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SEC Greenlights Bitcoin ETFs: A Game-Changer for Crypto Investor

Oğuz Çakır — Wed, 10 Jan 2024 23:00:44 +0000

The legitimacy of Bitcoin and other cryptocurrencies has long been a subject of debate. While some countries attempt to regulate and control these digital assets by recognizing them, others ban them due to worries about illegal activities like money laundering and tax evasion. For instance, we recently mentioned that India delisted 10 crypto exchanges, including Binance, from Apple’s App Store. However, if you’re an investor or interested in cryptocurrencies, there’s good news. The United States Securities and Exchange Commission (SEC) has approved rule changes, opening the door for Bitcoin ETFs and reaffirming its recognition as an official currency. Here are the details…

Bitcoin ETFs Gain Official Recognition From SEC

In simpler terms, the SEC has allowed the establishment of a Bitcoin investment fund. This makes Bitcoin an officially recognized investment tool, allowing people to invest in it not only through cryptocurrency exchanges but also through traditional ones. Now, individuals, banks, companies basically anyone can invest in cryptocurrency without being tied to crypto exchanges.

Of course, this decision took time to finalize. The recent approval of the Bitcoin fund was accidentally revealed on the SEC’s official Twitter account yesterday. Despite the deletion of the tweet and rumors of a hacked account, the decision confirms the accuracy of the shared information. Moreover, the financial industry had been anticipating the SEC’s approval of Bitcoin ETFs, and some attribute the recent surge to $47,000 to this development.

Although this decision could increase Bitcoin’s value, it’s important to highlight that the SEC clearly emphasizes the highly speculative nature of Bitcoin in their approval statement. And they are not wrong. It’s crucial to think carefully before running for “investment opportunity.” Yes, Bitcoin could indeed gain significant value after the decision. However, scenarios like millions of investors who have been waiting for profit for a long time selling billions of dollars worth of Bitcoin could lead you not to wealth but to bankruptcy. Bitcoin ETFs approved by the SEC are as follows:

BlackRock
Ark Invest
Grayscale
VanEck
Bitwise
Fidelity
hashdex
WisdomTree
Invesco Galaxy
franklin
Valkyrie

Is Hong Kong the Last Hope for East Asia’s Declining Crypto Market?

Anubhav — Tue, 03 Oct 2023 01:25:14 +0000

Despite the gloomy atmosphere surrounding cryptocurrency trading in mainland China due to regulatory crackdowns, Hong Kong is emerging as a beacon of optimism, thanks to its proactive policies. Recent data from Chainalysis highlights a decline in crypto transactions across East Asia, but a deeper look suggests a more complex narrative.

The current figure, $64 billion figure is still a dip from last year’s $70 Billion

Mainland China saw a steep drop in crypto transactions, plunging from $220 billion last year to $86.4 billion this year. Concurrently, the crypto adoption ranking for both Hong Kong and mainland China has also slipped. However, there’s a twist to the tale. Hong Kong, home to just 0.5% of mainland China’s population, reported an estimated $64 billion in crypto transactions. While this figure is a dip from the previous year’s $70 billion, it still shows a vibrant crypto scene in the Special Administrative Region.

Unlike mainland China, where retail transactions dominate, Hong Kong’s crypto landscape is skewed towards institutional transactions. A staggering 46.8% of crypto trades in Hong Kong were above $10 million, and only 4% were below $10,000, reflecting the city’s role as a hub for high-net-worth and institutional investors.

Last October, Hong Kong signaled a paradigm shift, unveiling plans for new virtual asset regulations aimed at enhancing investor protection and enabling licensed exchanges to cater to retail traders. While skeptics argue that the region’s crypto industry faces potential damage from the ongoing JPEX scandal involving alleged theft, Chainalysis views these regulatory shifts as fostering “bubbling optimism.”

Furthermore, the dynamics that have contributed to crypto’s controversial nature, like speculative investments and the potential to move wealth offshore, continue to drive its adoption in Hong Kong and potentially in East Asia. Amid uncertainties and market slumps, Hong Kong appears to be stepping up as the region’s new crypto stronghold, subtly defying the mainland’s stringent policies.

While the larger East Asian crypto scene shows a tapering footprint, accounting for only 8.8% of global crypto activities—down from 12.9% last year—Hong Kong’s new policies may just be the tailwind this faltering sector needs. Only time will tell if Hong Kong’s efforts will serve as a lifeline for a crypto market desperately seeking resurgence.

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Marijuana search lands Spanish police on €50,000 illegal crypto farm

Zohaib Ahmed — Mon, 31 Jan 2022 11:44:23 +0000

Police have dismantled an illegal crypto mining farm in Santiponce, Spain that was assumed to be a marijuana setup initially, but turned out to be a mining hub with an approximate value exceeding 50,000 Euros.

An official press release (via NotebookCheck) detailing the bust reveals that the farm had an illegal connection to the town’s electricity grid and used elaborate cooling systems, complete with powerful industrial fans designed to clear all of the generated heat.

Image: El Chapuzas Informatico

According to the electric company whose power was being drained, the farm was capable of generating a monthly electricity fraud of 2,000 Euros. Spain has one of the highest electricity rates per kWh in Europe, so the miscreants figured that theft would bring in much higher profits.

Speaking of profits, the setup has been estimated to generate gains of around 2,500 Euros, made possible by a RIG mining equipment with a value of 13,000 Euros.

Investigators analyzing the seized equipment say that the facility was in its early phase of operation, meaning the police intervention halted the operation before it could turn profitable.

Police investigations had begun on a possible indoor marijuana plantation that could be located in some stables located in Santiponce. The cryptocurrency mine came as a surprise but the farm owners are yet to be nabbed.

Tesla could start accepting Bitcoin again, says company’s CEO Elon Musk

Jeet — Thu, 22 Jul 2021 05:25:58 +0000

Earlier this year, Tesla started accepting Bitcoin as a payment method for its cars but after a few days, the company stopped doing so, citing concerns about the environmental impact of using cryptocurrency.

Now, Elon Musk, CEO of Tesla says that the company will likely start accepting bitcoin for vehicle purchases again. At the B-Word conference, which was hosted by the Crypto Council for Innovation, he said: “It looks like bitcoin is shifting a lot more toward renewables and a bunch of the heavy-duty coal plants that were being used…have been shut down, especially in China.”

Elon Musk, CEO of Tesla and SpaceX

He further added that he wanted to do a little more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50 percent and that there is a trend toward increasing that number. He also said that if this continues, then Tesla will most likely resume accepting bitcoin.

In the month of May, when the company stopped taking bitcoin as payment, the company issued a statement and said that it would start accepting bitcoin payments once the process of mining bitcoin “transitions to more sustainable energy.” It also added that the company is also “looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”

For those who are unaware, mining cryptocurrency involves computers competing against other machines to solve complex mathematical puzzles, which is an energy-intensive process. Estimate claims that bitcoin mining takes up about the same amount of energy annually as the Netherlands.

China arrests over 1,100 people for cryptocurrency-related money laundering

Jeet — Thu, 10 Jun 2021 05:34:57 +0000

Last month, China said that it will crack down on bitcoin mining and trading activities in an effort to fend off financial risks. Three Chinese industry bodies also tightened the ban on banks and payment companies providing crypto-related services.

Now, Chinese police have arrested more than 1,000 people who are suspected of using cryptocurrency to launder money from telephone and internet scams. The public security ministry said that the police busted more than 170 criminal groups involved in using cryptocurrencies to launder money.

This is the fifth round of a nationwide crackdown on money-laundering activities related to telecom fraud in China, dubbed “Operation Card Breaking.” So far, as a part of Operation Card Breaking, the Chinese police have arrested more than 311,000 people and eliminated 15,000 criminal organizations.

Telecom criminals tend to use fake or stolen SIM cards and compromised bank accounts to launder their money through the traditional banking system. This has become more difficult since the Chinese police tightened surveillance on commercial banks and black markets.

According to the official statement by the ministry, the money launderers charged their criminal clients a commission of 1.5 percent to 5 percent for converting illegal proceeds into virtual currencies via crypto exchanges.

China’s Payment & Clearing Association claims that nearly 13 percent of gambling sites support the use of virtual currencies, and blockchain technology has made it more difficult for authorities to track the money.

Meanwhile, El Salvador has become the first country in the world to adopt bitcoin as legal tender. With 62 out of 84 votes, lawmakers voted to create a law to adopt bitcoin, despite concern. It said that the U.S. dollar will also continue as legal tender. It’s noteworthy that in practice, El Salvador does not have its own currency.

Bitcoin falls as China cracks down on cryptocurrency services

Sean — Mon, 24 May 2021 09:01:04 +0000

Cryptocurrency services in China are suspending their operations in the region. This includes the likes of Huobi Mall and BTC.TOP as the local government has ramped up its efforts to crack down on Bitcoin mining and trading.

The move from the Chinese government has caused chaos in the digital currency ecosystem. According to an IndianExpress report, A State Council committee led by Vice Premier Lio announced that the ban earlier this month. This marks the first time the council has targeted virtual currency mining. For those unaware, crypto mining is a major business in China, with the region alone accounting for as much as 70 percent of the world’s crypto supply at the moment.

However, following this news from the Chinese government, Bitcoin took a major hit. The world’s largest cryptocurrency fell by nearly 50 percent from its all time high value of around 64,895 US Dollars back in April 2021. Thus, Huobi Mall announced in a statement that it would be suspending all of its custody businesses in China for the time being. In the statement shared via Telegram to its community, Huobi Mall stated that it is currently contacting its overseas service providers and also told its clients “not to worry and calm down.”

Picture by Martin BOULANGER

Similarly, BTC.TOP also announced the suspension of its Chinese business due to the regulatory risks in the region. Founder Jiang Zhuoer further added that “In the long term, nearly all of Chinese crypto mining rigs will be sold overseas, as Chinese regulators crackdown on mining at home.” Back in 2017, China had lost its position as a global cryptocurrency trading center as it faced a ban in Beijing. Jiang now predicts that “Eventually, China will lose crypto computing power to foreign markets as well.”

Tesla stops accepting Bitcoin payments citing environmental concerns

Jeet — Thu, 13 May 2021 01:07:41 +0000

Tesla CEO Elon Musk has announced that the company has stopped taking Bitcoin as payment for its electronic cars. The reason being provided for this move is concern about the environmental impact.

The development is quite surprising given that the company had started accepting bitcoins as a payment method along with the traditional card payment options for its vehicles a few weeks ago, in late March.

According to the statement issued, the company would start accepting bitcoin payments once the process of mining bitcoin “transitions to more sustainable energy.” It adds that the company is also “looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”

Along with this, Elon Musk has also said that the company won’t be selling any more bitcoin from the stash worth around $1.5 billion that is purchased earlier this year. For those who are unaware, Tesla sold some of those bitcoins in the first quarter of this year which helped the company’s quarterly profit figures.

Mining of cryptocurrency involves computers competing against other machines to solve complex mathematical puzzles, which is an energy-intensive process. As per one estimate, it takes up about the same amount of energy annually as the Netherlands.

Apple user defrauded of his life savings in Bitcoins via a fake iOS app

Jed John Ikoba — Sat, 03 Apr 2021 02:47:18 +0000

An Apple user who installed a fake app from the Apple Store has been left in distress. Phillipe Christodoulou had installed the Trezor wallet app on his iPhone and deposited his life savings of about $600,000 worth of Bitcoins, but later found his treasure, now worth over one million dollars, has been emptied, according to Bitcoin.com.

The fake app makers were able to evade scrutiny and the app was hosted on the Apple store. Those who installed the fake app would have thought it was from Trezor, an authentic manufacturer of hardware cryptocurrency wallets. Trezor had consistently said that it does not have an Android or iOS app and complained about the fake apps listed on the Apple store and Google Play store. In December 2020, the company warned Android users who owned a physical Trezor wallet that these apps were fake and should not be installed on their Android devices. It also stated that it had notified Google of these counterfeit apps to safeguard users’ Bitcoin and other cryptocurrencies. Google promptly removed the Android version of the Trezor wallet back in December 2020.

Trezor has been warning its customers never to type their Bitcoins’ seed words on other websites without authorization from Trezor, as this could expose their savings to theft, stressing that seed words need to be guarded very well like a treasure.

Even though Apple continues to insist that its app store is one of the safest places to get an app, the particular case of Christodoulou has shown that that indeed is not the case. There is the need for the company to be more responsive and alive to its responsibilities to safeguard the resources of users of apps obtained from its app store.

Apple should also evolve a more robust approach to dealing with fake apps by quickly identifying such apps and removing them promptly. Christodoulou feels Apple betrayed the trust he previously had in the company and would want to see some punishment meted out on the tech giant.

Tesla cars can now be purchased with Bitcoins: Elon Musk

Sean — Wed, 24 Mar 2021 11:44:22 +0000

For those interested in buying an electric car from Tesla Inc, you can now make the purchase with Bitcoins. The company’s Founder and CEO, Elon Musk, recently made the announcement, which marks a major step forward for the use of cryptocurrency in main stream market.

According to a Reuters report, the senior official tweeted out saying that “You can now buy a Tesla with bitcoin.” The executive further added that the company is looking to add the option outside of the US as well later this year. Back in February, the electric vehicle maker announced that it had bought around 1.5 billion US Dollars worth of Bitcoins and that it would soon accept the cryptocurrency as a form of payment for its cars. This is a notable step for Bitcoin, which recently reached a record high of 62,000 US Dollars.

After Elon Musk shared the post on Twitter, the value of digital currency rose by more than 4 percent and were last trading around 56,429 US Dollars. The CEO further added that the Bitcoin paid to the company would not just be converted into traditional currency. Although, he gave a few details on how the digital currency payments would be processed by using “internal & open source software.” At the moment, cryptocurrencies like Bitcoin are still used scarcely in major economies due to its volatility and costly and slow processing times.

Similar to Tesla, other companies have also taken the initiative to invest in the digital currency, including Mastercard Inc and Bank of New York Mellon Corp. As per market projections, Bitcoin and other cryptocurrencies will soon become a regular part of investment portfolios. Notably, even Uber may potentially accept the cryptocurrency as payment as well.

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Google Pay and Samsung Pay will reportedly accept Bitcoin and other cryptos soon

Jed John Ikoba — Thu, 18 Feb 2021 04:13:41 +0000

Amidst the increasing actions of several governments in banning the trading of Bitcoin and other cryptocurrencies within their financial systems, there are indications that these currencies will still remain with us for some time. As a matter of fact, the use of cryptocurrency as means of payment continues to proliferate. Recently, Twitter announced that it was considering the use of bitcoin. Now, Samsung Pay and Google Pay may join the fray soon.

Cryptocurrencies remain a popular mode of international transactions with the potential for greater stability. And now, it has been reported that very soon, Google Pay and Samsung Pay will accept payments made with Bitcoins and other cryptocurrencies. This information emanated from BitPay, a foremost cryptocurrency provider and payment platform.

If the plans scale through, then Google and Samsung will be joining Apple as platforms that now have the functionality and capacity to process cryptocurrency payments of users on the platform for goods and services. BitPay also hinted that it hopes to bring Google Pay and Samsung Pay support as early as March 2021 if all things go according to the plans.

Users on both platforms would be able to link their BitPay cryptocurrency card to Google Pay and Samsung Pay, thereby making it possible to make seamless payments on the platforms using cryptocurrencies. Supported cryptocurrencies on the service include Bitcoin, Bitcoin Cash, BUSD, Ether, PAX, USDC, and GUSD.

While the specifics and exact timelines for these activities have not been provided by BitPay, it is expected to follow a similar trajectory like what occurred with Apple Pay. At this time, neither Google nor Samsung had released a statement affirming or denying the news.

We keep our fingers crossed as further developments evolve.

Twitter is considering the use of bitcoins, says CFO Ned Segal

Jeet — Thu, 11 Feb 2021 07:40:23 +0000

Just days after electric-vehicle maker Tesla invested $1.5 billion in Bitcoin, Twitter’s chief financial officer says that the microblogging platform has considering paying employees and vendors using bitcoin.

During an interview with CNBC, Twitter CFO Ned Segal said that the company is still reviewing the potential use-cases of the popular cryptocurrency. It is also considering whether the firm needs to have the digital asset on its balance sheet.

Even though buying bitcoin or any other cryptocurrency seems lucrative for many, the adoption has been very slow mainly because of the regulatory scrutiny. United States Treasury Secretary Janet Yallen recently warned that misuse of cryptocurrencies was a growing problem and she has previously raised concerns about the use of cryptocurrencies.

Apart from Tesla buying bitcoins and Twitter considering it, another company is making move in this direction. Mastercard has announced plans to begin allowing cardholders to transact in certain cryptocurrencies. The company is also “actively engaging” with central banks around the world on their plans to launch new digital currencies.

Tesla invests $1.5 billion in bitcoin; could soon start accepting cryptocurrency

Jeet — Tue, 09 Feb 2021 06:24:20 +0000

Tesla, one of the leaders in the autonomous driving sector, has announced that it has invested around $1.5 billion in Bitcoin. Further, the company is also expected to start accepting payment for its cars and other products through Bitcoins in the near future.

Soon after the announcement, Bitcoin surged 14 percent, hitting a new record high above $44,000. Analysts believe that this latest move by Tesla, one of the world’s best-known companies, could prove to be a game-changer for bitcoin.

In its filing with the Securities and Exchange Commission (SEC), the electric carmaker stated “we expect to begin accepting Bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis.”

The company noted that it updated its investment policy to provide the company with more flexibility. This is to further diversify and maximize returns on its cash that isn’t required to maintain adequate operating liquidity.

JD.com becomes the first online retailer to accept China’s digital currency

Jed John Ikoba — Sat, 05 Dec 2020 17:56:11 +0000

Chinese e-commerce company Jingdong (JD.com) has become the country’s first virtual platform to accept China’s own virtual currency called Digital yuan as a payment option. This was contained in a statement released by the company today.

The company’s fintech unit, called JD Digits will now accept the digital yuan as payment for some products on its online mall, as part of a pilot experimental giveaway of digital yuan to citizens of Suzhou, near Shanghai, as monitored on the company’s official WeChat account today.

The development of China’s digital currency is seen in some quarters as a move to break the US dollar’s stranglehold on the global financial system and gain a greater foothold on consumers spending patterns.

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China began the rollout of the digital yuan earlier this year. Pilot schemes have been undertaken in four Chinese cities, where transactions totaling more than 2 billion yuan ($300 million) have already taken place. If the program is expanded nationwide, as expected, China would become the most powerful economy to have a national digital currency.

It is believed that the Digital yuan has the potential to make transactions more convenient and secure. It could also help those who don’t have access to bank accounts and other traditional financial services to buy needed items.

China’s digital yuan is not a cryptocurrency like bitcoin. Instead, it is issued and controlled by the People’s Bank of China, the country’s central bank. The homegrown digital currency is among the most advanced “central bank digital currency” in the world, as proactive governments continually muster initiatives to globally respond to threats from private digital currencies like bitcoin and Facebook’s Libra.

Under the current pilot program, the municipal government in collaboration with the People’s Bank of China (PBOC) will issue 200 digital yuan so-called “red envelopes” to 100,000 consumers to be selected via a transparent random selection scheme.

The Suzhou lottery initiative is coming on the heels of the second digital lottery undertaken by the PBOC after it issued a cumulative total of 10 million digital yuan to 50,000 randomly selected consumers in the southern Chinese city of Shenzhen.

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Samsung To Begin Production Of Hardware For Cryptomining

Habeeb Onawole — Wed, 31 Jan 2018 15:15:44 +0000

A number of big names have been linked to the recent blockchain trend. Samsung is one of them but not in the way you think. News has it that Samsung will begin manufacturing hardware for the mining of cryptocurrency.

The news was first reported by Korean media The Bell which cited Samsung officials as its source. They said Samsung will supply an unnamed Chinese mining equipment provider the hardware, whom will in turn handle distribution.

A Twitter user also tweeted about it saying Samsung has begun production of ASIC (Application-Specific Integrated Circuit) mining hardware for bitcoin and cryptocurrency mining.

https://twitter.com/iamjosephyoung/status/958287126415593472

Samsung has been linked to cryptocurrency mining as far back as October last year when it demoed a mining rig made from several Galaxy S5 units. It was also reported to have signed an agreement with Baikal – a Russian bitcoin mining hardware firm for the supply of ASIC chips.

The news is expected to stir up more competitors and spur existing ones like Canaan Creative and Bitmain to improve their efforts.

(Via)

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