Following finder.com’s reports on bitcoin and ethereum predictions, the product comparison site polled 56 specialists in the fintech and cryptocurrency industry to gauge their thoughts on future regulation of crypto exchanges. The experts predict that virtual currency trading platforms will be regulated, but not until 2025 or 2030. When regulation does occur, 76% of Finder’s panelists expect the trading platforms to be treated similarly to traditional financial institutions.
87% of Finder’s Fintech and Crypto Experts Believe Exchanges Must Disclose Proof-of-Reserves Audits
A recently published report from finder.com, which polled 56 experts in the fintech and cryptocurrency industry, shows that 87% believe exchanges will need to disclose proof-of-reserves audits and liability records. The specialists reveal that standard regulations for crypto exchanges will not occur until 2025 or 2030.
While 76% of the panelists believe crypto trading platforms will be regulated similarly to traditional finance platforms, 17% expect this to happen by 2024. 22% predict regulation by 2025, and 35% expect it to take place in 2030.
“Any exchanges that remain need to get with the program, proof of reserves and liabilities should be prerequisites and non-negotiable for people selecting where they trade,” Swyftx’s head of strategy Tommy Honan said.
Honan believes, alongside 87% of the panelists, that exchanges need to provide a record of liabilities and proof-of-reserves. “Exchanges also need to continue to upskill their users on self-custody and lean into new and innovative products that support it,” Honan added.
Split Views on Crypto Regulation: 15% Buck Tradition, Half Believe Industry Will Weather the Storm
About 15% of Finder’s panel, including Cryptoconsultz CEO Nicole DeCicco, do not believe crypto exchanges should be regulated similarly to traditional financial institutions. However, DeCicco predicts that standard regulations will be enforced throughout the crypto industry by 2024.
“It’s imperative though we warn investors about the risks involved,” DeCicco said in a statement. “At Cryptoconsultz we teach our clients to think of cold storage and self-custody solutions as their bank account and centralized exchanges similar to the money one might pull out of an ATM and walk around with in their pocket,” the executive added.
Approximately 42% of Finder’s experts believe that the number of customers for crypto exchanges will continue to decline following several bankruptcies in the industry, including the FTX collapse. 84% of the panelists emphasized that the cryptocurrency industry will survive the FTX implosion that occurred in November 2022.
42.31% predict that more crypto trading platforms will go bankrupt due to customer losses, with more than 15% thinking this will happen in five years and 26.92% within a year. However, exactly half of Finder’s panelists believe that no such event will occur.
You can check out Finder’s crypto exchange regulation prediction report in its entirety here.
What do you think about the predictions of Finder’s experts on the future of crypto exchanges? Do you agree or disagree with their views on regulation and the potential impact on the industry? Share your thoughts in the comments below.
Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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A recent report details that Russia’s largest financial institution, Sberbank, plans to launch a decentralized finance (defi) platform in May. Konstantin Klimenko, product director of Sberbank’s blockchain laboratory, said that open testing will begin in March.
Sberbank’s Defi Platform to Enable Large-Scale Commercial Operations
According to a report published by the news outlet Interfax, state-owned financial services company Sberbank, based in Moscow, plans to launch a decentralized finance (defi) application. The platform is currently undergoing closed beta testing, according to Konstantin Klimenko, Sberbank’s blockchain laboratory product director.
“We have set ourselves a big goal — to make the Russian defi ecosystem number one,” Klimenko said. “Our network is currently working in closed beta testing format … But starting March 1st, we will move to the next phase and it will no longer be beta testing, but open testing,” Sberbank’s blockchain laboratory executive added.
The platform, which will be based on Ethereum, will work with the Web3 wallet Metamask. Sberbank’s team aims to make it publicly available by the end of April and hopes it will enable large-scale commercial defi operations. In June 2022, the Russian banking and financial services giant conducted the first digital asset transfer on its platform, which was approved by the Bank of Russia. In September, Sberbank announced that its platform will also allow non-fungible token (NFT) minting.
Besides the Bank of Russia, Sberbank is Russia’s largest financial institution with $559 billion in assets under management (AUM) as of 2021. The bank is also the leader in the card payments industry in the Russian Federation, commanding more than 61% of the market. In January 2022, the Russian banking firm launched Russia’s first blockchain exchange-traded fund (ETF). Sberbank, its executive members, and its subsidiaries have been fans of blockchain technology since 2015.
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Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.
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Following a request from FTX lawyers to subpoena FTX co-founder Sam Bankman-Fried (SBF) and members of his family, the U.S. Trustee appointed by the Department of Justice has filed an opposition to the request. The U.S. Trustee explained that the motion would duplicate the efforts of the federally appointed independent examiner.
U.S. Trustee Argues for Limiting Duplicative Efforts in FTX Bankruptcy Investigation
About a week ago, lawyers representing FTX debtors filed a motion with the bankruptcy court to subpoena and question Sam Bankman-Fried’s (SBF) inner circle and family members. The FTX attorneys stated they want to question SBF, his parents Joseph Bankman and Barbara Fried, his brother Gabriel Bankman-Fried, and four members of the FTX/Alameda executive teams. The legal team noted that several of these individuals were allegedly not cooperating with the bankruptcy process.
After the request was filed, the U.S. Trustee appointed by the Department of Justice (DOJ) filed an objection motion against the subpoena proposal. Andrew Vara, the U.S. Trustee in the FTX bankruptcy case, was added to the proceedings in December 2022. In the opposition filing, Vara argued that the subpoenas and questioning could be a waste of time and result in duplicative investigative efforts. Vara emphasized that the bankruptcy court has an “obligation to prevent unnecessary expenditures in the administration of an estate.”
“To avoid duplication of effort, and to prevent unnecessary expenditures in the administration of these estates, the U.S. Trustee respectfully requests that if the court orders the appointment of an examiner, then the court establish the scope of the Rule 2004 relief contemporaneously with the scope of the examiner’s investigation,” the U.S. Trustee’s filing details. Vara’s filing with the bankruptcy court concludes:
Wherefore, the U.S. Trustee respectfully requests that the court determine the investigative scope of the motions contemporaneously with the scope of any examiner’s investigation, and grant any such other and further relief that the court deems just and proper.
Vara believes the examiner is justified in this case, which involves a large amount of money, and three members of Congress have called for an independent examiner. Senators Elizabeth Warren (D-Mass.), John Hickenlooper (D-Colo.) and Cynthia Lummis (R-Wyo.) have urged Judge John Dorsey of the Bankruptcy Court of the District of Delaware to support appointing an independent examiner. The U.S. senators insisted that an “objective investigation of the activities that led to the collapse of FTX” is necessary.”
What do you think should be the next step in the FTX bankruptcy case to ensure an objective and effective investigation into the collapse of the company? Let us know your thoughts about this subject in the comments section below.
Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.
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PRESS RELEASE. Foxify have just confirmed a brand partnership with Tyson Fury in an industry leading move. It comes following the hype of the brand reveal in January. The two-time world heavyweight champion is undefeated, with a legion of fans that follow his extraordinary career. What is Foxify? From the founding team of MDB (Make DeFi Better) comes the next generation of peer-to-peer trading, a unique platform that is yet to be seen in the DeFi space: Foxify. Following from previous successes, the team brings you their latest innovation, enter: Foxify. A first of its kind, decentralized peer-to-peer trading platform. Foxify will allow users to trade any pair or any token. The technology is built with the power to enable trading on pegged tokens that track currencies, commodities and assets beyond crypto. It’s 100% trustless, managed completely by smart contracts and is free to use. More details will be revealed as launch approaches, but it is set to be huge as it has the power to disrupt a $200 trillion dollar industry, and is scalable across global markets.
Foxify aims to put the power in users hands, traditional exchanges and decentralized trading platforms are still heavily weighted against the user being successful, Foxify levels the playing field and allows traders opportunities to trade against peers without the ‘house advantage’.
Foxify is a Diamond Sponsor at the Blockchain Economy London Summit in February, so you will be able to go and meet members of the team in person and find out more about the platform. Foxify founder and CEO Danny Winn will be a speaker there also, discussing the future of decentralized finances and trading. The team will also be exhibiting at the Blockchain Economy summits in Dubai, Texas and Istanbul later in the year, and will be attending numerous other industry events.
The team has a wealth of experience – including the 2022 bear market success story, Make DeFi Better. Make DeFi better has continued to buck the trend of the bear market with a consistent, upward trending chart and offering users sustainable passive income through their dApp. Foxify will also run an affiliate programme, allowing you to earn a percentage of fees generated by those who sign up and trade via your referral link. Launching June 2023, get early access to alpha, presale information and seed funding options and more by joining now. Foxify: Your future, today.
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.
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The next crypto bull market will start sooner than most people think, according to Mark Yusko, the founder and CEO of Morgan Creek Capital Management. Yusko thinks the next crypto bull run or, as he calls it, “the crypto summer,” could kick off as soon as the second quarter of this year due to the combination of more dovish central bank policies and the anticipation of the Bitcoin (BTC) halving.
While the United States Federal Reserve is unlikely to cut interest rates anytime soon, according to Yusko, the markets tend to anticipate the Fed’s decisions. That means even a slowing down or a pause in interest-rate hikes would be interpreted as the signal of an imminent pivot. That would spark a positive dynamic among all risk assets, including crypto.
“What I do think is very likely is the Fed signaling that: “Okay, we’re good.” But that will be interpreted as “we’re going to cut” and then risk assets will explode again,” Yusko pointed out.
Besides the Fed’s more dovish policies, the anticipation of the Bitcoin halving, which is due to take place in the second quarter of next year, will also drive bullish sentiment in the market.
“The market always anticipates the halving […] Nine months before that is usually when the beginning of summer starts,” Yusko said.
To learn when to expect the next crypto bull run and how best to prepare for it, watch the full interview on our YouTube channel, and don’t forget to subscribe!
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Shiba inu was one of Friday’s biggest gainers, as the meme coin remained close to a recent three month high. The token has been in the green for the majority of today’s session, despite the global cryptocurrency market cap falling 1.28% at the time of writing. Polkadot was also higher, as it continued to trade above a key price ceiling.
Shiba inu (SHIB)
Shiba inu (SHIB) was a notable mover on Friday, with prices remaining close to yesterday’s three month high.
SHIB/USD rose to a high of $0.00001291 on Thursday, which was its strongest point since November, however fell lower, as bulls moved to take profits.
As traders abandoned their positions, SHIB fell to a low of $0.00001196 yesterday, however prices have since recovered, and are currently sitting at $0.00001251.
SHIB/USD – Daily Chart
Looking at the chart, Thursday’s decline pushed SHIB towards a floor at 61.00 on the relative strength index (RSI), however bulls rejected a breakout.
As of writing this, the index is tracking at 69.41, which is marginally below a resistance point at 70.00.
In order for SHIB to recapture yesterday’s peak, this ceiling at 70.00 will first need to be broken.
Polkadot (DOT)
Polkadot (DOT) also maintained bullish momentum in today’s session, as the token continued to trade above a key resistance level.
After giving up a high of $6.84 on Thursday, DOT/USD dropped to a low of $6.53 later in the day.
The token has since rebounded, and as of writing this is currently trading at $6.79, which is marginally below a ceiling at $6.80.
DOT/USD – Daily Chart
Looking at the chart, the 14-day RSI indicator is at a reading of 66.53, and is fast approaching a ceiling of 68.00.
Similar to SHIB, DOT traders will need to race past this point in order for market momentum to remain bullish.
Should this happen, then it is possible that polkadot could move closer to the $7.00 mark.
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Could we see polkadot hit $7.00 before the end of the week? Let us know your thoughts in the comments.
Eliman Dambell
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.
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Ethereum gas fees have increased 13.71% in the last two weeks, with the average fee rising from $4.52 per transaction to $5.14 per transfer on Feb. 3, 2023. Despite ethereum’s price seeing significant growth this year, its network’s gas fees have also seen a similar increase. As the demand for Ethereum’s capabilities continues to soar, it remains to be seen if these rising fees will ultimately hinder its growth.
Ethereum Gas Fees Continue to Increase
With a value of $1,701 per coin reached on Thursday, Feb. 2, 2023, ethereum (ETH) has reached new heights, soaring to its highest value this year. However, despite the increase in ethereum’s token value, the cost to send the cryptocurrency onchain has also risen.
On Jan. 18, 2023, data from bitinfocharts.com showed an average transfer fee of 0.0029 ETH or $4.52 per transaction. Just 15 days later, the transfer fee had risen to 0.0031 ETH or $5.14 per transaction.
The median fee for transactions was around $1.96 per transaction on Jan. 18, 2023, and jumped 20% to $2.36 per transaction on Feb. 3, 2023. The median fee to transfer ether is now 0.0014 ETH.
Transacting on Opensea currently costs around $3.89, while a decentralized exchange (dex) swap costs around $10.02 per transaction. On the Ethereum network, the cost to transact with an ERC20 token such as USDT or USDC is around $2.94 per transfer on Feb. 3.
Exploring L2 Alternatives: Ethereum Transactions vs. Optimism and Arbitrum Networks
According to Dune Analytics data, the average cost to send transactions using the Ethereum scaling solution Optimism is approximately $0.288 per transaction, while the L2 scaling network Arbitrum is around $0.182 per transfer on Feb. 3.
The combined number of L2 transactions using Arbitrum and Optimism has decreased since Jan. 15, 2023. Two days ago, on Feb. 1, 2023, Ethereum recorded 1.06 million transactions, while the combined number of transactions using Arbitrum and Optimism was 902,254.
Data shows that the cost to transfer 1.06 million transactions on Ethereum at a median rate of $2.36 per transaction would be $2.49 million. However, if these same transactions were moved to Optimism at a rate of $0.288 per transaction, the fees would cost $307,680, which is 87.67% lower.
If the transactions were moved to Arbitrum at a fee rate of $0.182 per transfer, the cost would be $193,720, a 92.19% decrease compared to Ethereum. While Ethereum recorded 1.06 million transactions with a much higher cost, Optimism had 212,743 transfers and Arbitrum had 689,511 transactions.
What are your thoughts on the rise of Ethereum gas fees and the potential impact on its growth? Let us know your thoughts about this subject in the comments section below.
Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.
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The pair reacted negatively to U.S. unemployment data for January, which beat expectations so considerably that overall jobless figures fell to their lowest since 1969.
Non-farm payrolls (NFP) data likewise outperformed, while average hourly earnings conformed to forecast 0.3% growth.
“HUGE beat in NFP,” popular analytics account Tedtalksmacro responded on Twitter.
Returning to predictions from the day prior, Tedtalksmacro eyed a potential opportunity to increase Bitcoin exposure given the latest comedown, which it said could take BTC/USD all the way to $20,000.
“An opportunity to reload on this news, potentially,” a further tweet added.
Bitcoin’s cold feet comes from the implication that a stronger-than-forecast labor market allows the Federal Reserve to maintain tighter, less liquid monetary conditions for a longer period of time.
“US economy sliding into a recession? Well, think again. At least not in the near term,” economist and analyst Jan Wuestenfeld continued.
U.S. civilian unemployment rate chart. Source: Bureau of Labor Statistics
$25,000 Bitcoin now “crowded trade”
As Cointelegraph reported, the Fed raised interest rates by 0.25% this week, in line with almost all expectations, while Chair Jerome Powell caused excitement by using the term “disinflation” in accompanying comments.
BTC/USD thus spiked above $24,000 for the second time in as many days, with market participants still hopeful of a trip to $25,000 before a more significant retracement.
“BTC has had a clean breakout above its macro downtrend line + a backtest,” investment research resource Game of Trades stated.
“The next big resistance to clear is the $25k region.”
BTC/USD annotated chart. Source: Game of Trades/ Twitter
Popular trader Crypto Tony nonetheless acknowledged that that target may no longer materialize.
“$25,000 is my main target, but I am seeing now a lot of people asking for this, and is becoming a crowded trade,” he wrote in part of a fresh update on the day.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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Bitcoin experienced the second-strongest January in its history — and the best since 2013 — rising nearly 40% amid wide reports that institutional investors were back on board.
Zhong Yang Chan, head of research at CoinGecko, told Cointelegraph that there were “net institutional inflows into digital asset funds in January 2023, particularly in the last two weeks, with Bitcoin the largest beneficiary.”
Meanwhile, a Jan. 30 CoinShares blog noted that the total assets under management in digital asset investment products — a good gauge of institutional participation — had risen to $28 billion, led by Bitcoin (BTC), which was up 43% from November 2022’s low point in the current cycle.
The reasons for this bullishness varied depending on whom one asked, ranging from macro factors like a pause in inflation growth to more technical reasons like a squeeze on BTC short sellers. Elsewhere, a research report from Matrixport noted that institutional investors are “not giving up on crypto,” further suggesting that as much as 85% of Bitcoin buying in January was the result of U.S. institutional players. The cryptocurrency services provider added that many investors had used the U.S. Jan. 12 Consumer Price Index print “as a confirmation signal to buy Bitcoin and other crypto assets.”
Almost all gains were during U.S. market hours
But how did Matrixport come to attribute up to 85% of monthly BTC growth to U.S. institutional investors? As the Singapore-based firm explained in its recent market overview: “The most astonishing statistic is that almost all of the +40% year-to-date rally in Bitcoin has happened during US market hours. […] That’s 85% of the Bitcoin move.” Matrixport continued:
“We have always worked with the assumption that Asia is driven by retail investors, and the US is driven by institutional investors.”
So, if Bitcoin’s market price rises during U.S. market trading hours but falls during Asian trading hours, as seemed to be happening in January, can one assume that U.S. institutional investors were buyingBitcoin while Asian retail traders were selling it — a sort of yin-and-yang action? Apparently so. During U.S. trading hours, “institutions, aka ‘stable hands,’” were taking advantage of the dips, added Matrixport.
Is this really what drove BTC’s price upward in January? “In my personal opinion, the assumption that Asian retail and U.S. institutional investors are two main drivers of net Bitcoin flows is valid,” Keone Hon, co-founder and CEO at Monad Labs — which developed the Monad blockchain — told Cointelegraph. There are other market participants, of course; but when looking at flows, “irregular ones” have the largest impact, continued Hon:
“In the current market, institutional players represent a potentially new — or renewed — source of demand similar to early 2021. Meanwhile, on the retail side, Asia-centric exchanges like Binance, Bybit, Okex and Huobi represent a majority of spot volume and nearly all of the derivatives volume.”
Others, though, aren’t so sure. “There is no way to confirm that U.S. markets are driven by institutional investors and Asian markets are driven by retail players since we don’t have data related to the identity of traders,” Jacob Joseph, research analyst at CryptoCompare, told Cointelegraph.
Granted, there is a “sentiment” or belief that large retail interest exists in Asia, “especially in Korea, as KRW represents the fourth-largest trading pair after USDT, BUSD and USD,” continued Joseph, but it can’t really be quantified.
Still, he acknowledged that the Matrixport report was interesting, adding, “Our data shows that more than two-thirds of the BTC returns in January can be attributed to the U.S. market hours, and our historical hourly data also shows that an above-average volume is traded during these hours.”
Justin d’Anethan, institutional sales director at the Amber Group — a Singapore-based digital asset firm — told Cointelegraph, “I don’t really have metrics to say whether 85% is on point or not.” He was inclined to see the January rally as broad and macro-driven, especially with inflation heading lower and expectations that the U.S. Federal Reserve won’t keep raising rates. He added:
“You can see equities, gold, real estate, and, yes, crypto gaining. That’s probably driven by large institutions and smaller investors alike, especially when FOMO kicks in.”
D’Anethan also looked at Coinbase’s recent premium index, “which is in the green but not massively. That’s typically a good metric to see if bigger American entities are on a shopping spree. Right now, it looks muted, positive, but probably just reallocating cash that was sitting on the sidelines.”
Jacob said that a better way to gauge U.S. institutional activity is to look at exchanges “that cater their services solely to them.” Along these lines, “CME Group, the largest institutional exchange in crypto, saw its monthly volume rise 59% in January,” while LMAX Digital, another institutional-focused exchange, “also saw its trading volumes rise 84.1%, higher than the average increase in trading volume on other exchanges.”
Then, too, who’s to say Asian retail traders aren’t operating during U.S. market hours? Chan, for instance, acknowledged that while the markets “do tend to move more during U.S. hours,” CoinGecko believes that this is “more a reflection of the outsized influence that U.S. monetary policy currently has on the crypto market and broader financial markets. Traders are most active when they believe markets are volatile, and in the current environment, Asian traders may have also gravitated toward ‘Fed watching’ to catch potential market movements.”
Chris Kuiper, director of research at Fidelity Digital Assets, told Cointelegraph that there isn’t a single event or catalyst that one can point to, to explain Bitcoin’s recent price movement. But to him, “It’s not surprising given the conditions that have been forming — namely, the increasing amount of illiquid coins, coins that haven’t moved in over a year — and the continued outflow of coins from exchanges.” Both factors make for a lower supply of BTC “and create conditions ripe for higher moves.”
Kuiper also cited the futures and derivatives market as a factor in BTC’s climb, “with a large amount of shorts getting liquidated over the past few weeks.” D’Anethan, too, mentioned “short-sellers getting squeezed” as a possible driver. “In itself, it’s not a cause for [prices] going up, but when things do rise, it accelerates it.”
Looking ahead
Be that as it may, if one agrees that January held some promise for Bitcoin on the institutional front, can one necessarily assume that it will persist through 2023?
“As the market gains clarity on which players avoided contagion, we’ll see an uptick in new entrants that were sidelined during the back half of last year, particularly as innovative custody agreements emerge to address the major pain points of the recent collapses,” David Wells, CEO of digital asset trading platform Enclave Markets, told Cointelegraph.
More needs to be done to maintain institutional momentum, the executive stated. “To really attract institutional flow, crypto markets will need to build more sophisticated products that allow for proper hedging and risk management,” added Wells. He’s optimistic providers will rise to the challenge, however.
It appears that inflation may have peaked, and many expect the U.S. Fed and perhaps other central banks to slow the pace at which they tighten interest rates, said Kuiper. While that does not necessarily portend rising risk-asset prices, “institutions and other asset allocators in the longer-term may once again turn to Bitcoin if central banks ease aggressively as they have done in the past,” he concluded.
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Bitcoin retreated from a six month high on Feb. 3, as bears reentered the market ahead of today’s U.S. non-farm payrolls (NFP) report. Following a move above the $24,000 level on Thursday, sentiment shifted, as traders prepared for the pivotal report, which is expected to come in at 185,000. Ethereum was also in the red, giving up a five month peak in the process.
Bitcoin
Bitcoin (BTC) fell lower on Friday, as market volatility rose ahead of the latest U.S. non-farm payrolls (NFP) report.
Following a high of $24,091.54 on Thursday, BTC/USD dropped to an intraday low of $23,390.38 earlier today.
Friday’s fall comes as BTC bulls were unable to sustain a breakout of a key resistance level at $24,000.
Looking at the chart, the sell off also coincided with the RSI hovering below the 63.00 mark, which appears to be an interim point of resistance.
As of writing this, the index is tracking at 62.92, with a doji candlestick the current print on today’s chart.
This typically signals indecision, and uncertainty, with neither bears nor bulls able to capture market sentiment.
Many expect an end to this consolidation following the release of the NFP later today.
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Do you expect non-farm payrolls to come in above or below 185,000 jobs? Leave your thoughts in the comments below.
Eliman Dambell
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.
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Pick n Pay, one of South Africa’s leading retailers, reportedly now accepts bitcoin as payment at all its stores across the country. Using the bitcoin lightning network, Pick n Pay’s customers can now buy items such as groceries, airtime and electricity tokens.
Just a few months after it began accepting bitcoin payments at selected outlets, the South African retailer, Pick n Pay (PNP) now reportedly accepts bitcoin at its more than 1,500 stores across the country. According to reports, PNP customers can now buy groceries, airtime and electricity using the bitcoin lightning network.
As reported by Bitcoin.com News in Nov. 2022, the South African retail giant’s acceptance of bitcoin as a means of payment was made possible by the Financial Sector Conduct Authority (FSCA)’s decision to declare crypto a financial product. Before that, PNP said it had experimented with BTC payments at one of its staff canteens in 2017. While the experiments were successful the retailer said using the technology was at that time seemingly not cost-effective.
BREAKING: 🇿🇦 One of South Africa’s largest retailers, Pick n Pay, now officially accepts #Bitcoin and Lightning payments in ALL of its over 1,500 stores 🙌
Reacting to the announcement, Crypto QR, a South Africa-based crypto payments firm, saluted PNP’s move which allows residents to use bitcoin for everyday purchases.
“Good news, everyone! Crypto QR is now active at all Pick-n-Pay stores across South Africa, including PnP express and clothing shops! You can also buy airtime and electricity, plane and bus tickets, and pay your municipal bills with Bitcoin at the till, “Crypto QR said in a tweet.
The Legitimate Use of Bitcoin in a Store
Meanwhile, some Twitter users have lauded PNP for taking a step that helps those seeking to promote the use and adoption of bitcoin as an alternative payment method. One user Kelly Yanes said this is the first time she has “seen legitimate uses of bitcoin in person at a public space and store.”
Until BTC stabilizes in price using it to buy things is a horrible idea. Seconds after you buy something it can go up and you overpaid a ton
However, a few other users were quick to highlight the disadvantages of using the crypto asset for everyday purchases.
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Terence Zimwara
Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.
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KyotoSwap.io is the first decentralized exchange (DEX) on Binance Smart Chain that allows anybody to create a verifiable positive impact at little to no cost. As a result, decentralized finance (DeFi) users can passively contribute towards fighting climate change.
The first Regenerative Finance DEX on BSC to tackle climate change
The empowering movement of Regenerative Finance (ReFi) has created a thriving sub-sector within DeFi, which continues to snowball in popularity despite the recent crypto winter. In essence, Regenerative Finance incorporates an action that positively impacts circular or modular economies as well as tackle global warming and other issues related to climate change. The blossoming adoption of blockchain technology and DeFi has created a movement where WEB3 communities innovate unique approaches to fight climate change while simultaneously creating economic opportunity.
Become carbon neutral passively
As a secure automated market maker (AMM) on Binance Smart Chain, KyotoSwap.io allows users to trade in apermissionless yet secure environment. KyotoSwap.io is governed by the Kyoto Swap token ($KSWAP), which can be farmed by providing liquidity. KyotoSwap tokens accrued can be staked to earn a share of platform profits, or exchanged to plant trees real time. The trees are planted via Veritree and the impact is recorded on the Kyoto Swap impact leaderboard. Kyoto Swaps unique modular economy enables users to become carbon neutral passively.
KyotoProtocol.io has one of the largest ReFi communities on Binance Smart Chain
Kyoto Swap.io is founded and incubated by the Kyotoprotocol.io Foundation as its ReFi focused alternative to other decentralized exchanges out there. Initially launched as a DEX for Binance Smart Chain DeFi protocols, Kyoto Swap will become multi-chain, with its contract base held on the Kyoto blockchain — world’s first carbon-negative blockchain by design. Unlike most decentralized exchanges that rely on securing utility before the end of the farm tokens runway, $KSWAP holders can have peace of mind knowing that the utility for Kyoto Swap is secured.
About Kyoto Swap- Kyoto Swap.io is a decentralized exchange focused on creating a recordable and verifiable positive impact to our planet in an effort to fight climate changes and global warming. Incubated and supported by the Kyoto ecosystem and KyotoProtocol.io .
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Addressable, a decentralized marketing startup, has raised $7.5 million in its seed round to tackle the current marketing woes in the Web3 area. The company claims its software can pair the onchain addresses of users with their social accounts, giving Web3 marketers more knowledge about their audiences to make efficient advertising campaigns in the crypto sector.
Addressable Raises $7.5 Million in Seed Round
Marketing agencies have had a difficult time advertising Web3 products to their audiences due to the lack of insight they have into these services. Addressable, a software startup, has raised $7.5 million in its seed round on the claims that it might have the solution to this problem. The round, which had the support of Viola Ventures, Fabric Ventures, Mensch Capital Partners, and North Island Ventures, banks on the capabilities of Addressable’s software.
The company claims that it can pair the onchain addresses of users with their social media profiles, making marketers capable of getting key data on their potential target audiences. This data can help them to design specialized campaigns to entice a certain kind of Web3 audience, and then point these to their social profiles on platforms like Twitter.
Addressable’s software has to choose each user in a poll of more than 500 million Web3 addresses from several chains, and cross-reference them with the whole universe of social network accounts existing on different platforms today. For now, the company supports Ethereum, Polygon, Binance Smart Chain, Fuse, Arbitrum, and other EVMs for targeting purposes, For tracking, only audiences on the Ethereum blockchain are monitored, with support for Polygon and Binance Smart Chain coming in the future.
Competitors and Vision
Addressable’s business model is not unique, as there are already other companies that are also trying to solve the Web3 marketing problem. Tomer Sharoni, co-founder and CEO of Addressable, told Techcrunch about the competition that the company faces, and how they are trying to differentiate from these other startups. He stated:
Addressable.io competes with other Web3 CRM startups including such as Blaze, Cookie3, Kazm and Absolute Labs, that focus mainly on customer reactivation by analyzing and engaging with the company’s existing onchain user base.
However, Sharoni states that Addressable had a more holistic approach, as they aim to unlock all Web3 onchain users. Also, the company states that they protect the privacy of the users targeted, as their customers cannot target users as individual data points, and no info is saved on their servers.
What do you think about Addressable’s claims and business model? Tell us in the comments section below.
Sergio Goschenko
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.
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Major cryptocurrency exchange Binance is coming back to South Korea with a new acquisition of the local crypto trading platform Gopax.
Binance has acquired a majority stake in the troubled crypto exchange Gopax, re-entering South Korea after exiting the market two years ago, Bloomberg reported on Feb. 3.
The funding for the transaction reportedly came from a Finance-initiated investment project known as the Industry Recovery Initiative, to which Binance pledged $1 billion.
Binance chief business officer Yibo Ling said that Binance has acquired a “meaningful” equity position at Gopax without disclosing the terms of the deal.
The acquisition comes a few months after Gopax halted withdrawals from certain products in November 2022 amid the collapse of the FTX exchange. According to Ling, Binance plans to spend the new capital into the exchange to enable customer withdrawals and interest payments for Gopax’s yield product GoFi.
“The fundamental thrust of this deal was to support customers and make sure that any customers who want to withdraw their assets have the ability to do so,” Ling stated.
This is a developing story, and further information will be added as it becomes available.
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Egyptian lawmakers recently hailed the parliament’s endorsement of a pact that allows the country to join the New Development Bank, a report has said. According to the report, the lawmakers believe joining this BRICS-backed institution will help Egypt reduce its demand for dollars and enable it to preserve its forex reserves.
Joining BRICS
Following the Egyptian parliament’s recent endorsement of an agreement that paves the way for the country to join the New Development Bank, lawmaker Mohamed Abdel-Hamid, reportedly said the move helps reduce demand for U.S. dollars. Set up by Brazil, Russia, India, China and South Africa or BRICS nation states, the New Development Bank seeks to support “public or private projects through loans, guarantees, equity participation and other financial instruments.”
In addition to helping Egypt preserve its foreign currency reserves, Abdel-Hamid, who is the deputy chairman of the parliament’s economic committee, said joining the institution enables the country to get the bank’s support in areas such as health, infrastructure and telecommunications.
“Egypt’s joining of the BRICS group’s New Development Bank will also relieve the state budget of the pressure of finding U.S. dollars to meet the country’s imports as members of the bank can use their national currencies in exchange for trade,” the lawmaker reportedly said.
According to an Economic Times report, Egypt, which recently secured a bailout package from the International Monetary Fund (IMF), has become the third country to express interest in joining the group of five leading emerging economies known as BRICS.
Diminishing the Dollar’s Dominance
Meanwhile, Abdel-Hamid’s sentiments about Egypt’s prospects once it joins BRICS were also echoed by another lawmaker Mervat Mattar. In her remarks following the endorsement of the pact, Mattar characterized BRICS as an institution that will help also diminish the dollar’s domination.
“The BRICS group is an important forum that can steer the course of the international economy away from American domination and the U.S. dollar,” Mattar reportedly said.
To support her argument, Mattar reportedly pointed to the war in Ukraine and the impact of this on Egypt’s import bill.
Meanwhile, another lawmaker, Ahmed El-Awadi, head of parliament’s defense and national security committee, said the move will create new markets for Egypt’s agricultural and industrial products.
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Terence Zimwara
Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.
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Russian banks may be the main losers from the introduction of a digital ruble while retailers will save on acquiring fees, analysts have predicted. The benefits for consumers using the new digital currency are not that obvious as they may not be paid any interest or cashback.
Launch of Russia’s Digital Ruble Said to Result in Losses for Banking Institutions
Commercial banks may lose up to 50 billion rubles annually (almost $715 million) when a digital version of the ruble is introduced, according to a forecast produced by financial experts at Yakov and Partners, the former Russian division of management consultancy McKinsey.
Meanwhile, retail chains could potentially increase their income by up to 80 billion rubles each year, believe the authors of the research, quoted by the Russian edition of Forbes. At the same time, consumers may receive no interest on their balances or cashback for their transactions.
The specialists see the digital ruble occupying a niche in the domestic retail payments market, taking over part of the share of card payments. Banks’ losses will be mostly due to shrinking revenues from the commission they get for processing such payments. Retailers will profit from saving on the acquiring fees and from instant payments that faster than card transfers.
The benefits for consumers are not guaranteed as the concept of the Russian central bank digital currency (CBDC), an electronic cash, does not envisage the accrual of interest on the holdings, unlike bank deposits. They will also likely lose the cashback that banks currently pay for operations with their cards, the report notes and elaborates:
The digital ruble has no obvious advantages in terms of convenience in everyday use, and international experience shows that the reduction in the cost of acquiring does not lead to price reductions or slowdown in price growth, only to an increase in retailers’ profits.
The digital ruble, issued by the Bank of Russia, is supposed to become the third form of the Russian national fiat, after cash and electronic money. It is meant to be used as a means of payment and a store of value but it is not aimed at replacing deposits or bank payments.
The project was first announced in October 2020 and a prototype was finalized in December, the following year. The pilot phase started in January of 2022, with the monetary authority planning to begin trials with real transactions and users in April 2023 and aiming for full launch in 2024. A bill on the digital ruble was submitted to the Russian parliament this past January.
Do you agree with the study that Russian banks will face losses as a result of the implementation of the digital ruble? Tell us in the comments section below.
Lubomir Tassev
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
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The online marketplace giant, Ebay, is seeking to fill several positions in the area of Web3 and non-fungible token (NFT) technology, according to several Linkedin job postings. Ebay is looking for a “creative crypto attorney” for the marketplace, Knownorigin, which it acquired in June 2022.
Big Corporations Still Seek Workers to Manage Crypto and Blockchain Services Amid Widespread Layoffs
According to Ebay job postings published on Linkedin, the e-commerce company is seeking to fill several positions in the non-fungible token (NFT) technology and Web3 space. This follows Ebay’s acquisition of the NFT marketplace Knownorigin and the company’s filing for trademark applications for various NFT and metaverse services in the same month. The new job openings include positions such as “crypto counsel,” “head of community” for Knownorigin, and “marketing campaign executive” for Knownorigin.
So far, over the last 24 hours, 17 people have applied for the crypto attorney position, 31 have applied for the head of community position, and 37 have applied for the marketing position. The crypto attorney role requires providing legal advice and support on NFTs, blockchain, and Web3 matters, as well as staying up-to-date on regulatory developments and coordinating with internal Ebay teams.
The Knownorigin marketing campaign executive needs to drive awareness and have a strong understanding of the Web3 landscape. This aligns with Ebay President and CEO Jamie Iannone’s comments last Feb. 2022 regarding NFTs. “Ebay will be the place where people trade goods, whether they be physical or digital,” Iannone said at the time. Ebay’s job postings follow Amazon’s recent Linkedin job offer, which states that the online marketplace is looking specifically for a Senior Web3 GTM Specialist.
About 41 applicants applied for Amazon’s Web3 GTM specialist position, which would be “responsible for growing adoption of Web3 workloads on AWS.” On Feb. 2, financial institution BNY Mellon named Caroline Butler as its new CEO of digital assets. These job offerings and positions show that despite widespread layoffs in the crypto industry, many major corporate entities are still seeking workers to manage their crypto and blockchain services.
What do you think about the demand for experts in the Web3 and NFT technology space among major corporations like Ebay and Amazon? Share your thoughts in the comments below.
Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.
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The second largest publicly-listed holder of Bitcoin, crypto mining firm Marathon Digital Holdings has offloaded some of its Bitcoin for the first time in two years.
A spokesman told Cointelegraph this was not a result of financial distress.
As per a January update posted on Feb. 2, the company disclosed it sold 1,500 BTC, worth $35.3 million at current prices, during the month.
While some crypto miners have been forced to sell Bitcoin due to distress, Marathon’s VP of corporate communications Charlie Schumacher explained this was not the case for Marathon.
Marathon Digital’s ‘Bitcoin Mining Data Center’ in Hardin, Montana. Source: Marathon Digital
Schumacher said Marathon has been diamond-handing its Bitcoin until now as the firm didn’t want to sell whilst production was down, and has been bullish on the long-term prospects of the leading cryptocurrency.
But coming into the new year, Marathon wants to have a “war-chest” of liquidity composed of both cash and Bitcoin and is looking to continue paying down debt and increase its cash positions.
Schumacher also noted that Bitcoin’s recent uptick in price contributed to the decision to sell some of its holdings.
January saw Bitcoin rise above the $24,000 price level for the first time since August 2022.
Even after the sale, Marathon managed to increase its unrestricted Bitcoin holdings in the month to 8,090 BTC ($189.8 million).
Operational highlights from Marathon’s latest update. Source: Marathon Digital Holdings
Marathon said it also had significantly ramped up Bitcoin production throughout January, producing 687 BTC which represents an increase of 45% compared to the month prior. In the update, Marathon chairman and CEO Fred Thiel noted:
“The improvement in our bitcoin production was primarily a result of our team’s ability to work in tandem with the new hosting provider in McCamey, Texas, to address the maintenance and technical issues at the King Mountain data center that had suppressed our bitcoin production in the fourth quarter of 2022.”
Last year, Marathon noted in a May. 4 update that the last time it had sold any Bitcoin was on Oct. 21, 2020, and has been hodling since then.
When asked how it had managed to avoid selling the main product of its business operations, Schumacher pointed to the firm’s low headcount, consisting of “32 people as of today,” and suggested it was a result of sound long-term financial strategies.
Marathon is the second biggest publicly-listed holder of Bitcoin according to CoinGecko, beaten only by software analytics company Microstrategy, and has recorded a significant boost in its share price since the beginning of 2023, increasing to $8 for a percentage gain of 135% according to MarketWatch.
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A U.S. district judge has dismissed a lawsuit against Coinbase and its CEO Brian Armstrong filed by customers of the crypto exchange. The lawsuit alleges that Coinbase sold 79 crypto tokens that are unregistered securities.
Customer Lawsuit Against Coinbase Dismissed
A proposed class action lawsuit filed in Manhattan by customers of cryptocurrency exchange Coinbase (Nasdaq: COIN) was dismissed with prejudice by U.S. District Judge Paul Engelmayer on Wednesday, meaning they cannot be brought again, Reuters reported.
The lawsuit was filed against Coinbase Global Inc., Coinbase Inc., and CEO Brian Armstrong in March last year. The plaintiffs accused the crypto exchange of selling 79 crypto tokens that were unregistered securities and failing to register as a broker-dealer. The lawsuit seeks damages from the sale or soliciting of the crypto tokens, which the plaintiffs claimed were illegal contracts because Coinbase is not registered with the U.S. Securities and Exchange Commission (SEC).
The plaintiffs claimed that, unlike some crypto trading platforms that only match buyers and sellers, Coinbase acted as an “intermediary,” making it the “actual seller” of the crypto tokens. They alleged that this enabled the Nasdaq-listed crypto exchange to collect transaction fees without adhering to disclosure rules for traditional securities meant to protect investors.
Without declaring whether the 79 crypto tokens are securities, Judge Engelmayer ruled that the customers were unable to prove that the crypto exchange held title to or sold the crypto tokens they traded on the Coinbase and Coinbase Pro platforms.
In addition, the judge ruled that Coinbase had no direct involvement in the transactions, despite allegedly promoting the crypto tokens by highlighting their “purported value proposition” and participating in “airdrops” to increase trading volume.
Coinbase previously said that it received subpoenas from the SEC, noting that the securities regulator is seeking information such as the platform’s listing processes.
The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has confirmed that bitcoin is a commodity but stressed that most other crypto tokens are securities. He has repeatedly urged crypto trading and lending platforms to come in and get registered with the SEC.
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Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.
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Warren Buffett’s right-hand man and the vice chairman of Berkshire Hathaway, Charlie Munger, has urged the U.S. government to ban cryptocurrencies like China has done. “A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it’s a gambling contract with a nearly 100% edge for the house,” he stressed.
Berkshire Vice Chair Charlie Munger Wants Cryptocurrencies Banned
Berkshire Hathaway Vice Chairman Charlie Munger has urged the U.S. government to ban crypto in an opinion piece titled “Why America Should Ban Crypto,” published by the Wall Street Journal Wednesday. The Berkshire executive wrote:
A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it’s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity.
“Obviously the U.S. should now enact a new federal law that prevents this from happening,” Munger stressed.
The Berkshire vice chair proceeded to reference two precedents that may provide insight into how to ban cryptocurrency effectively. The first is China’s crypto ban, he said, adding that the Chinese government “wisely concluded that they [cryptocurrencies] would provide more harm than benefit.”
The second is that from the 1700s, England faced a severe depression after a speculative trading scheme failed. In response, the country banned public trading in new common stocks for 100 years, Munger explained. During that time, “England made by far the biggest national contribution to the march of civilization as it led strongly in both the Enlightenment and the Industrial Revolution and, to boot, spawned off a promising little country called the United States,” he opined.
Munger concluded:
What should the U.S. do after a ban of cryptocurrencies is in place? Well, one more action might make sense: Thank the Chinese communist leader for his splendid example of uncommon sense.
The Berkshire executive has long been a bitcoin and crypto skeptic; he has called BTC “rat poison” and likened crypto trading to “trading turds.”
What do you think about the statements by Charlie Munger? Let us know in the comments section below.
Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.
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