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Morgan Stanley’s chief global strategist says that “regardless of where the price of bitcoin goes next, cryptocurrencies are here to stay as a serious asset class.” He added that bitcoin is making progress towards replacing the dollar as a medium of exchange. Morgan Stanley Bullish on Bitcoin and Cryptocurrencies Morgan Stanley’s head of emerging markets and chief global strategist, Ruchir Sharma, published a report entitled “Why Crypto Is Coming Out of the Shadows” on the Morgan Stanley website last week. “Despite the jitters natural in a global pandemic, cryptocurrencies are rapidly gaining popular support as alternatives to gold (a store of value) and the dollar (as a means of payment),” he began. The strategist elaborated: We see fundamental reasons to believe that — regardless of where the price of bitcoin goes next — cryptocurrencies are here to stay as a serious asset class. Sharma explained that one reason “is growing distrust in fiat currencies, thanks to massive money printing by central banks.” Another reason is “generational,” as young people view cryptocurrency as an improvement over metal coins. He continued: “The worst knock on cryptocurrency as a store of value is its volatility, but unflinching demand from millennials has helped lower the volatility of bitcoin, even during the pandemic.” The strategist added that this age group believes “the open-source software behind Bitcoin makes it more transparent, transferrable and trustworthy than paper money printed by governments.” He emphasized that “this crypto-confidence may reach even deeper in emerging markets, where distrust in centralized authority runs high.” Sharma opined: Governments have been slow to recognize this evolution … Bitcoin is also starting to make progress on its ambition to replace the dollar as a medium of exchange. When the pandemic hit, the dollar was the world’s preferred reserve currency. However, “led by the Fed, every major central bank has been printing money madly to keep economies afloat during the pandemic, undermining confidence in all national currencies,” he described, adding that 20% of “all dollars in circulation were printed in 2020, and that binge was a huge boost to the appeal of bitcoin.” The Morgan Stanley strategist detailed: Today, virtually all bitcoins are held as an investment, not used to pay bills, but that is changing. “Last year popular payment platforms started accepting bitcoin and other digital currencies, a major step forward in their campaign to challenge the dollar,” he concluded. Last week, it was also revealed that Elon Musk’s Tesla will start accepting bitcoin as a means of payment for its products in the near future. Furthermore, Paypal and Mastercard are working to allow merchants on their networks to accept cryptocurrencies. Do you agree with the Morgan Stanley strategist? Let us know in the comments section below. View the full article

Digital currency prices are on the move again, after tumbling a hair downwards during Sunday evening’s trading sessions. On Sunday the price of bitcoin dropped -7.64% after touching a lifetime price high at $49,715 and then slid to $45,915. As trading sessions entered into Monday, BTC has regained some of the losses as it jumped northbound 4.62%. Crypto Markets Shrug Off the Recent Dip Bitcoin (BTC) and a slew of digital assets saw some significant losses yesterday, after a few crypto assets touched new all-time highs (ATH). BTC has been awfully close to the psychological $50k region, but hasn’t managed to cross the price zone yet. On Sunday, the price came really close at $49,715 per unit but tumbled downward after reaching that point. BTC/USD chart on Bitstamp on February 15, 2021. After sliding below the $46k zone, BTC is back up to the $47,800 to $48,150 region once again, but prices are still down 1.8%. The second-largest crypto asset, in terms of market valuation, is ethereum (ETH) which is swapping for $1,809 per coin. ETH tumbled yesterday, to a low of $1,710 per unit and has managed to regain much of the losses. Top ten market valuations on February 15, 2021, according to markets.Bitcoin.com. Cardano (ADA) slid to $0.78 per token but is back up to $0.87 per ADA. Polkadot (DOT) hit a low of $25.11 yesterday but is now swapping for $28.50 during Monday morning’s trading sessions. XRP, BNB, and LTC are all down a couple of percentages, but bitcoin cash (BCH) is up 2.77% and holds the ninth largest market cap. Bitcoin cash is currently trading for $719 per coin and has a $13.4 billion market cap. The tenth-largest blockchain, in terms of valuation, is chainlink (LINK) which is exchanging hands for $33.86 per unit. Jack Purdy: ‘Today’s Bitcoin Chart Is Near Identical to August 2017’ While many traders are discussing a few crypto markets reaching new ATHs, people are pondering if we are nearing the bull run’s top. On February 11, Civic founder Vinny Lingham said that when BTC reaches the $50k zone it should surpass it quite easily. “Just a hunch, but I think bitcoin blows through $50k on the first attempt,” Lingham tweeted. The August 2017 chart compared to today’s chart as shared by Jack Purdy on February 15, 2021. In another tweet, Lingham shared on Monday, he referred to a chart shared by Jack Purdy, which compares the August 2017 BTC/USD chart with the current 2021 BTC/USD chart. “It’s pretty mind-blowing that the bitcoin chart is damn near identical to August 2017. Anyone need a refresher for what happened next?” Purdy asked. Lingham added: Yup. This isn’t a bubble, yet. The next bubble is still coming… A Healthy Correction and Regrets Etoro’s Simon Peters said that even though BTC dropped in value after the peak, it was a perfectly normal correction. “Bitcoin climbed once more over the weekend, with strong buying on Sunday, propelling the price to a new peak,” Peters told news.Bitcoin.com in an investors note on Monday. “Bitcoin rose more than 25% during the week, to finish at yesterday’s peak,” Peters continued. “The price boost came after a series of major announcements from companies, including Tesla. Tesla’s move sparked further announcements from other industries last week, with many of the leading names in banking and finance announcing similar plans to integrate crypto assets,” the analyst added. Peters further stated: Having peaked overnight, bitcoin pulled back marginally Monday to around $47,000, but this is normal as some investors opt to take profits. Meanwhile, it doesn’t seem like the Chinese New Year crypto dump came to fruition this year. After prices were looking overheated, investors took profits and stepped off into the sidelines temporarily, but are now back. The fact that BTC prices are where they are today, is still quite surprising to some investors who missed the train. For instance, the head trader and founder of Asenna Capital, Assad Tannous, told his 95,000 followers a regretful statement. “At $10k I said BTC would end in tears,” Tannous tweeted. “I was right, I don’t own any, and I could cry.” What do you think about the recent price movements within the crypto economy? Let us know what you think about this subject in the comments section below. View the full article

Bitcoin Games releases its first exclusive slot game The Angry Banker with a $12,000 tournament! First Exclusive Slot Game Since Launch Our very own premium gaming portal Bitcoin Games has been bringing some of the most popular online casino games to crypto savvy gamers all around the world ever since its inception a few years ago. Now, the popular crypto casino has released it’s biggest exclusive game till date: The Angry Banker. The Angry Banker slot acts as a parody on how Bitcoin is changing the way that people transact with each other, in turn making the bankers angry as they can not control transactions happening on Bitcoin or any other cryptocurrency. The game features its own Jackpot that grows with each bet any player makes on the game. This pot amasses high amounts of Bitcoin and often gets very big, very fast – currently worth 25 BTC! The Angry Banker also includes big multipliers and 20 pay-lines, where each pay-line increases the chances of each bet resulting in a win. The Angry Banker jackpot grows with each bet any player makes on the game – currently worth 25 BTC! Two weekly tournaments are also being hosted by the casino where members can play The Angry Banker and win from a prize pool of $12,000. Top 3 players every day of the first week will grab prizes of up to 50% cashback and $1000 in cash, whereas the 2nd week will see Top 50 players claiming the lion’s share of up to $2000 each! Bitcoin Games has been growing in popularity ever since its launch earlier in 2016. The premium gaming platform offers high quality games combined with a smooth user experience and has quickly become one of the most popular crypto casinos to play with BTC & BCH on. The Angry Banker is now taking bets only on Bitcoin Games. Come and play the game exclusively at games.bitcoin.com/angrybanker. This is a promoted post. Learn more on how to reach our audience here. Read disclaimer below. View the full article

Dan Nathan, the founder of Risk Reversal Advisors, says that the U.S. government will not keep allowing corporations like Elon Musk’s Tesla to replace dollars with bitcoin. They won’t “let the dollar fall away from being the reserve currency for the world,” which could happen if corporations keep replacing dollars in their balance sheets with bitcoin. US Government Will Not Let Bitcoin Replace Dollars, Says Risk Reversal Advisors’ Chief Dan Nathan offered his view on the future of bitcoin in an interview with CNBC last week. His comments followed the news of Elon Musk’s Tesla investing $1.5 billion in bitcoin and planning to allow the cryptocurrency as a form of payment for its products in the near future. Nathan is the principal of Risk Reversal Advisors, which offers consulting services to investment banks, investment advisors, and private companies. He spent the late 1990s and the 2000s as an equity and options trader at hedge fund firms SAC, Exis, Cheyne Capital, and within the equity derivatives group of Merrill Lynch. He began by asserting that “the U.S. Treasury and the U.S. government” will not “let this thing get out of hand where literally corporates are starting to replace dollars to a large extent” with bitcoin. When asked specifically what the regulators could do to stop corporations from putting bitcoin in their balance sheets as Tesla did, Nathan exclaimed: They can regulate the hell out of it. That’s what they can do. He added: “We’ve already seen that. We’ve seen it to some extent.” The Risk Reversal Advisors founder affirmed, “I’m just telling you” that they are not “going to let the dollar fall away from being the reserve currency for the world,” emphasizing that this is effectively what is happening with corporations increasingly replacing dollars with bitcoin. Nathan continued: “Right now, we are in a bit of a euphoric state,” adding that both Tesla and bitcoin as “Two risk assets that have gained more than a trillion dollars combined in the last six months and it’s all based on hopium.” The advisor further opined: “All these people, who are making a ton of money on both of these things, just understand that there’s got to be some sort of gravity that takes hold at some point, and the two of them combined makes for, I think, a very difficult situation if they both start going down together, and the ripple effect that we’ll see across currency markets, financial markets, and the such, could be great. No one is talking about it right now. There are no more naysayers in bitcoin.” Following the BTC investment by Tesla, analysts are predicting that a flood of companies will be doing the same and put bitcoin in their balance sheets. Twitter Inc. has already said that it has been considering both adding bitcoin as cash reserves and paying employees and vendors in the cryptocurrency. What do you think about Nathan’s view on bitcoin and Tesla? Let us know in the comments section below. View the full article

During the last few weeks, the former Ripple executive Jed McCaleb has reportedly been selling millions of XRP tokens and every sale has been monitored by the public. On Sunday, McCaleb dumped another 38 million XRP worth $22 million after selling 95 million XRP last week worth $56 million today. Ripple Cofounder Sells 38 million Coins on Valentine’s Day The cofounder and former Ripple executive, Jed McCaleb has been a topical conversation in recent days since the founder has been selling a lot of XRP. News.Bitcoin.com has been covering a number of McCaleb’s XRP sales in December 2020 and into January 2021. During the month of February, it has been no different, as reports have been showing McCaleb’s alleged wallet called ‘Tacostand’ making regular sales. In our last report, news.Bitcoin.com explained that the analyst Leonidas Hadjiloizou has been monitoring McCaleb’s XRP sales and tweeting about the dumps regularly. On Sunday, February 14, otherwise known as Valentine’s Day, McCaleb sold even more XRP. The website called xrpscan.com shows that the former Ripple executive’s ‘Tacostand’ wallet sold 38 million XRP worth $22 million. Hadjiloizou tweeted about this event, and he believes that McCaleb will be selling more this week. Hadjiloizou said: Jed will be selling 38,345,406.53 XRP per day this week. This amounts to roughly 268 million XRP or $166M at current prices in 1 week. At this rate, his 2.896 billion XRP would run out by May. At half that rate (19M per day) he would run out by mid-July. At 10M per day by the end of the year. $1.22 Billion Worth of XRP Sold in February McCaleb’s sales have followed the recent issues the company Ripple Labs has been facing with U.S. regulators. Hadjiloizou noted that “Jed’s Tacostand had paused XRP sales ever since the SEC lawsuit was announced.” But then the Tacostand address began selling again shortly after. Moreover, in the case of Bradley Sostack vs. Ripple Labs, the plaintiff Sostack has filed a motion to compel Ripple to produce improperly withheld email communications between the company and the U.S. Securities Exchange Commission (SEC). During the first two weeks of February, McCaleb has kept the sales going, while XRP has also seen a price spike in the last fourteen days. Before Sunday’s 38 million XRP sale, McCaleb dumped 95 million XRP last week, and 76 million XRP the week prior. That’s just a touch over $1 billion using today’s XRP exchange rates. McCaleb is also a notable crypto-billionaire and one of the top 100 wealthiest individuals on earth. What do you think about Jed McCaleb’s recent sales and the legal troubles Ripple has been dealing with in recent times? Let us know what you think about this subject in the comments section below. View the full article

In recent days, bitcoin cash has seen significant gains, and supporters of the digital currency have been positive about specific developments, like the internet entrepreneur Kim Dotcom’s current support. On February 11, the Chinese New Year, the prominent bitcoin mining executives, Jiang Zhuoer and Jihan Wu joined a Satoshi’s Angels discussion channel and spoke favorably about the peer-to-peer crypto-asset bitcoin cash. The well known mining executives, Bitmain cofounder Jihan Wu and Btc.top founder Jiang Zhuoer seem very bullish about bitcoin cash (BCH), according to a couple of members from the marketing agency and umbrella organization Satoshi’s Angels. The organization Satoshi’s Angels (SA) was founded by Akane Yokoo, an organizer of the Tokyo Bitcoin Cash Meetup, and the educator and author Cindy Wang. Both of the SA founders are bitcoin cash (BCH) proponents and have educated the masses on the many benefits of the decentralized crypto asset. During the Chinese New Year, the SA founders and a number of other crypto supporters joined a Wechat channel in order to exchange red envelopes. A red packet or red envelope is a monetary gift that is popular during special occasions in China and other Asian territories. Cindy Wang said she had sent Jihan a message and said: “I want to invite you to our SA Wechat group to send a red envelope” Wang said that Jihan Wu joined the group and distributed three really big red envelopes. One left a message that said: “Happy LNY, Angel and Angel’s fans,” another one stated “Be lucky in the year of OX,” and the third one said: “No matter how high BCH price hits, keep building for our country.” Wang told news.Bitcoin.com that she believes Jihan Wu knows that “BCH is going to rise.” “We were all so excited, and texted: ‘I love Jihan.’ And then a few people asked me to invite Jiang Zhuoer, I did and Jiang joined us,” Wang said. The Satoshi’s Angels’ cofounder detailed that Zhuoer chatted with the group and he also sent “big red envelopes.” Some of the messages Zhuoer sent said: “Big block will win,” “Big is beautiful, more is good,” and he also said “Leverage makes you homeless. Mining makes you rich.” The SA cofounders were extremely thrilled with Jiang Zhuoer and Jihan Wu’s BCH optimism. “Even though Jihan has been a low key about what’s happening at Bitmain, we can all tell that he has a deep feeling for bitcoin cash,” Wang told news.Bitcoin.com. “Jihan told me that he reads our Bitcoin Cash weekly news, and his appearance on new year’s eve really cheered up the Chinese community,” she added. The discussion with Jiang Zhuoer and Jihan Wu follows BCH’s recent price run-up, as the crypto asset has seen massive gains during the weekend’s trading sessions. On Saturday morning (EST), BCH was swapping for $549 per unit and then touched a high of $728 at 10:02 p.m., jumping a whopping 32.60%. At the time of publication on Sunday, BCH is exchanging hands for $688 per coin. What do you think about Jiang Zhuoer and Jihan Wu’s appearance on the Chinese New Year with the Satoshi’s Angels founders? Let us know what you think about this subject in the comments section below. View the full article

On February 12, the well known Lebanese-American essayist and risk analyst, Nassim Nicholas Taleb, declared that the leading digital currency bitcoin is a failure, at least for now. Cryptocurrency fans have been upset by Taleb’s recent statements, after it seems the renowned author has done a complete 180 after supporting the crypto asset for years. Nassim Taleb Is Not Impressed With Bitcoin These Days Nassim Nicholas Taleb is a very popular author, mathematical statistician, and scholar. Over the years, Taleb has been very critical of today’s monetary system, the current finance industry, and the most recent financial crises. The philosopher is best known for his books “The Black Swan” (2010) and “Antifragile: Things That Gain from Disorder” (2012). After Satoshi Nakamoto released the Bitcoin network, Taleb was initially very optimistic about this emerging technology and over the years he wrote positive things about the digital asset. Nassim Nicholas Taleb’s recent critique of bitcoin seems to have stirred the BTC community because not too long ago, Taleb liked bitcoin and wrote about the digital asset in a positive light. “[Bitcoin’s] mere existence is an insurance policy that will remind governments that the last object establishment could control, namely, the currency, is no longer their monopoly. This gives us, the crowd, an insurance policy against an Orwellian future,” Taleb wrote in 2018.Two years ago in a post published on Taleb’s Opacity blog dubbed “It May Fail but We Now Know How to Do It,” the novelist explained that “Bitcoin is an excellent idea.” Taleb said that his essay was initially written as a foreword to the book written by Saifedean Ammous, but he also stressed that he did not subscribe to Saifedean Ammous’s “crankish and conspiratorial ideas.” When discussing bitcoin (BTC), Taleb’s opinion at the time was that the cryptocurrency was a powerful animal. “It fulfills the needs of the complex system, not because it is a cryptocurrency,” Taleb wrote. “But precisely because it has no owner, no authority that can decide on its fate. It is owned by the crowd, its users. And it has now a track record of several years, enough for it to be an animal in its own right.” In 2021, specifically on February 12, Nassim Nicholas Taleb decided to tell the public that he was selling some of his bitcoin. Moreover, Taleb criticized a number of people within the crypto community toward the latter end of his tweet. “I’ve been getting rid of my BTC,” the renowned author tweeted to his 705,000+ Twitter followers. “Why? A currency is never supposed to be more volatile than what you buy [and] sell with it. You can’t price goods in BTC,” the former options trader said. Taleb further added: In that respect, it’s a failure (at least for now). It was taken over by Covid denying sociopaths w/the sophistication of amoebas. Taleb wasn’t done with his scathing critique and decided to add to his first statement. “The other problem BTC Protozoa [doesn’t] get: the appeal of a cryptocurrency depends on some opacity, its ability to facilitate tax fraud and money laundering,” Taleb tweeted. “You can anonymize a gold coin by re-melting it. You can rework a spoon. BTC is more tractable than cash. BTC Volatility is not dropping with time/at [a] higher price, exactly what you don’t need,” the famed author further stressed. Paul Sztorc: ‘Saner Bitcoiners Have Become Quieter Recently’ Of course, cryptocurrency and bitcoin advocates were not too pleased with Taleb’s statements. The popular bitcoiner Pierre Rochard told Taleb that “bitcoin is crashing up,” while the digital asset proponent Chris Ellis said “[Bitcoin is] syncing with the global economy.” “It’s like watching the progress bar of an old tape backup without the time-to-completion feature,” Chris Ellis continued. Many bitcoiners argued with Taleb that bitcoin volatility is in fact dropping with time as data shows this is true. Others responded in a different way and discussed the subject from an alternative perspective. The software developer, Paul Sztorc, talked about how saner BTC people haven’t been as loud in recent times. “Unfortunately, it is true that most of the Bitcoiners that [Nassim Nicholas Taleb] spoke with were embarrassments (namely Saifedean who makes it his mission to repel all intelligent reasonable people). Saner BTCers have become quieter recently,” Sztorc said on Twitter. Sztorc continued: It is exactly as [Chris] DeRose/Junseth predicted long ago. ‘Enforcer’ types, who are very good at pressuring the gullible to increase their commitment, but repugnant to outsiders or independent thinkers. I guess that those are the people [Nassim Nicholas Taleb] is referring to. Nassim Taleb Is Not Convinced by Rebuttals, Says ‘Bitcoin Misfits Share the Monocellular Brain’ Following Taleb’s initial tweet on February 12, the author tweeted some more on the 14th, and criticized Kraken FX’s Dan Held. Blockchain researcher Willy Woo responded to Taleb’s critique and said that “volatility is a red herring.” “Most likely path is BTC becoming a reserve asset that backs currency. Thinking of it as a unit of account is a hangover from the Agrarian Age when we had seashells, and lumps of silver. We’re in a Digital Age now, we have live indexes and baskets,” Woo added. Despite all the defense and response toward Taleb’s new path of thinking, the author doesn’t seem to be favoring the crypto asset as he did in the past. Even last April, when news went viral that the Bank of Lebanon applied strict local currency remittance rules, Taleb tweeted: “Use cryptocurrencies!” However, today is a different story, and on Sunday morning (EST), Taleb seemingly responded to numerous “reserve asset” Twitter responses. “Bitcoin misfits share the monocellular brain [and] logical wiring defects: ‘BTC is a good idea, therefore, IT WILL BE *THE* reserve currency’ (i.e. no other ideas [and] no other reserve). Reserve ≄Volatile. [Plus] It is not supposed to be volatile AT HIGHER PRICES. [Plus] Never found uses,” Taleb insisted. What do you think about Nassim Nicholas Taleb’s recent scathing critique of bitcoin and bitcoin proponents in general? Let us know what you think about this subject in the comments section below. View the full article

The Spanish financial markets watchdog and the country’s central bank criticized — again — cryptocurrencies as an investment asset. The entities issued a joint statement warning about the high risks the cryptocurrency market poses. Document: Crypto Adoption as a Payment Means ‘Is Still Limited’ Per the paper, the Bank of Spain and the National Securities Market Commission (CNMV) reaffirmed their stance against considering bitcoin (BTC) as a means of payment. After dismissing cryptos as secure investment assets, they also pointed out the lack of regulation in the European Union. However, they recognized that the European bloc is holding talks on establishing a legal framework to regulate the crypto environment. The document elaborates on the “liquidity” factor; Many of these cryptocurrencies can find themselves lacking the necessary liquidity to be able to undo an investment without suffering significant losses, especially since their circulation among investors, both retail and professional, is minimal. As a means of payment, both CNMV and the Bank of Spain believe that it is “still limited” compared to other digital payment solutions. They added: It is necessary to remember that there is no obligation to accept bitcoin or any other crypto asset as a means of payment of debts or other obligations. The future MiCA Regulations do not foresee that this will change. Furthermore, given their high volatility, cryptocurrencies do not adequately fulfill the functions of a unit of account and store of value. An Indirect Warning Towards Spanish Companies That Want to Replicate Tesla’s BTC Move? In the document, there was a mention of a speculative factor: These are complex instruments, which may not be suitable for small savers, and whose price entails a high speculative component that can even lead to the total loss of the investment. The statement got local media outlets like El Español to speculate on its timing. In fact, El Español believes the bodies issued that document as a “forceful alert” in the wake of Tesla’s bitcoin-related announcement. Quoting local experts, the media outlet says the warning is clearly a “wake-up call for institutions and companies.” Three years ago, the Spanish central bank and Spain’s financial markets regulator published a similar document, where they raised concerns on cryptocurrencies and initial coin offerings (ICOs). However, both entities put particular emphasis across the paper on the lack of regulation in Spain, targeting retail investors. What do you think about the new document issued by the Bank of Spain and the CNMV on cryptos? Let us know in the comments section below. View the full article

As the Indian government gets closer to moving forward with the cryptocurrency bill, an official from the Ministry of Finance reportedly explained what discussions the government has been having regarding the crypto bill and the impending legislation. Indian Crypto Bill’s Progress Update The Indian government is getting closer to introducing the cryptocurrency bill in Parliament. On Friday, CNBC TV18 and Bloombergquint provided some updates on the status of the bill and what discussions the government has been having regarding cryptocurrency. However, both news outlets cited anonymous sources. According to Bloombergquint, “India will go ahead with a complete ban on investment in cryptocurrencies, while providing existing investors a transition period to exit the holdings … this would include a ban on transacting directly via foreign exchanges.” The publication cited “a senior finance ministry official on condition of anonymity.” The official also clarified that the ban will not be enforced overnight, noting: Cryptocurrency investors will be given a transition period of three to six months after the implementation of the new law to liquidate their investments. The official added: “India’s new law will be modeled on China’s regulatory regime, which has effectively banned on trading and usage of cryptocurrency, while the government is working on issuing its own virtual currency.” Another update regarding the Indian crypto bill came from CNBC TV18 on Friday. The news outlet wrote, “Sources suggest the government is discussing rules on the Indian cryptocurrency framework and it’s likely to spell out the modalities soon.” Reporter Timsy Jaipuria explained that the rules will entail “the time period which will be given to withdraw from existing cryptocurrencies.” She noted that this was supposed to be around three months according to 2019 discussions. The framework will also specify how the central bank, the Reserve Bank of India (RBI), will derive the value of India’s official digital currency and the penalties for not complying with the rules. Many people in the crypto community in India are reluctant to believe news from anonymous sources, questioning their credibility. Many times in the past, various news outlets reported that the government was planning to ban cryptocurrencies but there has yet to be an official announcement. Crypto influencers in India suggest that people do not speculate and wait for the official announcement from the government or the actual bill to be disclosed. Meanwhile, the crypto community has launched a campaign to convince lawmakers to regulate cryptocurrencies instead of imposing an outright ban. Even amid the uncertainty of the crypto legislation, the crypto industry in India is booming, boosted by bullish news from outside of India such as Elon Musk’s Tesla buying $1.5 billion worth of BTC. The “Cryptocurrency and Regulation of Official Digital Currency Bill 2021” has been listed to be introduced in Lok Sabha, the lower house of India’s Parliament, during the current Parliament session. However, there are reports that the government may fast track the bill. Several questions regarding cryptocurrency have been asked in Rajya Sabha, the upper house of India’s Parliament, since the beginning of this month alone. Firstly, the government clarified its stance on cryptocurrency and the digital rupee, then the government explained that the bill was being finalized. The most recent questions were answered by the finance minister herself regarding the government’s plan for cryptocurrency legislation. Do you think India will ban bitcoin? Let us know in the comments section below. View the full article

One of the largest darknet marketplaces for selling identity data and stolen credit card information, Joker’s Stash retired last month after making off with a cool $1 billion in cryptocurrencies. Weeks ago, U.S. and European officials seized some of the web portal’s servers tied to Joker’s Stash site, but were unable to completely shut operations down. Darknet Market Joker’s Stash Closes Shop A number of reports indicate that the world’s largest darknet market (DNM), in terms of stolen credit card and identity sales, has called it quits after operating since 2014. Joker’s Stash explained in mid-January that the business would be closing shop in mid-February and it has followed through with the plan. The blockchain analysis firm Elliptic detailed that the Joker’s Stash raked in more than $1 billion in cryptocurrencies during its tenure. Elliptic also revealed that the estimate was a conservative calculation based on the revenue Joker’s Stash took in during the years and all the fees. Admins from Joker’s Stash left a letter to customers that explained the operators would be retiring. On January 15, Joker’s Stash admins said the site would go dark on February 15, but Elliptic monitored the web portal and said the DNM went offline on February 3, 2021. Joker’s Stash had a lucky run up until 2020, when reports detailed that the owner of the DNM contracted the coronavirus and had to go to the hospital for seven days. At the time, Joker’s Stash customers started complaining and having issues with card data and identification intel reliability. Both Krebs on Security and Gemini Advisory have published reports with a comprehensive analysis on the Joker’s Stash operations. Covid-19 and Global Law Enforcement Push the Joker’s Stash Toward the Brink Ever since the admin caught Covid-19 and the weeks that followed, Gemini Advisory said the business saw a “severe decline” in volumes. The image below, created by Gemini shows the decline in Joker’s Stash CNP and CP data toward the end of August 2020. But Covid-19 wasn’t the only issue Joker’s Stash operation dealt with in 2020, as the law enforcement officials from Europe and the U.S. stepped in as well. Interpol and the U.S. Department of Justice (DoJ) seized a number of its servers on December 16, 2020. But much like The Pirate Bay, Joker’s Stash set up new infrastructure on the web and operations continued until the retirement announcement. “Joker goes on a well-deserved retirement. Joker’s Stash is closing,” the farewell letter said. “When we opened years ago, nobody knew us. Today we are one of the largest card/dumps marketplaces.” Admins promised to leave the store’s “Stash” open for 30 more days and told people not to fall for any phony websites that could appear in the future. In capital letters, Joker’s Stash said that it would “never open again.” Joker’s Stash made it clear that customers should not trust any imposters going forward. The hoard Joker’s Stash obtained from payment card records stemmed from firms that saw large data breaches over the years. Gemini Advisory said that Joker’s Stash data came from high-profile hacks that saw the loss of massive amounts of confidential customer data. Merchants caught in the hacker’s crossfires include Whole Foods, Saks Fifth Avenue, Hilton Hotels, Hy-Vee supermarkets, and Lord and Taylor. What do you think about the Joker’s Stash admins retiring after operating since 2014 and raking in $1 billion in digital assets? Let us know what you think about this subject in the comments section below. View the full article

Blockchain analysis firm, Chainalysis’ latest crime report has named Mirror Trading International (MTI) as the biggest cryptocurrency scam of 2020. Chainalysis arrived at this conclusion after an investigation found that MTI had taken in $589 million from more than 471,000 deposits. According to the report, MTI’s haul is significantly higher than that of Forsage and J-enco, the next biggest scams. Both scams raked in less than $350 million each. More South African Victims Meanwhile, in the report’s brief focus on MTI, Chainalysis reveals that more than half of MTI’s web traffic had originated from South Africa. On the other hand, Canada, Mexico, the United Kingdom and the U.S together account for nearly a quarter of the remaining web traffic. Using this web traffic data, the blockchain analysis firm concludes that “most MTI victims hail from these countries in similar proportions as well.” Separately, the blockchain analysis firm’s report also found that the BTC that was sent to MTI came “primarily from exchanges.” The so-called self-hosted wallets were also used. The report then details how MTI resorted to using a popular gambling service to launder investor funds. The report explains: Perhaps most interesting is MTI Club’s apparent usage of a popular cryptocurrency gambling service as a money laundering and cash out mechanism. The platform is the biggest risky destination of MTI funds by volume, having received $39 million worth of cryptocurrency from the scam in 2020. As noted by one venture capitalist Dovey Wan, this use of gambling platforms has become “a common money laundering technique for many cybercriminals who use cryptocurrency.” This is because gambling platforms can be “used similarly to mixers to obscure the origins and flows of illicitly-obtained funds.” How MTI Lured Its Victims As has been reported by news.Bitcoin.com, MTI succeeded in luring unsuspecting victims by promising consistent daily returns of 0.5%. This rate of return would translate to “yearly gains of 500%.” On its website, MTI claimed that these high returns were guaranteed by “its AI-powered foreign exchange trading software.” However, MTI’s unrealistic promises soon led to scam allegations. Initially, executives of MTI denied allegations they were operating a multi-level marketing scam after regulators in the U.S. and South Africa pounced on the company. Still, sometime after the Financial Sector Conduct Authority (FSCA) raided homes of some MTI executives, reports emerged of investors failing to withdraw their funds. As pressure grew, CEO Johann Steynberg eventually disappeared with investors funds. This ultimately led to the collapse of MTI. In the meantime, the Chainalysis crime report concludes that the MTI scam is one good example of “why the industry must spread the word that algorithmic trading platforms promising unrealistically high returns are nearly always scams.” The report also says that cryptocurrency exchanges and other services must “discourage users from sending funds to those addresses or at least warn them that financial losses are highly likely.” Do you agree that MTI was the biggest scam in 2020? Tell us what you think in the comments section below. View the full article

Buoyed by reports that Twitter has been studying the possibility of adding bitcoin to its balance sheet, the company’s stock surged to a new 52-week high of $73.18 on Feb. 12. Before the surge, the stock had been trading at just under $60 on Feb. 9. At the time of writing, Twitter’s market capitalization stood at $57.20 billion. Telsa’s BTC Move an Inspiration Reports of Twitter’s possible bitcoin acquisition follow Tesla’s announcement that it had acquired BTC worth $1.5 billion. Tesla’s acquisition is fueling speculation that more large corporations may follow the electric carmaker in adding BTC to their reserves. Already, Mastercard has announced it will be supporting cryptocurrencies in its payments network. Also, as the Twitter stock responded positively to comments by one company executive, CEO Jack Dorsey was announcing the creation of a bitcoin development trust. In a tweet, Dorsey, a supporter of bitcoin, says he and hip hop artist Jay Z are “giving 500 BTC to a new endowment named Trust to fund bitcoin development.” According to Dorsey, the work of this entity will “initially be focused on teams in Africa & India.” Stock Spike Inevitable In the meantime, one analyst suggests that the spike in the value of the Twitter stock is hardly surprising. Vladislav Utushkin, the CEO at TTM Bank, tells news.Bitcoin.com that it is only a matter of time before “other companies follow.” He explains that “investors are attracted by the company’s approach to new, highly profitable instruments and investments.” According to Utushkin, bitcoin is one such investment hence the stock’s recent movements. The CEO explains: All investors who bought bitcoin earlier now make a profit. The investment in bitcoin brought Microstrategy a return of almost 300%. Tesla’s return on investment in the first 24 hours (after buying BTC) exceeded 20%. Of course, after Tesla, decisions of other companies will be perceived positively, stocks react with growth to potential growth in capitalization. Meanwhile, at the close of trading on Feb. 12, the stock had retreated to $71.90. Do you think that Twitter will add BTC to its balance sheet this year? You can share your views in the comments section below. View the full article

Sandeep Biswas, chief executive officer of Newcrest Mining, one of the world’s biggest gold miners, has said that the sharp increase in bitcoin prices should compel crypto investors to hold gold as a safe-haven asset. In a Feb. 11 interview with Bloomberg TV, Biswas criticized bitcoin’s (BTC) volatility while flouting gold’s credentials as a time-tested haven against monetary inflation. “If you’re into cryptos, you want to consider having some gold,” said Biswas, who heads Australia’s top gold producer. “[Bullion] may act as a bit of a hedge against the volatility of cryptos.” Bitcoin has drawn comparisons with gold, and the top cryptocurrency is now accepted in some quarters as gold’s digital equivalent. This week, BTC raced to a record high of $48,800 after Tesla, the Elon Musk-owned electric car maker, revealed a $1.5 billion investment in the digital currency. Tesla’s investment reignited the debate on whether bitcoin would eventually take over gold as the safe-haven asset of choice. Biswas was unimpressed, stressing that gold was more stable than BTC, and crypto investors who owned the precious metal stood to benefit from this stability. He explained: Gold is a different class of investment. It’s a tangible asset: you can see it, you can touch it, you can feel it, you can mold it, you can make it into jewelry, whatever you want. According to Goldman Sachs Group Inc., bitcoin and gold can co-exist together, even as the crypto asset continues to strip the metal of some of its investments. Goldman believes gold will endure the capital flight. Bloomberg commodity strategist Mike McGlone also argued that BTC has matured into a gold-like store of value – a digital version of gold. Spot gold is about 3% lower year-to-date at $1,826 an ounce after hitting an all-time high above $2,000 last year. At the time of writing, each bitcoin was trading for around $47,649, up 0.18% over the past 24 hours, as per data from markets.Bitcoin.com. What do you think about Sandeep Biswas’ suggestions? Let us know in the comments section below. View the full article

The e-commerce giant is preparing to explore the crypto business, as a recent job listing suggests. Amazon is looking to launch a pilot project in Mexico that seeks to build a team that develops new solutions based on “digital currencies.” E-Commerce Giant Amazon Seeks to Target Customers in ‘Emerging Markets’ According to a job posting, Jeff Bezos’ multinational firm was on the hunt this week for a Software Development Manager for the division of “Digital and Emerging Payments.” The job role has been reportedly filled as the offer is no longer available as of press time. Amazon stated in the job ad that the new payment product will be deployed on an initial stage in Mexico. One part of the description reads as follow: This product will enable customers to convert their cash in to digital currency using which customers can enjoy online services including shopping for goods and/or services like Prime Video. The role requires an expert in computer science or engineering, with experience managing the delivery of distributed software systems. Moreover, Amazon clarifies that it expects to build a tech team to build payments solutions that target “emerging markets.” The chosen person must be based in Seattle, Washington. Also, it’s not mandatory to have any specific blockchain or crypto-related background. Amazon New CEO’s Relationship With the Blockchain Technology Amazon just appointed Andy Jassy as the new CEO, after Jeff Bezos stepped down from the role. In fact, since some time ago, Jassy had been showing an interest in blockchain technology and exploring it to adopt solutions for new payment options. Jassy was the CEO of Amazon Web Services at the time. So far, the e-commerce giant has not publicly addressed its plans on deploying this upcoming digital currency solution in Mexico. However, the move comes in the wake of mainstream companies’ announcements related to bitcoin (BTC) investments or crypto adoption in general. Recently, Elon Musk’s company Tesla announced in a U.S. Securities and Exchange Commission (SEC) Form 10-k filing that the firm had purchased $1.5 billion worth of bitcoin. On February 11, as news.Bitcoin.com reported, payments giant Mastercard revealed that it is preparing to allow a number of cryptocurrencies to move through its network directly. What do you think about Amazon’s plans on possibly implementing digital currencies into the platform? Let us know in the comments section below. View the full article

A South Korean court ordered one of the biggest domestic crypto exchanges to compensate victims of an “accidental withdrawal” incident in 2018. Bithumb has been ordered to pay customers who withdrew their bitcoin funds to an unknown wallet. Funds Ended Up in a Wallet With an Unknown Owner According to Fn News, six Bithumb customers brought the case before the 15th Division of the Civil Agreement of the Seoul Central District Court. They alleged that the exchange provided them with misinformation regarding withdrawing funds in November 2018. Due to the alleged chain of errors, users sent the bitcoin (BTC) to an unknown wallet. Victims wanted to transfer their cryptos from the Bithumb wallet to a third-party one through a function offered by the exchange. But per Judge Min Seong-cheol, the operation went wrong, as Bithumb’s system didn’t transfer the funds to the third-party wallet. In reality, their funds ended in a wallet whose owner’s identity is still unknown, according to the Seoul court. Victims alleged that Bithumb’s customer service told them the exchange did nothing wrong, although the company was well aware that there has been a mistake. The case gathered popularity across the country thanks to a video posted on Youtube. South Korean IT community rapidly made the video viral because of the faults spotted on the video published by the victims. Victims Compensation Sparks Controversy Judge Min commented during the trial: It is difficult to say that the defendant has fulfilled its precautionary obligations under the paid lease contract, such as not fulfilling the duty to verify the identity of the withdrawal address requested by the plaintiffs and the withdrawal address transmitted to the defendant server. Initially, victims sought $1 million in compensation, but the judge determined to compensate at the bitcoin rate on the date the incident happened ($4,550 – $4,650 approx). This decision created controversy amongst the victims, taking into consideration the current bitcoin prices nowadays. As of press time, Bithumb hasn’t issued a public comment about the court’s decision. What do you think about the court’s decision? Let us know in the comments section below. View the full article

In Colombia, the entity managed by the Ministry of Finance and Public Credit, the Financial Superintendence of Colombia (Superfinanciera) has revealed the authorization of alliances between Colombian banks and digital currency exchanges. So far, Colombia’s financial department has approved nine partnerships between exchanges and national banks in order to make cryptocurrency operations more accessible to citizens. Colombia’s Financial Superintendent Wants to Spread Crypto Accessibility The Republic of Colombia in South America has been friendly toward crypto assets like bitcoin (BTC) and other digital currencies over the years. More recently, during the first week of January 2021, the Superintendence of Corporations in Colombia explained in an official circular that local firms can leverage capital to purchase bitcoin. Now the Financial Superintendence of Colombia (Superfinanciera) or FSC has revealed a trial between regulated financial institutions in the country and digital currency exchanges. The organization tied to Colombia’s Ministry of Finance and Public Credit shared a tweet on January 29, 2021, that informed the public about the alliance between a number of national banks and a select group of crypto exchanges. The mission is to enable more cryptocurrency operations to make the crypto economy in Colombia more accessible. The initiative started in 2020, and a number of exchanges had to get approval from the FSC in order to participate. To date, the financial watchdog approved nine digital currency exchanges so far, and the platforms Movii and Panda Exchange were included. “The Evaluation and Monitoring Committee of the government pilot that will enable cash-in and cash-out operations in financial products of deposit on behalf of crypto asset exchange platforms selected nine out of fourteen initiatives that applied for tests,” the FSC explained. Essentially, the Colombian government’s crypto sandbox was created to enhance new technologies and financial products. The Colombian Superintendence further said: The pilot project does not have an impact on the current regulatory framework suitable for crypto assets, that is to say, it does not change the allocation of responsibilities in the information and risk management of this kind of transactions nor it could be understood as an authorization for the financial system to use the public’s savings to perform these operations or for the exchange platforms to be under the supervision of Superfinanciera. Panda Exchange Founder: ‘The Colombian Government Opened the Door to Real Crypto Adoption’ News.Bitcoin.com has reported on the expansion of Panda Exchange during the last few years. In 2018, Panda expanded its crypto-to-fiat trading markets, in 2019 the company launched a number of hybrid point-of-sale (PoS) crypto ATMs in Bogota and Venezuela. Panda is partnered with Movii and in order to become registered and a verified Panda Exchange user, all an individual needs is a valid Movii account. “Our platform has been working on this initiative and subsequent approval since last quarter of 2020 in order to be included in that important and innovative ruling,” the company explained during the announcement. Panda further added: Now it is easier than ever to take part of the cryptocurrency world, thanks to this ruling, crypto assets trading could be part of your everyday life. [Panda Exchange] meets all the legal and financial requirements set to be authorized to enable operations in crypto-assets for Colombians through our partnership with Movii. Speaking with news.Bitcoin.com, Panda Exchange founder Arley Lozano said his team was thrilled to make crypto assets more accessible to his Colombian brothers and sisters. “This is an opportunity that our team was waiting for and finally the government has opened the door to the real crypto adoption,” Lozano stressed. “We are extremely happy to be one of the crypto platforms that was chosen by Colombia’s financial authorities,” the exchange founder concluded. What do you think about the Superfinanciera approving nine crypto platforms for this initiative? Let us know what you think about this subject in the comments section below. View the full article

During the end of 2020 and into 2021, a great number of digital assets have seen significant gains and the bearish season that followed 2017 has turned its course. Bitcoin touched an all-time price high on February 11, 2021, reaching $49k per coin and three-month stats show bitcoin is up 198%. Despite the phenomenal 90-day gains, numerous alternative crypto assets have seen much larger increases. The infamous dogecoin, for instance, has spiked 2,322% during the last three months. Crypto Asset Market Performances in 2021 Bitcoin and the crypto economy has steadily surpassed the $1 trillion valuation mark and on Friday, February 12, 2021, the crypto market capitalization of all the coins in existence is worth $1.41 trillion. The day prior, bitcoin (BTC) reached another all-time high (ATH) on Thursday touching approximately $49,000 per unit. BTC has seen some significant gains this year, and the crypto asset has increased 149.16% since the ATH in 2017. Bitcoin has captured 198% in gains during the last 90 days and bitcoin’s dominance index is 61.1% on Friday. This means that even though BTC has jumped massively in value, alternative crypto assets have seen bigger price increases. Bitcoin (BTC) touched a lifetime price high on Feb. 11, 2021, reaching $49,000 per unit on the exchange Bitstamp. As mentioned above, dogecoin (DOGE) has seen incredible gains during the last three months jumping 2,322.09% in value during that time frame. DOGE is the second biggest gainer over the last 90 days, but the orion protocol token (ORN) has increased by a whopping 50,641.88% to date. During the three-month span, the orion protocol token (ORN) has spiked 50,641.88% to date. It would be difficult for any crypto assets to match ORN’s jump, but there’s a slew of other alternative assets that have seen very large 90-day gains. Below the meme-token dogecoin is telcoin (TEL), which has gained 2,281.63% in 90 days. During the three-month span, dogecoin (DOGE) has jumped 2,322.09% to date. A number of other notable token assets climbing the ranks include sushiswap (SUSHI 1,446.24%), avalanche (AVAX 1,285.09%), and cardano (ADA 1,226.06%). The biggest losers during the last three months include coins like aced (ACED -98.85%), wavesgo (WGO -84.75%), and digitex futures (DGTX -79.86%). As far as the changes versus the U.S. dollar from 2020 until now, bitcoin (BTC) has gained 301.46%. The biggest top ten positioned token that has seen the largest USD gains since the start of 2020 is ethereum (ETH) which has jumped 463.55% since then. But during the course of 2020 up until now, a number of other coins have seen way bigger gains. For example, messari.io data shows since the start of 2020, game stars (GST) increased by 68,928.03%, and the token zap (ZAP) has gained 5,716.86%. Against the U.S. dollar since the start of 2020, ethereum (ETH) increased by 463.55% during the course of the year. Some coins have lost over 90% of their values since 2020, as tokens like jibrel network (JNT), thore cash (TCH), educare (EKT), omnitude (ECOM), and ors group (ORS) has lost between -94.98% to -98.49% in value. Analysts Expect ‘More Uptake as a Result of Mainstream Attention’ The crypto economy jumped in value significantly after Elon Musk’s Tesla revealed it had purchased $1.5 billion in bitcoin (BTC). Additionally, Musk has been discussing the meme-based crypto-asset dogecoin (DOGE) on a regular basis. Some of the biggest discussions this week include Tesla’s BTC purchase, BNY Mellon supporting cryptos, Mastercard will soon leverage crypto assets, and the City of Miami Florida supports adding bitcoin (BTC) to the city’s treasury. Optimistic news that proponents are also discussing is Mastercard’s recent crypto support announcement, Jay Z, Lil Wayne, and Jack Dorsey donating 500 BTC to fund bitcoin development teams in Africa and India. Moreover, the oldest financial institution in America BNY Mellon will be offering cryptocurrency services. “A game-changing week for cryptos’, David Mercer, CEO of LMAX Group told news.Bitcoin.com. “Musk has just ripped up the old roadmap for corporate treasurers everywhere. Financial institutions are now preparing to follow their clients. We’re starting to see institutions drive disruption, which is the start of an exciting journey. What’s undeniable is that cryptos are now becoming an accepted destination.” Broctagon Fintech Group feels the same way, as the CEO Don Guo also discussed all the positive announcements this week. “BNY Mellon’s and Mastercard’s introduction to the cryptocurrency space, following the recent Tesla news, signals another price boom for bitcoin,” the Broctagon Fintech Group executive wrote. “Such a big institutional endorsement will propel digital assets even further into the main stage this year, and we expect further uptake as a result of the mainstream attention.” What do you think about the past three months of crypto-asset price changes? Let us know what you think about this subject in the comments section below. View the full article

The first bitcoin exchange-traded fund (ETF) in North America has been approved to launch in Canada. Purpose Bitcoin ETF, an alternative mutual fund, is expected to list and trade on the Toronto Stock Exchange. With this approval, the U.S. has fallen behind Canada in approving a bitcoin ETF. First Bitcoin ETF Approved in North America The Ontario Securities Commission approved a bitcoin exchange-traded fund (ETF) called Purpose Bitcoin ETF on Thursday. The fund’s filing describes that “This ETF is an alternative mutual fund” that “invests in and holds substantially all of its assets in long-term holdings of the digital currency bitcoin.” The fund manager, Purpose Investments Inc., confirmed Thursday that it has been cleared by Canadian securities regulators to launch Purpose Bitcoin ETF, which the company says is “the first direct custody bitcoin ETF in the world.” Purpose Investments is an asset management company with more than $10 billion in assets under management, its website details. The company described: The ETF will be the first in the world to invest directly in physically settled bitcoin, not derivatives, allowing investors easy and efficient access to the emerging asset class of cryptocurrency without the associated risk of self-custody within a digital wallet. Purpose Bitcoin ETF has been conditionally approved to trade on the Toronto Stock Exchange (TSX), subject to listing requirements, and will be “offered on a continuous basis,” the filing adds. Investors can buy and sell these bitcoin ETF units on the TSX through registered brokers or dealers where they reside. The fund is offering an unlimited number of Canadian dollar-denominated ETF currency-hedged units (ticker symbol BTCC), Canadian dollar-denominated ETF non-currency hedged units (ticker symbol BTCC.B), and U.S. dollar-denominated ETF non-currency hedged units (ticker symbol BTCC.U). Purpose Investments explained that the fund’s bitcoin holdings are kept in cold storage, with Gemini Trust Company LLC as sub-custodian and CIBC Mellon Global Securities Services Company as fund administrator. Crypto Community’s Reactions Many people in the crypto community are ecstatic to hear about this bitcoin ETF approval. Synaptic Ventures partner Marc van der Chijs tweeted: “The first bitcoin ETF and it’s in Canada. Unbelievable, it is really happening.” Twitter user Mags, whose profile says she helped launch 3iq’s bitcoin fund on TSX, explained: A bitcoin ETF is different from Grayscale’s GBTC and other ‘closed-end’ bitcoin funds on the TSX (3iq’s QBTC and CI Galaxy’s BTCG.U). ETFs issue units on a continuous basis. This should help w/ the premiums these funds/trusts trade at vs NAV (due 2 demand for limited units). In addition, she noted: “In Canada, the ‘only’ way to hold bitcoin in our RRSP, TFSA, & RESP accounts is via the TSX listed bitcoin funds & this soon to trade ETF. We have tax free gains in a TFSA (a win wrt BTC) … The US has tax-advantaged accounts like IRAs or 401k’s that an ETF would be eligible for.” Gabor Gurbacs, the digital asset strategist and director at Vaneck and MVIS, whose firm has a bitcoin ETF proposal filed with the U.S. Securities and Exchange Commission (SEC), wrote: Congratulations to Canadian regulators for approving bitcoin ETF products. Very sensible move and it’s great for markets, investors & capital formation. At the same time, I am sad to see the U.S. falling far behind in bitcoin ETP approval & digital assets business in general. Do you think the U.S. SEC will follow Canadian regulators’ example and approve a bitcoin ETF soon? Let us know in the comments section below. View the full article

The U.S. city of Miami is going full bitcoin. The city commissioners have voted to support the mayor’s resolution to allow payments in bitcoin for salaries, taxes, and fees. The city also supports efforts to make bitcoin an acceptable currency for potentially investing in the state treasury. Miami Gets Deep Into Bitcoin Miami City’s commissioners voted Thursday night to support Mayor Francis Suarez’s resolution that would make Miami a highly bitcoin-forward city. In a video thanking the commissioners for their support, the pro-bitcoin mayor explained that the resolution “directs the city manager, after analysis, to procure a vendor to be able to offer our employees to get a percentage of their salary in bitcoin, allow our residents to pay for fees in bitcoin, and also would allow the city manager to cooperate with the Miami county to allow for taxes to be paid in bitcoin.” He added: It’s also a request of the state legislature that the city of Miami supports efforts to make bitcoin an acceptable currency for us to potentially invest in, in the future. “It’s wonderful to be a very crypto forward city,” Mayor Suarez concluded, after thanking his “commission colleagues” again “for allowing that to happen.” “Miami City Hall could begin conducting some of its financial transactions in bitcoin,” the Miami Herald reported, adding that the city will launch education campaigns in English, Spanish, and Creole to inform people about cryptocurrency. The crypto community praises Mayor Suarez for his bitcoin adoption efforts. One Twitter user wrote: “This is insanely big for bitcoin.” Another commented: “Other city mayors should consider following Mr. Suarez’s initiative of investing the city treasury in bitcoin.” Morgan Creek Digital partner Anthony Pompliano, who moved to Miami after convincing the mayor that he should put 1% of the city’s treasury reserves into bitcoin, tweeted: Miami Mayor Francis Suarez just got Miami into bitcoin. Employees paid in BTC. Residents pay fees in BTC. Taxes in BTC. City treasury in BTC. Absolutely unreal. The first bitcoin municipal in the United States. What do you think about Miami’s bitcoin efforts? Let us know in the comments section below. View the full article

Janet Yellen, the new U.S. Treasury Secretary, has warned about “a growing problem” from “the misuse of cryptocurrencies.” She emphasized that “cryptocurrencies have been used to launder the profits of online drug traffickers; they’ve been a tool to finance terrorism.” Janet Yellen Warns of Cryptocurrency Risks The U.S. Department of the Treasury hosted its inaugural Financial Sector Innovation Policy Roundtable on Feb. 9 and 10. “The Roundtable brought together policymakers and regulators with experts from the private sector to exchange views for collaborating on policy issues and innovative technologies,” the department described. Treasury Secretary Janet Yellen briefly talked about cryptocurrencies during her opening remarks at the event. “We’re living amidst an explosion of risk related to fraud, money laundering, terrorist financing, and data privacy. As the pandemic has moved more of life online, crime has moved with it,” she opined. One of the problems she outlined concerns cryptocurrency. Yellen asserted: The misuse of cryptocurrencies and virtual assets is a growing problem, too. I see the promise of these new technologies, but I also see the reality: cryptocurrencies have been used to launder the profits of online drug traffickers; they’ve been a tool to finance terrorism. “From my time at the Fed, I know the crucial role your institutions play in combating crimes like these,” she told the event participants. “The private sector invests enormous resources, finding ways to stop bad actors from misusing existing technologies. You also develop new ones.” At her Senate confirmation hearing, Yellen caused quite a stir in the crypto community by saying that cryptocurrencies are “mainly for illicit financing.” However, a report by blockchain analytics firm Chainalysis shows that only 0.34% of all crypto transactions last year were related to criminal activities. Many also pointed out that the majority of money laundering activities are done via fiat currencies, particularly the U.S. dollar. Yellen subsequently clarified her position regarding cryptocurrencies and promised “effective” crypto regulation. Meanwhile, the pro-bitcoin U.S. Senator Cynthia Lummis has talked to Yellen about cryptocurrencies and is planning to convince the Treasury Secretary that bitcoin is “a great store of value.” What do you think about what Yellen said about cryptocurrencies? Let us know in the comments section below. View the full article

The Bank of New York Mellon, BNY Mellon, has set up a digital asset unit. The oldest bank in the U.S. plans to “hold, transfer, and issue” bitcoin and other cryptocurrencies on behalf of its clients. The bank aims to eventually treat cryptocurrencies like any other assets. BNY Mellon Gets Into Crypto The oldest bank in the U.S., BNY Mellon, announced Thursday “the formation of a new enterprise digital assets unit that will accelerate the development of solutions and capabilities to help clients address growing and evolving needs related to the growth of digital assets, including cryptocurrencies.” BNY Mellon is a global investments company with a presence in 35 countries. As of Dec. 31, 2020, the bank had $41.1 trillion in assets under custody and/or administration, and $2.2 trillion in assets under management, according to its website. “BNY Mellon is proud to be the first global bank to announce plans to provide an integrated service for digital assets,” said Roman Regelman, the bank’s CEO of Asset Servicing and head of Digital. “Pending further evaluations and approvals, we expect to begin offering these innovative and industry-shaping capabilities later this year.” The team will be led by Mike Demissie, head of Advanced Solutions at BNY Mellon. He commented: The digital assets unit plans to deliver a secure infrastructure for transferring, safekeeping and issuing digital assets. “Enabling the use of digital assets is critical to transforming the future of custody,” said Caroline Butler, BNY Mellon’s head of Custody. “Our digital asset capabilities should help evolve the way the financial industry operates, including custody, collateral management, issuance, investment management and other segments.” While the bank’s official announcement does not mention which cryptocurrencies will be supported, the Wall Street Journal reported the bank “will hold, transfer and issue BTC and other cryptocurrencies on behalf of its asset management clients.” The bank further plans to eventually treat digital currencies like any other assets. Regelman explained that “Digital assets are becoming part of the mainstream,” noting that “Until now, those money managers have had to use separate custodians for their cryptocurrency holdings.” What do you think about BNY Mellon offering bitcoin services? Let us know in the comments section below. View the full article

An attempt to capitalize on the ongoing hype around Dogecoin has backfired for the crypto wallet app Freewallet after it was called out online in a tweet from Elon Musk. Musk Proclaims ‘Your app sucks,’ In Blunt Tweet Directed at Freewallet Freewallet, riding on the Elon-Doge rocket of publicity, released a tweet telling people to buy and exchange Dogecoin in its crypto wallet app with a tag of the man himself. Tagging Elon Musk comes with its own risk, as apparent from the blunt reply: Your app sucks — Elon Musk (@elonmusk) February 10, 2021 An hour later, Musk decided to expand on his claim by jumping from his role of executioner to an educator: Any crypto wallet that won’t give you your private keys should be avoided at all costs — Elon Musk (@elonmusk) February 10, 2021 As expected, Musk’s followers rallied behind him and joined in on the action, leading to an entourage of critical posts being directed towards the crypto app. Full thread here. Musk’s criticism of crypto wallets and his love for Dogecoin shouldn’t come as a surprise. The price of Dogecoin soared by 60% last week in response to a tweet he made, in which he posted an iconic scene from the Lion King that’d been edited to show him holding up the Shiba Inu dog, the face of Dogecoin, instead of Simba. The distaste for crypto wallets and trading platforms from Musk is as equally expected. It follows his open criticism of the decision taken by several platforms to cease trading of Gamestop shares after the price of the company soared to nearly $400 a share. This prompted a backlash from many retail traders and high-profile figures, such as American politician Ted Cruz. Musk went on to grill Robinhood’s CEO Vlad Tenev during an interview on the social network Clubhouse, which 5000 Clubhouse users listened to (and many many more on various live streams that spilled onto YouTube in order to bypass Clubhouse limit of 5k.) The hype around Dogecoin shows no signs of slowing down, as other celebrity figures, including Snoop Dogg and Gene Simmons, join Musk’s attempt of taking the meme coin to the moon. The value of Dogecoin has jumped by over 572% in the last month. Who keeps your keys? Let us know in the comments section below. View the full article

The crypto portfolio tracker Blockfolio, owned by the exchange FTX, got its messaging system compromised, as racist notifications started to appear. Blockfolio’s users received the offensive messages with a warning that they’re about to lose all funds. Some Offensive Messages Included a URL Reportedly Linked to Pornography According to the crypto tracker and trading app, they’re almost entirely back with their notification system, and the company issued a public apology: We are incredibly sorry about the offensive messages posted today. No funds/etc were affected; this did not interact with any trading features. Also, Blockfolio said they’ve revoked access to the compromised Signal submitter and removed the racists’ messages. Tracking parts of the app are again coming back progressively, said the FTX-owned app. All the users’ offensive messages seem to be the same ones, with clear grammar mistakes. It reads as follows: Hello we are sad to announce we closure of our services to all black people and *N-word*, with immediate loss of all funds. We advise all users to do a prompt withdraw to prevent loss of funds. The offensive notification wraps up with an invitation to visit a website that reportedly hosted pornography. However, other users in the crypto community claimed they got different messages that didn’t contain URLs. Could the Incident Be Bigger Than What Has Been Said? Per Blockfolio, funds and trading features were not affected in the incident. However, there are users on social media reporting issues on trading. As part of the apology, Blockfolio announced that all their users with trading enabled had been credited with $10 free, “as will anyone else who signs up” during this week (maximum of one million people). FTX CEO Sam Bankman-Fried also said that they’ll conduct a security review over the next month and confirmed that the company is taking responsibility for the incident. Although the crypto community has been saying this incident is related to a hacking attack, the company hasn’t confirmed it officially at all. Moreover, social media users are also talking about possible significant data exploitation due to the incident if this was a product of a hacking attack. What are your thoughts on this incident? Let us know in the comments section below. View the full article

Winklevoss Twins, Swish DJ Alesso, and 76ers owner Michael Rubin debut digital artworks alongside an all-star celebrity line-up. The non-fungible tokens (NFTs) are a collection of NFTs distributed by the art collective Ethernity. Ethernity Provides a Way for Stars to Support Philanthropic Causes A star-studded line-up of celebrities and influential figures has launched its first collection of non-fungible tokens (NFTs) as part of the celebrity art collective Ethernity, a new NFT project that sells digital artwork endorsed by well-known public figures in the areas of film, TV, music, sports, and cryptocurrency. A token represents each piece of digital artwork featured in the Ethernity collection created by renowned artists. A portion of the funds raised from each sale will be donated to charitable causes. Endorsed by celebrities and created by artists, Ethernity provides a way for stars to support philanthropic causes while participating in events that are close to their hearts. Let’s do this! @dimitrivegas @likemike @tyler @cameron @vieri_bobo @michaelrubin #JustTheStart 🦸🖼🧩 pic.twitter.com/8JiRnm6nFo — Ethernity Chain (@EthernityChain) February 10, 2021 Ethernity has approached digital artists such as Mad Dog Jones and Esteban Diacono to create collectible NFTs that are unique for each celebrity. Some of the stars endorsing artwork that will feature in Ethernity’s debut collection include: The Winklevoss twins, cofounders of the cryptocurrency exchange, Gemini Christian Vieri and Paolo Maldini, former professional soccer players Michael Rubin, owner of the Philadelphia 76ers Swedish DJ Alesso Belgian DJs Dimitri Vegas and Like Mike In addition to creating digital art pieces, Ethernity is currently exploring opportunities related to bespoke trading card tokens. The Vintage Card Collection will be kickstarted by 76ers owner Michael Rubin, who’s previously raised over $60m via his All in Challenge. Basketball and NFTs are already synonymous thanks to the success of NBA Top Shot, which has generated over $31m in sales by tokenizing memorable in-game moments. The announcement of the Ethernity project highlights the growing interest in NFTs. It follows similar reports from high-profile names, including Linkin Park’s co-founder Mike Shinoda and Jehan Chu, co-founder and managing partner of the Blockchain and investment trading firm Kinetic. Shinoda recently auctioned his first NFT, raising over $30,000 for charity. Echoing this interest, Chu has been an active participant in the NFT space, previously stating he believes NFTs will transform not only art but also business, finance, society, and culture. Mainstream interest in NFTs continues to grow, given anyone with access to a digital wallet can purchase them. $8.6 million of digital artwork was sold in December alone, including a piece of Bitcoin artwork that sold for $130,000 at Christie’s Auction House. Do you think that NFTs will forever change charity or is this just a passing fad? Let us know in the comments section below. View the full article

A bitcoin company is the latest victim of a data breach incident, where hackers managed to access customers’ full names and email addresses. Moreover, attackers sent withdrawal requests from the company customers’ accounts to addresses belonging to the hackers. Marketplace Warns Users of Phishing Attacks According to the announcement, Keepchange clarified that attackers stole part of their customers’ data, including trade counts, total traded amount, and passwords in the hashed form. Although the company stated it’s “very unlikely” the hackers can retrieve the password from the hashed form, they recommend users change passwords. However, the bitcoin (BTC) company clarified one of their control subsystems thwarted the hacker’s attempts to withdraw money from the user’s accounts affected in the data breach. No BTC was stolen during the cybersecurity incident. As part of a series of security measures to be deployed, Keepchange says they’ve activated “Login Guard.” After each login, a user will receive an email with a link, which should be opened to access the account. Also, the company made the following announcement on withdrawals: Withdrawal requests will be disabled until Thursday so that we can finish our internal investigation, and users have enough time to reset their passwords. From Friday, you can send your withdrawal requests as usual. Deposits and trades are active, and working in the meantime. We have done other required actions in the last hours, to be sure that no similar attacks can occur. Recent Massive Data Breach Incidents in Crypto Exchanges Keepchange also warned on phishing attacks that could affect their users, as their data is compromised. Additionally, the firm recommends its customers activate the second-factor password (2FA) feature to access services. In January 2021, an Indian cryptocurrency exchange was the victim of a massive data leak incident. Hackers reportedly stole sensitive data of about 325,000 users from Buyucoin. The leaked data includes personal information, encrypted passwords, user wallet details, order details, bank details, PAN numbers, passport numbers, and deposit histories. What do you think about this data breach incident? Let us know in the comments section below. View the full article