them with passive income, increased foot traffic, and marketing. They even handle customer support and any maintenance/installation services. 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. Listen to the latest Bitcoin.com Podcast: View the full article

Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, has confirmed that he has not been shorting cryptocurrencies, including bitcoin, despite speculations that he may have. His confirmation came after he recently asked how to short crypto. Michael Burry Says He Is Not Shorting Cryptocurrencies Famous investor and founder of private investment firm Scion Asset Management, Michael Burry, confirmed to CNBC Friday that he has not been shorting bitcoin or other cryptocurrencies. Burry is best known for being the first investor to foresee and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He is profiled in “The Big Short,” a book by Michael Lewis about the mortgage crisis, which was made into a movie starring Christian Bale. He told CNBC Friday: I’ve not been shorting cryptocurrencies at all. And I’m not now … I believe that cryptocurrencies are in a bubble and that most in it do not understand it well. Many people in the crypto community believed that Burry shorted bitcoin when the price of the cryptocurrency was $30K after he posted a BTC price chart suggesting that it would be a good time to short. Burry never confirmed or denied whether he shorted bitcoin until now. The crypto community became even more convinced that Burry was shorting bitcoin or was considering doing so when he tweeted Wednesday: Ok, I haven’t done this before, how do you short a cryptocurrency? Do you have to secure a borrow? Is there a short rebate? Can the position be squeezed and called in? In such volatile situations, I tend to think it’s best not to short, but I’m thinking out loud here. When Burry tweeted asking about shorting cryptocurrencies Wednesday, the price of bitcoin was around $58K. It then shot up past $62K. At the time of writing, the price of BTC is $61,011 based on data from Bitcoin.com Markets. Comments flooded Twitter in response to his tweet about shorting cryptocurrencies with many people mocking his knowledge of crypto. Burry deleted the tweet about five minutes after posting it. While the Big Short investor routinely deleted his tweets, it was not usually minutes after posting them. He then deleted his entire Twitter account Friday, causing some people to suspect that he quit Twitter because of the responses he got from his crypto tweet. Trader Scott Melker, aka “The Wolf of All Streets,” commented: “Let me get this right. Michael Burry of ‘Big Short’ fame asked how to short bitcoin, was destroyed by crypto Twitter and then rage quit Twitter entirely because he couldn’t deal with the responses?” Burry also recently criticized the shiba inu (SHIB) token after the price of the coin soared 230%. What do you think about Michael Burry’s comments? Let us know in the comments section below. View the full article

Robert Kiyosaki, the best-selling author of Rich Dad Poor Dad, now says bitcoin’s future is “very bright,” after predicting a “giant stock market crash” that could also tank the crypto market. He further revealed that he is waiting for the next pullback before investing more in bitcoin. Bitcoin’s Future Is ‘Very Bright,’ Says Kiyosaki Famous author and investor Robert Kiyosaki said last week that bitcoin’s future is “very bright.” 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 Friday: Hooray. Bitcoin rising above $60,000. Future very bright. Celebrate yet be cautious. I am waiting for a pullback before investing more. While the famous investor has been recommending bitcoin to investors for quite some time, he predicted that a “giant stock market crash” was coming in October, adding that gold, silver, and bitcoin may crash as well. In July, he warned: “Biggest bubble in world history getting bigger. Biggest crash in the world history coming.” Nonetheless, he saw bitcoin as the investment with the greatest upside, noting that “With dollar dropping, bitcoin and silver are the best investments.” In August, he tweeted that America was “going bankrupt,” recommending investors to “Keep buying gold, silver, bitcoin.” At the time of writing, the price of bitcoin is $62,362 based on data from Bitcoin.com Markets. Moreover, Kiyosaki reiterated Friday his reason for investing in bitcoin, tweeting: I love bitcoin because I do not trust the Fed, Treasury, or Wall Street. His statement echoed the comment he made in August, stating that the primary reason he invested in bitcoin, gold, and silver was “because I do not trust our leaders, the Fed, Treasury, nor the stock market.” What do you think about Robert Kiyosaki’s comments? Let us know in the comments section below. View the full article

Cryptocurrency exchange Coinbase has published its proposal for crypto regulation after “more than 75 meetings with stakeholders in government, industry, and academia,” CEO Brian Armstrong revealed. In its Digital Asset Policy Proposal, the company recommends “four core pillars to inform future U.S. regulation.” Coinbase’s Proposal for Crypto Regulation The Nasdaq-listed cryptocurrency exchange Coinbase published its Digital Asset Policy Proposal (DAPP) Thursday. Coinbase CEO Brian Armstrong tweeted: “Today we’re launching our Digital Asset Policy Proposal (DAPP) which we hope will help chart a course for clear regulation of cryptocurrency and web 3.0 in the U.S. It’s critical to bring clarity to this space and ensure America remains a financial leader.” He further shared: This is not about Coinbase — we completed more than 75 meetings with stakeholders in government, industry, and academia to help shape this proposal, and we feel it represents a consensus point of view. It’s inclusive and democratic by design. Coinbase recently experienced firsthand the lack of regulatory clarity when it tried to launch a lending program. The company met with the U.S. Securities and Exchange Commission (SEC) to discuss the product. However, the SEC said it was a security and threatened to sue the company if it went ahead with the program. Coinbase subsequently abandoned its plan to launch the Lend product and unveiled its plan to create a proposal for crypto regulation. The company’s chief policy officer, Faryar Shirzad, explained Thursday that the goal of Coinbase’s proposal is to “engage in the public conversation about the future of our financial system.” The company believes that the conversation should focus on “The blockchain-driven and decentralized evolution of the internet” and “The emergence of a distinctive asset class that is digitally native and empowers unique economic use cases.” Shirzad continued: We recommend four core pillars to inform future U.S. regulation. Firstly, “We need a new and digitally-native framework for how we regulate digital assets – one that doesn’t encumber innovation, inclusion, and financial empowerment for all sectors of society,” he stated. Secondly, Coinbase’s chief policy officer detailed: End-to-end crypto services must sit within a single regulator. Its authority would include a new registration process established for marketplaces for digital assets (MDAs). In addition, Coinbase suggested instilling consumer confidence “by providing robust customer protection.” Shirzad noted, “This can be achieved through enhanced transparency processes, including tailored disclosures to inform purchasers of digital assets.” The fourth point is to “promote interoperability and fair competition.” Coinbase believes that “To realize the full potential of digital assets, MDAs must be interoperable with products & services across the cryptoeconomy.” Shirzad added that “This can empower and protect a thriving consumer and developer ecosystem.” Coinbase said that anyone wanting to comment on its crypto regulatory proposal can do so on Github. What do you think about Coinbase’s crypto regulatory proposal? Let us know in the comments section below. View the full article

U.S. citizens and financial institutions are concerned about the Biden administration’s goals to get banks to report to the Internal Revenue Service (IRS) aggregate inflows from a customer’s bank account annually that exceed $600. Mainstream media is reporting and Big Tech’s swarm of fact-checkers have said that some lawmakers are mischaracterizing the proposal. Biden Administration’s $600 Tax Proposal Ignites Heated Debate and So-Called Fact-Checking In May, it was reported that Biden’s IRS planned to add more staff and focus on cryptocurrency exchange. The accounts stemmed from a Treasury Department report, and the department’s officials projected that during the next decade it could net $700 billion from tax offenders. The following decade later, the Treasury expects the plan to net $1.6 trillion, and the Federal entity believes those estimates are conservative. At the time of writing, the tax proposal dubbed the “American Families Plan Tax Compliance Agenda” is still being debated. So no one else thinks it’s odd the IRS wants to track bank accounts and transaction of $600 dollars or more to go after the 1%? Seems oddly misdirected. This is why #bitcoin — Jason Nelson (@dragonwolftech) October 16, 2021 There’s a lot of confusion surrounding this proposal and if users post about it on Facebook, usually a fact-checker is assigned to the post that says lawmakers are mischaracterizing the rule. Twitter’s news feed says the exact same thing as it claims skeptics are conflating the definitions of the proposal in an attempt to say the IRS can view all transactions over $600. “Most of the money [generated by the tax enforcement plan] —$460 billion—would come from the second big piece,” explains the Wall Street Journal. “That plan increases the government’s ability to see into a current blind spot—business income where there is no independent verification to the IRS, as there is for wages where W-2 forms go to workers and the government. Banks and payment providers would be required to report inflows and outflows from accounts each year, starting in 2023.” So if I make 600 dollars from a garage sale and deposit that into the bank, will the IRS then ask to know where it came from? Will I be asked to pay taxes on that? This is a dangerous slippery slope. A major invasion of privacy. — Brooke Tramble (@Brooke21181) October 13, 2021 Janet Yellen, the Treasury secretary, has been urging lawmakers to agree on the IRS proposal. “There’s a lot of tax fraud and cheating that’s going on,” Yellen explained to CBS reporter Norah O’Donnell. Furthermore, Yellen noted that the new requirement for financial institutions is “absolutely not” a way for the government to poke around into the financial affairs of average Americans. Liberty Activist Asks: ‘Why Is the IRS Allowed to See Any of My Bank Transactions Without a Warrant?’ Yellen and Biden have continuously stressed that the goal is to have America’s billionaire-class accountable. Meanwhile, there’s a number of loud and vocal voices explaining that the proposal is intrusive. “Whether it’s $600 or $10,000, the IRS has NO business monitoring your bank account,” Senator Michael Rulli tweeted on October 15. “For real though, it doesn’t matter if it’s $600 or $60,000 – why is the IRS allowed to see ANY of my bank transactions without a warrant?” liberty activist Naomi Mathew said the day before. Another Twitter profile “Juliesbac” exclaimed: We should be completely flipping the script at this opportunity. Not only should the IRS not be able to look into $600 transactions. They need to be completely banned from looking at any transaction without a subpoena. They serve us. We don’t serve them. The co-host of the broadcast “Breaking Points,” Saagar Enjeti, said that the “IRS is 3X more likely to audit someone making less than 25,000 than someone in the top 1%. The $600 dollar proposal would only give them even more ammunition to go after working-class Americans.” Yellen should read the 4th amendment real slow: “The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause…” https://t.co/VYb73TlQWL — David Asman (@DavidAsmanfox) October 9, 2021 Nancy Pelosi Says $600 Tax Proposal to Be Included in Reconciliation Bill, ‘Hold Billionaires Accountable’ Line Considered a Farce Meanwhile, Nancy Pelosi explained that Democratic lawmakers plan to support Biden’s tax proposal. The new tax enforcement concept will be included in the Reconciliation Bill, Pelosi said. “Yes there are concerns that some people have but if people are breaking the law and not paying their taxes one way to track them is through the banking measure,” Pelosi told the media last week. You can’t search my house without a warrant but you want to see all my bank transactions over $600? Dear IRS, you are giving people even more reason to switch to crypto. — Paul Puey (@paullinator) October 17, 2021 A political columnist from The Hill, Joe Concha, told his 113,000 Twitter followers that the “hold billionaires accountable” line Yellen and others are saying “will win [the] lie of the year.” Meanwhile, there are many who simply scorned the government for the new proposal as the financial rules are consistently broken by the elite. “Can’t stop thinking about how the IRS wants to know what I’m doing with $600 while the Pandora papers literally exposed the shadow economy and tax evasion of billionaires,” one individual said last Wednesday. What do you think about the debate over the new IRS proposal backed by the Biden administration and Treasury secretary Janet Yellen? Let us know what you think about this subject in the comments section below. View the full article

This past week, Valve, the parent company of the video game digital distribution service Steam updated its distribution onboarding guidelines. According to the newly updated rules, the company is banning any “applications built on blockchain technology that issue or allow exchange of cryptocurrencies or NFTs.” Newly Updated Onboarding Guidelines for Steam Says ‘You Shouldn’t Publish’ Applications ‘Built on Blockchain,’ or ‘Allow the Exchange of NFTs, Cryptocurrencies’ Valve seems to have an issue with games that involve blockchain technology, crypto assets, or non-fungible token (NFT) collectibles. The company quietly updated the firm’s onboarding page and the new rule was added to the list of games “you shouldn’t publish on Steam” Interestingly, Steam once supported bitcoin (BTC) for payments at the storefront but stopped supporting BTC in December 2017. The decision in 2017 was made 18 months after Valve allowed the storefront to accept the leading crypto asset for payments. The updated guidelines show that Valve is now reluctant to allow blockchain games, NFT collectibles, and crypto assets on the platform. The decision to ban these concepts comes at a time when blockchain gaming and the NFT industry have exploded in value and popularity. For instance, the blockchain game Axie Infinity has been very popular and has captured $2.59 billion in all-time NFT sales, according to dappradar.com metrics. Age of Rust Developer: ‘This Is a Setback for All’ On October 14, 2021, the developer of the blockchain game called Age of Rust detailed that the game would no longer be available on Steam. Community: A few minutes ago, we were notified that Steam will be kicking *all blockchain games* off the platform, including Age of Rust, because NFTs have value. Behind the scenes, we’ve had good communication and have been upfront with Steam,” the Age of Rust dev said. The blockchain game operator added: We chose to be upfront about blockchain gaming & NFTs. As a result, we finally lost the battle with Steam. While I’m disappointed [about] Age of Rust being removed, the point is more to the fact that blockchain games as [a] whole are going to be removed. This is [a] setback for all. A number of other video game fans and blockchain game developers were disappointed with Valve’s decision to ban these blockchain ideas. The editor at Kotaku AU, Alex Walker, opined that he was not surprised by Valve’s decision. “Not hugely surprised Valve has banned NFTs and crypto games. I doubt it’s because of the ecological concerns, but more they already have a secondary market and don’t want games to circumvent that,” Walker said. The Age of Rust developer said that it respects Valve’s choice. “Steam’s point of view is that items have value and they don’t allow items that can have real-world value on their platform,” the official Age of Rust account emphasized. “While I respect their choice, I fundamentally believe that NFTs and blockchain games are the future. It’s why I started this journey with all of you.” What do you think about Valve banning blockchain games, NFTs, and crypto assets from the Steam platform? Let us know what you think about this subject in the comments section below. View the full article

The owner of the NBA team Dallas Mavericks, Mark Cuban, has said “no” to investing in bitcoin-based exchange-traded funds (ETFs), one of which could start trading next week in the U.S. The Shark Tank star does not see a reason for him to invest in a bitcoin ETF, emphasizing that he can buy the cryptocurrency directly. Mark Cuban Says No to Bitcoin ETF The Shark Tank star and owner of the NBA team Dallas Mavericks, Mark Cuban, has shared his thoughts on the heavily hyped bitcoin exchange-traded funds (ETFs). While the U.S. Securities and Exchange Commission (SEC) has yet to approve a bitcoin ETF, the first bitcoin futures ETF could begin trading in the country as early as next week. However, Cuban is not planning to invest in a bitcoin ETF or a bitcoin futures ETF when one starts trading on an American exchange. Responding to a question in an interview with CNBC, published Friday, whether he plans to invest in any bitcoin-based ETF, the shark tank star bluntly replied: No. I can buy BTC directly. Cuban has been in the crypto space for quite some time. He previously called bitcoin “better gold than gold” due to its algorithmic scarcity, seeing the cryptocurrency as a store of value rather than a currency. He said in April: That’s why I own bitcoin and why I never sold it. The owner of the Dallas Mavericks also previously revealed that he had invested in ether (ETH), dogecoin (DOGE), non-fungible tokens (NFTs), and a number of blockchain companies. He and Tesla CEO Elon Musk see dogecoin as the “strongest” cryptocurrency for payments. As for cryptocurrency regulation, Cuban believes that the rules are unclear and has publicly criticized the SEC for taking an enforcement-centric approach to regulating the crypto industry. “The problem isn’t that people are looking for grey areas, it’s that there rarely are defined rules. Regulation through litigation traps all the people who can’t afford a lawyer, accountant, or advisor,” he opined. While futures-based bitcoin ETFs provide investors with some exposure to the crypto market without actually owning any coins, Todd Rosenbluth, director of ETF and mutual fund research at CFRA, explained: The ETF price will not match the price of bitcoin. As such, it is likely better for short-term exposure than for buy and hold long-term investing. What do you think about Mark Cuban’s comments? Let us know in the comments section below. View the full article

Cornell University’s professor of economics and former head of the IMF’s China division, Eswar Prasad, has warned that “Cryptocurrencies may contribute to monetary and financial instability.” He added that the risk is amplified if the industry is unregulated and lacks investor protection. Economist Sees Crypto Posing Risks to Financial Stability Eswar Prasad, the Nandlal P. Tolani Senior Professor of Trade Policy and professor of economics at the Charles H. Dyson School of Applied Economics and Management at Cornell University, shared his view on cryptocurrency in an interview with CNBC, published Wednesday. Prasad is also a senior fellow at the Brookings Institution, where he holds the New Century Chair in International Economics, and a research associate at the National Bureau of Economic Research. He was previously chief of the Financial Studies Division in the research department of the International Monetary Fund (IMF) and head of the IMF’s China division. He said: Cryptocurrencies may contribute to monetary and financial instability, especially if they were to spawn a large and unregulated financial system that lacks investor protection. His statement echoes a report recently published by the IMF cautioning that the rising popularity of cryptocurrency could pose a threat to financial stability. Moreover, the deputy governor of the Bank of England, Jon Cunliffe, said this week that regulation is urgently needed since the crypto industry is growing rapidly, and there are some “very good reasons” to think that it could pose risks to the country’s financial stability in the future, even though the risks are currently limited. Professor Prasad was also asked how cryptocurrencies could widen economic inequality. “Cryptocurrencies and their underlying technology hold out the promise of democratizing finance by making digital payments and other financial products and services easily accessible to the masses,” he replied. “But because of existing inequalities in digital access and financial literacy, they could end up worsening inequality.” In addition, he emphasized that “any financial risks arising from investing in cryptocurrencies and related products might end up falling especially heavily on naïve retail investors.” The Cornell professor of economics also discussed central bank digital currencies (CBDCs), stating: I think central bank digital currencies are the way of the future. But every central bank will want to make sure that its money is not used for illicit purposes, so transactions will be auditable and traceable. However, Prasad noted that “if every payment you make, including for a cup of coffee or for a sandwich, can be seen by a government agency, that’s an uncomfortable proposition.” The economist concluded: “You could, in a more dystopian world, have the government deciding what sort of goods and services its money can be used for.” Do you agree with the economics professor? Let us know in the comments section below. View the full article

Following the latest report from Cambridge University that shows a large percentage of the Bitcoin network’s hashrate resides in the United States, the CEO of Twitter and Square, Jack Dorsey, has announced that Square is considering building a “bitcoin mining system based on custom silicon.” Square Considers Building a Mining System On the same day the CFTC fined Tether Limited and Bitfinex, and the filings that give the impression that the U.S. Securities and Exchange Commission (SEC) approved the Proshares Trust bitcoin futures ETF, Twitter CEO Jack Dorsey said Square is possibly jumping into the bitcoin mining industry. Dorsey has been a bitcoin proponent for years and he recently explained that Square is in the midst of building a bitcoin hardware wallet in order to “make bitcoin custody more mainstream.” In recent times Dorsey has also said that bitcoin will be a big part of Twitter’s future. He shared a URL link to a book called “Anatomy of the State” by the economist Murray Rothbard, and Twitter just recently launched a bitcoin tipping feature. Now Dorsey and Square are considering joining the bitcoin mining industry and aim to approach the ecosystem in a different fashion. “Square is considering building a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide,” Dorsey said on Friday. “If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community.” Dorsey believes mining needs to be “more distributed” and the “more decentralized this is, the more resilient the Bitcoin network becomes.” At the same time, the Square founder said the mining industry needs to progress toward “clean and efficient energy use” and to Dorsey, this requires “innovation in silicon, software, and integration.” Dorsey Discusses Silicon Design and Says Jesse Dorogusker Plans to Research What’s ‘Required to Take on This Project’ “Silicon design is too concentrated into a few companies,” Dorsey further remarked. “This means supply is likely overly constrained. Silicon development is very expensive, requires long-term investment, and is best coupled tightly with software and system design,” he added. Dorsey also said: There isn’t enough focus on vertical integration. Considering hardware, software, productization, and distribution requires accountability for delivering to an end customer vs improving a single technology in the chain. He added that he believes mining is not accessible to everyone, and everyone should be able to plug in a rig and mine. But there’s a lot of complexity and barriers to entry, Dorsey highlighted, and he asked his Twitter followers: “What are the biggest barriers for people running miners?” Toward the end of his thread, he said that Jesse Dorogusker “will start the deep technical investigation required to take on this project.” What do you think about Twitter CEO Jack Dorsey saying Square is considering joining the bitcoin mining industry? Let us know what you think about this subject in the comments section below. View the full article

As the end of 2021 nears, Ross Ulbricht remains in prison as he continues to serve his draconian double-life prison sentence for creating a website called the Silk Road. Ever since he was arrested, there’s been an ongoing effort to free Ulbricht, as a great majority of individuals and a large swathe of eminent organizations believe his sentence was unjust and the Silk Road court case was a complete miscarriage of justice. Ross Ulbricht’s Change.org Clemency Petition Nears 500K Signatures, Georgetown Law Professor: ‘Sentence Was Grossly Excessive’ Over the last 12 months Ulbricht has been updating the public regularly about his well-being, and this past summer he spoke publicly for the first time since 2013. Today, Ulbricht’s clemency petition is closing in on half of a million signatures and the effort is only 51,014 signatures away from reaching the 500K signature goal. Ross Ulbricht is still serving his double-life prison sentence for creating the Silk Road website and his family and close friends are still doubling down on getting him free. The 37-year-old Ulbricht was arrested in 2013 and in February 2015 he was convicted of a number of non-violent criminal charges. In May 2015, Ulbricht was sentenced to a double-life sentence plus forty years without the possibility of parole. Following his sentence, a great number of individuals and organizations criticized the U.S. government and Ulbricht’s judge for handing down such a harsh punishment. In a statement featured on the web portal freeross.org, Shon Hopwood, a law professor at Georgetown University explains: Such a sentence should, at the very least, be reserved for the worst crimes committed by repeat offenders…Ross’s crime is nowhere near that category and his sentence was grossly excessive. In 2017 and 2018, the Ulbricht family and Ross attempted to appeal to the U.S. Court of Appeals for the Second Circuit and the Supreme Court. However, the attempts were unsuccessful and currently, Ulbricht remains locked up at the United States Penitentiary in Tucson. This past summer, Ulbricht spoke publicly for the first time since 2013 at the Bitcoin 2021 conference in Miami. On Twitter, Ulbricht also keeps the public updated regularly in regards to his overall well-being. This past week, Ulbricht explained he finished teaching an eight-week meditation course. “It’s very satisfying to teach my fellow prisoners how to meditate. Finding tranquility and equanimity is so valuable for us,” Ulbricht’s Twitter account said on October 8. “We recently finished an 8-week meditation course, and I am happy to say that my 4 students did well. They established a daily practice and learned to sit still without forgetting their breath or nodding off,” he added. Ulbricht’s Clemency Petition Only 51K Signatures Away From Meeting the 500K Goal Ulbricht also has the clemency petition addressed to the United States president which declares that his double-life sentence “shocks the conscience.” In the clemency petition’s opening statements, Ross’s mother, Lyn Ulbricht, stresses that “Ross was not treated fairly and his sentence is draconian. Justice was not served,” she adds. Ulbricht’s clemency petition is nearing a milestone as the petition’s aggregate count of signatures nears 500K. At the time of writing, change.org’s data shows Ulbricht’s clemency petition is 51,014 signatures away from meeting that goal. The petition sheds light on Ulbricht’s situation and it clearly shows that hundreds of thousands of individuals agree that his sentence was far too harsh. Ulbricht has already served nine years in prison. “My future died that day in court when I was sentenced to life without parole,” Ulbricht explains in a recent blog post. The change.org clemency petition is filled with people adding commentary to their signatures as well, and signers agree Ulbricht’s current sentence is unjust and needs to be reversed. “Ross’s sentence is a gross miscarriage of justice. Robbing a man of his life for a nonviolent offence is egregious,” Angela Bertalot writes on the change.org clemency petition. Another individual, Ethan Erkiletian, writes: Justice should be just and this was anything but. It destroys the credibility of a just judiciary that this man is/was imprisoned the way he was. Fact is, the more signatures Ulbricht’s petition gets the more it shows a great majority of people are fed up with draconian prison sentences such as Ulbricht’s. Many individuals are spending years behind bars for possession of a plant and society is increasingly realizing that the war on drugs was and still is a complete waste of time. Ulbricht’s case also shows that the antiquated punishment of simply throwing every criminal in a cage, no matter what the crime, is simply not working and society needs to change this trend. What do you think about Ross Ulbricht’s clemency petition nearing half of a million signatures? Let us know what you think about this subject in the comments section below. View the full article

Zimbabwe’s increasingly pro-crypto finance minister, Mthuli Ncube, recently told his colleagues in government that it is now impossible to run away from cryptocurrencies. Ncube said this after revealing that some 30% of the country’s youth are now invested in cryptocurrencies. Zimbabwe Ready to Make Concessions on Cryptos According to a report by the Herald, Ncube also hinted that his ministry is now willing to make certain concessions on cryptocurrencies. However, unlike his recent comments in which he simply extolled cryptocurrencies, Ncube insists that these must not be treated as currencies. He explained: But our view is that we do not want it to be a currency. Want this to be an investment class. So through the Victoria Falls Stock Exchange platform, we will try to create crypto-based products there, which are ring-fenced within the offshore zone. By referencing the Victoria Falls Stock Exchange (VFSE) as the ideal platform for cryptocurrency transactions, Ncube is echoing sentiments that were previously expressed by Zimbabwe Stock Exchange (ZSE) boss Justin Bgoni. As reported by Bitcoin.com News, Bgoni suggested at the time that the VFSE was open to listing cryptocurrencies. However, such listings would be subject to regulatory approval, Bgoni said. Ministry Working on Crypto ETF Indeed, in his remarks, while speaking at a business seminar in Dubai, Ncube appeared to suggest that this process of approving cryptocurrencies is already in the works. “We have taken the first step already and created a sandbox, at the Reserve Bank of Zimbabwe (RBZ), where the idea and everything is being tested in a safe regulated environment where it will then migrate to this safe Victoria Falls environment,” Ncube said. Meanwhile, the same report quotes Ncube revealing that the Ministry of Finance is working with an unidentified investor based in Dubai to create or develop a crypto index. According to the minister, such an index would eventually lead to the creation of a crypto exchange-traded fund (ETF). Ncube added that Zimbabwe has engaged investors that are working with his ministry to create crypto ETFs. Do you agree with Ncube’s remarks about cryptocurrencies being unstoppable? Tell us what you think in the comments section below. View the full article

During the last few years, prepaid cards that offer cryptocurrency rewards have grown popular and a number of digital asset payment cards offer these types of rewards. This means instead of accruing frequent flyer miles or points, consumers get rewarded in crypto assets every time they make a purchase with the card. A recent study with 1,011 Americans shows that 14% of U.S.-based credit card users want cryptocurrency rewards from their credit cards. Percentage of U.S. Residents Prefer Crypto Asset Card Rewards It’s been a number of years since the introduction of the first prepaid digital currency payment cards that can be loaded with crypto assets in order to make purchases. There’s now a slew of different crypto-infused cards, as some of them leverage the Mastercard payment network and others utilize Visa’s payment infrastructure. After the intro of a few different kinds of crypto cards, companies started to add cryptocurrency rewards to card users for every purchase. For instance, Blockfi credit card users can get up to 3.5% bitcoin (BTC) back on purchases. The credit card issued by the firm Crypto.com pays card users rewards in CRO every time they make a purchase. A recent study from couponfollow.com and the report’s author Marc Mezzacca indicate that a significant percentage of Americans want crypto rewards from their cards. Couponfollow’s findings show that on average, the generation called “Baby Boomers” (generally defined as people born from 1946 to 1964) have three credit cards. Gen Xers (born between 1965 and 1979/80) and Millennials (born between 1981 and 1994/6) have four cards. Gen Zers (born between 1997 and 2012) that participated in the survey have two cards. Out of the 1,011 Americans using the Amazon Mechanical Turk system, “14% of credit card users want cryptocurrency rewards from their credit card.” The study further states: Millennials and Gen Zers (15%) were more than twice as likely as Baby Boomers (7%) to want cryptocurrency rewards. Paying With Cash Is a ‘Rare Occurrence’ — Younger Generation and Low Household Income Respondents Used Credit Cards More During Covid-19 Pandemic Mezzacca says that credit cards are the most popular choice when it comes to paying for goods and services and credit cards are followed by debit cards. Using cash to pay for things these days was a “rare occurrence.” The reason why respondents leveraged card payment services more often these days is due to rewards and cards with no annual fees. The coronavirus pandemic was also mentioned in the study and it said for half the survey participants, card usage stayed roughly the same. Around a third of respondents said usage was higher because of Covid-19 and “the younger the generation/the lower the household income, the higher it was,” Couponfollow’s researcher said. What do you think about the card study that shows 14% of Americans want crypto-asset rewards from their payment cards? Let us know what you think about this subject in the comments section below. View the full article

A bitcoin mining operation in Tennessee is being sued by neighbors due to the high level of noise the facility produces. The lawsuit, which was filed in August, asks mining operator Red Dog to shut down operations and pay personal damages fees, as well as compensate owners for decreased property values. The lawsuit could set a precedent for other cases now that Bitcoin mining companies are seeking to migrate to new zones previously ignored. Bitcoin Mining Operation Faces Noise Complaint Red Dog Technologies, the owner of a Bitcoin mining operation located in the U.S. state of Tennessee, is being sued by a member of a neighboring community due to the amount of noise the operation produces. According to reports from local media, the complaint states that the noise coming from the mine creates a situation that “unreasonably interferes” with the “use and enjoyment” of the plaintiff’s property. Worries about the mine disturbing citizens and the legality of the operation have already been raised to Washington County Mayor Joe Grandy, who was informed about the issue in June. Apparently, the mine didn’t comply with the zoning requirements to perform cryptocurrency mining operations in the area. Red Dog reportedly tried to dampen the noise last summer, but commissioners weren’t satisfied. An Important Lawsuit While some might see this lawsuit as just another common complaint, it has special importance that could set a precedent for similar cases now that mining companies are setting up in regions that were ignored previously. At the core of the complaint is a rezoning proposal that Brightridge, the power company that leases the property to Red Dog, the mine operator, requested from the county to be able to operate the facility (that is described as a blockchain data center) in the zone. The complaint states that the rezoning request, proposing to change the zone type from General Agriculture to Agriculture Business, is not accurate enough to be considered valid. The request states that “while there are small fans on the data centers that generate noise, the petitioner has advised that the noise is considered small and will not impact or be heard from adjoining properties.” The current case could result in the closure of the bitcoin mining facility, now that the planning commission of the county has voted unanimously to shut down the mine and pursue legal action against the operator if the company fails to comply. What do you think about this lawsuit? Let us know in the comments section below. View the full article

The price of bitcoin jumped over 8% during the last 24 hours after a number of documents stemming from the U.S. Securities and Exchange Commission’s (SEC) web portal indicated that the Proshares Trust exchange-traded fund (ETF) could be listed as soon as next week. Proshares filed a post-effective amended prospectus on Friday that shows the firm’s intention to launch on Monday, October 18 on NYSE Arca. Bitcoin’s Price Spikes as Strong Signals Suggest Bitcoin Futures ETF Could Launch Next Week The crypto community watched the price of bitcoin (BTC) jump awfully close to the crypto asset’s all-time high on Friday afternoon. During the late afternoon trading sessions, BTC tapped a daily high of $62,945 per unit at around 5:30 p.m. (EST). The reason for this increase is likely due to a number of documents filed with the Securities and Exchange Commission (SEC) seeming to strongly indicate a bitcoin ETF is launching soon. The first signal was from James Seyffart, an analyst at Bloomberg Intelligence who tweeted about Bloomberg’s data team “adding the Proshares Bitcoin Strategy ETF to the terminal.” Seyffart further added: “[The] ticker will be $BITO. 95 bps — less than half $GBTC’s 2% fee. This thing is going live next week. Either Monday or Tuesday.” Sharing this Form 8A document, the Bloomberg Intelligence analyst continued: Also should add that [Valkyrie Funds] has filed their 8A which essentially registers a security for trading on [an] exchange. Nothing from Proshares on that front yet. So Valkyrie [is almost] certainly going to begin trading next week as well if I had to guess. Proshares Trust Post-Effective Amended Prospectus In addition to Seyffart’s commentary on Twitter, Proshares filed a post-effective amended prospectus for its ETF on Friday. The amended documents note that the Proshares bitcoin ETF intends to launch on October 18, 2021, and the filing also notes the ticker will be called “$BITO.” While the Proshares ETF could be the first to be listed as an approved bitcoin ETF by U.S. regulators, it will deal with bitcoin derivatives. The Proshares ETF will be a bitcoin futures-based product and analysts are doubtful a BTC spot market ETF will get the green light by the SEC this year. There’s been a lot of confusion about whether the SEC actually approved a bitcoin ETF on October 15 and there’s speculation signals could change. Seyffart’s Friday afternoon commentary on Twitter also shares a tweet he wrote on October 8 when he stated: The SEC has pulled the rug on approval so many times before, I can’t help but wonder what’s around the corner. We (and all the potential issuers) are basically Charlie Brown trying to kick a football. Speculation Concerning Valkyrie ETF People are still skeptical because the U.S. regulator has rejected bitcoin ETFs in a vocal manner, but hasn’t said anything officially about approving a crypto exchange-traded fund. Others have also shared documents concerning Valkyrie’s bitcoin exchange-traded fund, as many have been speculating about its approval. Still, a few individuals have said the 8A document concerning Valkyrie’s Bitcoin Strategy ETF does not necessarily mean guaranteed approval. “The SEC has not approved Valkyrie’s Bitcoin Strategy ETF…yet,” the Twitter account Bitcoin Archive told its 539,600 followers. “This is a notice from Nasdaq to the SEC saying they have approved the securities and awaiting a decision from the SEC. That is all.” Vaneck’s Gabor Gurbacs responded to Bitcoin Archive’s tweet and said: “Good catch. There are so many approvals so people no longer [know] when an actual approval is. LOL.” Bitcoin Archive replied to the Vaneck executive and said: “Bloomberg guys think it’s 99% certain Mon/Tue, but we don’t have confirmation until [the] SEC says so.” What do you think about the new SEC filings that give the impression the U.S. regulator approved a bitcoin futures-based ETF? Let us know what you think about this subject in the comments section below. View the full article

A South African regulator, the Financial Sector Conduct Authority (FSCA), says it welcomes Binance’s decision to stop offering some of its services to South Africans. Productive Consultations In a statement, the FSCA suggested that the move by the cryptocurrency exchange came after it held “productive consultations” with the regulator. As previously reported by Bitcoin.com News, Binance announced it was terminating some of its services in South Africa in order to comply with regulations. In its initial warning that prompted Binance to act, the FSCA alleged that the crypto exchange had contravened certain financial sector laws including the Financial Markets Act (FMA) as well as the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act). Therefore, as part of the corrective actions that were demanded by the FSCA, Binance informed South African residents on October 8 that they will not be able to open new accounts for trading derivatives. At the same time, the exchange also informed all holders of existing accounts that currently trade derivatives that these need to be closed within 90 days of the notice. South Africans Warned Against Investing With Unregulated Platforms Meanwhile, in the same press statement, the FSCA again warns South Africans of the dangers of investing by way of unregulated entities. The statement explains: Once again, the FSCA cautions the public that should they consider derivative market transactions, then only do so with a properly registered Financial Services Provider. The regulator also advised prospective investors to verify the status of any service provider by calling its toll-free number or by visiting a website. What are your thoughts about this story? Tell us what you think in the comments section below. View the full article

Authorities in Estonia are working on new legislation expected to stiffen the rules for the country’s cryptocurrency sector. The Baltic nation’s regulator for the industry is considering whether to revoke previously issued crypto licenses and restart authorization from scratch. Licensed Crypto Companies Register Millions in Turnover, Estonia Gets Little With only around 1.3 million people, Estonia is one of the least populated member states of the European Union and the Eurozone. However, the small nation has become a magnet for a large number of crypto companies attracted by the friendly regulatory regime it established a few years ago. These firms process transactions for more than 20 billion euros, equal to over 40% of the cross-border transfers in the local banking sector, according to an interview with Matis Mäeker who heads the Estonian Financial Intelligence Unit (FIU). Only one in 10 companies has a bank account in the country. The Estonia-licensed crypto businesses have at least 5 million customers around the world, Mäeker revealed speaking to the Eesti Ekspress newspaper. He added that more and more often the anti-money laundering agency identifies entities that have almost nothing to do with Estonia and its market. Many of them neither invest nor create jobs in the country, the official remarked. Their only aim is to acquire an Estonian license allowing them to process serious amounts of money, from which Estonia does not receive anything. The FIU executive said that if officials in Tallinn had been able to predict the risks associated with crypto companies back in 2017, they would not have allowed the ensuing explosive growth. “Definitely the decision would have been different. We are learning… the entire world is learning,” he commented for Bloomberg. Head of FIU Supports Rescinding All Crypto Licenses Since late 2018, the government in Tallinn has been tightening its regulations for the crypto industry. Authorities have so far revoked around 2,000 licenses issued to crypto service providers such as exchanges and wallet operators. Earlier this year, officials indicated they were planning to introduce even stricter regulations. A new bill has been drafted by the Finance Ministry and is currently being discussed with other institutions. The legislation is likely to introduce higher capital requirements and annual audits for crypto companies along with due diligence thresholds on transaction volumes. Matis Mäeker wants to go even further. Asked what the government should do, he told Eesti Ekspress that Tallinn has to “turn the regulation to zero and start licensing all over again,” agreeing with the publication that authorities should revoke all permits and issue new ones. The FIU chief said: We will toughen our supervision, we will toughen our approach which concerns the market entry. Later, the Financial Intelligence Unit told the crypto news outlet Forklog that it is not considering an automatic cancelation of all previously issued licenses for crypto-related activities. The agency added that it supports the upcoming regulations which will also increase its own powers in the authorization process. Do you expect Estonia to adopt new tougher licensing rules for crypto companies? Tell us in the comments section below. View the full article

Accusing the U.S. of undermining the dollar through money printing and sanctions policy, President Vladimir Putin has admitted that cryptocurrency can be utilized for settlements in the future, although it’s too early to do that in oil trade. While noting that it lacks backing, the Russian leader assumed crypto could be used to store value one day, too. U.S. Cutting the Branch It’s Sitting on, Putin Says U.S. dollar-denominated settlements are declining and countries are scaling down their dollar reserves, Russian President Vladimir Putin said in an interview with CNBC this week. Speaking after his participation in the 20th annual Russian Energy Forum in Moscow on Wednesday, Putin criticized Washington’s monetary and international policies stating that “the United States is cutting the branch it is sitting on.” The dollar’s status as an international reserve currency is a major competitive advantage, the Russian head of state noted but warned that U.S. authorities are undermining it through increasing sovereign debt and boosting inflation at home, while “making a big mistake” by using the dollar as a sanctions tool abroad. All this is leading to Russia and other countries moving away from the U.S. currency. Putin explained: Our clients simply cannot pay us in dollars for the products we deliver to them. What happens next? We have no choice other than to switch to other currencies in our settlements. Cryptocurrency Is Legitimate, Has Right to Exist Asked by CNBC’s Hadley Gamble whether oil contracts can be denominated in a currency other than the U.S. dollar, including crypto, Vladimir Putin commented that “this seems premature.” At the same time, the president of the Russian Federation acknowledged that despite currently being unstable, cryptocurrency can be used in oil trade settlements at some point in the future. “It is fine for transferring funds from one place to another, but I think it would be premature to use it in trading, especially when dealing with energy resources,” the Russian strongman said, remarking that cryptocurrency has lacked any backing. Nevertheless, he also stressed: It is legitimate and can be used in settlements, no doubt about that, but it is too early to use it for trading in oil or other raw materials and energy sources. Things can change, however, and Putin is convinced that “everything has the right to exist. We will see how this will go from here. Maybe crypto will one day be used to store value. But we see how the market fluctuates, so it seems too early for that now… Of course, there is value there,” the president pondered. Vladimir Putin also mentioned the energy-intensive process of cryptocurrency extraction. “In order to mine crypto, you need a lot of energy, and for that people have to use traditional sources of energy, primarily hydrocarbons,” the Russian president pointed out in the interview, which was published by the Kremlin. Putin’s latest comments come after a statement by his press secretary Dmitry Peskov in early September that Russia is still not ready to recognize bitcoin. He expressed the current position of the executive power in Moscow following El Salvador’s move to adopt the leading coin by market cap, BTC, as legal tender alongside the U.S. dollar. Although Russian officials have stated on many occasions that cryptocurrency will not be accepted as a means of payment — as it is viewed as a prohibited money surrogate — the country has been advancing towards regulating its crypto space. This includes the adoption of relevant legislation such as the law “On Digital Financial Assets.” Deputy Minister of Finance Alexey Moiseev recently said that Russia is not planning to follow in the footsteps of China and ban its citizens from buying cryptocurrency. Do you think Russia will start using cryptocurrency in the future to settle payments in oil trade? Let us know in the comments section below. View the full article

Ertha’s metaverse, built on Binance smart chain, has just concluded a seed funding round. The project has garnered interest from the venture capitals and ended with an oversubscribed seed round which was considered an excellent achievement for the projects’ fundamentals. Ertha has collected funding from 4 venture capitalists. Investors who backed the project seed funding round: Mars4 Terranova X21 Momentum 6 NFTs have been gaining a lot of attention over the current year and have attracted investments from both individuals and institutions. A Little About Ertha Ertha is a game that will encompass a real-world simulation where people will be getting jobs, creating states, building industries, waging wars, and much more. Check Erthas’ whitepaper to learn more about the concept and core mechanics of the game. ERTHA is an economical, social MMO with a world consisting of 350,000 HEX land plots, which are for sale as an NFT. Owning a HEX plot means you will earn fees for every transaction in that plot as a landowner. Ertha promises to become a lucrative world for players interested in P2E games with interesting deep mechanics that would throw players in a metaverse that offers the same sophistication and complexity as the real world. The game plans to offer players who invest their time into it, a method of generating constant revenue that will keep growing as they gain more experience and own more properties. Ertha foundation invested 2 million USD into the game development so far. Erthas’ Plans & The Upcoming Schedule The seed round, which consists of 5% of the token supply ( 1 million tokens), will be followed by a private round of 20% of the total token supply. A public round will be issued later on, allowing everyone to participate. Please check the token sale schedule to learn more about the token sale, release schedule, and fund allocation. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. Listen to the latest Bitcoin.com Podcast: View the full article

On Friday, October 15, 2021, the U.S. Commodity Futures Trading Commission (CFTC) announced that it had ordered the company Tether Holdings Limited and Ifinex Inc., the parent company of Bitfinex, to pay fines totaling $42.5 million. The CFTC accuses Tether of “making untrue or misleading statements and omissions of material fact in connection with the U.S. dollar tether token (USDT) stablecoin.” CFTC Issues Two Fines to Tether and Bitfinex, CFTC Expects ‘Honesty and Transparency in the Developing Digital Assets Marketplace’ The stablecoin issuer Tether and Ifinex have been charged by the U.S. Commodity Futures Trading Commission (CFTC) and the two firms have been ordered to pay $42.5 million. Tether is accused of “making untrue or misleading statements and omissions” in regards to the stablecoin the firm issues. The U.S. regulator also claims that the crypto exchange Bitfinex “engaged in illegal, off-exchange retail commodity transactions in digital assets with U.S persons on the Bitfinex trading platform and operated as a futures commission merchant (FCM) without registering as required.” “This case highlights the expectation of honesty and transparency in the rapidly growing and developing digital assets marketplace,” the acting CFTC chairman Rostin Behnam explained on Friday. “The CFTC will continue to take decisive action to bring to light untrue or misleading statements that impact CFTC jurisdictional markets.” In the past, Tether and Bitfinex had issues with the New York Attorney General’s Office (NYAG), but reached a settlement this year. At the time, New York Attorney General Letitia James declared in a statement: Bitfinex and Tether recklessly and unlawfully covered-up massive financial losses to keep their scheme going and protect their bottom lines. Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie. These companies obscured the true risk investors faced and were operated by unlicensed and unregulated individuals and entities dealing in the darkest corners of the financial system. CFTC’s Acting Director of Enforcement Says Regulation Is Meant to ‘Promote Market Integrity and Protect US Customers’ Bitfinex and Tether eventually settled with the NYAG in late February 2021, and the firms had to pay an $18.5 million fine. The acting director of CFTC enforcement, Vincent McGonagle, says the latest news concerning the CFTC’s fines against the two crypto companies shows the regulator is committed to promoting integrity. “As demonstrated by today’s actions against Tether and Bitfinex, the CFTC is committed to carrying out its statutory charge to promote market integrity and protect U.S. customers,” McGonagle said in a press statement. The CFTC’s acting director of enforcement further added: The CFTC will use its strong anti-fraud enforcement authority over commodities, including digital assets, when necessary. The CFTC will also act to ensure that certain margined, leveraged or financed digital asset trading offered to retail U.S. customers must occur on properly registered and regulated exchanges. Moreover, as the Bitfinex order reflects, the CFTC will take decisive action against those who choose to violate CFTC orders. Meanwhile, crypto markets have been enthralled by the rumors of a bitcoin exchange-traded fund (ETF) getting the green light from regulators. So much so that crypto markets did not even flinch when the CFTC’s news about Tether and Bitfinex dropped on Friday afternoon. In a concurring statement, CFTC commissioner Dawn D. Stump said: “I agree with the Commission’s findings” concerning the fines against Tether and Bitfinex. “The settlement with the Tether respondents finds that there were misrepresentations regarding the assets backing tether, specifically that the USDT tokens were backed 1-to-1 by US dollars. The evidence establishes that this assurance provided to tether customers was not 100% true, 100% of the time. When reviewing this record, it is clear to me that wrongdoing occurred, and that someone should be held accountable,” Stump added. What do you think about the CFTC fining Tether and Bitfinex $42.5 million? Let us know what you think about this subject in the comments section below. View the full article

The price of bitcoin has continued to push toward higher prices as the leading crypto asset has tapped a high of $61,749 per unit on Friday. The crypto asset came awfully close (around 5.3% away) from tapping the all-time price high reached six months ago on April 14. Bitcoin’s Bull Market Rampage Continues Bitcoin (BTC) has done phenomenally well during the last two weeks as October has been a good month for the leading crypto asset. On October 15, 2021, BTC tapped a high of $61,430 per unit. The crypto asset is very close to reaching its all-time high of $64,804 per unit captured six months ago. BTC’s market valuation this Friday is coasting along at $1.15 trillion and bitcoin is currently the eighth-most valuable asset worldwide. BTC market dominance has increased to 44.57% while ethereum (ETH) dominance stands at 17.6%. Forget USD, #Bitcoin = 31 ounces of Gold .. and rising🚀 pic.twitter.com/wTs9IcpvLb — PlanB (@100trillionUSD) October 15, 2021 Metrics show out of the $156 billion in global trading volume between all the coins in existence, BTC commands $46.5 billion of those trades. Tether (USDT) captures 55.9% of today’s BTC trades, followed by USD (16.28%), BUSD (5.44%), JPY (4.12%), EUR (3.77%), and KRW (2.72%). Analysts Assume Spike Is Due to Rumors That a US Bitcoin ETF Will Be Approved In a note sent to Bitcoin.com News, Etoro’s crypto asset analyst Simon Peters says that the spike is likely due to expectations of a bitcoin exchange-traded fund (ETF) approval. “After a week of building expectations and momentum, bitcoin has hit $60k again for the first time in almost six months,” Peters said. “Today’s spike appears to have been triggered by investors’ growing confidence that US regulators will approve the launch of an ETF based on bitcoin futures contracts – but a rise past $60,000 has been looking likely for a while now after weeks of positive net inflows into bitcoin from institutional investors, a growing migration of bitcoin from short-term holders to long-term holders, and the attendant squeeze on bitcoin supply,” the Etoro crypto asset analyst added. There it is! Bloomberg's data team in the process of adding the ProShares Bitcoin Strategy ETF to the terminal. Ticker will be $BITO. 95 bps — less than half $GBTC's 2% fee. This thing is going live next week. Either Monday or Tuesday. pic.twitter.com/Lil4eHVdmr — James Seyffart (@JSeyff) October 15, 2021 Mikkel Morch, the executive director and risk management at crypto/digital assets hedge fund ARK36, says the price increase is clearly due to the rumors that the U.S. Securities and Exchange Commission (SEC) is planning to approve a bitcoin ETF. “It is clear that the recent spike in BTC’s price is directly related to the rumour that the SEC will move ahead with the US first Bitcoin ETF approval,” Morch said on Friday. “It is becoming increasingly likely that at least one of the major contenders for a BTC futures ETF, such as Valkyrie or Vaneck, could be approved in the coming days and ahead of SEC’s hard November deadlines,” Morch continued. “As Valkyrie Investments updated its futures-backed ETF prospectus with the ticker BTF on Wednesday, the company is thought to have the biggest chances of winning this race,” the ARK36 executive added. What do you think about bitcoin skyrocketing to new heights on Friday? Let us know what you think about this subject in the comments section below. View the full article

On Thursday, the crypto asset aggregation portal Coingecko published the firm’s 2021 third-quarter report which shows a number of different findings. According to the study, for the most part, the crypto economy recovered from the market downturn in May as the top 30 market caps grew by 31% in Q3. The report shows that altcoins continue to decouple (specifically those from alternative chains) and the leading stablecoin tether has been losing its share “as the preferred stablecoin.” 2021 Q3 Cryptocurrency Report Observes the Crypto Landscape and Bitcoin’s Third-Quarter Market Performance This week Coingecko’s analysts and founders’ Bobby Ong and TM Lee published the firm’s 2021 Q3 Cryptocurrency Report which observes the crypto economy’s third quarter. The study delves into a myriad of subjects including decentralized finance (defi), non-fungible token (NFT) assets, and Q3 crypto market performances. In the founder’s note section of the report, Ong and Lee explain that “NFTs are redefining value and culture.” “​​NFTs are here to stay and have proven themselves to be the gateway drug for mainstream adoption. We have been big fans of NFTs since learning about them in 2016,” the Coingecko founders detail. Furthermore, the report discusses bitcoin (BTC) at great length and notes that the leading crypto asset saw an increased Q3 price return of around 25%. “Bitcoin ended Q3 2021 at $43,859, a 25% increase quarter-on-quarter and had consolidated since its retracement from Q3’s peak,” the report details. However, at the same time, the Coingecko research finds there was an increase in altcoin dominance. “Altcoins’ dominance [continued] to outperform Bitcoin’s which declined by as much as 4.5%, signifying the growing sentiment that altcoins are decoupling from Bitcoin. The exceptions, however, are Cardano and Tether. Tether marked the biggest decline with a 15.7% drop,” the researchers add. Stablecoins that increased in dominance include USDC, BUSD, DAI, and UST. Strong Hashrate Recovery, Bitcoin Outperforms Traditional Assets and Indices The 40-page report explains that the BTC hashrate increased 54% in the third quarter and the research emphasizes the bitcoin mining crackdown that took place in China. “The strong hashrate recovery may be linked to the great miner migration from China to the rest of the world,” Coingecko’s report details. The report coincides with new data from Cambridge University’s Bitcoin Electricity Consumption Index (CBECI) project, which shows that a great number of mining operations now reside in the U.S. During the third quarter, Coingecko researchers note that bitcoin (BTC) has “climbed 25% and outperformed all other major asset classes.” “All major asset classes and indices performed worse in Q3 2021 relative to Q3 2020 except for DXY and the Nasdaq index,” the study’s researchers noted. The research dives into other metrics as well, and in Q3 2021, public companies controlled around 1.11% of the entire BTC supply. Additionally, the report notes that BTC’s market valuation is 13.5X away from surpassing gold’s overall market capitalization. Since Coingecko’s Q3 2021 report was published, bitcoin (BTC) has increased a great deal in value. For instance, the day before the report was published BTC was swapping for $54,887 per unit and today the crypto asset is exchanging hands for above $61.2K per BTC. That’s an increase of 11.59% during the last two days. What do you think about Coingecko’s 2021 third quarter crypto-asset report? Let us know what you think about this subject in the comments section below. View the full article

The price of bitcoin had crossed the $60K zone at 1:30 a.m. (EST) early Friday morning. The leading crypto asset’s latest price jump has made it so bitcoin’s overall market valuation of $1.119 trillion has surpassed Facebook’s market capitalization. The digital asset is also nearing the entire net worth of all the silver in the world as bitcoin is 17.3% away from surpassing the precious metal’s overall capitalization. Bitcoin Surpasses Facebook’s Overall Worth, Needs to Gain More Than 17.33% to Exceed Silver Bitcoin is currently the eighth-most valuable asset in the world just above the market valuation of the corporate entity Facebook’s market cap. Today, statistics from the website companiesmarketcap.com indicate that BTC’s market cap is $1.119 trillion and Facebook’s market valuation is $926.27 billion. It’s not the first time bitcoin (BTC) surpassed the social media company’s entire value, as Bitcoin.com News reported that BTC grew larger than Facebook during the first week of January this year. Interestingly, at that time, BTC was only changing hands for $41,462 per unit while Facebook’s market cap was $758 billion. Today, both BTC’s and Facebook’s market caps are higher and Facebook is valued at $926.27 billion. Alongside this, in January 2021, BTC still had yet to surpass Tesla, but today’s market valuations show BTC is two spots ahead of the electric car manufacturer. BTC is also ahead of Berkshire Hathaway (BRK-A) as the overall worth of BRK-A shares is $636.97 billion on Friday. The next asset BTC needs to surpass is silver (Ag) as all the silver in the world today is estimated to be worth $1.313 trillion. BTC’s $1.119 trillion valuation needs to exceed 17.33% in order to get past the overall net worth of the global silver supply. In addition to silver, gold (Au), Apple, Microsoft, Saudi Aramco, Alphabet (Google), and Amazon are ahead of BTC as well. BTC has a long way to go to outpace the top precious metal, Au, as it must gain more than 905% just to outperform gold’s global worth. Bitcoin Needs 112% Gains to Beat Apple — If Bitcoin Surpasses Apple Satoshi Will Be the World’s Wealthiest Individual In order to beat the second most valuable global asset, Apple (AAPL), the leading crypto-asset must exceed gains of more than 112.3%. At that point, BTC would be the second-most valuable asset worldwide. In order for BTC to overtake AAPL’s overall market valuation, the crypto would need to be valued at $125,257 per unit. Of course, that $125K estimate is based on the number of BTC in circulation today and by then more bitcoins will be issued which means the $125K estimate would likely be lower. With Friday’s current 18,844,512 circulating supply of BTC in existence, in order to beat gold, each bitcoin would have to be worth $619,500. Another interesting fact is that if BTC ever surpasses Apple and comes close to the overall market valuation of gold, Bitcoin’s unknown inventor will be the world’s richest person (or group). What do you think about bitcoin as the world’s eighth most valuable asset and how the crypto recently surpassed social media giant, Facebook? Let us know what you think about this subject in the comments section below. View the full article

The Nigerian presidency has denied reports that the country’s Vice President (VP), Yemi Osinbajo, was calling for the devaluation of the local currency when he recently questioned the naira’s official exchange rate. The Huge Arbitrage In fact, according to a report that quotes Laolu Akande, the VP’s assistant, Osinbajo is against “a willy-nilly devaluation of the naira.” Akande suggests that the media may have taken Osinbajo’s comments out of context. He explained: For context, the Vice President’s point was that currently, the Naira exchange rate benefits only those who can obtain the dollar at N410, some of whom simply turn round and sell to the parallel market at N570. As regularly reported by Bitcoin.com News, Nigeria’s official exchange rate has remained unchanged since the Central Bank of Nigeria (CBN) last devalued the naira in May 2021. On the other hand, the exchange rate on the black market has grown steadily, hence the existing arbitrage. Market-Reflective Exchange Rate Needed According to Akande, it is this growing gap between the two rates that prompted VP Osinbajo to call for an adjustment. “It is stopping this huge arbitrage of over N160 per dollar that the Vice President was talking about. Such a massive difference discourages doing proper business, when selling the dollar can bring in 40 per cent profit,” he said. According to the report, Akande thinks “only a more market reflective exchange rate would ameliorate this.” He suggests that when such a rate is finally adopted, an increase in the supply of dollars is expected to follow, and “the rates will drop and the value of the naira will improve.” What are your thoughts about this story? Tell us what you think in the comments section below. View the full article