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During an interview this week, Metalla Royalty & Streaming CEO, Brett Heath, explained that he believes cryptocurrencies will lead to the next financial crisis. The precious metals boss said history shows that “mass adoption of a new financial product” typically leads to a financial crisis. Precious Metals Exec Says the Public Embracing Crypto May Lead to a Financial Disaster Brett Heath is the CEO of Metalla Royalty & Streaming (NYSE: MTA) (TSXV: MTA), a company designed to generate leveraged precious metal (PM) exposure via royalties and streams for shareholders. On May 27, Heath spoke with the precious metals news desk from kitco.com and explained that he believes the mass adoption of digital currencies like bitcoin will lead to catastrophe. Economic calamities begin when society adopts a new financial product Heath asserted. “When you look back to the last few decades and all of the financial crises that happened, they all have a couple of things in common. And one of them is the mass adoption of a new financial product or a new technology that is not very well understood,” Heath stressed during his interview with kitco.com’s David Lin. Heath further remarked that it reminds him of the subprime mortgage crisis that tossed the financial world upside down 12 years ago. Heath added: If we just rewind to the mortgage crisis of 2008— We had the mass adoption of mortgage-backed securities, collateralized debt obligations. And once the public had embraced this, this new financial product, then it crashed. It was a huge problem. Crypto Adoption Will Lead to ‘Significant Financial Repercussions’ Heath continued by adding that he was skeptical of the money that has entered into the crypto economy and said that the industry was a “license for the private sector to print money.” But he also called into question the Federal Reserve’s expansion of the American money system. The PMs proponent emphasized that the crypto economy has grown at an exponential rate as well. “If you look at cryptocurrency using the total market cap of cryptocurrency, it’s over tenfold,” Heath stressed. Business has been booming for PM companies like Metalla Royalty & Streaming as the price of gold is tapping new highs again. Gold is trading for $1,904 per ounce while silver is trading for $27.92 an ounce at the time of publication. This past March, Heath’s company acquired royalty on Eldorado Gold’s Tocantinzinho Project (NYSE: EGO) (TSX: ELD). Heath said he was thrilled to work on a project that will cover “over 2 million ounces of gold.” While speaking with kitco.com’s David Lin, Heath said that the crypto economy seems to be a recipe for disaster and he thinks it could very well lead to a possible financial crisis. “The crypto market could go upwards $3-$10 trillion. When you have that amount of capital wiped out of digital wallets across the globe, you better believe there is going to be some significant financial repercussions that are felt,” Heath concluded. What do you think about the Metalla Royalty & Streaming executive Brett Heath’s opinion about crypto creating a financial disaster? Let us know what you think about this subject in the comments section below. View the full article

Renowned investor Stanley Druckenmiller has shared his views on dogecoin and ethereum. He said he wouldn’t long or short dogecoin and laughs when the meme cryptocurrency rises in value. As for ether, he is skeptical whether it can hold its position. Stan Druckenmiller on Dogecoin and Ether In an interview with The Hustle last week, famed investor Stanley Druckenmiller shared his thoughts on bitcoin, ether, and dogecoin, the meme cryptocurrency that has recently taken the market by storm. Druckenmiller founded Duquesne Capital in 1981. He managed money for George Soros as the lead portfolio manager for the Quantum Fund until 2000. He and Soros made massive profits betting against the British pound in 1992. The billionaire investor said that dogecoin “is just like NFTs [non-fungible tokens]. It’s a manifestation of the craziest monetary policy in history.” He added: “I think since there’s no limit on supply, I don’t really see the utility of it right now. It’s just this wave of money in the Greater Fool Theory.” Druckenmiller opined: Now having said that, I wouldn’t short it because I don’t like putting campfires out with my face. So I just try and pretend DOGE doesn’t exist. I think so little of it, it doesn’t even bother me when it goes up. He continued: “When bitcoin used to go up, I’d go crazy because I didn’t own it. When dogecoin goes up, I just start laughing. Don’t go long and don’t go short. I mean, you know, unless you like going to Vegas, then I guess it’s okay.” On the subject of bitcoin vs. ethereum, Druckenmiller said, “I think bitcoin has won the store of value game” because it is “a brand, it’s been around for 13-14 years, [and] it has a finite supply.” On whether other cryptocurrencies will replace bitcoin, he reiterated that BTC is “going to be very, very tough to unseat.” While acknowledging that “the lead in smart contracts and that kind of stuff would be ethereum,” he noted: I’m a little more skeptical of whether it can hold its position. It reminds me a little of Myspace before Facebook. Or maybe a better analogy is Yahoo before Google came along. He described, “Google wasn’t that much faster than Yahoo, but it didn’t need to be. All it needed to be was a little bit faster and the rest is history.” What do you think about Stan Druckenmiller’s views on dogecoin and ether? Let us know in the comments section below. View the full article

JPMorgan Chase CEO Jamie Dimon has given personal advice to investors regarding investing in cryptocurrencies, like bitcoin. He said that his own personal advice to people is to “stay away” from cryptocurrencies. However, his bank, JPMorgan, will not stay away as clients want exposure to this asset class. Jamie Dimon’s Personal Advice to Investors About Bitcoin, Other Cryptocurrencies Jamie Dimon, the CEO of JPMorgan Chase, the largest bank in the U.S., gave his congressional testimony before the House of Financial Services Committee regarding cryptocurrency on Thursday. While admitting that JPMorgan’s clients are interested in investing in bitcoin, Dimon said: My own personal advice to people is stay away from it. That does not mean the clients don’t want it. This goes back to how you have to run a business. I don’t smoke marijuana but if you make it nationally legal, I’m not going to stop our people from banking it. “We are debating should we make it available in some way, in a safe way, that people can buy and sell it” and put it in their financial statements and balance sheets, the JPMorgan CEO continued. “But my own personal view, it’s nothing like a fiat currency. It’s nothing like gold. Buyer beware.” Dimon clarified that his statements only apply to cryptocurrencies, not blockchains or stablecoins, which are “supported by assets,” he said. The JPMorgan boss further emphasized that his personal views do not influence the financial services that JPMorgan Chase offers to its clients. “A lot of our clients are asking, ‘can we help them buy or sell cryptocurrency?” Dimon said at JPMorgan Chase’s annual shareholder meeting last week. “And we’re investing in that as we speak.” The JPMorgan executive further said during his congressional testimony Thursday: I don’t tell people how to spend their money, regardless of how I might personally feel about something. Reiterating his view expressed in April that cryptocurrencies are emerging issues that need to be dealt with quickly, Dimon said in his congressional testimony that the crypto asset class could benefit from more regulation. “I do think that eventually the regulators who are a day late and a dollar short should be paying a lot more attention to the future, like payment for the order flow, a high-frequency trading, cryptocurrency, and put a legal regulatory framework around it,” he opined. Dimon has long been a bitcoin skeptic. He called the cryptocurrency a fraud back in September 2017. Now JPMorgan is slowly getting into the crypto space. In March, the bank launched a crypto investment product tracking public company stocks with bitcoin exposure. The bank is also reportedly working on providing clients access to bitcoin investments. JPMorgan recently highlighted three reasons for investing in bitcoin after its analysts predicted that the price of the cryptocurrency could reach $146K as its competition with gold heats up. The firm subsequently lowered its bitcoin price estimate to $130K but said that clients can put 1% of their portfolios in BTC. Last week, JPMorgan initiated coverage of the Coinbase stock with an overweight rating and a 60% upside from the current price. What do you think about Jamie Dimon’s personal advice to investors about bitcoin and cryptocurrencies? Let us know in the comments section below. View the full article

Bank of America, Citigroup, and Wells Fargo have shared their policies regarding cryptocurrency before the U.S. Senate banking committee. The three banks are in different stages of offering crypto services to their clients. They also lag behind some of their peers, such as Morgan Stanley and Goldman Sachs, in offering access to investments with exposure to bitcoin or other cryptocurrencies. Bank of America Evaluating Crypto Opportunities The CEOs of Bank of America, Citigroup, and Wells Fargo gave their testimonies on cryptocurrency before the Senate banking committee last week. The committee, headed by Senator Sherrod Brown, summoned the investment bankers for its annual oversight hearing on Wall Street firms. Bank of America CEO Brian Moynihan said that BofA was keeping distance from bitcoin and other cryptocurrencies as the bank continued “to evaluate the opportunities, risks and client demand for products and services related to cryptocurrency.” Noting that his bank holds more than 60 blockchain-related patents, he emphasized, “We still have not found a use case at scale.” The Bank of America executive confirmed: Currently, we do not lend against cryptocurrencies and do not bank companies whose primary business is cryptocurrency or the facilitation of cryptocurrency trading and investment. Bank of America’s analyst said in January that bitcoin was the “mother of all bubbles.” Nonetheless, the bank’s most recent fund manager survey saw “long bitcoin” as the most crowded trade. In March, the bank says the only good reason for holding bitcoin was “sheer price appreciation.” Senator Brown is skeptical of cryptocurrencies. He recently sent a letter to the new Acting Comptroller of the Currency, Michael Hsu, urging him to review the cryptocurrency regulation under the purview of the Office of the Comptroller of the Currency (OCC). Citigroup Taking Measured Approach to Crypto Citigroup CEO Jane Fraser talked about her company taking a “measured approach” to cryptocurrency as the bank sought “to understand changes in the digital asset space and the use of distributed ledger technology, including demand and interest by our clients, regulatory developments and technology advancements.” The Citi executive noted: Before we engage with cryptocurrencies, we see it as our responsibility to ensure we have clear governance and controls in place. Citigroup is reportedly planning to launch crypto services as the firm sees a “very rapid” accumulation of interest in bitcoin. In March, Citigroup says bitcoin was at a tipping point and could become the preferred currency for international trade. Wells Fargo Closely Watching Crypto Space Wells Fargo CEO Charles Scharf said that his company was close to announcing a pilot project using blockchain technology “to complete internal book transfers of cross-border payments within our global branch network.” However, in terms of cryptocurrency, he said: We continue to closely and actively follow developments around cryptocurrencies, which have emerged as alternative investments products, though their status as a currency and mechanism of payment remains fluid. Darrell Cronk, the president of Wells Fargo Investment Institute, said last week that his firm is in the final stages of adding an actively managed cryptocurrency investment strategy to its platform. “We think the cryptocurrency space has just kind of hit an evolution and maturation of its development that allows it now to be a viable investable asset,” the executive opined. When do you think these three banks will adopt cryptocurrency? Let us know in the comments section below. View the full article

The Boston-based cryptocurrency finance firm Circle has announced the company has raised $440 million in financing in order to “drive market expansion and growth.” The investment was led by prominent finance firms like Digital Currency Group, Fidelity Management and Research Company, and FTX. Circle Reveals $440 Million in Financing Circle Internet Financial, Inc. has revealed the company has obtained $440 million in financing from a number of strategic investors. Leading investors in Circle include Atlas Merchant Capital, Digital Currency Group, FTX, Breyer Capital, Fidelity Management and Research Company, Marshall Wace, Willett Advisors, Intersection Fintech Ventures, alongside Michael J. Price and Friends. Circle has attributed a lot of growth to the “rapid rise” of the stablecoin usd coin (USDC). The company considers USDC the “fastest growing dollar digital currency, which now stands at $22 billion in circulation. USDC has grown by 436% in 2021 alone, and over 28,000% over the past 12 months.” “As a company, Circle has remained committed to our mission of raising global economic prosperity through the power of digital currency, blockchains and breakthroughs in programmable money,” Circle cofounder and CEO, Jeremy Allaire said on Friday. “The sustained global demand for our services powering the growth of USDC, as the most trusted and well regulated dollar digital currency, signals that we are one step closer to achieving our mission,” Allaire added during the announcement. Following the financing, two sources familiar with the matter told theblockcrypto.com’s Frank Chaparro the firm is considering a special purpose acquisition vehicle (SPAC) deal. FTX Exchange has been making a lot of moves in the crypto industry and FTX participated in Circle’s $440 million financing raise as well. “Circle has been an experienced player in making fiat work on blockchains for nearly eight years and has built deep capabilities to ease payments in crypto. At FTX we’re excited to partner further with Circle to help expand these capabilities to all crypto users,” the CEO of FTX Sam Bankman-Fried remarked on Friday. In addition to the recent financing, Circle has addressed “financial and operational transparency” on May 25, 2021, in regard to USDC circulation. Circle notes that “USDC in circulation is reviewed by independent accounting firms who could provide reasonable assurance on an ongoing basis that assets held in reserves were at all times able to meet or exceed USDC in circulation. 30 attestations to this effect later issued by Grant Thornton, one of the world’s leading accounting firms, our commitment remains unchanged.” What do you think about Circle raising $440 million from investors? Let us know what you think about this subject in the comments section below. View the full article

On May 27, the president of Bianco Research, Jim Bianco explained during an interview that he believes there’s a lot of upside potential when it comes to the crypto economy. Bianco said since 2017 he’s owned a basket of crypto assets like ethereum, but he doesn’t hold bitcoin. Bianco Research President Owns a Basket of Digital Coins but Doesn’t Hold Bitcoin Bianco Research, L.L.C. is a service provider that offers qualitative and quantitative macro investment analysis for the institutional investor. The company’s president and market analyst, Jim Bianco, sat down with the hosts of CNBC’s “Trading Nation” on Wednesday to discuss the crypto economy. Bianco is a believer in digital currencies and has been investing for the last four years, collecting a basket of crypto assets since then. However, Bianco doesn’t own bitcoin (BTC) and he believes “coins like ethereum are going to be a lot higher way down the road.” Even though this may be the case, Bianco stressed that crypto investors will have to deal with some busts and booms along the way. “You’re going to have to stomach through much more of what we saw in the last week coming in the next several months or year or so,” Bianco remarked. The US Will Face ‘Non-Transitory Inflation’ Says Bianco, ‘Cryptocurrencies Show a Lot of Promise’ Bianco has also been a staunch critic of the Federal Reserve’s monetary expansion over the last year and recently opposed Fed Chair Jerome Powell’s “transitory” inflation statement. The Bianco Research executive doesn’t believe it will be temporary and said America will see “non-transitory inflation.” Up until March 9, 2020, Bianco said he was a “bond bull” but quickly reconsidered the optimism after the 10-year Treasury bond dropped to 32 basis points. As far as cryptocurrencies are concerned, Bianco told the hosts of CNBC’s Trading Nation: That’s got a lot of promise, and that’s really what’s significant. The problem is the other driver is kind of an out-of-control casino with people betting on these coins going up and down. The analyst warns, however, that crypto-assets can plunge 50-70% in value because the technology is so new. Nevertheless, after crypto assets fulfill an “adoption phase,” Bianco thinks digital currencies will be a mainstay in the global economy. “That means from that point forward the gains will be a lot less,” Bianco said. “The risk and the reward is now you’ll have less risk and less reward once it gets adopted and the volatility slows down.” Furthermore, Bianco noted that crypto assets are showing correlations to other risk assets like equities and gaining exposure to these new assets is key. “That wasn’t the case three or four years ago. But it is the case now,” Bianco concluded during his interview. “If we were to get higher financial market volatility either in the stock market like the VIX index, that could help bolster the cryptocurrency space as a belief, yes, we need a new fix, and this is the fix,” he added. What do you think about Jim Bianco’s opinion about the crypto economy and his prediction that ethereum will see a lot more upside potential? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. Pandora Finance (https://pandora.finance/) announced that they have successfully closed their $2.4m seed round. The Pandora team received pledges from some of the most visible investors within the crypto space, and closed the round oversubscribed by manifolds. Overview of strategic investors The funding round concluded with Pandora selecting some of the most well respected investors within the crypto space. Pandora’s strategic investors include Genesis Block, Spark Digital Assets, AU21, x21, NGC, Zokyo Ventures, Exnetwork, A195, Protocol Ventures, Genblock, Magnus Capital, Chain Asset Capital, Amesten, Crypto Dorm Fund and Master Ventures and accredited individual investors like Danish Chaudhari (Bitcoin.com Exchange) and others. “GBV has been following the NFT developments closely. In Pandora, we find a unique and innovative solution to bring liquidity to the NFT ecosystem. This represents a major breakthrough in the potential use cases for NFTs!” — Leslie Tam, Genesis Block Ventures Co-Founder and Partner. “We are excited to partner with Pandora as they create greater interoperability and liquidity for traditionally illiquid assets, and introduce new exposure opportunities onto the blockchain. Pandora’s clever integration of NFT technology, comprehensive suite of product offerings, and their stellar team position them favorably to succeed in their mission to bridge the divide between digital and physical assets.” — AU21 (https://au21.capital/) Overview Pandora Protocol is a hybrid Open Finance solution for problems faced by both traditional finance, and decentralised finance. By creating a bridge between real-world and on-chain assets, this protocol allows for the tokenization of illiquid assets – meaning they can be found, traded and owned in a secure, decentralized way. NFTs have been increasingly popular over the last 12 months; however, the lack of liquidity has been a growing concern for many. Pandora’s middleware solution induces liquidity in the NFT ecosystem for any NFT platform; this can come in the form of tokenized real-world assets, through to digital asset NFT’s. Pandora offers significant advantages over other marketplace enablement technologies because instead of competing with other NFT platforms for liquidity, they are helping other platforms grow just by inducing liquidity into them. It is this technology which sits at the heart of Pandora protocol’s future value. Imagine being able to have a marketplace where both digitally native and real-world assets could find liquidity, accurate pricing while also continually being updated with relevant on-chain data. This would add significant utility and purpose to the NFT space, and allow them to be swapped, traded or borrowed. What is coming up next for Pandora Not content with opening up marketplace liquidity to real-world assets, Pandora is currently working on a unique new standard they are naming PiNFT. This hybrid standard, which has the functionality of both fungible and non-fungible tokens, works by wrapping NFTs around something with intrinsic value; such as DAI. This can then be traded on Uniswap, Maker and AAVE – effectively enabling NFT cross-chain trade on a huge number of platforms. Looking ahead to the remainder of 2021, the Pandora team will be continuing to improve the product and establish even more partnerships to grow the protocol’s effective reach. In the meantime, the team behind Pandora is gearing up for their IDO (Initial DEX Offering). “We at Pandora are envisioned with bridging the gap between on-chain and real-world assets via NFTs. Our team with driven forces is all geared up to revolutionise the NFT ecosystem by maximising its potential and bringing liquidity to the world of latent illiquid assets”. – Pushkar Vohra, Founder & CEO – Pandora Finance About Pandora Pandora creates a bridge between on-chain and real-world assets to form an open finance ecosystem. This protocol allows for the tokenization of illiquid assets, meaning they can be found, traded, borrowed and owned in a secure, decentralized way. Pandora provides both a middleware solution for minting liquidity enabled NFTs, alongside offering Dapp developers the ability to leverage Pandora to provide liquidity to their own users’ NFTs. Website: http://www.pandora.finance/ Twitter: https://twitter.com/PandoraProtocol Medium: https://medium.com/pandoraprotocol LinkedIn: https://linkedin.com/company/pandoraprotocol Telegram Official Group: https://t.me/PandoraProtocol 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

The leading crypto asset bitcoin has seen its value drop more than 53% from its all-time high above the $64k handle, sliding to a low of $30k on May 19. While bitcoin is still down 25% during the last 30 days, it’s hard to forecast where bitcoin’s value is going from here. Although a number of people leverage indicators like the Golden Ratio Multiplier, Fibonacci sequence, logarithmic growth curves, and tools such as the infamous stock-to-flow (S2F) price model to predict future bitcoin valuations. Predicting Bitcoin’s Booms and Busts With the Number Phi Most people can’t predict the future and when it comes to bitcoin (BTC) and the crypto economy, in general, as busts and booms are common. Moreover, lots of times busts and booms are unpredictable except for a few occasions like specific news stories that shake investors. However, there’s a plethora of technical analysis tools, charts, and models that help a great number of people get ahead of the game. For instance, fans of technical analysis leverage the perspective of the golden ratio and Fibonacci sequence in order to predict future bitcoin valuations. Essentially a trader will apply mathematics to things like bitcoin’s value and moving averages. The golden ratio is also known as divine section, divine proportion, the number phi, extreme and mean ratio, and the golden number. Essentially in the “science of quantity,” two quantities reach a mathematical divine section when their ratio is equal to the ratio of their sum to the larger of the two quantities. The golden ratio is equal to 1.618 and it’s not only used in mathematics, but it also appears in architecture, geometry, and many natural elements. Then there’s the classical example of mathematics called the Fibonacci sequence, which is a sequence of quantities where a number is the addition of the last two quantities, starting with 0, and 1. The Golden Ratio Multiplier hosted on lookintobitcoin.com gives a detailed description of how the multiplier works with the leading crypto asset bitcoin (BTC). “Bitcoin’s adoption curve and market cycles to understand how price may behave on medium to long term time frames,” the website notes. “To do this it uses multiples of the 350 day moving average (350DMA) of Bitcoin’s price to identify areas of potential resistance to price movements.” Lookintobitcoin.com further adds: Multiples are of the 350DMA’s price values rather than its number of days. The multiples reference the Golden Ratio (1.6) and the Fibonacci sequence (0, 1, 1, 2, 3, 5, 8, 13, 21). These are important mathematical numbers. These specific multiplications of the 350DMA have been very effective over time at picking out intracycle highs for Bitcoin price and also the major market cycle highs. The Golden Ratio Multiplier, as it is applied to bitcoin price predictions, was invoked by Philip Swift when he published an article on the subject on June 17, 2019. The article titled: “The Golden Ratio Multiplier: Unlocking the mathematically organic nature of Bitcoin adoption,” helps a trader get more perspective on multi-year cycles. A 2019 chart of the Golden Ratio Multiplier shared by Philip Swift on Twitter. “The article starts by noting how the 350-day moving average has acted as an axis for Bitcoin’s major market cycles – once we break out, a new BTC bull run begins,” Swift tweeted two years ago. Swift continued further by saying: The new insight begins when that important moving average is multiplied by key numbers: the golden ratio (1.618) and numbers in the Fibonacci sequence (1,2,3,5,8,13,21). In doing so we are able to pick out almost all the major intracycle price highs in Bitcoin’s history (coloured lines) AND each market cycle top (dotted lines). See 2015-17 bull run as a clear example of the MA multipliers acting as major resistance at the intracycle highs. Bitcoin’s Numerical Sequence Like Fibonacci Poetry and Nautilus Shells Of course, not everyone agrees with using the golden ratio and the Fibonacci sequence to predict bitcoin busts and booms. For instance, Alvaro Fernández from the open insurance platform Nsure Network remarked: “Historically it seemed to be respected, but how much could you trust it? We might as well pass through the first accumulation high.” Other critics believe using the golden ratio and the Fibonacci sequence is no different than using tarot cards. Despite the skeptics, Swift’s bitcoin tool the Golden Ratio Multiplier is well respected and used by a myriad of technical analysts. The golden ratio has been utilized since the time of the ancient Greeks and many believe it’s deeply associated with the universe and nature. Similar to the golden ratio, Satoshi Nakamoto’s invention is a renowned and irrational technology by design. Interestingly, bitcoin’s epic price rise since it was first traded has followed the number phi and Fibonacci sequence patterns intimately. In the same way as the Golden Ratio Multiplier, the leading asset has followed succinctly with a “natural long-term power-law corridor of growth,” according to Harold Christopher Burger. Burger published a comprehensive article that discusses bitcoin’s logarithmic growth curves. Like Swift’s Golden Ratio Multiplier, logarithmic growth curves can also give a trader an idea of when they can expect busts and booms and specific time frames. But these tools have allegedly been debunked on occasion and the golden ratio is often considered a fairytale. Similar to the Nautilus shell, bitcoin’s price has often been associated with the golden mean and Fibonacci sequence. The Nautilus shell is often compared and associated with the golden ratio, but contrarian research and further considerations say that the famous shell shape is not a good example of the golden ratio logarithmic spiral found in nature. Studies show the Nautilus shell has phi proportions but follows a 4:3 ratio. What do you think about using the golden ratio and Fibonacci sequence to predict future bitcoin prices? Let us know what you think about this subject in the comments section below. View the full article

A bitcoin ATM operator has been sent to federal prison for two years for running an illegal cryptocurrency exchange operation. U.S. authorities have seized 17 bitcoin ATMs, along with some cryptocurrencies, including bitcoin. Illegal Bitcoin ATM Operator Sent to Prison The U.S. Department of Justice (DOJ) announced Friday that a California man, Kais Mohammad, has been sentenced to two years in federal prison “for operating illegal ATM network that laundered bitcoin and cash for criminals.” The Justice Department said that the 37-year-old operated an illegal crypto business “that exchanged up to $25 million,” some of which were “on behalf of criminals through in-person transactions and a network of bitcoin ATM-type kiosks.” The Yorba Linda resident pleaded guilty in September last year to “a three-count criminal information charging him with operating an unlicensed money transmitting business, money laundering, and failing to maintain an effective anti-money laundering program,” the DOJ described, adding: Mohammad has agreed to forfeit to the government 17 bitcoin ATMs, $22,820 in cash, 18.4 bitcoin and 222.5 ethereum cryptocurrency. Mohammad owned and operated Herocoin from December 2014 to November 2019 using the moniker “Superman29.” Herocoin was a crypto exchange business that charged commissions of up to 25%, which was “significantly above the prevailing market rate,” the DOJ noted. He typically met his clients at a public location and exchanged currency for them. “Mohammad generally did not inquire as to the source of the clients’ funds and, on certain occasions, he knew the funds were the proceeds of criminal activity. Mohammad knew at least one Herocoin client was engaged in illegal activity on the dark web,” the Justice Department said. Mohammad also processed cryptocurrency deposited into bitcoin ATMs, supplied the machines with cash for customers to withdraw, and maintained the server software that operated the machines. The Department of Justice said that Mohammad “intentionally failed to register his company with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN)” even though he was aware of the registration requirement. He also “chose not to … develop and maintain an effective anti-money laundering program, file currency transaction reports for exchanges of currency in excess of $10,000, conduct due diligence on customers, and file suspicious activity reports for transactions over $2,000 involving customers he knew, or had reason to suspect, were involved in criminal activity,” the DOJ detailed, adding: With respect to his bitcoin ATM network, Mohammad’s machines allowed customers to conduct financial transactions without requiring any identification and permitted customers to conduct multiple, consecutive transactions of up to $3,000 each without ever reporting suspicious activity to regulators or law enforcement. FinCEN contacted Mohammad in July 2018 and he subsequently registered with the regulator but “continued to fail to comply fully with federal law concerning money laundering, conducting due diligence and reporting suspicious customers,” according to the DOJ. Mohammad also conducted multiple in-person transactions with undercover agents, helping them exchange cash into bitcoin. The agents represented that they worked at a karaoke bar that employed women from Korea who entertained men in various ways, including engaging in sexual activity. “Mohammad never filed a currency transaction report or suspicious activity report for these transactions,” the DOJ said. Do you think this bitcoin ATM operator should go to jail for two years? Let us know in the comments section below. View the full article

The lynchpin of Inksnation, one of Nigeria’s biggest crypto Ponzi Schemes, Omotade-Sparks Amos Sewanu, has been captured. According to Nigeria’s Economic and Financial Crime Commission (EFCC), Sewanu, who was on the run, was nabbed in Sokoto, a city located in the northwest part of the country. Still, in its May 28 Twitter statement, the EFCC said it would provide details on Sewanu’s capture later. End of the Run The capture of the Inksnation creator comes a few months after the EFCC’s publication of a notice that asked for the Nigerian public’s help in locating him. At the time of the notice’s release, EFCC said it placed Sewanu on its wanted list for various offences which included “name dropping and fraud.” However, in addition to these charges, the anti-graft body also said Sewanu was wanted for his involvement in the creation as well as the distribution of the Pinkcoin, an elaborate Ponzi that is packaged as a cryptocurrency. As previously reported by Bitcoin.com News, Sewanu’s Pinkcoin had already been flagged by Nigeria’s Securities and Exchange Commission. Meanwhile, Sewanu’s arrest is now likely to trigger the collapse of a Ponzi scheme that many in Nigeria’s crypto space labelled a scam. However, despite the many warnings as well as the capture of Sewanu, few supporters of Sewanu are still defending his “innovation.” Mixed Reaction to Sewanu’s Capture For instance, one Twitter user named Crown expresses their exasperation with what he sees as Nigeria’s knack for destroying useful innovations. In a reply to the EFCC’s tweet, Crown said: I just hate this country with all my heart… Someone who brings good thing that will benefit us all and stupid government says cryptocurrency a Ponzi…. However, the majority of users commended the EFCC for capturing Sewanu while some are asking the anti-graft body to go after other scammers that have similarly defrauded thousands of people. Meanwhile, at the time of writing, the EFCC had still not shared details of the capture. What is your reaction to Sewanu’s capture? Tell us what you think in the comments section below. View the full article

Australia’s revenue service has reminded a growing number of crypto investors about their tax obligations. Rejecting the common misconception that crypto gains are only taxable when coins are cashed back into dollars, the tax office is going to prompt hundreds of thousands of taxpayers to report profits and losses from their cryptocurrency transactions. Tax Office Targets Australians With Crypto-Related Obligations Concerned about crypto investors evading taxes, the Australian Taxation Office (ATO) has set out to debunk the myth that cryptocurrency gains are only taxable when digital assets are converted into fiat money. People often think the digital coins are currencies but in reality, they are classified as assets, and gains from cryptocurrency trades are like gains from other investments, the tax authority explained. ATO has estimated that 600,000 Australians have invested in cryptocurrency recently amid the surging popularity of crypto trading and rising market prices. The agency is now going to send warning letters to 100,000 taxpayers asking them to review their previously filed returns. Another 300,000 Aussies will be prompted to report their gains and losses from cryptocurrency deals as they lodge their 2021 tax return, Australian media reported. The tax office also revealed that it’s closely monitoring the points where cryptocurrency interacts with the fiat system, helped by both the traditional financial sector and the crypto industry. The agency tracks the money back to the taxpayer using data matching profiles with cryptocurrency exchanges, according to ATO Assistant Commissioner Tim Loh who also told news.com.au: There isn’t a game of hide and seek. We have got that information and all we are asking people to do is follow the rules. We know most Australians follow the rules. Australian Capital Gains Tax Applies to NFTs as Well, ATO Warns The ATO official further elaborated that the tax administration treats gains from cryptocurrency similarly to gains from shares, for example. The tax is due not only when an investor swaps cryptos for fiat money but also when one coin is exchanged for another and such transactions must be reported too. Furthermore, the Australian capital gains tax also applies to the disposal of non-fungible tokens (NFTs), Tim Loh remarked. At the same time, holding crypto funds as a long-term investment, for 12 months or more, entitles taxpayers to a discount. A different rule applies when businesses or sole traders receive cryptocurrency for the goods and services they provide. Such payments will be taxed as income based on the value of the digital coins calculated in Australian dollars. Recognizing that the matter is quite complicated, the ATO is now focusing on helping Aussies to fill in their declarations correctly. Tim Loh advised them: The best tip to nail your cryptocurrency gains and losses is to keep accurate records including dates of transactions, the value in Australian dollars at the time of the transactions, what the transactions were for, and who the other party was, even if it’s just their wallet address. Loh’s comments also indicated that the Australian tax authority considers a failure to report obligations to be a bigger sin than a mistake on the declaration. “Failing to report on crypto-assets and not taking action when reminded will prompt penalties and potentially an audit,” the tax agent warned. Such penalties will be reduced significantly when taxpayers have corrected their returns. What are your thoughts on the tax regulations for crypto investments in Australia? Let us know in the comments section below. View the full article

The biggest Spanish asset managers are still not convinced of cryptocurrencies as an asset class, and therefore have no plans to invest in the space yet. The declarations of several spokespeople linked to these companies state that, while there is a significant opportunity in the nascent cryptocurrency sector, it is still too young and volatile to put significant investments behind it. Spanish Asset Managers Still Skeptical About Crypto Spain’s largest asset managers are still not convinced crypto is a good investment vehicle, at least for now, according to statements from several key finance officials. While it is permitted for asset managers in Spain to invest in cryptocurrencies, their incipient nature, volatility, and the gray areas of regulation are keeping these big funds away from them. Caixabank AM’s investment strategy director, Santiago Rubio, has declared they won’t touch cryptocurrencies. Caixabank AM is one of the largest asset managers in Spain, having more than 70 million euros under its custody. Their stance is shared by BBVA AM, another Spanish giant company. Its global asset allocation manager, Jaime Martinez, stated there is a possibility of investing in cryptocurrencies in the future, but they don’t have plans for doing it soon. Martinez stressed: In 10 years it will be much more normal, today we are just starting, to call it that, in a different way of having exposure to assets and, like everything in life, you have to go step by step. We are not going to complicate our clients with things that we do not control well. Cristina Rodriguez, of Santander AM, also explained cryptocurrencies weren’t assets promoted in their offer, stressing they didn’t have plans of investing in these vehicles. Finance managers who want to invest in crypto must update their documents to advise investors about the dangers and the volatility of these newly integrated tools. Crypto Still Not Big in Spain These statements paint a stark picture for the future of crypto investments by Spanish asset managers, that are still not sold on the validity of them as potentially interesting for their customers. This is clearly very different from what is happening in the U.S., where asset giants like Blackrock, which manages more than 7 trillion dollars, already has indirect exposure to bitcoin through its 16.3% stake ownership in Microstrategy. And more recently, Larry Fink, CEO of Blackrock, stated: The firm has monitored the evolution of crypto assets. We are studying what it means, the infrastructure, the regulatory landscape However, these institutions seem to be inclined to lean towards more traditional investments in Spain, and will take a little more time for them to be confident in crypto. What do you think about the opinion Spanish asset managers have on cryptocurrency? Tell us in the comments section below. View the full article

A new survey has established that one in four Australians would like to receive at least part of their salary in cryptocurrency. While the motives vary between the members of this diverse group, the results indicate that the Australian nation’s overall interest in decentralized digital money remains strong. 4.7 Million Australians Would Accept Bitcoin Remuneration The poll has been conducted among 1,000 Australian residents by the comparison website Finder. The company is actually among the first in the country to offer employees the option to take a portion of their remuneration in cryptocurrency. The platform has now found that 24% of Australians, or around 4.7 million, are ready to accept bitcoin (BTC) as part of their salaries. Of those who would be willing to be paid in BTC, Finder pointed out, 14% have said so because they are convinced it is going up in value, while another 10% admitted a bitcoin payment would help them to invest in digital currency before tax. Taylor Blackburn, personal finance specialist at Finder, notes that the cryptocurrency has seen impressive growth in the past year, “despite its recent drop and sometimes volatile nature.” Commenting on the outcome of the study, Blackburn further emphasized: With more Australians looking for inflation hedges, yield-bearing assets and alternative investment opportunities, it’s not surprising that this many people are willing to be paid part of their salary in Bitcoin. Australian Generation X and Millennials View Crypto Salary as Investment According to the survey, Generation X Australians are more likely than others to view a crypto salary as a wise investment. 22% of the respondents in this age group think BTC is going to appreciate even more over time, along with 19% of millennials. For comparison, only 1% of baby boomers and 13% of Generation Z share their optimism. The researchers also discovered that men with higher incomes ($100,000 and above) are more interested in Bitcoin in general. Furthermore, male respondents (21%) are far more likely to accept BTC payments than women (8%) because of their belief the cryptocurrency’s value will increase. 13% of men and 8% of female participants respectively think crypto wages will allow them to invest before taxation. Despite the positive trends registered in the study, over half of Australians (55%) are still not interested in crypto remuneration. Another 13% fear bitcoin’s volatility which lowers their trust in the cryptocurrency. Finder also notes that 8% of the polled Aussies have stated they need to access all the money they make each payday. Is your salary partially or fully paid in cryptocurrency? Share your thoughts on the subject in the comments section below. View the full article

A decision by a prominent religious body in Ingushetia to prohibit dealings with cryptocurrency has sparked controversy in the predominantly Muslim Russian republic. Critics have taken to social media to express their disagreements with the ban, pointing out that the treatment of bitcoin in Islamic jurisdictions is not one-sided. Islamic Cleric Explains Reasoning Behind Crypto Prohibition At a meeting in mid-April, the Ingush Council of Alims adopted a ban on the purchase and sale of cryptocurrencies by Muslims in the country. The Islamic clergymen said at the time that they took the decision after studying Islamic sources and reaching a conclusion that the religion prohibits the trading of electronic money. Deputy Chief Mufti Magomed Hashtyrov has since been compelled to explain the council’s position. This week, he told the local newspaper Ingushetia that cryptocurrencies, as a means of payment, have no physical representation and their exchange differs from the trading of goods in a physical marketplace. The latter is not prohibited for Muslims. The theologian revealed that the council had already intervened to resolve disputes over cryptocurrency, even between clerics in one case, and stated: Only honest labor brings people together, and virtual easy money quarrels them. Hashtyrov then insisted that “cryptocurrency, for now, is neither money, nor it is a commodity. When it becomes publicly available, legally accepted means of payment, with a state guarantee, then we can talk about money, but not today,” Ingushetia quoted him saying. Instagram Users React to Unfounded Ban on Crypto Trading in Ingushetia The newspaper shared the article with Hashtyrov’s comments on Instagram and judging by the reactions, not everyone agrees with his interpretations. As reported by the Caucasian Knot portal, Ingushetians have commented that their country has more pressing issues to deal with than banning crypto transactions. “There are a lot of problems in the republic. But the clergy and authorities are ‘fixated’ on cryptocurrency,” wrote a user with the handle ‘tumgoev_111_06.’ “Ban the sale of alcohol, condemn corrupt officials,” suggested someone named ‘kaddafi.’ “They just found something to talk about and sort out,” added a user called ‘eva_mango.’ Others have challenged the validity of the imposed ban: “I have been trading cryptocurrency for two years! Before I started, I read a couple of articles on Islamic forums, where it was clearly stated that there is nothing forbidden in this, if you don’t trade futures,” noted ‘tsoro.1.’ Then ‘dzurdzuk666’ wrote: Not money, not commodity, in what sense??? If at any time you can exchange it for money and commodity… Paper money is trash too. But we use it. “I wouldn’t say that’s exactly ‘easy’ money. Knowledge and ability are needed to use it. It seems to me that this issue has not been fully studied by theologians,” suggests a female commenter with the Instagram handle ‘angry_hare_4,’ quoted by Caucasian Knot. The portal has also published another, better qualified opinion on the matter, that of Gapur Oziev, associate professor of economics at the International Islamic University in Kuala Lumpur. Oziev, who has been teaching Islamic banking and finance since 2008, was surprised by the Ingush clergy’s decision on the matter. “They have announced a very old version of the fatwa. At the moment, there are a lot of scholars who do not directly prohibit it, although they condemn everything related to cryptocurrency,” he told the online edition. “There are more questions than answers. There are many dubious things, and the hadiths say to avoid the dubious. However, since there is no explicit text in the Sharia under which it would be possible to prohibit cryptocurrency, it’s not worth saying that it is haram,” Oziev emphasized. What’s your opinion about the crypto ban imposed by Ingushetia’s Islamic clerics? Share your thoughts on the subject in the comments section below. View the full article

Globant, one of the big four tech firms in Argentina, has quietly made its first foray into the world of cryptocurrency investing, according to its latest filing to the SEC. The firm bought bitcoin during the first three months of this year, and is now part of a select number of LATAM unicorns that have taken the approach of putting some of its value in crypto assets. Globant Invests in Cryptocurrency Globant, a software tech giant unicorn based in Argentina, has joined a select group of companies that are currently invested in cryptocurrencies, according to its latest filing to the SEC. The company, founded in 2003, reported the purchase of $500,000 in bitcoin (BTC) during the first quarter of 2021 (Q1). A small sum for a company with a valuation of more than $6.5 billion and listed on the New York Stock Exchange (NYSE). Globant listed the bitcoin company as part of its intangible assets, saying bitcoin is: A cryptocurrency that is considered to be an indefinite-lived intangible asset because bitcoin lacks physical form and there is no limit to its useful life, bitcoin is not subject to amortization but it is tested for impairment. The filing states Globant purchased the aforementioned worth of bitcoin, but doesn’t specify the number of bitcoins that were purchased or the price the company paid for them. However, the filing does clarify that Globant will recognize impairment losses if the price of the assets falls behind the price of acquisition, and gains will not be recorded until the sale of the asset. While some USA-based companies like Microstrategy and Tesla, and asset managers like Grayscale have been quick to jump into the cryptocurrency bandwagon, its LATAM-based counterparts have had a more tepid approach to this new asset class. This might be related to how quickly these companies embrace innovation and how they manage the risk vs opportunity balance due to their own business models. Argentinian Companies Have Started to Embrace Crypto However, Globant is not the first Argentinian company that has made inroads with cryptocurrency. Mercadolibre, an e-tailer company that has a big footprint in LATAM, bought $7.8 million in bitcoin this month, declaring it as part of their treasury strategy, potentially hinting at more bitcoin purchases down the road. Mercadolibre also launched a real estate platform that only accepts bitcoin as payment. More LATAM-based companies, and specifically Argentinian ones, are expected to embrace crypto as part of their business strategy soon, due to the devaluation of the national currency and the difficulties that they face in acquiring dollars. What do you think of Globant’s purchase of cryptocurrencies? Tell us in the comments section below. View the full article

Ripple could go public after the SEC lawsuit is resolved, according to CEO Brad Garlinghouse. He reportedly explained that the likelihood of this happening is “very high at some point.” Ripple CEO Brad Garlinghouse was asked at the Consensus 2021 conference on Wednesday whether Ripple will become a public company. He replied that the likelihood is “very high at some point.” Garlinghouse stressed that any initial public offering (IPO) plans would have to wait until Ripple resolves its lawsuit with the U.S. Securities and Exchange Commission (SEC). He further pointed out that the securities regulator will be the one approving Ripple’s public offering after all. This was not the first time the media has reported about Ripple potentially going public. On an earnings call last month, the CEO of one of Ripple’s largest outside shareholders, SBI Holdings, said that Ripple planned to go public after the lawsuit was resolved. SBI’s CEO, Yoshitaka Kitao, reportedly said: “After the current lawsuit, Ripple will go public. The current CEO wants to do that. Chris wants to do that.” The SEC filed a lawsuit against Ripple Labs, Garlinghouse, and co-founder Christian Larsen in December last year alleging that XRP was a $1.3 billion unregistered securities offering. Ripple argued that the XRP token is a commodity and therefore does not fall under the SEC’s purview. What do you think about Ripple going public after the SEC lawsuit is resolved? Let us know in the comments section below. View the full article

The CEO of Ark Investment Management (Ark Invest), Cathie Wood, says regulators cannot shut down bitcoin. She added that they will become more friendly towards cryptocurrencies over time. Wood is not the only one who thinks that governments cannot shut down bitcoin. Regulators Cannot Shut Down Bitcoin, Says Ark’s CEO Ark Invest CEO Cathie Wood shared her view on bitcoin, its regulation, and environmental impact at the Consensus 2021 conference Thursday. The CEO said that bitcoin is “already on its way and it’ll be impossible to shut it down.” She added that regulators “will be a little more friendly over time” towards cryptocurrencies due to a fear of missing out (FOMO) on the innovation coming from the crypto sector. Wood also commented on bitcoin’s environmental impact, stating that “Half of the solution is understanding the problem.” She described: “This auditing of what miners, certainly in North America, are willing to do around how much of their electricity usage is generated by renewables is going to bring that topic into stark relief, and will encourage an acceleration in the adoption of renewables beyond which otherwise would have taken the place.” Early this week, Tesla CEO Elon Musk announced that he met with North American bitcoin miners in a close-door meeting hosted by Microstrategy CEO Michael Saylor. The miners have agreed to form a Bitcoin Mining Council to promote renewable energy usage in bitcoin mining. Wood is not the only one who believes that governments cannot shut down bitcoin. SEC Commissioner Hester Peirce said banning bitcoin is like shutting down the internet. “I don’t see how you could ban it … I think that it would be a foolish thing for the government to try to do that,” she opined, noting, “I think it’s very difficult to ban something that’s essentially a peer-to-peer technology.” Congressman Patrick McHenry said back in 2019 that bitcoin was “unstoppable,” adding: “We should not attempt to deter this innovation, and governments cannot stop this innovation and those that have tried have already failed.” Last week, the CEO of Ark Invest reaffirmed her bitcoin price prediction, stating that her firm still sees the price of BTC reaching $500K. She further emphasized that that “All of our indicators are saying this is capitulation right now.” Do you think regulators can shut down bitcoin? Let us know in the comments section below. View the full article

Another Binance Smart Chain project has been hit with a flash loan attack according to a post mortem written by the Burgerswap team. The project’s official Twitter account said at around 3 a.m. on Friday, Burgerswap suffered from a flash loan attack with the hackers stealing $7.2 million in funds. Binance Smart Chain Defi Protocol Burgerswap Drained for $7.2M The Burgerswap project explained on Friday that the project saw $7.2 million in funds drained after a malicious flash loan attack. “At around 3 am on May 28th (UTC+8) Burgerswap on the BSC chain encountered a flash loan attack; $7.2M was stolen from Burgerswap in 14 transactions,” the official Twitter account noted. All we asking for is some time. — BurgerSwap (@burger_swap) May 28, 2021 Burgerswap is a decentralized finance (defi) project that leverages the Binance Smart Chain (BSC). Similar to Sushiswap or Uniswap, the Burgerswap protocol allows users to swap between tokens issued on BSC. Users can also add liquidity and earn the project’s native token dubbed BURGER. “Hackers created their own Fake Coin (non-standard BEP-20 tokens) and formed a new trading pair with BURGER,” Burgerswap added. “By adjusting the routing, [the] attacker created BURGER -> Fake Coin -> WBNB routing; through BURGER -> Fake Coin trading pair, attacker re-entered Burgerswap through Fake Coin & manipulated number of reserve0 and reserve1 in the pair’s contract, causing the price to change,” the team further noted. Burgerswap is not the first BSC project that’s having issues with flash loan attacks, as hackers have seemingly made a sport of it in recent times. A total of $6 million was stolen from two BSC projects last week, as Pancakebunny and Bogged Finance saw $3 million drained from each defi project. Flash loans have been a problem for a number of defi protocols in 2020 and into 2021. The specialized exploit has been a common attack in the defi world ever since the defi margin trading protocol Bzx was attacked. Flash loans are smart contract-based schemes that allow the issuance of loans within a single transaction or attack. In the Burgerswap instance, the hacker got away with WBNB, BUSD, ETH, USDT, BURGER, XBURGER, and ROCKS. Burgerswap explained on Twitter that the blockchain security company Peckshield helped with the investigation. The Burgerswap flash loan hack also follows the recent BSC announcement from Ciphertrace. The blockchain surveillance firm has added analytics support for the Binance Smart Chain to track illicit transactions. What do you think about the recent Burgerswap hack and the flash loan attacks against multiple Binance Smart Chain defi projects? Let us know what you think about this subject in the comments section below. View the full article

The infamous whistleblower and privacy activist Edward Snowden commented on bitcoin on Friday, after the Biden administration said this week it was shooting for 6 trillion dollars in stimulus proposals. Following the $6 trillion in stimulus headlines, Snowden commented on the situation and said it was “good for bitcoin.” Edward Snowden Jabs Biden’s 6 Trillion-Dollar Covid Relief Proposal, Says It’s ‘Good for Bitcoin’ The 37-year old former computer intelligence consultant for the National Security Agency (NSA) and contractor for the Central Intelligence Agency (CIA), Edward Snowden, has once again commented on the leading digital asset bitcoin. Snowden’s statement on Twitter follows the last few days of reports discussing the Biden administration’s $6 trillion stimulus proposals to “build back a better” America. “Six trillion dollars? This is good for Bitcoin,” the whistleblower Edward Snowden said on Friday. The tweet already has 36,000 likes and has been retweeted more than 6,000 times. Of course, it’s not the first time Snowden has spoken about bitcoin, as the whistleblower and privacy activist has been very vocal about the subject in recent years. For instance, after the March 12, 2020 market carnage, otherwise known as ‘Black Thursday,’ Snowden said: “This is the first time in a while I’ve felt like buying bitcoin. That drop was too much panic and too little reason.” Back when Snowden’s book sales were confiscated by the U.S. Department of Justice (DoJ), after the DoJ announced a lawsuit against the whistleblower, Snowden also tweeted: “In conclusion, this is good for bitcoin.” Snowden, however, hasn’t been looked at too kindly by the bitcoin maximalist crowd because he’s criticized the crypto asset on a few occasions. Snowden recently took to Twitter and knocked the Human Rights Foundation’s (HRF) Alex Gladstein’s recent statements. Gladstein wasn’t a fan of Snowden’s recent interview. “The worst part of cryptocurrency transforming into dragon-level wealth is witnessing good people emotionally devolve into dragons themselves: so intellectually paralyzed by the fear that everyone they see threatens their hoard that they lose sight of the world beyond their cave,” Snowden scathed in response to Gladstein’s Twitter statements. The whistleblower does criticize bitcoin on occasion, but also explains that he uses it regularly and once called the technology the “first free money” system in the world. He’s discussed privacy coins on various occasions like monero (XMR) and zcash (ZEC). There is no doubt that Snowden is a believer in decentralized technologies and he’s mentioned many times that cryptos are a threat to the nation state’s monopoly over money. In 2016, Snowden once said that “new technologies raise the possibility of unstoppable tax protests.” Snowden has since deleted that tweet, but still talks positively about bitcoin and the crypto economy regularly to this day. What do you think about Edward Snowden’s comment about Biden’s $6 trillion stimulus proposals being good for bitcoin? Let us know what you think about this subject in the comments section below. View the full article

The financial asset manager, Wisdomtree, is now the second institution to file for an ethereum-based exchange-traded fund (ETF), following Vaneck’s recent filing on May 7. The recently filed S-1 with the U.S. Securities and Exchange Commission (SEC) says the fund’s “investment objective is to gain exposure to the price of ether.” Wisdomtree Follows Vaneck’s Lead and Files for an Ethereum-Based ETF On Thursday, Wisdomtree revealed it wants to list an ether-based ETF on Cboe BZX Exchange, according to the firm’s latest S-1 filing. The SEC must approve the ETF and if the regulator does, investors can purchase Wisdomtree’s ether trust shares via regulated brokerage services. The prospectus describes ether as “a digital asset that is not issued by any government, bank or central organization, and is the second-largest cryptocurrency by market capitalization behind bitcoin.” The WisdomTree Ethereum Trust is a Delaware statutory trust, invoked on March 8, 2021. The Wisdomtree ETH-based ETF’s sole objective is to: Gain exposure to the price of ether, less expenses, and liabilities of the Trust’s operations. In seeking to achieve its investment objective, the Trust will hold ether and will value its Shares daily based on the [CF Ether-Dollar US Settlement Price], which is an independently calculated value based on an aggregation of executed trade flow of major ether spot exchanges. Ethereum Trust Will Follow Emerging Growth Company Reporting In recent times, Wisdomtree’s bitcoin (BTC)-based exchange-traded fund was being reviewed by the U.S. financial regulator, and the company recently launched an ether-based exchange-traded product (ETP). Wisdomtree’s ethereum ETPs are listed on Deutsche Boerse’s Xetra and Switzerland’s Swiss Stock Exchange (SIX). Wisdomtree’s S-1 filed on Thursday says the ether trust will qualify as an “emerging growth company,” and leverage the JOBS Act reduced reporting requirements. For instance, the trust doesn’t have to present an auditor’s attestation report or comply with 2012’s Public Company Accounting Oversight Board guidelines, unless the SEC disapproves of these actions. “The Trust will cease to be an ‘emerging growth company’ upon the earliest of it having $1.0 billion or more in annual revenues,” Wisdomtree’s ether ETF filing notes. What do you think about Wisdomtree’s ether-ETF filing? Let us know what you think about this subject in the comments section below. View the full article

The American chain of convenience stores and coffee shops, Sheetz, announced on Thursday that the firm would be accepting digital currencies like bitcoin, ether, and dogecoin for payments. The major Mid-Atlantic chain’s executive payments manager says accepting crypto-asset acceptance bolsters Sheetz’s mission to provide customers with the “ultimate one-stop-shop.” Convenience Store Chain Sheetz Adds Digital Currency Payments, Fuel Pump Crypto Payments to Roll out This Summer On May 27, Sheetz revealed the company will be accepting crypto payments via the digital payments network Flexa. The company, headquartered in Altoona, Pennsylvania, operates 622 convenience stores and coffee shops in Ohio, Virginia, North Carolina, Pennsylvania, West Virginia, and Maryland. Sheetz has locations in a number of states in the U.S. and was founded by G. Robert “Bob” Sheetz in 1952. Bob and and his brother Steve Sheetz had opened 100 stores by 1983 and today the chain has 622 stores. Sheetz noted in its announcement that the firm aims to “provide customers with the ability to pay for items inside the store or fill up their cars, trucks, and RVs at the pump using digital currencies like bitcoin, ether, litecoin, dogecoin, and more.” “Above all else, our mission at Sheetz is to continue providing our customers with the ultimate one-stop-shop where they can refuel their car and refresh their body,” Linda Smith, the payments manager for Sheetz said. The Sheetz executive further added: As a result, we are constantly innovating and exploring new offerings to truly give our customers what they want, when they want it, 24/7/365 — that includes accepting many forms of payment. We’re very excited to be working with Flexa to roll out support for cryptocurrencies and other types of digital assets at our stores. Sheetz Leverages NCR payment gateway for Crypto Point-of-Sale According to the announcement, Sheetz will leverage Flexa’s “climate-neutral payments technology” at a number of select cafes and stores at first. Later this summer, the company will roll out crypto payments for the firm’s fuel pumps. Sheetz customers can also tether their “Sheetz Rewardz” loyalty points to Flexa-enabled applications. Further, Sheetz is also leveraging Flexa’s point-of-sale (POS) partner NCR. “Connecting through the existing POS solution to the NCR payment gateway enables retailers to quickly integrate new solutions making it easy to introduce new innovations enabled by digital currencies,” Tim Vanderham, the chief technology officer of NCR noted during the Sheetz crypto acceptance announcement. “Retailers benefit through increased loyalty, lower transaction fees, and reduced fraud while improving convenience and choice for shoppers,” Vanderham added. Trevor Filter, the cofounder of the payments firm Flexa, detailed that his company looks forward to helping Sheetz roll out digital asset payments at the fuel pumps. “Sheetz is one of the most forward-thinking brands in the business and understands their customer base better than anyone else. We’re absolutely elated that Flexa can help them become the first convenience and retail chain to accept digital currencies directly at the pump,” Filter remarked. What do you think about Sheetz accepting digital currencies like bitcoin, ether, and dogecoin for payments? Let us know what you think about this subject in the comments section below. View the full article

The U.S. Securities and Exchange Commission (SEC) has urged Congress to pass cryptocurrency legislation to protect investors, the new SEC chairman has revealed. The securities regulator is also working with the Commodity Futures Trading Commission (CFTC) and the U.S. Treasury Department to combat criminal activity facilitated by cryptocurrencies, the chairman noted. SEC Working With CFTC, Treasury on Crypto Regulation, Urges Congress to Pass Legislation The new chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has asked Congress to take action regarding cryptocurrency legislation, he told the House Appropriations subcommittee on Wednesday. Gensler explained to the subcommittee that there were “gaps” in the regulation of cryptocurrencies, like bitcoin and ether. Noting that there are “thousands” of cryptocurrencies in existence right now and many of them are operating as unregistered securities, he emphasized: We’ve only been able to bring 75 actions and there are others currently that are not compliant. Gensler stated that the most pressing issue in the regulation of the crypto space is the lack of regulatory oversight of cryptocurrency exchanges. He said that he would like to work with Congress “to bring investor protection to the platforms, where these sometimes-commodities, sometimes-securities are trading on the platform.” The chairman proceeded to give an example of front running, where a crypto exchange could share order information, allowing an investor to trade ahead of a crypto transaction, which makes purchases more expensive for other investors. He affirmed: “Without a cop with a beat and some rules of the road, then market participants can front run your orders.” In contrast, the chairman said that the SEC is working to protect against fraud and manipulation in traditional stock exchanges but the same protection is not in place for crypto exchanges. He emphasized that the SEC is “trying to bring the similar protections to the exchanges where you trade crypto assets, as you might expect on the New York Stock Exchange or Nasdaq.” His statement regarding increased oversight of crypto exchanges echoes a similar statement he made at the Financial Industry Regulatory Authority (FINRA) conference last week when he said that crypto exchanges need more regulation. Gensler further confirmed that the SEC is cooperating with the Commodity Futures Trading Commission (CFTC) and the U.S. Treasury Department to combat criminal activity facilitated by cryptocurrencies. He revealed: They’re keenly focused on anti-money laundering and guarding against illicit activity. Last week, the Treasury unveiled Biden’s tax proposal including requiring businesses to report crypto transactions of more than $10K to the Internal Revenue Service (IRS) as part of a broader crackdown on tax evasion. This week, Bitcoin News reported that the Biden administration is looking to increase cryptocurrency oversight to protect investors and prevent illicit transactions via cryptocurrencies. Meanwhile, federal regulators are working to come up with a single regulatory framework for cryptocurrencies as directed by the Biden administration. While Gensler has urged Congress to take action on crypto legislation, Congressman Jim Himes recently said that his colleagues do not have a deep understanding of cryptocurrencies. Consequently, he does not expect Congress to pass crypto legislation anytime soon. What do you think about the SEC urging Congress to pass crypto legislation to protect investors? Let us know in the comments section below. View the full article

Apple Inc. has posted a job notice for a business development manager with cryptocurrency experience. “This position will be responsible for the end-to-end business development, including screening partners, negotiating and closing commercial agreements, and launching new programs,” the job posting describes. Apple to Hire Manager With Crypto Experience to Lead Its Alternative Payments Efforts Apple Inc. posted a job notice on Tuesday for a “business development manager – alternative payments.” The job posting states that “The Apple Wallets, Payments, and Commerce (WPC) team is seeking an experienced Business Development Manager to lead Alternative Payments Partnerships. We are looking for a proven professional in global alternative and emerging payment solutions.” It further details: This position will be responsible for the end to end business development, including screening partners, negotiating and closing commercial agreements and launching new programs. Among the key qualifications the candidate should possess is “5+ years experience working in or with alternative payment providers, such as digital wallets, BNPL, Fast Payments, cryptocurrency, etc.” The candidate should also have a “Deep knowledge of the alternative payments ecosystem, understanding the complexities of funds flow, roles/responsibilities for settlement, relevant regulations and industry standards and the wide spectrum of fintech products.” This position is a full-time in-house role at Apple’s headquarters in Cupertino, California, once the company returns to an in-office work arrangement post-Covid, the notice clarifies. The successful candidate will “Lead the partnership program with key players in the Alternative Payments ecosystem,” in addition to providing “industry insights and market opportunities to Apple cross-functional teams, including alliance, product, engineering, and marketing to influence business strategy and product roadmaps for the growth of Apple Pay and Wallet Services,” the job posting further describes. Apple has been keeping an eye on cryptocurrency for several years. In 2019, ‌Apple Pay‌ Vice President Jennifer Bailey said that Apple is “watching cryptocurrency.” At the time, she said: “We think it has interesting long-term potential, but we’re primarily focused on what consumers are using today … Most people are pretty happy with their debit card as an example. And so helping people do that in a more secure way on our platform and in a more real-time way is what we’re focused on.” Do you think Apple will soon offer a crypto service? Let us know in the comments section below. View the full article

Following the recent developments in China and the environmental concerns about bitcoin’s energy consumption, the Bank of Japan Governor Haruhiko Kuroda criticized the leading crypto asset bitcoin in an interview on Thursday. BOJ’s Kuroda Says Bitcoin ‘Volatility Is Extraordinarily High’ Bitcoin prices have slumped again on Friday after a tumultuous week. After tapping a daily high on Thursday at $40,125 per unit, bitcoin (BTC) dropped to a low of $35,146 losing more than 12% in value. Since then, however, BTC has managed to regain some losses and climb back above the $36k handle. While addressing inflation and climate change concerns, the Bank of Japan’s Governor Haruhiko Kuroda blasted bitcoin for being speculative and volatile. The BoJ Governor also said that bitcoin was not used for payments. According to Bloomberg, some of the recent sell-off during the early Friday morning hours (ET), may have been due to comments stemming from the Bank of Japan (BoJ) Governor Haruhiko Kuroda. The central bank’s lead criticized bitcoin and said that the crypto asset was not used much at all for settlement purposes. The criticism from Kuroda follows the recent statements from the Tokyo Metropolitan Assembly that said they wanted to transform the bustling city into a cryptocurrency “trading center.” BoJ Governor Kuroda’s cryptocurrency outlook is entirely different it seems. “Most of the trading is speculative and volatility is extraordinarily high,” Kuroda said about bitcoin in an interview with Bloomberg on Thursday. “It’s barely used as a means of settlement,” the central bank Governor added. Kuroda Speaks on Climate Change and Addresses Inflation Concerns Kuroda may be speaking out against bitcoin because of climate change discussions he’s been partaking in this week. Central bankers around the world are not only criticizing bitcoin, as many banking leaders are also addressing climate change concerns as well these days. The BoJ’s Kuroda said on Thursday that the central bank has a “great interest” in tackling these climate concerns. “Naturally, how we respond to this at the level of monetary policy will become a topic of discussion,” Kuroda emphasized on Thursday. Similar to the questions Jerome Powell has been getting about inflation, Kuroda was also asked about inflation this week. “That policy stance is based on the recognition that it will take time to overcome low inflation once it is entrenched,” Kuroda noted. The central bank governor further added: That is the lesson learned from Japan’s experience of prolonged deflation. Kuroda’s statements about bitcoin also follow the country’s gaming giant Nexon purchasing 1,717 BTC on April 28. Unlike the BoJ Governor’s statements, Nexon recently said: “bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.” Japanese regulators, on the other hand, have been following South Korea’s lead in preparing for Financial Action Task Force (FATF) guidelines toward crypto-assets. While discussing the fear of inflation with the press on Thursday, the BoJ Governor stressed that stimulus would continue. Kuroda follows the same stability line of 2% inflation, as many other central banks reference, and noted that the BoJ’s stimulus must remain persistent. “Each central bank has to adapt its monetary policy to its own economic, price, and financial situations,” Kuroda concluded. “Our inflation rate is still quite low and so we have to be persistent in conducting our monetary easing to achieve our 2% price stability target.” What do you think about the BoJ’s Governor Haruhiko Kuroda and his comments about bitcoin? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. Bitcoin.com Exchange is thrilled to announce the listing of SUPERBID, being available to trade on the 28th May 2021 at 12:00 UTC. The SUPERBID token was created by its respective team to fuel it’s social-auction app enabling its users to connect influencers with their fans in exchange for items, experiences, and NFTs. SUPERBID will start trading with a USDT pair. What is SuperBid? The SuperBid auctioning app gives influencers a network to earn significant revenue for their content. On SuperBid, influencers will be able to auction off physical goods, digital items such as NFTs (non-fungible tokens), while also auctioning unique experiences to fans, allowing them to discover, support, and even chat directly with their favorite influencers while their auctions are running. SuperBid is discovering a new way to connect fans to both their favorite influencers, and the blockchain space, enabling bids via cryptocurrency. Effectively utilizing the technical benefits of blockchain systems while allowing users to access crypto more easily. The SuperBid project combines influencer marketing, online auctions, ecommerce live streaming and cryptocurrency, allowing SuperBid app’s future users to connect to the industry in a more 2021 approach, while also gaining a lot of influencers from platforms like TikTok and Cameo. Although not fully launched as of yet, the platform has garnered a community of over 10,000 future users, influencers with over 15 million followers, and several cryptocurrency partners in the NFT and consulting space. But it doesn’t stop there, SuperBid is working effortlessly to continue to build its portfolio of influencers and increase its leverage in the market, and its developers are also constructing future functionalities which will allow influencers to auction NFTs, and even run a livestream while doing so. There’s another phase to SuperBid’s plan, a lot of projects nowadays are giving back to the communities via charities and such, but with SuperBid there’s a twist. Since the app will function as an online, social auction room that uses modern currency to make a profit, its developers are ensuring that once auctions are closed on the app, a portion of company earnings will be dedicated to charities. What is the SUPERBID token? SUPERBID token is used for auctions on the SuperBid app. SUPERBID token will be used to process transactions and store data as well. Strong Endorsement Danish Chaudhry, CEO of Bitcoin.com Exchange, shared his views on SuperBid, and their respective token: “The SuperBid team is onto something that has been touched before in the crypto sector, but not to this extent. Their use of auctioning celebrity and influencer physical goods, experiences and more to their die hard fans using blockchain technology is a great combination when understanding the technical benefits put forward. I believe this gives their platform the fundamentals to gain major hype on launch, and I look forward to seeing how this project and token evolves with the Bitcoin.com Exchange community.” Patrick Gajda, CEO of SuperBid, stated: “We are very pleased with our listing on Bitcoin.com Exchange. SuperBid is bridging the gap between the world’s population of social media users and cryptocurrency. We truly believe that SuperBid is forging a revolution with a nod to influencers and the value of their content, and are excited about increasing awareness and access to our token through Bitcoin.com Exchange.” About Bitcoin.com Exchange The mission of Bitcoin.com Exchange is to empower people from all over the world to trade cryptocurrencies with ease and confidence, from first-time traders to advanced trading professionals. With high liquidity, 24/7 multilingual support and dozens of trading pairs, complemented with a high level of security, it offers an attractive platform for trading any cryptocurrency. Within one year since launch, on average, the exchange has been visited by more than 500K active traders per month, and this number continues to grow as you read this sentence. About SuperBid SuperBid is a next generation social-auctioning app which strives to connect influencers with their audiences through engaging auctions of their non-fungible tokens (NFTs), physical items, and experiences. Users have a chance to bid for auctions and chat with their favorite influencers at the same time. 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