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US Congressman Tom Emmer is pushing for safe harbor legislation to protect taxpayers with forked coins. A bill entitled “Safe Harbor for Taxpayers with Forked Assets Act of 2021” has been introduced to prohibit “penalties against taxpayers attempting to report certain gains or losses on ‘forked assets’ until the IRS issues sufficient guidance on how to do so.” Bill Aimed at Protecting Crypto Investors Introduced The office of Congressman Tom Emmer announced this week that the congressman has introduced the bill entitled “Safe Harbor for Taxpayers with Forked Assets Act of 2021.” The bill seeks to prohibit “penalties against taxpayers attempting to report certain gains or losses on ”forked assets’ until the IRS issues sufficient guidance on how to do so.” The announcement explains that “The bill delineates that receipt of a forked virtual currency may not constitute a taxable event and creates a safe harbor under which the IRS cannot impose penalties or fees on taxpayers with forked assets until they provide clear and consistent guidance on how these transactions should be managed.” It elaborates: Absent coherent guidance from the IRS, this legislation is designed to insulate taxpayers who, at no fault of their own, could be subject to potential tax liabilities and penalties. Following the introduction of the bill, Congressman Emmer released a statement emphasizing that “Just like every other federal agency, the IRS must keep up with the rapid pace of technology or risk losing American leadership in innovation.” Stating that “We should be embracing emerging technologies and providing a clear regulatory system that allows innovation to flourish in the United States,” Emmer added: Taxpayers suffering from a lack of tax guidance are being unfairly punished for investing in an emerging technology. What has been issued by the IRS so far is not pragmatic and has not supported the technology nor those who engage with it. The IRS first issued crypto guidance in 2014 treating cryptocurrencies as property. Congressman Emmer initially introduced the Safe Harbor for Taxpayers with Forked Assets Act in 2018. In April the following year, Emmer led a letter along with 20 members of Congress to the IRS urging additional guidance. In October last year, the IRS issued guidance stating that the receipt of a forked virtual currency is a taxable event. However, the congressman argued that taxpayers receive forked coins automatically at the moment of the fork, often unwillingly and unknowingly. He concluded: The result is a tax policy that places an additional tax burden on taxpayers who have not realized any change, and in fact, may have no knowledge of this new tax burden. What do you think about this bill? Let us know in the comments section below. View the full article

PRESS RELEASE. Bitcoin.com Exchange is thrilled to announce the listing of BCVT, being available to trade on the 20th May 2021 at 10:00AM UTC. BCVT was created by the BitcoinVend team, as the native cryptocurrency of their BitcoinVend App. BCVT will start trading with USDT and ETH pairs. What is BitcoinVend? BitcoinVend’s mission is to enable cryptocurrency to become more integrated into everyday life, and the economy at large so that the world can make the most of this technology. As with most projects, BitcoinVend is solving a current issue in the market, one surrounding spending crypto more easily. The project does this by means of an all-in-one solution that combines the three core elements needed to facilitate trade: a marketplace, payment processing, and exchange. By combining these three elements in the same place and making it simple, the team has created a frictionless crypto ecosystem that anyone can use as they wish, which in turn will open the crypto market to millions of more people and reduce the need for converting it to fiat currency. With just a Smartphone and BitcoinVend, the un-banked and citizens of countries experiencing hyperinflation have a simple solution which anyone can understand. BitcoinVend solves the issue for these countries because there is no bank account or credit card required, setup is incredibly easy, and the user is then able to sell products or services to locals as well as gain exposure to a global community of potential customers. The deflationary nature of cryptocurrencies could help solve issues in countries such as South Sudan, Venezuela, and Zimbabwe, and with BitcoinVend using crypto is made incredibly easy. In conclusion, crypto has enormous potential to improve lives, BitcoinVend simply makes it a lot more practical, and eliminates the barrier to entry. What is the BCVT token? BitcoinVend Tokens (BCVT) enable the holder to become more deeply involved in the community and BitcoinVend ecosystem as a whole, below you may find BitcoinVend Token use cases: Membership BCVT can be used to acquire BitcoinVend Membership. In-App Fees The first function of BCVT is to cover fees within the app. In-App Payment App users can pay for goods & services in the app with BCVT. Signup Rewards To incentivize users to download the app, the team is giving away BCVT. Referral Rewards To incentivise users to refer others, BCVT will be used as a reward. Trust Score Locking additional BCVT within the app will contribute towards a user’s Trust Score. Bounty Rewards BCVT bounties will be offered to users with a high Trust Score for various activities. Mediation Rewards Users who mediate disputes will be rewarded with BCVT. Community Voting BCVT holders will be able to take part in voting. Staking Rewards BCVT holders will be able to stake their tokens. For more information one may find more information on the BitcoinVend token (BCVT) here. Strong Endorsement Danish Chaudhry, CEO of Bitcoin.com Exchange, shared his views on BitcoinVend, and their respective token: “One pain point for mass adoption is accessibility, and BitcoinVend’s mission is solving this via their products and platforms. I’m eager to see how this project evolves in the future, and I firmly believe that with their vision, this project can gain a lot of interest within the Bitcoin.com Exchange community.” Joe Jewson, BitcoinVend Co-founder & Marketing Manager expressed his enthusiasm with the listing, stating that: “It is with pleasure that we expose our new start-up and BCVT token to the Bitcoin.com Exchange community. As with all companies in the space our interests in mass adoption are aligned and together we can reach a wider market of people with solutions that enable cryptocurrency to become more integrated throughout society. Thank you 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, we offer an attractive platform for trading any cryptocurrency. Within one year since launch, on average, our exchange has been visited by more than 500K active traders per month, and this number continues to grow as you read this sentence. About BitcoinVend The mission of BitcoinVend is to enable cryptocurrency to become more integrated into everyday life and the economy, so that people and businesses can make the most of blockchain technology. With three core elements needed to facilitate trade: marketplace, payment solution and exchange, combined into a Smartphone App, BitcoinVend enables users to buy/sell goods & services, settle payments and convert cryptocurrencies with speed, security and ease. 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

Australian Senator and Minister of Financial Services Jane Hume said that “cryptocurrency is not a fad. It is an asset class that will grow in importance.” She emphasized that the government won’t stand in the way of crypto investing. “We have to let people make their own decisions,” she said. Australian Government Won’s Stand in the Way of Crypto Australian lawmaker Jane Hume said on Thursday that cryptocurrencies are not a passing fad and will grow in importance as an asset class, the Financial Review reported. Her crypto comments were part of her speech outlining the Morrison government’s approach to a new wave of digital financial platforms and products. Hume is an Australian senator and the Minister for Superannuation, Financial Services, and the Digital Economy. She is also the Minister for Women’s Economic Security. Commenting on the rising number of platforms — such as Tiktok, Facebook, Instagram and Reddit — that provide information and give investment advice to investors, the senator said: We have to back Australians to be sensible enough to judge for themselves whether to put their hard earned money into higher-risk assets. She acknowledged that there is some bad information and investment advice online that could lead to losses for investors who follow them. However, the senator noted that there is also good advice. The Australian Securities and Investments Commission warned last year of an increase in unmoderated social media content on markets and investments that targeted unsophisticated retail investors. The senator said: While it is frustrating for investment professionals to watch, at some point we have to let people make their own decisions … It’s about personal responsibility and common sense. This approach taken by the Australian government extends to cryptocurrency, including the meme crypto dogecoin, which has been heavily promoted by a number of people including Tesla CEO Elon Musk. While emphasizing that cryptocurrencies, like any other asset class, are “subject to Australian law, including our market conduct, know-your-client and tax laws,” Hume clarified: I would like to make something clear: cryptocurrency is not a fad. It is an asset class that will grow in importance. If you want to invest in dogecoin, I won’t stand in your way. Personal opportunity and personal responsibility are two sides of the same coin. Senator Hume concluded: “The fact that some people make poor decisions does not justify restricting the ability for ordinary Australians to participate in investment. If we see some people lose money and use this to justify onerous restrictions on the bulk of Australian consumers, we exclude them from the benefits of capital growth that go hand in hand with economic growth.” What do you think about the comments by Senator Hume about cryptocurrency? Let us know in the comments section below. View the full article

According to reports, over 100,000 African youths have taken part in Binance’s crypto and blockchain education barely a year after the learning program was launched. Dubbed the Binance Masterclass, the education initiative is aimed at equipping newcomers with basic knowledge about cryptocurrencies. Also, as one report explains, the initiative seeks to stop young African traders from becoming victims of cryptocurrency scam tactics. The report said: The Masterclass is primarily aimed at helping crypto newbies (learn) how to identify scams, buy and sell crypto as well as the more advanced concepts such, margin and futures trading as they get started on their crypto journey. In addition, the report also quotes Emmanuel Babalola, a director at Binance Africa, explaining how the learning course is being used to prepare African youths “for career opportunities in the [crypto] market.” “Africa is a very important market for Binance because we see the profound opportunity blockchain brings to the entire continent,” Emmanuel Babalola, a director at Binance Africa explained. A myriad of reports has shown throughout 2021, that Africa is leading the world in terms of peer-to-peer trading volume in regions like Nigeria, Kenya, South Africa, and Ghana. Launched in the Nigerian city of Benin in late January 2020, the six-hour intensive seminar “included a comprehensive crash course into understanding bitcoin, blockchain and trading.” However, for the latest Binance classes, students went through a training course that ran for eight weeks between January and March 2021. This series would be “concluded with a demo show where 10 groups, comprising five developers each, showcased their applications.” What do you think of Binance’s crypto education series? Tell us what you think in the comments section below. View the full article

A major chipmaker keeps making efforts to calm down the gaming community’s anger toward cryptocurrency miners who are taking the lead in buying graphic cards massively, boosting its prices. Nvidia has announced that it will deliberately limit the capabilities for some of its newly graphic cards to keep a balanced inventory for gamers. Cards With Limited Hashrate Will Be the Ones Shipped Starting May According to the announcement published by the chipmaking giant, the measure will reduce the ethereum (ETH) hashrate to Geforce RTX 3080, RTX 3070, and RTX 3060 Ti graphics cards. The decision follows a similar maneuver done in February with all Geforce RTX 3060 cards. Nvidia pointed out that the new graphic cards will be shipped in late May, although a specific date was not provided as of press time. However, the chipmaker clarified that reduced hashrate only applies to manufactured cards with the “LHR” (Lite Hash Rate) identifier and not with graphic cards already purchased. On the statement, the company said: We believe this additional step will get more Geforce cards at better prices into the hands of gamers everywhere. Cryptocurrency miners, specifically ETH ones, need fast graphic processing units (GPUs) to solve algorithmic puzzles – something that graphic cards like Nvidia provide could make smoothly. On the other hand, bitcoin (BTC) miners need the technology supplied by application-specific integrated circuits (ASICs). Dealing With Expensive Prices of the GPUs Such a fact has made graphic cards manufactured by companies like Nvidia see significant demand and become more expensive in the market. Now, an RTX 3080 card is being sold at a ticket price of $3,600 – an astonishing figure compared with its regular price of $880 when virtual currency mining was not a trending topic. Other GPU-related manufacturers had to take measures to deal with the high prices of graphic cards and offer accessible prices to gamers. In March, AMD was looking to introduce a GPU for mining ETH. The AMD Navi 12, a GPU first introduced exclusively for Apple Macbook Pro devices, could be the first crypto mining-related specific processor launched by the company. What do you think about Nvidia’s announcement? Let us know in the comments section below. View the full article

Australians have been learning more and more about cryptocurrencies but it turns out some myths and misconceptions are still widespread among the general public Down Under. As a most stunning example, over half of the participants in a new poll by Finder believe Elon Musk invented the first crypto network, Bitcoin. Finder Tests Australians With 8 Questions About Bitcoin The comparison website Finder.com has recently surveyed 1,000 Australians to gauge their knowledge about Bitcoin. The study, conducted through its Consumer Sentiment Tracker, found that a staggering 98% of the respondents were unable to answer correctly a total of 8 true or false questions regarding the cryptocurrency. “Bitcoin is not taxed” produced the most obvious discrepancy with reality, with 59% of the participants determining that the statement is true. Cryptocurrency profits, Finder notes, may be treated either as income or an investment for tax purposes. “When you sell it, you’ll need to pay capital gains tax on your earnings. We recommend you seek independent advice from an accountant,” the authors add. A popular myth is that “Elon Musk invented Bitcoin,” and not some anonymous developer known as Satoshi Nakamoto. The founder of Tesla and Spacex denied the speculation a long time ago but 56% of Australians still agree with it. Men (62%) are more likely to make that mistake than women (51%). The famous entrepreneur turned-crypto-influencer often pushes markets up or down with his tweets, which has probably led to the false impression. Bitcoin Is at Least 15 Years Old, According to 44% of the Surveyed Many of the respondents are also convinced that BTC is older than it actually is, with 44% backing the claim that “Bitcoin has been around for more than 15 years.” And another 44% think “There is an unlimited number of Bitcoins to be mined,” when the supply is finite, limited to a maximum of 21 million. Over half of Generation Z members (51%) believe in the false statement compared to only a third of Baby Boomers (34%). Many Australians are not aware of the great number of cryptocurrencies that have been created since the birth of Bitcoin. Of the surveyed, 39% were positive that “There are less than 100 different cryptocurrencies.” In fact, more than 9,000 crypto coins exist and the number is constantly growing. Then almost a third of participants in the study, 31%, estimate that “One Bitcoin is worth more than AU$100,000” (approx. $77,000) putting its price well above the current market rate. Another wrong assumption shared by 31% of the interviewed is that “You can’t use Bitcoin to buy things.” In reality, thousands of businesses across Australia accept cryptocurrency payments, Finder remarks. “There are Bitcoin ATMs and debit cards that make it easy to convert your Bitcoins to cash and spend them like any other currency,” the site’s report elaborates. But what’s even more surprising is that a fifth of Australians (22%) are sure that “Bitcoins are a physical currency.” The survey comes out as a Senate committee tasked to explore options to implement new financial technologies in the country is preparing to finalize an inquiry that started back in 2019. The Senate Select Committee on Australia as a Technology and Financial Centre is planning to develop a comprehensive regulatory framework for cryptocurrencies and other digital assets following in the footsteps of similar jurisdictions such as Canada and the European Union. What do you think about the findings in the survey? Share your thoughts in the comments section below? View the full article

The Indian government is reportedly looking to form a new “panel of experts” to focus on ways to regulate the cryptocurrency industry in the country. “There is a view within the government that the recommendations made by Subhash Garg are dated and a fresh look is needed at use of cryptos rather than a total ban,” local media reported. Indian Government Re-Examining Crypto Bill The Indian government is considering forming a new “panel of experts to study the possibility of regulating cryptocurrency in India,” The Economic Times reported Wednesday, citing three sources privy of the discussions. The committee could be exploring the use of blockchain technology and suggesting ways to regulate cryptos as digital assets instead of a currency. It may also study ways to operationalize the digital rupee to be created by the central bank, the Reserve Bank of India (RBI). An official familiar with the matter told the publication: There is a view within the government that the recommendations made by Subhash Garg are dated and a fresh look is needed at use of cryptos rather than a total ban. The Garg committee drafted a cryptocurrency bill entitled “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019.” It was published in July 2019. The draft bill recommends a blanket bank on cryptocurrencies except for state-issued ones. Soon after the bill was published, Garg left his position in government. He recently explained that when his committee drafted the crypto bill, cryptocurrencies were mainly used as a currency. Now that they are widely used as assets, he has urged the government to regulate them as crypto assets. Earlier this year, the Indian government planned to introduce a bill entitled “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021.” While the content of the bill has not been made public, many suspect that it is based on the bill drafted by the Garg committed. The bill was scheduled to be introduced during the Budget session of parliament. However, the session ended and the crypto bill was not introduced. Regarding the formation of the panel of experts, the discussions are at an early stage and the finance ministry is monitoring the growing volume of cryptocurrency trading in the country, sources told the publication. Among the people being considered to be part of the new committee is Minister of State for Finance and Corporate Affairs, Anurag Thakur. In February, the minister said that the crypto bill “is being finalized and would be sent to the Cabinet soon.” Do you think the Indian government will still ban cryptocurrencies? Let us know in the comments section below. View the full article

A new bill obliging candidates running for election in Russia to declare their spending on digital assets has hit the floor of the State Duma. According to the draft, Russian politicians will be required to disclose details about every crypto purchase they and their families make, if the total exceeds a certain amount. Candidates to Provide Details About Their Cryptocurrency Dealings The Russian State Duma, the lower house of parliament, has adopted on first reading a draft law that will incorporate the disclosure of cryptocurrency purchases into Russia’s electoral legislation. Candidates running for government positions will have to reveal the amounts they have invested to acquire digital financial assets, a term encompassing digital currencies. The bill, which has been proposed by the government, introduces necessary amendments following the adoption of the Law “On Digital Financial Assets and Digital Currency,” business news agency Prime reported. It will oblige election runners to share information regarding their crypto-related expenses, including those of their spouses and children. The rule applies when the combined amount of these investments exceeds the total income received by a candidate and their household in the last three years. At the same time, Russian politicians will also have to provide details revealing the source or multiple sources of the funds used to finance such transactions. Bill to Update Laws on Electing Russian President and State Duma Members The new piece of legislation amends two important federal acts – the Law “On Electing the President of the Russian Federation” and the Law “On Electing Deputies of the State Duma.” The changes also concern laws defining basic electoral rights of citizens of the Russian Federation, including the right to participate in referendums, and a number of other legislative acts. The updated regulations will come into force for the first election to be held following the adoption of the bill. In December, Russian President Vladimir Putin signed an order compelling government officials to disclose their cryptocurrency holdings. According to the document, employees of the state administration are now expected to submit detailed information about where they bought digital assets and report their value by the end of June this year. What’s your opinion on the proposed amendments obliging electoral candidates in Russia to disclose details about their crypto investments? Share your thoughts in the comments section below. View the full article

While crypto markets, in general, have been dropping significantly in value, the decentralized finance (defi) economy has shaved more than $21 billion during the last week. Statistics show that the total-value locked (TVL) in defi touched $87 billion on May 11, and since then the aggregate total has slid to $66 billion in value. Weekly Stats Show Defi’s Total-Value Locked Metric Loses $21 Billion, TVL Drops 24% Decentralized finance (defi) has been a very popular subject in 2021, as the economy’s TVL has accrued billions of dollars in just a few short months. Last week, the TVL in the defi economy according to defipulse.com data had shown the defi economy came awfully close to reaching $100 billion when it tapped $87 billion last Tuesday. Eight days later, the TVL in defi has shed more than 24% dropping to $66.6 billion on May 19. For example, crypto-assets leveraged in the defi economy like ethereum (ETH), binance coin (BNB), and the slew of ERC20 assets in existence, have all lost considerable value during the last three days. ETH has shaved 30% off its price, while BNB lost 26% over the course of the last day. Native coins for defi projects like Uniswap’s UNI have lost value as well, as UNI has seen a 27% drop in value during the last 24 hours. The only defi tokens that have not lost value are fiat-pegged stablecoins such as DAI, USDC, and USDT. $41 Billion in Dex-based Swaps- Decentralized Exchange Volumes Still High At the time of publication, statistics show that the Aave project commands the most dominance on defipulse.com’s aggregate TVL with 14.91%. Daily percentages show Maker is down 20%, Aave 1.65%, Compound 9.9%, and Polygon 1.7%. Dex data for the last 24 hours and seven-day stats. Decentralized exchange (dex) percentage drops show Curve is down 7.4%, Uniswap 6.7%, and Sushiswap is down 6.2%. However, trade volume stats from Dune Analytics shows dex volumes have hit $41 billion during the past seven days. Dex volumes have been sky high all year long, as popular dex platforms have been moving in on centralized exchange competitors. Data further indicates that Uniswap commands the top trade volume out of 16 dex platforms listed on Dune Analytics dex stats page today. The list includes Uniswap, Sushiswap, 0x Native, Curve, Bancor, Balancer, Tokenlon, Dodo, Dydx, Synthetix, Kyber, Airswap, Mooniswap, Linkswap, Ddex, and 1inch respectively. During the past 24 hours, Uniswap has seen $5.5 billion in global trade volume, while Sushiswap it’s forked competitor, captured $2.7 billion. What do you think about the defi economy losing over $20 billion during the last week? Let us know what you think about this subject in the comments section below. View the full article

The vice president of the European Central Bank (ECB), Luis de Guindos, has warned that crypto assets are “not a real investment” and are “subject to a lot of volatility.” His comments followed massive sell-offs across a broad range of cryptocurrencies. ECB VP Says Crypto Is Not a Real Investment European Central Bank Vice President Luis de Guindos has warned about cryptocurrency investing in an interview with Bloomberg Wednesday. Referring to cryptocurrency, he said, “This is an asset with very weak fundamentals and that is going to be subject to a lot of volatility,” adding: When you have difficulties to find out what are the real fundamentals of an investment, then what you’re doing is not a real investment. His comment came amid sell-offs in a wide range of cryptocurrencies. Bitcoin’s price briefly fell below $30K on some exchanges, such as Bitfinex. However, the price has recovered slightly and is hovering around the $38K level currently. In its Financial Stability Review, the ECB said that the risks posed by bitcoin to the wider financial system appear to be limited. VP Luis de Guindos noted: The situation we had some months ago when prices were rocketing is not very different to the one that we have now when prices are moving down. Recently, ECB Chief Christine Lagarde said that bitcoin has no intrinsic value and investors should be prepared to lose all money if investing in crypto assets. She is also concerned that certain cryptocurrencies are “prone to money laundering activities.” What do you think about what the ECB vice president said about cryptocurrency? Let us know in the comments section below. View the full article

The Coronavirus pandemic has driven people to take advantage of new business lines to deal with the economic crisis, and cryptocurrency is once again a headliner. Internet cafe owners in China are using their facilities to set up crypto mining farms after temporarily shutting down in 2020. Owners Are Earning Around $6,200 Monthly According to Sina, quoting a recently published report, almost 13,000 internet-fueled cafes that operate 24 hours a day, are depending on their high-end computers to mine digital assets, as their PCs were originally conditioned for gamers. Some of them claim to earn over 40,000 yuan ($6,200) worth in virtual currencies on a monthly basis. The report states that some owners are even using 200 computers to run mining operations. Wang Xi, a Chinese internet cafe proprietary, commented that the attendance in his business is still “not high.” “Working days are less than 50%, and mining is done when computers are idle,” he added. The cafe-based mining farm owner claims to have earned over 200,000 yuan ($31,000) since September 2020. He stated that some of his colleagues turned to digital asset mining because of its profitability: Due to the impact of last year’s epidemic, Internet cafes were closed for a long time, and the flow of people was not particularly large. Only recently has it improved slightly. As far as I know, most Internet cafes in the entire Nantong urban area have chosen to mine. He also provided further technical details on his mining rig: I have a shop computer that uses a 1060 5GB graphics card. The mining power is 15 MB, and the income per trillion is 0.8 yuan. If you calculate the amount of 100 computers, the monthly income is 37,000 yuan ($5,750). The electricity consumption in the industry is only 0.6 yuan/kWh. South Korean Internet Cafe Owners Are Also Profiting From Crypto Mining Another owner quoted by the report, Zhang Li, who talked under a pseudonym, believes “mining is definitely the best choice that can be made within the scope of limited resources.” Crypto mining already allowed him to yield profits of around $7,750 monthly. This maneuver to deal with the pandemic-driven crisis is not the first-of-its-kind in Asia. As Bitcoin.com News reported early this year, cafe internet owners, known as “PC bangs,” in Seoul, South Korea, are mining ether (ETH). The PC bangs are also relying on highly-end computers with top-notch graphic cards in the wake of the Covid-19 crisis. What are your thoughts on Chinese PC cafe internet owners turning into crypto mining? Let us know in the comments section below. View the full article

Wells Fargo will soon offer “a professionally managed solution” for cryptocurrency to clients. “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,” said the president of Wells Fargo Investment Institute. Wells Fargo Getting Into Crypto Darrell Cronk, the president of Wells Fargo Investment Institute, a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank, revealed his team’s crypto plans to the Insider in an interview published Wednesday. He said that his firm is in the final stages of adding an actively managed cryptocurrency investment strategy to its platform for qualified clients. The crypto research and due diligence effort are being led by Greg Maddox, head of Global Manager Research, a division of Wells Fargo Investment Institute. Emphasizing that the firm has been searching for “a professionally managed solution” for months, Cronk expects the strategy to be added to the platform around mid-June. He also explained why Wells Fargo has changed its mind about offering a crypto service to its clients. The firm was previously concerned about the lack of regulatory clarity around cryptocurrency. John LaForge, head of real asset strategy for Wells Fargo Investment Institute, said in December that his team did not have an official recommendation on cryptocurrency and clients could not hold crypto at Wells Fargo. However, Cronk clarified: 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. Nonetheless, he cautioned that cryptocurrency is an evolving asset class that needs deeper due diligence. “So we’re still not suggesting in our work that it is its own dedicated asset class with a strategic allocation to it in every portfolio,” he emphasized. “For those investors who qualify and have an interest, there’s some good academic and money-management work to suggest that it can be a nice diversifier to portfolio holdings.” Wells Fargo’s new crypto investment strategy is expected to be limited to qualified investors. Cronk explained that there are still “plenty of risks” associated with cryptocurrency investing, including operational, regulatory, and technology failures. However, he concluded: There’s a whole element of consumer protections and regulations that have to still evolve with the changing landscape. So we’re not without risk, it’s just that we think there can be a viable investable option for those clients who show an interest. What do you think about Wells Fargo changing its mind about cryptocurrency? Let us know in the comments section below. View the full article

Digital currency markets have shed billions in value over the past week and during the market carnage, bitcoin haters have come out in flocks. Moreover, according to numerous crypto skeptics, bitcoin has officially died 21 times this year and this week’s downturn is sure to provide another eulogy. Bitcoin Haters Step Out to Troll Crypto Proponents On April 14, 2021, the price of bitcoin (BTC) tapped an all-time price high at $64,895 per unit, and then slid to a low of $30,066 a touch over a month later on May 19. That’s a percentage loss of 53% down from the high. Tesla has 💎 🙌 — Elon Musk (@elonmusk) May 19, 2021 BTC has regained some of the losses it has taken on Wednesday morning, but is still down quite a bit from yesterday’s price highs. Market trauma like this causes numerous bitcoin haters to come out of the woodwork, as many feel the need to explain to the public that crypto is nothing more than speculative ‘tulip mania.’ On Wednesday, the bitcoin hater Nouriel Roubini tweeted about BTC after the prices plunged to new 2021 lows. “Bitcoin falls more than 40% from its peak in less than one month. Which institutional investors are reckless enough to invest in such a risky and volatile pseudo-asset with no intrinsic value? Roubini asked. “They should be fired on the spot if undertaking such a reckless speculative gamble,” the skeptic further added. The gold bug and economist Peter Schiff believes that this is a full-fledged “bitcoin bear market.” “The most bearish aspect of the Bitcoin bear market is that it’s been slow and steady, at least by Bitcoin standards,” Schiff’s tweet noted on Wednesday. “So far there hasn’t been a crash that would indicate capitulation. Instead, Bitcoin bulls remain steadfast, their faith unshaken as they confidently buy every dip.” Meanwhile, droves of BTC supporters are unshaken it seems, and many believe the bad times will soon be over. “For those new to crypto, please let me introduce our old friend honey badger. Honey badger don’t care,” Watchdog Capital’s Bruce Fenton said on Wednesday. “Not concerned,” the host of the Youtube show ‘Colin Talks Crypto’ stressed. “Bull run is still on. I sold a small bit of BTC and ETH yesterday. Going to re-buy lower,” the Youtuber added on Wednesday. 2021 Has Seen Approximately 21 Bitcoin Obituaries 2021 has seen all-time highs (ATH) as far as a number of crypto assets are concerned and BTC spiked 2x higher than 2017’s previous ATH. However, 2021 has seen a number of “Bitcoin Obituary Stats,” as approximately 21 deaths have been recorded on the web portal 99bitcoins.com. So now that #Bitcoin is dead again what are you all up to? — Ben Kaufman (@_benkaufman) May 19, 2021 BTC had a recent obituary published on May 18, 2021, which was written by The Independent author Tim Mullaney. The death sentence called “The Harsh Truth About Crypto” explains why Mullaney truly believes BTC is “basically nothing.” The Independent author adds: And that’s why the world’s most-traded cryptocurrency is worth basically nothing… Don’t even start on the notion that bitcoin is a currency or a store of value, or a hedge against inflation. The unstable price chart belies all of those notions, as does exposure to bitcoin advocates, none of whom will be running the Federal Reserve soon. Mullaney’s opinion highlights that bitcoin isn’t much of a ‘revolution’ unless someone can tell him what the “revolutionary technology does in the real world.” The author concludes that “Amusing Elon doesn’t count. For crypto, t’aint much.” In addition to Mullaney’s opinion editorial, there’s 20 more obituaries that stress bitcoin is sitting in a casket while this article is written. At the time of publication, at 11:30 a.m. (EST) on Wednesday, bitcoin (BTC) is exchanging hands for $36,979 per unit. What do you think about the recent hate toward bitcoin’s market downturn and the 21 bitcoin obituaries published on 99bitcoins? Let us know what you think about this subject in the comments section below. View the full article

Sony, the electronics giant, has revealed a patent that would introduce bitcoin wagering in its consumer electronic products and consoles, like the Playstation system. Spectators of a game could wager about what will happen next in an e-sports competition, and odds would be calculated by a machine algorithm depending on rankings or previous match history. This could be tied to some movements Sony made earlier this year. Sony Files Patent for Bitcoin Wagering on Playstation Sony, the consumer electronics company, has revealed it filed a patent for gambling or wagering in e-sports competitions that would include bitcoin as a usable currency. The patent, which was filed back in 2019, would include a machine algorithm to calculate the odds of every bet based on the abilities of the players or in the previous match history. The filing mentions this system might be run in a slew of consumer electronic devices, mentioning Sony’s crown jewel, the PlayStation. But it also includes other systems, like consoles made by Microsoft and Nintendo, VR-based entertainment systems, and even personal computers, suggesting the patent has a big scope of implementation. The filing states that: Wagers may be pecuniary, e.g., money or bitcoin, or may be non-pecuniary, e.g., game assets, digital rights, and virtual currency. The filing implies the system would also let users bet in-game currency or assets, or even NFT’s. However, some caveats apply: it’s difficult to ascertain how these wagers would be paid, due to the difficulty of determining the real market value of an NFT or a game asset. This could be another stream of revenue for Sony and the organizations that host e-sports competitions, that have gained popularity during these last years due to the Covid-19 pandemic. These competitions and tournaments are followed by millions of players worldwide, and if just a tiny part of this following uses the system, it could transform into a significant form of revenue for the future. While the patent has received some criticism for possibly encouraging gambling in the gaming community, Sony might be betting on gaming becoming more adult, and allowing for this kind of side activities that go with the new trends of gaming and wagering online. Previous Acquisitions Now Click This new patent disclosure could have something to do with some of Sony’s previous acquisitions. Sony acquired the Evolution Championship Series, one of the biggest e-sports competition, earlier this year so this might be a part of a coordinated plan to test the system in a comfortable way, with Sony owning all of the elements in the chain. The 2019 edition of the event had more than 9000 participants and was broadcasted to hundreds of thousands of viewers online through Twitch. However, thousands of patents are filed daily and most of them are never implemented, so this could be all speculation. Sony itself introduced the idea of using bananas as controllers in another recent patent, disclose last March. What do you think about Sony’s Bitcoin wagering patent? Tell us in the comments section below. View the full article

PRESS RELEASE. Sweet’s consumer-first enterprise NFT platform now allows brands to seamlessly offer NFTs through existing online store-fronts. New York, New York – Sweet, the leading enterprise NFT solutions provider, announced the integration of its NFT distribution platform into the Shopify marketplace, empowering brands, shop owners, and IP holders to sell NFTs through existing online store-fronts. The addition of Sweet into the Shopify platform enables global retail and entertainment brands to capitalize on the growing demand for NFTs while keeping consumers in their own branded checkout experience. According to Tom Mizzone, CEO and founder of Sweet: “To date, NFTs have been primarily sold through third-party crypto marketplaces, forcing brands to make the hard choice of directing consumers to an off-brand experience. Additionally, broader consumer bases want to buy and own NFTs but are confused by complex and intimidating blockchain wallet setup, and don’t know how to get started. Now anyone can get into the NFT game through the familiar Shopify checkout experience, furthering Sweet’s commitment to brand partners by prioritizing the consumer experience.” Sweet’s scalable NFT platform is democratizing NFTs and creating broader ways for retail and consumer brands to offer digital collectibles to their users. The ability to sell and distribute through Shopify’s e-commerce platform not only enables direct NFT sales but also enables gamified, bundled, “gift with purchase” NFT experiences with physical merchandise. “Imagine randomizing and bundling digital assets with t-shirts, vinyl albums, sneaker drops, and more,” said Ken Ellis, CTO of Sweet. Ellis continued, “Now imagine gamifying the merch store by hiding Willy-Wonka style golden ticket NFTs in the bundles, surprising and delighting consumers with one-of-a-kind experiences. Not only can brands use Sweet’s technology to create engaging consumer experiences, drive sales, and drive profit margins, but the NFT can serve as a cryptographically secure digital certificate of authenticity. The NFTs are publicly verifiable and can’t be counterfeited, and packaging them with physical goods also ensures the authenticity of those goods.” Sweet’s blockchain-agnostic, eco-friendly NFT solution is bringing digital collectibles to the masses by offering retailers flexible distribution options and the ability to mint cost-effective branded NFTs across multiple blockchains. Sweet’s magic is in making these unique digital assets easy for consumers to acquire and receive with no crypto knowledge or expertise needed. The integration of Sweet’s NFT platform into the Shopify marketplace means that retail brands of all shapes and sizes can now offer NFTs to their consumers in use-cases that are specific and unique to their brand’s aesthetic and personality. According to CNBC, NFT sales in the first quarter of 2021 eclipsed $2 billion. Brands leveraging Sweet’s consumer-first solution are poised to capture a large percentage of sales as NFTs extend into the lives of everyday consumers. About Sweet Sweet is the broad-scale enterprise NFT solution taking a user-friendly, consumer-first, eco-conscious approach to digital collectibles. Sweet’s blockchain agnostic platform leverages multiple chains, each for the right use-case, allowing Sweet’s enterprise clients to create holistic, long-term NFT strategies that attract both high-end crypto enthusiasts as well as everyday loyal fans. Media Contact Details Name: Peter Keiser, Role: EVP of Marketing, Sweet Location: New York, NY Phone: (201) 775-9000 Email: press@sweet.io Sweet is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. 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

On Wednesday, cryptocurrency markets continue to drop lower in value, as the entire crypto-economy has plunged 17% below the $2 trillion mark and now rests at $1.801 trillion. Bitcoin, the leading cryptocurrency in terms of market capitalization, touched a high of $40,770 per unit at 4:48 a.m. (ET). A few hours after hitting that price range, the crypto asset tapped a low of $36,250 dropping over 11%. Cryptocurrency Markets Shed Billions, Crypto Economy Plunges Below $2 Trillion Bitcoin (BTC) has lost considerable value during the last few days, alongside a great number of other digital assets that have seen price drops as well. The entire crypto-economy has slid over 17% during the past 24 hours and rests under the $2 trillion range at $1.801 trillion. BTC/USD on May 19, 2021, via Bitstamp. BTC is currently exchanging hands for $37,544 per unit after tapping a low of $36,250 at around 7:30 a.m. (ET). Seven-day stats show BTC is down over 20% and 30-day records show BTC lost over 30%. Data during the last three months shows BTC is also down 24% on Wednesday. ETH/USD on May 19, 2021, via Deribit. The second-largest crypto asset in terms of market cap, ethereum (ETH) has shed 23% during the last day and 26% for the week. ETH is currently trading for $2,545 per ether but ETH’s market cap still commands 18% of the entire crypto economy. Out of the top ten coins, the two biggest losers today include binance coin (BNB), a top ten coin that lost over 26% in a day, and dogecoin (DOGE), which lost 26% as well. While BNB is swapping for $385 per unit, DOGE is trading for $0.34. DOGE/USD on May 19, 2021, via Binance. Industry Executive Speaks on China, India, Tesla, and Regulation Following the BTC drop below the $40k zone, a number of crypto executives and market strategists commented on the price slide. Monark Modi, the founder and CEO of Bitex says that there is heavy profit-taking at the moment and negative market sentiment in the air. “Price volatility in bitcoin has been observed for a while now and the drop from the previous high of $63k down to $40k was expected,” Modi wrote. “Some other factors contributing to the drop are also recent U-turn of Tesla in accepting the most popular cryptocurrency as payments. The investment scenario across the globe has been subdued owing to either government regulations like the ban on crypto trade by China or even closer home in India where investors are facing deposit and withdrawal challenges owing to rumours of financial institutions restricting transactions,” the Bitex CEO further stressed. My #Binance portfolio. Last week vs this week.#Bitcoin #cryptotrading pic.twitter.com/77okD0k1Lx — Shehryar Bukhari (@ShehryarBukhar8) May 19, 2021 $250 Billion Evaporated from the Bitcoin Market Last Week Ulrik Lykke, executive director at crypto hedge fund ARK36 also spoke about BTC’s price dropping below the $40k region. “Crypto markets are currently processing a cascade of news that fuels the bear case for price development,” Lykke explained. “Last week, more than 250 billion USD evaporated from the Bitcoin market alone. In absolute terms, such a number may seem astronomical. In terms of percentages, though, such market moves are frequent and we have seen similar ones in the past. In 2017, price dives in the range of 35%+ happened several times before the price topped out,” the ARK36 director said. #Cryptotrading Trends and the Expected ‘Real Peak of the Bitcoin Price’ Meanwhile, on Twitter, the hashtag trend #cryptotrading is trending on Wednesday with thousands of tweets about people getting “rekt” or otherwise “buying the dip.” Crypto investors in APRIL vs MAY #Bitcoin #cryptocurrency #cryptotrading pic.twitter.com/Wmz4OFjffb — Anshu K (@AnshuK10839564) May 19, 2021 Quite a few crypto participants tweeted before and after images of themselves going from rich to poor in a month. Ruud Feltkamp, CEO at crypto trading bot Cryptohopper says the leg down was to be expected and there’s been trading opportunities in altcoin markets. “Bitcoin’s current selloff is something that we expected,” Feltkamp said in a note to Bitcoin.com News. “Every year we see that the trading activities decline from May and only really increase again from September. Bitcoin going down like this presents excellent opportunities for traders trading altcoins. If this bull run is a bit like that of 2017, then we expect the real peak of the bitcoin price at the end of this year around New Year’s Eve, after which we will see another Alt season in early 2022,” Feltkamp further noted. All Eyes on Ethereum Markets Joel Kruger, cryptocurrency strategist at LMAX Digital said his team is focused on ethereum (ETH) markets. “The shakeup in crypto markets has intensified into Wednesday, with Bitcoin dropping back below $40,000 for the first time since early February and ether (ETH) sinking below $3,000,” Kruger told Bitcoin.com News. “Bitcoin and ether are now off some 40% and 30% respectively from recent record highs,” the LMAX executive said. Kruger further added: Our biggest concern with respect to the outlook right now, and particularly in reference to the price of ether, is that the monthly chart, as referenced in this report, is still showing the price of ether trading at severely overbought readings. This suggests there could be plenty more room for decline before ether finds its feet again. What do you think about today’s cryptocurrency market action? Let us know what you think about this subject in the comments section below. View the full article

To pave the way for greater adoption of non-fungible tokens and bring down the barriers hampering more widespread participation, Polygon is leveraging its parallel network’s proof-of-stake approach to reduce Ethernity Chain’s gas costs. Layer 2 Solution to Make Ethereum-Based NFTs More Accessible Non-fungible tokens (NFTs) remain the talk of the town, intriguing crypto enthusiasts and collectors alike with their value proposition for creators and unique ownership properties. Yet, despite the intrigue, the hype has also illuminated the many drawbacks of these novel tokens, primarily their steep environmental and transactional costs. For many interested parties, NFTs simply remain out of reach due to their costs. Costs in this context don’t simply refer to the price of the works being auctioned but also the accompanying gas costs, which can add hundreds of dollars to any transaction. Gas fees have been a hot topic this year, and although Ethereum has pledged to address this matter, the timeline for these improvements is hard to pin down. Fortunately, instead of waiting for Ethereum to roll out their answer, a Layer 2 solution has found a way to leverage its “internet of blockchains” approach to resolve these issues in a highly efficient manner. Enter Polygon, a protocol that can help any Ethereum-compatible blockchain connect with the network to benefit from its valuable properties without sacrificing speed or security. This scalable framework works on a proof-of-stake (PoS) consensus mechanism, using smart contracts to seamlessly interface with Ethereum while helping bring down gas costs to next to nothing. Although Polygon has traditionally focused on other blockchain-based activities that demand greater scalability, higher efficiency, and lower costs, NFTs represent the perfect area for this Layer 2 protocol’s implementation. A More Economical Modus Operandi for Ethernity To invite more mass participation in the NFT arena, Ethernity Chain, a prominent NFT marketplace, is embracing this very model to help make its platform more competitive. Incorporating Polygon into Ethernity’s platform will ensure that NFTs, which have traditionally only been the domain of high net worth individuals, can build more widespread appeal by taking a more mass-market approach. ERN, Ethernity Chain’s native token, will benefit from expanded liquidity options for token holders. The incorporation of Polygon will ensure that the costs of minting NFTs decrease dramatically, all while almost eliminating the gas fees associated with staking, swapping, and yield farming activities with ERN tokens. Besides helping Ethernity Chain maintain its socially-driven charitable model, this Layer 2 strategy will invite greater community participation by removing the existing accessibility barriers for aspiring NFT-owners. What do you think about Polygon’s approach toward the NFT ecosystem? Let us know what you think about this subject in the comments section below. View the full article

Cuba has witnessed some exciting times in the last few months as far as nationwide digital currency acceptance, but the road toward this goal is still under construction. The country’s central bank recently issued a warning about the rising number of cryptocurrency-related scam cases across the island. Alleged Crypto Scams Are Mentioned in the Alert According to the notice published by the Banco Central de Cuba, citizens should be aware of the Ponzi schemes hiding under legit-looking digital asset investments. The schemes have been scamming several people across the nation, whose has been hurt by a long-lasting economic crisis. The central bank’s officers also released the names of some of the alleged scams operating without licenses in Cuba, such as Mind Capital, Mirror Trading, Arbistar, Trust Investing, Qubit Life/Qubit Tech, X-Toro, among others. Arbistar has been under the loop of the Spanish authorities, as the bogus company is accused of being a million-dollar crypto scam that dumped on thousands of individuals in several countries. Banco Central de Cuba commented on such red-flagged firms: “These organizations are characterized by offering, through misleading advertising on social networks and other platforms, the possibility of making ‘sophisticated investments’ even using crypto assets as a novel resource, with the intention of awakening the interest of consumers. Such ads generally promise a way to make a profit quickly and easily, with no apparent risk.” Cuban Government Does Not Endorse Any Existing Crypto Project Furthermore, the central bank points out that the Cuban government isn’t currently endorsing any virtual currency-related projects in the country and, in fact, “advises the public not to get involved in operations of this nature.” Despite the warning issued by the Banco Central of Cuba, the president of the island, Miguel Díaz-Canel, discussed the possibility of including cryptocurrencies as part of his plan “for the convenience” of the national economy. As Bitcoin.com News reported last week, Díaz-Canel wants to assess the feasibility of implementing such decentralized technologies and their impact on the country. However, he didn’t confirm whether or not he decided to adopt digital assets or create a central bank digital currency (CBDC) as of press time. What do you think about the warning issued by the Cuban central bank? Let us know in the comments section below. View the full article

An international tax expert, David Lesperance, says South Africa’s revenue collector is closing in on cryptocurrencies, and holders of these assets need to take the initiative and approach South Africa Revenue Services (SARS) before it descends on them. Lesperance argues that by making the first move, cryptocurrency investors will be able to avoid the punitive penalties that SARS often imposes on tax dodgers. Crypto Taxes Inevitable In the meantime, Lesperance, in remarks that were made during a call with Bitcoin.com News, urged crypto holders to get over “the fantasy that they are not going pay taxes.” Also, in his message aimed especially at early crypto adopters, the tax expert explains how features of the public ledger work in the favor of revenue collectors like SARS. He said: Cryptocurrency based transactions are a revenue collector’s dream because everything is on the public ledger whose data cannot be changed. Lesperance, who recently delivered a presentation at a recent tax webinar, adds that because public ledgers are censorship-resistant, the revenue collectors’ “only” task would be to identify holders of the crypto assets. This task, according to the tax expert, is made easier by cryptocurrency exchanges as well as token issuers who “will give up their clients” when asked to by SARS. The Distinction Between Early Adopters and Family Offices Meanwhile, the expert suggests that early crypto adopters may have to follow in the footsteps of family offices that specialize in managing the wealth of high net worth individuals. According to Lesperance, these family offices understand why their clients must pay taxes even on gains made from crypto investments. Nevertheless, before paying the taxes, these family offices will seek expert advice from tax professionals. These professionals will in turn secure the best tax rate for their clients. In his closing remarks, Lesperance, who has been receiving many inquiries from crypto investors, says South African crypto holders will have to spend money in order to minimize their tax liabilities. Do you agree will the assertion that all crypto-asset holders need to declare their holdings to tax collectors? Tell us what you think in the comments section below. View the full article

Chess.com, one of the most popular chess internet sites, has announced it will host a contest called “Cryptochamps,” a crypto-themed chess tournament. The event, which will be sponsored by Coinbase, will feature several important cryptocurrency personalities and will offer prizes that will be donated to charity next month. Crypto Meets Chess at Cryptochamps Chess.com, the largest chess-playing site on the internet, just announced it will host a new cryptocurrency-themed tournament called Cryptochamps. Powered by Coinbase, the online event will pit important crypto influencers and other characters against each other starting June 12. Some of the participants of the tournament include known Bitcoin influencer Anthony “Pomp” Pompliano, founder and CEO Of Optimism Jing Wang, co-founder of Paradigm Matt Huang, Coinshares CSO Meltem Demirors, Civic CEO Vinny Lingham, and the crypto podcaster Peter McCormack. The influencers will compete for a total prize of $25,000 that will be donated in its entirety to several charities. First, players will face defining two brackets, with winners going to the winners’ bracket, and losers continuing in the consolation bracket. Cryptochamps matches will be broadcasted live by chess.com on its Twitch channel. This tournament is part of a themed series of events that chess.com is making, being preceded by Pogchamps, another themed event. Cryptocurrency & Chess Are Trending This is not the only cryptocurrency-related chess championship slated to happen in the near future. FTX, the known crypto derivatives exchange, is now an official partner of the Champions Chess Tour 2021, hosting one of the individual events in the tour. Called the FTX Crypto Cup, it will feature the participation of several major chess players in the world, offering a prize of $320,000, of which $100,000 will be paid in cryptocurrency by FTX. Coinbase and FTX are now interested in bringing cryptocurrency awareness to other disciplines and sports, and chess is one of the most important disciplines out there. FTX CEO Sam Bankman Fried recognized this, stating that both online chess and digital finance were growing rapidly, with its company having an interest in fostering this relationship. The company Chess.com has been into crypto assets for quite some time now. Bitcoin.com News reported on Chess.com being convinced by a Bitcoin Cash supporter to accept the peer-to-peer cryptocurrency for memberships. At that time in March 2019, Erik Allebest, the CEO of Chess.com, noticed about 100 emails in his inbox and decided to add BCH support. What do you think about the Cryptochamps chess tournament? Tell us in the comments section below. View the full article

PRESS RELEASE. Blockchain-backed ecosystem, the Travel Coin Project, set to challenge the status quo by leveraging the ever-growing technology. The Travel Coin project is looking like a gamechanger in the tourism industry as the blockchain-backed solution is looking to bring freedom to different stakeholders in the market. The ecosystem includes the Travel Coin token, otherwise known as TCOIN, the Travel Coin Mobile App, and the all-inclusive Travel Coin Dashboard. The comprehensiveness of the project and its versatility, especially as it allows everyone and anyone to leverage decentralization in the tourism industry, are some of the unique features of the Travel Coin project. The popularity and acceptance of blockchain technology have continued to increase over the years, as more businesses across different industries look to harness its features and benefits. The multi-billion-dollar tourism industry has also embraced the technology, with the emergence of a wide range of solutions backed by blockchain. Unfortunately, many of the available solutions do not effectively address the needs of service providers and customers due to their incomprehensiveness. However, the team at the Travel Coin project as led by Dan Sebastian, aims to change this narrative through their all-inclusive ecosystem. The primary goal of the project is to allow as many people as possible, especially customers of the tourism industry, to use blockchain technology, leveraging a simple-to-use ecosystem backed by the Bitcoin Cash Blockchain. The ecosystem is designed to facilitate instant transfer of TCOIN tokens, the major currency of the project while also allowing business owners in the industry to reward their loyal customers by using the currency as a loyalty token. Problems of The Tourism Industry Despite the increasing growth of the tourism industry, stakeholders still face a wide range of challenges that have stalled the progress of the market in recent times. Challenges such as high reservation fees, difficulty in attracting customers, customer retention, and adoption of new technologies are some of the problems faced by customers and service providers. Features of The Travel Coin Ecosystem The ecosystem is designed to solve the several identified challenges of the tourism industry. The solutions are briefly highlighted as follows: Zero booking and management fees Tourists attraction through a well-thought-out, decentralized and secure reward system A modern ecosystem that consists of premium user-friendly mobile application Personalized experience through targeted information and recommendations. Travel Coin Mobile App The Travel Coin mobile app is one of the integral parts of the Travel Coin ecosystem, with features designed to help users access the amazing benefits of the structure on any smart mobile device irrespective of their location. Features of the app are highlighted as follows: Available on iOS AppStore & Google Play. Hotel Search and Booking. TCOIN token Wallet. Digital currency Wallets. Prices of TCOIN token-based services. TCOIN token reward information. TCOIN partners map. QR code TCOIN transactions. Friends list. Hotel & Services customer reviews. User-friendly admin interface for tourist business owners to manage their TCOIN tokens and effective customer engagement Features of The Travel Coin Dashboard Availability on mobile, tablet, and desktop. TCOIN token-based service management. Multiple team management. TCOIN Rewards Tracking. Profile Analytics. Messages to customers. Buy TCOIN tokens. Premium services. Loyal customers rewards. Targeted notifications. In-app advertising. The Versatility of the TCOIN Token The TCOIN token is unprecedented in the tourism industry, particularly due to its comprehensiveness and versatility. The token can be used as a reward in the industry, allowing businesses to attract new customers and reduce booking fees to zero. TCOIN can also be traded on different digital currency exchanges and platforms for other cryptos. Tourists can use the tokens anywhere in the world, including partner locations. Backed by the Bitcoin Cash blockchain, TCOIN tokens is fast, cheap, and secured by validators worldwide, and are transferable using blockchain technology. For more information about the Travel Coin Project and how to be a part of the tourism industry revolution, please visit – https://tcoin.one. The revolution also continues across social media, including Telegram, Twitter, and YouTube. 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 most recent Bank of America Fund Manager Survey finds that the most crowded trade is “long bitcoin.” Nonetheless, 75% of fund managers say the cryptocurrency is in a bubble zone. Fund Managers Say Long Bitcoin Is Most Crowded Trade but Most See Bubble The Bank of America (BoA) Fund Manager Survey for May, published Tuesday, shows that “long bitcoin” is currently the most crowded trade in the world. Last month, long bitcoin was the second-most crowded trade, with the most crowded trade being “long tech.” Bank of America surveyed 216 fund managers with $625 billion in total assets under management (AUM) between May 7 and May 13. According to the results, fund managers say “long bitcoin” is the most crowded trade at 43%. The survey notes that being identified as crowded has historically been associated with tops. This was not the first time bitcoin topped the list as the most crowded trade in a Bank of America Fund Manager Survey. It was also the most crowded trade in January before the BTC price hit record highs. The cryptocurrency also topped the chart during the 2017 bull run. Other popular trades among fund managers are long technology, long ESG, and short U.S. treasuries. The survey also found that inflation was identified as the top tail risk. Meanwhile, 75% of the fund managers surveyed said bitcoin is in a bubble zone. This was a slight increase from the previous month when 74% of fund managers said BTC was a bubble. Bank of America itself has also warned about the cryptocurrency being in a bubble. In January, the bank’s chief investment strategist said bitcoin was “the mother of all bubbles.” What do you think about this Bank of America survey? Let us know in the comments section below. View the full article

The blockchain company Tether has announced it will make available its stablecoin token as a native asset in Avalanche, a smart contract platform that has picked steam in the last year. Avalanche has a growing decentralized finance (defi) ecosystem, so this launch will most likely improve its state, providing users an official and safe way of parking and staking their assets on Avalanche. Tether to Launch on Avalanche Tether, the company behind the issuance of USDT, one of the most popular stablecoin tokens in the cryptocurrency market, has announced it is in the early stages of launching USDT on Avalanche, a smart contracts platform. While still being a young blockchain that launched last year, Avalanche has grown pretty fast. It is now a top 50 cryptocurrency, with a bustling defi environment that already moves large financial figures. Avalanche is also compatible with Solidity, so blockchain developers can easily port their apps quickly to the ETH ecosystem. Paolo Ardoino, Tether’s CTO, said they were delighted to invoke the launch of its stablecoin asset on the Avalanche chain. Ardoino stated: The launch of USDT on Avalanche will provide traders with a fast, cost-effective way to transfer USDT across different exchanges. Avalanche’s vision for a highly scalable blockchain with low transaction fees and interoperability has been endorsed by some of the brightest minds in the space. Emin Gün Sirer, director of the Avalanche Foundation, also touched on the importance this launch will have for users of the currency. Gün Sirer declared: Having USDT launch natively in Avalanche adds another core infrastructure to the rapidly expanding Defi ecosystem on the platform. It will be a welcome addition to users and developers propelling this continued growth. A Multi-Currency Approach While Tether was launched principally using the Omni protocol, a layer that piggybacks on top of the Bitcoin (BTC) blockchain, it has now changed primarily for fees and scaling-related reasons. As the cryptocurrency world evolved, and other chains started experiencing bustling activity due to the rise of defi-based platforms, Tether’s stablecoin joined this ecosystem. Tether is now present in several chains natively. A quick look at their transparency page, where they declare its full issuance, offers the whole picture of how divided Tether’s issuance is these days. USDT is now present in Omni, Ethereum. Tron, EOS, Liquid, Algorand, Bitcoin Cash, and Solana. But that’s not the whole story. Tether is also available non natively in chains like Binance Smart Chain as a pegged token, worth $3 billion at the time of writing according to Bscscan and more than 400,000 holders. Tether surely seems to be keeping up with this cross-chain trend, expanding to be more present across relevant blockchains in the future. What do you think about USDT launching on Avalanche? Tell us in the comments section below. View the full article

PRESS RELEASE. Cryptocurrency exchange Quidax officially announced a partnership with JulSwap. JulSwap is one of the biggest decentralized exchanges (DEX) on the Binance Smart Chain Ecosystem. Quidax also announced that it will be launching its ecosystem token, QDX, on JulSwap’s launchpad Julpad on May 19, 2021, at 10 am (UTC) QDX will be the first exchange token to launch on Julpad. On Twitter, the company revealed that the QDX private sale had sold out within 10 minutes. According to Quidax CEO Buchi Okoro, the speed of the private sale showed how enthusiastic the community is towards QDX. ‘’The record sale of the private allocation shows the enthusiasm towards QDX and our transition towards becoming the home of BEP20 tokens,’’’ he added. The private sale was the first phase of the token launch, with 3% of the total QDX supply made available to strategic partners and early community members. To keep everyone updated on the token launch, Quidax will be hosting two AMA session on Tuesday, May 18, 2021, by 3 pm (UTC) and by 5 pm (UTC). The sessions will be held on the JustLiquidity telegram channel and the QDX telegram channel. Both will feature Quidax CEO, Buchi Okoro and JulSwap CEO, Tobias Graf to answer questions about the token and how to get it. The exchange had recently revealed that it was evolving from its African-focused strategy towards a global strategy that will position it to become the global home of BEP20 tokens. Quidax also announced a partnership with JulSwap, one of the biggest decentralized exchanges (DEX) in the Binance Smart Chain Ecosystem. Last week the African founded startup shared that it had done over 3.2 billion dollars worth of transactions since launch and have grown their customer base from 50 customers in 2018 to over 400,000 customers across 72 countries today. Cryptocurrency Exchange Quidax has partnered with leading blockchain analysis firm, Chainalysis to provide transparency and reduce fraud cases within its ecosystem. Chainalysis has a track record of helping cryptocurrency platforms assess risk, safeguard against illicit transactions, and protect their reputations with superior Anti-Money Laundering (AML) solutions. Quidax will be able to leverage Chainalysis solutions to optimize its platform. About Quidax Quidax aims to be the home of BEP20, giving anyone access to tokens on the Binance Smart Chain (BSC), as well as popular cryptocurrencies. Apart from instant exchange services, Quidax enables OTC trading and gives fintech companies the tools to offer cryptocurrency services to their customers through a dedicated API. Quidax was officially launched in 2018 and has processed over $3 billion in transactions. Quidax also has a global appeal with over 400,000 customers in more than 70 countries. Quidax Token: Quidax.com/QDX QDX Token Community (Telegram): https://t.me/QDXToken Facebook: https://facebook.com/QuidaxGlobal Twitter: https://twitter.com/QuidaxGlobal Instagram: https://www.instagram.com/quidaxglobal/ Quidax Global Community (Telegram): https://t.me/QuidaxGlobal 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 crypto regulation crisis is on fire in South Korea, as politicians have struggled to reach agreements with top government officials to ease rulings. A local media outlet reveals that South Korean ministries “do not want” to take charge of the country’s digital assets’ regulation, after several meetings held in the last few days. Prime Minister Took Part of the ‘Crypto Summit’ According to SBS, lawmakers held some meetings over the weekend at Prime Minister Kim Bu-gyeom’s office as part of “crypto summits” to address regulatory issues. An unnamed government official quoted by the media outlet said that the talks with the Leader of the ruling Democratic Party, Song Young-gil, Yoo Young-min, the Secretary of the Office of the Blue House, and Prime Minister Kim didn’t have an optimistic conclusion: Most ministries do not want to take charge of the problem. A solution will emerge only after the ministries’ responsibilities have been spelled out. Participants in the meeting addressed the virtual currency bills proposed in the National Assembly, including the forthcoming crypto tax to take effect starting 2022. SBS highlighted that ten government institutions and ministries have some relationship with cryptocurrency-related topics. Cryptos Are Still ‘Virtual Assets’ With No Financial Value in South Korea However, the government remains reluctant to grant cryptocurrencies the term “virtual currencies,” instead of keeping naming them as “virtual assets,” which implies that such assets cannot be seen “as a financial asset.” The Democratic South Korean ruling party has been considering postponing the crypto tax as the national elections loom. Younger voters, which is a rising population in terms of digital asset adoption, tend to be on the side of the Democratic Party. Still, the government seems to be pursuing its agenda to apply taxation to crypto-related activities. As Bitcoin.com News reported early in May, officials from the South Korean Ministry of Strategy and Finance are set to apply a new rule for virtual currencies miners who earn tokens over $2,220 annually by imposing a 20% tax rate. What are your thoughts on the report? Let us know in the comments section below. View the full article