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Prosecutors from the Southern District of New York (SDNY) court have submitted a “forfeiture money judgment” against the former attorney Mark Scott. The lawyer was charged with helping the Ponzi scheme Onecoin launder funds. The U.S. Department of Justice (DoJ) claims that Scott helped launder $400 million and the entity hopes to seize his current assets. On August 31, attorneys from the SDNY court and members of the DoJ submitted a new court filing in the case called “United States v. Mark S. Scott.” The case involves Mark Scott’s involvement with Onecoin and Ruja Ignatova (the cryptoqueen), as the DoJ accused Scott of helping the Ponzi launder $400 million in the British Virgin Islands. The DoJ and NYSD prosecutors said Scott helped Onecoin associates since 2015. The case is being handled by Judge Edgardo Ramos and Scott will face 50 years when he appears before Ramos during his October 9 sentencing. Former attorney Mark Scott (pictured left). In addition to the looming prison sentence, the DoJ has also submitted a “forfeiture money judgment” notice asking Judge Ramos to freeze Scott’s assets. The DoJ and prosecutors assumed Scott took $50 million out of the $392,940,000 Onecoin associates laundered. The law enforcement entity wants all of Scott’s assets including a few trusts that were created, homes, a 2016 Porsche 911 GTS RS, and offshore funds. The filing notes that during the trial, Scott “blatantly violated the home incarceration” and had dinner at a restaurant in Coral Gables, Florida pretending he was visiting his attorney. The DoJ believes Scott still has “continued to access substantial offshore funds.” The filing shows that in or about April 2019, Scott wire transferred $300,000 from an account held at First Caribbean International Bank in the Cayman Islands. The DoJ says that Scott used the money to pay for construction at one of his properties. “In short, Scott has defrauded his own suretor, mortgaged properties purchased with victim money and subject to forfeiture, sold a luxury car purchased with victim money and subject to a seizure warrant and forfeiture—thereby obstructing justice and committing a new criminal offense while on bail,” the DoJ attorney highlights. “[Mark Scott] used the proceeds from the car sale to benefit himself, and blatantly violated the terms of his release. Given his access to offshore funds and the inability to extradite him from Germany, and particularly in light of all of the violations described above, Scott simply cannot meet his burden to show by clear and convincing evidence any conditions that he is not likely to flee or pose a financial danger to the community,” the filing written to Judge Ramos concludes. What do you think about the DoJ wanting to seize former attorney Mark Scott’s assets? Let us know in the comments section below. The post US Hopes to Confiscate $400M: DoJ Files Forfeiture Judgment Against Onecoin Launderer appeared first on Bitcoin News. View the full article

The U.S. real estate market is facing a conundrum, as there’s now a tidal wave of renters who can’t pay rent and a massive number of mortgage defaults stacking up like never before. Amid the looming real estate chaos, the Centers for Disease Control and Prevention (CDC) enacted public health emergency powers to stop landlords nationwide from evicting tenants. Moreover, the Federal Reserve has purchased $1 trillion in mortgage bonds since March, capturing 30% of the country’s outstanding mortgage bonds. US Housing Market Strained, Rents Slide 30%, Foreign Real Estate Investors Left ‘Holding the Bag’ The coming winter may be pretty tough for a great number of Americans, thanks to the government shutting down more than 60% of the nation’s businesses and the lockdown mandates. The government’s move has strained the U.S. economy indefinitely and the Federal Reserve has attempted to salvage the financial system via stimulus. All across the country homeowners and rental tenants are facing a crisis and the signs are showing in a number of hard-hit states. All across the country, millions of Americans cannot pay rent because of the U.S. government’s harsh lockdown tactics. Neutering 60% of the U.S. economy over Covid-19 has backfired considerably and has caused renters and homeowners nationwide significant distress. For instance, many popular cities like New York and San Francisco are in distress, as rents plunge to lows not seen in years. San Francisco has seen rents drop significantly to levels not seen in roughly six years. International investors who invested in U.S. real estate, prior to Covid-19, are now left “holding the bag” according to a number of reports. A number of real estate proponents believe the U.S. housing market is rebounding, but most people don’t understand the Federal Reserve is trying to keep the real estate market afloat. The Fed Spent $1 Trillion on Outstanding Mortgage Bonds Since March, Captures 30% Housing Bonds On September 1, a Bloomberg report had shown that the U.S. central bank is on a “mortgage-buying spree,” as it has captured around 30% of outstanding agency mortgage bonds to-date. Since March, the Fed has funneled $1 trillion into the mortgage bond system and analysts say the stimulus has helped some homeowners refinance. However, the Fed’s balance sheet of U.S. properties also gives the central bank an unfair advantage when it comes to setting lending rates. Analysts from Morgan Stanley say that the Fed is purchasing these outstanding mortgage bonds at 8x the rate it has leveraged in the past. Moreover, Fed board members have disclosed that the pace will remain “at least, at the current pace.” A mortgage trader at Wells Fargo, Kevin Jackson, thinks the Fed did the right thing capturing one-third of U.S. mortgages. “We had a pandemic arise and you needed a force to come into the market and stabilize things,” Jackson stressed. ‘Distressed US Properties Coming in 2021,’ CDC Enacts Eviction Moratorium Nationwide Until December 31 Additionally, the U.S. is facing troubles with the number of tenants that cannot pay rent nationwide. Alongside this, apartment rent payments in the United States are down 30% across the board. The rental market is failing so badly that there have been a few eviction moratoriums invoked in some states and on the federal level. Now the CDC is stepping in by leveraging emergency powers in order to stave off the rental crisis. The CDC’s order is called the “Temporary Halt in Residential Evictions to Prevent the Further Spread of Covid-19.” The CDC’s moratorium will extend the eviction ban leverage in the CARES Act and will expire at the end of 2020. The CDC has leveraged emergency powers to invoke an eviction moratorium which will hold until December 31, 2020. Reports say the moratorium will cover roughly 12.3 million tenants who live in single-family homes backed by a federal mortgage, or an apartment complex that is financed by the government as well. Even though critics have questioned the CDC’s move, the agency utilized emergency powers granted by the Public Health Service Act. “The Centers for Disease Control and Prevention (CDC), located within the Department of Health and Human Services (HHS) announces the issuance of an Order under Section 361 of the Public Health Service Act to temporarily halt residential evictions to prevent the further spread of Covid-19,” the CDC’s order notes. Following the CDC’s notice, a writer covering federal economic policy for Propublica, Lydia DePillis, says “we could see a lot of distressed properties come 2021.” Kentucky Representative Thomas Massie speaks out against the CDC’s latest move. However, Kentucky’s 4th congressional district leader, Thomas Massie, has been very outspoken against the CDC’s latest eviction mandate. “If this rules sticks, the federal government is effectively seizing property without compensation — Theft at gunpoint,” Representative Massie said on Twitter. Illusionary Markets and Free Markets Traditional stock markets on Wednesday have spiked 250 points, as economists see a few equities having a strong September start. But many analysts think that the stock market is extremely far removed from the real world’s products and services because of the Fed’s constant stimulus tactics. The amount of money created out of thin air and the mountains of debt continue to grow. For instance, U.S. debt is set to supersede the economy for a whole year for the first time since World War II. Meanwhile, precious metals like gold and silver, alongside digital assets like bitcoin and ethereum have shined during the economic downturn. Rather than investing in real estate, which was once a fairly predictable safe haven, many are turning to safe-haven assets that are far more liquid. With the central bank leveraging massive buys of outstanding mortgage bonds and the CDC’s latest emergency powers use, it is hard these days not to envision the U.S. real estate market as a house of cards. What do you think about the U.S. real estate markets being propped up by the central bank? Let us know what you think about this subject in the comments section below. The post $1 Trillion in Housing Bonds: US Real Estate Crisis Held Back by Fed’s Mortgage Purchases appeared first on Bitcoin News. View the full article

Pornhub now accepts bitcoin as the platform expands its cryptocurrency payment options. The leading adult video streaming website has over 12 million videos, more than 130 million daily visitors, and was visited 42 billion times last year, according to the platform. Pornhub Accepts Bitcoin Pornhub is the world’s leading adult video streaming website by number of visits. The site is free to access and generates revenue through advertising, promotions for producers, and the Pornhub Premium membership service, which allows users to view more content without ads or popups. Pornhub Premium tweeted Tuesday: To further expand our cryptocurrency options for Pornhub Premium, we’re excited to announce that we now accept bitcoin & litecoin as payment methods. A screenshot of the cryptocurrency payment options when signing up for Pornhub Premium. The platform uses Probiller to accept payments. When signing up for Pornhub Premium, customers can choose to pay by credit card or cryptocurrency. At the time of writing, the crypto payment options are bitcoin, litecoin, tron, verge, and pumapay. The platform started accepting verge and tron cryptocurrencies in 2018. It then integrated with Pumapay in March, allowing users to subscribe to the premium service with the pumapay token (PMA). Moreover, the platform introduced the stablecoin tether (USDT) in January as a payout option for models after Paypal blocked payouts to thousands of them two months prior. While the platform had discussed accepting zencash, now horizen (ZEN), the option is not listed at checkout. Founded in 2007, Pornhub allows viewers to upload and share their videos. According to the platform, it has over 12 million videos, more than 130 million visitors a day, averages over 76 million monthly active members, and was visited 42 billion times last year. Similarweb ranks Pornhub 9th globally and 8th in the U.S. Only one other adult video streaming website ranks higher than Pornhub globally — Xvideos ranks 7th worldwide and 12th in the U.S. However, in terms of the total number of visits, Pornhub had 3 billion visits in July whereas Xvideos had 2.95 billion visits. What do you think about Pornhub accepting bitcoin? Let us know in the comments section below. The post Pornhub Accepts Bitcoin: Top Adult Site Expands Cryptocurrency Payment Options appeared first on Bitcoin News. View the full article

When a publicly owned company decides to invest about $250 million in an asset that was widely attacked more than a decade ago, it says a lot about how the world has changed. The reasons and the timing of Microstrategy’s bitcoin incursion could not have come at a better time for the company’s investors. The constant reminders about the waning fortunes of the U.S. dollar on one hand and the growing recognition of bitcoin, on the other hand, all tell the story of a changing world. Changing Environment To illustrate, it has been reported that the U.S. Federal Reserve has printed more money in two months than it had done in more than four decades. Such an unprecedented feat means it cannot be business as usual. There has to be a response to this new normal. Similarly, the story of the Office of the Comptroller of the Currency (OCC), giving the green light for Banks to offer cryptocurrency custody services, is another important signal. It is a signal that reinforces the notion that the world has changed and that businesses need to embrace this. The OCC’s pro-fintech chief currency comptroller, Brian Brooks, elucidates this point in a recent interview. Elsewhere, a U.S. Court had ruled that bitcoin is a form of money. The implications of such a ruling are potentially far-reaching. While such signals might make it seem obvious that companies need to invest in bitcoin, it appears a much larger catalyst was needed to kick things off. Unfortunately, it had to take something on the scale of Covid-19 to jolt companies into action. The rapid spread of the virus set off a chain of extraordinary events which ultimately led to global financial markets crashing. The inevitable (if not alarming) response by governments around the world added a new sense of urgency to the issue of embracing cryptocurrencies. Whether it is the stimulus check or any other appropriately named welfare scheme, the response by governments has been unprecedented. Such interventions extinguished any hopes that the era of unbridled money creation ended with the 2008/9 financial crisis. Meanwhile, before governments intervened by pumping money, the collapse of markets in March had alarmed investors. The carnage that saw stock markets like the NYSE suspending trades several times in a short space of time, showed just how vulnerable financial markets are. Bitcoin a Better Inflation Hedge While bitcoin initially crashed alongside global financial markets, it did recover and quite quickly too. Those buying the digital asset realised it had a better chance of protecting funds against the inevitable inflation than fiat assets. The unprecedented largesse by the US government is certain to cause inflation and value dilution. Hence something else is needed to act as a hedge and for Microstrategy that something is bitcoin. There is no doubt that government aid in times like these is well-intentioned as George Ball, the former CEO at Prudential Financial remarked in an interview. However, the negative effects of such generosity–which seem to have no limits–will outweigh the positives in the medium to long term. Irrespective of the circumstances that justified the decision, any addition of new money to that which is already in circulation, is inflationary. Ball, a former bitcoin basher, knows this and that why he is now encouraging investors to invest in bitcoin. Already, usual inflation indicators like the price of gold shows it is growing. Many now expect the safe-haven commodity which has already touched new all-time highs to continue with this streak. Why Now? Similarly, many people like executives at Microstrategy also believe that bitcoin, just like gold, can protect wealth from bad economic policies. Their faith is premised on the fact that just like gold, bitcoin has a finite supply. Furthermore, the process of extracting or adding more bitcoin into circulation cannot be manipulated. Although gold cannot be counterfeited, in the past, some have tried and even had some success before their luck ran out. With bitcoin, so far that possibility is almost zero. The technologies behind bitcoin require massive resources for anyone to have that chance. So after more than ten years of proving itself, bitcoin is now likened to a digital version of gold. It is this designation that prompts interest from unusual suitors like Microstrategy, the Nasdaq listed billion-dollar business intelligence firm. It, therefore, stands to reason, that when Microstrategy announced the acquisition of bitcoins worth $250 million, it had a clear plan. The plan is to maximize the long term value of its shareholders. There will be risks involved yes but to Microstrategy, these pale into insignificance when compared with risks that are now associated with investing or storing wealth in fiat asset form only. Or as aptly put by the Microstrategy CEO, Michael J. Saylor, “bitcoin is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”Bitcoin is such a unique asset that allows corporations to limit exposure to fiat-based financial assets. The Future of Bitcoin Price Another interesting fact about Microstrategy’s purchase of bitcoin is the effect this has on the digital asset’s supply on the market. As Mike Novogratz, a bitcoin bull noted during a conference call with analysts in August, Microstrategy’s purchase of bitcoin reduces supply. Reduced supply means speculators’ will have less influence on bitcoin prices going forward. This helps to reduce bitcoin’s price volatility, a key concern for many potential investors. With growing evidence that more institutional investors in the mold of Microstrategy, are acquiring the digital asset, it means less and less bitcoin will be available on the market. The law of supply and demand dictates that the price will have to go up. It is interesting that at this point, some might see Microstrategy’s decision to invest in bitcoin as a gamble but in a few years, those looking back will say this was a no brainer! Bitcoin is going mainstream and those from Mainstreet that go in early will enjoy the first-mover advantage. Microstrategy maybe the first but many more corporations will follow and invest in bitcoin and their shareholders will fare better in the post-Covid-19 era. What are your thoughts about Microstrategy’s bitcoin investment? Tell us what you think in the comments section below. The post Microstrategy’s $250 Million Bitcoin Buy Consequential appeared first on Bitcoin News. View the full article

Ethereum miners are making a killing from transaction fees. In August alone, the miners raked in a total of $113 million in profit, up more than 3,660% from the $3 million earned in April, according to the latest data from Glassnode. This is the highest ether miners have earned from transaction fees ever. The previous all-time high of $64 million was reported in January 2018, said the crypto analytics firm. Fees have risen so high that on September 1, ETH miners made a record profit of over $500,000 in just one hour. At the time of writing, it cost about $6.57, on average, to send a transaction over the Ethereum (ETH) blockchain. That compares with fees of just $0.09 in April. Analysts blame the soaring transaction costs on the continuing hype within the decentralized finance (Defi) space, which has grown into a $9 billion industry within a matter of weeks. According to Etherscan, defi protocols such as Uniswap, which is built on the Ethereum blockchain, is one of a few with the highest network utilization. Tether (USDT), Sushi Swap, and Yearn Finance (YFI) are the others. As the ethereum community continues to show concern over steep fees, developers have been testing technical solutions to reduce costs and improve efficiency, including a network upgrade dubbed Ethereum 2.0. But the project is still several months away from coming to fruition. Ethereum co-founder Vitalik Buterin says investors will have to utilize layer two technology to get around the issue of high transaction fees. He tweeted on Tuesday: To those replying with ‘gas fees are too high’, my answer to that is ‘well then more people should be accepting payments directly through zksync/loopring/OMG’. Seriously, scaling to 2500+ TPS for simple-payments applications is here, we just need to… use it. However, in an earlier tweet, Glassnode observed that the Ethereum blockchain was growing at a rate of 260 megabytes each day – something that might not be so good for the network. “That is a 2x increase since the beginning of the year. And 40% higher than Bitcoin’s current blockchain growth rate – which is at an ATH (186MB per day),” it said. Meanwhile, by comparison, bitcoin (BTC) miners earned $39 million from transaction fees in August, almost three less than Ethereum miners. Ether shot up more than 11% to $483 during the 24 hours to September 1, as per markets.Bitcoin.com data. The coin traded at just above $400 two days earlier. What do you think about the soaring Ethereum miners’ income? Let us know in the comments section below. The post Fees Bonanza: Ethereum Miners Pocket a Record $113 Million From Fees in August appeared first on Bitcoin News. View the full article

Pressure on Nigeria’s current exchange rate is likely to get worse in 2021, when the expected recovery of imports is set to force another devaluation of the local currency to N430/$ next year, according to two Bank of America analysts. Earlier rate adjustments, one in March and another in July, already appear to have failed to ease the pressure. Before the latest devaluation, the Central Bank of Nigeria (CBN) maintained an exchange rate of N360/$. Since the devaluation, the Naira has officially been trading at N380/$ and higher. In their predictions published in the local media, the two analysts, Rukayat Yusuf and Andrew MacFarlane are estimating “the Naira (NGN) fair value at 451/$, implying 15% overvaluation from current levels.” The analysts add, “Our baseline is for a 3.5% recession, 13.2% inflation and current account deficit of 3.9% of GDP this year. CBN to remain on hold with a 6% deficit covered by foreign loans and domestic issuance.” In the meantime, the CBN had revised its Naira/Dollar forecast to 390/$1 by year-end from 430/$1 with foreign reserves at $28bn from $22bn. The bank’s projections were based “on higher oil prices, lower imports” and an expectation that “the $1.5bn in World Bank loans to Nigeria” would be ready in October. However, the Naira currency continues to lose ground on the parallel where the rates (at the time of going to press) range between 455 and 465, according to Abokifx, an exchange platform that tracks parallel market exchange rates. At some point in August, the rate went over 480 before receding. The ongoing shortages of hard currency are now forcing financial institutions to impose severe restrictions on the quantities that clients can withdraw for onward payment. For instance, one Nigeria bank, Ecobank is advising one client of the new limits. The notice reads: Kindly be informed that the monthly POS/Web transaction for Naira debit card usage abroad has been further review downward to $20 monthly. We sincerely regret all inconveniences this might have caused. Such restrictions are forcing some Nigerian businesses to look for alternatives that are immune to censorship. This is confirmed by several data sources that show Nigeria as one of the leading cryptocurrency markets in the world. Nigerians use cryptocurrencies to make online payments and for international remittances. Chiagozie Iwu, the CEO of Naijacrypto, a locally established cryptocurrency exchange platform. He is in agreement that Nigerians are switching to cryptocurrencies in a bid to avoid current restrictions. According to Iwu, “the exchange rate uneasiness has caused banks to restrict foreign currency usage. This, in turn, has made a lot of people switch to crypto for international remittances.” Iwu adds that fears of another devaluation will eat into savings, and this might have prompted an increased demand for dollar-based stable coins. Nigerian traders also use cryptocurrencies to pay Chinese vendors. Meanwhile, the CEO shared Naijacrypto’s traded volumes which buttress the notion that exchange rate challenges are driving Nigerians to cryptos. “In the last two months on naijacrypto.com Naira to stablecoin conversion increased by over 500% in comparison to February when the Naira/USD was stable.” As Nigeria’s economic situation worsens, many still expect the already large cryptocurrency market to grow even further. What do you think of Nigeria’s foreign exchange crisis? Tell us your thoughts in the comments section. The post Nigeria Foreign Exchange Crisis: Worsening US Dollar Shortages Point to Further Devaluation appeared first on Bitcoin News. View the full article

In mid-August officials from the Chinese province of Sichuan approved a number of enterprises that mine bitcoin for legal hydropower consumption in the region. Following the local government of Ya’an city deciding to foster mining, officials from Chengdu recently spoke about welcoming crypto mining at the Hashcon 2020 event as well as bolstering a blockchain industrial park. Government leaders from the province of Sichuan are beginning to be far more friendly toward bitcoin mining than they were two years ago. In 2018, officials called the industry wasteful, but nowadays leaders from Sichuan have been embracing bitcoin miners. In mid-April 2020, officials from Ya’an city approved a number of companies to leverage cheap hydropower in the region. In August, Ya’an leaders allowed a “second batch of demonstration enterprises for hydropower consumption,” according to 8btc contributor Lylian Teng. On August 28, Vincent He from 8btc explained that two officials from the government of Chengdu spoke at the Hashcon 2020 event. Chengdu serves as the capital of Sichuan and is a sub-provincial city. Hashcon was a bitcoin mining summit held by Inbtc, 8btc, and Chainnode on August 22 and 23. The report notes that a great majority of the BTC hashrate was present at the Hashcon 2020 event alongside 70% of the ASIC rig manufacturers. The first day of the Hashcon summit saw a partnership with the Chenghua District and 8btc which will invoke a Sichuan-based blockchain industrial park. The park will feature the blockchain computing power (bitcoin miners) that have settled in Chengdu, according to the regional report. “Eight blockchain enterprises including inbtc and Valarhash signed contracts and settled down,” Vincent He noted. “As crypto-mining gets compliant, the government can obtain considerable tax revenue and create more jobs, as well as creating a stable business environment for enterprises. Qu Zhaoxiang, the cofounder of 8btc and Chainnode said. Hashcon 2020 in Sichuan. “The government of Chengdu shows great interest in the mining business model, blockchain technology and hopes to get involved in crypto mining. [The] government’s attitude to the industry has changed.” the Inbtc cofounder, Zhu Fa stressed. According to the report, 39 exhibitors attended the mining summit with a strong focus on the mining ecosystem. Enterprises like Nurima, Seagate, and Gongyi alloy technology were in attendance alongside Innosilicon, Babel, F2pool, and the ASIC manufacturers Microbt. What do you think about the officials from the Chengdu government embracing bitcoin mining? Let us know what you think in the comments below. The post Sichuan’s Blockchain Park: Chengdu Government Officials Welcome Bitcoin Miners appeared first on Bitcoin News. View the full article

LZ Lending, London’s premier cryptocurrency Peer 2 Peer lending solutions, announces the official launch of their new fully integrated and simple to use P2P platform designed to remove barriers and obstacles that have prevented millions of potential investors from entering the cryptocurrency community. In addition to serving their already robust portfolio of investors, borrowers, and lenders, LZ Lending continues to revolutionize the blockchain and cryptocurrency industry by creating seamless, simple, and elegant P2P platform solutions that will attract new investors who have traditionally remained hesitant to dabble in the field. The new simple and fully integrated platform is the result of several years of tireless work, ranging from research and development, testing, market research, focus groups, and input from other respected industry leaders. “We are beyond pleased to finally share this elegant and powerful platform with the entire cryptocurrency community,” said LZ Lending President and CEO Yousba Bletoh. “Our goal was to provide a robust P2P platform that would not only thrill those who had extensive experience with cryptocurrency, but also be easy and user-friendly enough to encourage new faces and organizations into the community. We simply could not be more pleased with the results.” In development for the last three years, the LZ Lending P2P Platform is already being lauded as one of the greatest developments in the past five years, and has been responsible for bringing in an estimated 30,000 first-time investors, lenders, and borrowers into the blockchain community during the beta testing alone, and is expected to add billions of additional funding into the industry by year end. About LZ Lending Founded in 2020 out of the United Kingdom, LZ Lending provides direct lending and loaning opportunities for individuals and organizations working with a wide assortment of cryptocurrency. A pioneer in blockchain technology, crypto asset diversification, and decentralized crypto lending designed to put the power of financial freedom into the hands of our users, LZ Lending offers the highest interest rates on deposits anywhere on the Internet. Website: https://lzelnding.com Email: support@lzlending.com 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. The post LZ Lending Innovates and Integrates Peer2Peer Into Platform appeared first on Bitcoin News. View the full article

Atupri, a Swiss health insurance provider, said Monday that its 200,000 customers will now be able to make payments using bitcoin and ethereum. The 110-year old firm claims it is the “first” insurer in Switzerland to accept cryptocurrencies. In a statement, Atupri said payments will be made through local regulated crypto financial firm Bitcoin Suisse, with which it has partnered. The Bern-based health company will not hold any bitcoin (BTC) or ether (ETH), only the converted cash it receives from Bitcoin Suisse. “As digital pioneers in the health sector, we anticipate social trends and offer insurance solutions with long-term prospects,” said Caroline Meli, Atupri head of marketing and sales. “Blockchain technology and the associated use of cryptocurrencies will become increasingly important,” she added. Founded in 1910 as a company health insurance fund for the Swiss Federal Railways, Atupri has grown into one of the biggest health insurers in the central European country. In 2019, the firm reported a premium income of $885 million. Armin Schmid, head of Bitcoin Suisse crypto payments, said: “We are pleased about the partnership with Atupri and guarantee secure and uncomplicated payment options with cryptocurrencies.” Among other things, Bitcoin Suisse handles the trading of digital assets for customers. It also offers crypto custody services. In May, the company added gold, silver, and platinum to its platform, allowing users to trade the precious metals against both BTC and ETH, as well as five other major fiat currencies. The precious metal trades are available for 24/7 trading with immediate cash settlement, it said. Switzerland, with its crypto tax haven of Zug, has taken a progressive stance toward crypto assets by legalizing its use and formalizing crypto transactions in a range of different contexts. The country sees virtual money and blockchain technology as strategic innovations in global finance. What do you think about Atupri accepting bitcoin payments? Let us know in the comments section below. The post Major Swiss Insurer Adds Bitcoin and Ether Payments appeared first on Bitcoin News. View the full article

This weekend the decentralized money market protocol Aave broke records as the community witnessed a massive flash loan of $14 million worth of the stablecoin DAI. So far, the Aave protocol has seen over $300 million in flash loans to-date and this trend doesn’t seem to be abating any time soon. In just a short period of time, the Aave protocol (the Finnish word for “ghost”) has seen enormous demand. Essentially, Aave is a decentralized finance (defi) protocol that currently has 19 supported tokens including ethereum (ETH). To-date the total-value locked (TVL) is around $1.5 billion at the time of publication. Aave allows for unique lending and borrowing experiences like flash loans, credit default swaps, and credit delegation. Flash loans are a unique concept that allows the user to borrow funds without the need for collateral. “Flash Loans are the first uncollateralized loan option in defi,” the Aave website explains. “Designed for developers, Flash Loans enable you to borrow instantly and easily, no collateral needed provided that the liquidity is returned to the pool within one transaction block.” Aavewatch stats show during the last two months people leveraging flash loans have grown exponentially. On August 29, a user executed Aave’s largest flash loan of $14 million worth of DAI and so far Aave has seen $300 million in flash loans. More than half of the aggregate of flash loans settled were executed during the month of August. Data from the web portal Aavewatch shows that flash loans executed from July 30 to September 1 saw an increase of 117%. The month prior defi flash loans using Aave increased by 809%. Despite the Aave website explaining that flash loans are for developers, a number of people without programming abilities are leveraging these types of uncollateralized loan options. Today there’s a couple of online tools that create defi composability. This means any user can leverage a number of defi apps in a lego-like fashion and execute the actions in a single transaction. Furucombo is a tool that can create a variety of defi actions that will be settled in a single transaction. The customized defi lego tool, however, is in beta software and users should understand that the platform could be unstable and risky. One tool called Furucombo is a defi application that creates “defi legos” with a number of protocols. However, the creators warn that “Furucombo is beta software, and it should be treated as highly unstable.” Despite the warning, users can leverage the application to create defi composability with applications like Aave, Maker, Uniswap, and Curve.fi by simply connecting a wallet. “Create customized defi legos and put all strategies into one transaction,” the tools website notes. “Pick up a defi protocol you want and set up the inputs. You can then send the transaction or pick another defi protocol. Drag the cube to rearrange the order of your actions. Once you’re ready to send out the transaction, connect your wallet and click ‘Send.’” Another application, called defisaver.com also offers functionality with Aave, Maker, and Compound. Users can connect their Metamask wallet or hardware wallets like Trezor and Ledger as well in order to access defisaver.com’s user interface. This will allow for a connection with a defi protocol’s default app like Aave’s platform. Users can then create a traditional account but also build a smart wallet. Defisaver.com’s smart wallet feature provides a personal smart contract wallet that will enable the usage of advanced features. What do you think about the Aave platform issuing $300 million in flash loans? Let us know in the comments section below. The post Money Market Protocol Aave Settles $300 Million in Defi Flash Loans appeared first on Bitcoin News. View the full article

On August 18, 2020, the Bitcoin ABC development team announced a “feature freeze,” which will include a new Infrastructure Funding Plan (IFP) and a week later explained it was also initiating a “governance council.” Despite the recent announcements, Bitcoin ABC has lost considerable support and it appears the project will separate from Bitcoin Cash come November 15. During the last few weeks, there’s been a lot of contention among the Bitcoin Cash (BCH) community. The controversy really heated up after the Bitcoin ABC development team decided to adopt Jonathan Toomim’s ASERT Difficulty Adjustment Algorithm (DAA), but also included the controversial Infrastructure Funding Proposal (IFP) coinbase rule as well. If the rule was to be applied, approximately 8% of the coinbase reward would be set aside for infrastructure development. Bitcoin Cash miners have been signaling BCHN or “Powered by BCHN” in the block’s coinbase parameters. However, an overwhelming share of the Bitcoin Cash (BCH) community does not support the IFP integration into the Bitcoin Cash codebase. A great number of big players, early adopters, developers, full node projects, businesses, miners, and crypto executives have all been very outspoken against the IFP addition. Those who are against Bitcoin ABC’s current direction include a myriad of engineers from full node projects like BCHN, Knuth, Bitcoin Unlimited, Flowee, Bitcoin Verde, Bitcoincashj, and BCHD. Businesses and organizations like Electron Cash, Bitcoin.com, the SLP Foundation, Read.cash, Zapit, Membercash, Lazyfox, and Cashaddress.org. There is now a new Bitcoin Cash web portal called bch.info, which is a directory for all things related to BCH. The website bch.info includes resources for exchanges, wallets, full node clients, and developer tools. ABC’s direction has also caused a number of node operators and miners to start switching over to the Bitcoin Cash Node (BCHN) client version 22.0.0 or later and other non-ABC nodes. So far, an increasing number of miners have written “Powered by BCHN” in the block’s coinbase parameters after they find a block reward. Bitcoin cash miners mining with a non-ABC client include Huobi, Binance, Bitcoin.com, P2pool, Hashpipe, Okex, Easy2mine, Btc.top, and more. Roughly 50.9% of the last 1,000 blocks have been signaling BCHN and zero blocks so far have been signaling for Bitcoin ABC. Over the last week, this metric has continued to rise and 53% are using BCHN for the latest consensus rules. Additionally, a number of BCH mining representatives have signed saying they are against ABC’s latest IFP iteration. Representatives such as Li Pei Cai the founder of Wayi.cn, the miner and developer Andy Chen, BlocksBridge Consulting founder Nishant Sharma, Bitcoin.com’s mining pool, Carson Smith the CEO of SBI Crypto, Alexander Levin Jr the CEO of ASICseer.com, and many more have signed. Moreover, on social media Bitcoin.com founder Roger Ver tweeted on Tuesday that he wishes Bitcoin ABC and Amaury Séchet good luck going forward with ABC Coin. “Bitcoin ABC and [Amaury Séchet] have announced they are forking away from Bitcoin Cash on November 15,” Ver stressed. “We wish them good luck with their new coin and thank them for the free airdrop to all [bitcoin cash] holders.” Additionally, the crypto exchange Coinflex has listed futures for the upcoming airdrop with ABC Coin paired against BCH. At press time, the price ratio for ABC versus BCH futures on Coinflex is 10 to 1 in favor of BCH. It’s likely that as time gets closer to November 15, other crypto exchanges may add futures for ABC Coin and will likely have to reveal airdrop contingency plans. Coinflex futures for ABC Coin and Bitcoin Cash (BCH). With Bitcoin ABC splitting away from the BCH community and greater ecosystem in general, exchanges will have to decide whether or not the trading platform will support ABC Coin. Oftentimes over the years, forked coins with little community support and no liquidity have a hard time getting listed on popular exchanges. A great majority of the BCH community, developers, businesses, and miners have come to the conclusion that Bitcoin ABC has not left this debate up for discussion. Most understand that there is no longer any need to engage in heated debates, as the ABC development team has ultimately chosen to take a separate path. Furthermore, the team’s former finance manager George Donnelly has also left Bitcoin ABC and has written extensively about how “Amaury Séchet is forking Bitcoin ABC away from Bitcoin Cash.” Many other BCH supporters have also written long posts on the read.cash blogging platform explaining how they do not support ABC’s plan. As time gets closer, it will be far more apparent that those with skin in the game are fully against the IFP and ABC’s decision. As the CEO of ASICseer.com recently said: “With the existence of BCHN as a mining node, we do not expect any sensible miner to choose to receive 8% less mining revenue.” If there are any miners that choose to follow ABC’s path, they ultimately will be creating a new airdrop coin for all the Bitcoin Cash investors after November 15. What do you think about Bitcoin ABC’s decision to fork away from Bitcoin Cash? Let us know what you think about this subject in the comments section below. The post Prepping for an Airdrop: Prominent BCH Community Members Bid Bitcoin ABC Devs Farewell appeared first on Bitcoin News. View the full article

1st September 2020, Hong Kong – Multiplier DeFi protocol has successfully completed a full audit by leading blockchain-based form verifier, and cyber security expert Certik. Following approval for its advanced blockchain protocol, Multiplier will commence its DeFi beta release on 2nd September 2020, with the MainNet to follow immediately after. A total of 1 billion MXX tokens will be allocated for minting during the Beta Release. Multipliers DeFi protocol will offer a number of advancements of the technology, including its Simplified Stable Bonds, low gas fees, a high and stable yield, and no risk of liquidation. Simplified Stable Bonds Multiplier is now ready to roll out its asset tokenization concept called Simplified Stable Bonds (SSB), resembling a hybrid of traditional bond characteristics blended with digitized assets. SSB Contracts mint MXX tokens, offering users stable yield for their underlying assets over a period of time. Users can create their own SSB contracts, determining the tenor and interest rates paid on their underlying assets. Deposited assets are not locked and contracts can be redeemed at any time. Low Gas Fees Multiplier focused on optimizing coding lines while maintaining protocol integrity, effectively reducing gas fees spent executing smart contracts on their DeFi MainNet. Surging network use and transaction fees could constitute to a future of which gas fees play an increasingly crucial factor in farming yield. High Stable Yield Unlike most platforms with daily fluctuating APY, Multiplier’s yield is fixed for the duration of the SSB contract. This encourages farmers to stay on one platform, instead of fluttering from one platform to another in search of better yield. No Liquidation Risk Another key difference between Multiplier and other DeFi platforms, is that there is no risk of liquidation of collateral assets, simply due to the nature of the Bonds market as opposed to lending and borrowing markets. Audited DeFi Protocol Multiplier’s DeFi protocol is open-sourced, verifiable and has been audited by leading blockchain cybersecurity and smart contract auditor, CertiK. Multiplier MXX governance tokens are currently listed on Uniswap, Balancer and Bilaxy Exchange. Learn more about Multipliers advanced DeFi protocol – https://multiplier.finance Join the community discord server at – https://discord.gg/2fatBM7 Join the official Multiplier Telegram channel – https://t.me/themultiplierio Follow on Twitter – https://mobile.twitter.com/MultiplierMXX Media Contact Info Contact Name: D.R Dudley Contact Email: marketing@multiplier.finance About Bitcoin PR Buzz: Bitcoin PR Buzz has been proudly serving the crypto press release distribution needs of blockchain start-ups for over 8 years. Get your Bitcoin Press Release Distribution today. Multiplier is the sole source of this information. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. 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. The post Multiplier DeFi (Beta Release) Targets Tokenized Bonds appeared first on Bitcoin News. View the full article

Akon has released detailed plans of Akon City, his $6 billion futuristic cryptocurrency city, which he calls a “real-life Wakanda,” referring to the hit movie Black Panther. There will be seven major districts, and the city will be run on the akoin cryptocurrency. Akon City’s Details Officially Revealed Senegalese-American star and philanthropist Akon, whose full name is Aliaune Damala Badara Akon Thiam, unveiled Monday some major details of his planned Akon City. The $6 billion futuristic city in Senegal, Africa, will be run on the akoin cryptocurrency. The city will be divided into seven major districts: the African culture village district, the offices and residential district, the entertainment district, the health and safety district, the education district, the technology district, and the Senewood district. The African culture village district will feature a seaside resort and spa encompassing retail stores, a ballroom, a business center, a restaurant area, a night club, a fitness center, and a hotel. There will also be 20 chalets and an open market. The Associated Press reported Monday that a hotel within the city plans to feature rooms decorated for each of the 54 countries of Africa. Conceptual image of Akon City, the $6 billion futuristic cryptocurrency city that Akon calls a real-life Wakanda, referring to the hit movie Black Panther. The residential and office district will comprise six residential buildings, two office buildings, and four parking structures. Akon City’s website explains that there will be a “smart parking system,” which it describes as a “more efficient, safer, and energetically sustainable” system that includes “e-parking, automated parking system, e-transportation within the city and much more.” The entertainment district will have a casino, a stadium, a resort building with a hotel, and a sports field. There will also be a mall with a cinema, an entertainment area for kids and adults, and a fashion district. The health and safety district will consist of a general hospital, an outpatient center with a pharmaceutical retail area, laboratories, and a variety of clinics. There will also be a police station and a fire station, which include areas for training, sleeping, and fitness. The eduction district will have three main buildings to accommodate MIT, Berkeley, Harvard, and Stanford. There will be housing for students and faculty members. The technology district will feature a tech park spanning several buildings while the Senewood district will have the Akon tower, a media tower, and four filming and recording studios that will help develop Senegal’s film industry. A room in a resort chalet in the African culture district of Akon City. Akon City’s African culture district. Location of Akon City and Use of Akoin Cryptocurrency Akon City is located “in the heart of Cadastral de Mbodiene park … within the beautiful landscape of water and surrounding nature,” its website details, adding that the location “is easily accessible to commuting as well as to the general public.” The website further claims: Akon City will set the standard for all future real estate development in Senegal as a country and region as a whole. Map of where Akon City will be. The project was, however, designed by a Dubai-based architect because a suitable one in Africa could not be found fast enough, the Associated Press reported, citing Akon. It is also unclear what percentage of the building materials and construction teams will be sourced locally, the publication noted. While hopes are high in Mbodiene that the Akon City project will change lives, village chief Michel Diom was quoted as saying: “We have a lot of hope. Many promised us projects, but we saw nothing.” Without providing specific details, Akon also said he’s considering franchising the concept to other countries on the continent, the publication conveyed. In addition, Akon noted on Monday that the project has secured about one-third of the $6 billion needed. However, KE International, a U.S. based consulting and engineering firm that has been awarded the contract for building and executing Akon City, said in June that it had secured $4 billion from investors for the first and second phases of execution of Akon City. Akon laid the foundation stone of Akon City on Aug. 31. According to the Associated Press, Akon traveled with government officials on Monday “to the grassy fields in Mbodiene some 100 kilometers (62 miles) outside the capital where construction has yet to begin.” Akon said the construction is set to begin early next year, adding that the first phase of the project alone could take more than three years. He previously said that phase one of Akon City will be completed by 2023 and the entire city, running on the akoin cryptocurrency, will be completed in 2029. Akoin, a Stellar-based cryptocurrency, will be used in Akon City. The akoin cryptocurrency was created with the aim to be used “as a common medium of transfer between Africa’s 54 countries … Allowing African citizens and entrepreneurs to engage with the digital economy with only a mobile phone,” its website describes. The akoin cryptocurrency has its own wallet that “allows users to trade amongst partnered cryptocurrencies internally … through a proprietary and private atomic swap technology that makes a direct transfer with all major cryptocurrencies, our partners’ alt currencies possible, without having to go through a major exchange.” Real-Life Wakanda to Provide Jobs for Africans and Boost Senegal’s Tourism Akon first announced the idea of Akon City in 2018. He described it as a “real-life Wakanda,” comparing it to the technologically advanced fictional African city in the blockbuster movie “Black Panther.” Sadly, actor Chadwick Boseman, who portrayed Black Panther in Marvel’s popular movie series, died on Saturday. Wakanda in Black Panther. Image courtesy of Walt Disney Co. and the Everett Collection. On Monday, Akon said he hoped his Akon City project would provide much-needed jobs for people in Senegal and “serve as a ‘home back home’ for Black Americans and others facing racial injustices,” the Associated Press also reported. “The system back home treats them unfairly in so many different ways that you can never imagine. And they only go through it because they feel that there is no other way,” Akon shared, elaborating: So if you’re coming from America or Europe or elsewhere in the diaspora and you feel that you want to visit Africa, we want Senegal to be your first stop. “Covid-19 has sown doubt everywhere. This means that those who had doubts about the attractiveness of Senegal, and Africa in general must convince themselves that there are men and women who believe in Africa,” the two-time Grammy Award-nominated artist opined. Born in the U.S. to Senegalese parents, Akon spent much of his childhood in the West African country. He started the Akon Lighting Africa project in 2014 with the aim to provide electricity by solar energy in Africa’s rural areas. Recently, he joined bitcoin entrepreneur Brock Pierce’s presidential campaign as Chief Strategist. Will you visit Akon City? Let us know in the comments section below. The post Akon Unveils Major Details of $6 Billion Cryptocurrency City: Real-Life Wakanda appeared first on Bitcoin News. View the full article

Warren Buffett has made another major investment shift, one that reduces Berkshire Hathaway’s dependence on the U.S. economy. This news followed the Federal Reserve’s policy announcement to “push up inflation,” which is seen as bullish for bitcoin, with some predicting that the price of the cryptocurrency will soon reach an all-time high. Buffett Reducing US Dependence Warren Buffett’s Berkshire Hathaway has invested over $6 billion in Japan’s five biggest trading houses. The company has taken a 5% stake in Itochu Corp., Marubeni Corp., Mitsubishi Corp., Mitsui & Co. Ltd., and Sumitomo Corp. The stakes could rise to 9.9%, the company said on Sunday, Buffett’s 90th birthday. Reuters described: The investment will help reduce Berkshire’s dependence on the U.S. economy, which in the last quarter contracted the most in at least 73 years as the Covid-19 pandemic took hold. “Buffett’s choice in Japan, however, surprised market players as trading houses have long been far from investor favorites,” the publication added. Tokyo-based Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities, pointed out that “it is un-Buffett-like to buy into all five companies rather than selecting a few.” Most of Berkshire’s operating businesses are American. The company owns more than 90 businesses outright and invests in dozens of companies, such as American Express Co., Bank of America Corp., and Coca-Cola Co. Moreover, Berkshire has a roughly $125 billion stake in Apple Inc. (APPL), accounting for about 43% of its total portfolio. Berkshire Hathaway CEO Warren Buffett turned 90 on Sunday. Berkshire already made a surprise investment move about two weeks ago when it invested in Barrick Gold. Crypto exchange Gemini founder Cameron Winklevoss tweeted on Sunday: When Buffett buys stake in gold mining company you know he knows something’s up … inflation is coming. He’ll find Bitcoin in a decade. It took him until 2016 to find APPL, but now it’s his biggest investment ever. Many people joined into the discussion, pointing out that Buffett is already 90 so it will be difficult for him to find Bitcoin during his lifetime. Overall, the opinions are split, with some believing that the Berkshire CEO will eventually buy bitcoin while others say he will never do so in his lifetime. “Not sure Buffett is ready to wade into Bitcoin just yet,” global macro investor and Gold Bullion International co-founder Dan Tapiero tweeted last week. “Perhaps his younger deputies might be. BRK [Berkshire Hathaway] is a public company so difficult for them to take too many non-equity outlier positions. In 2-3 years, I think it’s possible they could allocate.” The Oracle of Omaha has repeatedly said that he will never own bitcoin, calling the cryptocurrency “rat poison squared,” as he does not see any value in it. He was gifted a bitcoin in February by Tron founder Justin Sun during a dinner which Sun won for $4.57 million at a charity auction. However, Buffett later said that all cryptocurrencies gifted to him were immediately regifted to his charity. Some people are more optimistic about the prospect of Buffett investing in bitcoin. Popular television personality and bitcoin proponent Max Keiser, for example, believes that Buffett will panic-buy bitcoin at $50K just like gold bug Peter Schiff and veteran investor Jim Rogers will do. Commenting on Buffett’s new investments in non-U.S. companies, he tweeted Monday: Buffett’s move into Japan, along with his gold investment, confirms he’s getting out of USD bigly … Bitcoin – gold – silver will all make new ATH [all-time high] in the near term. Many people on social media believe Buffett anticipated that inflation was coming to make the investment decisions he did. The Federal Reserve announced a major policy change last week to “push up inflation.” Several experts expect bitcoin to benefit from this policy shift as well as from the weakness of the U.S. dollar and the political uncertainty surrounding the U.S. presidential election. Devere Group CEO Nigel Green believes that bitcoin will break out this year, as news.Bitcoin.com reported. Responding to the Fed’s inflation policy shift, the founders of Gemini Exchange explained how bitcoin will “ultimately [become] the only long-term protection against inflation,” potentially driving the price of the cryptocurrency above $500K. Meanwhile, to hedge against inflation, several companies have already begun reducing their cash holdings and moving their reserves into bitcoin. Among them is the Nasdaq-listed Microstrategy, which recently moved $250 million into bitcoin, and Canadian restaurant chain Tahini’s, which moved all of its cash reserves into the cryptocurrency. What do you think of Buffett’s strategy? Let us know in the comments section below. The post Warren Buffett Shifts Funds From US Amid Inflation Fears, Bitcoin’s New All-Time High Expected appeared first on Bitcoin News. View the full article

A bitcoin exchange-traded product by 21Shares is now listed on leading stock exchanges in three countries: Switzerland, Germany, and Austria. The company offers 11 cryptocurrency exchange-traded investment products in total. Growing Number of Stock Exchanges List Bitcoin Products Zug-based 21Shares announced Tuesday that its bitcoin exchange-traded product (ETP) has been admitted to Wiener Börse, the Vienna Stock Exchange. With this latest listing, the company wrote: The largest exchange in each of the three DACH (Germany, Austria and Switzerland) countries has now admitted a bitcoin ETP. This achievement further demonstrates institutional – and more importantly regulatory – acceptance of this emerging digital asset class. The 21Shares bitcoin exchange-traded product (ABTC) “are passported into Austria and authorized for distribution for both retail and institutional investors using a familiar and widely accepted financial structure,” the company clarified. ABTC is trading on the Six Swiss Exchange in USD, EUR, CHF, and GBP. It was admitted to Frankfurt-based Deutsche Boerse Xetra for trading in EUR in July. According to the 21Shares website, the product can also be found on Boerse Stuttgart and BX Swiss. In addition, the company announced Monday that its short bitcoin ETP had been admitted to the Deutsche Boerse Xetra for EUR listing. This investment product is also listed on the Switzerland-based Six Swiss Exchange in USD and Boerse Stuttgart in EUR. Laurent Kssis, Managing Director at 21Shares in charge of the application with Deutsche Boerse, commented: “We have lobbied carefully but vigorously with the exchange to be in a position to launch the world’s first centrally cleared short bitcoin ETP on a regulated trading venue,” adding that “The one missing trading product was to deliver a fully transparent financial instrument to capitalize on negative price movements within a complete regulated framework.” “The 21Shares Short Bitcoin ETP (Ticker: SBTC) seeks to provide a -1x return to the performance of bitcoin for a single day. This product obtains short exposure through borrowing bitcoin and simultaneously selling it on an execution platform,” the company explained on its website. “SBTC is an innovative financial instrument that allows investors to gain exposure to the negative price movement of bitcoin,” the announcement clarified. 21Shares cryptocurrency exchange-traded products. With over $100 million in total listed assets under management, the company offers 11 varied crypto exchange-traded products. Six of them are single asset products tracking the price of bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), ripple (XRP), binance (BNB), and tezos (XTZ). Only one product, SBTC, is an inverse ETP. The company also offers four index-ETPs: Crypto Basket Index, Bitcoin Suisse Index, Sygnum Platform Winners Index, and Bitwise Select 10. 21Shares AG is a Swiss company registered in Switzerland’s canton of Zug, with offices in Zurich, New York City, and Berlin. Its ETPs were previously called Amun ETPs but their names were changed in March. “The entire suite [of 11 crypto ETPs] is listed on a regulated framework on the official market of Deutsche Boerse, Six Swiss Exchange, BX Swiss and some on Boerse Stuttgart in CHF, USD, GBP and EUR respectively,” the company noted. All of the 21Shares crypto ETPs can be purchased via any broker or bank with access to the exchanges the products trade on. Should all stock exchanges worldwide list bitcoin ETPs? Let us know in the comments section below. The post Leading Stock Exchanges in Switzerland, Germany, Austria Now List Bitcoin ETP appeared first on Bitcoin News. View the full article

Following the launch of Revolut’s new crypto exchange in the U.S. the company has added bitcoin cash and litecoin support. Alongside bitcoin and ethereum support, the trading platform’s added coins provide Revolut users with the ability to buy, store, and sell four different digital assets. Six weeks ago, Revolut launched a new exchange in the United States and initially, the platform supported bitcoin (BTC) and ethereum (ETH). Today Revolut has added bitcoin cash (BCH) and litecoin (LTC) support to the exchange’s roster of listed crypto assets. Revolut says the trading platform frictionlessly allows users to swap digital assets at the tap of a button. Revolut has 13 million customers worldwide and roughly a million users are trading on a regular basis. “Monthly crypto volumes are in the hundreds of millions of dollars,” the firm detailed during the BCH and LTC support announcement. Moreover, the company says that around 5,000 daily signups are attributed to its crypto service. “At Revolut we pride ourselves in being a customer-obsessed brand,” Edward Cooper, Head of Crypto at Revolut said. “Since we launched our crypto offering in the States, we had swarms of customers requesting that we add Bitcoin Cash and Litecoin to the product. So, we took notice, got straight to work, and were able to deliver in just four weeks.” The company highlighted that it aims to construct a financial super application that “provides customers with a checking account, budgeting tools, instant P2P payments.” Revolut also allows users to spend and transfer the funds using a real-time exchange rate based on 28 different fiat currencies. “I have said this before, but crypto has traditionally been inaccessible to the average consumer,” Cooper concluded. “Traditional exchanges can be clunky and confusing, which immediately puts a lot of people off. We have built a platform that gives you exposure to the world of digital currencies at the tap of a button, and that’s the way it should be,” the Revolut Head of Crypto executive added. What do you think about Revolut adding bitcoin cash and litecoin? Let us know in the comments section below. The post Revolut Adds Bitcoin Cash and Litecoin Support for US Customers appeared first on Bitcoin News. View the full article

Suspected North Korean hackers on Monday moved 12 bitcoin, worth about $140,000, from one of 280 accounts the U.S. Department of Justice (DoJ) has targeted for seizure. The funds have been wired into an anonymous wallet, according to Whale Alert, a bot that tracks notable crypto transactions. “One of the inputs of this transaction has been listed by the U.S. government as forfeited. It is unclear who made the transaction,” Whale Alert tweeted, attaching a DoJ civil forfeiture complaint of August 27. In the complaint, the DoJ alleges that the accounts were used by the North Korean government to launder almost $3 million worth of cryptocurrency stolen in two separate hacks in 2019. The U.S government alleges that such funds are used to help Pyongyang undermine sanctions and sponsor its development of weapons of mass destruction. “The forfeited address is possibly a Huobi deposit address that received 2.97069728 BTC a few days ago. The address was swept today [Aug. 31] together with deposits made by other users,” Whale Alert further tweeted. The DoJ complaint says the two crypto heists occurred on July 1, 2019, and September 25, 2019, prejudicing unidentified exchanges of $272,000 worth of altcoins and tokens and more than $2.5 million worth of multiple virtual currencies, respectively. U.S. investigators said hackers used a technique known as “chain hopping”, whereby one form of cryptocurrency is transferred into another, to cover their tracks. Chinese over-the-counter traders are accused of helping to launder the funds. “Despite the highly sophisticated laundering techniques used, IRS-CI’s Cybercrimes Unit was able to successfully trace stolen funds directly back to North Korean actors,” Internal Revenue (IRS) Criminal Investigation chief Daniel Fort said. The 280 addresses are frozen because of the investigation, with exchanges cooperating so that the stolen funds are not converted to fiat and lost forever. The UN previously reported that North Korea has made $2 billion from cyberattacks. What do you think about North Korea’s alleged hacking syndicates? Let us know in the comments section below. The post Suspected North Korean Hackers Move Bitcoin Worth $140K From Forfeited Account appeared first on Bitcoin News. View the full article

Tesla’s Elon Musk has said the company recently foiled attempts to infect its computer network with malicious software, after an employee cooperated with the FBI in an investigation. The malicious software would create an opportunity for criminals to extort money from Tesla. Musk’s revelation comes after the United States Department of Justice (DoJ) had brought charges against a Russian national, Egor Igorevich Kriuchkov, 27. Although the U.S. government is not naming the targeted corporation in the sealed court documents, Musk in a tweet, confirms that Tesla was the intended victim of the botched attack. According to court records, an investigation into the alleged conspiracy started after an unnamed Tesla employee informed the company of an approach by Kriuchkov. The accused reportedly asked the employee to participate in a “special project,” and in exchange, the employee would get $1 million worth of bitcoins as payment. In return, the “executed malware would provide criminals with access to Tesla’s data. Once the data is accessed, the criminals would then “threaten to disclose this data online” unless Tesla acceded to their ransom demands. Kriuchkov and his accomplices expected to get $4 million from the botched conspiracy. Meanwhile, after being informed of the conspiracy by Tesla, the FBI launched a sting operation to catch Kriuchkov and his accomplices. In a case replete with espionage overtones, the unnamed employee is asked to continue working with Kruichkov and his accomplices, while law enforcement agencies were building charges. On August 17, the employee met with Kriuchkov and an unidentified accomplice. The two advised the Tesla employee of certain steps that had to be taken to ensure the successful deployment of the malware. “Kriuchkov and the co-conspirator advised the employee that the computer used to receive the malware transmission should remain running for six to eight hours. The unidentified co-conspirator stated that once the group received access to Victim Company A (Tesla’s) data, they would execute a simulated external attack of the company,” reads the court record. After assisting the employee to download the Tor Browser Kriuchkov then “advised the employee to set up a bitcoin wallet” using the same browser. According to the agreement, the employee would only receive his bitcoins once the task had been completed. The FBI sting operation started sometime in late July and appears to have ended August 22. Meanwhile, court records show that the “conspiracy intentionally cause damage to a protected computer” charges have been preferred against Kriuchkov alone. FBI special agent, Micheal J Hughes is the complainant. What are your thoughts about the foiled malware attack? Share your thoughts in the comments section below. The post Tesla Foils Ransomware Attack After Employee Rejects Bitcoin Bribe Worth $1 Million appeared first on Bitcoin News. View the full article

The decentralized exchange (dex) Uniswap has seen a massive amount of trade volume during the last seven days. Following Uniswap’s rapid increase in global trade volumes, the platform’s founder Hayden Adams celebrated the dex outpacing the centralized exchange Coinbase’s volumes this past weekend. News.Bitcoin.com recently reported on the decentralized finance (defi) economy’s total value locked (TVL) assets nearing $8 billion in value. While a mad rush toward defi coins and applications has been taking place during the last few months, dex trade volumes have been soaring. Data from Dune Analytics shows that close to $11 billion has been swapped on dex platforms like Uniswap, Curve, Balancer, and 0x. But Uniswap is commanding most of the trade volume and on Monday the exchange captures 62.8% of all dex swaps. This past weekend Hayden Adams, the creator of Uniswap, tweeted about the massive trade volumes that have been settled on the platform in recent days. “Wow, Uniswap Protocol 24-hour trading volume is higher than Coinbase for the first time ever,” Adams said. “Hard to express with how crazy this is,” the Uniswap founder added. Defi proponents congratulated Adams and said: “Huge congrats to Uniswap team – When NYSE flippening?” On Monday, August 31, Uniswap is still capturing significant trade volumes with $537 million swapped during the last 24 hours. Uniswap captured over $2 billion in global trade volume during the last seven days. The number of Uniswap traders (unique addresses that traded, maker and taker) on Monday is roughly 78,027. The two dex applications that trail behind Uniswap include Curve and Balancer respectively. Curve captured 16.6% of Monday’s dex trade volume with $71 million in global swaps. Balancer has 8.71% of today’s global dex trade volume and has seen $66 million in trades. Most of the other dex platforms behind Uniswap, Curve, and Balancer only represent 1-3.38% of the dex swaps on August 31. These smaller dex platforms in terms of trade volume include 0x, Kyber, Dydx, Idex, and Synthetix. Uniswap is essentially two smart contracts on Ethereum and an open-source market that allows for onchain market maker swaps. Uniswap allows traders to utilize lists of ERC20 token pairs that they can swap for in a noncustodial manner. The platform supports coins like ETH, MANA, BAT, WBTC, YFI, DAI, KNC, LEND, MKR, USDT, USDC, and more. The aggregate of all the dex platforms has seen $22.7 billion swapped in the last 12 months and a 107% increase in 30 days. Much of these trades are taking place on Uniswap and this trend doesn’t seem to be abating anytime soon. What do you think about Uniswap’s massive volume in recent days? Let us know what you think about this subject in the comments section below. The post Defi Platform Uniswap Outpaces Coinbase Pro in Global Trade Volume appeared first on Bitcoin News. View the full article

The blockchain surveillance firm Ciphertrace claims to have created the “world’s first” monero tracing tools for law enforcement. According to the company announcement, Ciphertrace developed forensic tools for the U.S. Department of Homeland Security (DHS) in order to track illicit monero transactions. Despite the firm’s claims, there is zero evidence provided that prove the company actually has such tools. Since the open-source cryptocurrency was first invoked in 2014, the Monero (XMR) project has been heralded for privacy-centric techniques. The digital asset network uses enforced privacy for all transactions by leveraging concepts like ring signatures, bulletproofs, and stealth (one-time) addresses. Due to the privacy-centric enhancements, the digital currency XMR has gained notoriety on darknet markets (DNM), as monero represents a great share of DNM transactions. However, Ciphertrace, a blockchain intelligence firm that works with global law enforcement and regulators, claims it has a tool that can “trace and visualize Monero transaction flows.” “Ciphertrace developed tools to explore monero transactions to assist in investigations,” the firm detailed in a press release on August 31. “These tools include transaction search, exploration, and visualization tools for Monero transaction flows that have been integrated with CipherTrace’s Inspector financial investigations product. This provides ways to track stolen Monero currencies or Monero currencies used in illegal transactions.” Ciphertrace notes that monero is represented on 45% of all DNMs and calls it the “second-favorite cryptocurrency of choice among criminals.” Dave Jevans, CEO of Ciphertrace says that while people think it is nearly impossible to identify true sources, the company has been working for a year studying the Monero network. Jevans reveals the company has created tools for law enforcement to help uncover illegal monero transactions but there’s still a lot of work that needs to be done. “Monero (XMR) is one of the most privacy-oriented cryptocurrencies,” Jevans stressed. “Our research and development team worked for a year on developing techniques for providing financial investigators with analysis tools. There is much work still to be done, but Ciphertrace is proud to announce the world’s first Monero tracing capability. We are grateful for the support of the Department of Homeland Security’s Science & Technology Directorate on this project.” However, the press release provided by Ciphertace published on August 31, 2020, provides zero evidence of any monero-tracing tools. The announcement is merely a claim that the company has such tools, but there are very few reasons provided in the announcement to believe it. Information security engineer and Monero proponent, Seth Simmons, does not believe Ciphertrace’s claims without actual proof. Despite the announcement, crypto-community members have a hard time believing that Ciphertrace actually has a grasp at tracking XMR transactions. “It is extremely unlikely that Ciphertrace can trace Monero to the remote extent that they can trace any other coin,” Justin Ehrenhofer wrote on Twitter. Monero proponent and information security engineer, Seth Simmons, also did not believe Ciphertrace’s latest announcement. “There is no reason to think there is anything novel going on here until proven otherwise,” Simmons tweeted. “The most likely answer is they’re using methods developed *by the Monero community to improve Monero* to de-anonymize some specific transactions with external data. The Monero community has long been at the forefront of privacy research in an effort to build stronger tools, as evidenced by the ‘Breaking Monero’ series.” Simmons continued with a scathing critique of Ciphertrace’s alleged tracing tool statements in the press release and highlights there are “numerous errors in the understanding of Monero in the article.” “Without details, there isn’t really anything to discuss. Some vague information provided by Ciphertrace in this article is not possible without external data (like KYC information from exchanges),” the monero proponent said. What do you think about the alleged tools Ciphertrace claims to have against monero’s transaction privacy? Let us know in the comments section below. The post Ciphertrace Allegedly Builds Monero-Tracing Tools, XMR Proponents Disagree appeared first on Bitcoin News. View the full article

Venezuelans have become increasingly interested in cryptocurrency as their country faces dire economic crisis and hyperinflation, a new study by blockchain data analytics firm Chainalysis shows. The firm’s Global Crypto Adoption Index ranks Venezuela third as “The country has reached one of the highest rates of cryptocurrency usage in the world.” Cryptocurrency Adoption Soars in Venezuela Chainalysis published its study of Venezuela’s bitcoin usage Thursday, which is part of its upcoming 2020 Geography of Cryptocurrency Report. “Venezuela is suffering through one of the worst economic crises in modern history, with its national currency, the bolivar, becoming practically worthless,” the firm wrote. “Under these circumstances, cryptocurrency has taken on an important role in Venezuela’s economy … As the Venezuelan bolivar has lost value in the midst of hyperinflation, Venezuela has become one of the most active cryptocurrency trading countries on earth.” The firm elaborated: The country has reached one of the highest rates of cryptocurrency usage in the world, placing third on our Global Crypto Adoption Index, as many Venezuelans rely on cryptocurrency to receive remittances from abroad and preserve their savings against hyperinflation. Most of the crypto activity in Venezuela is driven by peer-to-peer (P2P) exchange activity, specifically on Localbitcoins, Chainalysis noted. “Venezuela is the third-most active country on the platform, or second-most active when we scale by the number of internet users and purchasing power parity per capita. Venezuela ranks 3rd for P2P trading volume in USD, after the U.S. and Russia.” Venezuelans are also using Bitcoin.com’s P2P marketplace to buy and sell bitcoin cash. Venezuela’s P2P volume in USD and bolivar during the period between July 2019 and June 2020. Source: Chainalysis Chainalysis also discussed Venezuela’s national cryptocurrency, the petro, launched by the country’s “contested government, led by OFAC-sanctioned Nicolas Maduro and known for its corruption and human rights abuses.” In May, the U.S. put a $15 million bounty on Maduro and charged a number of top Venezuelan government officials with “narco-terrorism, corruption, drug trafficking and other criminal charges.” Superintendencia Nacional de Criptoactivos y Actividades Conexas (Sunacrip) is the regulator of crypto activities in Venezuela. So far, seven crypto exchanges have been licensed to trade the petro. According to the Maduro government, petro adoption has been rising significantly. Recently, 305 Venezuelan municipalities agreed to collect tax in petro. One of the approved exchanges is Criptolago. According to financial intelligence provider Sayari, the exchange is owned by Venezuela’s Zulia state, with the state’s governor, Omar Prieto, occupying a top management position. “Prieto is a staunch Maduro ally who is personally under U.S. sanctions for refusal to deliver humanitarian aid,” Chainalysis asserted. Over the last year, Criptolago addresses received more than $380,000 worth of bitcoin over 3,916 transfers and sent more than $360,000 worth over 2,297 transfers. While the platform’s transfer volume grew over 13x in the past year, “it doesn’t appear that Criptolago is helping the Venezuelans struggling most,” the Chainalysis claims. The firm pointed out that crypto transactions worth $1,000 or more accounted for more than 75% of total transfer volume, but “the average Venezuelan earns just 72 cents per day, meaning very few of them could afford such transfers.” Furthermore, the overall number of transactions was under 1,000 per month. An expert on Venezuela told the firm that “Criptolago’s transaction activity suggests the platform may be used primarily by individuals connected to the Maduro regime seeking to launder funds or move them out of Venezuela.” Nonetheless, Chainalysis affirmed: We do however, have a lot of anecdotal evidence that people in Venezuela have become increasingly interested in cryptocurrency. “That fits with our interviews of cryptocurrency experts on the ground in Latin America — users not just in Venezuela, but in other countries facing harsh economic conditions, turn to cryptocurrency to preserve their savings in the face of monetary devaluation,” the firm emphasized. News.Bitcoin.com has also reported on several crypto initiatives to help people in Venezuela. What do you think about Venezuela’s crypto adoption? Let us know in the comments section below. The post Venezuela’s Bitcoin Use Soars Amid Hyperinflation: 3rd on Global Crypto Adoption Index appeared first on Bitcoin News. View the full article

Zeus Capital has doubled down on its doomsday predictions on Chainlink (Link). It is now warning investors: “don’t get fooled… exit your positions before its too late.” The asset management firm’s involved assessment follows a sharp decline in the price of Link in the last couple of weeks. By August 28, the asset had tanked more than 20% from its all-time high of nearly $20 reached twelve days earlier. Chainlink sprinted to its record high within a matter of weeks, as the community hyped the project. Since January, the crypto is up more than 860% – a drive that landed it position number five on the list of the world’s most valuable virtual assets. However, the altcoin’s bull run had been driven in part by a campaign to liquidate Zeus Capital, which took a short position on the coin, the company alleges. In an August 28 report published on its website, Zeus Capital accuses Chainlink of orchestrating “the most spectacular pump in crypto history.” It charged: Without material technological improvements or actual user onboarding, the price almost tripled within less than a month. Lured by the rapid price appreciation, naive investors were outbidding each other. Zeus Capital detailed a four-part pump cycle that began on July 31 with Link enthusiasts on Twitter and Telegram rallying investors to buy the coin and liquidate the “common enemy.” In the second week of August, campaigners set a specific target of $11.28 to destroy Zeus Capital’s short position. “Scared of missing out, numerous retail investors took part in the pump scheme,” Zeus Capital says. FOMO allegedly drove the campaign to exceed its mark into a third phase, peaking at $19.85 on August 16. The firm characterizes the last phase as a gloomy aftermath for investors who had put savings and loans into the pump, using screenshots supposedly taken from Twitter to show investors bemoaning the loss of “savings, mortgages… and even families.” The report ends by questioning the ethical value of the exercise. “As arrogant as it could get, the pace of Link tokens sent from Smart Contract’s development wallet to Binance intensified during the period,” it says. Smart Contract is the team behind the development of Chainlink. An analytics firm, Trustnodes, has reported that Chainlink developers dumped up to $40 million of the Link token once the price peaked. As Chainlink initially crashed from its ATH to $15.41 in 48 hours, crypto analyst Cryptowhale characterized the token as a bubble waiting to burst, predicting that it will eventually lose 99% of its value. Meanwhile, the price of Link climbed over 11% in the last 24 hours spurred by news of the company’s acquisition of Deco, a system that is supposed to improve data transmission across the Internet, from Cornell University. At the time of writing, Chainlink is trading at $17.34, according to data from markets.Bitcoin.com. What do you think about Zeus Capital’s comments on Chainlink? Let us know in the comments section below. The post Chainlink Doomsday Predictions: Zeus Capital Warns Investors Not To ‘Get Fooled’ appeared first on Bitcoin News. View the full article

A lot has changed during the last month, as the popular decentralized finance (defi) ecosystem has swelled considerably in value. Since the first week of August, the total value locked in defi jumped over 85% in 27 days from $4.2 billion to $7.88 billion on August 30. The total value locked (TVL) in the decentralized finance (defi) economy is nearing $8 billion in value, as crypto funds have poured into the surrounding infrastructure. Statistics from the website defipulse.com show that the current TVL on Sunday, August 30, 2020, is $7.8 billion. The defi lending platform Aave makes up 21.86% of that value. Aave just recently jumped to the number one position as far as dominance is concerned. When news.Bitcoin.com reported on the defi economy crossing $4 billion, Maker captured 31.9% of the dominance on August 3. Another defi project that has been making waves is the Yearn Finance protocol and the native token YFI. Yearn Finance essentially lets users leverage a variety of defi applications like Curve, Aave, and Compound in order to maximize yield or lending schemes. Basically, yield farmers strategically utilize a number of liquidity pools, as Yearn gives the best returns on all the liquidity within the ecosystem. The project’s token YFI has amassed great value recently and on Saturday evening, the YFI token topped a high of $39,189 per coin. On Sunday, YFI is hovering just above the $30k mark as the price dipped to $27k a touch after midnight (ET). Decentralized exchange (dex) platforms have seen massive trade volume during the last 30 days. Dex stats on Dune Analytics show that there was $10.42 billion in global dex trade volume during the last month. $2.8 billion swapped on dex applications in the last seven days and $699 million in dex trade volume recorded today. The last 30 day’s dex trade volume has increased by 142% and Uniswap is the most dominant decentralized exchange. The dex Uniswap captures 60% of the global dex trade volume which is followed by Curve (18.1%), and Balancer (8.9%) respectively. Defi users over the last month have increased by 32% since August 1 from 293,475 users to 388,011 users recorded on August 29. Dune Analytics data considers each user as a unique address among the myriad of defi applications. For instance, the count of unique addresses that traded in the last seven days on Uniswap was around 72,624 while Idex had around 4,007. Kyber (3,424), Curve (1,330), 0x (556), and Bancor (520) follow respectively with the trailing last seven days. What do you think about the phenomenal growth defi has seen during the last 30 days? Let us know what you think in the comments below. The post Total Value Locked in Defi Jumped 85% in August, $8 Billion in Assets Held appeared first on Bitcoin News. View the full article

Yellow Card has raised $1.5 million in a seed round. The Nigerian crypto startup said it will use the money to expand its operations in Africa while making it easier for people on the continent to buy and sell digital assets. Investors in the new round include Polychain, venture capital firm Andreessen Horowitz, and Celo, through the Celo Ecosystem Fund. In a statement, Yellow Card said it intends to “become the dominant exchange across the continent.” The company recently expanded into South Africa and Botswana and added 30,000 new vendors. “Along with the fundraise, Yellow Card is announcing that it will be launching its services in Kenya and Cameroon starting September 1,” said the firm. Kenya is already big on crypto traffic, ranking third, behind South Africa, in peer-to-peer bitcoin (BTC) transactions. Nigeria’s trade volume of $34.4 million in the second quarter of 2020 makes it Africa’s most active country in the digital asset space. Founded in 2016 by Chris Maurice and Justin Poiroux on a financial inclusion pitch, Yellow Card boasts over 35 thousand merchants in Nigeria. The company says it has handled more than $35 million in transactions in the country. It offers users multiple payment options including cash, credit card, and bank transfer to via cryptocurrency. In its statement, the firm also announced that Jason Marshall, former senior director of payment services at Walmart, has joined the team as its chief operating officer. Yellow Card was initially pitched around developing a Bitcoin gift card but adopted the objective of “basic financial services for all” in 2018 after witnessing the high costs of sending money to Nigeria through the banking system. What do you think about Yellow Card’s expansion plans? Let us know in the comments section below. The post Nigerian Crypto Startup Yellow Card Raises $1.5 Million For Expansion in Africa appeared first on Bitcoin News. View the full article

The CEO of financial advisory firm Devere Group believes that 2020 will be a breakout year for bitcoin, fueled by the U.S. presidential election and the weak dollar. Amid political uncertainty and the Fed’s new inflation policy, investors will pile into safe-haven assets not tied to any specific country, such as bitcoin. 2020: Breakout Year for Bitcoin Devere Group CEO Nigel Green predicted last week that the U.S. presidential election and a weak dollar will drive the price of bitcoin for the rest of 2020. Following the Federal Reserve’s policy shift on inflation, he also warned about investing in the stock market. Devere Group, established by Green in 2002, describes itself as one of the world’s leading independent financial advisory organizations with more than $10 billion under advice from 80,000 clients in 100 countries. Noting that “Bitcoin is already one of the best-performing assets of the year, up around 70% year-to-date,” Green asserted, “We can expect the world’s largest cryptocurrency to be further fuelled for the rest of 2020 by the U.S. presidential election and the weakness of the U.S. dollar, which will serve as high-octane price drivers.” The price of bitcoin stands at $11,613 at the time of writing. “A U.S. presidential election always stirs uncertainty — but 2020 is seen by many as particularly important as not only will whoever wins be the CEO of the world’s largest economy, they will be in that role as the world economically readjusts following the global fallout of coronavirus,” Green opined. “As uncertainty heightens, investors will pile into safe-haven assets, in particular those not tied to any specific country, such as bitcoin and gold.” Donald Trump (left) and Joe Biden, 2020 U.S. presidential candidates for the November election. Recently, news.Bitcoin.com also reported that analyst and consultant Dan Popescu predicted how the outcome of the November presidential election could lead to a dollar collapse and a boost in the gold market. While the 2020 presidential election polls currently show Joe Biden in the lead, the analyst explained that the U.S. dollar stands to lose regardless of whoever wins the election and becomes the next president of the United States. According to Green, “Bitcoin is currently realising its reputation as a form of digital gold. Up to now, the precious metal has been perceived as the ultimate safe-haven asset, but bitcoin — which shares its key characteristics of being a store of value and scarcity — could potentially in the future knock gold from its long-held top spot as the world becomes driven by the tech revolution … Decentralized, non-sovereign, secure digital currencies, including bitcoin, will become more attractive to investors as they will offer a hedge against turbulence in traditional markets.” Analysts have been questioning gold’s safe-haven status and Goldman Sachs recently warned that the U.S. dollar risks losing its status as the world’s reserve currency. The Devere Group CEO added, “Printing of historic sums of helicopter money that’s pushed into the financial system has devalued the dollar and prompted inflation fears,” emphasizing: You can’t just print bitcoin. On Thursday, the Federal Reserve announced a major shift in policy to “push up inflation.” Many investors will pile into equities, Green noted, warning of the “lack of balance” in the stock markets. “This will add fuel to global equities which are already on fire,” Green described, adding that “In this climate, holding bonds and sitting on cash will simply not provide the returns investors seek.” The market has been expecting this inflation policy announcement by the Fed, prompting some companies to move cash reserves into bitcoin to hedge against inflation. One of them is the Nasdaq-listed Microstrategy, which moved $250 million of its cash reserves into bitcoin. The Fed’s new policy is also expected to boost the price of bitcoin, which some predict could be driven past $500K. As for the U.S. dollar, Green continued: “The greenback could be in for a short-term boost, but in the longer term there are expectations it’s on a downward trajectory and that it could ultimately lose its global reserves status – and this environment will provide a powerful boost for the price of bitcoin.” The CEO concluded: This explosive combination together with a growing number of millennials and Gen Z investors moving into digital assets could provide the perfect landscape for a multi-year bull market … History will show that 2020 was a breakout year for bitcoin. Do you agree with Green? Let us know in the comments section below. The post Bitcoin Will Break Out This Year, Says Devere CEO appeared first on Bitcoin News. View the full article